International Income Portfolio N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22049

International Income Portfolio

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2016

Date of Reporting Period

Item 1. Reports to Stockholders

International Income Portfolio

April 30, 2016

Portfolio of Investments (Unaudited)

Foreign Government Bonds — 37.9%
Security		Principal Amount (000’s omitted)		Value
Bangladesh — 3.6%
Bangladesh Treasury Bond, 11.40%, 5/9/17	BDT		143,000	$	1,937,450
Bangladesh Treasury Bond, 11.50%, 11/7/17	BDT		59,400		826,886
Bangladesh Treasury Bond, 11.55%, 10/3/17	BDT		142,900		1,979,513
Bangladesh Treasury Bond, 11.72%, 7/2/18	BDT		73,100		1,053,447
Total Bangladesh				$	5,797,296
Bosnia and Herzegovina — 1.4%
Republic of Srpska, 1.50%, 6/30/23	BAM		1,837	$	875,954
Republic of Srpska, 1.50%, 10/30/23	BAM		1,393		653,357
Republic of Srpska, 1.50%, 5/31/25	BAM		460		200,642
Republic of Srpska, 1.50%, 12/24/25	BAM		921		393,545
Republic of Srpska, 1.50%, 9/25/26	BAM		469		195,707
Total Bosnia and Herzegovina				$	2,319,205
Brazil — 5.4%
Letra do Tesouro Nacional, 0.00%, 10/1/16	BRL		3,121	$	858,199
Letra do Tesouro Nacional, 0.00%, 1/1/17	BRL		10,000		2,666,852
Letra do Tesouro Nacional, 0.00%, 4/1/17	BRL		20,231		5,240,971
Total Brazil				$	8,766,022
Costa Rica — 2.3%
Costa Rica Titulos de Propiedad Bond, 10.58%, 6/22/16	CRC		1,645,000	$	3,107,546
Titulo Propiedad UD, 1.63%, 7/13/16(1)	CRC		292,825		538,121
Total Costa Rica				$	3,645,667
Czech Republic — 3.8%
Czech Republic Government Bond, 0.00%, 11/9/17(2)	CZK		145,580	$	6,176,168
Total Czech Republic				$	6,176,168
Dominican Republic — 5.4%
Dominican Republic International Bond, 10.40%, 5/10/19(2)	DOP		39,700	$	888,279
Dominican Republic International Bond, 13.50%, 8/4/17(2)	DOP		11,400		261,918
Dominican Republic International Bond, 14.00%, 6/8/18(2)	DOP		247,100		5,878,461
Dominican Republic International Bond, 16.00%, 2/10/17(2)	DOP		74,600		1,712,571
Total Dominican Republic				$	8,741,229

Security		Principal Amount (000’s omitted)		Value
Georgia — 0.7%
Georgia Treasury Bond, 8.50%, 7/26/17	GEL		516	$	230,315
Georgia Treasury Bond, 9.80%, 4/26/17	GEL		490		221,865
Georgia Treasury Bond, 10.75%, 7/9/17	GEL		15		6,865
Georgia Treasury Bond, 11.30%, 1/26/17	GEL		500		228,632
Georgia Treasury Bond, 13.375%, 3/10/18	GEL		780		374,225
Total Georgia				$	1,061,902
Iceland — 6.9%
Republic of Iceland, 6.25%, 2/5/20	ISK		1,015,670	$	6,132,093
Republic of Iceland, 7.25%, 10/26/22	ISK		105,472		675,178
Republic of Iceland, 8.75%, 2/26/19	ISK		693,422		4,422,530
Total Iceland				$	11,229,801
Malaysia — 2.2%
Malaysia Government Bond, 3.82%, 11/15/16	MYR		14,110	$	3,631,794
Total Malaysia				$	3,631,794
Serbia — 4.0%
Serbia Treasury Bond, 10.00%, 10/17/16	RSD		117,300	$	1,129,793
Serbia Treasury Bond, 10.00%, 4/1/17	RSD		438,740		4,329,931
Serbia Treasury Bond, 10.00%, 5/8/17	RSD		97,600		967,830
Total Serbia				$	6,427,554
Vietnam — 2.2%
Vietnam Government Bond, 6.30%, 3/15/17	VND		20,000,000	$	907,628
Vietnam Government Bond, 7.20%, 1/15/17	VND		50,000,000		2,277,885
Vietnam Government Bond, 7.60%, 10/31/16	VND		7,000,000		318,080
Total Vietnam				$	3,503,593
Total Foreign Government Bonds (identified cost $63,080,650)				$	61,300,231
Collateralized Mortgage Obligations — 0.5%
Security		Principal Amount		Value
Federal Home Loan Mortgage Corp.:
Series 2127, Class PG, 6.25%, 2/15/29		$	173,709	$	193,270
Federal National Mortgage Association:
Series 2009-62, Class WA, 5.57%, 8/25/39(3)			499,574		562,468
Total Collateralized Mortgage Obligations (identified cost $695,343)				$	755,738

14 See Notes to Financial Statements.

International Income Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Mortgage Pass-Throughs — 2.3%
Security	Principal Amount		Value
Federal National Mortgage Association:
1.91% with maturity at 2035(4)	$	808,434	$	827,529
3.85% with maturity at 2035(4)		639,177		688,257
7.00% with maturity at 2033		402,002		474,344
7.50% with maturity at 2035		255,059		305,941
8.50% with maturity at 2032		210,945		262,177
			$	2,558,248
Government National Mortgage Association:
7.00% with maturity at 2035(5)	$	687,175	$	822,719
9.00% with various maturities to 2024		306,115		339,721
			$	1,162,440
Total Mortgage Pass-Throughs (identified cost $3,462,449)			$	3,720,688

Currency Options Purchased — 0.1%
Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date		Value
Call INR/Put USD	Citibank, N.A.		INR  205,193		INR  67.79		7/4/16	$	53,087
Call MXN/Put USD	Deutsche Bank AG		MXN   36,275		MXN 18.33		1/11/17		140,072
Call SEK/Put EUR	Morgan Stanley & Co. International PLC		SEK    19,594		SEK    9.30		10/17/16		63,436
Total Currency Options Purchased (identified cost $261,945)								$	256,595

Short-Term Investments — 55.7%
Foreign Government Securities — 17.7%
Security		Principal Amount (000’s omitted)		Value
Georgia — 3.1%
Georgia Treasury Bill, 0.00%, 8/18/16	GEL		11,499	$	5,046,640
Total Georgia				$	5,046,640
Iceland — 0.1%
Iceland Treasury Bill, 0.00%, 10/17/16	ISK		32,685	$	192,529
Total Iceland				$	192,529

Security		Principal Amount (000’s omitted)		Value
Lebanon — 5.2%
Lebanon Treasury Bill, 0.00%, 5/5/16	LBP		117,260	$	77,776
Lebanon Treasury Bill, 0.00%, 5/19/16	LBP		205,210		135,879
Lebanon Treasury Bill, 0.00%, 5/26/16	LBP		3,435,530		2,273,117
Lebanon Treasury Bill, 0.00%, 6/2/16	LBP		71,500		47,265
Lebanon Treasury Bill, 0.00%, 6/23/16	LBP		785,590		518,066
Lebanon Treasury Bill, 0.00%, 12/1/16	LBP		7,657,400		4,938,005
Lebanon Treasury Bill, 0.00%, 12/15/16	LBP		657,310		423,071
Total Lebanon				$	8,413,179
Mexico — 4.7%
Mexico Cetes, 0.00%, 2/2/17	MXN		135,487	$	7,639,216
Total Mexico				$	7,639,216
Sri Lanka — 4.6%
Sri Lanka Treasury Bill, 0.00%, 4/7/17	LKR		535,100	$	3,347,977
Sri Lanka Treasury Bill, 0.00%, 4/14/17	LKR		646,670		4,038,102
Total Sri Lanka				$	7,386,079
Total Foreign Government Securities (identified cost $28,139,542)				$	28,677,643
U.S. Treasury Obligations — 36.9%
Security		Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 5/12/16(5)		$	44,100	$	44,098,236
U.S. Treasury Bill, 0.00%, 6/16/16(5)			4,500		4,499,217
U.S. Treasury Bill, 0.00%, 9/22/16			11,000		10,987,911
Total U.S. Treasury Obligations (identified cost $59,574,105)				$	59,585,364
Other — 1.1%
Description		Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.53%(6)		$	1,786	$	1,785,881
Total Other (identified cost $1,785,881)				$	1,785,881
Total Short-Term Investments (identified cost $89,499,528)				$	90,048,888
Total Investments — 96.5% (identified cost $156,999,915)				$	156,082,140

15 See Notes to Financial Statements.

International Income Portfolio

April 30, 2016

Portfolio of Investment (Unaudited) — continued

Currency Options Written — (0.2)%
Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date		Value
Call INR/Put USD	Deutsche Bank AG		INR  205,193		INR  67.79		7/4/16	$	(53,087	)
Call MXN/Put USD	Goldman Sachs International		MXN  36,275		MXN 18.33		1/11/17		(140,072	)
Call SEK/Put EUR	Morgan Stanley & Co. International PLC		SEK   19,594		SEK   9.30		10/17/16		(63,436	)
Total Currency Options Written (premiums received $195,170)								$	(256,595	)
Other Assets, Less Liabilities — 3.7%								$	5,950,899
Net Assets — 100.0%								$	161,776,444

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

⁽¹⁾  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.

⁽²⁾  Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At April 30, 2016, the aggregate value of these securities is $14,917,397 or 9.2% of the Portfolio’s net assets.

⁽³⁾  Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at April 30, 2016.

⁽⁴⁾  Adjustable rate mortgage security. Rate shown is the rate at April 30, 2016.

⁽⁵⁾  Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽⁶⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2016.

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	427,006	RON	1,910,000	BNP Paribas		5/3/16	$	765	$	—
RON	1,660,000	EUR	370,834	BNP Paribas		5/3/16		—		(342	)
RON	250,000	EUR	55,861	Deutsche Bank AG		5/3/16		—		(66	)
EUR	3,955,151	PLN	17,429,164	Morgan Stanley & Co. International PLC		5/4/16		—		(37,277	)
PLN	17,429,164	EUR	3,944,978	Standard Chartered Bank		5/4/16		48,926		—
KES	118,800,000	USD	1,092,414	Standard Chartered Bank		5/6/16		83,402		—
INR	567,141,000	USD	8,265,373	BNP Paribas		5/9/16		272,713		—
INR	188,247,000	USD	2,789,258	Citibank, N.A.		5/9/16		44,727		—
USD	2,911,200	INR	200,669,000	Bank of America, N.A.		5/9/16		—		(109,794	)
IDR	5,147,927,000	USD	376,310	Goldman Sachs International		5/12/16		13,421		—
IDR	10,346,208,000	USD	756,025	JPMorgan Chase Bank, N.A.		5/12/16		27,250		—
USD	831,277	IDR	10,972,861,000	JPMorgan Chase Bank, N.A.		5/12/16		560		—
CLP	3,807,464,000	USD	5,318,430	BNP Paribas		5/16/16		437,787		—
IDR	10,106,581,000	USD	739,596	BNP Paribas		5/16/16		25,000		—
IDR	5,135,241,000	USD	376,346	Goldman Sachs International		5/16/16		12,152		—
IDR	10,106,582,000	USD	739,975	Standard Chartered Bank		5/16/16		24,621		—
RUB	374,165,000	USD	5,395,314	Citibank, N.A.		5/18/16		357,716		—
MXN	1,850,000	USD	98,037	JPMorgan Chase Bank, N.A.		5/19/16		9,325		—
PHP	190,535,000	USD	3,959,580	Bank of America, N.A.		5/23/16		89,021		—
EUR	357,479	USD	407,953	BNP Paribas		6/8/16		1,811		—
EUR	1,751,786	USD	1,959,411	Deutsche Bank AG		6/8/16		48,590		—
USD	8,855,739	EUR	8,021,452	BNP Paribas		6/8/16		—		(338,925	)
USD	3,313,600	LKR	484,779,731	Citibank, N.A.		6/8/16		23,405		—
USD	4,016,580	LKR	588,428,960	Citibank, N.A.		6/8/16		22,918		—

16 See Notes to Financial Statements.

International Income Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
EUR	1,010,000	USD	1,130,123	Standard Chartered Bank		6/15/16	$	27,866	$	—
USD	2,260,689	EUR	2,028,000	Standard Chartered Bank		6/15/16		—		(64,462	)
NOK	45,690,000	EUR	4,792,848	Morgan Stanley & Co. International PLC		6/20/16		177,198		—
USD	1,043,958	MXN	18,410,714	Morgan Stanley & Co. International PLC		6/20/16		—		(21,140	)
EUR	1,276,877	USD	1,433,282	Goldman Sachs International		6/22/16		31,026		—
HKD	37,581,000	USD	4,849,349	Citibank, N.A.		6/22/16		—		(2,370	)
EUR	879,587	USD	992,449	Standard Chartered Bank		6/29/16		16,485		—
USD	639,644	EUR	565,611	Goldman Sachs International		6/29/16		—		(9,142	)
USD	11,131,267	EUR	9,850,260	Standard Chartered Bank		6/29/16		—		(167,507	)
AUD	2,382,000	USD	1,817,116	Standard Chartered Bank		7/1/16		—		(10,357	)
NZD	2,539,000	USD	1,748,685	Morgan Stanley & Co. International PLC		7/1/16		18,712		—
IDR	9,170,304,000	USD	685,938	Deutsche Bank AG		7/14/16		90		—
IDR	7,132,455,000	USD	533,507	Standard Chartered Bank		7/14/16		70		—
IDR	28,864,844,000	USD	2,149,601	BNP Paribas		7/18/16		8,390		—
IDR	30,085,015,000	USD	2,239,218	Deutsche Bank AG		7/18/16		9,995		—
SEK	69,707,555	EUR	7,583,915	Deutsche Bank AG		7/19/16		—		(55	)
USD	3,471,152	EUR	3,059,227	Standard Chartered Bank		7/20/16		—		(40,253	)
SEK	9,241,000	EUR	1,006,881	Standard Chartered Bank		7/25/16		—		(1,686	)
KES	50,600,000	USD	493,755	Standard Chartered Bank		7/26/16		—		(1,157	)
PLN	17,429,164	EUR	3,937,540	Morgan Stanley & Co. International PLC		8/4/16		37,033		—
RSD	448,485,000	EUR	3,496,959	Deutsche Bank AG		9/1/16		122,133		—
USD	704,356	BRL	3,121,000	Standard Chartered Bank		10/5/16		—		(161,042	)
ARS	79,484,000	USD	4,440,447	Citibank, N.A.		11/16/16		513,360		—
USD	2,199,736	BRL	10,000,000	Standard Chartered Bank		1/5/17		—		(505,086	)
USD	1,988,268	EUR	1,807,352	Standard Chartered Bank		1/9/17		—		(99,514	)
USD	3,926,912	EUR	3,610,622	Standard Chartered Bank		1/9/17		—		(243,936	)
EUR	1,410,070	RON	6,391,000	BNP Paribas		1/30/17		—		(7,130	)
RON	25,845,300	EUR	5,637,540	JPMorgan Chase Bank, N.A.		1/30/17		103,758		—
RON	1,910,000	EUR	423,926	BNP Paribas		2/3/17		—		(831	)
RON	780,000	EUR	172,452	BNP Paribas		2/28/17		201		—
RON	2,293,871	EUR	508,224	BNP Paribas		2/28/17		—		(644	)
RON	1,870,000	EUR	413,763	Deutsche Bank AG		3/2/17		65		—
RON	242,000	EUR	53,682	Bank of America, N.A.		3/6/17		—		(162	)
RON	1,746,850	EUR	387,689	Bank of America, N.A.		3/6/17		—		(1,389	)
RON	1,261,000	EUR	279,911	Deutsche Bank AG		3/7/17		—		(1,076	)
RON	1,799,000	EUR	399,024	Deutsche Bank AG		3/7/17		—		(1,176	)
RON	2,560,000	EUR	567,565	BNP Paribas		3/8/17		—		(1,415	)
USD	570,417	BRL	2,256,000	Bank of America, N.A.		4/5/17		—		(26,746	)
USD	4,544,880	BRL	17,975,000	Bank of America, N.A.		4/5/17		—		(213,102	)
							$	2,610,492	$	(2,067,782	)

17 See Notes to Financial Statements.

International Income Portfolio

April 30, 2016

Portfolio of Investments (Unaudited) — continued

Futures Contracts
Description	Contracts		Position	Expiration Month/Year	Aggregate Cost			Value			Net Unrealized Appreciation
Interest Rate Futures
U.S. 5-Year Treasury Note		11	Short	Jun-16	$	(1,332,031	)	$	(1,330,054	)	$	1,977
U.S. 10-Year Treasury Note		4	Short	Jun-16		(522,500	)		(520,250	)		2,250
											$	4,227

Currency Abbreviations:

ARS	–	Argentine Peso
AUD	–	Australian Dollar
BAM	–	Bosnia-Herzegovina Convertible Mark
BDT	–	Bangladeshi Taka
BRL	–	Brazilian Real
CLP	–	Chilean Peso
CRC	–	Costa Rican Colon
CZK	–	Czech Koruna
DOP	–	Dominican Peso
EUR	–	Euro
GEL	–	Georgian Lari
HKD	–	Hong Kong Dollar
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
ISK	–	Icelandic Krona

KES	–	Kenyan Shilling
LBP	–	Lebanese Pound
LKR	–	Sri Lankan Rupee
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
PHP	–	Philippine Peso
PLN	–	Polish Zloty
RON	–	Romanian Leu
RSD	–	Serbian Dinar
RUB	–	Russian Ruble
SEK	–	Swedish Krona
USD	–	United States Dollar
VND	–	Vietnamese Dong

18 See Notes to Financial Statements.

International Income Portfolio

April 30, 2016

Statement of Assets and Liabilities (Unaudited)

Assets	April 30, 2016
Unaffiliated investments, at value (identified cost, $155,214,034)	$	154,296,259
Affiliated investment, at value (identified cost, $1,785,881)		1,785,881
Cash		4,026,583
Restricted cash*		685,900
Foreign currency, at value (identified cost, $386,353)		388,495
Interest receivable		1,246,279
Interest receivable from affiliated investment		5,235
Receivable for open forward foreign currency exchange contracts		2,610,492
Tax reclaims receivable		2,586
Total assets	$	165,047,710
Liabilities
Cash collateral due to broker	$	685,900
Written options outstanding, at value (premiums received, $195,170)		256,595
Payable for variation margin on open financial futures contracts		1,469
Payable for open forward foreign currency exchange contracts		2,067,782
Payable to affiliates:
Investment adviser fee		87,960
Trustees’ fees		985
Other		9,393
Accrued expenses		161,182
Total liabilities	$	3,271,266
Net Assets applicable to investors’ interest in Portfolio	$	161,776,444
Sources of Net Assets
Investors’ capital	$	162,195,029
Net unrealized depreciation		(418,585	)
Total	$	161,776,444

* Represents restricted cash on deposit at the custodian for open derivative contracts.

19 See Notes to Financial Statements.

International Income Portfolio

April 30, 2016

Statement of Operations (Unaudited)

Investment Income	Six Months Ended April 30, 2016
Interest (net of foreign taxes, $45,632)	$	3,781,776
Interest allocated from affiliated investment		26,872
Expenses allocated from affiliated investment		(1,014	)
Total investment income	$	3,807,634
Expenses
Investment adviser fee	$	613,152
Trustees’ fees and expenses		5,380
Custodian fee		165,889
Legal and accounting services		48,023
Miscellaneous		8,428
Total expenses	$	840,872
Deduct —
Allocation of expenses to affiliate	$	55,414
Total expense reductions	$	55,414
Net expenses	$	785,458
Net investment income	$	3,022,176
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(12,411,329	)
Investment transactions allocated from affiliated investment		102
Financial futures contracts		(38,594	)
Foreign currency and forward foreign currency exchange contract transactions		(4,832,675	)
Net realized loss	$	(17,282,496	)
Change in unrealized appreciation (depreciation) —
Investments	$	12,490,182
Written options		(13,157	)
Financial futures contracts		5,827
Foreign currency and forward foreign currency exchange contracts		5,732,365
Net change in unrealized appreciation (depreciation)	$	18,215,217
Net realized and unrealized gain	$	932,721
Net increase in net assets from operations	$	3,954,897

20 See Notes to Financial Statements.

International Income Portfolio

April 30, 2016

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31, 2015(1)
From operations —
Net investment income	$	3,022,176		$	12,500,093
Net realized loss from investment transactions, written options, financial futures contracts, and foreign currency and forward foreign currency exchange contract transactions		(17,282,496	)		(25,861,548	)
Net change in unrealized appreciation (depreciation) from investments, written options, financial futures contracts, foreign currency and forward foreign currency exchange contracts		18,215,217			(8,660,265	)
Net increase (decrease) in net assets from operations	$	3,954,897		$	(22,021,720	)
Capital transactions —
Contributions	$	12,842,687		$	24,820,459
Withdrawals		(92,271,924	)		(373,212,174	)
Net decrease in net assets from capital transactions	$	(79,429,237	)	$	(348,391,715	)
Net decrease in net assets	$	(75,474,340	)	$	(370,413,435	)
Net Assets
At beginning of period	$	237,250,784		$	607,664,219
At end of period	$	161,776,444		$	237,250,784

⁽¹⁾  Includes the accounts of the Subsidiary through April 1, 2015, as discussed in Note 1.

21 See Notes to Financial Statements.

International Income Portfolio

April 30, 2016

Supplementary Data

	Six Months Ended April 30, 2016 (Unaudited)			Year Ended October 31,
Ratios/Supplemental Data				2015			2014			2013			2012			2011
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.80	%(2)(4)		0.81	%(2)(3)		0.83	%		0.83	%		0.88	%		0.92	%
Net investment income		3.09	%(4)		3.56	%		3.49	%		3.20	%		3.57	%		2.81	%
Portfolio Turnover		30	%(5)		23	%		42	%		21	%		37	%		31	%
Total Return		2.38	%(5)		(5.84	)%		0.90	%		(0.35	)%		3.93	%		4.05	%
Net assets, end of period (000’s omitted)	$	161,776		$	237,251		$	607,664		$	1,002,404		$	292,334		$	206,656

⁽¹⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%.

⁽²⁾  The investment adviser reimbursed certain operating expenses (equal to 0.06% and 0.04% of average daily net assets for the six months ended April 30, 2016 and the year ended October 31, 2015, respectively). Absent this reimbursement, total return would be lower.

⁽³⁾  Includes interest expense of 0.01% for the year ended October 31, 2015.

⁽⁴⁾  Annualized.

⁽⁵⁾  Not annualized.

22 See Notes to Financial Statements.

International Income Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

International Income Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is total return. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2016, Eaton Vance Diversified Currency Income Fund held a 99.9% interest in the Portfolio.

Prior to April 2, 2015, the Portfolio sought to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance IIP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. As of the close of business on April 1, 2015, the Portfolio fully redeemed its investment in the Subsidiary. Net assets of the Subsidiary at such date, consisting primarily of cash and securities, were transferred to the Portfolio with no gain or loss for financial reporting purposes. As of October 31, 2015, the Subsidiary had been dissolved with the Cayman Islands authorities. The accompanying financial statements include the accounts of the Subsidiary through April 1, 2015. Intercompany balances and transactions were 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.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

A  Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Debt Obligations. Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations purchased with a remaining maturity of sixty days or less (excluding those that are non-U.S. dollar denominated, which typically are valued by a pricing service or dealer quotes) are generally valued at amortized cost, which approximates market value.

Derivatives. Exchange-traded options are valued at the mean between the bid and asked prices at valuation time as reported by the Options Price Reporting Authority for U.S. listed options or by the relevant exchange or board of trade for non-U.S. listed options. Over-the-counter options (including options on securities, indices and foreign currencies) are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration. 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. Such third party pricing service valuations are supplied for specific settlement periods and the Portfolio’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Portfolio’s investment in Cash Reserves Fund reflects the Portfolio’s proportionate interest in its net assets. Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities in the same manner as debt obligations described above.

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

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

23

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Notes to Financial Statements (Unaudited) — continued

C  Income — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Withholding taxes on foreign interest have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.

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

As of April 30, 2016, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, SSBT receives a fee that may be reduced by credits, which are determined based on the average daily cash balance the Portfolio maintains with SSBT. All credit balances, if any, used to reduce the Portfolio’s custodian fees are reported as a reduction of expenses in the Statement of Operations. Effective September 1, 2015, SSBT began imposing fees on certain uninvested cash balances and discontinued credits on cash deposit balances.

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

G  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H  Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

I  Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or commodity, 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.

J Forward Foreign Currency Exchange Contracts — The Portfolio may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

K  Written Options — Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio’s policies on investment valuations discussed above. Premiums received from writing options 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

24

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Notes to Financial Statements (Unaudited) — continued

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.

L  Purchased Options — Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio’s policies on investment valuations discussed above. 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.

M  Interim Financial Statements — The interim financial statements relating to April 30, 2016 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.625% of the Portfolio’s average daily net assets up to $1 billion, 0.600% from $1 billion but less than $2 billion, and at reduced rates on daily net assets of $2 billion or more, and is payable monthly. For the six months ended April 30, 2016, the Portfolio’s investment adviser fee amounted to $613,152 or 0.625% (annualized) of the Portfolio’s average daily net assets. Pursuant to a voluntary expense reimbursement, BMR was allocated $55,414 of the Portfolio’s operating expenses for the six months ended April 30, 2016. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended April 30, 2016, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

See Note 3 for security transactions with affiliates.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, and including maturities and paydowns, for the six months ended April 30, 2016 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	23,957,258	$	47,950,058
U.S. Government and Agency Securities		—		443,108
	$	23,957,258	$	48,393,166

Included in sales are proceeds of $4,823,311 from the sale of securities by the Portfolio to investment companies advised by EVM or its affiliates that resulted in a net realized loss of $422,602. Such transactions were executed in accordance with affiliated transaction procedures approved by the Portfolio’s Trustees.

25

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Notes to Financial Statements (Unaudited) — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at April 30, 2016, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	158,146,585
Gross unrealized appreciation	$	2,365,660
Gross unrealized depreciation		(4,430,105	)
Net unrealized depreciation	$	(2,064,445	)

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options, forward foreign currency exchange contracts and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at April 30, 2016 is included in the Portfolio of Investments. At April 30, 2016, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

Written options activity for the six months ended April 30, 2016 was as follows:

	Principal Amount of Contracts (000’s omitted)								Premiums Received
Currency		CNH		INR	MXN	SEK	TRY			USD
Outstanding, beginning of period		—		205,193	—	—	7,116			70,710
Options written		29,365		—	36,275	19,594	—			155,067
Options exercised		(29,365	)	—	—	—	(7,116	)		(30,607	)
Outstanding, end of period		—		205,193	36,275	19,594	—			195,170

CNH	–	Yuan Renminbi Offshore
INR	–	Indian Rupee
MXN	–	Mexcian Peso

SEK	–	Swedish Krona
TRY	–	New Turkish Lira
USD	–	United States Dollar

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

Foreign Exchange Risk:  The Portfolio engages in forward foreign currency exchange contracts and currency options 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 futures contracts to enhance total return, to seek to hedge against fluctuations in interest rates, and/or to change the effective duration of its portfolio.

The Portfolio enters into over-the-counter (OTC) derivatives that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Portfolio’s net assets below a certain level over a certain period of time, which would trigger a payment by the Portfolio for those derivatives in a liability position. At April 30, 2016, the fair value of derivatives with credit-related contingent features in a net liability position was $2,324,377. The aggregate fair value of assets pledged as collateral by the Portfolio for such liability was $761,933 at April 30, 2016.

The OTC derivatives in which the Portfolio invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. The Portfolio is not subject to counterparty credit risk with respect to its written options as the Portfolio, not the counterparty, is obligated to perform under such derivatives. To mitigate this risk, the Portfolio has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Portfolio and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in

26

International Income Portfolio

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Notes to Financial Statements (Unaudited) — continued

the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Portfolio may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Portfolio’s net assets decline by a stated percentage or the Portfolio fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Portfolio of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Portfolio and/or counterparty is held in segregated accounts by the Portfolio’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as restricted cash and, in the case of cash pledged by a counterparty for the benefit of the Portfolio, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Portfolio as collateral, if any, are identified as such in the Portfolio of Investments. The carrying amount of the liability for cash collateral due to brokers at April 30, 2016 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 8) at April 30, 2016.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at April 30, 2016 was as follows:

	Fair Value
Statement of Assets and Liabilities Caption	Foreign Exchange			Interest Rate		Total
Unaffiliated investments, at value	$	256,595		$	—	$	256,595
Net unrealized depreciation*		—			4,227		4,227
Receivable for open forward foreign currency exchange contracts		2,610,492			—		2,610,492
Total Asset Derivatives	$	2,867,087		$	4,227	$	2,871,314
Derivatives not subject to master netting or similar agreements	$	—		$	4,227	$	4,227
Total Asset Derivatives subject to master netting or similar agreements	$	2,867,087		$	—	$	2,867,087
	Foreign Exchange			Interest Rate		Total
Written options outstanding, at value	$	(256,595	)	$	—	$	(256,595	)
Payable for open forward foreign currency exchange contracts		(2,067,782	)		—		(2,067,782	)
Total Liability Derivatives subject to master netting or similar agreements	$	(2,324,377	)	$	—	$	(2,324,377	)

* Amount represents cumulative unrealized appreciation on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin, as applicable.

27

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Notes to Financial Statements (Unaudited) — continued

The Portfolio’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Portfolio’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Portfolio for such assets and pledged by the Portfolio for such liabilities as of April 30, 2016.

Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)			Cash Collateral Received(a)			Net Amount of Derivative Assets(b)
Bank of America, N.A.	$	89,021		$	(89,021	)	$	—		$	—		$	—
BNP Paribas		746,667			(349,287	)		(397,380	)		—			—
Citibank, N.A.		1,015,213			(2,370	)		—			(684,799	)		328,044
Deutsche Bank AG		320,945			(55,460	)		—			—			265,485
Goldman Sachs International		56,599			(56,599	)		—			—			—
JPMorgan Chase Bank, N.A.		140,893			—			—			—			140,893
Morgan Stanley & Co. International PLC		296,379			(121,853	)		—			—			174,526
Standard Chartered Bank		201,370			(201,370	)		—			—			—
	$	2,867,087		$	(875,960	)	$	(397,380	)	$	(684,799	)	$	908,948
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)			Cash Collateral Pledged(a)			Net Amount of Derivative Liabilities(c)
Bank of America, N.A.	$	(351,193	)	$	89,021		$	—		$	—		$	(262,172	)
BNP Paribas		(349,287	)		349,287			—			—			—
Citibank, N.A.		(2,370	)		2,370			—			—			—
Deutsche Bank AG		(55,460	)		55,460			—			—			—
Goldman Sachs International		(149,214	)		56,599			—			—			(92,615	)
Morgan Stanley & Co. International PLC		(121,853	)		121,853			—			—			—
Standard Chartered Bank		(1,295,000	)		201,370			761,933			—			(331,697	)
	$	(2,324,377	)	$	875,960		$	761,933		$	—		$	(686,484	)

^(a)  In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)  Net amount represents the net amount due from the counterparty in the event of default.

^(c)  Net amount represents the net amount payable to the counterparty in the event of default.

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The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended April 30, 2016 was as follows:

Statement of Operations Caption	Foreign Exchange			Interest Rate
Net realized gain (loss) —
Financial futures contracts	$	—		$	(38,594	)
Foreign currency and forward foreign currency exchange contract transactions		(5,096,185	)		—
Total	$	(5,096,185	)	$	(38,594	)
Change in unrealized appreciation (depreciation) —
Investments	$	38,472		$	—
Financial futures contracts		—			5,827
Written options		(13,157	)		—
Foreign currency and forward foreign currency exchange contracts		5,711,627			—
Total	$	5,736,942		$	5,827

The average notional amounts of derivative contracts outstanding during the six months ended April 30, 2016, which are indicative of the volume of these derivative types, were as follows:

Futures Contracts — Short		Forward Foreign Currency Exchange Contracts
	$1,831,000	$	192,014,000

The average principal amount of purchased currency options contracts outstanding during the six months ended April 30, 2016, which is indicative of the volume of this derivative type, was approximately $6,476,000.

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 2, 2016. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2016.

7  Risks Associated with Foreign Investments

The Portfolio’s investments in foreign instruments can be adversely affected by changes in currency exchange rates and political, economic and market developments abroad. In emerging or less developed countries, these risks can be more significant. Investment markets in emerging market countries are typically substantially smaller, less liquid and more volatile than the major markets in developed countries. Emerging market countries may have relatively unstable governments and economies. Emerging market investments often are subject to speculative trading, which typically contributes to volatility.

The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Economic data as reported by foreign governments and other issuers may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets to be seized or cash flows to be attached. Furthermore, the willingness or ability of a foreign government to renegotiate defaulted debt may be limited.

29

International Income Portfolio

April 30, 2016

Notes to Financial Statements (Unaudited) — continued

8  Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At April 30, 2016, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Foreign Government Bonds	$	—	$	61,300,231		$	—	$	61,300,231
Collateralized Mortgage Obligations		—		755,738			—		755,738
Mortgage Pass-Throughs		—		3,720,688			—		3,720,688
Currency Options Purchased		—		256,595			—		256,595
Short-Term Investments —
Foreign Government Securities		—		28,677,643			—		28,677,643
U.S. Treasury Obligations		—		59,585,364			—		59,585,364
Other		—		1,785,881			—		1,785,881
Total Investments	$	—	$	156,082,140		$	—	$	156,082,140
Forward Foreign Currency Exchange Contracts	$	—	$	2,610,492		$	—	$	2,610,492
Futures Contracts		4,227		—			—		4,227
Total	$	4,227	$	158,692,632		$	—	$	158,696,859
Liability Description
Currency Options Written	$	—	$	(256,595	)	$	—	$	(256,595	)
Forward Foreign Currency Exchange Contracts		—		(2,067,782	)		—		(2,067,782	)
Total	$	—	$	(2,324,377	)	$	—	$	(2,324,377	)

The Portfolio held no investments or other financial instruments as of October 31, 2015 whose fair value was determined using Level 3 inputs. At April 30, 2016, there were no investments transferred between Level 1 and Level 2 during the six months then ended.

30

Eaton Vance

Diversified Currency Income Fund

April 30, 2016

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised, administered and/or distributed by Eaton Vance Management or its affiliates (the “Eaton Vance Funds”) held on April 26, 2016, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2016. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), references to “each fund” in this section may include information that was considered at the portfolio-level):

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing the advisory and related fees paid by each fund with fees paid by comparable funds as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio and its components to comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

• Data regarding investment performance in comparison to benchmark indices and customized groups of peer funds identified by the adviser in consultation with the Board;

• For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

• Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, including the investment strategies and processes it employs;

• The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to portfolio turnover rates of each fund;

Information about each Adviser

• Reports detailing the financial results and condition of each adviser;

• Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

• The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

• A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

31

Eaton Vance

Diversified Currency Income Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

• The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2016, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, sixteen, four, nine and eleven times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of investment advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Diversified Currency Income Fund (the “Fund”) with Eaton Vance Management (“EVM”), as well as the investment advisory agreement of International Income Portfolio (the “Portfolio”), the portfolio in which the Fund invests, with Boston Management and Research (“BMR”), an affiliate of EVM (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the “Adviser”), including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio.

Nature, Extent and Quality of Services

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

The Board considered each Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund and the Portfolio, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund and the Portfolio. The Board considered the Adviser’s expertise with respect to global markets and in-house research capabilities. The Board also took into account the resources dedicated to portfolio management and other services, as well as the compensation methods of each Adviser and other factors, such as the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund and the Portfolio, including the provision of administrative services.

The Board noted that under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it may receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

32

Eaton Vance

Diversified Currency Income Fund

April 30, 2016

Board of Trustees’ Contract Approval — continued

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

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds and appropriate benchmark indices, as well as a customized peer group of similarly managed funds. The Board’s review included comparative performance data for the one-, three- and five-year periods ended September 30, 2015 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one year period ended September 30, 2015, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee.

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

Profitability and Other “Fall-Out” Benefits

The Board considered the level of profits realized by each Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by each Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect fall-out benefits received by each Adviser and its affiliates in connection with their relationships with the Fund and the Portfolio, including the benefits of research services that may be available to each Adviser as a result of securities transactions effected for the Fund and the Portfolio and other investment advisory clients.

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

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the applicable Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of each Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund and the Portfolio, the structure of the advisory fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

33

Eaton Vance

Diversified Currency Income Fund

April 30, 2016

Officers and Trustees

Officers of Eaton Vance Diversified Currency Income Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Officers of International Income Portfolio

John R. Baur

President

Payson F. Swaffield

Vice President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Diversified Currency Income Fund and International Income Portfolio

Ralph F. Verni

Chairperson

William H. Park

Vice-Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

* Interested Trustee

34

Eaton Vance Funds

IMPORTANT NOTICES

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

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

• We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Privacy Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

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

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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

35

This Page Intentionally Left Blank

Investment Adviser of International Income Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and Administrator of Eaton Vance Diversified Currency Income Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

7758    4.30.16

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

International Income Portfolio

By:	/s/ John R. Baur
	John R. Baur
	President
Date:	June 16, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	June 16, 2016
By:	/s/ John R. Baur
	John R. Baur
	President
Date:	June 16, 2016