International Income Portfolio
06/26/2026 | Press release | Distributed by Public on 06/26/2026 13:40
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-22049
International Income Portfolio
(Exact Name of Registrant as Specified in Charter)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant's Telephone Number)
October 31
Date of Fiscal Year End
April 30, 2026
Date of Reporting Period
Item 1. Reports to Stockholders
| (a) |
International Income Portfolio
Semi-Annual Shareholder Report April 30, 2026
This semi-annual shareholder report contains important information about the International Income Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php and selecting Eaton Vance Diversified Currency Income Fund. You can also request this information by contacting us at 1-800-262-1122.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
International Income Portfolio
|
$35
|
0.69%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized |
Key Fund Statistics
Table Summary
|
Total Net Assets
|
$243,655,231
|
|
# of Portfolio Holdings (including derivatives)
|
406
|
|
Portfolio Turnover Rate
|
19%
|
What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.
Asset Allocation (% of total investments)
Table Summary
|
Value
|
Value
|
|
OtherFootnote Reference†
|
0.6%
|
|
Sovereign Government Bonds
|
30.6%
|
|
Short-Term Investments
|
68.8%
|
| Footnote | Description |
|
Footnote†
|
Investment types less than 1% each |
Foreign Currency Exposure (% of net assets)Footnote Reference*
Table Summary
|
Kazakhstan
|
7.5%
|
|
Hungary
|
5.8%
|
|
Nigeria
|
5.1%
|
|
Uzbekistan
|
5.1%
|
|
Vietnam
|
4.4%
|
|
Taiwan
|
4.1%
|
|
India
|
3.6%
|
|
China
|
3.5%
|
|
Brazil
|
3.1%
|
|
Iceland
|
3.0%
|
|
Other
|
47.8%
|
|
Total Long Exposure
|
93.0%
|
| Footnote | Description |
|
Footnote*
|
Currency exposures include all foreign exchange denominated assets and currency derivatives. |
Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php and select Eaton Vance Diversified Currency Income Fund. For proxy information, please visit www.eatonvance.com/proxyvoting.
Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Semi-Annual Shareholder Report April 30, 2026
II Port.-TSR-SAR
| (b) |
Not applicable. |
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
| (a) |
Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) |
Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited)
| Foreign Corporate Bonds - 0.6% |
|
Security |
Principal Amount (000's omitted) |
Value | |
| Uzbekistan - 0.6% | |||
| Heritage Lending Group BV, 19.50%, 5/5/29 | UZS | 14,450,000 | $ 1,210,461 |
| JSCB Agrobank, 20.75%, 9/15/28 | UZS | 2,500,000 | 219,225 |
|
Total Foreign Corporate Bonds (identified cost $1,258,477) |
$ 1,429,686 | ||
| Sovereign Government Bonds - 29.1% |
|
Security |
Principal Amount (000's omitted) |
Value | |
| Brazil - 2.6% | |||
| Brazil Letras do Tesouro Nacional, 0.00%, 7/1/26 | BRL | 32,577 | $ 6,436,926 |
| $ 6,436,926 | |||
| Chile - 0.8% | |||
| Bonos de la Tesoreria de la Republica en pesos, 4.90%, 11/1/27 | CLP | 1,780,000 | $ 2,036,058 |
| $ 2,036,058 | |||
| Czech Republic - 1.2% | |||
| Czech Republic Government Bonds, 1.00%, 6/26/26(1) | CZK | 61,800 | $ 2,966,058 |
| $ 2,966,058 | |||
| Dominican Republic - 1.8% | |||
| Dominican Republic Bonds: | |||
| 8.00%, 1/15/27(1) | DOP | 3,970 | $ 66,461 |
| 8.00%, 2/12/27(1) | DOP | 11,950 | 199,848 |
| 10.75%, 6/1/36(2) | DOP | 11,850 | 212,078 |
| 10.75%, 6/1/36(1) | DOP | 100,000 | 1,789,691 |
| 13.00%, 6/10/34(1) | DOP | 25,400 | 508,932 |
| Dominican Republic Central Bank Notes: | |||
| 8.00%, 3/12/27(1) | DOP | 900 | 14,997 |
| 9.50%, 11/30/29(1) | DOP | 100,000 | 1,685,008 |
| $ 4,477,015 | |||
| Egypt - 0.2% | |||
| Egypt Government Bonds, 24.458%, 10/1/27 | EGP | 19,379 | $ 358,972 |
| $ 358,972 | |||
|
Security |
Principal Amount (000's omitted) |
Value | |
| Georgia - 1.0% | |||
| Georgia Treasury Bonds, 9.75%, 1/27/27 | GEL | 6,500 | $ 2,464,002 |
| $ 2,464,002 | |||
| Hungary - 1.7% | |||
| Hungary Government Bonds, 1.50%, 8/26/26 | HUF | 1,311,500 | $ 4,173,889 |
| $ 4,173,889 | |||
| Iceland - 2.8% | |||
| Republic of Iceland, 6.75%, 10/15/26 | ISK | 841,500 | $ 6,824,848 |
| $ 6,824,848 | |||
| Malaysia - 0.9% | |||
| Malaysia Government Bonds, 3.502%, 5/31/27 | MYR | 8,800 | $ 2,227,124 |
| $ 2,227,124 | |||
| Nigeria - 0.1% | |||
| Nigeria Government Bonds: | |||
| 17.95%, 6/25/32 | NGN | 103,447 | $ 79,245 |
| 19.00%, 2/21/34 | NGN | 95,333 | 78,761 |
| $ 158,006 | |||
| Paraguay - 1.1% | |||
| Paraguay Government Bonds: | |||
| 7.90%, 2/9/31(2) | PYG | 3,553,000 | $ 581,926 |
| 7.90%, 2/9/31(1) | PYG | 1,613,000 | 264,185 |
| 8.50%, 3/4/35(2) | PYG | 1,592,000 | 263,522 |
| 8.50%, 3/4/35(1) | PYG | 9,840,000 | 1,628,806 |
| $ 2,738,439 | |||
| Peru - 1.5% | |||
| Peru Government Bonds, 6.35%, 8/12/28 | PEN | 12,100 | $ 3,590,291 |
| $ 3,590,291 | |||
| Poland - 1.1% | |||
| Republic of Poland Government Bonds, 0.00%, 1/25/27 | PLN | 10,051 | $ 2,702,828 |
| $ 2,702,828 | |||
| Romania - 2.0% | |||
| Romania Government Bonds, 7.20%, 7/27/26 | RON | 22,000 | $ 4,979,269 |
| $ 4,979,269 | |||
11
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
|
Security |
Principal Amount (000's omitted) |
Value | |
| Serbia - 1.3% | |||
| Serbia Treasury Bonds, 7.00%, 10/26/31 | RSD | 299,670 | $ 3,268,724 |
| $ 3,268,724 | |||
| South Africa - 0.7% | |||
| Republic of South Africa Government Bonds, 10.50%, 12/21/27 | ZAR | 26,000 | $ 1,625,927 |
| $ 1,625,927 | |||
| Sri Lanka - 1.5% | |||
| Sri Lanka Government Bonds, 11.00%, 10/15/28 | LKR | 1,142,000 | $ 3,680,818 |
| $ 3,680,818 | |||
| Sweden - 2.6% | |||
| Sweden Government Bonds, 1.00%, 11/12/26(1) | SEK | 58,225 | $ 6,270,412 |
| $ 6,270,412 | |||
| Turkey - 1.6% | |||
| Turkiye Government Bonds: | |||
| 40.859%, 6/16/27(3) | TRY | 12,498 | $ 282,673 |
| 40.884%, (1 day TRY TLREF + 0.00%), 8/19/26(3) | TRY | 152,123 | 3,390,256 |
| 40.918%, 7/4/29(3) | TRY | 6,248 | 138,553 |
| $ 3,811,482 | |||
| Uganda - 0.4% | |||
| Republic of Uganda Government Bonds, 13.50%, 7/9/26 | UGX | 3,170,000 | $ 852,118 |
| $ 852,118 | |||
| Uzbekistan - 1.3% | |||
| Republic of Uzbekistan Bonds, 12.25%, 4/13/29(1) | UZS | 36,980,000 | $ 3,138,323 |
| $ 3,138,323 | |||
| Zambia - 0.9% | |||
| Zambia Government Bonds: | |||
| 13.00%, 6/26/33 | ZMW | 961 | $ 46,094 |
| 14.50%, 2/16/28 | ZMW | 3,000 | 161,933 |
| 14.90%, 2/16/29 | ZMW | 3,000 | 163,051 |
| 16.00%, 2/16/33 | ZMW | 2,836 | 153,860 |
| 16.60%, 2/16/36 | ZMW | 7,500 | 405,759 |
| 17.59%, 2/16/41 | ZMW | 21,300 | 1,148,564 |
| $ 2,079,261 | |||
|
Total Sovereign Government Bonds (identified cost $70,123,608) |
$ 70,860,790 | ||
| U.S. Government Agency Mortgage-Backed Securities - 0.0%† |
|
Security |
Principal Amount (000's omitted) |
Value | |
| Federal National Mortgage Association, 4.984%, (COF + 1.792%), with maturity at 2035(4) | $ | 53 | $ 52,771 |
|
Total U.S. Government Agency Mortgage-Backed Securities (identified cost $53,065) |
$ 52,771 | ||
| Short-Term Investments - 65.4% |
| Affiliated Fund - 14.7% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.57%(5) | 35,697,797 | $ 35,697,797 | |
|
Total Affiliated Fund (identified cost $35,697,797) |
$ 35,697,797 | ||
| Sovereign Government Securities - 11.1% |
|
Security |
Principal Amount (000's omitted) |
Value | |
| Albania - 0.8% | |||
| Albanian Treasury Bills, 0.00%, 1/28/27 | ALL | 170,330 | $ 2,042,696 |
| $ 2,042,696 | |||
| Canada - 1.6% | |||
| Canada Treasury Bills, 0.00%, 6/17/26 | CAD | 5,421 | $ 3,978,899 |
| $ 3,978,899 | |||
| Egypt - 0.4% | |||
| Egypt Treasury Bills: | |||
| 0.00%, 5/12/26 | EGP | 7,675 | $ 142,836 |
| 0.00%, 5/26/26 | EGP | 4,250 | 78,376 |
| 0.00%, 6/2/26 | EGP | 34,500 | 633,351 |
| $ 854,563 | |||
| Kazakhstan - 0.8% | |||
| Kazakhstan Treasury Bills, 0.00%, 5/15/26 | KZT | 871,300 | $ 1,873,044 |
| $ 1,873,044 | |||
| Nigeria - 4.9% | |||
| Nigeria OMO Bills: | |||
| 0.00%, 5/19/26 | NGN | 135,000 | $ 97,808 |
| 0.00%, 5/26/26 | NGN | 736,153 | 531,191 |
12
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
|
Security |
Principal Amount (000's omitted) |
Value | |
| Nigeria (continued) | |||
| Nigeria OMO Bills: (continued) | |||
| 0.00%, 6/2/26 | NGN | 354,117 | $ 253,756 |
| 0.00%, 6/9/26 | NGN | 3,808,100 | 2,726,028 |
| 0.00%, 6/23/26 | NGN | 133,257 | 94,696 |
| 0.00%, 6/30/26 | NGN | 244,397 | 173,048 |
| 0.00%, 7/7/26 | NGN | 179,725 | 126,807 |
| 0.00%, 7/10/26 | NGN | 32,020 | 22,425 |
| 0.00%, 7/14/26 | NGN | 4,584,064 | 3,223,196 |
| 0.00%, 7/28/26 | NGN | 30,784 | 21,501 |
| 0.00%, 8/4/26 | NGN | 113,397 | 78,930 |
| 0.00%, 8/11/26 | NGN | 725,934 | 503,530 |
| 0.00%, 8/18/26 | NGN | 169,396 | 116,213 |
| 0.00%, 8/25/26 | NGN | 4,322,627 | 2,977,768 |
| 0.00%, 9/1/26 | NGN | 42,224 | 28,989 |
| 0.00%, 9/8/26 | NGN | 75,410 | 51,508 |
| 0.00%, 9/22/26 | NGN | 40,105 | 27,022 |
| 0.00%, 1/12/27 | NGN | 865,901 | 561,399 |
| 0.00%, 1/19/27 | NGN | 624,275 | 403,680 |
| $ 12,019,495 | |||
| Norway - 0.9% | |||
| Norway Treasury Bills, 0.00%, 12/16/26(1)(2) | NOK | 20,050 | $ 2,106,877 |
| $ 2,106,877 | |||
| Uganda - 1.7% | |||
| Republic of Uganda Treasury Bills, 0.00%, 9/24/26 | UGX | 16,300,000 | $ 4,179,787 |
| $ 4,179,787 | |||
|
Total Sovereign Government Securities (identified cost $26,450,412) |
$ 27,055,361 | ||
| U.S. Treasury Obligations - 39.6% |
|
Security |
Principal Amount (000's omitted) |
Value | |
| U.S. Treasury Bills: | |||
| 0.00%, 5/14/26(6) | $ | 10,000 | $ 9,987,081 |
| 0.00%, 5/21/26 | 25,520 | 25,468,851 | |
| 0.00%, 5/28/26 | 2,490 | 2,483,342 | |
| 0.00%, 6/11/26 | 2,510 | 2,499,723 | |
| 0.00%, 6/18/26 | 16,481 | 16,401,325 | |
| 0.00%, 6/25/26(6) | 20,000 | 19,889,282 | |
| 0.00%, 7/9/26 | 11,860 | 11,778,194 | |
|
Security |
Principal Amount (000's omitted) |
Value | |
| U.S. Treasury Bills: (continued) | |||
| 0.00%, 7/16/26 | $ | 8,140 | $ 8,078,458 |
|
Total U.S. Treasury Obligations (identified cost $96,587,279) |
$ 96,586,256 | ||
|
Total Short-Term Investments (identified cost $158,735,488) |
$159,339,414 | ||
|
Total Purchased Options - 0.0%† (identified cost $120,078) |
$ 88,371 | ||
|
Total Investments - 95.1% (identified cost $230,290,716) |
$231,771,032 | ||
|
Total Written Options - (0.0)%† (premiums received $45,460) |
$ (15,709) | ||
| Other Assets, Less Liabilities - 4.9% | $ 11,899,908 | ||
| Net Assets - 100.0% | $243,655,231 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| (1) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At April 30, 2026, the aggregate value of these securities is $20,639,598 or 8.5% of the Portfolio's net assets. |
| (2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At April 30, 2026, the aggregate value of these securities is $3,164,403 or 1.3% of the Portfolio's net assets. |
| (3) | Variable rate security. The stated interest rate represents the rate in effect at April 30, 2026. |
| (4) | Adjustable rate mortgage security whose interest rate generally adjusts monthly based on a weighted average of interest rates on the underlying mortgages. The coupon rate may not reflect the applicable index value as interest rates on the underlying mortgages may adjust on various dates and at various intervals and may be subject to lifetime ceilings and lifetime floors and lookback periods. Rate shown is the coupon rate at April 30, 2026. |
| (5) | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of April 30, 2026. |
| (6) | Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts. |
13
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| Purchased Currency Options (OTC) - 0.0%† | |||||||
| Description | Counterparty | Notional Amount |
Exercise Price |
Expiration Date |
Value | ||
| Put USD vs. Call CNH | Bank of America, N.A. | USD | 1,000,000 | CNH | 6.60 | 11/4/26 | $ 2,567 |
| Put USD vs. Call CNH | Barclays Bank PLC | USD | 1,000,000 | CNH | 6.75 | 7/7/26 | 2,040 |
| Put USD vs. Call CNH | Barclays Bank PLC | USD | 1,000,000 | CNH | 6.60 | 11/4/26 | 2,567 |
| Put USD vs. Call CNH | Citibank, N.A. | USD | 1,100,000 | CNH | 6.72 | 7/16/26 | 1,757 |
| Put USD vs. Call CNH | Citibank, N.A. | USD | 1,000,000 | CNH | 6.60 | 11/4/26 | 2,567 |
| Put USD vs. Call CNH | Goldman Sachs International | USD | 1,000,000 | CNH | 6.60 | 11/4/26 | 2,567 |
| Put USD vs. Call CNH | JPMorgan Chase Bank, N.A. | USD | 2,000,000 | CNH | 6.72 | 7/15/26 | 3,042 |
| Put USD vs. Call CNH | JPMorgan Chase Bank, N.A. | USD | 2,000,000 | CNH | 6.60 | 11/4/26 | 5,134 |
| Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 1,100,000 | INR | 85.50 | 1/25/29 | 1,024 |
| Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 600,000 | INR | 85.50 | 1/25/29 | 559 |
| Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 510,000 | INR | 85.50 | 1/30/29 | 479 |
| Put USD vs. Call KRW | Bank of America, N.A. | USD | 600,000 | KRW | 1,440.00 | 9/8/26 | 4,727 |
| Put USD vs. Call KRW | Barclays Bank PLC | USD | 1,000,000 | KRW | 1,420.00 | 9/17/26 | 10,067 |
| Put USD vs. Call KRW | Goldman Sachs International | USD | 1,000,000 | KRW | 1,440.00 | 8/4/26 | 7,034 |
| Put USD vs. Call KRW | Goldman Sachs International | USD | 1,000,000 | KRW | 1,420.00 | 9/21/26 | 10,256 |
| Put USD vs. Call KRW | JPMorgan Chase Bank, N.A. | USD | 1,000,000 | KRW | 1,440.00 | 8/6/26 | 7,105 |
| Put USD vs. Call KRW | JPMorgan Chase Bank, N.A. | USD | 100,000 | KRW | 1,440.00 | 8/6/26 | 710 |
| Put USD vs. Call KRW | JPMorgan Chase Bank, N.A. | USD | 1,000,000 | KRW | 1,440.00 | 9/8/26 | 7,878 |
| Put USD vs. Call KRW | JPMorgan Chase Bank, N.A. | USD | 1,000,000 | KRW | 1,420.00 | 9/28/26 | 10,702 |
| Put USD vs. Call KRW | Standard Chartered Bank | USD | 700,000 | KRW | 1,440.00 | 9/14/26 | 5,589 |
| Total | $88,371 | ||||||
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| Written Currency Options (OTC) - (0.0)%† | |||||||
| Description | Counterparty | Notional Amount |
Exercise Price |
Expiration Date |
Value | ||
| Call USD vs. Put BRL (Digital Option) | Goldman Sachs International | USD | 28,000 | BRL | 7.00 | 7/12/27 | $ (2,623) |
| Call USD vs. Put BRL (Digital Option) | Goldman Sachs International | USD | 22,000 | BRL | 7.00 | 7/14/27 | (2,076) |
| Call USD vs. Put KRW | Barclays Bank PLC | USD | 1,000,000 | KRW | 1,590.00 | 9/17/26 | (4,334) |
| Call USD vs. Put KRW | Goldman Sachs International | USD | 1,000,000 | KRW | 1,600.00 | 9/21/26 | (3,889) |
| Call USD vs. Put KRW | JPMorgan Chase Bank, N.A. | USD | 1,000,000 | KRW | 1,630.00 | 9/28/26 | (2,787) |
| Total | $(15,709) | ||||||
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
14
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| Forward Foreign Currency Exchange Contracts (Centrally Cleared) | |||||
| Currency Purchased | Currency Sold |
Settlement Date |
Value/Unrealized Appreciation (Depreciation) |
||
| BRL | 821,918 | USD | 164,676 | 5/4/26 | $ 1,308 |
| USD | 164,254 | BRL | 821,918 | 5/4/26 | (1,730) |
| BRL | 2,300,000 | USD | 460,414 | 5/5/26 | 4,063 |
| BRL | 2,178,082 | USD | 436,621 | 5/5/26 | 3,236 |
| USD | 897,627 | BRL | 4,478,082 | 5/5/26 | (6,707) |
| PHP | 3,000,000 | USD | 50,875 | 5/12/26 | (2,074) |
| USD | 53,449 | PHP | 3,000,000 | 5/12/26 | 4,648 |
| CLP | 778,000,000 | USD | 869,012 | 5/13/26 | (4,374) |
| BRL | 6,000,000 | USD | 1,191,571 | 6/2/26 | 11,366 |
| BRL | 4,478,082 | USD | 891,365 | 6/2/26 | 6,444 |
| BRL | 888,889 | USD | 176,685 | 6/2/26 | 1,528 |
| BRL | 111,111 | USD | 22,047 | 6/2/26 | 230 |
| BRL | 821,918 | USD | 162,971 | 6/3/26 | 1,773 |
| CLP | 157,600,000 | USD | 170,338 | 6/17/26 | 4,819 |
| CLP | 231,000,000 | USD | 259,518 | 6/17/26 | (2,785) |
| CLP | 189,940,000 | USD | 214,251 | 6/17/26 | (3,152) |
| CLP | 403,000,000 | USD | 454,576 | 6/17/26 | (6,682) |
| COP | 7,500,000,000 | USD | 1,935,259 | 6/17/26 | 106,063 |
| EUR | 2,000,000 | USD | 2,314,705 | 6/17/26 | 37,246 |
| INR | 129,170,000 | USD | 1,387,908 | 6/17/26 | (34,015) |
| INR | 300,000,000 | USD | 3,246,859 | 6/17/26 | (102,414) |
| INR | 415,000,000 | USD | 4,459,100 | 6/17/26 | (109,285) |
| KRW | 3,275,860,170 | USD | 2,205,230 | 6/17/26 | 20,750 |
| KRW | 900,000,000 | USD | 597,221 | 6/17/26 | 14,338 |
| PHP | 3,000,000 | USD | 50,666 | 6/17/26 | (1,888) |
| PHP | 97,723,290 | USD | 1,650,425 | 6/17/26 | (61,503) |
| TWD | 90,000,000 | USD | 2,835,673 | 6/17/26 | 8,497 |
| TWD | 35,000,000 | USD | 1,097,936 | 6/17/26 | 8,130 |
| TWD | 30,000,000 | USD | 941,044 | 6/17/26 | 7,012 |
| TWD | 18,015,000 | USD | 564,610 | 6/17/26 | 4,698 |
| TWD | 30,000,000 | USD | 946,007 | 6/17/26 | 2,050 |
| USD | 128,618 | CLP | 119,000,000 | 6/17/26 | (3,638) |
| USD | 170,338 | CLP | 157,600,000 | 6/17/26 | (4,819) |
| USD | 293,957 | CLP | 271,540,000 | 6/17/26 | (7,832) |
| USD | 1,613,353 | CLP | 1,488,000,000 | 6/17/26 | (40,410) |
| USD | 28,221 | EUR | 24,384 | 6/17/26 | (454) |
| USD | 172,050 | EUR | 148,658 | 6/17/26 | (2,768) |
| USD | 331,240 | PHP | 19,930,712 | 6/17/26 | 7,179 |
| USD | 296,995 | PHP | 18,000,000 | 6/17/26 | 4,326 |
| USD | 252,517 | PHP | 15,300,000 | 6/17/26 | 3,748 |
| USD | 183,395 | PHP | 11,100,000 | 6/17/26 | 2,916 |
| USD | 205,999 | PHP | 12,500,000 | 6/17/26 | 2,756 |
| USD | 208,724 | PHP | 12,680,000 | 6/17/26 | 2,555 |
| USD | 182,001 | PHP | 11,039,288 | 6/17/26 | 2,509 |
15
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| Forward Foreign Currency Exchange Contracts (Centrally Cleared) (continued) | |||||
| Currency Purchased | Currency Sold |
Settlement Date |
Value/Unrealized Appreciation (Depreciation) |
||
| TWD | 6,590,000 | USD | 205,616 | 7/8/26 | $ 2,533 |
| TWD | 5,480,000 | USD | 170,876 | 7/8/26 | 2,213 |
| TWD | 5,490,000 | USD | 171,255 | 7/8/26 | 2,150 |
| TWD | 4,420,000 | USD | 137,974 | 7/8/26 | 1,634 |
| TWD | 4,390,000 | USD | 137,037 | 7/8/26 | 1,624 |
| TWD | 4,380,000 | USD | 136,828 | 7/8/26 | 1,517 |
| TWD | 2,190,000 | USD | 68,290 | 7/8/26 | 882 |
| TWD | 4,340,000 | USD | 136,361 | 7/8/26 | 720 |
| TWD | 3,420,000 | USD | 107,570 | 7/8/26 | 453 |
| TWD | 2,932,300 | USD | 92,677 | 7/8/26 | (59) |
| TWD | 2,330,500 | USD | 73,687 | 7/8/26 | (77) |
| TWD | 2,911,500 | USD | 92,087 | 7/8/26 | (125) |
| TWD | 2,882,300 | USD | 91,244 | 7/8/26 | (205) |
| TWD | 3,327,300 | USD | 105,328 | 7/8/26 | (233) |
| TWD | 3,634,300 | USD | 115,028 | 7/8/26 | (236) |
| TWD | 4,325,400 | USD | 136,862 | 7/8/26 | (242) |
| TWD | 2,362,900 | USD | 74,910 | 7/8/26 | (277) |
| TWD | 3,712,800 | USD | 117,549 | 7/8/26 | (278) |
| TWD | 2,580,700 | USD | 81,797 | 7/8/26 | (284) |
| TWD | 2,788,000 | USD | 87,343 | 10/8/26 | 640 |
| TWD | 3,270,000 | USD | 102,620 | 10/8/26 | 574 |
| TWD | 2,067,000 | USD | 64,778 | 10/8/26 | 452 |
| TWD | 2,069,000 | USD | 64,920 | 10/8/26 | 373 |
| TWD | 3,000,000 | USD | 95,033 | 10/8/26 | (359) |
| TWD | 3,190,000 | USD | 101,181 | 10/8/26 | (512) |
| TWD | 4,380,000 | USD | 138,827 | 10/8/26 | (604) |
| TWD | 5,390,000 | USD | 170,895 | 10/8/26 | (799) |
| TWD | 5,125,534 | USD | 162,417 | 10/22/26 | (682) |
| TWD | 9,420,466 | USD | 298,314 | 10/22/26 | (1,054) |
| $(112,603) | |||||
| Forward Foreign Currency Exchange Contracts (OTC) | |||||||
| Currency Purchased | Currency Sold | Counterparty |
Settlement Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
||
| UGX | 19,726,000 | USD | 5,472 | Citibank, N.A. | 5/4/26 | $ - | $ (234) |
| UGX | 149,385,000 | USD | 40,131 | Citibank, N.A. | 5/4/26 | - | (467) |
| UGX | 216,583,000 | USD | 57,449 | Standard Chartered Bank | 5/4/26 | 56 | - |
| USD | 37,803 | EGP | 2,005,446 | Citibank, N.A. | 5/4/26 | 402 | - |
| USD | 40,760 | UGX | 149,385,000 | Citibank, N.A. | 5/4/26 | 1,096 | - |
| USD | 5,299 | UGX | 19,726,000 | Citibank, N.A. | 5/4/26 | 62 | - |
| USD | 36,067 | UGX | 130,022,000 | Standard Chartered Bank | 5/4/26 | 1,545 | - |
16
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| Forward Foreign Currency Exchange Contracts (OTC) (continued) | |||||||
| Currency Purchased | Currency Sold | Counterparty |
Settlement Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
||
| USD | 24,045 | UGX | 86,561,000 | Standard Chartered Bank | 5/4/26 | $ 1,062 | $ - |
| USD | 37,348 | EGP | 2,005,663 | Citibank, N.A. | 5/5/26 | - | (37) |
| EUR | 8,000,000 | USD | 9,371,131 | Citibank, N.A. | 5/8/26 | 19,383 | - |
| EUR | 65,070 | RON | 357,595 | Barclays Bank PLC | 5/12/26 | - | (4,355) |
| RON | 357,595 | EUR | 66,890 | JPMorgan Chase Bank, N.A. | 5/12/26 | 2,219 | - |
| USD | 1,562,279 | TRY | 71,265,500 | Standard Chartered Bank | 5/12/26 | - | (3,976) |
| KZT | 3,792,288,814 | USD | 7,879,753 | Deutsche Bank AG | 5/13/26 | 279,649 | - |
| UGX | 6,513,833 | USD | 1,749 | Citibank, N.A. | 5/13/26 | - | (22) |
| USD | 68,090 | KZT | 32,666,000 | Deutsche Bank AG | 5/13/26 | - | (2,194) |
| USD | 68,090 | KZT | 32,666,000 | Deutsche Bank AG | 5/13/26 | - | (2,194) |
| USD | 136,178 | KZT | 65,195,000 | Deutsche Bank AG | 5/13/26 | - | (4,095) |
| USD | 12,022 | UGX | 44,723,000 | Citibank, N.A. | 5/13/26 | 166 | - |
| USD | 57,381 | UGX | 216,583,000 | Citibank, N.A. | 5/13/26 | - | (37) |
| TRY | 3,204,937 | USD | 68,558 | Standard Chartered Bank | 5/18/26 | 1,482 | - |
| USD | 67,947 | TRY | 3,204,937 | Standard Chartered Bank | 5/18/26 | - | (2,093) |
| TRY | 156,412,208 | USD | 3,333,443 | Standard Chartered Bank | 5/20/26 | 78,347 | - |
| USD | 1,423,102 | TRY | 67,057,124 | Standard Chartered Bank | 5/20/26 | - | (39,602) |
| USD | 1,901,926 | TRY | 89,355,084 | Standard Chartered Bank | 5/20/26 | - | (47,160) |
| VND | 2,750,000,000 | USD | 104,982 | Citibank, N.A. | 5/26/26 | - | (810) |
| KZT | 31,712,737 | USD | 59,332 | Deutsche Bank AG | 6/8/26 | 8,197 | - |
| USD | 56,257 | KZT | 26,571,588 | Deutsche Bank AG | 6/8/26 | - | (324) |
| USD | 44,582 | KZT | 21,372,018 | Deutsche Bank AG | 6/8/26 | - | (928) |
| USD | 67,058 | KZT | 34,645,630 | Deutsche Bank AG | 6/8/26 | - | (6,716) |
| USD | 437,877 | KZT | 212,622,000 | Deutsche Bank AG | 6/8/26 | - | (14,878) |
| USD | 253,489 | KZT | 131,434,115 | Deutsche Bank AG | 6/8/26 | - | (26,385) |
| KZT | 106,887,000 | USD | 210,615 | Deutsche Bank AG | 6/11/26 | 16,719 | - |
| KZT | 106,518,000 | USD | 210,614 | Deutsche Bank AG | 6/11/26 | 15,935 | - |
| KZT | 106,318,000 | USD | 210,614 | Deutsche Bank AG | 6/11/26 | 15,509 | - |
| USD | 133,500 | KZT | 62,630,551 | Deutsche Bank AG | 6/11/26 | 294 | - |
| USD | 68,088 | KZT | 33,169,000 | Deutsche Bank AG | 6/11/26 | - | (2,458) |
| USD | 109,467 | KZT | 53,137,451 | Deutsche Bank AG | 6/11/26 | - | (3,548) |
| USD | 136,177 | KZT | 66,182,000 | Deutsche Bank AG | 6/11/26 | - | (4,583) |
| KZT | 54,790,340 | USD | 108,260 | Deutsche Bank AG | 6/12/26 | 8,225 | - |
| KZT | 54,779,514 | USD | 108,260 | Deutsche Bank AG | 6/12/26 | 8,202 | - |
| KZT | 54,714,558 | USD | 108,260 | Deutsche Bank AG | 6/12/26 | 8,064 | - |
| KZT | 54,779,514 | USD | 108,260 | Deutsche Bank AG | 6/15/26 | 8,064 | - |
| KZT | 21,907,475 | USD | 43,304 | Deutsche Bank AG | 6/15/26 | 3,216 | - |
| MYR | 6,000,000 | USD | 1,532,332 | Barclays Bank PLC | 6/16/26 | - | (18,999) |
| MYR | 4,000,000 | USD | 1,020,929 | Goldman Sachs International | 6/16/26 | - | (12,040) |
| AUD | 2,095,000 | USD | 1,466,358 | Deutsche Bank AG | 6/17/26 | 40,723 | - |
| AUD | 905,000 | USD | 633,438 | Deutsche Bank AG | 6/17/26 | 17,591 | - |
| AUD | 800,000 | USD | 561,256 | Standard Chartered Bank | 6/17/26 | 14,240 | - |
| CHF | 1,997,000 | USD | 2,592,942 | Barclays Bank PLC | 6/17/26 | - | (25,228) |
| CHF | 465,000 | USD | 602,141 | Standard Chartered Bank | 6/17/26 | - | (4,251) |
17
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| Forward Foreign Currency Exchange Contracts (OTC) (continued) | |||||||
| Currency Purchased | Currency Sold | Counterparty |
Settlement Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
||
| CNH | 34,176,790 | USD | 4,967,349 | Barclays Bank PLC | 6/17/26 | $ 50,106 | $ - |
| CNH | 6,100,000 | USD | 888,015 | HSBC Bank USA, N.A. | 6/17/26 | 7,519 | - |
| CNH | 4,000,000 | USD | 584,048 | HSBC Bank USA, N.A. | 6/17/26 | 3,188 | - |
| CRC | 1,487,500,000 | USD | 3,164,759 | Citibank, N.A. | 6/17/26 | 106,197 | - |
| CRC | 224,410,000 | USD | 481,308 | Citibank, N.A. | 6/17/26 | 12,161 | - |
| CZK | 61,500,000 | EUR | 2,513,590 | Barclays Bank PLC | 6/17/26 | 5,682 | - |
| EUR | 1,247,031 | CZK | 30,541,659 | Barclays Bank PLC | 6/17/26 | - | (4,291) |
| EUR | 1,263,864 | CZK | 30,958,341 | Societe Generale | 6/17/26 | - | (4,561) |
| EUR | 675,109 | HUF | 269,355,000 | Goldman Sachs International | 6/17/26 | - | (71,959) |
| EUR | 1,862,067 | PLN | 8,000,000 | Societe Generale | 6/17/26 | - | (17,098) |
| GEL | 2,130,000 | USD | 785,253 | ICBC Standard Bank plc | 6/17/26 | 4,908 | - |
| GHS | 13,000,000 | USD | 1,155,556 | ICBC Standard Bank plc | 6/17/26 | - | (24,293) |
| HUF | 389,371,834 | EUR | 1,008,866 | Deutsche Bank AG | 6/17/26 | 65,276 | - |
| HUF | 426,942,956 | EUR | 1,162,651 | HSBC Bank USA, N.A. | 6/17/26 | 5,206 | - |
| HUF | 1,922,982,638 | EUR | 4,856,139 | JPMorgan Chase Bank, N.A. | 6/17/26 | 470,938 | - |
| HUF | 500,325,502 | EUR | 1,263,480 | JPMorgan Chase Bank, N.A. | 6/17/26 | 122,530 | - |
| HUF | 125,098,205 | EUR | 328,069 | Standard Chartered Bank | 6/17/26 | 16,341 | - |
| ILS | 1,146,308 | USD | 372,478 | Barclays Bank PLC | 6/17/26 | 16,486 | - |
| ILS | 1,031,000 | USD | 335,230 | Barclays Bank PLC | 6/17/26 | 14,607 | - |
| ILS | 275,648 | USD | 89,395 | Barclays Bank PLC | 6/17/26 | 4,138 | - |
| ILS | 93,784 | USD | 30,421 | Goldman Sachs International | 6/17/26 | 1,402 | - |
| ILS | 1,722,261 | USD | 558,717 | JPMorgan Chase Bank, N.A. | 6/17/26 | 25,678 | - |
| ILS | 573,188 | USD | 186,239 | JPMorgan Chase Bank, N.A. | 6/17/26 | 8,254 | - |
| ILS | 6,069,977 | USD | 1,952,279 | Standard Chartered Bank | 6/17/26 | 107,376 | - |
| ILS | 1,149,094 | USD | 371,599 | Standard Chartered Bank | 6/17/26 | 18,310 | - |
| ILS | 558,717 | USD | 181,894 | UBS AG | 6/17/26 | 7,689 | - |
| JPY | 120,000,000 | USD | 768,266 | Standard Chartered Bank | 6/17/26 | 886 | - |
| JPY | 296,621,211 | USD | 1,888,192 | UBS AG | 6/17/26 | 13,031 | - |
| KES | 335,600,000 | USD | 2,561,832 | Standard Chartered Bank | 6/17/26 | 23,583 | - |
| KES | 75,000,000 | USD | 573,395 | Standard Chartered Bank | 6/17/26 | 4,395 | - |
| KZT | 108,422,300 | USD | 216,520 | Deutsche Bank AG | 6/17/26 | 13,532 | - |
| MXN | 28,083,679 | USD | 1,567,931 | BNP Paribas | 6/17/26 | 33,967 | - |
| MXN | 3,860,000 | USD | 215,506 | BNP Paribas | 6/17/26 | 4,669 | - |
| NZD | 3,770,000 | USD | 2,236,200 | Barclays Bank PLC | 6/17/26 | - | (5,824) |
| PKR | 265,000,000 | USD | 916,955 | Standard Chartered Bank | 6/17/26 | 28,617 | - |
| PLN | 8,000,000 | EUR | 1,868,679 | HSBC Bank USA, N.A. | 6/17/26 | 9,323 | - |
| SEK | 3,340,000 | USD | 362,000 | Bank of America, N.A. | 6/17/26 | 572 | - |
| SGD | 1,700,000 | USD | 1,337,697 | Standard Chartered Bank | 6/17/26 | 1,996 | - |
| SGD | 5,281,000 | USD | 4,151,225 | State Street Bank and Trust Company | 6/17/26 | 10,490 | - |
| THB | 30,000,000 | USD | 949,902 | Standard Chartered Bank | 6/17/26 | - | (26,503) |
| THB | 74,700,000 | USD | 2,372,573 | Standard Chartered Bank | 6/17/26 | - | (73,309) |
| USD | 82,443 | ILS | 260,411 | Bank of America, N.A. | 6/17/26 | - | (5,919) |
| USD | 102,727 | ILS | 322,910 | Bank of America, N.A. | 6/17/26 | - | (6,843) |
| USD | 247,323 | ILS | 779,498 | Bank of America, N.A. | 6/17/26 | - | (17,175) |
18
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| Forward Foreign Currency Exchange Contracts (OTC) (continued) | |||||||
| Currency Purchased | Currency Sold | Counterparty |
Settlement Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
||
| USD | 22,071 | ILS | 69,683 | Deutsche Bank AG | 6/17/26 | $ - | $ (1,574) |
| USD | 81,287 | ILS | 256,939 | Goldman Sachs International | 6/17/26 | - | (5,897) |
| USD | 173,608 | ILS | 547,541 | JPMorgan Chase Bank, N.A. | 6/17/26 | - | (12,183) |
| USD | 173,607 | ILS | 548,041 | JPMorgan Chase Bank, N.A. | 6/17/26 | - | (12,353) |
| USD | 173,607 | ILS | 548,084 | JPMorgan Chase Bank, N.A. | 6/17/26 | - | (12,368) |
| USD | 173,608 | ILS | 548,939 | JPMorgan Chase Bank, N.A. | 6/17/26 | - | (12,658) |
| USD | 173,607 | ILS | 548,981 | JPMorgan Chase Bank, N.A. | 6/17/26 | - | (12,672) |
| USD | 520,822 | ILS | 1,638,950 | JPMorgan Chase Bank, N.A. | 6/17/26 | - | (35,304) |
| USD | 23,520 | NZD | 39,653 | Barclays Bank PLC | 6/17/26 | 61 | - |
| USD | 7,301 | NZD | 12,309 | Barclays Bank PLC | 6/17/26 | 19 | - |
| USD | 2,285,618 | SEK | 21,118,088 | Citibank, N.A. | 6/17/26 | - | (6,848) |
| USD | 3,443 | SEK | 31,912 | Standard Chartered Bank | 6/17/26 | - | (21) |
| USD | 85,420 | ZAR | 1,468,330 | Bank of America, N.A. | 6/17/26 | - | (2,443) |
| USD | 90,437 | ZAR | 1,523,768 | Barclays Bank PLC | 6/17/26 | - | (743) |
| USD | 103,240 | ZAR | 1,739,607 | Barclays Bank PLC | 6/17/26 | - | (856) |
| USD | 187,776 | ZAR | 3,232,240 | Barclays Bank PLC | 6/17/26 | - | (5,637) |
| USD | 1,315,607 | ZAR | 22,726,711 | Citibank, N.A. | 6/17/26 | - | (44,332) |
| USD | 1,654,892 | ZAR | 27,499,999 | Goldman Sachs International | 6/17/26 | 9,326 | - |
| USD | 70,769 | ZAR | 1,215,924 | Standard Chartered Bank | 6/17/26 | - | (1,990) |
| USD | 70,567 | ZAR | 1,217,188 | Standard Chartered Bank | 6/17/26 | - | (2,268) |
| VND | 213,010,000,000 | USD | 7,988,824 | Citibank, N.A. | 6/17/26 | 65,536 | - |
| VND | 32,659,000,000 | USD | 1,225,111 | Citibank, N.A. | 6/17/26 | 9,795 | - |
| ZAR | 738,005 | USD | 43,801 | Barclays Bank PLC | 6/17/26 | 360 | - |
| ZAR | 2,909,329 | USD | 176,956 | Barclays Bank PLC | 6/17/26 | - | (2,865) |
| ZAR | 4,217,710 | USD | 257,180 | Barclays Bank PLC | 6/17/26 | - | (4,798) |
| ZAR | 340,000 | USD | 20,460 | Goldman Sachs International | 6/17/26 | - | (115) |
| ZAR | 8,639,250 | USD | 527,356 | Goldman Sachs International | 6/17/26 | - | (10,394) |
| ZAR | 2,929,980 | USD | 177,252 | HSBC Bank USA, N.A. | 6/17/26 | - | (1,926) |
| ZAR | 2,928,207 | USD | 177,252 | HSBC Bank USA, N.A. | 6/17/26 | - | (2,032) |
| ZAR | 2,925,552 | USD | 177,252 | HSBC Bank USA, N.A. | 6/17/26 | - | (2,191) |
| ZAR | 2,925,194 | USD | 177,252 | HSBC Bank USA, N.A. | 6/17/26 | - | (2,212) |
| ZAR | 2,925,105 | USD | 177,252 | HSBC Bank USA, N.A. | 6/17/26 | - | (2,218) |
| ZAR | 2,924,308 | USD | 177,252 | HSBC Bank USA, N.A. | 6/17/26 | - | (2,265) |
| ZAR | 2,924,308 | USD | 177,252 | HSBC Bank USA, N.A. | 6/17/26 | - | (2,265) |
| ZAR | 2,910,074 | USD | 177,252 | JPMorgan Chase Bank, N.A. | 6/17/26 | - | (3,117) |
| ZAR | 22,478,577 | USD | 1,370,127 | Societe Generale | 6/17/26 | - | (25,037) |
| ZAR | 4,288,005 | USD | 260,955 | UBS AG | 6/17/26 | - | (4,366) |
| ZMW | 26,500,000 | USD | 1,321,696 | Standard Chartered Bank | 6/17/26 | 92,689 | - |
| ISK | 11,678,802 | EUR | 79,399 | Citibank, N.A. | 6/18/26 | 1,495 | - |
| MYR | 4,000,000 | USD | 1,015,796 | Goldman Sachs International | 6/18/26 | - | (6,849) |
| KZT | 1,846,000,000 | USD | 3,704,596 | Deutsche Bank AG | 6/22/26 | 204,547 | - |
| KZT | 8,150,000 | USD | 14,977 | Deutsche Bank AG | 6/22/26 | 2,281 | - |
| USD | 67,058 | KZT | 34,819,982 | Deutsche Bank AG | 6/22/26 | - | (6,678) |
| EGP | 8,823,862 | USD | 175,958 | Bank of America, N.A. | 6/24/26 | - | (15,555) |
19
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| Forward Foreign Currency Exchange Contracts (OTC) (continued) | |||||||
| Currency Purchased | Currency Sold | Counterparty |
Settlement Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
||
| KZT | 900,000,000 | USD | 1,668,211 | Deutsche Bank AG | 6/24/26 | $ 236,153 | $ - |
| USD | 176,301 | EGP | 8,823,862 | Standard Chartered Bank | 6/24/26 | 15,897 | - |
| EGP | 8,357,581 | USD | 164,779 | Bank of America, N.A. | 6/29/26 | - | (13,186) |
| USD | 165,007 | EGP | 8,357,581 | JPMorgan Chase Bank, N.A. | 6/29/26 | 13,414 | - |
| USD | 1,202,026 | BRL | 7,000,000 | JPMorgan Chase Bank, N.A. | 7/2/26 | - | (191,709) |
| UZS | 23,242,800,000 | USD | 1,680,000 | ICBC Standard Bank plc | 7/2/26 | 243,314 | - |
| UZS | 72,000,000,000 | USD | 5,760,000 | Deutsche Bank AG | 7/3/26 | 196,739 | - |
| VND | 20,000,000,000 | USD | 746,965 | Goldman Sachs International | 7/10/26 | 7,821 | - |
| VND | 860,526,261 | USD | 32,169 | Citibank, N.A. | 7/13/26 | 299 | - |
| VND | 339,680,000 | USD | 12,694 | Standard Chartered Bank | 7/13/26 | 123 | - |
| ISK | 8,018,622 | EUR | 55,081 | JPMorgan Chase Bank, N.A. | 7/15/26 | 103 | - |
| ISK | 25,000,000 | EUR | 172,224 | JPMorgan Chase Bank, N.A. | 7/15/26 | - | (264) |
| RSD | 66,000,000 | USD | 661,301 | Societe Generale | 7/17/26 | - | (2,198) |
| KZT | 8,414,000 | USD | 15,686 | Societe Generale | 7/21/26 | 1,939 | - |
| USD | 73,505 | KZT | 39,104,874 | Deutsche Bank AG | 7/21/26 | - | (8,409) |
| KZT | 6,721,000 | USD | 12,549 | Deutsche Bank AG | 7/22/26 | 1,525 | - |
| USD | 73,505 | KZT | 39,097,524 | Deutsche Bank AG | 7/22/26 | - | (8,365) |
| VND | 13,850,563,900 | USD | 520,404 | JPMorgan Chase Bank, N.A. | 7/22/26 | 1,796 | - |
| KZT | 8,150,000 | USD | 15,258 | ICBC Standard Bank plc | 7/23/26 | 1,802 | - |
| UGX | 5,182,410,000 | USD | 1,363,792 | Societe Generale | 7/24/26 | - | (11,515) |
| USD | 24,045 | UGX | 88,364,000 | Standard Chartered Bank | 7/24/26 | 987 | - |
| KZT | 10,000,000 | USD | 18,797 | Deutsche Bank AG | 7/27/26 | 2,107 | - |
| USD | 73,505 | KZT | 39,130,601 | Deutsche Bank AG | 7/27/26 | - | (8,289) |
| USD | 11,970 | UGX | 43,570,000 | ICBC Standard Bank plc | 7/27/26 | 609 | - |
| USD | 24,045 | UGX | 88,124,000 | Standard Chartered Bank | 7/28/26 | 1,071 | - |
| KZT | 718,534,000 | USD | 1,347,952 | Deutsche Bank AG | 7/29/26 | 152,942 | - |
| EUR | 37,427 | ISK | 5,445,560 | Bank of America, N.A. | 7/30/26 | 45 | - |
| KZT | 7,578,000 | USD | 13,170 | Deutsche Bank AG | 8/7/26 | 2,609 | - |
| KZT | 7,327,000 | USD | 12,727 | Deutsche Bank AG | 8/10/26 | 2,513 | - |
| KZT | 113,618,776 | USD | 216,520 | Deutsche Bank AG | 9/14/26 | 16,926 | - |
| KZT | 96,781,504 | USD | 185,121 | Deutsche Bank AG | 9/14/26 | 13,730 | - |
| USD | 44,987 | EGP | 2,697,000 | Deutsche Bank AG | 9/15/26 | - | (2,473) |
| KZT | 113,142,432 | USD | 216,520 | Deutsche Bank AG | 9/16/26 | 15,786 | - |
| KZT | 56,479,195 | USD | 108,260 | Deutsche Bank AG | 9/16/26 | 7,704 | - |
| MNT | 24,656,700 | USD | 6,438 | JPMorgan Chase Bank, N.A. | 9/28/26 | 305 | - |
| MNT | 25,405,000 | USD | 6,621 | JPMorgan Chase Bank, N.A. | 10/5/26 | 320 | - |
| AMD | 160,895,000 | USD | 404,259 | ICBC Standard Bank plc | 10/7/26 | 22,619 | - |
| RUB | 10,253,000 | USD | 127,987 | Deutsche Bank AG | 10/14/26 | 765 | - |
| AMD | 1,016,711,000 | USD | 2,661,547 | ICBC Standard Bank plc | 10/15/26 | 33,740 | - |
| AMD | 167,489,000 | USD | 438,453 | ICBC Standard Bank plc | 10/15/26 | 5,558 | - |
| KZT | 14,889,000 | USD | 24,378 | Deutsche Bank AG | 10/15/26 | 5,886 | - |
| USD | 24,045 | UGX | 88,725,000 | Standard Chartered Bank | 10/20/26 | 1,352 | - |
| USD | 22,756 | UGX | 86,560,932 | Standard Chartered Bank | 10/20/26 | 617 | - |
| USD | 24,045 | UGX | 89,446,000 | Standard Chartered Bank | 10/21/26 | 1,173 | - |
20
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| Forward Foreign Currency Exchange Contracts (OTC) (continued) | |||||||
| Currency Purchased | Currency Sold | Counterparty |
Settlement Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
||
| KZT | 14,743,000 | USD | 24,189 | Deutsche Bank AG | 10/23/26 | $ 5,697 | $ - |
| USD | 24,045 | UGX | 89,326,000 | Standard Chartered Bank | 10/23/26 | 1,214 | - |
| KZT | 22,541,000 | USD | 37,252 | Deutsche Bank AG | 10/27/26 | 8,378 | - |
| KZT | 7,522,176 | USD | 12,727 | Deutsche Bank AG | 11/3/26 | 2,464 | - |
| USD | 48,089 | UGX | 179,133,000 | Standard Chartered Bank | 11/3/26 | 2,418 | - |
| USD | 12,022 | UGX | 44,783,000 | Standard Chartered Bank | 11/6/26 | 612 | - |
| ZMW | 300,000 | USD | 12,361 | Societe Generale | 11/6/26 | 3,437 | - |
| USD | 24,045 | UGX | 89,807,000 | Standard Chartered Bank | 11/10/26 | 1,185 | - |
| USD | 24,045 | UGX | 89,855,000 | Standard Chartered Bank | 11/10/26 | 1,173 | - |
| USD | 24,045 | UGX | 90,288,000 | Standard Chartered Bank | 11/12/26 | 1,074 | - |
| USD | 12,022 | UGX | 45,805,000 | Standard Chartered Bank | 11/13/26 | 372 | - |
| USD | 24,045 | UGX | 93,774,000 | Bank of America, N.A. | 11/16/26 | 210 | - |
| TRY | 9,587,184 | USD | 173,478 | Standard Chartered Bank | 11/19/26 | 3,206 | - |
| USD | 174,692 | TRY | 9,587,184 | Standard Chartered Bank | 11/19/26 | - | (1,992) |
| KZT | 58,325,026 | USD | 108,260 | Deutsche Bank AG | 12/14/26 | 7,958 | - |
| KZT | 56,295,153 | USD | 104,299 | Deutsche Bank AG | 12/14/26 | 7,875 | - |
| KZT | 49,013,706 | USD | 91,078 | Deutsche Bank AG | 12/14/26 | 6,586 | - |
| NGN | 141,924,000 | USD | 95,658 | JPMorgan Chase Bank, N.A. | 12/16/26 | 404 | - |
| KZT | 83,223,507 | USD | 156,582 | Deutsche Bank AG | 12/17/26 | 9,088 | - |
| RUB | 13,793,000 | USD | 166,899 | ICBC Standard Bank plc | 1/13/27 | 416 | - |
| NGN | 13,858,000 | USD | 8,634 | Standard Chartered Bank | 1/21/27 | 652 | - |
| KWD | 195,000 | USD | 640,604 | Standard Chartered Bank | 3/3/27 | - | (2,648) |
| USD | 645,690 | KWD | 195,000 | Standard Chartered Bank | 3/3/27 | 7,734 | - |
| KZT | 47,004,000 | USD | 84,998 | Deutsche Bank AG | 3/11/27 | 6,132 | - |
| UZS | 2,528,426,000 | USD | 193,231 | Deutsche Bank AG | 3/11/27 | 5,584 | - |
| UZS | 1,263,247,000 | USD | 96,615 | Deutsche Bank AG | 3/11/27 | 2,716 | - |
| UZS | 1,265,662,000 | USD | 96,615 | Deutsche Bank AG | 3/12/27 | 2,887 | - |
| UZS | 1,263,247,000 | USD | 96,615 | Deutsche Bank AG | 3/12/27 | 2,698 | - |
| NGN | 175,692,000 | USD | 115,587 | JPMorgan Chase Bank, N.A. | 3/15/27 | 370 | - |
| UZS | 1,842,208,144 | USD | 141,328 | Deutsche Bank AG | 3/17/27 | 3,368 | - |
| UZS | 920,397,433 | USD | 70,664 | Deutsche Bank AG | 3/17/27 | 1,628 | - |
| UZS | 681,384,000 | USD | 52,273 | Deutsche Bank AG | 3/17/27 | 1,246 | - |
| UZS | 185,760,000 | USD | 14,262 | Deutsche Bank AG | 3/17/27 | 329 | - |
| UZS | 154,671,000 | USD | 11,875 | Deutsche Bank AG | 3/17/27 | 274 | - |
| UZS | 1,845,741,340 | USD | 141,328 | Deutsche Bank AG | 3/18/27 | 3,619 | - |
| UZS | 922,870,670 | USD | 70,664 | Deutsche Bank AG | 3/18/27 | 1,809 | - |
| UZS | 805,620,000 | USD | 61,686 | Deutsche Bank AG | 3/18/27 | 1,579 | - |
| UZS | 402,810,000 | USD | 30,843 | Deutsche Bank AG | 3/18/27 | 790 | - |
| UZS | 1,275,666,784 | USD | 97,305 | Deutsche Bank AG | 3/19/27 | 2,855 | - |
| RUB | 28,723,000 | USD | 333,801 | ICBC Standard Bank plc | 4/13/27 | 6,818 | - |
| $3,282,754 | $(1,001,467) | ||||||
21
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| Futures Contracts | |||||
| Description |
Number of Contracts |
Position |
Expiration Date |
Notional Amount |
Value/Unrealized Appreciation (Depreciation) |
| Interest Rate Futures | |||||
| Euro-Bobl | (1) | Short | 6/8/26 | $(135,498) | $2,148 |
| $2,148 | |||||
| Cross-Currency Swaps (OTC) | ||||
| Counterparty | Portfolio Receives | Portfolio Pays |
Effective Date/ Termination Date(1) |
Value/Unrealized Appreciation (Depreciation) |
| Bank of America, N.A. | 3-month PLN WIBOR + 0.59% on PLN 4,411,843 (Notional Amount) (pays quarterly) plus EUR equivalent of Notional Amount(2) | 3-month EURIBOR on EUR equivalent of Notional Amount (pays quarterly) plus Notional Amount(2) |
6/5/26/ 6/5/29 |
$7,755 |
| $7,755 | ||||
| (1) | Effective date represents the date on which the Portfolio and counterparty exchange the currencies and begin interest payment accrual. |
| (2) | The Portfolio pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered. For non-deliverable currency swaps, the net of the USD amount and USD equivalent of the Notional Amount will be paid or received by the Portfolio. |
| Abbreviations: | |
| COF | - Cost of Funds 11th District |
| EURIBOR | - Euro Interbank Offered Rate |
| OTC | - Over-the-counter |
| TLREF | - Turkish Lira Overnight Reference Rate |
| WIBOR | - Warsaw Interbank Offered Rate |
| Currency Abbreviations: | |
| ALL | - Albanian Lek |
| AMD | - Armenian Dram |
| AUD | - Australian Dollar |
| BRL | - Brazilian Real |
| CAD | - Canadian Dollar |
| CHF | - Swiss Franc |
| CLP | - Chilean Peso |
| CNH | - Yuan Renminbi Offshore |
| COP | - Colombian Peso |
| CRC | - Costa Rican Colon |
| CZK | - Czech Koruna |
| DOP | - Dominican Peso |
| EGP | - Egyptian Pound |
| EUR | - Euro |
| GEL | - Georgian Lari |
| GHS | - Ghanaian Cedi |
| HUF | - Hungarian Forint |
| ILS | - Israeli Shekel |
| INR | - Indian Rupee |
| ISK | - Icelandic Krona |
| JPY | - Japanese Yen |
| KES | - Kenyan Shilling |
| KRW | - South Korean Won |
| KWD | - Kuwaiti Dinar |
| KZT | - Kazakhstani Tenge |
| LKR | - Sri Lankan Rupee |
| MNT | - Mongolia Tughrik |
| MXN | - Mexican Peso |
| MYR | - Malaysian Ringgit |
| NGN | - Nigerian Naira |
22
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Portfolio of Investments (Unaudited) - continued
| NOK | - Norwegian Krone |
| NZD | - New Zealand Dollar |
| PEN | - Peruvian Sol |
| PHP | - Philippine Peso |
| PKR | - Pakistan Rupee |
| PLN | - Polish Zloty |
| PYG | - Paraguayan Guarani |
| RON | - Romanian Leu |
| RSD | - Serbian Dinar |
| RUB | - Russian Ruble |
| SEK | - Swedish Krona |
| SGD | - Singapore Dollar |
| THB | - Thai Baht |
| TRY | - Turkish Lira |
| TWD | - New Taiwan Dollar |
| UGX | - Ugandan Shilling |
| USD | - United States Dollar |
| UZS | - Uzbekistani Som |
| VND | - Viet Nam Dong |
| ZAR | - South African Rand |
| ZMW | - Zambian Kwacha |
23
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Statement of Assets and Liabilities (Unaudited)
| April 30, 2026 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $194,592,919) | $196,073,235 |
| Affiliated investments, at value (identified cost $35,697,797) | 35,697,797 |
| Cash | 4,519,348 |
| Deposits for derivatives collateral: | |
| Centrally cleared derivatives | 1,551,125 |
| OTC derivatives | 1,500,000 |
| Foreign currency, at value (identified cost $2,383,872) | 2,387,213 |
| Interest receivable | 1,654,744 |
| Dividends receivable from affiliated investments | 84,462 |
| Receivable for investments sold | 917,843 |
| Receivable for variation margin on open futures contracts | 2,098 |
| Receivable for open forward foreign currency exchange contracts | 3,282,754 |
| Receivable for open swap contracts | 7,755 |
| Trustees' deferred compensation plan | 44,660 |
| Total assets | $247,723,034 |
| Liabilities | |
| Cash collateral due to broker | $1,500,000 |
| Written options outstanding, at value (premiums received $45,460) | 15,709 |
| Payable for investments purchased | 1,233,242 |
| Payable for variation margin on open centrally cleared derivatives | 34,221 |
| Payable for open forward foreign currency exchange contracts | 1,001,467 |
| Payable to affiliates: | |
| Investment adviser fee | 93,933 |
| Trustees' fees | 235 |
| Trustees' deferred compensation plan | 44,660 |
| Other | 13,145 |
| Accrued expenses | 131,191 |
| Total liabilities | $4,067,803 |
| Net Assets applicable to investors' interest in Portfolio | $243,655,231 |
24
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Statement of Operations (Unaudited)
| Six Months Ended | |
| April 30, 2026 | |
| Investment Income | |
| Dividend income from affiliated investments | $347,293 |
| Interest income (net of foreign taxes withheld of $50,084) | 5,287,294 |
| Total investment income | $5,634,587 |
| Expenses | |
| Investment adviser fee | $414,724 |
| Trustees' fees and expenses | 5,591 |
| Custodian fee | 118,998 |
| Legal and accounting services | 57,840 |
| Interest expense and fees | 8,730 |
| Miscellaneous | 5,746 |
| Total expenses | $611,629 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $32,993 |
| Total expense reductions | $32,993 |
| Net expenses | $578,636 |
| Net investment income | $5,055,951 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $(373,835) |
| Written options | 15,303 |
| Futures contracts | (7) |
| Swap contracts | (68,586) |
| Foreign currency transactions | (213,669) |
| Forward foreign currency exchange contracts | 1,981,623 |
| Net realized gain | $1,340,829 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $1,320,790 |
| Written options | 28,776 |
| Futures contracts | 2,759 |
| Swap contracts | (6,695) |
| Foreign currency | 25,572 |
| Forward foreign currency exchange contracts | 2,056,243 |
| Net change in unrealized appreciation (depreciation) | $3,427,445 |
| Net realized and unrealized gain | $4,768,274 |
| Net increase in net assets from operations | $9,824,225 |
25
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Statements of Changes in Net Assets
|
Six Months Ended April 30, 2026 (Unaudited) |
Year Ended October 31, 2025 |
|
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $5,055,951 | $2,223,393 |
| Net realized gain | 1,340,829 | 440,088 |
| Net change in unrealized appreciation (depreciation) | 3,427,445 | 757,467 |
| Net increase in net assets from operations | $9,824,225 | $3,420,948 |
| Capital transactions: | ||
| Contributions | $197,378,745 | $15,792,596 |
| Withdrawals | (3,385,082) | (10,671,658) |
| Net increase in net assets from capital transactions | $193,993,663 | $5,120,938 |
| Net increase in net assets | $203,817,888 | $8,541,886 |
| Net Assets | ||
| At beginning of period | $39,837,343 | $31,295,457 |
| At end of period | $243,655,231 | $39,837,343 |
26
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Financial Highlights
|
Six Months Ended April 30, 2026 (Unaudited) |
Year Ended October 31, | |||||
| Ratios/Supplemental Data | 2025 | 2024 | 2023 | 2022 | 2021 | |
| Ratios (as a percentage of average daily net assets):(1) | ||||||
| Total expenses | 0.73%(2)(3) | 1.96%(3) | 1.80%(3) | 1.28%(3) | 1.12%(3) | 0.90%(3) |
| Net expenses | 0.69%(2)(3)(4) | 0.84%(3)(4) | 1.00%(3)(4) | 0.72%(3)(4) | 0.72%(3)(4) | 0.71%(3) |
| Net investment income | 6.05%(2) | 6.57% | 5.62% | 4.66% | 3.13% | 1.86% |
| Portfolio Turnover | 19%(5) | 209%(6) | 227%(6) | 230%(6) | 159%(6) | 102%(6) |
| Total Return | 6.09%(5) | 10.82% | 9.35% | 6.86% | (18.54)% | (0.08)% |
| Net assets, end of period (000's omitted) | $243,655 | $39,837 | $31,295 | $36,028 | $28,555 | $58,102 |
| (1) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio. |
| (2) | Annualized. |
| (3) | Includes interest expense, including on securities sold short and/or reverse repurchase agreements if applicable, of 0.01%, 0.15%, 0.31%, 0.03%, 0.02% and 0.01% of average daily net assets for the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. |
| (4) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.01%, less than 0.01%, less than 0.01%, 0.01% and less than 0.005% of average daily net assets for the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023 and 2022, respectively). |
| (5) | Not annualized. |
| (6) | Includes the effect of To Be Announced (TBA) transactions. |
27
See Notes to Financial Statements.
Table of Contents
International Income Portfolio
April 30, 2026
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
International Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2026, Eaton Vance Strategic Income Fund and Eaton Vance Diversified Currency Income Fund held an interest of 76.0% and 24.0%, respectively, in the Portfolio.
The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation-The following methodologies are used to determine the market value or fair value of investments.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services' pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio's forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. Swaps are normally valued using valuations provided by a third party pricing service. Such pricing service valuations are based on the present value of fixed and projected floating rate cash flows over the term of the swap contract. Future cash flows on swaps are discounted to their present value using swap rates provided by electronic data services or by broker/dealers.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions-Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income-Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Withholding taxes on foreign interest have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.
D Federal and Other Taxes-The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in
28
Table of Contents
International Income Portfolio
April 30, 2026
Notes to Financial Statements (Unaudited) - continued
order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.
In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are included in net realized gain (loss) on investments.
As of April 30, 2026, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation-Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Use of Estimates-The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
G Indemnifications-Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.
H Futures Contracts-Upon entering into a futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
I Forward Foreign Currency Exchange Contracts-The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. While forward foreign currency exchange contracts are privately negotiated agreements between the Portfolio and a counterparty, certain contracts may be "centrally cleared", whereby all payments made or received by the Portfolio pursuant to the contract are with a central clearing party (CCP) rather than the original counterparty. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared contracts, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment. For centrally cleared contracts, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and, in the case of forward foreign currency exchange contracts, from movements in the value of a foreign currency relative to the U.S. dollar. In the case of centrally cleared contracts, counterparty risk is minimal due to protections provided by the CCP.
J Purchased Options-Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.
K Written Options-Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine
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the realized gain or loss. The Portfolio, as a writer of an option, may have no control over whether the underlying instrument may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the instrument underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.
L Cross-Currency Swaps -Cross-currency swaps are interest rate swaps in which interest cash flows are exchanged between two parties based on the notional amounts of two different currencies. The notional amounts are typically determined based on the spot exchange rates at the inception of the trade. Cross-currency swaps also involve the exchange of the notional amounts at the start of the contract at the current spot rate with an agreement to re-exchange such amounts at a later date at either the same exchange rate, a specified rate or the then current spot rate. The entire principal value of a cross-currency swap is subject to the risk that the counterparty to the swap will default on its contractual delivery obligations.
M Total Return Swaps-In a total return swap, the buyer receives a periodic return equal to the total return of a specified security, securities or index for a specified period of time. In return, the buyer pays the counterparty a fixed or variable stream of payments, typically based upon short-term interest rates, possibly plus or minus an agreed upon spread. During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains and losses. Periodic payments received or made are recorded as realized gains or losses. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.
N Segment Reporting-The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.
O Interim Financial Statements-The interim financial statements relating to April 30, 2026 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.
2 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $1 billion | 0.500% |
| $1 billion but less than $2.5 billion | 0.475% |
| $2.5 billion but less than $5 billion | 0.455% |
| $5 billion and over | 0.440% |
For the six months ended April 30, 2026, the Portfolio's investment adviser fee amounted to $414,724 or 0.50% (annualized) of the Portfolio's average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $19,286 of the Portfolio's operating expenses for the six months ended April 30, 2026.
The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the six months ended April 30, 2026, the investment adviser fee paid was reduced by $13,707 relating to the Portfolio's investment in the Liquidity Fund.
Pursuant to an investment sub-advisory agreement effective December 31, 2024, BMR has delegated a portion of the investment management of the Portfolio to Morgan Stanley Investment Management Limited (MSIM Ltd.), a wholly-owned subsidiary of Morgan Stanley. BMR pays MSIM Ltd. a portion of its investment adviser fee for sub-advisory services provided to the Portfolio.
Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.
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3 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and including maturities and paydowns, for the six months ended April 30, 2026 were as follows:
| Purchases | Sales | |
| Investments (non-U.S. Government) | $34,466,191 | $4,978,292 |
| U.S. Government and Agency Securities | - | 8,115 |
| $34,466,191 | $4,986,407 |
4 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Portfolio at April 30, 2026, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $230,386,526 |
| Gross unrealized appreciation | $4,851,305 |
| Gross unrealized depreciation | (1,303,921) |
| Net unrealized appreciation | $3,547,384 |
5 Financial Instruments
The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, forward foreign currency exchange contracts, futures contracts and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2026 is included in the Portfolio of Investments. At April 30, 2026, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.
In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:
Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, currency options and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.
Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including interest rate futures contracts, interest rate swaps, total return swaps and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.
The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio's net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2026, the fair value of derivatives with credit-related contingent features in a net liability position was $1,017,176. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $110,857 at April 30, 2026.
The OTC derivatives in which the Portfolio invests (except for written options and swaptions as the Portfolio, not the counterparty, is obligated to perform) are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with substantially all its 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
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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 carrying amount of the liability for cash collateral due to brokers at April 30, 2026 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2026.
The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2026 was as follows:
| Fair Value | |||
| Statement of Assets and Liabilities Caption |
Foreign Exchange |
Interest Rate |
Total |
| Unaffiliated investments, at value | $88,371 | $ - | $88,371 |
| Not applicable | 289,953(1) | 2,148(1) | 292,101 |
| Receivable for open forward foreign currency exchange contracts | 3,282,754 | - | 3,282,754 |
| Receivable for open swap contracts | - | 7,755 | 7,755 |
| Total Asset Derivatives | $3,661,078 | $9,903 | $3,670,981 |
| Derivatives not subject to master netting or similar agreements | $289,953 | $2,148 | $292,101 |
| Total Asset Derivatives subject to master netting or similar agreements | $3,371,125 | $7,755 | $3,378,880 |
| Written options, at value | $(15,709) | $ - | $(15,709) |
| Not applicable | (402,556)(1) | - | (402,556) |
| Payable for open forward foreign currency exchange contracts | (1,001,467) | - | (1,001,467) |
| Total Liability Derivatives | $(1,419,732) | $ - | $(1,419,732) |
| Derivatives not subject to master netting or similar agreements | $(402,556) | $ - | $(402,556) |
| Total Liability Derivatives subject to master netting or similar agreements | $(1,017,176) | $ - | $(1,017,176) |
| (1) | Only the current day's variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable. |
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The Portfolio's derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio's derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2026.
| Counterparty |
Derivative Assets Subject to Master Netting Agreement |
Derivatives Available for Offset |
Non-cash Collateral Received(a) |
Cash Collateral Received(a) |
Net Amount of Derivative Assets(b) |
| Bank of America, N.A. | $15,876 | $(15,876) | $ - | $ - | $ - |
| Barclays Bank PLC | 106,133 | (77,930) | - | - | 28,203 |
| BNP Paribas | 38,636 | - | - | - | 38,636 |
| Citibank, N.A. | 220,916 | (52,787) | (109,845) | - | 58,284 |
| Deutsche Bank AG | 1,456,969 | (104,091) | - | (1,240,000) | 112,878 |
| Goldman Sachs International | 38,406 | (38,406) | - | - | - |
| HSBC Bank USA, N.A. | 25,236 | (15,109) | - | - | 10,127 |
| ICBC Standard Bank plc | 319,784 | (24,293) | - | (260,000) | 35,491 |
| JPMorgan Chase Bank, N.A. | 682,964 | (295,415) | (387,549) | - | - |
| Societe Generale | 5,376 | (5,376) | - | - | - |
| Standard Chartered Bank | 437,374 | (205,813) | - | - | 231,561 |
| State Street Bank and Trust Company | 10,490 | - | - | - | 10,490 |
| UBS AG | 20,720 | (4,366) | - | - | 16,354 |
| $3,378,880 | $(839,462) | $(497,394) | $(1,500,000) | $542,024 |
| 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(c) |
| Bank of America, N.A. | $(61,121) | $15,876 | $ - | $ - | $(45,245) |
| Barclays Bank PLC | (77,930) | 77,930 | - | - | - |
| Citibank, N.A. | (52,787) | 52,787 | - | - | - |
| Deutsche Bank AG | (104,091) | 104,091 | - | - | - |
| Goldman Sachs International | (115,842) | 38,406 | 77,436 | - | - |
| HSBC Bank USA, N.A. | (15,109) | 15,109 | - | - | - |
| ICBC Standard Bank plc | (24,293) | 24,293 | - | - | - |
| JPMorgan Chase Bank, N.A. | (295,415) | 295,415 | - | - | - |
| Societe Generale | (60,409) | 5,376 | - | - | (55,033) |
| Standard Chartered Bank | (205,813) | 205,813 | - | - | - |
| UBS AG | (4,366) | 4,366 | - | - | - |
| $(1,017,176) | $839,462 | $77,436 | $- | $(100,278) |
| (a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
| (b) | Net amount represents the net amount due from the counterparty in the event of default. |
| (c) | Net amount represents the net amount payable to the counterparty in the event of default. |
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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended April 30, 2026 was as follows:
| Statement of Operations Caption |
Foreign Exchange |
Interest Rate |
Total |
| Net realized gain (loss): | |||
| Investment transactions(1) | $10,962 | $ - | $10,962 |
| Written options | 15,303 | - | 15,303 |
| Futures contracts | - | (7) | (7) |
| Swap contracts | - | (68,586) | (68,586) |
| Forward foreign currency exchange contracts | 1,981,623 | - | 1,981,623 |
| Total | $2,007,888 | $(68,593) | $1,939,295 |
| Change in unrealized appreciation (depreciation): | |||
| Investments(1) | $(9,527) | $ - | $(9,527) |
| Written options | 28,776 | - | 28,776 |
| Futures contracts | - | 2,759 | 2,759 |
| Swap contracts | - | (6,695) | (6,695) |
| Forward foreign currency exchange contracts | 2,056,243 | - | 2,056,243 |
| Total | $2,075,492 | $(3,936) | $2,071,556 |
| (1) | Relates to purchased options. |
The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended April 30, 2026, which are indicative of the volume of these derivative types, were approximately as follows:
|
Futures Contracts - Short |
Forward Foreign Currency Exchange Contracts(1) |
Swap Contracts |
| $137,000 | $121,662,000 | $6,308,000 |
| (1) | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
The average principal amount of purchased and written currency options contracts outstanding during the six months ended April 30, 2026, which are indicative of the volume of these derivative types, were approximately $12,207,000 and $557,000, respectively.
6 Line of Credit
The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2026.
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7 Affiliated Investments
At April 30, 2026, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $35,697,797, which represents 14.7% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the six months ended April 30, 2026 were as follows:
| Name |
Value, beginning of period |
Purchases |
Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $815,625 | $207,209,454 | $(172,327,282) | $ - | $ - | $35,697,797 | $347,293 | 35,697,797 |
8 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 - quoted prices in active markets for identical investments |
| • | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 - significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At April 30, 2026, the hierarchy of inputs used in valuing the Portfolio's investments and open derivative instruments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Foreign Corporate Bonds | $ - | $ 1,429,686 | $ - | $ 1,429,686 |
| Sovereign Government Bonds | - | 70,860,790 | - | 70,860,790 |
| U.S. Government Agency Mortgage-Backed Securities | - | 52,771 | - | 52,771 |
| Short-Term Investments: | ||||
| Affiliated Fund | 35,697,797 | - | - | 35,697,797 |
| Sovereign Government Securities | - | 27,055,361 | - | 27,055,361 |
| U.S. Treasury Obligations | - | 96,586,256 | - | 96,586,256 |
| Purchased Currency Options | - | 88,371 | - | 88,371 |
| Total Investments | $35,697,797 | $196,073,235 | $- | $231,771,032 |
| Forward Foreign Currency Exchange Contracts | $ - | $ 3,572,707 | $ - | $ 3,572,707 |
| Futures Contracts | 2,148 | - | - | 2,148 |
| Swap Contracts | - | 7,755 | - | 7,755 |
| Total | $35,699,945 | $199,653,697 | $- | $235,353,642 |
| Liability Description | ||||
| Written Currency Options | $ - | $ (15,709) | $ - | $ (15,709) |
| Forward Foreign Currency Exchange Contracts | - | (1,404,023) | - | (1,404,023) |
| Total | $ - | $ (1,419,732) | $ - | $ (1,419,732) |
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9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Emerging market securities often involve greater risks than developed market securities. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain economic sectors. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets. Governmental actions can have a significant effect on the economic conditions in emerging market countries. It may be more difficult to make a claim or obtain a judgment in the courts of these countries than it is in the United States. The possibility of fraud, negligence, undue influence being exerted by an issuer or refusal to recognize ownership exists in some emerging markets. Disruptions due to work stoppages and trading improprieties in foreign securities markets have caused such markets to close. Emerging market securities are also subject to speculative trading, which contributes to their volatility.
Economic data as reported by sovereign entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S. debt issuer.
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EAIIX-NCSR 4.30.26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Portfolio's Board of Trustees since the Portfolio last provided disclosure in response to this item.
Item 16. Controls and Procedures
| (a) |
It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| (b) |
There have been no changes in the registrant's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
| (a)(1) | Registrant's Code of Ethics - Not applicable (please see Item 2). | |
| (a)(2)(i) | Principal Financial Officer's Section 302 certification. | |
| (a)(2)(ii) | Principal Executive Officer's Section 302 certification. | |
| (b) | Combined Section 906 certification. | |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| International Income Portfolio | ||
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: | June 24, 2026 | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner | |
| James F. Kirchner | ||
| Principal Financial Officer | ||
| Date: | June 24, 2026 | |
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: | June 24, 2026 | |
International Income Portfolio published this content on June 26, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 26, 2026 at 19:40 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]