# EDGAR Filing Document

**Accession Number:** 0000921370
**File Stem:** 0001193125-25-337022
**Filing Date:** 2025-12
**Character Count:** 206096
**Document Hash:** 6143032e67c5f783d88128226d479568
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-337022.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001193125-25-337022

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**EFFECTIVENESS DATE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** High Income Opportunities Portfolio
- **CENTRAL INDEX KEY:** 0000921370

**ORGANIZATION NAME:**
- **EIN:** 043162766
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08464
- **FILM NUMBER:** 251614109

**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:** HIGH INCOME OPPORTUNITIES PORTFOLIO
- **DATE OF NAME CHANGE:** 20080702

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HIGH INCOME PORTFOLIO
- **DATE OF NAME CHANGE:** 19940406

## Series and Classes Contracts Data

### HIGH INCOME OPPORTUNITIES PORTFOLIO (Series ID: S000005235)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000014260 | HIGH INCOME OPPORTUNITIES PORTFOLIO |  |

?xml version='1.0' encoding='ASCII'? High Income Opportunities Portfolio

### 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: 811-08464

## High Income Opportunities Portfolio

#### (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) ![Image](g67277if421f9871724ee0519f2.jpg)

# High Income Opportunities Portfolio

#### Annual Shareholder Report October 31, 2025
This annual shareholder report contains important information about the High Income Opportunities Portfolio (the "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 and selecting Eaton Vance High Income Opportunities Fund. 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)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| High Income Opportunities Portfolio | $52 | 0.50% |

---

## 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 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

↓ 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

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

![Growth of 10K Chart](g67277i3d1ab8a485e538120545.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **High Income Opportunities Portfolio** | **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** | $9846 | $9964 | $9777 | $9776 |
| **12/15** | $9669 | $9914 | $9525 | $9523 |
| **1/16** | $9606 | $10023 | $9374 | $9373 |
| **2/16** | $9700 | $10094 | $9418 | $9416 |
| **3/16** | $9984 | $10218 | $9834 | $9833 |
| **4/16** | $10220 | $10288 | $10227 | $10225 |
| **5/16** | $10273 | $10296 | $10301 | $10299 |
| **6/16** | $10324 | $10477 | $10413 | $10411 |
| **7/16** | $10518 | $10563 | $10675 | $10674 |
| **8/16** | $10711 | $10575 | $10913 | $10912 |
| **9/16** | $10759 | $10577 | $10984 | $10982 |
| **10/16** | $10762 | $10507 | $11018 | $11016 |
| **11/16** | $10739 | $10271 | $10975 | $10973 |
| **12/16** | $10911 | $10301 | $11191 | $11189 |
| **1/17** | $11035 | $10338 | $11341 | $11339 |
| **2/17** | $11179 | $10418 | $11518 | $11516 |
| **3/17** | $11158 | $10414 | $11493 | $11492 |
| **4/17** | $11282 | $10500 | $11623 | $11622 |
| **5/17** | $11384 | $10581 | $11727 | $11726 |
| **6/17** | $11410 | $10573 | $11739 | $11738 |
| **7/17** | $11512 | $10625 | $11875 | $11874 |
| **8/17** | $11490 | $10717 | $11872 | $11871 |
| **9/17** | $11592 | $10679 | $11978 | $11977 |
| **10/17** | $11620 | $10692 | $12025 | $12023 |
| **11/17** | $11596 | $10676 | $11993 | $11991 |
| **12/17** | $11625 | $10723 | $12028 | $12026 |
| **1/18** | $11679 | $10620 | $12105 | $12103 |
| **2/18** | $11599 | $10519 | $11992 | $11990 |
| **3/18** | $11550 | $10572 | $11918 | $11916 |
| **4/18** | $11604 | $10501 | $11997 | $11996 |
| **5/18** | $11581 | $10559 | $11996 | $11994 |
| **6/18** | $11608 | $10543 | $12037 | $12035 |
| **7/18** | $11743 | $10565 | $12172 | $12170 |
| **8/18** | $11799 | $10618 | $12260 | $12258 |
| **9/18** | $11854 | $10572 | $12331 | $12329 |
| **10/18** | $11669 | $10484 | $12129 | $12127 |
| **11/18** | $11563 | $10531 | $12019 | $12017 |
| **12/18** | $11269 | $10696 | $11755 | $11754 |
| **1/19** | $11788 | $10843 | $12295 | $12294 |
| **2/19** | $11949 | $10855 | $12503 | $12501 |
| **3/19** | $12062 | $11051 | $12625 | $12624 |
| **4/19** | $12201 | $11066 | $12802 | $12800 |
| **5/19** | $12066 | $11236 | $12639 | $12638 |
| **6/19** | $12345 | $11395 | $12949 | $12947 |
| **7/19** | $12404 | $11429 | $13015 | $13014 |
| **8/19** | $12435 | $11687 | $13066 | $13065 |
| **9/19** | $12521 | $11637 | $13108 | $13106 |
| **10/19** | $12553 | $11674 | $13138 | $13136 |
| **11/19** | $12640 | $11672 | $13174 | $13172 |
| **12/19** | $12900 | $11689 | $13449 | $13448 |
| **1/20** | $12846 | $11899 | $13450 | $13448 |
| **2/20** | $12643 | $12077 | $13241 | $13240 |
| **3/20** | $11081 | $11841 | $11683 | $11683 |
| **4/20** | $11607 | $12078 | $12127 | $12127 |
| **5/20** | $12079 | $12191 | $12677 | $12682 |
| **6/20** | $12140 | $12293 | $12798 | $12805 |
| **7/20** | $12676 | $12509 | $13405 | $13417 |
| **8/20** | $12799 | $12437 | $13539 | $13549 |
| **9/20** | $12680 | $12414 | $13399 | $13408 |
| **10/20** | $12744 | $12370 | $13459 | $13470 |
| **11/20** | $13259 | $12531 | $13999 | $14010 |
| **12/20** | $13505 | $12575 | $14266 | $14277 |
| **1/21** | $13569 | $12496 | $14321 | $14332 |
| **2/21** | $13689 | $12334 | $14371 | $14381 |
| **3/21** | $13719 | $12191 | $14396 | $14406 |
| **4/21** | $13870 | $12293 | $14554 | $14564 |
| **5/21** | $13931 | $12340 | $14596 | $14606 |
| **6/21** | $14146 | $12430 | $14794 | $14806 |
| **7/21** | $14176 | $12555 | $14846 | $14858 |
| **8/21** | $14238 | $12547 | $14928 | $14939 |
| **9/21** | $14392 | $12440 | $14934 | $14944 |
| **10/21** | $14391 | $12429 | $14906 | $14918 |
| **11/21** | $14229 | $12444 | $14752 | $14765 |
| **12/21** | $14515 | $12436 | $15029 | $15043 |
| **1/22** | $14097 | $12163 | $14617 | $14629 |
| **2/22** | $14251 | $11998 | $14486 | $14498 |
| **3/22** | $14152 | $11676 | $14353 | $14364 |
| **4/22** | $13726 | $11240 | $13832 | $13841 |
| **5/22** | $13725 | $11302 | $13865 | $13876 |
| **6/22** | $12900 | $11076 | $12920 | $12931 |
| **7/22** | $13625 | $11355 | $13698 | $13710 |
| **8/22** | $13392 | $11060 | $13371 | $13382 |
| **9/22** | $12889 | $10583 | $12834 | $12844 |
| **10/22** | $13189 | $10467 | $13199 | $13209 |
| **11/22** | $13555 | $10857 | $13444 | $13457 |
| **12/22** | $13486 | $10820 | $13344 | $13355 |
| **1/23** | $13995 | $11156 | $13866 | $13877 |
| **2/23** | $13782 | $10882 | $13688 | $13698 |
| **3/23** | $14021 | $11137 | $13840 | $13852 |
| **4/23** | $14087 | $11205 | $13975 | $13986 |
| **5/23** | $13953 | $11089 | $13842 | $13853 |
| **6/23** | $14166 | $11072 | $14067 | $14078 |
| **7/23** | $14344 | $11083 | $14268 | $14279 |
| **8/23** | $14350 | $11016 | $14310 | $14320 |
| **9/23** | $14216 | $10753 | $14142 | $14153 |
| **10/23** | $14043 | $10592 | $13966 | $13978 |
| **11/23** | $14586 | $11068 | $14603 | $14614 |
| **12/23** | $15099 | $11488 | $15142 | $15152 |
| **1/24** | $15141 | $11461 | $15145 | $15155 |
| **2/24** | $15147 | $11323 | $15190 | $15200 |
| **3/24** | $15376 | $11435 | $15371 | $15381 |
| **4/24** | $15238 | $11167 | $15217 | $15227 |
| **5/24** | $15432 | $11352 | $15390 | $15400 |
| **6/24** | $15592 | $11456 | $15538 | $15549 |
| **7/24** | $15789 | $11716 | $15843 | $15854 |
| **8/24** | $16025 | $11889 | $16095 | $16106 |
| **9/24** | $16186 | $12052 | $16358 | $16369 |
| **10/24** | $16121 | $11778 | $16268 | $16279 |
| **11/24** | $16319 | $11902 | $16454 | $16466 |
| **12/24** | $16257 | $11722 | $16384 | $16395 |
| **1/25** | $16420 | $11793 | $16610 | $16622 |
| **2/25** | $16544 | $12037 | $16718 | $16730 |
| **3/25** | $16364 | $12034 | $16539 | $16550 |
| **4/25** | $16450 | $12077 | $16539 | $16550 |
| **5/25** | $16725 | $12015 | $16817 | $16829 |
| **6/25** | $17001 | $12203 | $17129 | $17141 |
| **7/25** | $17079 | $12185 | $17198 | $17210 |
| **8/25** | $17237 | $12331 | $17407 | $17419 |
| **9/25** | $17355 | $12462 | $17540 | $17552 |
| **10/25** | $17434 | $12544 | $17575 | $17587 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| High Income Opportunities Portfolio | 8.14% | 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% |

---

Performance does not reflect the deduction of taxes that an investor would pay on distributions or redemptions. 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 | $1706625180 |
| # of Portfolio Holdings | 468 |
| Portfolio Turnover Rate | 45% |
| Total Advisory Fees Paid | $7451248 |

---

## 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](g67277if658f1aa3e595168d83d.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](g67277i5e1154047b9b35cf9ba8.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. |

---

## 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](g67277i18b0763c59b6a1149ff5.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 and select Eaton Vance High Income Opportunities Fund. 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

# HIOP Port.-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

#### (a)-(d)
The following table presents the aggregate fees billed to the registrant for the registrant'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 registrant's annual financial statements and fees billed for other services rendered by D&T during such periods.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  Audit Fees | $93200 | $93583 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $93200 | $93583 |

---

<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 to the registrant by D&T for the registrant's fiscal years ended October 31, 2024 and October 31, 2025; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **10/31/24** | **10/31/25** |
|  **Registrant** | $0 | $0 |
|  **Eaton Vance<sup>(1)</sup>** | $18490 | $18490 |

---

<sup>(1)</sup> Certain entities that provide ongoing services to the registrant are subsidiaries of Morgan Stanley.

(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

------

[**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** |

---

------

[**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.*

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Notes to Financial Statements

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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,**

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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

October 31, 2025

Notes to Financial Statements — continued

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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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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

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:

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| | | |
|:---|:---|:---|
| **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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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

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** |

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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** |

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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 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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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

High Income Opportunities Portfolio

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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[**Table of Contents**](#JOB_EV_AR_0b727f29-6fff-4065-8189-ae717694c986_TOC)

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:

---

| | | |
|:---|:---|:---|
| **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:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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

------

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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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> 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

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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Eaton Vance

High Income 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 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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Eaton Vance

High Income Opportunities 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 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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ETHIX-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.

#### 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 Portfolio's Board of Trustees since the Portfolio 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.](d67277dex99cert.htm) |
|  (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d67277dex99cert.htm#a) |
| (b) | [Combined Section 906 certification.](d67277dex99906cert.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.

---

| | |
|:---|:---|
| <u>High Income Opportunities Portfolio</u> | <u>High Income Opportunities Portfolio</u> |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: December 23, 2025 | 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 | Date: December 23, 2025 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: December 23, 2025 | Date: December 23, 2025 |

---

## Ex-99.Cert

**High Income Opportunities Portfolio** 

**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 High Income Opportunities
Portfolio;

&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 |

---

------

**High Income Opportunities Portfolio** 

**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 High Income Opportunities
Portfolio;

&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 Executive 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 High Income Opportunities Portfolio (the "**Portfolio**") that:

(a) the Report of the **Portfolio** 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 **Portfolio** for such period.

**A signed original of this written statement required by section 906 has been provided to the Portfolio and will be retained by the Portfolio and furnished to the Securities and Exchange Commission or its staff upon request.** 

High Income Opportunities Portfolio

Date: December 23, 2025

---

| |
|:---|
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: December 23, 2025 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---