Greater India Portfolio
08/27/2026 | Press release | Distributed by Public on 08/27/2026 12:00
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-08340
Greater India Portfolio
(Exact Name of Registrant as Specified in Charter)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant's Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2026
Date of Reporting Period
Item 1. Reports to Stockholders
(a)
Greater India Portfolio
Semi-Annual Shareholder Report June 30, 2026
This semi-annual shareholder report contains important information about the Greater India Portfolio (the "Fund") for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php and selecting Eaton Vance India Fund. You can also request this information by contacting us at 1-800-262-1122.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table Summary
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Greater India Portfolio
|
$46
|
0.97%Footnote Reference1
|
| Footnote | Description |
|
Footnote1
|
Annualized |
Key Fund Statistics
Table Summary
|
Total Net Assets
|
$167,233,008
|
|
# of Portfolio Holdings
|
50
|
|
Portfolio Turnover Rate
|
26%
|
What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.
Sector Allocation (% of total investments)
Table Summary
|
Value
|
Value
|
|
Short-Term Investments
|
0.0%Footnote Reference*
|
|
Real Estate
|
1.9%
|
|
Energy
|
3.1%
|
|
Communication Services
|
3.8%
|
|
Consumer Staples
|
5.1%
|
|
Information Technology
|
5.6%
|
|
Industrials
|
6.1%
|
|
Materials
|
8.0%
|
|
Consumer Discretionary
|
14.2%
|
|
Health Care
|
14.2%
|
|
Financials
|
38.0%
|
| Footnote | Description |
|
Footnote*
|
Amount is less than 0.05%. |
Top Ten Holdings (% of total investments)Footnote Referencea
Table Summary
|
ICICI Bank Ltd.
|
9.9%
|
|
HDFC Bank Ltd., ADR
|
6.0%
|
|
Axis Bank Ltd.
|
5.2%
|
|
Mahindra & Mahindra Ltd.
|
3.8%
|
|
Bharti Airtel Ltd.
|
3.8%
|
|
Reliance Industries Ltd.
|
3.1%
|
|
Bajaj Finance Ltd.
|
3.1%
|
|
Sun Pharmaceutical Industries Ltd.
|
3.1%
|
|
Apollo Hospitals Enterprise Ltd.
|
3.0%
|
|
Grasim Industries Ltd.
|
2.9%
|
|
Total
|
43.9%
|
| Footnote | Description |
|
Footnotea
|
Excluding cash equivalents |
Additional Information
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php and select Eaton Vance India Fund. For proxy information, please visit www.eatonvance.com/proxyvoting.
Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2026
Gr. India Port.-TSR-SAR
(b) Not applicable.
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
| (a) |
Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) |
Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Table of Contents
Greater India Portfolio
June 30, 2026
Portfolio of Investments (Unaudited)
| Common Stocks - 101.8% |
| Security | Shares | Value | |
| India - 100.9% | |||
| Aerospace & Defense - 2.0% | |||
| Bharat Electronics Ltd. | 769,617 | $ 3,354,254 | |
| $ 3,354,254 | |||
| Automobile Components - 2.4% | |||
| Samvardhana Motherson International Ltd. | 2,609,045 | $ 4,090,916 | |
| $ 4,090,916 | |||
| Automobiles - 6.1% | |||
| Mahindra & Mahindra Ltd. | 200,380 | $ 6,517,316 | |
| TVS Motor Co. Ltd. | 98,623 | 3,611,152 | |
| $ 10,128,468 | |||
| Banks - 26.1% | |||
| AU Small Finance Bank Ltd.(1) | 129,584 | $ 1,421,998 | |
| Axis Bank Ltd. | 620,677 | 8,833,570 | |
| HDFC Bank Ltd. ADR | 394,810 | 10,197,942 | |
| ICICI Bank Ltd. | 1,149,186 | 16,774,933 | |
| IDFC First Bank Ltd. | 1,954,052 | 1,643,386 | |
| State Bank of India | 442,972 | 4,812,519 | |
| $ 43,684,348 | |||
| Building Products - 1.3% | |||
| Supreme Industries Ltd. | 66,507 | $ 2,221,868 | |
| $ 2,221,868 | |||
| Capital Markets - 2.1% | |||
| 360 ONE WAM Ltd. | 136,383 | $ 1,549,803 | |
| Nuvama Wealth Management Ltd. | 98,300 | 1,878,703 | |
| $ 3,428,506 | |||
| Chemicals - 3.1% | |||
| Navin Fluorine International Ltd. | 24,166 | $ 1,965,202 | |
| Pidilite Industries Ltd. | 193,123 | 3,254,476 | |
| $ 5,219,678 | |||
| Construction Materials - 3.0% | |||
| Grasim Industries Ltd. | 151,790 | $ 4,975,925 | |
| $ 4,975,925 | |||
| Security | Shares | Value | |
| Consumer Finance - 4.8% | |||
| Bajaj Finance Ltd. | 495,816 | $ 5,273,289 | |
| Shriram Finance Ltd. | 242,524 | 2,675,842 | |
| $ 7,949,131 | |||
| Electrical Equipment - 1.8% | |||
| KEI Industries Ltd. | 25,151 | $ 1,445,239 | |
| Siemens Energy India Ltd. | 40,654 | 1,585,325 | |
| $ 3,030,564 | |||
| Financial Services - 2.7% | |||
| Aavas Financiers Ltd.(2) | 153,444 | $ 2,469,482 | |
| Aditya Birla Capital Ltd.(2) | 503,315 | 2,087,863 | |
| $ 4,557,345 | |||
| Food Products - 1.9% | |||
| Tata Consumer Products Ltd. | 271,998 | $ 3,095,582 | |
| $ 3,095,582 | |||
| Health Care Providers & Services - 5.2% | |||
| Apollo Hospitals Enterprise Ltd. | 55,735 | $ 5,115,804 | |
| Max Healthcare Institute Ltd. | 295,830 | 3,532,892 | |
| $ 8,648,696 | |||
| Hotels, Restaurants & Leisure - 2.0% | |||
| Eternal Ltd.(2) | 1,200,489 | $ 3,364,672 | |
| $ 3,364,672 | |||
| Household Durables - 2.0% | |||
| Dixon Technologies India Ltd. | 17,788 | $ 2,243,917 | |
| LG Electronics India Ltd.(2) | 63,414 | 1,041,727 | |
| $ 3,285,644 | |||
| Industrial Conglomerates - 1.1% | |||
| Siemens Ltd.(2) | 48,201 | $ 1,835,309 | |
| $ 1,835,309 | |||
| Insurance - 3.0% | |||
| PB Fintech Ltd.(2) | 145,409 | $ 2,505,278 | |
| SBI Life Insurance Co. Ltd.(1) | 135,289 | 2,525,184 | |
| $ 5,030,462 | |||
| IT Services - 5.3% | |||
| Coforge Ltd. | 134,318 | $ 2,085,278 | |
11
See Notes to Financial Statements.
Table of Contents
Greater India Portfolio
June 30, 2026
Portfolio of Investments (Unaudited) - continued
| Security | Shares | Value | |
| IT Services (continued) | |||
| Infosys Ltd. | 443,658 | $ 4,703,654 | |
| Persistent Systems Ltd. | 45,795 | 2,099,447 | |
| $ 8,888,379 | |||
| Life Sciences Tools & Services - 1.6% | |||
| Divi's Laboratories Ltd. | 38,981 | $ 2,712,038 | |
| $ 2,712,038 | |||
| Metals & Mining - 2.0% | |||
| Hindalco Industries Ltd. | 328,758 | $ 3,339,175 | |
| $ 3,339,175 | |||
| Oil, Gas & Consumable Fuels - 3.2% | |||
| Reliance Industries Ltd. | 393,344 | $ 5,388,267 | |
| $ 5,388,267 | |||
| Personal Care Products - 3.3% | |||
| Colgate-Palmolive (India) Ltd. | 153,087 | $ 3,233,944 | |
| Godrej Consumer Products Ltd. | 219,328 | 2,343,392 | |
| $ 5,577,336 | |||
| Pharmaceuticals - 7.6% | |||
| Mankind Pharma Ltd. | 129,226 | $ 3,478,539 | |
| Pfizer Ltd. | 21,965 | 1,030,254 | |
| Sun Pharmaceutical Industries Ltd. | 266,151 | 5,239,772 | |
| Torrent Pharmaceuticals Ltd. | 62,067 | 3,029,897 | |
| $ 12,778,462 | |||
| Real Estate Management & Development - 1.9% | |||
| Aditya Birla Real Estate Ltd. | 59,220 | $ 829,267 | |
| Godrej Properties Ltd.(2) | 121,609 | 2,404,271 | |
| $ 3,233,538 | |||
| Specialty Retail - 1.5% | |||
| Trent Ltd. | 70,656 | $ 2,454,233 | |
| $ 2,454,233 | |||
| Wireless Telecommunication Services - 3.9% | |||
| Bharti Airtel Ltd. | 331,408 | $ 6,492,030 | |
| $ 6,492,030 | |||
|
Total India (identified cost $114,534,229) |
$168,764,826 | ||
| Security | Shares | Value | |
| United States - 0.9% | |||
| Automobile Components - 0.5% | |||
| Tenneco Clean Air India Ltd.(2) | 125,166 | $ 785,451 | |
| $ 785,451 | |||
| IT Services - 0.4% | |||
| Cognizant Technology Solutions Corp., Class A | 16,151 | $ 625,528 | |
| $ 625,528 | |||
|
Total United States (identified cost $1,804,968) |
$ 1,410,979 | ||
|
Total Common Stocks (identified cost $116,339,197) |
$170,175,805 | ||
| Short-Term Investments - 0.0%† |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.56%(3) | 61,538 | $ 61,538 | |
|
Total Short-Term Investments (identified cost $61,538) |
$ 61,538 | ||
|
Total Investments - 101.8% (identified cost $116,400,735) |
$170,237,343 | ||
| Other Assets, Less Liabilities - (1.8)% | $ (3,004,335) | ||
| Net Assets - 100.0% | $167,233,008 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At June 30, 2026, the aggregate value of these securities is $3,947,182 or 2.4% of the Portfolio's net assets. |
| (2) | Non-income producing security. |
| (3) | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of June 30, 2026. |
| Abbreviations: | |
| ADR | - American Depositary Receipt |
12
See Notes to Financial Statements.
Table of Contents
Greater India Portfolio
June 30, 2026
Statement of Assets and Liabilities (Unaudited)
| June 30, 2026 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $116,339,197) | $170,175,805 |
| Affiliated investments, at value (identified cost $61,538) | 61,538 |
| Foreign currency, at value (identified cost $2,876,497) | 2,876,310 |
| Dividends receivable | 98,833 |
| Dividends receivable from affiliated investments | 694 |
| Receivable for investments sold | 3,733,371 |
| Receivable for foreign taxes | 43,182 |
| Trustees' deferred compensation plan | 27,472 |
| Total assets | $177,017,205 |
| Liabilities | |
| Payable for investments purchased | $2,119,226 |
| Payable to affiliates: | |
| Investment adviser fee | 102,404 |
| Trustees' fees | 3,020 |
| Trustees' deferred compensation plan | 27,472 |
| Accrued foreign capital gains taxes | 7,425,814 |
| Accrued expenses | 106,261 |
| Total liabilities | $9,784,197 |
| Net Assets applicable to investors' interest in Portfolio | $167,233,008 |
13
See Notes to Financial Statements.
Table of Contents
Greater India Portfolio
June 30, 2026
Statement of Operations (Unaudited)
| Six Months Ended | |
| June 30, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $145,001) | $527,443 |
| Dividend income from affiliated investments | 8,339 |
| Total investment income | $535,782 |
| Expenses | |
| Investment adviser fee | $730,785 |
| Trustees' fees and expenses | 4,506 |
| Custodian fee | 79,359 |
| Legal and accounting services | 48,255 |
| Miscellaneous | 9,529 |
| Total expenses | $872,434 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $308 |
| Total expense reductions | $308 |
| Net expenses | $872,126 |
| Net investment loss | $(336,344) |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions (net of foreign capital gains taxes of $2,775,084) | $(1,474,362) |
| Futures contracts | (16,043) |
| Foreign currency transactions | (166,644) |
| Net realized loss | $(1,657,049) |
| Change in unrealized appreciation (depreciation): | |
| Investments (including net decrease in accrued foreign capital gains taxes of $5,096,636) | $(18,828,155) |
| Foreign currency | (1,400) |
| Net change in unrealized appreciation (depreciation) | $(18,829,555) |
| Net realized and unrealized loss | $(20,486,604) |
| Net decrease in net assets from operations | $(20,822,948) |
14
See Notes to Financial Statements.
Table of Contents
Greater India Portfolio
June 30, 2026
Statements of Changes in Net Assets
|
Six Months Ended June 30, 2026 (Unaudited) |
Year Ended December 31, 2025 |
|
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment loss | $(336,344) | $(1,048,379) |
| Net realized gain (loss) | (1,657,049) | 28,796,108 |
| Net change in unrealized appreciation (depreciation) | (18,829,555) | (34,715,642) |
| Net decrease in net assets from operations | $(20,822,948) | $(6,967,913) |
| Capital transactions: | ||
| Contributions | $371,748 | $8,920,128 |
| Withdrawals | (22,448,363) | (92,992,497) |
| Net decrease in net assets from capital transactions | $(22,076,615) | $(84,072,369) |
| Net decrease in net assets | $(42,899,563) | $(91,040,282) |
| Net Assets | ||
| At beginning of period | $210,132,571 | $301,172,853 |
| At end of period | $167,233,008 | $210,132,571 |
15
See Notes to Financial Statements.
Table of Contents
Greater India Portfolio
June 30, 2026
Financial Highlights
|
Six Months Ended June 30, 2026 (Unaudited) |
Year Ended December 31, | |||||
| Ratios/Supplemental Data | 2025 | 2024 | 2023 | 2022 | 2021 | |
| Ratios (as a percentage of average daily net assets):(1) | ||||||
| Total expenses | 0.97%(2) | 1.01%(3) | 0.93% | 0.97% | 0.97% | 0.95% |
| Net expenses | 0.97%(2)(4) | 1.01%(3)(4) | 0.93%(4) | 0.97%(4) | 0.97%(4) | 0.95% |
| Net investment loss | (0.37)%(2) | (0.41)% | (0.07)% | (0.02)% | (0.32)% | (0.39)% |
| Portfolio Turnover | 26%(5) | 26% | 22% | 34% | 17% | 33% |
| Total Return | (9.87)%(5) | (1.70)% | 18.15% | 21.29% | (14.39)% | 24.76% |
| Net assets, end of period (000's omitted) | $167,233 | $210,133 | $301,173 | $229,209 | $187,204 | $284,153 |
| (1) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio. |
| (2) | Annualized. |
| (3) | Includes interest expense of 0.01% of average daily nets assets for the year ended December 31, 2025. |
| (4) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2026 and the years ended December 31, 2025, 2024, 2023 and 2022). |
| (5) | Not annualized. |
16
See Notes to Financial Statements.
Table of Contents
Greater India Portfolio
June 30, 2026
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Greater India Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a non-diversified, open-end management investment company. The Portfolio's investment objective is to seek long-term capital appreciation. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At June 30, 2026, Eaton Vance India Fund (formerly, Eaton Vance Greater India Fund) held an interest of approximately 100% in the Portfolio.
The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation-The following methodologies are used to determine the market value or fair value of investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.
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. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Foreign ownership of shares of certain Indian companies may be subject to limitations. When foreign ownership of such an Indian company's shares approaches the limitation, foreign investors may be willing to pay a premium to the local share price to acquire shares from other foreign investors. Such shares are valued at the closing price for foreign investors as provided by the exchange on which they trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions-Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income-Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. Interest income is accrued as earned.
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.
17
Table of Contents
Greater India Portfolio
June 30, 2026
Notes to Financial Statements (Unaudited) - continued
In addition to the requirements of the Internal Revenue Code, the Portfolio may also be subject to local taxes on the recognition of capital gains in India. In determining the daily net asset value, the Portfolio estimates the accrual for such taxes, if any, based on the unrealized appreciation on certain portfolio securities, historical effective tax rates on securities sold, and the availability of any realized losses in excess of gains that may be carried forward to offset future gains. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on certain Indian securities sold at a gain are included in net realized gain (loss) on investments. As of June 30, 2026, the Portfolio for tax reporting in India had no accumulated losses available to be carried forward to offset future realized gains from the sale of Indian securities.
As of June 30, 2026, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing. The Portfolio also files a tax return in India annually as of March 31st. Such tax returns are subject to examination by the Indian tax authorities for open years as determined by the statute of limitations, which is generally a period of up to 7 years after a tax return is filed.
E Foreign Currency Translation-Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Use of Estimates-The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
G Indemnifications-Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.
H Futures Contracts-Upon entering into a futures contract, the Portfolio is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Portfolio each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Portfolio. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
I Segment Reporting-The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.
J Interim Financial Statements-The interim financial statements relating to June 30, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
18
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June 30, 2026
Notes to Financial Statements (Unaudited) - continued
2 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of average daily net assets and is payable monthly. Pursuant to an amendment to the investment advisory agreement dated April 13, 2026, BMR contractually agreed to reduce its investment advisory fee. The annual fee rates pursuant to the investment advisory agreement and amendment to the investment advisory agreement are as follows:
| Average Daily Net Assets |
Annual Fee Rate (Effective April 13, 2026) |
Annual Fee Rate (Prior to April 13, 2026) |
| Up to $500 million | 0.750% | 0.850% |
| $500 million but less than $1 billion | 0.700% | 0.800% |
| $1 billion but less than $2.5 billion | 0.675% | 0.775% |
| $2.5 billion but less than $5 billion | 0.650% | 0.750% |
| $5 billion and over | 0.630% | 0.730% |
For the six months ended June 30, 2026, the investment adviser fee amounted to $730,785 or 0.81% (annualized) of the Portfolio's average daily net assets. Effective April 13, 2026, pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the portfolio to Morgan Stanley Investment Management Company (MSIM Company), a wholly-owned subsidiary of Morgan Stanley. BMR pays MSIM Company a portion of its investment adviser fee for sub-advisory services provided to the Portfolio. Prior to April 13, 2026, pursuant to an investment sub-advisory agreement, BMR delegated the investment management of the portfolio to Goldman Sachs Asset Management, L.P. (GSAM). Effective April 13, 2026, the sub-advisory agreement between BMR and GSAM was terminated. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the six months ended June 30, 2026, the investment adviser fee paid was reduced by $308 relating to the Portfolio's investment in the Liquidity Fund.
Trustees and officers of the Portfolio who are members of BMR's organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of BMR.
3 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $49,449,953 and $78,808,341, respectively, for the six months ended June 30, 2026.
4 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at June 30, 2026, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $118,755,587 |
| Gross unrealized appreciation | $53,740,592 |
| Gross unrealized depreciation | (2,258,836) |
| Net unrealized appreciation | $51,481,756 |
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
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Greater India Portfolio
June 30, 2026
Notes to Financial Statements (Unaudited) - continued
include 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. At June 30, 2026, there were no obligations outstanding under these financial instruments.
The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. During the six months ended June 30, 2026, the Portfolio entered into equity index futures contracts to manage cash flows.
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2026 was as follows:
| Derivative |
Realized Gain (Loss) on Derivatives Recognized in Income(1) |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| Futures contracts | $(16,043) | $ - |
| (1) | Statement of Operations location: Net realized gain (loss): Futures contracts. |
The average notional cost of futures contracts (long) outstanding during the six months ended June 30, 2026, which is indicative of the volume of this derivative type, was approximately $88,000.
6 Line of Credit
The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended June 30, 2026.
7 Affiliated Investments
At June 30, 2026, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $61,538, which represents less than 0.05% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the six months ended June 30, 2026 were as follows:
| Name |
Value, beginning of period |
Purchases |
Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $9,433 | $13,018,532 | $(12,966,427) | $ - | $ - | $61,538 | $8,339 | 61,538 |
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) |
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Greater India Portfolio
June 30, 2026
Notes to Financial Statements (Unaudited) - continued
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 June 30, 2026, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Communication Services | $ - | $ 6,492,030 | $ - | $ 6,492,030 |
| Consumer Discretionary | - | 24,109,384 | - | 24,109,384 |
| Consumer Staples | - | 8,672,918 | - | 8,672,918 |
| Energy | - | 5,388,267 | - | 5,388,267 |
| Financials | 10,197,942 | 54,451,850 | - | 64,649,792 |
| Health Care | - | 24,139,196 | - | 24,139,196 |
| Industrials | - | 10,441,995 | - | 10,441,995 |
| Information Technology | 625,528 | 8,888,379 | - | 9,513,907 |
| Materials | - | 13,534,778 | - | 13,534,778 |
| Real Estate | - | 3,233,538 | - | 3,233,538 |
| Total Common Stocks | $10,823,470 | $159,352,335* | $ - | $170,175,805 |
| Short-Term Investments | $ 61,538 | $ - | $ - | $ 61,538 |
| Total Investments | $10,885,008 | $ 159,352,335 | $ - | $170,237,343 |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
9 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Portfolio may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Countries within the Indian sub-continent region are considered emerging market countries. The securities markets within the Indian sub-continent are undergoing a period of growth and change, which may result in trading or price volatility and difficulties in the settlement and recording of transactions, and in interpreting and applying relevant laws and regulations. The securities markets in these countries are comparatively underdeveloped and may be concentrated in certain sectors. In addition, governmental actions can have a significant effect on the economic conditions in the India region, which could adversely affect the value and liquidity of investments.
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Eaton Vance
India Fund
June 30, 2026
Board of Trustees' Contract Approval
Overview of the Contract Review Process - Eaton Vance Funds
The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund's board of trustees, including a majority of the trustees who are not "interested persons" of the fund ("independent trustees"), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 11, 2026, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2026, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee's annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent data provider comparing advisory and other fees paid by each fund to such 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 those of comparable funds;
• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);
• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;
• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and the cost allocation methodology used to determine such analyses;
Information about Portfolio Management and Trading
• Descriptions of the investment management services provided to each fund, as well as each of the funds' investment strategies and policies;
• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";
• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-Adviser
• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other funds and investment accounts, as applicable;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to "sub-adviser" or "sub-advisory agreement" in this "Overview" section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."
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Eaton Vance
India Fund
June 30, 2026
Board of Trustees' Contract Approval - continued
• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;
• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;
• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;
• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;
• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;
Other Relevant Information
• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;
• Information concerning the nature, cost, and character of the administrative and other non-investment advisory services provided by the adviser and its affiliates;
• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);
• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund's market prices (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;
• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and
• The terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees over the course of the year leading up to the June 11, 2026 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds' investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
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Eaton Vance
India Fund
June 30, 2026
Board of Trustees' Contract Approval - continued
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance India Fund (formerly, Eaton Vance Greater India Fund) (the "Fund"), as well as the investment advisory agreement between Greater India Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research (the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements"). Morgan Stanley Investment Management Company, an affiliate of the Adviser (the "Sub-adviser"), began serving as the sub-adviser to the Fund and the Portfolio on April 13, 2026. Accordingly, each investment sub-advisory agreement with the Sub-adviser was in its initial two-year term, and the Board was not required to approve each agreement at its meeting on June 11, 2026.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreements for the Fund and the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Fund and the Portfolio by the Adviser and the Sub-adviser.
The Board considered the Adviser's and the Sub-adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser's responsibilities with respect to oversight of the Sub-adviser and coordinating activities in implementing the investment strategies of the Fund and the Portfolio. With respect to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser's investment professionals in investing in equity securities of companies in India and surrounding countries of the Indian subcontinent provided by investment professionals located in the region. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the 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 also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund and the Portfolio.
The Board noted that under the terms of the investment advisory agreement of the Fund, the Adviser may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which the Adviser receives an advisory fee from the Portfolio.
The Board considered the compliance programs of the Adviser, the Sub-adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the applicable investment advisory agreement.
Fund Performance
The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2025. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index for the three-year period. 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 December 31, 2025, 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 certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund's total
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Eaton Vance
India Fund
June 30, 2026
Board of Trustees' Contract Approval - continued
expense ratio relative to comparable funds. The Board also considered that, effective with the implementation of the sub-advisory agreements on April 13, 2026, the Adviser had contractually agreed to reduce the advisory fees payable to it by 10 basis points with respect to the Fund and the Portfolio and noted that these reductions could not be terminated, respectively, without the approval of a majority of the holders of interests in the Fund and the Portfolio.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and "Fall-Out" Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are not excessive.
The Board also considered direct and indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, the Portfolio and the other Eaton Vance Funds, including, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agent(s), and research received by the Adviser and/or the Sub-adviser generated from commission dollars spent on funds' portfolio trading.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund and the Portfolio currently share in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fees, which include breakpoints at several asset levels, including the revised breakpoint schedule effective April 13, 2026, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.
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ETGIX-NCSR 6.30.26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Portfolio's Board of Trustees since the Portfolio last provided disclosure in response to this item.
Item 16. Controls and Procedures
| (a) |
It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| (b) |
There have been no changes in the registrant's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
|
(a)(1) |
Registrant's Code of Ethics - Not applicable (please see Item 2). | |
|
(a)(2)(i) |
Principal Financial Officer's Section 302 certification. | |
|
(a)(2)(ii) |
Principal Executive Officer's Section 302 certification. | |
|
(b) |
Combined Section 906 certification. |
|
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Greater India Portfolio |
||
| By: | /s/ R. Kelly Williams, Jr. | |
|
R. Kelly Williams, Jr. |
||
|
Principal Executive Officer |
||
Date: August 21, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ James F. Kirchner | |
|
James F. Kirchner |
||
|
Principal Financial Officer |
Date: August 21, 2026
| By: | /s/ R. Kelly Williams, Jr. | |
|
R. Kelly Williams, Jr. |
||
|
Principal Executive Officer |
Date: August 21, 2026
Greater India Portfolio published this content on August 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 27, 2026 at 18:01 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]