High Income Opportunities Portfolio


Corporate Bonds & Notes — 85.9%
Security	Principal Amount* (000’s omitted)		Value

Aerospace — 2.1%

Bombardier, Inc., 6.00%, 10/15/22⁽¹⁾		4,374	$	4,398,604

Bombardier, Inc., 6.125%, 1/15/23⁽¹⁾		1,016		1,017,270

Bombardier, Inc., 7.875%, 4/15/27⁽¹⁾		2,041		2,056,307

TransDigm, Inc., 6.25%, 3/15/26⁽¹⁾		4,436		4,630,075

TransDigm, Inc., 6.375%, 6/15/26		1,435		1,443,969

TransDigm, Inc., 6.50%, 7/15/24		2,911		2,960,123

TransDigm, Inc., 6.50%, 5/15/25		440		446,050

TransDigm, Inc., 7.50%, 3/15/27⁽¹⁾		6,158		6,365,832

TransDigm UK Holdings PLC, 6.875%, 5/15/26⁽¹⁾		1,585		1,596,888

			$	24,915,118

Automotive & Auto Parts — 1.8%

Navistar International Corp., 6.625%, 11/1/25⁽¹⁾		6,645	$	6,811,125

Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 4.375%, 5/15/26⁽²⁾	EUR	4,294		4,954,256

Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 6.25%, 5/15/26⁽¹⁾		3,102		3,245,623

Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 5/15/27⁽¹⁾		5,679		5,877,765

			$	20,888,769

Banking & Thrifts — 1.0%

CIT Group, Inc., 5.00%, 8/1/23		4,300	$	4,497,800

CIT Group, Inc., 6.125%, 3/9/28		1,420		1,585,075

JPMorgan Chase & Co., Series S, 6.75% to 2/1/24⁽³⁾⁽⁴⁾		4,805		5,326,102

			$	11,408,977

Broadcasting — 1.6%

Gray Television, Inc., 7.00%, 5/15/27⁽¹⁾		138	$	149,342

Netflix, Inc., 4.875%, 4/15/28		640		636,000

Netflix, Inc., 5.50%, 2/15/22		1,790		1,888,450

Netflix, Inc., 5.875%, 2/15/25		2,155		2,328,747

Netflix, Inc., 5.875%, 11/15/28		4,030		4,261,725

Sirius XM Radio, Inc., 5.00%, 8/1/27⁽¹⁾		2,980		3,015,611

Sirius XM Radio, Inc., 6.00%, 7/15/24⁽¹⁾		6,775		7,020,594

			$	19,300,469

Building Materials — 0.7%

Builders FirstSource, Inc., 5.625%, 9/1/24⁽¹⁾		687	$	691,294

Hillman Group, Inc. (The), 6.375%, 7/15/22⁽¹⁾		1,192		1,108,560

Standard Industries, Inc., 5.50%, 2/15/23⁽¹⁾		2,246		2,285,305


Security	Principal Amount* (000’s omitted)		Value

Building Materials (continued)

Standard Industries, Inc., 6.00%, 10/15/25⁽¹⁾		3,880	$	4,069,965

			$	8,155,124

Cable & Satellite TV — 6.2%

Altice Finco SA, 8.125%, 1/15/24⁽¹⁾		1,339	$	1,392,560

Altice France SA, 7.375%, 5/1/26⁽¹⁾		3,020		3,067,187

Altice France SA, 8.125%, 2/1/27⁽¹⁾		3,829		4,010,877

Altice Luxembourg SA, 7.75%, 5/15/22⁽¹⁾		4,138		4,225,932

Cablevision Systems Corp., 5.875%, 9/15/22		1,410		1,469,925

Cablevision Systems Corp., 8.00%, 4/15/20		5,451		5,692,370

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28⁽¹⁾		1,895		1,897,369

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.25%, 9/30/22		2,165		2,204,241

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 5/1/25⁽¹⁾		3,855		3,999,562

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.75%, 1/15/24		2,010		2,065,275

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.75%, 2/15/26⁽¹⁾		2,725		2,857,844

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.875%, 4/1/24⁽¹⁾		4,090		4,283,089

CSC Holdings, LLC, 5.125%, 12/15/21⁽¹⁾		235		236,175

CSC Holdings, LLC, 5.25%, 6/1/24		385		392,700

CSC Holdings, LLC, 5.375%, 7/15/23⁽¹⁾		970		994,250

CSC Holdings, LLC, 5.50%, 5/15/26⁽¹⁾		4,205		4,328,522

CSC Holdings, LLC, 6.50%, 2/1/29⁽¹⁾		1,001		1,076,701

CSC Holdings, LLC, 6.75%, 11/15/21		5,020		5,383,950

CSC Holdings, LLC, 7.50%, 4/1/28⁽¹⁾		1,273		1,395,526

CSC Holdings, LLC, 10.875%, 10/15/25⁽¹⁾		3,862		4,450,955

DISH DBS Corp., 5.875%, 7/15/22		1,970		1,929,517

DISH DBS Corp., 5.875%, 11/15/24		420		363,825

DISH DBS Corp., 7.75%, 7/1/26		1,395		1,252,013

UPC Holding B.V., 5.50%, 1/15/28⁽¹⁾		3,033		3,070,912

Virgin Media Secured Finance PLC, 5.25%, 1/15/26⁽¹⁾		910		929,074

Virgin Media Secured Finance PLC, 5.50%, 8/15/26⁽¹⁾		4,320		4,438,930

Ziggo B.V., 4.25%, 1/15/27⁽²⁾	EUR	2,129		2,497,384

Ziggo B.V., 5.50%, 1/15/27⁽¹⁾		2,714		2,720,785

Ziggo Bond Co., B.V., 5.875%, 1/15/25⁽¹⁾		990		994,950

Ziggo Bond Co., B.V., 6.00%, 1/15/27⁽¹⁾		265		261,025

			$	73,883,425

Capital Goods — 0.6%

BWX Technologies, Inc., 5.375%, 7/15/26⁽¹⁾		2,875	$	2,946,875

Colfax Corp., 6.00%, 2/15/24⁽¹⁾		880		917,400


Security	Principal Amount* (000’s omitted)		Value

Capital Goods (continued)

Colfax Corp., 6.375%, 2/15/26⁽¹⁾		1,440	$	1,526,400

Resideo Funding, Inc., 6.125%, 11/1/26⁽¹⁾		1,293		1,341,487

			$	6,732,162

Chemicals — 1.9%

Chemours Co. (The), 4.00%, 5/15/26	EUR	6,000	$	7,032,449

Chemours Co. (The), 7.00%, 5/15/25		2,086		2,211,160

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26⁽¹⁾		2,585		2,416,975

Olin Corp., 5.00%, 2/1/30		1,464		1,454,850

PQ Corp., 6.75%, 11/15/22⁽¹⁾		900		934,875

SPCM SA, 4.875%, 9/15/25⁽¹⁾		1,185		1,161,300

Valvoline, Inc., 5.50%, 7/15/24		835		860,050

Venator Finance S.a.r.l./Venator Materials, LLC, 5.75%, 7/15/25⁽¹⁾		1,825		1,729,188

Versum Materials, Inc., 5.50%, 9/30/24⁽¹⁾		2,790		2,974,837

W.R. Grace & Co., 5.125%, 10/1/21⁽¹⁾		2,270		2,360,800

			$	23,136,484

Consumer Products — 1.8%

Central Garden & Pet Co., 5.125%, 2/1/28		545	$	519,112

Central Garden & Pet Co., 6.125%, 11/15/23		970		1,018,500

Energizer Gamma Acquisition B.V., 4.625%, 7/15/26⁽¹⁾	EUR	6,315		7,323,698

Energizer Holdings, Inc., 6.375%, 7/15/26⁽¹⁾		3,995		4,133,577

Energizer Holdings, Inc., 7.75%, 1/15/27⁽¹⁾		1,568		1,703,240

Mattel, Inc., 6.75%, 12/31/25⁽¹⁾		3,790		3,800,659

Spectrum Brands, Inc., 5.75%, 7/15/25		3,275		3,360,969

			$	21,859,755

Containers — 1.9%

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.25%, 9/15/22⁽¹⁾		830	$	835,188

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.625%, 5/15/23⁽¹⁾		3,625		3,668,282

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 7.25%, 5/15/24⁽¹⁾		2,892		3,057,712

Berry Global, Inc., 4.50%, 2/15/26⁽¹⁾		1,679		1,632,827

Berry Global, Inc., 6.00%, 10/15/22		1,770		1,827,525

BWAY Holding Co., 5.50%, 4/15/24⁽¹⁾		750		747,675

Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26		1,415		1,383,162

Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26		1,695		1,726,781


Security	Principal Amount* (000’s omitted)		Value

Containers (continued)

Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23⁽¹⁾		3,195	$	3,354,750

Owens-Brockway Glass Container, Inc., 6.375%, 8/15/25⁽¹⁾		995		1,062,163

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23⁽¹⁾		260		264,098

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 6.875%, 2/15/21		643		646,041

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 7.00%, 7/15/24⁽¹⁾		2,078		2,152,029

			$	22,358,233

Diversified Financial Services — 2.1%

DAE Funding, LLC, 4.50%, 8/1/22⁽¹⁾		2,430	$	2,460,375

DAE Funding, LLC, 5.00%, 8/1/24⁽¹⁾		4,055		4,186,787

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22		3,825		3,950,384

MSCI, Inc., 5.75%, 8/15/25⁽¹⁾		1,275		1,341,938

Navient Corp., 6.75%, 6/15/26		1,460		1,474,731

Navient Corp., 8.00%, 3/25/20		3,065		3,183,769

Park Aerospace Holdings, Ltd., 5.25%, 8/15/22⁽¹⁾		6,390		6,668,668

Park Aerospace Holdings, Ltd., 5.50%, 2/15/24⁽¹⁾		1,855		1,955,411

			$	25,222,063

Diversified Media — 0.6%

Clear Channel Worldwide Holdings, Inc., Series A, 6.50%, 11/15/22		1,095	$	1,122,375

Clear Channel Worldwide Holdings, Inc., Series B, 6.50%, 11/15/22		2,125		2,183,437

Clear Channel Worldwide Holdings, Inc., 9.25%, 2/15/24⁽¹⁾		516		556,635

MDC Partners, Inc., 6.50%, 5/1/24⁽¹⁾		3,821		3,247,850

			$	7,110,297

Energy — 15.2%

Aker BP ASA, 5.875%, 3/31/25⁽¹⁾		1,460	$	1,540,300

Andeavor Logistics, L.P./Tesoro Logistics Finance Corp., 6.375%, 5/1/24		1,465		1,544,659

Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.375%, 9/15/24		1,415		1,449,526

Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27⁽¹⁾		2,542		2,608,677

Antero Resources Corp., 5.625%, 6/1/23		490		497,497

Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26⁽¹⁾		4,113		4,030,740


Security	Principal Amount* (000’s omitted)		Value

Energy (continued)

Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 10.00%, 4/1/22⁽¹⁾		1,336	$	1,469,600

Berry Petroleum Co., LLC, 7.00%, 2/15/26⁽¹⁾		1,610		1,591,888

Brazos Valley Longhorn, LLC/Brazos Valley Longhorn Finance Corp., 6.875%, 2/1/25		4,658		4,698,757

Canbriam Energy, Inc., 9.75%, 11/15/19⁽¹⁾		5,530		4,396,350

Centennial Resource Production, LLC, 5.375%, 1/15/26⁽¹⁾		1,460		1,441,750

Centennial Resource Production, LLC, 6.875%, 4/1/27⁽¹⁾		2,977		3,092,359

Cheniere Corpus Christi Holdings, LLC, 5.875%, 3/31/25		2,020		2,181,600

Cheniere Corpus Christi Holdings, LLC, 7.00%, 6/30/24		5,095		5,725,506

Cheniere Energy Partners, L.P., 5.25%, 10/1/25		600		614,250

Cheniere Energy Partners, L.P., 5.625%, 10/1/26⁽¹⁾		2,670		2,764,678

Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27⁽¹⁾		1,957		1,952,108

CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25⁽¹⁾		11,090		10,992,962

CVR Refining, LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22		2,413		2,464,276

Denbury Resources, Inc., 9.00%, 5/15/21⁽¹⁾		469		478,380

Diamondback Energy, Inc., 4.75%, 11/1/24		1,080		1,107,000

Diamondback Energy, Inc., 5.375%, 5/31/25		2,615		2,735,944

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26⁽¹⁾		2,250		2,356,875

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28⁽¹⁾		3,005		3,215,350

Energy Transfer Operating, L.P., 5.875%, 1/15/24		975		1,065,317

Energy Transfer Operating, L.P., 7.50%, 10/15/20		1,780		1,893,971

Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23⁽³⁾⁽⁴⁾		1,630		1,553,855

EnLink Midstream, LLC, 5.375%, 6/1/29		1,713		1,721,634

EP Energy, LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26⁽¹⁾		1,370		1,226,150

Extraction Oil & Gas, Inc., 5.625%, 2/1/26⁽¹⁾		5,271		4,348,575

Extraction Oil & Gas, Inc., 7.375%, 5/15/24⁽¹⁾		1,250		1,131,250

Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21⁽¹⁾		5,735		4,688,362

Gulfport Energy Corp., 6.00%, 10/15/24		1,265		1,115,578

Hilcorp Energy I, L.P./Hilcorp Finance Co., 5.75%, 10/1/25⁽¹⁾		52		52,650

Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.25%, 11/1/28⁽¹⁾		3,401		3,481,774

Jagged Peak Energy, LLC, 5.875%, 5/1/26		640		645,600

Matador Resources Co., 5.875%, 9/15/26		4,700		4,758,750


Security	Principal Amount* (000’s omitted)		Value

Energy (continued)

Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26⁽¹⁾		4,310	$	3,965,200

Nabors Industries, Inc., 5.75%, 2/1/25		958		876,570

Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽¹⁾		5,123		5,187,037

NGPL PipeCo, LLC, 4.375%, 8/15/22⁽¹⁾		780		803,400

Nine Energy Service, Inc., 8.75%, 11/1/23⁽¹⁾		1,270		1,317,625

Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25⁽¹⁾		2,315		2,346,831

Parsley Energy, LLC/Parsley Finance Corp., 5.375%, 1/15/25⁽¹⁾		2,625		2,688,000

Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27⁽¹⁾		2,055		2,111,513

Parsley Energy, LLC/Parsley Finance Corp., 6.25%, 6/1/24⁽¹⁾		2,935		3,050,566

PBF Holding Co., LLC/PBF Finance Corp., 7.00%, 11/15/23		5,755		5,949,231

PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25		3,547		3,666,711

PBF Logistics, L.P./PBF Logistics Finance Corp., 6.875%, 5/15/23		5,230		5,373,302

Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22⁽³⁾⁽⁴⁾		4,120		3,951,966

Precision Drilling Corp., 6.50%, 12/15/21		178		179,124

Precision Drilling Corp., 7.125%, 1/15/26⁽¹⁾		1,095		1,105,950

Precision Drilling Corp., 7.75%, 12/15/23		195		203,775

QEP Resources, Inc., 5.625%, 3/1/26		1,614		1,515,837

Seven Generations Energy, Ltd., 5.375%, 9/30/25⁽¹⁾		3,860		3,758,675

Seven Generations Energy, Ltd., 6.875%, 6/30/23⁽¹⁾		1,890		1,946,700

Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25⁽¹⁾		5,980		5,890,300

SM Energy Co., 5.625%, 6/1/25		1,850		1,743,625

SM Energy Co., 6.625%, 1/15/27		1,965		1,861,838

SM Energy Co., 6.75%, 9/15/26		2,249		2,164,662

Tallgrass Energy Partners, L.P./Tallgrass Energy Finance Corp., 5.50%, 1/15/28⁽¹⁾		5,405		5,533,369

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26		2,105		2,221,433

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27⁽¹⁾		1,087		1,167,166

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 6.875%, 1/15/29⁽¹⁾		2,174		2,353,355

Tervita Escrow Corp., 7.625%, 12/1/21⁽¹⁾		5,525		5,621,687

Transocean, Inc., 7.25%, 11/1/25⁽¹⁾		2,686		2,669,212

Transocean, Inc., 7.50%, 1/15/26⁽¹⁾		1,247		1,234,530

Transocean Guardian, Ltd., 5.875%, 1/15/24⁽¹⁾		2,131		2,205,559

Transocean Poseidon, Ltd., 6.875%, 2/1/27⁽¹⁾		556		593,530

Weatherford International, Ltd., 8.25%, 6/15/23		755		524,725

Weatherford International, Ltd., 9.875%, 2/15/24		1,765		1,244,325


Security	Principal Amount* (000’s omitted)		Value

Energy (continued)

Whiting Petroleum Corp., 6.25%, 4/1/23		331	$	339,689

Whiting Petroleum Corp., 6.625%, 1/15/26		2,005		2,002,534

			$	182,004,050

Entertainment & Film — 0.7%

AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		1,580	$	1,473,350

AMC Entertainment Holdings, Inc., 6.125%, 5/15/27		3,500		3,276,875

Cinemark USA, Inc., 4.875%, 6/1/23		3,945		3,995,654

			$	8,745,879

Environmental — 1.6%

Advanced Disposal Services, Inc., 5.625%, 11/15/24⁽¹⁾		3,075	$	3,244,125

Covanta Holding Corp., 5.875%, 3/1/24		2,230		2,299,687

Covanta Holding Corp., 5.875%, 7/1/25		2,225		2,288,969

GFL Environmental, Inc., 5.375%, 3/1/23⁽¹⁾		3,715		3,631,412

GFL Environmental, Inc., 7.00%, 6/1/26⁽¹⁾		1,515		1,480,913

GFL Environmental, Inc., 8.50%, 5/1/27⁽¹⁾		3,363		3,510,131

Waste Pro USA, Inc., 5.50%, 2/15/26⁽¹⁾		2,210		2,210,000

			$	18,665,237

Food, Beverage & Tobacco — 1.6%

Dole Food Co., Inc., 7.25%, 6/15/25⁽¹⁾		4,110	$	3,842,850

Post Holdings, Inc., 5.00%, 8/15/26⁽¹⁾		2,490		2,490,000

Post Holdings, Inc., 5.50%, 3/1/25⁽¹⁾		3,595		3,693,863

Post Holdings, Inc., 5.625%, 1/15/28⁽¹⁾		2,154		2,187,516

Post Holdings, Inc., 8.00%, 7/15/25⁽¹⁾		940		1,010,500

US Foods, Inc., 5.875%, 6/15/24⁽¹⁾		5,185		5,321,106

			$	18,545,835

Gaming — 3.8%

Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25⁽¹⁾		2,908	$	2,849,840

Eldorado Resorts, Inc., 6.00%, 4/1/25		3,360		3,486,126

Eldorado Resorts, Inc., 6.00%, 9/15/26		139		144,908

Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24⁽¹⁾		5,355		5,622,750

GLP Capital, L.P./GLP Financing II, Inc., 4.375%, 4/15/21		840		856,850

GLP Capital, L.P./GLP Financing II, Inc., 4.875%, 11/1/20		555		566,933

GLP Capital, L.P./GLP Financing II, Inc., 5.375%, 4/15/26		3,550		3,757,888

Golden Entertainment, Inc., 7.625%, 4/15/26⁽¹⁾		1,031		1,036,155


Security	Principal Amount* (000’s omitted)		Value

Gaming (continued)

MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 4.50%, 9/1/26		2,015	$	1,999,887

MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24		2,890		3,048,950

MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.75%, 2/1/27⁽¹⁾		1,082		1,140,158

MGM Resorts International, 5.75%, 6/15/25		3,105		3,299,062

MGM Resorts International, 6.625%, 12/15/21		1,275		1,370,625

MGM Resorts International, 7.75%, 3/15/22		2,585		2,866,119

Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26⁽¹⁾		3,693		3,882,266

Studio City Co., Ltd., 7.25%, 11/30/21⁽¹⁾		1,895		1,961,325

VICI Properties 1, LLC/VICI FC, Inc., 8.00%, 10/15/23		4,724		5,196,673

Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27⁽¹⁾		1,968		1,926,180

Wynn Macau, Ltd., 5.50%, 10/1/27⁽¹⁾		329		324,065

			$	45,336,760

Healthcare — 11.6%

Bausch Health Americas, Inc., 8.50%, 1/31/27⁽¹⁾		5,152	$	5,625,340

Bausch Health Americas, Inc., 9.25%, 4/1/26⁽¹⁾		1,420		1,583,300

Bausch Health Cos., Inc., 5.50%, 3/1/23⁽¹⁾		1,338		1,348,035

Bausch Health Cos., Inc., 5.50%, 11/1/25⁽¹⁾		2,114		2,171,480

Bausch Health Cos., Inc., 5.75%, 8/15/27⁽¹⁾		760		793,820

Bausch Health Cos., Inc., 5.875%, 5/15/23⁽¹⁾		4,055		4,101,430

Bausch Health Cos., Inc., 6.125%, 4/15/25⁽¹⁾		755		766,325

Bausch Health Cos., Inc., 6.50%, 3/15/22⁽¹⁾		2,855		2,958,494

Bausch Health Cos., Inc., 7.00%, 3/15/24⁽¹⁾		5,126		5,414,337

Bausch Health Cos., Inc., 9.00%, 12/15/25⁽¹⁾		3,615		4,017,169

Catalent Pharma Solutions, Inc., 4.875%, 1/15/26⁽¹⁾		2,340		2,357,550

Centene Corp., 4.75%, 1/15/25		5,365		5,456,205

Centene Corp., 5.375%, 6/1/26⁽¹⁾		5,880		6,151,950

Centene Corp., 6.125%, 2/15/24		3,740		3,922,325

Charles River Laboratories International, Inc., 5.50%, 4/1/26⁽¹⁾		1,175		1,232,281

Eagle Holding Co. II, LLC, 7.625%, (7.625% Cash or 8.375% PIK), 5/15/22⁽¹⁾⁽⁵⁾		1,250		1,257,813

HCA, Inc., 5.00%, 3/15/24		1,435		1,520,929

HCA, Inc., 5.25%, 6/15/26		2,196		2,348,894

HCA, Inc., 5.375%, 9/1/26		3,410		3,606,075

HCA, Inc., 5.625%, 9/1/28		4,205		4,488,837

HCA, Inc., 5.875%, 2/15/26		12,010		12,937,052

HCA, Inc., 5.875%, 2/1/29		2,038		2,195,945

HCA, Inc., 7.50%, 2/15/22		1,530		1,686,825

HCA Healthcare, Inc., 6.25%, 2/15/21		1,030		1,082,788


Security	Principal Amount* (000’s omitted)		Value

Healthcare (continued)

Hologic, Inc., 4.375%, 10/15/25⁽¹⁾		1,405	$	1,398,853

Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, 6.375%, 8/1/23⁽¹⁾		5,998		6,132,955

Kinetic Concepts, Inc./KCI USA, Inc., 7.875%, 2/15/21⁽¹⁾		2,066		2,111,969

Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/1/21⁽¹⁾		6,430		6,975,907

MPH Acquisition Holdings, LLC, 7.125%, 6/1/24⁽¹⁾		12,717		12,814,921

Polaris Intermediate Corp., 8.50%, (8.50% Cash or 9.25% PIK), 12/1/22⁽¹⁾⁽⁵⁾		5,666		5,658,917

Syneos Health, Inc./inVentiv Health, Inc./inVentiv Health Clinical, Inc., 7.50%, 10/1/24⁽¹⁾		3,684		3,877,410

Team Health Holdings, Inc., 6.375%, 2/1/25⁽¹⁾		1,734		1,482,570

Teleflex, Inc., 4.625%, 11/15/27		2,310		2,307,112

Teleflex, Inc., 5.25%, 6/15/24		845		870,350

Tenet Healthcare Corp., 6.00%, 10/1/20		2,885		2,993,187

Tenet Healthcare Corp., 6.75%, 6/15/23		2,105		2,154,994

Tenet Healthcare Corp., 8.125%, 4/1/22		1,285		1,375,862

WellCare Health Plans, Inc., 5.25%, 4/1/25		5,905		6,119,056

WellCare Health Plans, Inc., 5.375%, 8/15/26⁽¹⁾		3,622		3,802,376

			$	139,101,638

Homebuilders & Real Estate — 0.9%

Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26⁽¹⁾⁽⁶⁾		2,962	$	3,024,942

Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25⁽¹⁾		1,749		1,749,000

Greystar Real Estate Partners, LLC, 5.75%, 12/1/25⁽¹⁾		4,686		4,721,145

RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23		1,447		1,479,558

TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/24		320		325,066

			$	11,299,711

Hotels — 0.7%

ESH Hospitality, Inc., 5.25%, 5/1/25⁽¹⁾		5,260	$	5,292,875

Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24		3,180		3,192,243

			$	8,485,118

Insurance — 1.5%

Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 8.25%, 8/1/23⁽¹⁾		4,670	$	4,821,775

Ardonagh Midco 3 PLC, 8.375%, 7/15/23⁽¹⁾	GBP	3,100		3,401,624

Ardonagh Midco 3 PLC, 8.375%, 7/15/23⁽²⁾	GBP	2,000		2,194,596

Hub International, Ltd., 7.00%, 5/1/26⁽¹⁾		5,491		5,552,774


Security	Principal Amount* (000’s omitted)		Value

Insurance (continued)

USI, Inc., 6.875%, 5/1/25⁽¹⁾		1,774	$	1,771,782

			$	17,742,551

Leisure — 1.0%

Merlin Entertainments PLC, 5.75%, 6/15/26⁽¹⁾		1,905	$	1,983,105

NCL Corp., Ltd., 4.75%, 12/15/21⁽¹⁾		2,293		2,324,070

Viking Cruises, Ltd., 5.875%, 9/15/27⁽¹⁾		6,132		6,116,670

Viking Cruises, Ltd., 6.25%, 5/15/25⁽¹⁾		1,820		1,892,800

			$	12,316,645

Metals & Mining — 3.2%

Alcoa Nederland Holding B.V., 6.125%, 5/15/28⁽¹⁾		2,115	$	2,204,888

Alcoa Nederland Holding B.V., 6.75%, 9/30/24⁽¹⁾		1,605		1,701,300

Constellium N.V., 4.25%, 2/15/26⁽¹⁾	EUR	1,184		1,375,729

Constellium N.V., 5.875%, 2/15/26⁽¹⁾		2,004		2,039,070

Eldorado Gold Corp., 6.125%, 12/15/20⁽¹⁾		7,765		7,745,587

First Quantum Minerals, Ltd., 6.875%, 3/1/26⁽¹⁾		1,553		1,452,055

First Quantum Minerals, Ltd., 7.25%, 4/1/23⁽¹⁾		3,836		3,802,435

First Quantum Minerals, Ltd., 7.50%, 4/1/25⁽¹⁾		3,508		3,402,760

Freeport-McMoRan, Inc., 4.55%, 11/14/24		1,685		1,678,681

Freeport-McMoRan, Inc., 5.45%, 3/15/43		2,886		2,619,045

New Gold, Inc., 6.25%, 11/15/22⁽¹⁾		1,275		1,163,438

New Gold, Inc., 6.375%, 5/15/25⁽¹⁾		1,505		1,219,050

Novelis Corp., 5.875%, 9/30/26⁽¹⁾		2,118		2,157,713

Novelis Corp., 6.25%, 8/15/24⁽¹⁾		2,390		2,494,562

Teck Resources, Ltd., 8.50%, 6/1/24⁽¹⁾		2,510		2,685,809

			$	37,742,122

Paper — 0.1%

Mercer International, Inc., 5.50%, 1/15/26		1,000	$	992,500

			$	992,500

Publishing & Printing — 0.1%

McGraw-Hill Global Education Holdings, LLC/McGraw-Hill Global Education Finance, 7.875%, 5/15/24⁽¹⁾		2,008	$	1,724,370

			$	1,724,370

Railroad — 0.7%

Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23⁽¹⁾		7,710	$	7,806,375

			$	7,806,375


Security	Principal Amount* (000’s omitted)		Value

Restaurant — 0.9%

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24⁽¹⁾		860	$	849,250

Golden Nugget, Inc., 6.75%, 10/15/24⁽¹⁾		4,440		4,551,000

Golden Nugget, Inc., 8.75%, 10/1/25⁽¹⁾		4,500		4,725,000

Yum! Brands, Inc., 3.875%, 11/1/20		855		861,412

			$	10,986,662

Services — 4.2%

Aramark Services, Inc., 5.125%, 1/15/24		1,945	$	2,015,506

Booz Allen Hamilton, Inc., 5.125%, 5/1/25⁽¹⁾		735		746,025

Cloud Crane, LLC, 10.125%, 8/1/24⁽¹⁾		2,836		3,055,790

IHS Markit, Ltd., 5.00%, 11/1/22⁽¹⁾		2,255		2,374,064

KAR Auction Services, Inc., 5.125%, 6/1/25⁽¹⁾		2,937		2,951,685

La Financiere Atalian SA, 5.125%, 5/15/25⁽²⁾	EUR	1,675		1,413,707

Laureate Education, Inc., 8.25%, 5/1/25⁽¹⁾		8,679		9,438,412

Prime Security Services Borrower, LLC/Prime Finance, Inc., 9.25%, 5/15/23⁽¹⁾		2,211		2,334,429

Reliance Intermediate Holdings, L.P., 6.50%, 4/1/23⁽¹⁾		5,915		6,122,025

ServiceMaster Co., LLC (The), 7.45%, 8/15/27		5,185		5,489,619

TMS International Corp., 7.25%, 8/15/25⁽¹⁾		3,275		3,217,688

Vizient, Inc., 6.25%, 5/15/27⁽¹⁾⁽⁶⁾		687		712,763

Vizient, Inc., 10.375%, 3/1/24⁽¹⁾		5,685		6,133,262

West Corp., 8.50%, 10/15/25⁽¹⁾		4,146		3,674,393

			$	49,679,368

Steel — 0.4%

Allegheny Technologies, Inc., 5.95%, 1/15/21		970	$	994,250

Allegheny Technologies, Inc., 7.875%, 8/15/23		3,655		3,969,184

			$	4,963,434

Super Retail — 1.8%

Murphy Oil USA, Inc., 5.625%, 5/1/27		1,190	$	1,243,550

Murphy Oil USA, Inc., 6.00%, 8/15/23		3,995		4,104,862

Party City Holdings, Inc., 6.125%, 8/15/23⁽¹⁾		3,490		3,551,075

Party City Holdings, Inc., 6.625%, 8/1/26⁽¹⁾		2,083		2,070,023

PVH Corp., 7.75%, 11/15/23		3,385		3,818,754

Sonic Automotive, Inc., 6.125%, 3/15/27		4,675		4,558,125

William Carter Co. (The), 5.625%, 3/15/27⁽¹⁾		1,510		1,566,625

			$	20,913,014

Technology — 4.1%

Camelot Finance SA, 7.875%, 10/15/24⁽¹⁾		4,988	$	5,274,810

CommScope, Inc., 5.50%, 6/15/24⁽¹⁾		2,500		2,525,000


Security	Principal Amount* (000’s omitted)		Value

Technology (continued)

CommScope, Inc., 8.25%, 3/1/27⁽¹⁾		1,010	$	1,093,325

CommScope Technologies, LLC, 5.00%, 3/15/27⁽¹⁾		3,420		3,201,975

CommScope Technologies, LLC, 6.00%, 6/15/25⁽¹⁾		4,350		4,434,390

Dell International, LLC/EMC Corp., 7.125%, 6/15/24⁽¹⁾		4,005		4,237,114

EIG Investors Corp., 10.875%, 2/1/24		4,750		5,100,312

Entegris, Inc., 4.625%, 2/10/26⁽¹⁾		1,137		1,142,685

Riverbed Technology, Inc., 8.875%, 3/1/23⁽¹⁾		7,795		5,456,500

Seagate HDD Cayman, 4.75%, 1/1/25		347		338,988

Sensata Technologies UK Financing Co. PLC, 6.25%, 2/15/26⁽¹⁾		8,995		9,545,944

Vantiv, LLC/Vanity Issuer Corp., 4.375%, 11/15/25⁽¹⁾		2,250		2,320,313

Veritas US, Inc./Veritas Bermuda, Ltd., 7.50%, 2/1/23⁽¹⁾		562		547,950

Veritas US, Inc./Veritas Bermuda, Ltd., 10.50%, 2/1/24⁽¹⁾		2,462		2,258,885

Western Digital Corp., 4.75%, 2/15/26		2,112		2,043,360

			$	49,521,551

Telecommunications — 6.5%

CenturyLink, Inc., 6.75%, 12/1/23		1,804	$	1,919,005

CenturyLink, Inc., 7.50%, 4/1/24		3,220		3,467,554

Digicel, Ltd., 6.00%, 4/15/21⁽¹⁾		4,250		3,771,875

DKT Finance ApS, 9.375%, 6/17/23⁽¹⁾		624		678,288

Equinix, Inc., 5.875%, 1/15/26		3,890		4,113,675

Frontier California, Inc., 6.75%, 5/15/27		895		814,450

Frontier Communications Corp., 6.875%, 1/15/25		1,950		1,043,250

Frontier Communications Corp., 7.625%, 4/15/24		285		158,888

Hughes Satellite Systems Corp., 5.25%, 8/1/26		2,793		2,820,818

Hughes Satellite Systems Corp., 6.625%, 8/1/26		845		856,619

Intelsat Jackson Holdings SA, 5.50%, 8/1/23		2,785		2,523,906

Intelsat Jackson Holdings SA, 8.50%, 10/15/24⁽¹⁾		2,586		2,564,989

Level 3 Financing, Inc., 5.25%, 3/15/26		2,180		2,218,842

Level 3 Financing, Inc., 5.375%, 1/15/24		2,215		2,248,225

Level 3 Parent, LLC, 5.75%, 12/1/22		750		758,198

Qualitytech, L.P./QTS Finance Corp., 4.75%, 11/15/25⁽¹⁾		799		783,020

Sable International Finance, Ltd., 5.75%, 9/7/27⁽¹⁾		1,516		1,506,525

SBA Communications Corp., 4.00%, 10/1/22		2,295		2,317,950

SBA Communications Corp., 4.875%, 9/1/24		1,385		1,411,852

Sprint Capital Corp., 6.875%, 11/15/28		2,638		2,530,831

Sprint Corp., 7.125%, 6/15/24		2,270		2,280,641

Sprint Corp., 7.25%, 9/15/21		2,545		2,672,250

Sprint Corp., 7.625%, 2/15/25		3,285		3,326,062

Sprint Corp., 7.625%, 3/1/26		2,179		2,182,377


Security	Principal Amount* (000’s omitted)			Value

Telecommunications (continued)

Sprint Corp., 7.875%, 9/15/23			10,636	$	11,088,030

T-Mobile USA, Inc., 4.75%, 2/1/28			1,095		1,108,688

T-Mobile USA, Inc., 6.375%, 3/1/25			1,225		1,276,707

T-Mobile USA, Inc., 6.50%, 1/15/26			6,587		7,062,581

Telecom Italia SpA, 5.303%, 5/30/24⁽¹⁾			1,939		1,939,000

ViaSat, Inc., 5.625%, 4/15/27⁽¹⁾			1,494		1,527,615

Wind Tre SpA, 5.00%, 1/20/26⁽¹⁾			1,143		1,050,131

Zayo Group, LLC/Zayo Capital, Inc., 6.00%, 4/1/23			1,980		2,022,075

Zayo Group, LLC/Zayo Capital, Inc., 6.375%, 5/15/25			2,106		2,150,752

				$	78,195,669

Transport Excluding Air & Rail — 0.4%

XPO Logistics, Inc., 6.125%, 9/1/23⁽¹⁾			1,310	$	1,342,750

XPO Logistics, Inc., 6.50%, 6/15/22⁽¹⁾			3,203		3,287,079

				$	4,629,829

Utility — 2.6%

AES Corp. (The), 4.00%, 3/15/21			2,305	$	2,333,813

AES Corp. (The), 5.50%, 4/15/25			263		273,649

AES Corp. (The), 6.00%, 5/15/26			5,725		6,082,812

Calpine Corp., 5.25%, 6/1/26⁽¹⁾			2,210		2,221,050

NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24⁽¹⁾			1,485		1,495,395

NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27⁽¹⁾			1,602		1,579,973

NRG Energy, Inc., 7.25%, 5/15/26			5,095		5,566,287

TerraForm Power Operating, LLC, 4.25%, 1/31/23⁽¹⁾			1,410		1,401,188

TerraForm Power Operating, LLC, 5.00%, 1/31/28⁽¹⁾			2,125		2,103,750

TerraForm Power Operating, LLC, 6.625%, 6/15/25⁽¹⁾			3,995		4,189,756

Vistra Energy Corp., 8.125%, 1/30/26⁽¹⁾			3,735		4,080,487

				$	31,328,160

Total Corporate Bonds & Notes (identified cost $1,016,563,015)				$	1,025,697,354

Senior Floating-Rate Loans — 8.7%⁽⁷⁾
Borrower/Tranche Description	Principal Amount (000’s omitted)			Value

Aerospace — 0.2%

TransDigm, Inc., Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing 6/9/23		$	979	$	977,280


Borrower/Tranche Description	Principal Amount (000’s omitted)			Value

Aerospace (continued)

TransDigm, Inc., Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing 5/30/25		$	1,583	$	1,578,893

				$	2,556,173

Automotive & Auto Parts — 0.7%

Navistar International Corp., Term Loan, 5.99%, (1 mo. USD LIBOR + 3.50%), Maturing 11/6/24		$	4,246	$	4,254,036

Panther BF Aggregator 2 L.P., Term Loan, Maturing 3/18/26⁽⁸⁾			4,305		4,323,727

				$	8,577,763

Broadcasting — 0.2%

iHeartCommunications, Inc., Term Loan, Maturing 7/30/19⁽⁸⁾		$	2,833	$	2,099,961

iHeartCommunications, Inc., Term Loan, Maturing 1/30/20⁽⁸⁾			1,416		1,054,330

				$	3,154,291

Building Materials — 0.1%

Hillman Group, Inc. (The), Term Loan, Maturing 5/31/25⁽⁸⁾		$	1,208	$	1,193,655

				$	1,193,655

Cable & Satellite TV — 0.1%

CSC Holdings, LLC, Term Loan, 5.47%, (1 mo. USD LIBOR + 3.00%), Maturing 4/15/27		$	1,608	$	1,614,686

				$	1,614,686

Capital Goods — 0.2%

Cortes NP Acquisition Corporation, Term Loan, 6.63%, (3 mo. USD LIBOR + 4.00%), Maturing 11/30/23		$	2,106	$	2,020,039

				$	2,020,039

Containers — 0.2%

BWAY Holding Co., Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing 4/3/24		$	2,180	$	2,158,055

				$	2,158,055

Food, Beverage & Tobacco — 0.3%

HLF Financing S.a.r.l., Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing 8/18/25		$	3,751	$	3,769,906

				$	3,769,906


Borrower/Tranche Description	Principal Amount (000’s omitted)			Value

Gaming — 0.5%

Lago Resort & Casino, LLC, Term Loan, 12.10%, (3 mo. USD LIBOR + 9.50%), Maturing 3/7/22		$	1,029	$	1,024,178

Peninsula Pacific Entertainment, LLC, Term Loan, 3.63%, Maturing 11/13/24⁽⁹⁾			229		228,572

Peninsula Pacific Entertainment, LLC, Term Loan, 9.85%, (3 mo. USD LIBOR + 7.25%), Maturing 11/13/24			2,057		2,054,429

Stars Group Holdings B.V. (The), Term Loan, 6.10%, (3 mo. USD LIBOR + 3.50%), Maturing 7/10/25			2,355		2,369,227

				$	5,676,406

Healthcare — 0.9%

Acadia Healthcare Company, Inc., Term Loan, 4.98%, (1 mo. USD LIBOR + 2.50%), Maturing 2/16/23		$	667	$	666,666

Kinetic Concepts, Inc., Term Loan, 5.85%, (3 mo. USD LIBOR + 3.25%), Maturing 2/2/24			256		257,437

MPH Acquisition Holdings, LLC, Term Loan, 5.35%, (3 mo. USD LIBOR + 2.75%), Maturing 6/7/23			650		644,631

National Mentor Holdings, Inc., Term Loan, 6.74%, (1 mo. USD LIBOR + 4.25%), Maturing 3/9/26			3,242		3,254,738

National Mentor Holdings, Inc., Term Loan, 6.74%, (1 mo. USD LIBOR + 4.25%), Maturing 3/9/26			201		202,214

Press Ganey Holdings, Inc., Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing 10/23/23			4,050		4,055,845

Press Ganey Holdings, Inc., Term Loan - Second Lien, 8.98%, (1 mo. USD LIBOR + 6.50%), Maturing 10/21/24			2,167		2,173,588

				$	11,255,119

Insurance — 0.4%

Hub International, Ltd., Term Loan, 5.34%, (USD LIBOR + 2.75%), Maturing 4/25/25⁽¹⁰⁾		$	1,201	$	1,190,511

Sedgwick Claims Management Services, Inc., Term Loan, 5.73%, (1 mo. USD LIBOR + 3.25%), Maturing 12/31/25			3,417		3,412,630

				$	4,603,141

Metals & Mining — 0.8%

Big River Steel, LLC, Term Loan, 7.60%, (3 mo. USD LIBOR + 5.00%), Maturing 8/23/23		$	2,669	$	2,689,370

GrafTech Finance, Inc., Term Loan, 5.98%, (1 mo. USD LIBOR + 3.50%), Maturing 2/12/25			6,468		6,476,215

				$	9,165,585


Borrower/Tranche Description	Principal Amount (000’s omitted)			Value

Services — 1.5%

AlixPartners, LLP, Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing 4/4/24		$	2,379	$	2,385,728

Asurion, LLC, Term Loan – Second Lien, 8.98%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25			15,010		15,338,344

				$	17,724,072

Technology — 2.1%

Applied Systems, Inc., Term Loan, 5.48%, (1 mo. USD LIBOR + 3.00%), Maturing 9/19/24		$	4,810	$	4,814,973

EIG Investors Corp., Term Loan, 6.39%, (3 mo. USD LIBOR + 3.75%), Maturing 2/9/23			4,341		4,350,018

Infor (US), Inc., Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing 2/1/22			5,475		5,481,844

Solera, LLC, Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing 3/3/23			3,450		3,457,251

SS&C Technologies, Inc., Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25			1,093		1,095,437

SS&C Technologies, Inc., Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25			1,594		1,597,429

SS&C Technologies Holdings Europe S.a.r.l., Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing 4/16/25			780		781,740

Veritas Bermuda, Ltd., Term Loan, 7.01%, (USD LIBOR + 4.50%), Maturing 1/27/23⁽¹⁰⁾			3,345		3,144,728

				$	24,723,420

Telecommunications — 0.3%

CenturyLink, Inc., Term Loan, 5.23%, (1 mo. USD LIBOR + 2.75%), Maturing 1/31/25		$	2,699	$	2,686,513

Intelsat Jackson Holdings SA, Term Loan, 6.63%, Maturing 1/2/24⁽¹¹⁾			1,640		1,650,250

				$	4,336,763

Utility — 0.2%

TEX Operations Co., LLC, Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing 8/4/23		$	1,074	$	1,076,416

Vistra Operations Company, LLC, Term Loan, 4.48%, (1 mo. USD LIBOR + 2.00%), Maturing 12/31/25			518		519,792

Vistra Operations Company, LLC, Term Loan, 4.73%, (1 mo. USD LIBOR + 2.25%), Maturing 12/14/23			423		424,555

				$	2,020,763

Total Senior Floating-Rate Loans (identified cost $104,061,450)				$	104,549,837


Common Stocks — 1.0%
Security	Shares		Value

Consumer Products — 0.0%⁽¹²⁾

HF Holdings, Inc.^(13)(14)(15)		13,600	$	33,592

			$	33,592

Energy — 0.2%

Ascent CNR Corp., Class A^(13)(14)(15)		6,273,462	$	2,007,508

Nine Point Energy Holdings, Inc.^(13)(14)(15)		31,737		35,228

			$	2,042,736

Gaming — 0.1%

Caesars Entertainment Corp.⁽¹³⁾		153,567	$	1,437,387

New Cotai Participation Corp., Class B^(13)(14)(15)		7		10,416

			$	1,447,803

Healthcare — 0.5%

Bausch Health Cos., Inc.⁽¹³⁾		90,000	$	2,078,100

Centene Corp.⁽¹³⁾		40,000		2,062,400

Surgery Partners, Inc.⁽¹³⁾		120,000		1,299,600

			$	5,440,100

Metals & Mining — 0.2%

Constellium N.V., Class A⁽¹³⁾		275,000	$	2,568,500

			$	2,568,500

Total Common Stocks (identified cost $14,274,081)			$	11,532,731

Convertible Preferred Stocks — 0.1%
Security	Shares		Value

Energy — 0.1%

Nine Point Energy Holdings, Inc., Series A, 12.00%^{(5)(13)(14)(15)}		591	$	867,570

			$	867,570

Total Convertible Preferred Stocks (identified cost $591,000)			$	867,570


Miscellaneous — 0.8%
Security	Principal Amount/ Shares		Value

Cable & Satellite TV — 0.0%

ACC Claims Holdings, LLC^(13)(15)		8,415,190	$	0

			$	0

Gaming — 0.8%

PGP Investors, LLC, Membership Interests^(13)(14)(15)		30,326	$	9,487,205

			$	9,487,205

Technology — 0.0%

Avaya, Inc., Escrow Certificates^(13)(15)	$	695,000	$	0

			$	0

Total Miscellaneous (identified cost $2,678,042)			$	9,487,205

Short-Term Investments — 3.0%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 2.54%⁽¹⁶⁾		36,135,396	$	36,135,396

Total Short-Term Investments (identified cost $36,135,197)			$	36,135,396

Total Investments — 99.5% (identified cost $1,174,302,785)			$	1,188,270,093

Less Unfunded Loan Commitments — (0.0)%⁽¹²⁾			$	(229,000	)

Net Investments — 99.5% (identified cost $1,174,073,785)			$	1,188,041,093

Other Assets, Less Liabilities — 0.5%			$	6,267,174

Net Assets — 100.0%			$	1,194,308,267

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

In U.S. dollars unless otherwise indicated.

⁽¹⁾

Security exempt from registration pursuant to Rule 144A under 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 April 30, 2019, the aggregate value of these securities is $646,510,398 or 54.1% of the Portfolio’s net assets.

⁽²⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold

outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2019, the aggregate value of these securities is $11,059,943 or 0.9% of the Portfolio’s net assets.

⁽³⁾

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁴⁾

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

⁽⁵⁾

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

⁽⁶⁾

When-issued security.

⁽⁷⁾

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 London Interbank Offered Rate (“LIBOR”) 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.

⁽⁸⁾

This Senior Loan will settle after April 30, 2019, at which time the interest rate will be determined.

⁽⁹⁾

Unfunded or partially unfunded loan commitments. The stated interest rate reflects the weighted average of the reference rate and spread for the funded portion, if any, and the commitment fees on the portion of the loan that is unfunded. See Note 1F for description.

⁽¹⁰⁾

The stated interest rate represents the weighted average interest rate at April 30, 2019 of contracts within the senior loan facility. Interest rates on contracts are primarily redetermined either weekly, monthly or quarterly by reference to the indicated base lending rate and spread and the reset period.

⁽¹¹⁾	Fixed-rate loan.

⁽¹²⁾	Amount is less than 0.05% or (0.05)%, as applicable.

⁽¹³⁾	Non-income producing security.

⁽¹⁴⁾	Restricted security (see Note 5).

⁽¹⁵⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

⁽¹⁶⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2019.

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 April 30, 2019, Eaton Vance High Income Opportunities Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 79.4% and 20.6%, 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) for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Other Senior Loans are valued at fair value by the investment adviser under procedures approved by the Trustees. In fair valuing a Senior Loan, the investment adviser utilizes one or more of the valuation techniques described in (i) through (iii) below to assess the likelihood that the borrower will make a full repayment of the loan underlying such Senior Loan relative to yields on other Senior Loans issued by companies of comparable credit quality. 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. 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. Fair value determinations are made by the portfolio managers of the Portfolio based on information available to such managers. The portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may not possess the same information about a Senior Loan borrower as the portfolio managers of the Portfolio. At times, the fair value of a Senior Loan determined by the portfolio managers of other funds managed by the investment adviser that invest in Senior Loans may vary from the fair value of the same Senior Loan determined by the portfolio managers of the Portfolio. The fair value of each Senior Loan is periodically reviewed and approved by the investment adviser’s Valuation Committee and by the Trustees based upon procedures approved by the Trustees. 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 Global or Global Select Market generally 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.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Fees associated with loan amendments are recognized immediately. Withholding taxes on foreign interest, if any, have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

D Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of April 30, 2019, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Unfunded Loan Commitments — The Portfolio may enter into certain loan agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the accompanying Portfolio of Investments. At April 30, 2019, 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 and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. 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 When-Issued Securities and Delayed Delivery Transactions — The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains cash and/or security positions for these commitments such that sufficient liquid assets will

be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

K Interim Financial Statements — The interim financial statements relating to April 30, 2019 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate of 0.30% of the Portfolio’s average daily net assets up to $500 million, 0.275% from $500 million up to $1 billion, 0.25% from $1 billion up to $1.5 billion, 0.225% from $1.5 billion up to $2 billion and at reduced rates on daily net assets of $2 billion or more; plus 3.00% of the Portfolio’s daily gross income (i.e., income other than gains from the sale of securities) when daily net assets are less than $500 million, 2.75% when daily net assets are $500 million but less than $1 billion, 2.50% when daily net assets are $1 billion but less than $1.5 billion, 2.25% when daily net assets are $1.5 billion but less than $2 billion and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. For the six months ended April 30, 2019, the Portfolio’s investment adviser fee amounted to $2,804,551 or 0.46% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations 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. For the six months ended April 30, 2019, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

Purchases and sales of investments, other than short-term obligations and including maturities, paydowns and principal repayments on Senior Loans, aggregated $144,867,690 and $337,498,372, respectively, for the six months ended April 30, 2019.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2019, as determined on a federal income tax basis, were as follows:

At April 30, 2019, the Portfolio owned the following securities (representing 1.0% 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.

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and 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 April 30, 2019 is included in the Portfolio of Investments. At April 30, 2019, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

The 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 April 30, 2019, the fair value of derivatives with credit-related contingent features in a net liability position was $176,566. At April 30, 2019, there were no assets pledged by the Portfolio for such liability.

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 April 30, 2019 was as follows:

The Portfolio’s derivative liabilities 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 liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral pledged by the Portfolio for such liabilities as of April 30, 2019.

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 six months ended April 30, 2019 was as follows:

The average notional amount of forward foreign currency exchange contracts (based on the absolute value of notional amounts of currency purchased and currency sold) outstanding during the six months ended April 30, 2019, which is indicative of the volume of this derivative type, was approximately $38,523,000.

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 29, 2019. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate 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. 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 six months ended April 30, 2019.

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.

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.

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 April 30, 2019, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

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 six months ended April 30, 2019 is not presented.

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 April 24, 2019, the Boards of Trustees/Directors (collectively, the “Board”) of 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 and sub-advisory agreements for each of the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between February and April 2019. 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 and sub-advisory agreements.

Among other things, the information the Board considered included the following (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):

During the various meetings of the Board and its committees throughout the twelve months ended April 2019, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers (where applicable) of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees 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 Eaton Vance Management, Boston Management and Research and fund sub-advisers (as applicable), with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory 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 may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser (where applicable) to each of the Eaton Vance Funds.

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between High Income Opportunities Portfolio (the “Portfolio”), the portfolio in which Eaton Vance High Income Opportunities Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. In particular, the Board considered the abilities and experience of the Adviser’s investment professionals in analyzing special considerations relevant to investing in high-yield debt. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the 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 Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering

exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

The Board compared the Fund’s investment performance to that of comparable funds and 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 September 30, 2018. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and secondary benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

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 September 30, 2018, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Portfolio. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Portfolio as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Portfolio and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, 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 the Adviser and its affiliates to third parties in respect of distribution services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund 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. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

Trustees of Eaton Vance High Income Opportunities Fund and High Income Opportunities Portfolio

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Investment Adviser of High Income Opportunities Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance High Income Opportunities Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

(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 controls over financial reporting during the second fiscal quarter of 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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.

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.


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	25,009,859	EUR	22,240,111	State Street Bank and Trust Company		7/31/19	$	—	$	(125,876	)

USD	5,846,051	GBP	4,501,079	State Street Bank and Trust Company		7/31/19		—		(50,690	)

							$	—	$	(176,566	)


Assets	April 30, 2019

Unaffiliated investments, at value (identified cost, $1,137,938,588)	$	1,151,905,697

Affiliated investment, at value (identified cost, $36,135,197)		36,135,396

Cash		389,537

Interest receivable		17,771,309

Dividends receivable from affiliated investment		66,842

Receivable for investments sold		2,141,721

Total assets	$	1,208,410,502

Liabilities

Payable for investments purchased	$	8,925,022

Payable for when-issued securities		4,337,000

Payable for open forward foreign currency exchange contracts		176,566

Payable to affiliates:

Investment adviser fee		450,226

Trustees’ fees		5,461

Accrued expenses		207,960

Total liabilities	$	14,102,235

Net Assets applicable to investors’ interest in Portfolio	$	1,194,308,267


Investment Income	Six Months Ended April 30, 2019

Interest and other income	$	37,614,177

Dividends		17,325

Dividends from affiliated investment		382,540

Total investment income	$	38,014,042

Expenses

Investment adviser fee	$	2,804,551

Trustees’ fees and expenses		32,709

Custodian fee		166,054

Legal and accounting services		48,636

Miscellaneous		17,310

Total expenses	$	3,069,260

Net investment income	$	34,944,782

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(14,484,923	)

Investment transactions — affiliated investment		215

Foreign currency transactions		(20,797	)

Forward foreign currency exchange contracts		898,247

Net realized loss	$	(13,607,258	)

Change in unrealized appreciation (depreciation) —

Investments	$	29,223,590

Investments — affiliated investment		2,024

Foreign currency		13,069

Forward foreign currency exchange contracts		(361,377	)

Net change in unrealized appreciation (depreciation)	$	28,877,306

Net realized and unrealized gain	$	15,270,048

Net increase in net assets from operations	$	50,214,830


Increase (Decrease) in Net Assets	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31, 2018

From operations —

Net investment income	$	34,944,782		$	89,265,357

Net realized gain (loss)		(13,607,258	)		6,330,923

Net change in unrealized appreciation (depreciation)		28,877,306			(85,828,286	)

Net increase in net assets from operations	$	50,214,830		$	9,767,994

Capital transactions —

Contributions	$	34,844,180		$	81,525,050

Withdrawals		(263,852,904	)		(483,089,422	)

Net decrease in net assets from capital transactions	$	(229,008,724	)	$	(401,564,372	)

Net decrease in net assets	$	(178,793,894	)	$	(391,796,378	)

Net Assets

At beginning of period	$	1,373,102,161		$	1,764,898,539

At end of period	$	1,194,308,267		$	1,373,102,161


	Six Months Ended April 30, 2019 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data	Six Months Ended April 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

Ratios (as a percentage of average daily net assets):

Expenses⁽¹⁾		0.51	%⁽²⁾		0.48	%		0.48	%		0.48	%		0.52	%		0.52	%

Net investment income		5.78	%⁽²⁾		5.61	%		5.61	%		5.61	%		5.58	%		5.72	%

Portfolio Turnover		12	%⁽³⁾		39	%		42	%		39	%		38	%		44	%

Total Return		4.64	%⁽³⁾		0.59	%		8.13	%		7.74	%		0.82	%		6.88	%

Net assets, end of period (000’s omitted)	$	1,194,308		$	1,373,102		$	1,764,899		$	1,876,636		$	1,288,137		$	1,039,764



Aggregate cost	$	1,166,540,094

Gross unrealized appreciation	$	44,108,123

Gross unrealized depreciation		(22,783,690	)

Net unrealized appreciation	$	21,324,433


Description	Date of Acquisition		Shares		Cost		Value

Common Stocks

Ascent CNR Corp., Class A		4/25/16, 11/16/16		6,273,462	$	0	$	2,007,508

HF Holdings, Inc.		10/27/09		13,600		730,450		33,592

New Cotai Participation Corp., Class B		4/12/13		7		216,125		10,416

Nine Point Energy Holdings, Inc.		7/15/14, 10/21/14		31,737		1,460,655		35,228

Total Common Stocks					$	2,407,230	$	2,086,744

Convertible Preferred Stocks

Nine Point Energy Holdings, Inc., Series A, 12.00%		5/26/17		591	$	591,000	$	867,570

Total Convertible Preferred Stocks					$	591,000	$	867,570

Miscellaneous

PGP Investors, LLC, Membership Interests		10/23/12, 2/18/15, 4/23/18		30,326	$	2,958,153	$	9,487,205

Total Miscellaneous					$	2,958,153	$	9,487,205

Total Restricted Securities					$	5,956,383	$	12,441,519


	Fair Value
Derivative	Asset Derivative		Liability Derivative

Forward foreign currency exchange contracts	$	—	$	(176,566	)⁽¹⁾

Total Derivatives subject to master netting or similar agreements	$	—	$	(176,566	)



Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset		Non-cash Collateral Pledged^(a)		Cash Collateral Pledged^(a)		Net Amount of Derivative Liabilities^(b)

State Street Bank and Trust Company	$	(176,566	)	$	—	$	—	$	—	$	(176,566	)


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Forward foreign currency exchange contracts	$	898,247	$	(361,377	)


Asset Description	Level 1		Level 2			Level 3*		Total

Corporate Bonds & Notes	$	—	$	1,025,697,354		$	—	$	1,025,697,354

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		104,320,837			—		104,320,837

Common Stocks		9,445,987		—			2,086,744		11,532,731

Convertible Preferred Stocks		—		—			867,570		867,570

Miscellaneous		—		—			9,487,205		9,487,205

Short-Term Investments		—		36,135,396			—		36,135,396

Total Investments	$	9,445,987	$	1,166,153,587		$	12,441,519	$	1,188,041,093

Liability Description

Forward Foreign Currency Exchange Contracts	$	—	$	(176,566	)	$	—	$	(176,566	)

Total	$	—	$	(176,566	)	$	—	$	(176,566	)


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.


By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		June 24, 2019


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		June 24, 2019

By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		June 24, 2019


		15		See Notes to Financial Statements.


		16		See Notes to Financial Statements.


		17		See Notes to Financial Statements.


		18		See Notes to Financial Statements.