Emerging Markets Local Income Portfolio NPORT-P Emerging Markets Local Income Portfolio (Jan 2020 report)

Emerging Markets Local Income Portfolio

January 31, 2020

Portfolio of Investments (Unaudited)

Foreign Government Bonds — 55.6%
Security						Principal Amount (000's omitted)					Value
________________________________________________________________________________________________________
Albania — 0.1%
________________________________________________________________________________________________________
Republic of Albania, 5.75%, 11/12/20(1)			EUR		646					$	749,582
________________________________________________________________________________________________________
Total Albania										$	749,582
________________________________________________________________________________________________________
Bahrain — 0.2%
________________________________________________________________________________________________________
CBB International Sukuk Co. 7 SPC, 6.875%, 10/5/25(1)			USD		200					$	233,788
Kingdom of Bahrain, 6.125%, 8/1/23(1)			USD		840						929,460
Kingdom of Bahrain, 6.75%, 9/20/29(1)			USD		200						233,196
Kingdom of Bahrain, 7.00%, 10/12/28(1)			USD		1,040						1,229,119
________________________________________________________________________________________________________
Total Bahrain										$	2,625,563
________________________________________________________________________________________________________
Barbados — 0.0%(2)
________________________________________________________________________________________________________
Government of Barbados, 6.50%, 2/1/21(3)			USD		421					$	423,315
________________________________________________________________________________________________________
Total Barbados										$	423,315
________________________________________________________________________________________________________
Bosnia and Herzegovina — 0.2%
________________________________________________________________________________________________________
Republic of Srpska, 1.50%, 6/30/23			BAM		130					$	73,325
Republic of Srpska, 1.50%, 10/30/23			BAM		354						200,089
Republic of Srpska, 1.50%, 12/15/23			BAM		19						10,879
Republic of Srpska, 1.50%, 5/31/25			BAM		3,337						1,873,394
Republic of Srpska, 1.50%, 6/9/25			BAM		320						179,284
Republic of Srpska, 1.50%, 12/24/25			BAM		349						194,684
Republic of Srpska, 1.50%, 9/25/26			BAM		253						142,510
Republic of Srpska, 1.50%, 9/26/27			BAM		88						48,784
________________________________________________________________________________________________________
Total Bosnia and Herzegovina										$	2,722,949
________________________________________________________________________________________________________
Brazil — 0.5%
________________________________________________________________________________________________________
Nota do Tesouro Nacional, 10.00%, 1/1/21			BRL		5,127					$	1,256,382
Nota do Tesouro Nacional, 10.00%, 1/1/27			BRL		22,375						6,219,974
________________________________________________________________________________________________________
Total Brazil										$	7,476,356
________________________________________________________________________________________________________
Colombia — 0.2%
________________________________________________________________________________________________________
Republic of Colombia, 7.75%, 4/14/21			COP		6,301,000					$	1,897,815
Titulos De Tesoreria B, 10.00%, 7/24/24			COP		3,528,300						1,233,357
________________________________________________________________________________________________________
Total Colombia										$	3,131,172
________________________________________________________________________________________________________
Costa Rica — 0.0%(2)
________________________________________________________________________________________________________
Titulo Propiedad UD, 1.00%, 1/12/22(4)			CRC		66,100					$	99,333
________________________________________________________________________________________________________
Total Costa Rica										$	99,333
________________________________________________________________________________________________________
Egypt — 3.3%
________________________________________________________________________________________________________
Egypt Government Bond, 14.40%, 9/10/29			EGP		64,028					$	4,222,652
Egypt Government Bond, 15.60%, 8/6/26			EGP		412,456						28,285,991
Egypt Government Bond, 15.70%, 11/7/27			EGP		25,517						1,770,515
Egypt Government Bond, 16.10%, 5/7/29			EGP		167,800						12,060,532
________________________________________________________________________________________________________
Total Egypt										$	46,339,690
________________________________________________________________________________________________________
Fiji — 0.5%
________________________________________________________________________________________________________
Republic of Fiji, 6.625%, 10/2/20(1)			USD		7,781					$	7,819,905
________________________________________________________________________________________________________
Total Fiji										$	7,819,905
________________________________________________________________________________________________________
Georgia — 1.1%
________________________________________________________________________________________________________
Georgia Treasury Bond, 7.00%, 5/30/24			GEL		30,533					$	9,630,208
Georgia Treasury Bond, 7.25%, 1/17/21			GEL		4,662						1,594,390
Georgia Treasury Bond, 7.375%, 9/27/23			GEL		6,187						2,001,727
Georgia Treasury Bond, 8.125%, 1/25/23			GEL		3,108						1,057,586
Georgia Treasury Bond, 9.375%, 4/9/22			GEL		4,563						1,597,741
________________________________________________________________________________________________________
Total Georgia										$	15,881,652
________________________________________________________________________________________________________
Indonesia — 7.8%
________________________________________________________________________________________________________
Indonesia Government Bond, 7.50%, 8/15/32			IDR		92,887,000					$	6,958,872
Indonesia Government Bond, 7.50%, 5/15/38			IDR		825,846,000						60,527,163
Indonesia Government Bond, 7.50%, 4/15/40			IDR		47,000,000						3,510,802
Indonesia Government Bond, 8.25%, 6/15/32			IDR		11,609,000						922,395
Indonesia Government Bond, 8.25%, 5/15/36			IDR		394,816,000						31,150,997
Indonesia Government Bond, 9.00%, 3/15/29			IDR		30,681,000						2,567,610
Indonesia Government Bond, 9.50%, 7/15/31			IDR		50,388,000						4,408,535
Indonesia Government Bond, 9.50%, 5/15/41			IDR		5,702,000						495,379
________________________________________________________________________________________________________
Total Indonesia										$	110,541,753
________________________________________________________________________________________________________
Macedonia — 0.4%
________________________________________________________________________________________________________
Republic of Macedonia, 3.975%, 7/24/21(1)			EUR		1,470					$	1,716,714
Republic of Macedonia, 4.875%, 12/1/20(1)			EUR		3,491						4,023,594
________________________________________________________________________________________________________
Total Macedonia										$	5,740,308
________________________________________________________________________________________________________
Malaysia — 1.5%
________________________________________________________________________________________________________
Malaysia Government Bond, 3.733%, 6/15/28			MYR		81,500					$	20,739,566
________________________________________________________________________________________________________
Total Malaysia										$	20,739,566
________________________________________________________________________________________________________
Mexico — 1.4%
________________________________________________________________________________________________________
Mexican Bonos, 7.75%, 11/13/42			MXN		127,000					$	7,332,468
Mexican Bonos, 8.00%, 12/7/23			MXN		108,000						5,986,968
Mexican Bonos, 8.50%, 5/31/29			MXN		39,000						2,329,618
Mexican Bonos, 8.50%, 11/18/38			MXN		36,100						2,226,124
Mexican Bonos, 10.00%, 11/20/36			MXN		22,074						1,536,674
________________________________________________________________________________________________________
Total Mexico										$	19,411,852
________________________________________________________________________________________________________
Peru — 2.3%
________________________________________________________________________________________________________
Peru Government Bond, 5.40%, 8/12/34(1)(3)			PEN		24,530					$	7,809,494
Peru Government Bond, 5.94%, 2/12/29(1)(3)			PEN		26,700						9,079,528
Peru Government Bond, 6.714%, 2/12/55			PEN		4,100						1,531,963
Peru Government Bond, 6.90%, 8/12/37			PEN		41,002						15,025,278
________________________________________________________________________________________________________
Total Peru										$	33,446,263
________________________________________________________________________________________________________
Russia — 3.1%
________________________________________________________________________________________________________
Russia Government Bond, 2.50%, 2/2/28(4)			RUB		1,978,733					$	30,406,341
Russia Government Bond, 7.70%, 3/23/33			RUB		778,365						13,702,937
Russia Government Bond, 7.75%, 9/16/26			RUB		31,480						540,361
Russia Government Bond, 8.50%, 9/17/31			RUB		8,092						150,415
________________________________________________________________________________________________________
Total Russia										$	44,800,054
________________________________________________________________________________________________________
Serbia — 8.9%
________________________________________________________________________________________________________
Serbia Treasury Bond, 4.50%, 1/11/26			RSD		7,094,340					$	73,591,681
Serbia Treasury Bond, 5.75%, 7/21/23			RSD		3,312,640						34,915,303
Serbia Treasury Bond, 5.875%, 2/8/28			RSD		1,526,670						17,250,515
Serbia Treasury Bond, 10.00%, 10/23/24			RSD		128,420						1,615,316
________________________________________________________________________________________________________
Total Serbia										$	127,372,815
________________________________________________________________________________________________________
Seychelles — 0.1%
________________________________________________________________________________________________________
Republic of Seychelles, 8.00%, 1/1/26(1)			USD		1,179					$	1,243,169
________________________________________________________________________________________________________
Total Seychelles										$	1,243,169
________________________________________________________________________________________________________
South Africa — 4.3%
________________________________________________________________________________________________________
Republic of South Africa, 8.25%, 3/31/32			ZAR		95,739					$	5,865,322
Republic of South Africa, 8.50%, 1/31/37			ZAR		312,840						18,482,542
Republic of South Africa, 8.75%, 1/31/44			ZAR		408,487						23,910,201
Republic of South Africa, 8.75%, 2/28/48			ZAR		231,000						13,479,681
________________________________________________________________________________________________________
Total South Africa										$	61,737,746
________________________________________________________________________________________________________
Sri Lanka — 0.5%
________________________________________________________________________________________________________
Sri Lanka Government Bond, 10.25%, 3/15/25			LKR		266,520					$	1,515,693
Sri Lanka Government Bond, 11.00%, 8/1/24			LKR		114,000						663,912
Sri Lanka Government Bond, 11.20%, 9/1/23			LKR		45,000						262,177
Sri Lanka Government Bond, 11.50%, 5/15/23			LKR		118,000						691,514
Sri Lanka Government Bond, 11.50%, 9/1/28			LKR		592,730						3,616,334
________________________________________________________________________________________________________
Total Sri Lanka										$	6,749,630
________________________________________________________________________________________________________
Tanzania — 0.1%
________________________________________________________________________________________________________
United Republic of Tanzania, 7.989%, (6 mo. USD LIBOR + 6.00%), 3/9/20(1)(5)      USD							992						$	1,002,084
________________________________________________________________________________________________________
Total Tanzania										$	1,002,084
________________________________________________________________________________________________________
Thailand — 2.9%
________________________________________________________________________________________________________
Thailand Government Bond, 1.25%, 3/12/28(1)(4)			THB		508,959					$	16,206,177
Thailand Government Bond, 3.30%, 6/17/38			THB		429,734						17,299,756
Thailand Government Bond, 3.40%, 6/17/36			THB		205,000						8,280,602
________________________________________________________________________________________________________
Total Thailand										$	41,786,535
________________________________________________________________________________________________________
Turkey — 3.0%
________________________________________________________________________________________________________
Turkey Government Bond, 7.10%, 3/8/23			TRY		70,204					$	10,874,157
Turkey Government Bond, 8.50%, 9/14/22			TRY		110,415						18,006,607
Turkey Government Bond, 10.70%, 8/17/22			TRY		9,380						1,603,365
Turkey Government Bond, 12.40%, 3/8/28			TRY		23,227						4,428,256
Turkey Government Bond, 16.20%, 6/14/23			TRY		36,761						7,229,658
________________________________________________________________________________________________________
Total Turkey										$	42,142,043
________________________________________________________________________________________________________
Ukraine — 13.2%
________________________________________________________________________________________________________
Ukraine Government International Bond, 10.00%, 8/23/23			UAH		672,489					$	27,243,795
Ukraine Government International Bond, 15.70%, 1/20/21			UAH		231,604						9,747,905
Ukraine Government International Bond, 15.84%, 2/26/25			UAH		1,890,256						95,250,274
Ukraine Government International Bond, 17.00%, 5/11/22			UAH		184,700						8,363,395
Ukraine Government International Bond, 18.00%, 3/24/21			UAH		1,089,839						47,326,738
________________________________________________________________________________________________________
Total Ukraine										$	187,932,107
________________________________________________________________________________________________________
Total Foreign Government Bonds (identified cost $741,130,180)										$	791,915,442
________________________________________________________________________________________________________
Foreign Corporate Bonds — 1.3%
Security				Principal Amount (000's omitted)							Value
________________________________________________________________________________________________________
Colombia — 0.0%(2)
________________________________________________________________________________________________________
Emgesa SA ESP, 8.75%, 1/25/21(1)			COP		697,000					$	210,296
________________________________________________________________________________________________________
Total Colombia										$	210,296
________________________________________________________________________________________________________
Indonesia — 0.1%
________________________________________________________________________________________________________
Jasa Marga (Persero) Tbk PT, 7.50%, 12/11/20(1)			IDR		21,720,000					$	1,578,156
________________________________________________________________________________________________________
Total Indonesia										$	1,578,156
________________________________________________________________________________________________________
Mexico — 0.1%
________________________________________________________________________________________________________
Petroleos Mexicanos, 7.19%, 9/12/24(3)			MXN		10,630					$	521,095
Petroleos Mexicanos, 7.65%, 11/24/21			MXN		5,900						308,497
________________________________________________________________________________________________________
Total Mexico										$	829,592
________________________________________________________________________________________________________
Peru — 1.1%
________________________________________________________________________________________________________
Alicorp SAA, 6.875%, 4/17/27(1)			PEN		25,530					$	8,256,158
Telefonica del Peru SAA, 7.375%, 4/10/27(3)			PEN		24,500						7,812,866
________________________________________________________________________________________________________
Total Peru										$	16,069,024
________________________________________________________________________________________________________
Total Foreign Corporate Bonds (identified cost $18,598,884)										$	18,687,068
________________________________________________________________________________________________________
Sovereign Loans — 0.1%
Borrower				Principal Amount (000's omitted)							Value
________________________________________________________________________________________________________
Ethiopia — 0.1%
________________________________________________________________________________________________________
Ethiopian Railways Corporation (Federal Democratic Republic of Ethiopia guaranteed), Term Loan, 5.94%, (6 mo. USD LIBOR + 3.75%), Maturing August 1, 2021(5)(6)		$			1,067			$			1,073,880
________________________________________________________________________________________________________
Total Ethiopia										$	1,073,880
________________________________________________________________________________________________________
Total Sovereign Loans (identified cost $1,042,627)										$	1,073,880
________________________________________________________________________________________________________
Short-Term Investments — 35.9%
Foreign Government Securities — 17.0%
Security				Principal Amount (000's omitted)							Value
________________________________________________________________________________________________________
Egypt — 6.3%
________________________________________________________________________________________________________
Egypt Treasury Bill, 0.00%, 3/10/20				EGP		372,725				$	23,337,171
Egypt Treasury Bill, 0.00%, 4/14/20				EGP		100,650					6,219,215
Egypt Treasury Bill, 0.00%, 4/21/20				EGP		36,725					2,263,113
Egypt Treasury Bill, 0.00%, 4/28/20				EGP		261,075					15,979,442
Egypt Treasury Bill, 0.00%, 5/12/20				EGP		100,225					6,101,926
Egypt Treasury Bill, 0.00%, 5/26/20				EGP		62,900					3,841,375
Egypt Treasury Bill, 0.00%, 6/16/20				EGP		40,800					2,471,200
Egypt Treasury Bill, 0.00%, 8/4/20				EGP		410,225					24,197,563
Egypt Treasury Bill, 0.00%, 9/29/20				EGP		82,775					4,806,589
________________________________________________________________________________________________________
Total Egypt										$	89,217,594
________________________________________________________________________________________________________
Georgia — 1.3%
________________________________________________________________________________________________________
Bank of Georgia Promissory Note, 7.40%, 4/30/20				GEL		2,051				$	704,255
Bank of Georgia Promissory Note, 7.40%, 5/13/20				GEL		1,090					373,722
Bank of Georgia Promissory Note, 7.40%, 5/18/20				GEL		1,602					549,254
Bank of Georgia Promissory Note, 7.45%, 4/10/20				GEL		1,480					509,159
Bank of Georgia Promissory Note, 7.45%, 4/16/20				GEL		2,544					874,931
Bank of Georgia Promissory Note, 7.45%, 4/22/20				GEL		1,513					519,916
Bank of Georgia Promissory Note, 7.45%, 4/24/20				GEL		2,520					865,870
Bank of Georgia Promissory Note, 7.45%, 4/28/20				GEL		1,024					351,693
Bank of Georgia Promissory Note, 7.50%, 5/28/20				GEL		1,990					681,669
Bank of Georgia Promissory Note, 7.50%, 6/10/20				GEL		1,029					352,004
Bank of Georgia Promissory Note, 7.50%, 6/12/20				GEL		716					244,916
Bank of Georgia Promissory Note, 7.50%, 6/15/20				GEL		1,411					482,538
Bank of Georgia Promissory Note, 7.50%, 6/16/20				GEL		1,721					588,456
Bank of Georgia Promissory Note, 7.50%, 6/17/20				GEL		1,536					525,326
Bank of Georgia Promissory Note, 7.50%, 6/19/20				GEL		3,083					1,054,143
Bank of Georgia Promissory Note, 7.50%, 6/26/20				GEL		4,083					1,394,852
Bank of Georgia Promissory Note, 7.50%, 6/29/20				GEL		3,437					1,173,945
Georgia Treasury Bill, 0.00%, 5/7/20				GEL		1,930					654,432
Georgia Treasury Bill, 0.00%, 5/14/20				GEL		2,900					981,159
Georgia Treasury Bill, 0.00%, 6/4/20				GEL		2,858					962,525
Georgia Treasury Bill, 0.00%, 6/11/20				GEL		3,313					1,112,713
Georgia Treasury Bill, 0.00%, 7/2/20				GEL		5,104					1,707,363
Georgia Treasury Bill, 0.00%, 1/14/21				GEL		5,888					1,883,244
________________________________________________________________________________________________________
Total Georgia										$	18,548,085
________________________________________________________________________________________________________
Nigeria — 1.1%
________________________________________________________________________________________________________
Nigeria OMO Bill, 0.00%, 5/28/20				NGN		3,616,087				$	9,841,825
Nigeria OMO Bill, 0.00%, 7/21/20				NGN		310,350					809,702
Nigeria OMO Bill, 0.00%, 1/5/21				NGN		942,950					2,298,463
Nigeria OMO Bill, 0.00%, 1/26/21				NGN		548,402					1,316,056
Nigeria Treasury Bill, 0.00%, 4/2/20				NGN		347,081					950,066
Nigeria Treasury Bill, 0.00%, 4/30/20				NGN		276,462					754,654
________________________________________________________________________________________________________
Total Nigeria										$	15,970,766
________________________________________________________________________________________________________
Pakistan — 8.2%
________________________________________________________________________________________________________
Pakistan Treasury Bill, 0.00%, 2/13/20				PKR		414,600				$	2,669,090
Pakistan Treasury Bill, 0.00%, 5/21/20				PKR		429,000					2,666,926
Pakistan Treasury Bill, 0.00%, 11/19/20				PKR		453,600					2,651,745
Pakistan Treasury Bill, 0.00%, 12/3/20				PKR		4,145,500					24,132,703
Pakistan Treasury Bill, 0.00%, 12/17/20				PKR		5,179,900					30,023,720
Pakistan Treasury Bill, 0.00%, 12/31/20				PKR		764,000					4,409,517
Pakistan Treasury Bill, 0.00%, 1/14/21				PKR		4,773,800					27,436,768
Pakistan Treasury Bill, 0.00%, 1/28/21				PKR		3,968,600					22,702,569
________________________________________________________________________________________________________
Total Pakistan										$	116,693,038
________________________________________________________________________________________________________
Uruguay — 0.1%
________________________________________________________________________________________________________
Uruguay Monetary Regulation Bill, 0.00%, 7/31/20				UYU		83,005				$	2,102,270
________________________________________________________________________________________________________
Total Uruguay										$	2,102,270
________________________________________________________________________________________________________
Total Foreign Government Securities (identified cost $238,380,636)										$	242,531,753
________________________________________________________________________________________________________
U.S. Treasury Obligations — 1.6%
Security						Principal Amount (000's omitted)					Value
________________________________________________________________________________________________________
U.S. Treasury Bill, 0.00%, 2/20/20(7)			USD		22,550					$	22,534,364
________________________________________________________________________________________________________
Total U.S. Treasury Obligations (identified cost $22,532,274)										$	22,534,364
________________________________________________________________________________________________________
Other — 17.3%
Description					Units							Value
________________________________________________________________________________________________________
Eaton Vance Cash Reserves Fund, LLC, 1.74%(8)					245,386,152				$			245,410,691
________________________________________________________________________________________________________
Total Other (identified cost $245,387,552)										$	245,410,691
________________________________________________________________________________________________________
Total Short-Term Investments (identified cost $506,300,462)										$	510,476,808
________________________________________________________________________________________________________
Total Investments — 92.9% (identified cost $1,267,072,153)										$	1,322,153,198
________________________________________________________________________________________________________
Other Assets, Less Liabilities — 7.1%										$	100,566,949
________________________________________________________________________________________________________
Net Assets — 100.0%										$	1,422,720,147
________________________________________________________________________________________________________
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1)	Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At January 31, 2020, the aggregate value of these securities is $62,320,420 or 4.4% of the Portfolio's net assets.
(2)	Amount is less than 0.05%.
(3)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At January 31, 2020, the aggregate value of these securities is $25,646,298 or 1.8% of the Portfolio's net assets.
(4)	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.
(5)	Variable rate security. The stated interest rate represents the rate in effect at January 31, 2020.
(6)	Loan is subject to scheduled mandatory prepayments. Maturity date shown reflects the final maturity date.
(7)	Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.
(8)	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2020.

Emerging Markets Local Income Portfolio

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Centrally Cleared Forward Foreign Currency Exchange Contracts
Currency Purchased					Currency Sold														Settlement Date							Value/Unrealized  Appreciation  (Depreciation)
___________________________________________________________________________________________________________
CZK	1,035,637,322				USD	45,208,741													2/3/20					$		330,693
CZK	1,035,637,322				USD	45,532,527													2/3/20							6,908
IDR	42,161,386,687				USD	3,028,618													2/3/20							58,998
IDR	47,583,646,000				USD	3,485,471													2/3/20							(766)
IDR	5,422,259,313				USD	398,110													2/3/20							(1,020)
INR	38,801,800				USD	542,856													2/3/20							911
USD	45,214,465				CZK	1,035,637,322													2/3/20							(324,969)
USD	45,208,741				CZK	1,035,637,322													2/3/20							(330,693)
USD	3,088,294				IDR	42,161,386,687													2/3/20							679
USD	397,177				IDR	5,422,259,313													2/3/20							87
USD	3,444,097				IDR	47,583,646,000													2/3/20							(40,608)
USD	544,816				INR	38,801,800													2/3/20							1,050
BRL	645,146,815				USD	151,105,941													2/4/20							(462,216)
BRL	624,011,720				USD	154,661,244													2/4/20							(8,952,627)
USD	153,899,527				BRL	645,146,815													2/4/20							3,255,802
USD	146,155,690				BRL	624,011,720													2/4/20							447,074
CLP	26,088,486,000				USD	33,818,784													2/10/20							(1,222,321)
PEN	12,650,000				USD	3,802,110													2/10/20							(66,942)
PEN	55,566,876				USD	16,701,294													2/10/20							(294,052)
PHP	138,926,000				USD	2,732,075													2/10/20							(1,870)
RUB	1,007,500,000				USD	16,415,479													2/10/20							(667,509)
RUB	2,919,339,159				USD	47,036,878													2/10/20							(1,405,449)
USD	3,257,569				CLP	2,525,675,000													2/10/20							101,845
USD	1,628,779				CLP	1,259,860,484													2/10/20							54,636
USD	40,669,263				EUR	36,275,567													2/10/20							423,251
USD	4,248,582				PEN	14,155,000													2/10/20							69,032
USD	12,295,128				PEN	40,907,122													2/10/20							216,475
USD	5,091,743				PEN	16,988,600													2/10/20							75,516
USD	6,741,207				RUB	418,392,320													2/10/20							201,425
USD	5,757,312				RUB	357,327,000													2/10/20							172,027
COP	25,444,200,000				USD	7,826,576													2/13/20							(390,449)
MXN	1,900,216,611				USD	97,820,731													2/14/20							2,609,787
USD	7,646,502				MXN	148,537,123													2/14/20							(204,003)
USD	9,944,173				IDR	136,354,500,000													2/18/20							25,537
INR	230,000,000				USD	3,215,659													2/28/20							(9,834)
USD	397,264				IDR	5,422,259,313													2/28/20							4,723
BRL	42,000,000				USD	9,971,510													3/3/20							(179,204)
BRL	645,146,815				USD	153,712,519													3/3/20							(3,296,453)
PHP	418,607,500				USD	8,176,567													3/5/20							15,823
PHP	397,113,500				USD	7,753,094													3/5/20							18,645
USD	8,634,950				EUR	7,708,951													3/6/20							69,101
USD	7,745,595				EUR	6,914,969													3/6/20							61,984
IDR	96,000,000,000				USD	6,997,085													3/9/20							(68,005)
IDR	550,059,489,548				USD	39,273,132													3/9/20							429,012
PHP	95,000,000				USD	1,870,815													3/9/20							(11,919)
PHP	250,495,000				USD	4,914,654													3/9/20							(13,137)
PHP	250,495,000				USD	4,915,522													3/9/20							(14,005)
USD	11,408,005				IDR	159,780,520,704													3/9/20							(124,619)
USD	11,838,523				IDR	165,810,350,000													3/9/20							(129,322)
PLN	15,000,000				USD	3,896,408													3/16/20							(24,158)
PLN	174,277,255				USD	45,270,347													3/16/20							(280,679)
CZK	1,035,637,322				USD	45,212,689													3/30/20							322,775
CZK	223,000,000				USD	9,734,676													3/30/20							70,309
COP	265,124,280,000				USD	80,501,694													4/3/20							(3,258,713)
INR	490,040,000				USD	6,805,166													4/3/20							(10,851)
EUR	14,500,000				USD	16,196,674													4/9/20							(51,205)
EUR	130,673,818				USD	146,981,649													4/9/20							(1,478,883)
USD	3,205,428				RUB	200,429,000													4/9/20							92,243
USD	2,737,590				RUB	171,176,000													4/9/20							78,780
INR	810,000				USD	11,308													4/15/20							(93)
INR	38,801,800				USD	540,641													4/15/20							(3,418)
INR	45,210,000				USD	630,544													4/15/20							(4,598)
INR	1,067,843,240				USD	14,934,348													4/15/20							(149,739)
USD	44,205,543				ZAR	647,721,712													4/20/20							1,477,271
USD	16,022,727				ZAR	234,773,000													4/20/20							535,451
ZAR	499,557,000				USD	34,093,636													4/20/20							(1,139,349)
USD	9,788,255				EUR	8,844,063													5/8/20							(76,539)
USD	29,378,701				EUR	26,327,360													5/8/20							12,787
USD	28,762,021				EUR	25,774,730													5/8/20							12,518
USD	25,565,854				EUR	22,910,524													5/8/20							11,127
USD	784,897				EUR	703,376													5/8/20							342
USD	1,552,601				EUR	1,394,111													5/8/20							(2,411)
ZAR	829,000				USD	56,375													5/26/20							(1,945)
USD	49,798,921				EUR	44,154,634													7/17/20							350,489
USD	968,600				EUR	858,817													7/17/20							6,817
___________________________________________________________________________________________________________
																														$			(13,072,643)
___________________________________________________________________________________________________________
Forward Foreign Currency Exchange Contracts
Currency Purchased					Currency Sold				Counterparty										Settlement Date							Unrealized Appreciation					Unrealized (Depreciation)
___________________________________________________________________________________________________________
EUR	6,371,232				USD	7,011,541			UBS AG										2/3/20					$		54,471			$					—
EUR	6,371,232				USD	7,030,655			UBS AG										2/3/20							35,357								—
INR	853,167,400				USD	11,813,107			Australia and New Zealand Banking Group Limited										2/3/20							143,133								—
INR	1,009,365,600				USD	14,121,504			Australia and New Zealand Banking Group Limited										2/3/20							23,688								—
INR	27,737,000				USD	387,930			Goldman Sachs International										2/3/20							775								—
INR	167,263,000				USD	2,340,016			Standard Chartered Bank										2/3/20							3,998								—
TRY	41,747,000				USD	9,087,683			Goldman Sachs International										2/3/20							—								(2,112,121)
TRY	29,500,000				USD	6,402,604			JPMorgan Chase Bank, N.A.										2/3/20							—								(1,473,409)
USD	7,083,791				EUR	6,371,232			UBS AG										2/3/20							17,779								—
USD	7,030,655				EUR	6,371,232			UBS AG										2/3/20							—								(35,357)
USD	14,126,070				INR	1,009,365,600			Australia and New Zealand Banking Group Limited										2/3/20							—								(19,123)
USD	11,936,217				INR	853,167,400			Australia and New Zealand Banking Group Limited										2/3/20							—								(20,023)
USD	388,054				INR	27,737,000			Goldman Sachs International										2/3/20							—								(651)
USD	2,340,089				INR	167,263,000			Standard Chartered Bank										2/3/20							—								(3,925)
USD	11,175,508				TRY	68,022,000			Bank of America, N.A.										2/3/20							—								(190,380)
USD	539,063				TRY	3,225,000			Standard Chartered Bank										2/3/20							194								—
BRL	21,135,095				USD	5,065,396			Standard Chartered Bank										2/4/20							—								(130,287)
USD	4,950,251				BRL	21,135,095			Standard Chartered Bank										2/4/20							15,142								—
EUR	3,489,336				HUF	1,150,000,000			Standard Chartered Bank										2/6/20							89,611								—
HUF	10,783,252,000				EUR	32,663,901			Standard Chartered Bank										2/6/20							—								(779,596)
TRY	8,839,835				USD	1,487,323			Standard Chartered Bank										2/6/20							—								(11,328)
TRY	184,657,843				USD	31,069,118			Standard Chartered Bank										2/6/20							—								(236,622)
USD	31,636,863				TRY	188,032,209			Standard Chartered Bank										2/6/20							240,946								—
USD	2,888,819				TRY	17,240,000			Standard Chartered Bank										2/6/20							10,240								—
USD	6,475,163				UAH	158,771,000			Goldman Sachs International										2/6/20							139,468								—
RON	147,880,000				EUR	30,832,743			Standard Chartered Bank										2/7/20							125,256								—
RON	13,500,000				EUR	2,819,080			Standard Chartered Bank										2/7/20							6,607								—
TRY	3,589,471				USD	778,965			Deutsche Bank AG										2/10/20							—								(180,203)
TRY	3,225,000				USD	538,191			Standard Chartered Bank										2/10/20							—								(226)
TRY	8,400,000				USD	1,427,733			Standard Chartered Bank										2/10/20							—								(26,523)
TRY	3,689,000				USD	801,434			Standard Chartered Bank										2/10/20							—								(186,069)
USD	4,071,958				CLP	3,141,500,000			Standard Chartered Bank										2/10/20							146,786								—
USD	4,234,732				CLP	3,279,300,000			Standard Chartered Bank										2/10/20							137,385								—
USD	325,758				CLP	252,530,000			Standard Chartered Bank										2/10/20							10,233								—
USD	1,427,590				TRY	8,400,000			Standard Chartered Bank										2/10/20							26,380								—
TRY	468,264				USD	101,598			Standard Chartered Bank										2/14/20							—								(23,557)
TRY	4,711,529				USD	1,023,467			Standard Chartered Bank										2/14/20							—								(238,246)
PLN	14,000,000				EUR	3,241,915			Credit Agricole Corporate and Investment Bank										2/17/20							15,254								—
MYR	13,000,000				USD	3,105,961			BNP Paribas										2/19/20							61,521								—
USD	15,061,761				MYR	63,407,000			BNP Paribas										2/19/20							—								(387,509)
EUR	207,784				USD	232,228			Australia and New Zealand Banking Group Limited										2/24/20							—								(1,504)
EUR	2,714,065				USD	2,994,729			Bank of America, N.A.										2/24/20							18,983								—
EUR	6,000,000				USD	6,710,736			Bank of America, N.A.										2/24/20							—								(48,304)
EUR	6,000,000				USD	6,736,606			Morgan Stanley & Co. International PLC										2/24/20							—								(74,174)
EUR	7,000,000				USD	7,715,089			Standard Chartered Bank										2/24/20							57,749								—
INR	229,800,000				USD	3,213,743			Australia and New Zealand Banking Group Limited										2/24/20							—								(7,824)
INR	85,860,000				USD	1,208,140			Australia and New Zealand Banking Group Limited										2/24/20							—								(10,315)
INR	1,009,365,600				USD	14,099,077			Australia and New Zealand Banking Group Limited										2/24/20							—								(17,509)
INR	321,300,000				USD	4,518,307			Australia and New Zealand Banking Group Limited										2/24/20							—								(35,880)
INR	593,670,000				USD	8,333,626			Australia and New Zealand Banking Group Limited										2/24/20							—								(51,389)
INR	1,750,000				USD	24,079			Goldman Sachs International										2/24/20							335								—
RSD	34,022,620				EUR	288,205			JPMorgan Chase Bank, N.A.										2/24/20							658								—
USD	7,020,524				EUR	6,371,232			UBS AG										2/24/20							—								(54,126)
USD	5,295,142				ZAR	79,075,000			Standard Chartered Bank										2/24/20							40,408								—
USD	2,264,171				ZAR	33,811,999			Standard Chartered Bank										2/24/20							17,278								—
ZAR	169,489,000				USD	11,349,583			Standard Chartered Bank										2/24/20							—								(86,610)
EUR	1,708,760				RSD	201,104,000			HSBC Bank USA, N.A.										2/27/20							2,191								—
COP	10,218,000,000				USD	3,000,024			Standard Chartered Bank										2/28/20							—								(16,441)
COP	17,019,620,000				USD	5,000,040			Standard Chartered Bank										2/28/20							—								(30,433)
RUB	350,000,000				USD	5,567,973			Standard Chartered Bank										2/28/20							—								(107,201)
EUR	2,053,999				RSD	242,474,574			JPMorgan Chase Bank, N.A.										3/4/20							—								(3,628)
THB	120,580,000				USD	3,981,509			Standard Chartered Bank										3/6/20							—								(110,639)
THB	152,358,071				USD	5,034,633			Standard Chartered Bank										3/6/20							—								(143,620)
USD	2,817,130				THB	85,252,000			Standard Chartered Bank										3/6/20							80,363								—
THB	105,000,000				USD	3,468,809			Standard Chartered Bank										3/16/20							—								(97,341)
THB	635,406,000				USD	21,039,057			Standard Chartered Bank										3/16/20							—								(636,668)
USD	14,748,656				THB	445,435,098			Standard Chartered Bank										3/16/20							446,084								—
MYR	116,790,000				USD	28,189,718			Goldman Sachs International										3/17/20							219,533								—
MYR	17,000,000				USD	4,184,615			Morgan Stanley & Co. International PLC										3/17/20							—								(49,353)
TRY	5,652,500				USD	1,131,405			Bank of America, N.A.										3/20/20							—								(196,663)
TRY	51,100,000				USD	10,413,695			Bank of America, N.A.										3/20/20							—								(1,963,392)
UGX	20,607,219,477				USD	5,434,393			Citibank, N.A.										3/20/20							115,922								—
MXN	312,854,000				USD	16,249,317			HSBC Bank USA, N.A.										3/23/20							192,853								—
MXN	16,179,963				USD	840,371			HSBC Bank USA, N.A.										3/23/20							9,974								—
MXN	40,000,000				USD	2,093,098			State Street Bank and Trust Company										3/23/20							9,118								—
MXN	80,000,000				USD	4,212,312			State Street Bank and Trust Company										3/23/20							—								(7,879)
MXN	140,804,000				USD	7,410,617			State Street Bank and Trust Company										3/23/20							—								(10,605)
MXN	55,000,000				USD	2,913,176			State Street Bank and Trust Company										3/23/20							—								(22,628)
UGX	20,323,327,000				USD	5,058,070			Citibank, N.A.										3/23/20							413,151								—
USD	5,057,082				MXN	96,566,328			Bank of America, N.A.										3/23/20							—								(18,000)
EUR	3,090,943				RSD	363,804,000			Citibank, N.A.										3/24/20							9,044								—
UGX	20,328,385,272				USD	5,058,070			Citibank, N.A.										3/25/20							412,759								—
UGX	4,312,974,000				USD	1,138,589			Standard Chartered Bank										3/27/20							21,759								—
USD	9,188,675				ZAR	132,880,668			Standard Chartered Bank										3/27/20							395,390								—
USD	5,096,557				ZAR	74,015,595			Standard Chartered Bank										3/27/20							198,627								—
USD	14,106,169				ZAR	211,680,000			Standard Chartered Bank										3/27/20							98,394								—
USD	6,225,685				ZAR	93,423,878			Standard Chartered Bank										3/27/20							43,426								—
UGX	4,859,200,000				USD	1,272,042			Citibank, N.A.										4/2/20							34,005								—
USD	5,342,116				UAH	129,760,000			Bank of America, N.A.										4/8/20							229,839								—
THB	223,000,000				USD	7,156,611			Standard Chartered Bank										4/10/20							7,682								—
THB	338,375,440				USD	11,169,718			Standard Chartered Bank										4/10/20							—								(298,772)
THB	1,529,255,862				USD	50,480,487			Standard Chartered Bank										4/10/20							—								(1,350,272)
UGX	1,857,890,000				USD	461,129			Standard Chartered Bank										4/14/20							36,648								—
UGX	4,543,680,000				USD	1,131,958			Citibank, N.A.										4/20/20							83,103								—
PLN	20,000,000				EUR	4,647,465			Standard Chartered Bank										4/24/20							—								(15,443)
PLN	212,474,249				EUR	49,859,075			Standard Chartered Bank										4/24/20							—								(705,412)
THB	224,849,000				USD	7,403,655			Standard Chartered Bank										4/24/20							—								(177,886)
UGX	4,195,308,000				USD	1,038,700			Standard Chartered Bank										6/15/20							70,318								—
UGX	4,679,050,000				USD	1,167,719			Citibank, N.A.										6/26/20							66,875								—
UGX	4,788,440,000				USD	1,200,562			Standard Chartered Bank										7/2/20							61,616								—
UGX	3,041,210,000				USD	762,208			Citibank, N.A.										8/10/20							32,742								—
UGX	10,761,176,000				USD	2,705,853			Standard Chartered Bank										8/14/20							101,784								—
___________________________________________________________________________________________________________
																								$		4,832,835			$					(12,405,066)
___________________________________________________________________________________________________________
Non-deliverable Bond Forward Contracts*
Settlement Date		Notional Amount (000's omitted)						Reference Entity					Counterparty									Aggregate Cost						Unrealized Appreciation (Depreciation)
___________________________________________________________________________________________________________
3/24/20		COP		84,000,000				Republic of Colombia, 6.00%, 4/28/28					Bank of America, N.A.								$	24,561,404						$		158,863
3/24/20		COP		13,000,000				Republic of Colombia, 7.00%, 6/30/32					Bank of America, N.A.									3,801,170								37,061
3/24/20		COP		31,893,000				Republic of Colombia, 7.50%, 8/26/26					Bank of America, N.A.									9,325,438								45,415
3/24/20		COP		43,000,000				Republic of Colombia, 7.75%, 9/18/30					Bank of America, N.A.									12,573,099								104,608
3/24/20		COP		73,500,000				Republic of Colombia, 10.00%, 7/24/24					Bank of America, N.A.									21,491,228								125,401
___________________________________________________________________________________________________________
																																$	471,348
___________________________________________________________________________________________________________
* Represents a short-term forward contract to purchase the reference entity denominated in a non-deliverable foreign currency.
Futures Contracts
Description											Number of Contracts			Position			Expiration Date								Notional Amount								Value/Unrealized Appreciation (Depreciation)
___________________________________________________________________________________________________________
Interest Rate Futures
5-Year USD Deliverable Interest Rate Swap										14					Short			3/16/20					$	(1,428,875)				$					(21,875)
10-Year USD Deliverable Interest Rate Swap										71					Short			3/16/20						(7,445,016)									(198,023)
U.S. 10-Year Treasury Note										32					Short			3/20/20						(4,213,000)									(60,000)
___________________________________________________________________________________________________________
																																$	(279,898)
___________________________________________________________________________________________________________
Centrally Cleared Interest Rate Swaps
Notional Amount (000's omitted)			Portfolio Pays/ Receives Floating Rate				Floating Rate					Annual Fixed Rate				Termination Date				Value							Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
___________________________________________________________________________________________________________

Emerging Markets Local Income Portfolio

January 31, 2020

Portfolio of Investments (Unaudited) — continued

BRL

40,336

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

5.84% (pays upon  termination)

1/2/23

$

119,776

$

—

$

119,776

BRL

30,974

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

5.96% (pays upon  termination)

1/2/23

131,427

—

131,427

BRL

76,081

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

6.55% (pays upon  termination)

1/2/23

694,515

—

694,515

BRL

35,200

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

8.13% (pays upon  termination)

1/2/23

847,537

—

847,537

BRL

28,640

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

6.14% (pays upon  termination)

1/2/25

16,293

—

16,293

BRL

70,160

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

6.27% (pays upon  termination)

1/2/25

168,063

—

168,063

BRL

11,269

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

8.57% (pays upon  termination)

1/2/25

426,982

—

426,982

BRL

47,000

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

9.58% (pays upon  termination)

1/2/25

3,205,467

—

3,205,467

BRL

5,239

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

9.90% (pays upon  termination)

1/2/25

397,940

—

397,940

BRL

23,401

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

9.92% (pays upon  termination)

1/2/25

1,791,755

—

1,791,755

CLP

9,792,953

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

2.09% (pays semi-annually)

12/6/21

64,261

—

64,261

CLP

4,865,090

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

1.98% (pays semi-annually)

12/11/21

18,035

—

18,035

CLP

8,101,730

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

3.81% (pays semi-annually)

5/29/23

602,020

—

602,020

CLP

5,000,000

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

3.68% (pays semi-annually)

2/11/24

464,725

—

464,725

CLP

1,140,000

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

3.49% (pays semi-annually)

4/26/24

84,208

—

84,208

CLP

4,609,640

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

2.71% (pays semi-annually)

6/13/24

111,538

—

111,538

CLP

5,630,000

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

2.29% (pays semi-annually)

8/6/24

(4,187)

—

(4,187)

CLP

3,831,000

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

2.09% (pays semi-annually)

10/2/24

(57,023)

—

(57,023)

CLP

794,000

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

4.02% (pays semi-annually)

3/18/29

91,785

—

91,785

CNY

358,670

Pays

7-day China Fixing Repo Rates (pays quarterly)

3.07% (pays quarterly)

5/7/24

1,059,454

—

1,059,454

CNY

68,996

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.90% (pays quarterly)

6/6/24

129,037

—

129,037

CNY

51,747

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.90% (pays quarterly)

6/6/24

97,732

—

97,732

CNY

51,747

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.90% (pays quarterly)

6/6/24

98,369

—

98,369

CNY

103,494

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.90% (pays quarterly)

6/6/24

196,738

—

196,738

CNY

25,873

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.90% (pays quarterly)

6/6/24

49,581

—

49,581

CNY

79,345

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.90% (pays quarterly)

6/6/24

152,052

—

152,052

CNY

34,498

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.87% (pays quarterly)

6/10/24

59,547

—

59,547

CNY

68,070

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.79% (pays quarterly)

7/4/24

79,179

—

79,179

CNY

27,360

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.67% (pays quarterly)

8/12/24

11,673

—

11,673

CNY

15,590

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.67% (pays quarterly)

8/12/24

7,409

—

7,409

CNY

45,000

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.87% (pays quarterly)

9/17/24

77,553

—

77,553

CNY

42,410

Pays

7-day China Fixing Repo Rates (pays quarterly)

2.92% (pays quarterly)

10/8/24

83,840

—

83,840

CNY

63,000

Pays

7-day China Fixing Repo Rates (pays quarterly)

3.10% (pays quarterly)

11/15/24

208,371

—

208,371

CNY

90,000

Pays

7-day China Fixing Repo Rates (pays quarterly)

3.00% (pays quarterly)

1/6/25

227,905

—

227,905

COP

44,641,000

Pays

Colombia Overnight Interbank Reference Rate (pays quarterly)

4.69% (pays quarterly)

2/3/25

11,147

—

11,147

CZK

232,350

Pays

6-month CZK PRIBOR (pays semi-annually)

1.84% (pays annually)

12/5/24

12,584

—

12,584

CZK

243,180

Pays

6-month CZK PRIBOR (pays semi-annually)

1.87% (pays annually)

1/28/25

45,394

—

45,394

CZK

497,198

Pays

6-month CZK PRIBOR (pays semi-annually)

1.74% (pays annually)

5/31/29

598,201

—

598,201

EUR

16,300

Receives

6-month EURIBOR (pays semi-annually)

0.25% (pays annually)

9/20/22

(334,212)

(34,151)

(368,363)

HUF

5,700,000

Pays

6-month HUF BUBOR (pays semi-annually)

2.30% (pays annually)

11/19/23

1,123,375

—

1,123,375

HUF

7,255,400

Pays

6-month HUF BUBOR (pays semi-annually)

1.39% (pays annually)

5/31/24

733,344

—

733,344

HUF

1,680,000

Pays

6-month HUF BUBOR (pays semi-annually)

0.79% (pays annually)

8/6/24

(17,377)

—

(17,377)

HUF

3,500,000

Pays

6-month HUF BUBOR (pays semi-annually)

0.71% (pays annually)

11/22/24

(121,183)

—

(121,183)

HUF

3,288,000

Receives

6-month HUF BUBOR (pays semi-annually)

1.39% (pays annually)

12/17/29

125,967

—

125,967

MXN

135,000

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.16% (pays monthly)

4/21/20

(4,874)

—

(4,874)

MXN

154,600

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.29% (pays monthly)

11/22/22

169,170

(13,822)

155,348

MXN

267,700

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.58% (pays monthly)

3/21/23

449,743

(3,629)

446,114

MXN

350,500

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

8.98% (pays monthly)

11/29/23

1,627,492

(10,683)

1,616,809

MXN

516,400

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

8.54% (pays monthly)

12/15/23

1,987,684

—

1,987,684

MXN

185,000

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

8.13% (pays monthly)

2/2/24

590,833

—

590,833

MXN

180,000

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.69% (pays monthly)

5/22/24

450,515

(5,115)

445,400

MXN

329,000

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.49% (pays monthly)

6/5/24

698,164

—

698,164

MXN

67,771

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

6.08% (pays monthly)

6/27/24

(52,291)

—

(52,291)

MXN

224,000

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.19% (pays monthly)

6/27/24

339,578

—

339,578

MXN

130,204

Receives

Mexico Interbank TIIE 28 Day (pays monthly)

6.66% (pays monthly)

11/7/24

(58,348)

—

(58,348)

MXN

173,100

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

6.55% (pays monthly)

1/21/25

40,631

—

40,631

MXN

130,000

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

6.21% (pays monthly)

6/29/26

(103,959)

—

(103,959)

MXN

176,000

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.86% (pays monthly)

1/5/28

768,819

(5,325)

763,494

MXN

168,218

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

8.58% (pays monthly)

10/13/28

1,203,224

(13,097)

1,190,127

MXN

232,520

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.06% (pays monthly)

7/30/29

398,629

—

398,629

MXN

83,120

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

6.77% (pays monthly)

9/18/29

51,920

—

51,920

MXN

206,360

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

6.94% (pays monthly)

11/21/29

253,895

—

253,895

MXN

70,000

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.43% (pays monthly)

6/22/37

223,430

—

223,430

PLN

6,426

Pays

6-month PLN WIBOR (pays semi-annually)

1.72% (pays annually)

2/27/20

14,496

—

14,496

PLN

4,106

Pays

6-month PLN WIBOR (pays semi-annually)

1.78% (pays annually)

2/27/20

9,829

—

9,829

PLN

2,300

Pays

6-month PLN WIBOR (pays semi-annually)

5.36% (pays annually)

7/30/20

26,229

—

26,229

PLN

4,400

Pays

6-month PLN WIBOR (pays semi-annually)

2.19% (pays annually)

10/28/21

8,677

—

8,677

PLN

35,000

Pays

6-month PLN WIBOR (pays semi-annually)

2.35% (pays annually)

11/19/22

148,940

—

148,940

PLN

25,000

Pays

6-month PLN WIBOR (pays semi-annually)

2.43% (pays annually)

6/8/23

220,114

—

220,114

PLN

20,000

Pays

6-month PLN WIBOR (pays semi-annually)

2.04% (pays annually)

1/31/24

50,011

—

50,011

PLN

16,000

Pays

6-month PLN WIBOR (pays semi-annually)

2.01% (pays annually)

2/11/24

82,693

—

82,693

PLN

13,000

Pays

6-month PLN WIBOR (pays semi-annually)

2.05% (pays annually)

2/28/24

73,785

—

73,785

PLN

15,522

Pays

6-month PLN WIBOR (pays semi-annually)

2.01% (pays annually)

3/13/24

80,663

—

80,663

PLN

18,000

Pays

6-month PLN WIBOR (pays semi-annually)

1.99% (pays annually)

5/30/24

88,111

—

88,111

PLN

37,000

Pays

6-month PLN WIBOR (pays semi-annually)

1.79% (pays annually)

7/5/24

85,529

—

85,529

PLN

27,850

Pays

6-month PLN WIBOR (pays semi-annually)

1.76% (pays annually)

8/6/24

(5,801)

—

(5,801)

PLN

12,200

Pays

6-month PLN WIBOR (pays semi-annually)

1.66% (pays annually)

10/2/24

(20,040)

—

(20,040)

PLN

11,400

Pays

6-month PLN WIBOR (pays semi-annually)

2.44% (pays annually)

10/28/24

89,913

—

89,913

PLN

40,000

Pays

6-month PLN WIBOR (pays semi-annually)

1.73% (pays annually)

11/22/24

(34,222)

—

(34,222)

PLN

50,000

Pays

6-month PLN WIBOR (pays semi-annually)

1.97% (pays annually)

1/20/25

103,018

—

103,018

PLN

43,840

Pays

6-month PLN WIBOR (pays semi-annually)

1.85% (pays annually)

1/30/25

28,312

—

28,312

PLN

26,000

Pays

6-month PLN WIBOR (pays semi-annually)

2.62% (pays annually)

3/20/25

377,869

—

377,869

PLN

75,000

Pays

6-month PLN WIBOR (pays semi-annually)

2.84% (pays annually)

1/10/28

1,439,327

—

1,439,327

PLN

43,600

Receives

6-month PLN WIBOR (pays semi-annually)

1.78% (pays annually)

12/17/29

84,354

—

84,354

THB

220,000

Pays

6-month THB Fixing Rate (pays semi-annually)

1.32% (pays semi-annually)

8/7/24

55,768

—

55,768

THB

250,640

Pays

6-month THB Fixing Rate (pays semi-annually)

1.29% (pays semi-annually)

10/2/24

58,530

—

58,530

THB

175,000

Pays

6-month THB Fixing Rate (pays semi-annually)

1.29% (pays semi-annually)

11/25/24

52,351

—

52,351

THB

456,500

Pays

6-month THB Fixing Rate (pays semi-annually)

1.26% (pays semi-annually)

12/16/24

117,663

—

117,663

USD

280

Receives

3-month USD-LIBOR (pays quarterly)

3.11% (pays semi-annually)

9/27/23

(20,193)

6

(20,187)

USD

340

Receives

3-month USD-LIBOR (pays quarterly)

3.09% (pays semi-annually)

9/28/23

(24,261)

—

(24,261)

USD

200

Receives

3-month USD-LIBOR (pays quarterly)

3.06% (pays semi-annually)

10/2/23

(14,100)

(18)

(14,118)

USD

341

Receives

3-month USD-LIBOR (pays quarterly)

3.08% (pays semi-annually)

10/3/23

(24,245)

—

(24,245)

USD

532

Receives

3-month USD-LIBOR (pays quarterly)

3.13% (pays semi-annually)

9/28/28

(79,201)

—

(79,201)

USD

364

Receives

3-month USD-LIBOR (pays quarterly)

3.11% (pays semi-annually)

10/2/28

(53,454)

165

(53,289)

USD

178

Receives

3-month USD-LIBOR (pays quarterly)

3.12% (pays semi-annually)

10/2/28

(26,259)

—

(26,259)

ZAR

44,500

Pays

3-month ZAR JIBAR (pays quarterly)

7.67% (pays quarterly)

5/15/24

128,886

—

128,886

ZAR

221,000

Pays

3-month ZAR JIBAR (pays quarterly)

6.99% (pays quarterly)

7/3/24

233,973

—

233,973

ZAR

185,000

Pays

3-month ZAR JIBAR (pays quarterly)

7.00% (pays quarterly)

11/20/24

189,896

—

189,896

ZAR

559,737

Pays

3-month ZAR JIBAR (pays quarterly)

6.88% (pays quarterly)

1/10/25

338,790

—

338,790

ZAR

666,353

Pays

3-month ZAR JIBAR (pays quarterly)

6.90% (pays quarterly)

1/10/25

437,430

—

437,430

ZAR

149,940

Pays

3-month ZAR JIBAR (pays quarterly)

6.76% (pays quarterly)

1/24/25

44,046

—

44,046

ZAR

68,770

Pays

3-month ZAR JIBAR (pays quarterly)

8.79% (pays quarterly)

3/18/26

455,430

—

455,430

ZAR

54,320

Pays

3-month ZAR JIBAR (pays quarterly)

8.12% (pays quarterly)

10/6/26

229,869

—

229,869

ZAR

71,000

Pays

3-month ZAR JIBAR (pays quarterly)

8.08% (pays quarterly)

4/24/29

229,821

—

229,821

___________________________________________________________________________________________________________

Total

$

28,207,599

$

(85,669)

$

28,121,930

___________________________________________________________________________________________________________

Interest Rate Swaps

Counterparty

Notional Amount (000's omitted)

Portfolio Pays/ Receives Floating Rate

Floating Rate

Annual Fixed Rate

Termination Date

Value/Unrealized Appreciation (Depreciation)

___________________________________________________________________________________________________________

Bank of America, N.A.

BRL

12,953

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

13.10% (pays upon  termination)

1/2/23

$

2,454,703

Bank of America, N.A.

MXN

26,000

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

6.46% (pays monthly)

9/24/20

(5,582)

Bank of America, N.A.

MYR

48,000

Pays

3-month MYR KLIBOR (pays quarterly)

3.27% (pays quarterly)

1/3/25

169,403

Bank of America, N.A.

PLN

3,600

Pays

6-month PLN WIBOR (pays semi-annually)

4.95% (pays annually)

9/14/20

29,327

Bank of America, N.A.

PLN

8,765

Pays

6-month PLN WIBOR (pays semi-annually)

5.45% (pays annually)

6/7/21

183,597

Bank of America, N.A.

RUB

925,000

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

6.57% (pays annually)

12/12/24

100,707

Bank of America, N.A.

THB

400,000

Pays

6-month THB Fixing Rate (pays semi-annually)

1.91% (pays semi-annually)

11/2/22

345,447

Bank of America, N.A.

THB

230,000

Pays

6-month THB Fixing Rate (pays semi-annually)

1.90% (pays semi-annually)

12/8/22

195,776

Barclays Bank PLC

BRL

22,098

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

11.72% (pays upon  termination)

1/4/21

1,368,165

BNP Paribas

MYR

67,300

Pays

3-month MYR KLIBOR (pays quarterly)

3.13% (pays quarterly)

10/4/24

125,505

Citibank, N.A.

MYR

44,600

Pays

3-month MYR KLIBOR (pays quarterly)

3.95% (pays quarterly)

3/20/23

340,280

Citibank, N.A.

MYR

5,500

Pays

3-month MYR KLIBOR (pays quarterly)

3.88% (pays quarterly)

8/1/23

45,249

Citibank, N.A.

MYR

40,530

Pays

3-month MYR KLIBOR (pays quarterly)

3.73% (pays quarterly)

1/29/24

296,599

Citibank, N.A.

MYR

34,000

Pays

3-month MYR KLIBOR (pays quarterly)

3.68% (pays quarterly)

2/7/24

242,870

Citibank, N.A.

MYR

40,000

Pays

3-month MYR KLIBOR (pays quarterly)

3.37% (pays quarterly)

5/29/24

169,656

Citibank, N.A.

MYR

42,400

Pays

3-month MYR KLIBOR (pays quarterly)

3.13% (pays quarterly)

10/4/24

79,070

Citibank, N.A.

MYR

53,296

Pays

3-month MYR KLIBOR (pays quarterly)

3.29% (pays quarterly)

11/7/24

195,763

Citibank, N.A.

THB

490,000

Pays

6-month THB Fixing Rate (pays semi-annually)

2.03% (pays semi-annually)

4/24/22

389,314

Citibank, N.A.

THB

260,000

Pays

6-month THB Fixing Rate (pays semi-annually)

1.79% (pays semi-annually)

8/10/22

207,623

Citibank, N.A.

THB

330,000

Pays

6-month THB Fixing Rate (pays semi-annually)

1.87% (pays semi-annually)

3/27/23

316,887

Citibank, N.A.

THB

250,000

Pays

6-month THB Fixing Rate (pays semi-annually)

2.22% (pays semi-annually)

10/25/23

377,503

Citibank, N.A.

THB

87,340

Pays

6-month THB Fixing Rate (pays semi-annually)

1.96% (pays semi-annually)

3/18/24

114,423

Credit Suisse International

RUB

51,950

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

7.85% (pays annually)

5/23/22

59,377

Credit Suisse International

RUB

275,000

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

7.85% (pays annually)

11/1/22

174,789

Credit Suisse International

RUB

230,200

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

7.66% (pays annually)

8/1/24

251,878

Deutsche Bank AG

BRL

1,970

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

12.98% (pays upon  termination)

1/2/23

363,273

Deutsche Bank AG

THB

324,320

Pays

6-month THB Fixing Rate (pays semi-annually)

2.13% (pays semi-annually)

11/19/23

458,458

Goldman Sachs International

CLP

8,866,700

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

3.83% (pays semi-annually)

5/29/23

664,570

Goldman Sachs International

CLP

4,345,000

Pays

6-month Sinacofi Chile Interbank Rate (pays semi-annually)

4.25% (pays semi-annually)

12/6/28

554,753

Goldman Sachs International

PLN

11,000

Pays

6-month PLN WIBOR (pays semi-annually)

5.54% (pays annually)

5/10/21

235,971

Goldman Sachs International

RUB

1,487,640

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

6.67% (pays annually)

11/20/24

253,119

Goldman Sachs International

RUB

1,543,910

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

6.67% (pays annually)

11/20/24

262,693

Goldman Sachs International

RUB

1,236,180

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

6.64% (pays annually)

11/22/24

187,105

Goldman Sachs International

RUB

1,325,720

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

6.64% (pays annually)

11/25/24

203,345

HSBC Bank USA, N.A.

MXN

44,030

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.28% (pays monthly)

12/23/20

6,812

JPMorgan Chase Bank, N.A.

MYR

10,000

Pays

3-month MYR KLIBOR (pays quarterly)

4.13% (pays quarterly)

10/19/20

18,700

JPMorgan Chase Bank, N.A.

MYR

11,300

Pays

3-month MYR KLIBOR (pays quarterly)

3.88% (pays quarterly)

8/1/23

92,967

JPMorgan Chase Bank, N.A.

MYR

5,810

Pays

3-month MYR KLIBOR (pays quarterly)

3.89% (pays quarterly)

8/14/23

47,905

JPMorgan Chase Bank, N.A.

MYR

5,815

Pays

3-month MYR KLIBOR (pays quarterly)

3.89% (pays quarterly)

8/14/23

47,947

JPMorgan Chase Bank, N.A.

MYR

14,500

Pays

3-month MYR KLIBOR (pays quarterly)

3.86% (pays quarterly)

9/4/23

115,726

JPMorgan Chase Bank, N.A.

MYR

11,600

Pays

3-month MYR KLIBOR (pays quarterly)

3.89% (pays quarterly)

9/5/23

95,472

JPMorgan Chase Bank, N.A.

MYR

12,167

Pays

3-month MYR KLIBOR (pays quarterly)

3.66% (pays quarterly)

2/20/24

84,526

JPMorgan Chase Bank, N.A.

MYR

12,220

Pays

3-month MYR KLIBOR (pays quarterly)

3.56% (pays quarterly)

3/14/24

72,911

JPMorgan Chase Bank, N.A.

MYR

30,000

Pays

3-month MYR KLIBOR (pays quarterly)

3.35% (pays quarterly)

6/12/24

120,426

JPMorgan Chase Bank, N.A.

MYR

40,000

Pays

3-month MYR KLIBOR (pays quarterly)

3.21% (pays quarterly)

9/13/24

106,324

JPMorgan Chase Bank, N.A.

MYR

80,400

Pays

3-month MYR KLIBOR (pays quarterly)

3.13% (pays quarterly)

10/4/24

149,934

JPMorgan Chase Bank, N.A.

MYR

21,070

Pays

3-month MYR KLIBOR (pays quarterly)

4.14% (pays quarterly)

11/26/24

291,980

JPMorgan Chase Bank, N.A.

MYR

57,063

Pays

3-month MYR KLIBOR (pays quarterly)

2.95% (pays quarterly)

1/28/25

3,388

JPMorgan Chase Bank, N.A.

RUB

565,000

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

7.78% (pays annually)

8/6/24

663,564

JPMorgan Chase Bank, N.A.

RUB

401,200

Pays

3-month Moscow Prime Offered Rate (pays quarterly)

7.20% (pays annually)

10/1/24

319,233

JPMorgan Chase Bank, N.A.

THB

148,560

Pays

6-month THB Fixing Rate (pays semi-annually)

1.92% (pays semi-annually)

2/28/24

190,415

Morgan Stanley & Co. International PLC

MXN

29,200

Pays

Mexico Interbank TIIE 28 Day (pays monthly)

7.95% (pays monthly)

12/3/31

160,716

Nomura International PLC

BRL

2,006

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

12.90% (pays upon  termination)

1/2/23

362,377

Nomura International PLC

BRL

4,440

Pays

Brazil CETIP Interbank Deposit Rate (pays upon termination)

12.83% (pays upon  termination)

1/2/23

788,278

Nomura International PLC

MYR

4,070

Pays

3-month MYR KLIBOR (pays quarterly)

4.19% (pays quarterly)

10/24/24

55,821

Standard Chartered Bank

MYR

5,800

Pays

3-month MYR KLIBOR (pays quarterly)

3.88% (pays quarterly)

7/23/23

44,597

Standard Chartered Bank

MYR

5,600

Pays

3-month MYR KLIBOR (pays quarterly)

3.88% (pays quarterly)

9/4/23

45,719

Standard Chartered Bank

MYR

5,900

Pays

3-month MYR KLIBOR (pays quarterly)

3.88% (pays quarterly)

9/4/23

48,034

Standard Chartered Bank

MYR

54,900

Pays

3-month MYR KLIBOR (pays quarterly)

3.12% (pays quarterly)

10/4/24

97,811

Standard Chartered Bank

MYR

56,690

Pays

3-month MYR KLIBOR (pays quarterly)

3.22% (pays quarterly)

1/17/25

180,578

Standard Chartered Bank

THB

650,000

Pays

6-month THB Fixing Rate (pays semi-annually)

2.15% (pays semi-annually)

8/20/23

934,453

___________________________________________________________________________________________________________

$

16,558,230

___________________________________________________________________________________________________________

Centrally Cleared Credit Default Swaps - Buy Protection

Reference Entity

Notional Amount (000's omitted)

Contract Annual Fixed Rate**

Termination Date

Value

Unamortized Upfront Receipts (Payments)

Unrealized Appreciation (Depreciation)

___________________________________________________________________________________________________________

Markit CDX Emerging Markets Index (CDX.EM.31.V1)

$

100

1.00% (pays quarterly)(1)

6/20/24

$

3,300

$

(2,568)

$

732

South Africa

100

1.00% (pays quarterly)(1)

3/20/20

(186)

(82)

(268)

South Africa

500

1.00% (pays quarterly)(1)

9/20/20

(1,827)

(975)

(2,802)

___________________________________________________________________________________________________________

Total

$

1,287

$

(3,625)

$

(2,338)

___________________________________________________________________________________________________________

Credit Default Swaps - Sell Protection

Emerging Markets Local Income Portfolio

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Reference Entity		Counterparty					Notional Amount* (000's omitted)						Contract Annual Fixed Rate**			Termination Date						Current Market Annual Fixed Rate***						Value						Unamortized Upfront Receipts (Payments)			Unrealized Appreciation (Depreciation)
___________________________________________________________________________________________________________
Bahamas	Deutsche Bank AG					$		1,600				1.00% (pays quarterly)(1)					6/20/22				1.33			%	$		(10,598)					$	68,551		$	57,953
___________________________________________________________________________________________________________
Total						$		1,600																	$		(10,598)					$	68,551		$	57,953
___________________________________________________________________________________________________________
Credit Default Swaps - Buy Protection
Reference Entity				Counterparty					Notional Amount (000's omitted)					Contract Annual Fixed Rate**					Termination Date							Value					Unamortized Upfront Receipts (Payments)					Unrealized Appreciation (Depreciation)
___________________________________________________________________________________________________________
South Africa			Barclays Bank PLC						$		100				1.00% (pays quarterly)(1)					3/20/20				$	(192)					$		(53)			$	(245)
South Africa			Credit Suisse International								100				1.00% (pays quarterly)(1)					3/20/20					(192)							(70)				(262)
South Africa			Credit Suisse International								100				1.00% (pays quarterly)(1)					3/20/20					(192)							(58)				(250)
South Africa			JPMorgan Chase Bank, N.A.								100				1.00% (pays quarterly)(1)					3/20/20					(192)							(81)				(273)
South Africa			JPMorgan Chase Bank, N.A.								100				1.00% (pays quarterly)(1)					3/20/20					(192)							(59)				(251)
South Africa			JPMorgan Chase Bank, N.A.								100				1.00% (pays quarterly)(1)					3/20/20					(192)							(57)				(249)
___________________________________________________________________________________________________________
Total																							$	(1,152)						$		(378)			$	(1,530)
___________________________________________________________________________________________________________
* If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At January 31, 2020, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $1,600,000.
** The contract annual fixed rate represents the fixed rate of interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) on the notional amount of the credit default swap contract.
*** Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity.
(1) Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.
Total Return Swaps
Counterparty					Notional Amount (000's omitted)					Portfolio Receives								Portfolio Pays											Termination Date							Value/  Unrealized Appreciation (Depreciation)
___________________________________________________________________________________________________________

Emerging Markets Local Income Portfolio

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Citibank, N.A.

LKR

750,000

Total Return on Sri Lanka Government Bond, 11.50% due 12/15/21 (pays semi-annually) plus Notional Amount at termination date

6-month USD-LIBOR + 115 bp on $5,274,012 (pays semi-annually) plus USD equivalent of Notional Amount at termination date

12/17/21

$

(890,006)

Citibank, N.A.

LKR

1,000,000

Total Return on Sri Lanka Government Bond, 11.50% due 5/15/23 (pays semi-annually) plus Notional Amount at termination date

6-month USD-LIBOR + 115 bp on $7,153,635 (pays semi-annually) plus USD equivalent of Notional Amount at termination date

5/17/23

(1,172,648)

ICBC Standard Bank plc

PKR

3,850,000

Total Return on Pakistan Treasury Bill, 0.00% due 1/14/21 (pays upon termination) plus USD equivalent of Notional Amount at termination date

3-month USD-LIBOR + 120 bp on $22,149,083 (pays quarterly) plus $22,149,083 at termination date

1/19/21

(122,256)

___________________________________________________________________________________________________________

$

(2,184,910)

___________________________________________________________________________________________________________

Cross-Currency Swaps

Counterparty

Portfolio Receives*

Portfolio Pays*

Termination Date

Value/ Unrealized Appreciation (Depreciation)

___________________________________________________________________________________________________________

Goldman Sachs International

9.56% on TRY 16,903,000 (pays annually) plus USD 5,549,245

3-month USD-LIBOR on USD 5,549,245 (pays quarterly) plus TRY 16,903,000

7/28/23

$

(2,618,191)

Goldman Sachs International

9.51% on TRY 43,482,000 (pays annually) plus USD 14,326,853

3-month USD-LIBOR on USD 14,326,853 (pays quarterly) plus TRY 43,482,000

7/29/23

(6,800,904)

HSBC Bank USA, N.A.

10.30% on TRY 17,240,000 (pays annually) plus USD 2,892,617

3-month USD-LIBOR on USD 2,892,617 (pays quarterly) plus TRY 17,240,000

1/31/25

9,663

___________________________________________________________________________________________________________

$

(9,409,432)

___________________________________________________________________________________________________________

* 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.

Abbreviations:

EURIBOR

-

Euro Interbank Offered Rate

LIBOR

-

London Interbank Offered Rate

OMO

-

Open Market Operation

Currency Abbreviations:

BAM

-

Bosnia-Herzegovina Convertible Mark

BRL

-

Brazilian Real

CLP

-

Chilean Peso

CNY

-

Yuan Renminbi

COP

-

Colombian Peso

CRC

-

Costa Rican Colon

CZK

-

Czech Koruna

EGP

-

Egyptian Pound

EUR

-

Euro

GEL

-

Georgian Lari

HUF

-

Hungarian Forint

IDR

-

Indonesian Rupiah

INR

-

Indian Rupee

LKR

-

Sri Lankan Rupee

MXN

-

Mexican Peso

MYR

-

Malaysian Ringgit

NGN

-

Nigerian Naira

PEN

-

Peruvian Sol

PHP

-

Philippine Peso

PKR

-

Pakistani Rupee

PLN

-

Polish Zloty

RON

-

Romanian Leu

RSD

-

Serbian Dinar

RUB

-

Russian Ruble

THB

-

Thai Baht

TRY

-

New Turkish Lira

UAH

-

Ukrainian Hryvnia

UGX

-

Ugandan Shilling

USD

-

United States Dollar

UYU

-

Uruguayan Peso

ZAR

-

South African Rand

Emerging Markets Local Income Portfolio

January 31, 2020

Portfolio of Investments (Unaudited) — continued

At January 31, 2020, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.

In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:

Credit Risk:The Portfolio enters into credit default swap contracts to enhance total return and/or as a substitute for the purchase and sale of securities.

Foreign Exchange Risk:The Portfolio engages in forward foreign currency exchange contracts, total return swaps 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 non-deliverable bond forward contracts, interest rate futures contracts, interest rate 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.

At January 31, 2020, the value of the Portfolio's investment in affiliated funds was $245,410,691, which represents 17.3% of the Portfolio's net assets. Transactions in affiliated funds by the Portfolio for the fiscal year to date ended January 31, 2020 were as follows:

Name of affiliated fund	Value, beginning of period			Purchases			Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)				Value, end of period			Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC		$	141,707,135		$	276,434,912		$	(172,756,479)		$	16,755		$	8,368	$		245,410,691	$		986,167	245,386,152

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 January 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

2:31:44 PM

Emerging Markets Local Income Portfolio

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Asset Description				Level 1			Level 2			Level 3			Total
________________________________________________________________________________________________________
Foreign Government Bonds			$	—	$	791,915,442		$	—		$	791,915,442
Foreign Corporate Bonds				—		18,687,068			—			18,687,068
Sovereign Loans				—		1,073,880			—			1,073,880
Short-Term Investments		—
	Foreign Government Securities			—		242,531,753			—			242,531,753
	U.S. Treasury Obligations			—		22,534,364			—			22,534,364
	Other			—		245,410,691			—			245,410,691
________________________________________________________________________________________________________
Total Investments			$	—	$	1,322,153,198		$	—		$	1,322,153,198
________________________________________________________________________________________________________
Forward Foreign Currency Exchange Contracts			$	—	$	16,454,765		$	—		$	16,454,765
Non-deliverable Bond Forward Contracts				—		471,348			—			471,348
Swap Contracts				—		45,839,604			—			45,839,604
________________________________________________________________________________________________________
Total			$	—	$	1,384,918,915		$	—		$	1,384,918,915
________________________________________________________________________________________________________
Liability Description
________________________________________________________________________________________________________
Forward Foreign Currency Exchange Contracts			$	—	$	(37,099,639)		$	—		$	(37,099,639)
Futures Contracts				(279,898)		—			—			(279,898)
Swap Contracts				—		(12,678,580)			—			(12,678,580)
________________________________________________________________________________________________________
Total			$	(279,898)	$	(49,778,219)		$	—		$	(50,058,117)
________________________________________________________________________________________________________

Emerging Markets Local Income Portfolio

January 31, 2020

Portfolio of Investments (Unaudited) — continued

For information on the Portfolio's policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent financial statements included in its semiannual or annual report to shareholders.