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Series , Interest Only , Class S, 5. Series , Class SP, 8. Series , Class LN, 6. Series , Class SB, Federal Home Loan Mortgage Corp. Federal National Mortgage Association: Series C04, Class 1M2, 5.

Series C01, Class 1M2, 4. Series C03, Class 1M2, 4. Series C05, Class 1M2, 3. Series , Class NS, 5. Series C7, Class D, 4. Series GC23, Class D, 4. Series CR20, Class D, 3. Series CR22, Class D, 4. Series CR24, Class D, 3. Series CR27, Class D, 3. Series C19, Class D, 4. Series C21, Class D, 4. Series C22, Class D, 4. Series C23, Class D, 3.

Series C25, Class D, 3. Series C29, Class D, 3. Series C11, Class D, 4. Series C16, Class D, 4. Series C23, Class D, 4. Series C32, Class D, 3. Series C1, Class D, 5. Series C4, Class D, 4. Series C26, Class D, 3. Series C29, Class D, 4. Series C30, Class D, 4. Series C24, Class D, 3. Series A, Class D, 6. Series A, Class C2, 6. Series A, Class D, 7. Series A, Class C, 4. Series A, Class E, 7. Series A, Class E2, 6. Series A, Class F, 7. Series A, Class D1, 4.

Series A, Class E1, 6. Series A, Class D, 4. Series A, Class C, 5. Series A, Class D, 5. Series 3A, Class DR, 7. Series A, Class DR, 4. Series A, Class ER, 7. Series A, Class E, 8. Series A, Class DR, 7. Series A, Class E2, 7. Series A, Class CR, 5. Series A, Class D, 3 mo. Series A, Class F, 8.

Valeant Pharmaceuticals International, Inc. Australia Government Bond, 3. New Zealand Government Bond, 2. New Zealand Government Bond, 3. Republic of Suriname, 9. Thailand Government Bond, 1. Banco Hipotecario SA, Treasury Inflation-Protected Note, 0. Altair V Reinsurance 15 17 18 Total Purchased Options and Swaptions — 0. Total Investments — Total Written Options — 0. The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets.

Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated. Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index.

Principal only security that entitles the holder to receive only principal payments on the underlying mortgages. 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.

Security or a portion thereof has been pledged to cover collateral requirements on open derivative contracts. Security exempt from registration pursuant to Rule A under the Securities Act of , as amended. These securities may be sold in certain transactions in reliance on an exemption from registration normally to qualified institutional buyers.

Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated.

Senior floating-rate loans Senior Loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. Base lending rates may be subject to a floor, or minimum rate. Security exempt from registration under Regulation S of the Securities Act of , 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 Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country.

Interest is calculated based on the inflation-adjusted principal. Inflation-linked security whose principal is adjusted for inflation based on changes in the U. Security does not guarantee any return of principal at maturity, upon redemption or otherwise, and does not pay any interest during its term.

Cash payment at maturity or upon early redemption is based on the performance of the indicated index less an investor fee. Security is also subject to credit risk of the indicated issuer. Security is subject to risk of loss depending on the occurrence, frequency and severity of the loss events that are covered by underlying reinsurance contracts and that may occur during a specified risk period.

For fair value measurement disclosure purposes, security is categorized as Level 3 see Note Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U. At the settlement date, the Portfolio will purchase from the counterparty a straddle swaption i. Long-term debt securities issued by the Federal Republic of Germany with a term to maturity of 24 to 35 years. Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

Effective date represents the date on which the Portfolio and counterparty exchange the currencies and begin interest payment accrual. Centrally cleared swap contracts. Receivable for variation margin on open financial futures contracts. Receivable for open forward foreign currency exchange contracts. Receivable for open swap contracts. Payable for variation margin on open centrally cleared swap contracts. Payable for open forward foreign currency exchange contracts. Payable for open swap contracts.

Forward foreign currency exchange contracts. Non-deliverable bond forward contracts. Net change in unrealized appreciation depreciation. Net increase decrease in net assets from operations. Net increase decrease in net assets from capital transactions. Excludes the effect of custody fee credits, if any, of less than 0. Global Opportunities Portfolio the Portfolio is a Massachusetts business trust registered under the Investment Company Act of , as amended the Act , as a non-diversified, open-end management investment company.

The Declaration of Trust permits the Trustees to issue interests in the Portfolio. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America U. Consumer Product Testing Company, Inc. Consumer Product Testing Company. Centerline Solutions Centerline Solutions. Chickasaw Nation Industries, Inc. The Columbus Organization Home. Dean Search Recruiters for cosmetics and personal care industries.

Integrity Structures LLC integritystructuresllc. The home of civil engineering Institution of Civil Engineers. Total Investments — Interest only security that entitles the holder to receive only interest payments on the underlying mortgages.

Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at July 31, Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

The stated interest rate represents the rate in effect at July 31, Rate shown is the rate at July 31, Adjustable rate mortgage security. Security or a portion thereof has been pledged to cover collateral requirements on open derivative contracts. Security exempt from registration pursuant to Rule A under the Securities Act of , as amended. These securities may be sold in certain transactions in reliance on an exemption from registration normally to qualified institutional buyers.

For a variable rate security, interest rate will be determined after July 31, Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans.

Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated. Senior floating-rate loans Senior Loans often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

However, Senior Loans will typically have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any.

Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. Security exempt from registration under Regulation S of the Securities Act of , which exempts from registration securities offered and sold outside the United States. Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country.

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The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates. By design, the benchmark index is an inflation index, such as the Consumer Price Index. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index.

The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of interest rates or the index.

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. In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred.

If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract. When the Portfolio is the seller of a credit default swap contract , it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement.

If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement. This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation.

As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap. The interest fee paid or received on the swap contract , which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation depreciation and is recorded as realized gain upon receipt or realized loss upon payment.

The Portfolio also records an increase or decrease to unrealized appreciation depreciation in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily. All upfront payments, if any, are amortized over the life of the swap contract as realized gains or losses.

Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization.

For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller. The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis.

These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction. 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. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index.

At inception, the strike is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the underlying asset and the strike multiplied by the notional amount.

Changes in the value of the swap are recorded as unrealized gains and losses. Gains or losses are realized upon the termination of the contract. Risk of loss is dependent on the volatility of the underlying instrument. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement.

When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption.

When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close. The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract.

Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations. The fixed rate shall equal the prevailing at-the-money forward rate of the benchmark swap at determination date. Changes in the value of the agreement are recorded as unrealized gains or losses. The primary risk associated with forward volatility agreements is the change in the volatility of the underlying reference entity. Payment and delivery may take place after the customary settlement period for that security.

At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income. Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income.

Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds and the counterparty making a loan , they constitute a form of leverage.

The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

The yield to maturity on an IO security is extremely sensitive to the rate of principal payments including prepayments on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security.

The market value of IO and PO securities can be unusually volatile due to changes in interest rates. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio inclusive of its interest in the Subsidiary.

The Portfolio invests its cash in Cash Reserves Fund. 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 organizations. The Portfolio has various registration rights exercisable under a variety of circumstances with respect to these securities.

The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees. The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and swaptions, forward foreign currency exchange contracts , non-deliverable bond forward contracts , futures contracts , forward volatility agreements and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes.

The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk.

The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks: The Portfolio invests in commodities-linked derivative instruments, including commodity futures contracts and options thereon, that provide exposure to the investment returns of certain commodities.

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. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency.

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. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities.

Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments. Because the Subsidiary is not registered under the Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

Derivatives not subject to master netting or similar agreements. Total Asset Derivatives subject to master netting or similar agreements. Collateralized Mortgage Obligations — Series G, Class PJ, 7. Mortgage Pass-Throughs — 2. Foreign Government Bonds — Treasury Obligations — 3. Treasury Obligations — 0. To view pages properly, enable JavaScript in your browser. Federal Home Loan Mortgage Corp.: Series , Class ZC, 7.

See Notes to Consolidated Financial Statements. Series , Class CU, 3. Series , Class TZ, 4. Series , Class K, 6. Series , Class WA, 5. Series , Class TA, 1. Series , Class ZJ, 3. Series , Class Z, 3. Government National Mortgage Association: Series , Class ZM, 3. Series , Class ZA, 3. Commercial Mortgage-Backed Securities — 6.

Citigroup Commercial Mortgage Trust. Wells Fargo Commercial Mortgage Trust. Series C31, Class D, 3. Highbridge Loan Management, Ltd. Octagon Investment Partners 24, Ltd. Senior Floating-Rate Loans — 1. Equipment Leasing — 0. Food Service — 0. Lodging and Casinos — 0. Oil and Gas — 0.

Dominican Republic — 1. Republic of Iceland, 5. Republic of Iceland, 6. Republic of Iceland, 8. Indonesia Government Bond, 8. New Zealand — 4. Save to List Create New List. Find the plan that works best for you. Pick Plan You are currently subscribed to this plan. Includes Everything in Basic. Includes Everything in Basic and Pro. Richmond Behavioral Health Authority.

The McHenry Management Group. Mechanical or Industrial Engineering. Put Options Purchased — 0. Total Investments — Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated.

Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at July 31, Principal only security that entitles the holder to receive only principal payments on the underlying mortgages.

The stated interest rate represents the rate in effect at July 31, Rate shown is the rate at July 31, Adjustable rate mortgage security. Security or a portion thereof has been pledged to cover collateral requirements on open derivative contracts.

Security exempt from registration pursuant to Rule A under the Securities Act of , as amended. These securities may be sold in certain transactions in reliance on an exemption from registration normally to qualified institutional buyers.

For a variable rate security, interest rate will be determined after July 31, Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated. Senior floating-rate loans Senior Loans often require prepayments from excess cash flows or permit the borrowers to repay at their election.

The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any.

Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. Security exempt from registration under Regulation S of the Securities Act of , which exempts from registration securities offered and sold outside the United States.

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Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated. Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. Principal only security that entitles the holder to receive only principal payments on the underlying mortgages. 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.

Security or a portion thereof has been pledged to cover collateral requirements on open derivative contracts. Security exempt from registration pursuant to Rule A under the Securities Act of , as amended.

These securities may be sold in certain transactions in reliance on an exemption from registration normally to qualified institutional buyers. Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans. Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated. Senior floating-rate loans Senior Loans often require prepayments from excess cash flows or permit the borrowers to repay at their election.

The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread.

Base lending rates may be subject to a floor, or minimum rate. Security exempt from registration under Regulation S of the Securities Act of , 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 Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country.

Interest is calculated based on the inflation-adjusted principal. Inflation-linked security whose principal is adjusted for inflation based on changes in the U. Security does not guarantee any return of principal at maturity, upon redemption or otherwise, and does not pay any interest during its term. Cash payment at maturity or upon early redemption is based on the performance of the indicated index less an investor fee. Security is also subject to credit risk of the indicated issuer.

Security is subject to risk of loss depending on the occurrence, frequency and severity of the loss events that are covered by underlying reinsurance contracts and that may occur during a specified risk period. For fair value measurement disclosure purposes, security is categorized as Level 3 see Note Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.

At the settlement date, the Portfolio will purchase from the counterparty a straddle swaption i. Long-term debt securities issued by the Federal Republic of Germany with a term to maturity of 24 to 35 years. Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon. Effective date represents the date on which the Portfolio and counterparty exchange the currencies and begin interest payment accrual. Centrally cleared swap contracts.

Receivable for variation margin on open financial futures contracts. Receivable for open forward foreign currency exchange contracts. Receivable for open swap contracts. Payable for variation margin on open centrally cleared swap contracts. Payable for open forward foreign currency exchange contracts. Payable for open swap contracts.

Forward foreign currency exchange contracts. Non-deliverable bond forward contracts. Net change in unrealized appreciation depreciation. Net increase decrease in net assets from operations. Net increase decrease in net assets from capital transactions. Excludes the effect of custody fee credits, if any, of less than 0. Global Opportunities Portfolio the Portfolio is a Massachusetts business trust registered under the Investment Company Act of , as amended the Act , as a non-diversified, open-end management investment company.

The Declaration of Trust permits the Trustees to issue interests in the Portfolio. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America U. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security.

Exchange-traded notes are valued at the last sale price on the primary market or exchange on which they are traded on the day of valuation. Short-term 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.

Interests in senior floating-rate loans Senior Loans for which reliable market quotations are readily available are valued generally at the average mean of bid and ask quotations obtained from a third party pricing service. Equity securities listed on a U. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices. Financial and commodities 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 asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Forward volatility agreements are valued by a third party pricing service using techniques that consider factors including the volatility of the underlying instrument and the period of time until expiration.

Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. In the case of total return swaps and volatility swaps, the pricing service valuations are based on the value of the underlying index or instrument, reference interest rate and volatility surface, as applicable.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U. The pricing service uses a proprietary model to determine the exchange rate.

The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange.

While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. Realized gains and losses on investments sold are determined on the basis of identified cost. Fees associated with loan amendments are recognized immediately. 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. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date.

Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation depreciation on investments.

Capital gains taxes on securities sold are included in net realized gain loss on investments. The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U. The Portfolio is treated as a U. As a result, the Portfolio is required to include in gross income for U. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio.

The Portfolio files a U. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.

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. These commitments, if any, are disclosed in the accompanying Consolidated Portfolio of Investments.

GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability.

Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index, commodity or currency, and are recorded as unrealized gains or losses by the Portfolio.

Gains losses are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities futures contracts and may realize a loss.

Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

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. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date.

For non-deliverable bond forward contracts , unrealized gains and losses, based on changes in the value of the contract , and realized gains and losses are accounted for as described above. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.

Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Portfolio is required to deliver an amount of cash determined by the excess of the strike price of the option over the value of the index in the case of a put or the excess of the value of the index over the strike price of the option in the case of a call at contract termination.

If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. The Portfolio, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold call or purchased put and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets 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. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option in the case of a put or equal to any appreciation in the value of the index over the strike price of the option in the case of a call as of the valuation date of the option.

If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option.

If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid.

If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. 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. The CCP guarantees the performance of the original parties to the contract. Save to List Create New List.

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Security exempt from registration pursuant to Rule A under the Securities Act of , as amended. These securities may be sold in certain transactions in reliance on an exemption from registration normally to qualified institutional buyers. For a variable rate security, interest rate will be determined after July 31, Interest only security that entitles the holder to receive only a portion of the interest payments on the underlying loans.

Principal amount shown is the notional amount of the underlying loans on which coupon interest is calculated. Senior floating-rate loans Senior Loans often require prepayments from excess cash flows or permit the borrowers to repay at their election.

The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any.

Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium.

Security exempt from registration under Regulation S of the Securities Act of , which exempts from registration securities offered and sold outside the United States.

Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.

Inflation-linked security whose principal is adjusted for inflation based on changes in the U. Security is subject to risk of loss depending on the occurrence, frequency and severity of the loss events that are covered by underlying reinsurance contracts and that may occur during a specified risk period.

For fair value measurement disclosure purposes, security is categorized as Level 3. Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U. The rate shown is the annualized seven-day yield as of July 31, At the expiration date, the Portfolio will purchase from the counterparty a swaption straddle i.

Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency. Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon. The Portfolio pays interest on the currency received and receives interest on the currency delivered.

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Equity securities listed on a U. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices. Financial and commodities 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 asked prices that are reported by currency dealers to a third party pricing service at the valuation time.

Forward volatility agreements are valued by a third party pricing service using techniques that consider factors including the volatility of the underlying instrument and the period of time until expiration.

Non-deliverable bond forward contracts are generally valued based on the current price of the underlying bond as provided by a third party pricing service and current interest rates. In the case of total return swaps and volatility swaps, the pricing service valuations are based on the value of the underlying index or instrument, reference interest rate and volatility surface, as applicable.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U. The pricing service uses a proprietary model to determine the exchange rate. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange.

While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the Act.

Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. Realized gains and losses on investments sold are determined on the basis of identified cost. Fees associated with loan amendments are recognized immediately.

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.

However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. 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.

In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities and the related tax rates.

Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation depreciation on investments. Capital gains taxes on securities sold are included in net realized gain loss on investments.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U. The Portfolio is treated as a U. As a result, the Portfolio is required to include in gross income for U.

If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Portfolio. The Portfolio files a U. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.

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.

These commitments, if any, are disclosed in the accompanying Consolidated Portfolio of Investments. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of income and expense during the reporting period.

Actual results could differ from those estimates. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio.

Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security, index, commodity or currency, and are recorded as unrealized gains or losses by the Portfolio.

Gains losses are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial or commodities futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

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. The Portfolio may also enter into non-deliverable bond forward contracts for the purchase or sale of a bond denominated in a non-deliverable foreign currency at a fixed price on a future date. For non-deliverable bond forward contracts , unrealized gains and losses, based on changes in the value of the contract , and realized gains and losses are accounted for as described above.

Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss.

When an index option is exercised, the Portfolio is required to deliver an amount of cash determined by the excess of the strike price of the option over the value of the index in the case of a put or the excess of the value of the index over the strike price of the option in the case of a call at contract termination.

If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. The Portfolio, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold call or purchased put and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets 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. As the purchaser of an index option, the Portfolio has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option in the case of a put or equal to any appreciation in the value of the index over the strike price of the option in the case of a call as of the valuation date of the option.

If an option which the Portfolio had purchased expires on the stipulated expiration date, the Portfolio will realize a loss in the amount of the cost of the option. If the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss, depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. If the Portfolio exercises a put option on a security, it will realize a gain or loss from the sale of the underlying security, and the proceeds from such sale will be decreased by the premium originally paid.

If the Portfolio exercises a call option on a security, the cost of the security which the Portfolio purchases upon exercise will be increased by the premium originally paid. 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. The CCP guarantees the performance of the original parties to the contract. Upon entering into centrally cleared swaps, the Portfolio is required to deposit with the CCP, either in cash or securities, an amount of initial margin determined by the CCP, which is subject to adjustment.

Pursuant to interest rate swap agreements, the Portfolio either makes floating-rate payments to the counterparty or CCP in the case of centrally cleared swaps based on a benchmark interest rate in exchange for fixed-rate payments or the Portfolio makes fixed-rate payments to the counterparty or CCP in the case of a centrally cleared swap in exchange for payments on a floating benchmark interest rate. Payments received or made are recorded as realized gains or losses.

During the term of the outstanding swap agreement, changes in the underlying value of the swap are recorded as unrealized gains or losses. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the.

The value of the swap is determined by changes in the relationship between two rates of interest. The Portfolio is exposed to credit loss in the event of non-performance by the swap counterparty. In the case of centrally cleared swaps, counterparty risk is minimal due to protections provided by the CCP. Risk may also arise from movements in interest rates.

By design, the benchmark index is an inflation index, such as the Consumer Price Index. The value of the swap is determined by changes in the relationship between the rate of interest and the benchmark index. The Portfolio is exposed to credit loss in the event of nonperformance by the swap counterparty. Risk may also arise from the unanticipated movements in value of interest rates or the index.

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.

In return, the Portfolio pays the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Portfolio would have spent the stream of payments and received no proceeds from the contract.

When the Portfolio is the seller of a credit default swap contract , it receives the stream of payments, but is obligated to pay to the buyer of the protection an amount up to the notional amount of the swap and in certain instances take delivery of securities of the reference entity upon the occurrence of a credit event, as defined under the terms of that particular swap agreement. If the Portfolio is a seller of protection and a credit event occurs, the maximum potential amount of future payments that the Portfolio could be required to make would be an amount equal to the notional amount of the agreement.

This potential amount would be partially offset by any recovery value of the respective referenced obligation, or net amount received from the settlement of a buy protection credit default swap agreement entered into by the Portfolio for the same referenced obligation. As the seller, the Portfolio may create economic leverage to its portfolio because, in addition to its total net assets, the Portfolio is subject to investment exposure on the notional amount of the swap.

The interest fee paid or received on the swap contract , which is based on a specified interest rate on a fixed notional amount, is accrued daily as a component of unrealized appreciation depreciation and is recorded as realized gain upon receipt or realized loss upon payment. The Portfolio also records an increase or decrease to unrealized appreciation depreciation in an amount equal to the daily valuation. For centrally cleared swaps, the daily change in valuation is recorded as a receivable or payable for variation margin and settled in cash with the CCP daily.

All upfront payments, if any, are amortized over the life of the swap contract as realized gains or losses. Those upfront payments that are paid or received, typically for non-centrally cleared swaps, are recorded as other assets or other liabilities, respectively, net of amortization.

For financial reporting purposes, unamortized upfront payments, if any, are netted with unrealized appreciation or depreciation on swap contracts to determine the market value of swaps as presented in Notes 6 and The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to the notional amount of the credit default swaps of which it is the seller.

The Portfolio segregates assets in the form of cash or liquid securities in an amount equal to any unrealized depreciation of the credit default swaps of which it is the buyer, marked-to-market on a daily basis. These transactions involve certain risks, including the risk that the seller may be unable to fulfill the transaction.

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. Risk may also arise from the unanticipated movements in value of exchange rates, interest rates, securities, or the index. At inception, the strike is generally chosen such that the fair value of the swap is zero. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realized price volatility of the underlying asset and the strike multiplied by the notional amount.

Changes in the value of the swap are recorded as unrealized gains and losses. Gains or losses are realized upon the termination of the contract. Risk of loss is dependent on the volatility of the underlying instrument. When the Portfolio purchases a swaption, the premium paid to the writer is recorded as an investment and subsequently marked-to-market to. A written swaption gives the Portfolio the obligation, if exercised by the purchaser, to enter into a swap contract according to the terms of the underlying agreement.

When the Portfolio writes a swaption, the premium received by the Portfolio is recorded as a liability and subsequently marked-to-market to reflect the current value of the swaption. When a swaption is exercised, the cost of the swap is adjusted by the amount of the premium paid or received. When a swaption expires or an unexercised swaption is closed, a gain or loss is recognized in the amount of the premium paid or received, plus the cost to close.

The writer of a swaption bears the risk of unfavorable changes in the preset terms of the underlying swap contract. Purchased swaptions traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations. The fixed rate shall equal the prevailing at-the-money forward rate of the benchmark swap at determination date. Changes in the value of the agreement are recorded as unrealized gains or losses.

The primary risk associated with forward volatility agreements is the change in the volatility of the underlying reference entity. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date.

Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. At the same time, the Portfolio agrees to repurchase the security at an agreed upon time and price, which reflects an interest payment. In periods of increased demand for a security, the Portfolio may receive a payment from the counterparty for the use of the security, which is recorded as interest income.

Because the Portfolio retains effective control over the transferred security, the transaction is accounted for as a secured borrowing. The Portfolio may enter into such agreements when it believes it is able to invest the cash acquired at a rate higher than the cost of the agreement, which would increase earned income.

Because reverse repurchase agreements may be considered to be the practical equivalent of borrowing funds and the counterparty making a loan , they constitute a form of leverage. The Portfolio segregates cash or liquid assets equal to its obligation to repurchase the security. In the event the counterparty to a reverse repurchase agreement becomes insolvent, recovery of the security transferred by the Portfolio may be delayed or the Portfolio may incur a loss equal to the amount by which the value of the security transferred by the Portfolio exceeds the repurchase price payable by the Portfolio.

The yield to maturity on an IO security is extremely sensitive to the rate of principal payments including prepayments on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the yield to maturity from these securities. If the underlying mortgages experience greater than anticipated prepayments of principal, the Portfolio may fail to recoup its initial investment in an IO security.

The market value of IO and PO securities can be unusually volatile due to changes in interest rates. In determining the investment adviser fee for the Portfolio and Subsidiary, the applicable advisory fee rate is based on the average daily net assets of the Portfolio inclusive of its interest in the Subsidiary.

The Portfolio invests its cash in Cash Reserves Fund. 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 organizations. The Portfolio has various registration rights exercisable under a variety of circumstances with respect to these securities.

The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees. The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities.

These financial instruments may include written options and swaptions, forward foreign currency exchange contracts , non-deliverable bond forward contracts , futures contracts , forward volatility agreements and swap contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes.

The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks: The Portfolio invests in commodities-linked derivative instruments, including commodity futures contracts and options thereon, that provide exposure to the investment returns of certain commodities.

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. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty.

However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. 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.

The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Consolidated Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Consolidated Portfolio of Investments.

Because the Subsidiary is not registered under the Act, it may not be able to negotiate terms with its counterparties that are equivalent to those a registered portfolio may negotiate. As a result, the Subsidiary may have greater exposure to those counterparties than a registered portfolio.

Derivatives not subject to master netting or similar agreements. Total Asset Derivatives subject to master netting or similar agreements. Collateralized Mortgage Obligations — Series G, Class PJ, 7. Mortgage Pass-Throughs — 2. Foreign Government Bonds — Treasury Obligations — 3. Treasury Obligations — 0. To view pages properly, enable JavaScript in your browser. Federal Home Loan Mortgage Corp.: Series , Class ZC, 7. See Notes to Consolidated Financial Statements. Series , Class CU, 3.

Series , Class TZ, 4. Series , Class K, 6. Series , Class WA, 5. Series , Class TA, 1. Series , Class ZJ, 3. Series , Class Z, 3. Government National Mortgage Association: Series , Class ZM, 3.

Series , Class ZA, 3. Commercial Mortgage-Backed Securities — 6. Citigroup Commercial Mortgage Trust. Wells Fargo Commercial Mortgage Trust. Series C31, Class D, 3. Highbridge Loan Management, Ltd.

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