High Income Opportunities Portfolio


Corporate Bonds & Notes — 86.0%
Security	Principal Amount* (000’s omitted)		Value

Aerospace — 2.5%

Boeing Co. (The), 5.805%, 5/1/50⁽¹⁾		1,162	$	1,162,000

Boeing Co. (The), 5.93%, 5/1/60⁽¹⁾		1,162		1,162,000

Bombardier, Inc., 6.00%, 10/15/22⁽²⁾		3,852		2,913,075

Bombardier, Inc., 6.125%, 1/15/23⁽²⁾		1,016		731,723

Bombardier, Inc., 7.875%, 4/15/27⁽²⁾		2,143		1,401,093

F-Brasile SpA/F-Brasile US, LLC, 7.375%, 8/15/26⁽²⁾		943		650,670

Moog, Inc., 4.25%, 12/15/27⁽²⁾		1,596		1,506,225

Science Applications International Corp., 4.875%, 4/1/28⁽²⁾		597		587,454

Spirit AeroSystems, Inc., 7.50%, 4/15/25⁽²⁾		1,166		1,154,340

TransDigm UK Holdings PLC, 6.875%, 5/15/26		1,585		1,370,391

TransDigm, Inc., 5.50%, 11/15/27⁽²⁾		3,504		2,977,174

TransDigm, Inc., 6.25%, 3/15/26⁽²⁾		4,436		4,362,584

TransDigm, Inc., 6.50%, 5/15/25		440		396,088

TransDigm, Inc., 7.50%, 3/15/27		1,705		1,559,990

			$	21,934,807

Air Transportation — 0.4%

Delta Air Lines, Inc., 7.00%, 5/1/25⁽²⁾		1,492	$	1,530,744

Southwest Airlines Co., 4.75%, 5/4/23⁽¹⁾		895		889,351

Southwest Airlines Co., 5.25%, 5/4/25⁽¹⁾		745		742,910

			$	3,163,005

Automotive & Auto Parts — 2.9%

Ford Motor Co., 8.50%, 4/21/23		3,716	$	3,692,775

Ford Motor Co., 9.00%, 4/22/25		4,459		4,358,672

Ford Motor Co., 9.625%, 4/22/30		1,866		1,838,010

Ford Motor Credit Co., LLC, 2.645%, (3 mo. USD LIBOR + 1.27%), 3/28/22⁽³⁾		383		338,566

Ford Motor Credit Co., LLC, 2.927%, (3 mo. USD LIBOR + 1.24%), 2/15/23⁽³⁾		539		455,661

Ford Motor Credit Co., LLC, 3.087%, 1/9/23		538		483,528

Ford Motor Credit Co., LLC, 3.336%, 3/18/21		321		309,759

Ford Motor Credit Co., LLC, 3.339%, 3/28/22		859		798,964

Ford Motor Credit Co., LLC, 3.815%, 11/2/27		918		726,368

Ford Motor Credit Co., LLC, 4.25%, 9/20/22		778		722,801

Ford Motor Credit Co., LLC, 4.375%, 8/6/23		507		463,905

Ford Motor Credit Co., LLC, 5.584%, 3/18/24		403		381,843

Ford Motor Credit Co., LLC, 5.596%, 1/7/22		526		515,480

Navistar International Corp., 6.625%, 11/1/25⁽²⁾		2,385		2,058,016

Navistar International Corp., 9.50%, 5/1/25⁽²⁾		1,493		1,571,382

Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 4.375%, 5/15/26⁽⁴⁾	EUR	2,308		2,358,498


Security	Principal Amount* (000’s omitted)		Value

Automotive & Auto Parts (continued)

Panther BF Aggregator 2 L.P./Panther Finance Co., Inc., 8.50%, 5/15/27⁽²⁾		5,557	$	4,735,398

			$	25,809,626

Banking & Thrifts — 1.3%

CIT Group, Inc., 5.00%, 8/1/23		2,150	$	2,115,493

CIT Group, Inc., 6.125%, 3/9/28		1,420		1,465,582

JPMorgan Chase & Co., 4.60% to 2/1/25⁽⁵⁾⁽⁶⁾		2,800		2,515,100

JPMorgan Chase & Co., Series S, 6.75% to 2/1/24⁽⁵⁾⁽⁶⁾		4,805		5,161,891

			$	11,258,066

Broadcasting — 3.4%

Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26⁽²⁾		4,869	$	3,723,324

iHeartCommunications, Inc., 6.375%, 5/1/26		171		161,998

iHeartCommunications, Inc., 8.375%, 5/1/27		2,601		2,184,319

Netflix, Inc., 4.875%, 4/15/28		640		684,627

Netflix, Inc., 4.875%, 6/15/30⁽²⁾		2,212		2,379,117

Netflix, Inc., 5.875%, 2/15/25		2,155		2,387,826

Netflix, Inc., 5.875%, 11/15/28		4,030		4,576,065

Nexstar Broadcasting, Inc., 5.625%, 7/15/27⁽²⁾		2,357		2,261,895

Scripps Escrow, Inc., 5.875%, 7/15/27⁽²⁾		1,917		1,628,779

Sinclair Television Group, Inc., 5.50%, 3/1/30⁽²⁾		1,765		1,473,157

Sirius XM Radio, Inc., 4.625%, 7/15/24⁽²⁾		2,963		3,036,482

Sirius XM Radio, Inc., 5.00%, 8/1/27⁽²⁾		2,980		3,061,652

TEGNA, Inc., 4.625%, 3/15/28⁽²⁾		1,012		911,761

TEGNA, Inc., 5.00%, 9/15/29⁽²⁾		1,777		1,594,125

			$	30,065,127

Building Materials — 1.7%

Builders FirstSource, Inc., 5.00%, 3/1/30⁽²⁾		855	$	737,694

Builders FirstSource, Inc., 6.75%, 6/1/27⁽²⁾		1,452		1,505,869

Core & Main Holdings, L.P., 8.625%, (8.625% Cash or 9.375% PIK), 9/15/24⁽²⁾⁽⁷⁾		2,082		1,993,099

Hillman Group, Inc. (The), 6.375%, 7/15/22⁽²⁾		1,488		1,133,930

Masonite International Corp., 5.375%, 2/1/28⁽²⁾		1,059		1,013,622

Standard Industries, Inc., 2.25%, 11/21/26⁽²⁾	EUR	3,990		3,766,258

Standard Industries, Inc., 5.50%, 2/15/23⁽²⁾		1,063		1,060,342

Standard Industries, Inc., 6.00%, 10/15/25⁽²⁾		3,880		4,020,650

			$	15,231,464

Cable & Satellite TV — 5.3%

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30⁽²⁾		5,232	$	5,282,750


Security	Principal Amount* (000’s omitted)		Value

Cable & Satellite TV (continued)

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.50%, 5/1/32⁽²⁾		1,270	$	1,267,635

CCO Holdings, LLC/CCO Holdings Capital Corp., 4.75%, 3/1/30⁽²⁾		3,055		3,130,306

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28⁽²⁾		1,895		1,960,662

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 5/1/25⁽²⁾		3,855		3,973,107

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.375%, 6/1/29⁽²⁾		1,113		1,179,402

CCO Holdings, LLC/CCO Holdings Capital Corp., 5.75%, 2/15/26⁽²⁾		2,725		2,853,756

CSC Holdings, LLC, 5.25%, 6/1/24		385		402,363

CSC Holdings, LLC, 5.375%, 7/15/23⁽²⁾		970		985,956

CSC Holdings, LLC, 5.50%, 5/15/26⁽²⁾		4,205		4,376,564

CSC Holdings, LLC, 5.75%, 1/15/30⁽²⁾		6,001		6,258,068

CSC Holdings, LLC, 5.875%, 9/15/22		1,410		1,474,437

CSC Holdings, LLC, 6.50%, 2/1/29⁽²⁾		1,001		1,098,197

CSC Holdings, LLC, 7.50%, 4/1/28⁽²⁾		1,273		1,406,331

CSC Holdings, LLC, 10.875%, 10/15/25⁽²⁾		3,862		4,192,780

DISH DBS Corp., 5.875%, 11/15/24		420		406,157

DISH DBS Corp., 7.75%, 7/1/26		1,526		1,510,206

Virgin Media Secured Finance PLC, 5.50%, 8/15/26⁽²⁾		1,446		1,500,876

Ziggo B.V., 4.875%, 1/15/30⁽²⁾		886		880,773

Ziggo B.V., 5.50%, 1/15/27⁽²⁾		2,440		2,493,314

			$	46,633,640

Capital Goods — 0.4%

BWX Technologies, Inc., 5.375%, 7/15/26⁽²⁾		2,875	$	2,956,506

Colfax Corp., 6.00%, 2/15/24⁽²⁾		880		897,776

			$	3,854,282

Chemicals — 1.0%

Compass Minerals International, Inc., 6.75%, 12/1/27⁽²⁾		1,716	$	1,706,820

GCP Applied Technologies, Inc., 5.50%, 4/15/26⁽²⁾		739		716,534

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26⁽²⁾		3,407		3,226,770

SPCM S.A., 4.875%, 9/15/25⁽²⁾		1,185		1,204,256

Valvoline, Inc., 4.25%, 2/15/30⁽²⁾		1,326		1,295,767

Venator Finance S.a.r.l./Venator Materials, LLC, 5.75%, 7/15/25⁽²⁾		927		645,424

			$	8,795,571

Consumer Products — 0.6%

Energizer Holdings, Inc., 6.375%, 7/15/26⁽²⁾		377	$	389,592


Security	Principal Amount* (000’s omitted)		Value

Consumer Products (continued)

Prestige Brands, Inc., 5.125%, 1/15/28⁽²⁾		605	$	615,739

Spectrum Brands, Inc., 5.00%, 10/1/29⁽²⁾		712		685,015

Spectrum Brands, Inc., 5.75%, 7/15/25		3,275		3,287,281

			$	4,977,627

Containers — 1.9%

ARD Finance S.A., 5.00%, (5.00% Cash or 5.75% PIK), 6/30/27⁽⁴⁾⁽⁷⁾	EUR	5,629	$	5,606,306

ARD Finance S.A., 6.50%, (6.50% Cash or 7.25% PIK), 6/30/27⁽²⁾⁽⁷⁾		410		382,469

Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 4.25%, 9/15/22⁽²⁾		830		839,587

Crown Americas, LLC/Crown Americas Capital Corp. V, 4.25%, 9/30/26		1,415		1,427,947

Crown Americas, LLC/Crown Americas Capital Corp. VI, 4.75%, 2/1/26		1,695		1,753,647

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 5.125%, 7/15/23⁽²⁾		260		262,652

Reynolds Group Issuer, Inc./Reynolds Group Issuer, LLC, 7.00%, 7/15/24⁽²⁾		2,078		2,095,455

Silgan Holdings, Inc., 2.25%, 6/1/28⁽⁴⁾	EUR	1,503		1,601,768

Trivium Packaging Finance B.V., 5.50%, 8/15/26⁽²⁾		1,429		1,471,441

Trivium Packaging Finance B.V., 8.50%, 8/15/27⁽²⁾		1,574		1,652,149

			$	17,093,421

Diversified Financial Services — 2.2%

AG Issuer, LLC, 6.25%, 3/1/28⁽²⁾		1,871	$	1,664,105

Cargo Aircraft Management, Inc., 4.75%, 2/1/28⁽²⁾		1,198		1,126,120

DAE Funding, LLC, 4.50%, 8/1/22⁽²⁾		2,430		2,177,888

DAE Funding, LLC, 5.00%, 8/1/24⁽²⁾		3,046		2,714,747

HAT Holdings I, LLC/HAT Holdings II, LLC, 6.00%, 4/15/25⁽²⁾		1,134		1,136,835

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 5.25%, 5/15/27		2,726		2,606,765

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 2/1/22		2,576		2,613,223

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp., 6.25%, 5/15/26		2,993		2,955,049

MSCI, Inc., 3.625%, 9/1/30⁽²⁾		867		881,912

MSCI, Inc., 5.75%, 8/15/25⁽²⁾		1,275		1,339,834

			$	19,216,478

Diversified Media — 0.7%

Clear Channel Worldwide Holdings, Inc., 5.125%, 8/15/27⁽²⁾		2,273	$	2,146,280


Security	Principal Amount* (000’s omitted)		Value

Diversified Media (continued)

Terrier Media Buyer, Inc., 8.875%, 12/15/27⁽²⁾		4,963	$	4,125,494

			$	6,271,774

Energy — 9.3%

Antero Midstream Partners, L.P./Antero Midstream Finance Corp., 5.75%, 3/1/27⁽²⁾		2,542	$	1,897,095

Apache Corp., 3.25%, 4/15/22		459		413,424

Apache Corp., 3.625%, 2/1/21		139		132,074

Apache Corp., 4.25%, 1/15/30		1,336		1,032,137

Apache Corp., 4.375%, 10/15/28		770		613,109

Apache Corp., 4.75%, 4/15/43		226		154,932

Apache Corp., 5.25%, 2/1/42		189		130,353

Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28⁽²⁾		1,272		955,590

Ascent Resources Utica Holdings, LLC/ARU Finance Corp., 7.00%, 11/1/26⁽²⁾		4,113		2,414,742

Berry Petroleum Co., LLC, 7.00%, 2/15/26⁽²⁾		1,610		784,231

Buckeye Partners, L.P., 4.50%, 3/1/28⁽²⁾		1,537		1,392,906

Centennial Resource Production, LLC, 5.375%, 1/15/26⁽²⁾		1,460		448,366

Centennial Resource Production, LLC, 6.875%, 4/1/27⁽²⁾		3,731		1,140,940

Cheniere Energy Partners, L.P., 4.50%, 10/1/29⁽²⁾		2,876		2,666,483

Cheniere Energy Partners, L.P., 5.25%, 10/1/25		600		576,480

Cheniere Energy Partners, L.P., 5.625%, 10/1/26		2,670		2,564,001

Crestwood Midstream Partners, L.P./Crestwood Midstream Finance Corp., 5.625%, 5/1/27⁽²⁾		1,957		1,284,379

CrownRock, L.P./CrownRock Finance, Inc., 5.625%, 10/15/25⁽²⁾		6,527		5,328,382

CVR Energy, Inc., 5.75%, 2/15/28⁽²⁾		2,152		1,832,988

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.50%, 1/30/26⁽²⁾		2,250		2,004,300

Endeavor Energy Resources, L.P./EER Finance, Inc., 5.75%, 1/30/28⁽²⁾		3,005		2,628,323

Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23⁽⁵⁾⁽⁶⁾		1,630		1,143,844

EnLink Midstream, LLC, 5.375%, 6/1/29		1,207		755,341

EP Energy, LLC/Everest Acquisition Finance, Inc., 7.75%, 5/15/26⁽²⁾⁽⁹⁾		1,689		202,680

Extraction Oil & Gas, Inc., 5.625%, 2/1/26⁽²⁾		4,036		694,596

Extraction Oil & Gas, Inc., 7.375%, 5/15/24⁽²⁾		1,512		248,664

Great Western Petroleum, LLC/Great Western Finance Corp., 9.00%, 9/30/21⁽²⁾		5,592		3,802,560

Hilcorp Energy I, L.P./Hilcorp Finance Co., 6.25%, 11/1/28⁽²⁾		3,720		1,951,512

Laredo Petroleum, Inc., 9.50%, 1/15/25		694		297,136

Laredo Petroleum, Inc., 10.125%, 1/15/28		1,045		432,243


Security	Principal Amount* (000’s omitted)		Value

Energy (continued)

Matador Resources Co., 5.875%, 9/15/26		4,065	$	2,017,053

MEG Energy Corp., 7.125%, 2/1/27⁽²⁾		1,728		1,203,120

Moss Creek Resources Holdings, Inc., 7.50%, 1/15/26⁽²⁾		4,310		1,474,451

Nabors Industries, Ltd., 7.25%, 1/15/26⁽²⁾		1,037		400,541

Nabors Industries, Ltd., 7.50%, 1/15/28⁽²⁾		1,118		454,187

Neptune Energy Bondco PLC, 6.625%, 5/15/25⁽²⁾		5,811		3,900,634

Nine Energy Service, Inc., 8.75%, 11/1/23⁽²⁾		1,057		210,766

Occidental Petroleum Corp., 2.60%, 4/15/22		412		364,620

Occidental Petroleum Corp., 2.70%, 8/15/22		497		434,875

Occidental Petroleum Corp., 2.90%, 8/15/24		147		112,411

Occidental Petroleum Corp., 3.125%, 2/15/22		24		21,965

Occidental Petroleum Corp., 3.142%, (3 mo. USD LIBOR + 1.45%), 8/15/22⁽³⁾		384		299,766

Occidental Petroleum Corp., 3.45%, 7/15/24		370		260,850

Parsley Energy, LLC/Parsley Finance Corp., 5.25%, 8/15/25⁽²⁾		2,315		2,054,099

Parsley Energy, LLC/Parsley Finance Corp., 5.375%, 1/15/25⁽²⁾		2,625		2,372,212

Parsley Energy, LLC/Parsley Finance Corp., 5.625%, 10/15/27⁽²⁾		2,055		1,766,581

PBF Holding Co., LLC/PBF Finance Corp., 6.00%, 2/15/28⁽²⁾		3,049		2,189,639

PBF Holding Co., LLC/PBF Finance Corp., 7.25%, 6/15/25		3,547		2,740,767

Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22⁽⁵⁾⁽⁶⁾		4,120		2,768,949

Precision Drilling Corp., 6.50%, 12/15/21		86		66,005

Precision Drilling Corp., 7.125%, 1/15/26⁽²⁾		1,095		445,775

Precision Drilling Corp., 7.75%, 12/15/23		407		182,051

Seven Generations Energy, Ltd., 5.375%, 9/30/25⁽²⁾		3,860		3,102,475

Seven Generations Energy, Ltd., 6.875%, 6/30/23⁽²⁾		1,890		1,722,357

Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25⁽²⁾		4,056		1,277,640

SM Energy Co., 5.00%, 1/15/24		98		31,625

SM Energy Co., 5.625%, 6/1/25		2,741		787,489

SM Energy Co., 6.625%, 1/15/27		1,108		298,274

SM Energy Co., 6.75%, 9/15/26		3,773		1,054,931

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 5.875%, 4/15/26		2,105		1,878,081

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp., 6.50%, 7/15/27		1,087		985,094

Tervita Corp., 7.625%, 12/1/21⁽²⁾		2,135		1,421,163

Transocean Guardian, Ltd., 5.875%, 1/15/24⁽²⁾		1,883		1,468,681

Transocean Poseidon, Ltd., 6.875%, 2/1/27⁽²⁾		556		444,800

Transocean, Inc., 7.50%, 1/15/26⁽²⁾		1,247		486,330

Western Midstream Operating, L.P., 4.05%, 2/1/30		1,278		1,172,565

Western Midstream Operating, L.P., 4.50%, 3/1/28		224		198,520

			$	81,995,153


Security	Principal Amount* (000’s omitted)		Value

Entertainment & Film — 0.7%

AMC Entertainment Holdings, Inc., 5.875%, 11/15/26		723	$	166,290

AMC Entertainment Holdings, Inc., 6.125%, 5/15/27		3,500		848,750

AMC Entertainment Holdings, Inc., 10.50%, 4/15/25⁽²⁾		1,966		1,749,740

Cinemark USA, Inc., 4.875%, 6/1/23		1,945		1,645,956

Live Nation Entertainment, Inc., 4.75%, 10/15/27⁽²⁾		1,759		1,512,107

			$	5,922,843

Environmental — 1.3%

Clean Harbors, Inc., 4.875%, 7/15/27⁽²⁾		1,029	$	1,071,164

Clean Harbors, Inc., 5.125%, 7/15/29⁽²⁾		617		632,178

Covanta Holding Corp., 5.875%, 3/1/24		2,230		2,207,254

Covanta Holding Corp., 5.875%, 7/1/25		2,225		2,168,930

GFL Environmental, Inc., 7.00%, 6/1/26⁽²⁾		1,671		1,751,542

GFL Environmental, Inc., 8.50%, 5/1/27⁽²⁾		3,025		3,314,916

Waste Pro USA, Inc., 5.50%, 2/15/26⁽²⁾		359		357,492

			$	11,503,476

Food & Drug Retail — 0.7%

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 4.875%, 2/15/30⁽²⁾		1,744	$	1,778,880

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC, 5.875%, 2/15/28⁽²⁾		1,807		1,896,175

Murphy Oil USA, Inc., 4.75%, 9/15/29		1,277		1,320,865

Murphy Oil USA, Inc., 5.625%, 5/1/27		1,190		1,233,614

			$	6,229,534

Food, Beverage & Tobacco — 1.9%

Central Garden & Pet Co., 5.125%, 2/1/28		1,851	$	1,882,652

Central Garden & Pet Co., 6.125%, 11/15/23		970		986,781

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30⁽²⁾		2,898		2,947,701

Kraft Heinz Foods Co., 4.375%, 6/1/46		5,079		4,846,042

Performance Food Group, Inc., 5.50%, 10/15/27⁽²⁾		1,612		1,541,588

Performance Food Group, Inc., 6.875%, 5/1/25⁽²⁾		890		910,025

Post Holdings, Inc., 5.00%, 8/15/26⁽²⁾		1,507		1,508,356

US Foods, Inc., 5.875%, 6/15/24⁽²⁾		2,481		2,376,054

			$	16,999,199

Gaming — 3.3%

Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25⁽²⁾		3,679	$	2,912,113

Eldorado Resorts, Inc., 6.00%, 4/1/25		1,756		1,694,891

Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24⁽²⁾		3,355		2,842,692


Security	Principal Amount* (000’s omitted)		Value

Gaming (continued)

Golden Nugget, Inc., 6.75%, 10/15/24⁽²⁾		2,736	$	2,151,180

Golden Nugget, Inc., 8.75%, 10/1/25⁽²⁾		586		331,823

MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc., 5.625%, 5/1/24		2,890		2,948,985

MGM Resorts International, 7.75%, 3/15/22		2,585		2,640,939

Stars Group Holdings B.V./Stars Group US Co-Borrower, LLC, 7.00%, 7/15/26⁽²⁾		3,323		3,431,496

VICI Properties, L.P./VICI Note Co., Inc., 3.75%, 2/15/27⁽²⁾		1,859		1,737,607

VICI Properties, L.P./VICI Note Co., Inc., 4.125%, 8/15/30⁽²⁾		1,859		1,700,427

VICI Properties, L.P./VICI Note Co., Inc., 4.25%, 12/1/26⁽²⁾		2,822		2,650,394

VICI Properties, L.P./VICI Note Co., Inc., 4.625%, 12/1/29⁽²⁾		2,688		2,495,539

Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27⁽²⁾		1,628		1,396,051

			$	28,934,137

Healthcare — 12.0%

Bausch Health Americas, Inc., 8.50%, 1/31/27⁽²⁾		5,152	$	5,703,522

Bausch Health Americas, Inc., 9.25%, 4/1/26⁽²⁾		1,420		1,569,100

Bausch Health Cos., Inc., 5.25%, 1/30/30⁽²⁾		3,537		3,519,315

Bausch Health Cos., Inc., 5.75%, 8/15/27⁽²⁾		760		804,992

Bausch Health Cos., Inc., 5.875%, 5/15/23⁽²⁾		127		126,244

Bausch Health Cos., Inc., 6.50%, 3/15/22⁽²⁾		2,855		2,918,667

Bausch Health Cos., Inc., 7.00%, 3/15/24⁽²⁾		2,626		2,738,629

Bausch Health Cos., Inc., 7.25%, 5/30/29⁽²⁾		1,015		1,087,857

Bausch Health Cos., Inc., 9.00%, 12/15/25⁽²⁾		3,615		3,960,233

Catalent Pharma Solutions, Inc., 2.375%, 3/1/28⁽⁴⁾	EUR	1,895		1,943,045

Catalent Pharma Solutions, Inc., 4.875%, 1/15/26⁽²⁾		2,340		2,391,714

Catalent Pharma Solutions, Inc., 5.00%, 7/15/27⁽²⁾		689		705,984

Centene Corp., 3.375%, 2/15/30⁽²⁾		2,564		2,594,383

Centene Corp., 4.25%, 12/15/27⁽²⁾		1,716		1,803,344

Centene Corp., 4.625%, 12/15/29⁽²⁾		3,002		3,301,149

Centene Corp., 4.75%, 1/15/25		5,365		5,518,171

Centene Corp., 5.375%, 6/1/26⁽²⁾		5,880		6,257,555

Centene Corp., 5.375%, 8/15/26⁽²⁾		3,622		3,891,839

Change Healthcare Holdings, LLC/Change Healthcare Finance, Inc., 5.75%, 3/1/25⁽²⁾		799		786,152

Charles River Laboratories International, Inc., 4.25%, 5/1/28⁽²⁾		853		864,430

Charles River Laboratories International, Inc., 5.50%, 4/1/26⁽²⁾		1,175		1,215,185

Encompass Health Corp., 4.50%, 2/1/28		900		905,895

Encompass Health Corp., 4.75%, 2/1/30		1,070		1,075,115


Security	Principal Amount* (000’s omitted)		Value

Healthcare (continued)

Grifols S.A., 2.25%, 11/15/27⁽⁴⁾	EUR	2,430	$	2,609,656

HCA, Inc., 3.50%, 9/1/30		2,596		2,480,726

HCA, Inc., 5.00%, 3/15/24		1,435		1,569,177

HCA, Inc., 5.25%, 6/15/26		2,196		2,451,826

HCA, Inc., 5.375%, 9/1/26		3,410		3,712,808

HCA, Inc., 5.625%, 9/1/28		2,205		2,453,459

HCA, Inc., 5.875%, 2/15/26		5,010		5,586,150

HCA, Inc., 5.875%, 2/1/29		2,038		2,341,560

Hologic, Inc., 4.375%, 10/15/25⁽²⁾		1,405		1,418,769

IQVIA, Inc., 5.00%, 5/15/27⁽²⁾		1,076		1,111,497

Jaguar Holding Co. II/Pharmaceutical Product Development, LLC, 6.375%, 8/1/23⁽²⁾		3,998		4,072,963

LifePoint Health, Inc., 6.75%, 4/15/25⁽²⁾		1,143		1,180,605

MPH Acquisition Holdings, LLC, 7.125%, 6/1/24⁽²⁾		9,388		8,425,448

RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26⁽²⁾		4,068		4,378,388

Team Health Holdings, Inc., 6.375%, 2/1/25⁽²⁾		1,394		776,597

Teleflex, Inc., 4.625%, 11/15/27		2,310		2,378,492

Tenet Healthcare Corp., 4.625%, 9/1/24⁽²⁾		476		468,860

Tenet Healthcare Corp., 5.125%, 11/1/27⁽²⁾		2,855		2,828,306

			$	105,927,807

Homebuilders & Real Estate — 2.6%

Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 5.75%, 5/15/26⁽²⁾		2,962	$	2,383,522

Consus Real Estate AG, 9.625%, 5/15/24⁽⁴⁾	EUR	2,663		2,698,372

Ellaktor Value PLC, 6.375%, 12/15/24⁽⁴⁾	EUR	3,038		2,166,604

ESH Hospitality, Inc., 4.625%, 10/1/27⁽²⁾		2,403		2,180,723

ESH Hospitality, Inc., 5.25%, 5/1/25⁽²⁾		1,260		1,190,952

Five Point Operating Co., L.P./Five Point Capital Corp., 7.875%, 11/15/25⁽²⁾		1,749		1,703,089

M/I Homes, Inc., 4.95%, 2/1/28⁽²⁾		772		680,325

RHP Hotel Properties, L.P./RHP Finance Corp., 5.00%, 4/15/23		1,838		1,722,757

Shea Homes, L.P./Shea Homes Funding Corp., 4.75%, 2/15/28⁽²⁾		2,382		2,068,648

Taylor Morrison Communities, Inc., 5.75%, 1/15/28⁽²⁾		1,071		976,859

Taylor Morrison Communities, Inc., 5.875%, 6/15/27⁽²⁾		1,493		1,382,219

TRI Pointe Group, Inc./TRI Pointe Homes, Inc., 5.875%, 6/15/24		119		116,311

Vivion Investments S.a.r.l., 3.50%, 11/1/25⁽⁴⁾	EUR	400		394,922

Vivion Investments S.a.r.l., 3.00%, 8/8/24⁽⁴⁾	EUR	3,700		3,615,201

			$	23,280,504


Security	Principal Amount* (000’s omitted)		Value

Hotels — 0.3%

Hilton Domestic Operating Co., Inc., 4.25%, 9/1/24		1,430	$	1,398,433

Hilton Domestic Operating Co., Inc., 5.75%, 5/1/28⁽²⁾		1,147		1,167,072

			$	2,565,505

Insurance — 1.5%

Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27⁽²⁾		5,118	$	5,129,515

AmWINS Group, Inc., 7.75%, 7/1/26⁽²⁾		1,299		1,347,193

GTCR AP Finance, Inc., 8.00%, 5/15/27⁽²⁾		883		831,874

Hub International, Ltd., 7.00%, 5/1/26⁽²⁾		3,723		3,696,008

USI, Inc., 6.875%, 5/1/25⁽²⁾		1,774		1,789,523

			$	12,794,113

Leisure — 1.3%

Carnival Corp., 11.50%, 4/1/23⁽²⁾		2,440	$	2,555,135

Merlin Entertainments, Ltd., 5.75%, 6/15/26⁽²⁾		2,177		2,072,722

NCL Corp, Ltd., 3.625%, 12/15/24⁽²⁾		1,755		1,138,556

Vail Resorts, Inc., 6.25%, 5/15/25⁽¹⁾⁽²⁾		288		298,800

Viking Cruises, Ltd., 5.875%, 9/15/27⁽²⁾		6,132		4,202,443

Viking Cruises, Ltd., 6.25%, 5/15/25⁽²⁾		1,820		1,228,136

			$	11,495,792

Metals & Mining — 2.7%

Arconic Corp., 6.125%, 2/15/28⁽²⁾		2,096	$	2,007,549

Cleveland-Cliffs, Inc., 6.75%, 3/15/26⁽²⁾		2,950		2,587,740

Cleveland-Cliffs, Inc., 9.875%, 10/17/25⁽²⁾		701		695,743

Constellium SE, 5.875%, 2/15/26⁽²⁾		1,392		1,341,610

Eldorado Gold Corp., 9.50%, 6/1/24⁽²⁾		992		1,058,762

First Quantum Minerals, Ltd., 6.875%, 3/1/26⁽²⁾		1,198		1,056,217

First Quantum Minerals, Ltd., 7.50%, 4/1/25⁽²⁾		2,736		2,428,747

Freeport-McMoRan, Inc., 4.55%, 11/14/24		1,685		1,695,868

Freeport-McMoRan, Inc., 5.45%, 3/15/43		2,526		2,341,223

Howmet Aerospace, Inc., 6.875%, 5/1/25		2,637		2,699,428

New Gold, Inc., 6.375%, 5/15/25⁽²⁾		1,869		1,807,884

Novelis Corp., 4.75%, 1/30/30⁽²⁾		2,115		1,892,290

Novelis Corp., 5.875%, 9/30/26⁽²⁾		2,118		2,069,921

			$	23,682,982

Paper — 0.3%

Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26⁽²⁾		2,611	$	2,751,341

			$	2,751,341


Security	Principal Amount* (000’s omitted)		Value

Railroad — 0.9%

Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23⁽²⁾		7,710	$	7,515,708

			$	7,515,708

Restaurant — 0.4%

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.25%, 5/15/24⁽²⁾		860	$	864,205

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 4.375%, 1/15/28⁽²⁾		1,721		1,672,124

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc., 5.75%, 4/15/25⁽²⁾		581		614,407

Yum! Brands, Inc., 7.75%, 4/1/25⁽²⁾		476		520,090

			$	3,670,826

Services — 2.0%

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 6.625%, 7/15/26⁽²⁾		601	$	620,713

Allied Universal Holdco, LLC/Allied Universal Finance Corp., 9.75%, 7/15/27⁽²⁾		1,870		1,899,546

Booz Allen Hamilton, Inc., 5.125%, 5/1/25⁽²⁾		735		733,015

GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7. 125%, 7/31/26⁽²⁾		2,936		2,818,560

IAA, Inc., 5.50%, 6/15/27⁽²⁾		423		424,036

Korn Ferry, 4.625%, 12/15/27⁽²⁾		599		565,756

Maxim Crane Works Holdings Capital, LLC, 10.125%, 8/1/24⁽²⁾		35		33,187

Reliance Intermediate Holdings, L.P., 6.50%, 4/1/23⁽²⁾		3,000		3,036,900

Sabre GLBL, Inc., 9.25%, 4/15/25⁽²⁾		760		806,550

ServiceMaster Co., LLC (The), 7.45%, 8/15/27		5,185		5,595,393

TMS International Holding Corp., 7.25%, 8/15/25⁽²⁾		1,249		941,184

Univar Solutions USA, Inc., 5.125%, 12/1/27⁽²⁾		611		609,259

			$	18,084,099

Steel — 1.2%

Allegheny Ludlum, LLC, 6.95%, 12/15/25		1,821	$	1,652,193

Allegheny Technologies, Inc., 5.875%, 12/1/27		2,632		2,191,140

Allegheny Technologies, Inc., 7.875%, 8/15/23		3,655		3,370,239

Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24⁽²⁾		4,211		3,610,091

			$	10,823,663

Super Retail — 1.6%

Asbury Automotive Group, Inc., 4.50%, 3/1/28⁽²⁾		228	$	192,877

Asbury Automotive Group, Inc., 4.75%, 3/1/30⁽²⁾		319		269,268

Burlington Coat Factory Warehouse Corp., 6.25%, 4/15/25⁽²⁾		1,576		1,607,520


Security	Principal Amount* (000’s omitted)		Value

Super Retail (continued)

L Brands, Inc., 6.75%, 7/1/36		381	$	276,796

L Brands, Inc., 6.875%, 11/1/35		2,242		1,660,986

L Brands, Inc., 7.60%, 7/15/37		426		255,004

Nordstrom, Inc., 8.75%, 5/15/25⁽²⁾		620		665,844

PVH Corp., 7.75%, 11/15/23		3,385		3,660,891

Sonic Automotive, Inc., 6.125%, 3/15/27		4,675		4,053,692

William Carter Co. (The), 5.625%, 3/15/27⁽²⁾		1,510		1,539,535

			$	14,182,413

Technology — 4.1%

Alliance Data Systems Corp., 4.75%, 12/15/24⁽²⁾		1,804	$	1,346,235

CDK Global, Inc., 5.25%, 5/15/29⁽²⁾		984		1,006,779

Dell International, LLC/EMC Corp., 5.85%, 7/15/25⁽²⁾		790		863,174

Dell International, LLC/EMC Corp., 6.10%, 7/15/27⁽²⁾		1,588		1,740,473

Dell International, LLC/EMC Corp., 6.20%, 7/15/30⁽²⁾		794		881,459

Dell International, LLC/EMC Corp., 7.125%, 6/15/24⁽²⁾		4,834		5,024,218

EIG Investors Corp., 10.875%, 2/1/24		4,750		4,119,675

Entegris, Inc., 4.375%, 4/15/28⁽²⁾		1,481		1,490,256

Entegris, Inc., 4.625%, 2/10/26⁽²⁾		1,137		1,145,073

Expedia Group, Inc., 6.25%, 5/1/25⁽¹⁾⁽²⁾		748		763,990

Expedia Group, Inc., 7.00%, 5/1/25⁽¹⁾⁽²⁾		373		380,331

Go Daddy Operating Co., LLC/GD Finance Co., Inc., 5.25%, 12/1/27⁽²⁾		2,305		2,379,106

MTS Systems Corp., 5.75%, 8/15/27⁽²⁾		667		623,378

Open Text Corp., 3.875%, 2/15/28⁽²⁾		1,693		1,658,611

Open Text Holdings, Inc., 4.125%, 2/15/30⁽²⁾		1,481		1,447,529

Presidio Holdings, Inc., 4.875%, 2/1/27⁽²⁾		591		580,835

Presidio Holdings, Inc., 8.25%, 2/1/28⁽²⁾		1,677		1,665,345

PTC, Inc., 3.625%, 2/15/25⁽²⁾		840		832,230

PTC, Inc., 4.00%, 2/15/28⁽²⁾		845		833,381

Riverbed Technology, Inc., 8.875%, 3/1/23⁽²⁾		4,024		2,474,760

Sensata Technologies UK Financing Co. PLC, 6.25%, 2/15/26⁽²⁾		3,286		3,408,075

SS&C Technologies, Inc., 5.50%, 9/30/27⁽²⁾		961		989,542

Veritas US, Inc./Veritas Bermuda, Ltd., 7.50%, 2/1/23⁽²⁾		562		550,114

			$	36,204,569

Telecommunications — 8.8%

Altice Financing S.A., 2.25%, 1/15/25⁽⁴⁾	EUR	2,933	$	3,019,190

Altice Financing S.A., 7.50%, 5/15/26⁽²⁾		1,705		1,789,653

Altice Finco S.A., 4.75%, 1/15/28⁽⁴⁾	EUR	1,369		1,286,467

Altice France Holding S.A., 6.00%, 2/15/28⁽²⁾		1,430		1,315,600

Altice France Holding S.A., 10.50%, 5/15/27⁽²⁾		1,614		1,747,316

Altice France S.A., 5.50%, 1/15/28⁽²⁾		1,478		1,499,505


Security	Principal Amount* (000’s omitted)		Value

Telecommunications (continued)

Altice France S.A., 7.375%, 5/1/26⁽²⁾		3,518	$	3,692,669

Altice France S.A., 8.125%, 2/1/27⁽²⁾		4,715		5,127,091

CenturyLink, Inc., 6.75%, 12/1/23		1,804		1,893,839

CenturyLink, Inc., 7.50%, 4/1/24		359		391,382

Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26⁽²⁾		4,539		4,349,043

Digicel, Ltd., 6.00%, 4/15/21⁽²⁾		3,580		2,183,836

Frontier California, Inc., 6.75%, 5/15/27⁽⁹⁾		895		816,151

Hughes Satellite Systems Corp., 5.25%, 8/1/26		2,793		2,966,445

Intelsat Jackson Holdings S.A., 5.50%, 8/1/23⁽⁹⁾		785		430,435

Intelsat Jackson Holdings S.A., 8.50%, 10/15/24⁽²⁾⁽⁹⁾		2,586		1,513,327

LCPR Senior Secured Financing DAC, 6.75%, 10/15/27⁽²⁾		1,337		1,383,327

Level 3 Financing, Inc., 5.25%, 3/15/26		2,180		2,244,637

Level 3 Financing, Inc., 5.375%, 1/15/24		2,215		2,247,782

SBA Communications Corp., 4.00%, 10/1/22		2,295		2,321,507

SBA Communications Corp., 4.875%, 9/1/24		1,385		1,443,225

Sprint Capital Corp., 6.875%, 11/15/28		1,260		1,523,340

Sprint Corp., 7.125%, 6/15/24		2,270		2,559,879

Sprint Corp., 7.25%, 9/15/21		2,545		2,680,649

Sprint Corp., 7.625%, 2/15/25		3,285		3,815,035

Sprint Corp., 7.625%, 3/1/26		2,179		2,585,928

Sprint Corp., 7.875%, 9/15/23		5,496		6,210,480

T-Mobile USA, Inc., 4.75%, 2/1/28		1,095		1,154,864

T-Mobile USA, Inc., 6.375%, 3/1/25		1,225		1,263,526

T-Mobile USA, Inc., 6.50%, 1/15/26		6,587		6,979,915

Telecom Italia Capital S.A., 6.00%, 9/30/34		882		918,779

Telecom Italia SpA, 5.303%, 5/30/24⁽²⁾		1,080		1,129,939

ViaSat, Inc., 5.625%, 4/15/27⁽²⁾		1,494		1,478,537

Zayo Group Holdings, Inc., 6.125%, 3/1/28⁽²⁾		1,782		1,687,946

			$	77,651,244

Transport Excluding Air & Rail — 0.5%

XPO Logistics, Inc., 6.125%, 9/1/23⁽²⁾		1,310	$	1,333,187

XPO Logistics, Inc., 6.50%, 6/15/22⁽²⁾		3,203		3,230,065

			$	4,563,252

Utility — 4.3%

AES Corp. (The), 4.00%, 3/15/21		1,293	$	1,297,073

AES Corp. (The), 5.125%, 9/1/27		968		1,013,641

AES Corp. (The), 5.50%, 4/15/25		263		271,219

AES Corp. (The), 6.00%, 5/15/26		5,810		6,102,533

Calpine Corp., 4.50%, 2/15/28⁽²⁾		1,810		1,760,678

Calpine Corp., 5.125%, 3/15/28⁽²⁾		2,554		2,506,112


Security	Principal Amount* (000’s omitted)			Value

Utility (continued)

Calpine Corp., 5.75%, 1/15/25			3,006	$	3,009,637

Drax Finco PLC, 6.625%, 11/1/25⁽²⁾			1,493		1,530,624

Ferrellgas, L.P./Ferrellgas Finance Corp., 10.00%, 4/15/25⁽²⁾			1,906		2,023,981

NextEra Energy Operating Partners, L.P., 4.25%, 9/15/24⁽²⁾			1,485		1,514,997

NextEra Energy Operating Partners, L.P., 4.50%, 9/15/27⁽²⁾			1,602		1,653,344

NRG Energy, Inc., 5.25%, 6/15/29⁽²⁾			1,247		1,341,647

NRG Energy, Inc., 7.25%, 5/15/26			2,324		2,509,107

TerraForm Power Operating, LLC, 4.25%, 1/31/23⁽²⁾			1,410		1,453,358

TerraForm Power Operating, LLC, 5.00%, 1/31/28⁽²⁾			2,981		3,141,050

Vistra Energy Corp., 8.125%, 1/30/26⁽²⁾			3,735		3,935,756

Vistra Operations Co., LLC, 4.30%, 7/15/29⁽²⁾			373		371,433

Vistra Operations Co., LLC, 5.00%, 7/31/27⁽²⁾			2,344		2,401,545

				$	37,837,735

Total Corporate Bonds & Notes (identified cost $828,861,446)				$	758,920,783

Senior Floating-Rate Loans — 5.8%⁽¹⁰⁾
Borrower/Tranche Description		Principal Amount (000’s omitted)		Value

Building Materials — 0.1%

Hillman Group, Inc. (The), Term Loan, 5.07%, (6 mo. USD LIBOR + 4.00%), Maturing 5/31/25		$	1,196	$	1,024,676

				$	1,024,676

Capital Goods — 0.1%

Welbilt, Inc., Term Loan, Maturing 10/23/25⁽¹¹⁾		$	1,321	$	1,083,317

				$	1,083,317

Food, Beverage & Tobacco — 0.5%

BellRing Brands, LLC, Term Loan, 6.00%, (1 mo. USD LIBOR + 5.00%, Floor 1.00%), Maturing 10/21/24		$	921	$	912,553

HLF Financing S.a.r.l., Term Loan, 3.15%, (1 mo. USD LIBOR + 2.75%), Maturing 8/18/25			3,713		3,502,712

				$	4,415,265

Gaming — 1.1%

Golden Nugget, LLC, Term Loan, Maturing 10/4/23⁽¹¹⁾		$	337	$	347,110

Lago Resort & Casino, LLC, Term Loan, 10.57%, (6 mo. USD LIBOR + 9.50%), Maturing 3/7/22			949		830,557


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

Gaming (continued)

Peninsula Pacific Entertainment, LLC, Term Loan, 8.32%, (6 mo. USD LIBOR + 7.25%), Maturing 11/13/24	$	2,057	$	1,799,875

Playtika Holding Corp., Term Loan, 7.07%, (6 mo. USD LIBOR + 6.00%), Maturing 12/10/24		5,381		5,340,531

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), Maturing 12/23/25		1,529		1,338,041

Spectacle Gary Holdings, LLC, Term Loan, 11.00%, Maturing 12/23/25⁽¹²⁾		111		96,959

			$	9,753,073

Healthcare — 0.5%

Envision Healthcare Corporation, Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing 10/10/25	$	1,785	$	1,254,067

National Mentor Holdings, Inc., Term Loan, 4.96%, (USD LIBOR + 4.25%), Maturing 3/9/26⁽¹³⁾		1,292		1,233,756

National Mentor Holdings, Inc., Term Loan, 5.71%, (3 mo. USD LIBOR + 4.25%), Maturing 3/9/26		59		56,032

RegionalCare Hospital Partners Holdings, Inc., Term Loan, 4.15%, (1 mo. USD LIBOR + 3.75%), Maturing 11/17/25		2,089		1,942,411

			$	4,486,266

Insurance — 1.7%

Asurion, LLC, Term Loan - Second Lien, 6.90%, (1 mo. USD LIBOR + 6.50%), Maturing 8/4/25	$	12,510	$	12,066,933

Sedgwick Claims Management Services, Inc., Term Loan, 3.65%, (1 mo. USD LIBOR + 3.25%), Maturing 12/31/25		3,383		3,126,054

			$	15,192,987

Metals & Mining — 0.2%

GrafTech Finance, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.50%, Floor 1.00%), Maturing 2/12/25	$	2,268	$	2,064,107

			$	2,064,107

Services — 0.3%

AlixPartners, LLP, Term Loan, 2.90%, (1 mo. USD LIBOR + 2.50%), Maturing 4/4/24	$	2,355	$	2,280,485

			$	2,280,485


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

Steel — 0.3%

Big River Steel, LLC, Term Loan, 6.45%, (3 mo. USD LIBOR + 5.00%), Maturing 8/23/23	$	2,642	$	2,369,218

			$	2,369,218

Super Retail — 0.4%

PetSmart, Inc., Term Loan, 5.00%, (6 mo. USD LIBOR + 4.00%, Floor 1.00%), Maturing 3/11/22	$	3,798	$	3,695,314

			$	3,695,314

Technology — 0.4%

EIG Investors Corp., Term Loan, 5.39%, (3 mo. USD LIBOR + 3.75%), Maturing 2/9/23	$	3,293	$	3,054,602

			$	3,054,602

Telecommunications — 0.2%

Intelsat Jackson Holdings S.A., Term Loan, 6.63%, Maturing 1/2/24⁽¹⁴⁾	$	1,640	$	1,645,330

			$	1,645,330

Total Senior Floating-Rate Loans (identified cost $53,894,148)			$	51,064,640

Convertible Bonds — 0.4%
Security	Principal Amount (000’s omitted)		Value

Air Transportation — 0.4%

Air Transport Services Group, Inc., 1.125%, 10/15/24	$	1,568	$	1,422,035

Southwest Airlines Co., 1.25%, 5/1/25⁽¹⁾		2,000		2,217,324

Total Convertible Bonds (identified cost $3,408,482)			$	3,639,359

Commercial Mortgage-Backed Securities — 0.2%
Security	Principal Amount (000’s omitted)		Value

Commercial Mortgage-Backed Securities — 0.2%

BAMLL Commercial Mortgage Securities Trust, Series 2019-BPR, Class ENM, 3.719%, 11/5/32^(2)(15)	$	3,190	$	2,228,040

Total Commercial Mortgage-Backed Securities (identified cost $3,021,651)			$	2,228,040


Common Stocks — 1.5%
Security	Shares		Value

Broadcasting — 0.1%

iHeartMedia, Inc., Class A^(16)(17)		45,215	$	317,409

			$	317,409

Consumer Products — 0.0%⁽⁸⁾

HF Holdings, Inc.^(16)(18)(19)		13,600	$	80,935

			$	80,935

Diversified Media — 0.0%⁽⁸⁾

Clear Channel Outdoor Holdings, Inc.^(16)(17)		241,531	$	233,029

			$	233,029

Energy — 0.2%

Ascent CNR Corp., Class A^(16)(18)(19)		6,273,462	$	1,549,545

Nine Point Energy Holdings, Inc.^(16)(18)(19)		31,737		0

			$	1,549,545

Environmental — 0.1%

GFL Environmental, Inc.		65,500	$	1,133,150

			$	1,133,150

Gaming — 0.2%

Caesars Entertainment Corp.⁽¹⁶⁾		153,567	$	1,483,457

New Cotai Participation Corp., Class B^(16)(18)(19)		7		0

			$	1,483,457

Healthcare — 0.5%

Acadia Healthcare Co., Inc.⁽¹⁶⁾		80,000	$	1,920,800

Bausch Health Cos., Inc.⁽¹⁶⁾		110,000		1,993,200

Elanco Animal Health, Inc.⁽¹⁶⁾		30,000		741,300

			$	4,655,300

Utility — 0.4%

NextEra Energy Partners, L.P.		30,000	$	1,508,700

Vistra Energy Corp.		100,000		1,954,000

			$	3,462,700

Total Common Stocks (identified cost $17,079,509)			$	12,915,525


Convertible Preferred Stocks — 0.1%
Security	Shares		Value

Energy — 0.0%

Nine Point Energy Holdings, Inc., Series A, 12.00%^{(7)(16)(18)(19)}		591	$	0

			$	0

Environmental — 0.1%

GFL Environmental, Inc., 6.00%		17,467	$	856,058

			$	856,058

Total Convertible Preferred Stocks (identified cost $1,467,504)			$	856,058

Miscellaneous — 1.2%
Security	Shares		Value

Cable & Satellite TV — 0.0%

ACC Claims Holdings, LLC⁽¹⁸⁾		8,415,190	$	0

			$	0

Gaming — 1.2%

PGP Investors, LLC, Membership Interests^(16)(18)(19)		30,326	$	10,917,183

			$	10,917,183

Total Miscellaneous (identified cost $2,419,333)			$	10,917,183

Short-Term Investments — 3.0%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.47%⁽²⁰⁾		26,551,797	$	26,551,797

Total Short-Term Investments (identified cost $26,549,670)			$	26,551,797

Total Investments — 98.2% (identified cost $936,701,743)			$	867,093,385

Less Unfunded Loan Commitments — (0.0)%⁽⁸⁾			$	(110,811	)

Net Investments — 98.2% (identified cost $936,590,932)			$	866,982,574

Other Assets, Less Liabilities — 1.8%			$	15,923,305

Net Assets — 100.0%			$	882,905,879

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⁾

When-issued security.

⁽²⁾

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, 2020, the aggregate value of these securities is $497,342,426 or 56.3% of the Portfolio’s net assets.

⁽³⁾

Variable rate security. The stated interest rate represents the rate in effect at April 30, 2020.

⁽⁴⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2020, the aggregate value of these securities is $27,300,029 or 3.1% of the Portfolio’s net assets.

⁽⁵⁾

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

⁽⁶⁾

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

⁽⁷⁾

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

⁽⁸⁾

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

⁽⁹⁾

Issuer is in default with respect to interest and/or principal payments.

⁽¹⁰⁾

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.

⁽¹¹⁾	This Senior Loan will settle after April 30, 2020, at which time the interest rate will be determined.

⁽¹²⁾

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. At April 30, 2020, the total value of unfunded loan commitments is $96,959.

⁽¹³⁾

The stated interest rate represents the weighted average interest rate at April 30, 2020 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.

⁽¹⁴⁾	Fixed-rate loan.

⁽¹⁵⁾	Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at April 30, 2020.

⁽¹⁶⁾	Non-income producing security.

⁽¹⁷⁾	Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

⁽¹⁸⁾	For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽¹⁹⁾	Restricted security (see Note 5).

⁽²⁰⁾	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, 2020.

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, 2020, Eaton Vance High Income Opportunities Fund and Eaton Vance Floating-Rate & High Income Fund held an interest of 83.1% and 16.9%, 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. 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.

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, 2020, 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, 2020, 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 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 Repurchase Agreements — A repurchase agreement is the purchase by the Portfolio of securities from a counterparty in exchange for cash that is coupled with an agreement to resell those securities to the counterparty at a specified date and price. When a repurchase agreement is entered, the Portfolio typically receives securities with a value that equals or exceeds the repurchase price, including any accrued interest earned on the agreement. The value of such securities will be marked-to-market daily, and cash or additional securities will be exchanged between the parties as needed. Except in the case of a repurchase agreement entered to settle a short sale, the value of the securities delivered to the Portfolio will be at least equal to 90% of the repurchase price during the term of the repurchase agreement. The terms of a repurchase agreement entered to settle a short sale may provide that the cash purchase price paid by the Portfolio is more than the value of purchased securities that effectively collateralize the repurchase price payable by the counterparty. Since in such a transaction, the Portfolio normally will have used the purchased securities to settle the short sale, the Portfolio will segregate liquid assets equal to the marked-to-market value of the purchased securities that it is obligated to return to the counterparty under the repurchase agreement. In the event of insolvency of the counterparty to a repurchase agreement, recovery of the repurchase price owed to the Portfolio may be delayed. Such an insolvency also may result in a loss to the extent that the value of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount at least equal to the repurchase price.

L Securities Sold Short — A short sale is a transaction in which the Portfolio sells a security it does not own in anticipation of a decline in the market value of that security. To complete such a transaction, the Portfolio must borrow the security to make delivery to the buyer with an obligation to replace such borrowed security at a later date. When making a short sale, the Portfolio segregates liquid assets with the custodian equal to its obligations under the short sale. Until the security is replaced, the Portfolio is required to repay the lender any interest, which accrues during the period of the loan. The proceeds received from a short sale are recorded as a liability and the Portfolio records an unrealized gain or loss to the extent of the difference between the proceeds received and the value of the open short position on the day of determination. A gain, limited to the price at which the Portfolio sold the security short, or a loss, potentially unlimited as there is no upward limit on the price of a security, is recorded when the short position is terminated. Interest payable on securities sold short is recorded as an expense.

M Interim Financial Statements — The interim financial statements relating to April 30, 2020 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, 2020, the Portfolio’s investment adviser fee amounted to $2,341,403 or 0.46% (annualized) of the Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays Eaton Vance Advisers International Ltd., an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. 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, 2020, 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, securities sold short and principal repayments on Senior Loans, aggregated $300,403,977 and $391,834,986, respectively, for the six months ended April 30, 2020.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2020, as determined on a federal income tax basis, were as follows:

At April 30, 2020, the Portfolio owned the following securities (representing 1.4% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

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, 2020 is included in the Portfolio of Investments. At April 30, 2020, 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 forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the 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, 2020, the fair value of derivatives with credit-related contingent features in a net liability position was $343,845. At April 30, 2020, there were no assets pledged by the Portfolio for such liability.

The over-the-counter (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, 2020 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, 2020.

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, 2020 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, 2020, which is indicative of the volume of this derivative type, was approximately $47,395,000.

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. 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 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, 2020.

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.

At April 30, 2020, the value of the Portfolio’s investment in affiliated funds was $26,551,797, which represents 3.0% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended April 30, 2020 were as follows:

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, 2020, 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, 2020 is not presented.

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

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 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority 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 agreements and sub-advisory agreements¹ 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 exclusively comprised of 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 formal meetings held between February and April 2020. 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 considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (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 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers 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 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, 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 agreements 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 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 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 were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

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 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”), and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of Eaton Vance Management, with respect to the Portfolio, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Portfolio.

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

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management,

investment research, and similar services to the Portfolio, including recent changes to such personnel. Regarding the 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 the 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 of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the 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, including the Sub-adviser. 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 other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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

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 September 30, 2019. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its primary and secondary benchmark indexes for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to inquiries from the Contract Review Committee, 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, 2019, 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 and/or Sub-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 and/or Sub-adviser provide 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 and/or Sub-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 and the Sub-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, 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 the Adviser and its affiliates to third parties in respect of distribution or other services.

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

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the 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 entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

Our pledge of protecting your personal information 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 Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

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

Investment Sub-Adviser of High Income Opportunities Portfolio

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

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.

(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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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	12,160,938	EUR	11,199,000	Bank of America, N.A.		7/31/20	$	—	$	(133,767	)

USD	12,160,591	EUR	11,199,000	Goldman Sachs International		7/31/20		—		(134,114	)

USD	6,898,998	EUR	6,353,353	State Street Bank and Trust Company		7/31/20		—		(75,964	)

							$	—	$	(343,845	)


Assets	April 30, 2020

Unaffiliated investments, at value (identified cost, $910,041,262)	$	840,430,777

Affiliated investment, at value (identified cost, $26,549,670)		26,551,797

Cash		228,580

Deposits for derivatives collateral - forward foreign currency exchange contracts		400,000

Interest receivable		13,585,867

Dividends receivable from affiliated investment		9,652

Receivable for investments sold		19,025,656

Tax reclaims receivable		66

Total assets	$	900,232,395

Liabilities

Cash collateral due to brokers	$	400,000

Payable for investments purchased		8,460,214

Payable for when-issued securities		7,367,678

Payable for open forward foreign currency exchange contracts		343,845

Payable to affiliates:

Investment adviser fee		344,352

Trustees’ fees		4,512

Accrued expenses		405,915

Total liabilities	$	17,326,516

Net Assets applicable to investors’ interest in Portfolio	$	882,905,879


Investment Income	Six Months Ended April 30, 2020

Interest and other income	$	29,181,560

Dividends from affiliated investment		221,636

Dividends (net of foreign taxes, $98)		87,194

Total investment income	$	29,490,390

Expenses

Investment adviser fee	$	2,341,403

Trustees’ fees and expenses		26,678

Custodian fee		138,514

Legal and accounting services		54,414

Miscellaneous		46,909

Total expenses	$	2,607,918

Net investment income	$	26,882,472

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(19,246,625	)

Securities sold short		6,099

Investment transactions — affiliated investment		13,072

Foreign currency transactions		(33,413	)

Forward foreign currency exchange contracts		1,350,846

Net realized loss	$	(17,910,021	)

Change in unrealized appreciation (depreciation) —

Investments	$	(89,128,696	)

Investments — affiliated investment		(1,494	)

Securities sold short		(11,200	)

Foreign currency		(2,058	)

Forward foreign currency exchange contracts		(244,929	)

Net change in unrealized appreciation (depreciation)	$	(89,388,377	)

Net realized and unrealized loss	$	(107,298,398	)

Net decrease in net assets from operations	$	(80,415,926	)


Increase (Decrease) in Net Assets	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31, 2019

From operations —

Net investment income	$	26,882,472		$	66,438,899

Net realized loss		(17,910,021	)		(17,220,384	)

Net change in unrealized appreciation (depreciation)		(89,388,377	)		34,522,869

Net increase (decrease) in net assets from operations	$	(80,415,926	)	$	83,741,384

Capital transactions —

Contributions	$	46,652,664		$	55,460,769

Withdrawals		(172,330,078	)		(423,305,095	)

Net decrease in net assets from capital transactions	$	(125,677,414	)	$	(367,844,326	)

Net decrease in net assets	$	(206,093,340	)	$	(284,102,942	)

Net Assets

At beginning of period	$	1,088,999,219		$	1,373,102,161

At end of period	$	882,905,879		$	1,088,999,219


	Six Months Ended April 30, 2020 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data	Six Months Ended April 30, 2020 (Unaudited)			2019			2018			2017			2016			2015

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

Expenses⁽¹⁾		0.51	%⁽²⁾		0.50	%		0.48	%		0.48	%		0.48	%		0.52	%

Net investment income		5.27	%⁽²⁾		5.61	%		5.61	%		5.61	%		5.61	%		5.58	%

Portfolio Turnover		31	%⁽³⁾		32	%		39	%		42	%		39	%		38	%

Total Return		(7.46	)%⁽³⁾		7.74	%		0.59	%		8.13	%		7.74	%		0.82	%

Net assets, end of period (000’s omitted)	$	882,906		$	1,088,999		$	1,373,102		$	1,764,899		$	1,876,636		$	1,288,137



Aggregate cost	$	933,637,220

Gross unrealized appreciation	$	25,863,250

Gross unrealized depreciation		(92,861,741	)

Net unrealized depreciation	$	(66,998,491	)


Description	Date of Acquisition		Shares		Cost		Value

Common Stocks

Ascent CNR Corp., Class A		4/25/16, 11/16/16		6,273,462	$	0	$	1,549,545

HF Holdings, Inc.		10/27/09		13,600		730,450		80,935

New Cotai Participation Corp., Class B		4/12/13		7		216,125		0

Nine Point Energy Holdings, Inc.		7/15/14, 10/21/14		31,737		1,460,742		0

Total Common Stocks					$	2,407,317	$	1,630,480

Convertible Preferred Stocks

Nine Point Energy Holdings, Inc., Series A, 12.00%		5/26/17		591	$	591,000	$	0

Total Convertible Preferred Stocks					$	591,000	$	0

Miscellaneous

PGP Investors, LLC, Membership Interests		10/23/12, 2/18/15, 4/23/18		30,326	$	2,419,333	$	10,917,183

Total Miscellaneous					$	2,419,333	$	10,917,183

Total Restricted Securities					$	5,417,650	$	12,547,663


	Fair Value
Derivative	Asset Derivative		Liability Derivative

Forward foreign currency exchange contracts	$	—	$	(343,845	)⁽¹⁾

Total Derivatives subject to master netting or similar agreements	$	—	$	(343,845	)


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)

Bank of America, N.A.	$	(133,767	)	$	—	$	—	$	—	$	(133,767	)

Goldman Sachs International		(134,114	)		—		—		—		(134,114	)

State Street Bank and Trust Company		(75,964	)		—		—		—		(75,964	)

	$	(343,845	)	$	—	$	—	$	—	$	(343,845	)


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	$	1,350,846	$	(244,929	)


Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	33,802,709	$	225,879,766	$	(233,142,256	)	$	13,072	$	(1,494	)	$	26,551,797	$	221,636		26,551,797


Asset Description	Level 1		Level 2			Level 3*		Total

Corporate Bonds & Notes	$	—	$	758,920,783		$	—	$	758,920,783

Senior Floating-Rate Loans (Less Unfunded Loan Commitments)		—		50,953,829			—		50,953,829

Convertible Bonds		—		3,639,359			—		3,639,359

Commercial Mortgage-Backed Securities		—		2,228,040			—		2,228,040

Common Stocks		11,285,045		—			1,630,480		12,915,525

Convertible Preferred Stocks		856,058		—			0		856,058

Miscellaneous		—		—			10,917,183		10,917,183

Short-Term Investments		—		26,551,797			—		26,551,797

Total Investments	$	12,141,103	$	842,293,808		$	12,547,663	$	866,982,574

Liability Description

Forward Foreign Currency Exchange Contracts	$	—	$	(343,845	)	$	—	$	(343,845	)

Total	$	—	$	(343,845	)	$	—	$	(343,845	)



(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, 2020


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

Date:		June 24, 2020

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

Date:		June 24, 2020


		15		See Notes to Financial Statements.


		16		See Notes to Financial Statements.


		17		See Notes to Financial Statements.


		18		See Notes to Financial Statements.