Eaton Vance
Tax-Advantaged Dividend Income Fund
July 31, 2021
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 93.5%
Security | Shares | Value | ||||||
Aerospace & Defense — 2.7% |
| |||||||
Hexcel Corp.(1)(2) | 357,373 | $ | 19,448,239 | |||||
Huntington Ingalls Industries, Inc. | 131,285 | 26,930,492 | ||||||
Textron, Inc. | 138,791 | 9,577,967 | ||||||
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| |||||||
$ | 55,956,698 | |||||||
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Air Freight & Logistics — 1.1% |
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C.H. Robinson Worldwide, Inc. | 254,009 | $ | 22,649,983 | |||||
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$ | 22,649,983 | |||||||
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Automobiles — 0.8% |
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General Motors Co.(2) | 280,678 | $ | 15,953,737 | |||||
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| |||||||
$ | 15,953,737 | |||||||
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Banks — 9.5% |
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Bank of America Corp. | 1,143,482 | $ | 43,863,970 | |||||
JPMorgan Chase & Co. | 528,940 | 80,282,513 | ||||||
KeyCorp(1) | 1,298,953 | 25,537,416 | ||||||
PNC Financial Services Group, Inc. (The) | 26,157 | 4,771,298 | ||||||
Truist Financial Corp.(1) | 606,336 | 33,002,868 | ||||||
Wells Fargo & Co. | 145,704 | 6,693,642 | ||||||
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| |||||||
$ | 194,151,707 | |||||||
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Beverages — 2.6% |
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Constellation Brands, Inc., Class A | 106,237 | $ | 23,833,208 | |||||
PepsiCo, Inc. | 187,508 | 29,429,381 | ||||||
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$ | 53,262,589 | |||||||
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Biotechnology — 2.2% |
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AbbVie, Inc. | 172,691 | $ | 20,083,963 | |||||
Neurocrine Biosciences, Inc.(2) | 270,982 | 25,258,232 | ||||||
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| |||||||
$ | 45,342,195 | |||||||
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Building Products — 1.9% |
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Johnson Controls International PLC | 543,505 | $ | 38,817,127 | |||||
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$ | 38,817,127 | |||||||
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Capital Markets — 4.7% |
| |||||||
Charles Schwab Corp. (The) | 289,937 | $ | 19,701,219 | |||||
Goldman Sachs Group, Inc. (The) | 113,204 | 42,437,916 | ||||||
Raymond James Financial, Inc. | 101,927 | 13,197,508 | ||||||
S&P Global, Inc.(1) | 49,025 | 21,017,998 | ||||||
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| |||||||
$ | 96,354,641 | |||||||
|
| |||||||
Chemicals — 0.4% |
| |||||||
FMC Corp. | 73,262 | $ | 7,835,371 | |||||
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| |||||||
$ | 7,835,371 | |||||||
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|
1
Security | Shares | Value | ||||||
Communications Equipment — 1.8% |
| |||||||
Cisco Systems, Inc.(1) | 662,822 | $ | 36,700,454 | |||||
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$ | 36,700,454 | |||||||
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Construction & Engineering — 0.0% |
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Abengoa S.A., Class A(2)(3) | 571,132 | $ | 0 | |||||
Abengoa S.A., Class B(2)(3) | 5,905,644 | 0 | ||||||
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$ | 0 | |||||||
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Containers & Packaging — 1.7% |
| |||||||
Ball Corp. | 178,956 | $ | 14,473,961 | |||||
Packaging Corp. of America | 140,126 | 19,827,829 | ||||||
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| |||||||
$ | 34,301,790 | |||||||
|
| |||||||
Diversified Telecommunication Services — 2.2% |
| |||||||
Verizon Communications, Inc. | 825,431 | $ | 46,042,541 | |||||
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| |||||||
$ | 46,042,541 | |||||||
|
| |||||||
Electric Utilities — 3.3% |
| |||||||
Edison International | 565,948 | $ | 30,844,166 | |||||
NextEra Energy, Inc.(1) | 480,270 | 37,413,033 | ||||||
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| |||||||
$ | 68,257,199 | |||||||
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Electrical Equipment — 1.6% |
| |||||||
Eaton Corp. PLC | 202,956 | $ | 32,077,196 | |||||
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$ | 32,077,196 | |||||||
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Entertainment — 2.6% |
| |||||||
Walt Disney Co. (The)(1)(2) | 298,943 | $ | 52,619,947 | |||||
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$ | 52,619,947 | |||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 4.6% |
| |||||||
CubeSmart | 423,209 | $ | 21,016,559 | |||||
EastGroup Properties, Inc. | 158,880 | 27,997,834 | ||||||
Invitation Homes, Inc. | 183,056 | 7,446,718 | ||||||
Mid-America Apartment Communities, Inc.(1) | 192,694 | 37,209,211 | ||||||
|
| |||||||
$ | 93,670,322 | |||||||
|
| |||||||
Food & Staples Retailing — 1.0% |
| |||||||
Walmart, Inc.(1) | 145,681 | $ | 20,766,827 | |||||
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$ | 20,766,827 | |||||||
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Food Products — 2.0% |
| |||||||
Lamb Weston Holdings, Inc. | 177,794 | $ | 11,871,305 | |||||
Mondelez International, Inc., Class A | 446,738 | 28,260,646 | ||||||
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| |||||||
$ | 40,131,951 | |||||||
|
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Health Care Equipment & Supplies — 3.8% |
| |||||||
Abbott Laboratories | 181,772 | $ | 21,990,777 | |||||
Medtronic PLC | 421,275 | 55,317,620 | ||||||
|
| |||||||
$ | 77,308,397 | |||||||
|
| |||||||
Health Care Providers & Services — 1.1% |
| |||||||
UnitedHealth Group, Inc.(1) | 57,374 | $ | 23,650,710 | |||||
|
| |||||||
$ | 23,650,710 | |||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.5% |
| |||||||
Starbucks Corp. | 81,305 | $ | 9,872,866 | |||||
|
| |||||||
$ | 9,872,866 | |||||||
|
|
2
Security | Shares | Value | ||||||
Insurance — 5.7% |
| |||||||
Allstate Corp. (The) | 183,997 | $ | 23,928,810 | |||||
American International Group, Inc. | 627,891 | 29,730,639 | ||||||
Arch Capital Group, Ltd.(2) | 760,958 | 29,677,362 | ||||||
Reinsurance Group of America, Inc. | 113,823 | 12,541,018 | ||||||
Travelers Cos., Inc. (The) | 140,361 | 20,902,560 | ||||||
|
| |||||||
$ | 116,780,389 | |||||||
|
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Interactive Media & Services — 3.3% |
| |||||||
Alphabet, Inc., Class C(1)(2) | 25,361 | $ | 68,586,796 | |||||
|
| |||||||
$ | 68,586,796 | |||||||
|
| |||||||
IT Services — 2.8% |
| |||||||
Euronet Worldwide, Inc.(2) | 86,264 | $ | 12,320,224 | |||||
Fidelity National Information Services, Inc. | 296,811 | 44,239,680 | ||||||
|
| |||||||
$ | 56,559,904 | |||||||
|
| |||||||
Life Sciences Tools & Services — 2.8% |
| |||||||
Thermo Fisher Scientific, Inc. | 79,621 | $ | 42,996,136 | |||||
Waters Corp.(2) | 38,250 | 14,910,233 | ||||||
|
| |||||||
$ | 57,906,369 | |||||||
|
| |||||||
Machinery — 4.0% |
| |||||||
Caterpillar, Inc. | 61,877 | $ | 12,793,070 | |||||
Ingersoll Rand, Inc.(2) | 206,888 | 10,110,616 | ||||||
Parker-Hannifin Corp. | 28,254 | 8,816,096 | ||||||
Stanley Black & Decker, Inc. | 163,087 | 32,136,293 | ||||||
Westinghouse Air Brake Technologies Corp. | 218,069 | 18,507,516 | ||||||
|
| |||||||
$ | 82,363,591 | |||||||
|
| |||||||
Media — 0.9% |
| |||||||
Fox Corp., Class A | 510,076 | $ | 18,189,310 | |||||
|
| |||||||
$ | 18,189,310 | |||||||
|
| |||||||
Metals & Mining — 0.5% |
| |||||||
Steel Dynamics, Inc. | 157,754 | $ | 10,167,245 | |||||
|
| |||||||
$ | 10,167,245 | |||||||
|
| |||||||
Multi-Utilities — 2.2% |
| |||||||
CMS Energy Corp. | 353,147 | $ | 21,820,953 | |||||
Sempra Energy(1) | 179,252 | 23,419,274 | ||||||
|
| |||||||
$ | 45,240,227 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 3.9% |
| |||||||
Chevron Corp.(1) | 335,655 | $ | 34,173,036 | |||||
EOG Resources, Inc. | 229,926 | 16,752,408 | ||||||
EQT Corp.(2) | 841,701 | 15,478,881 | ||||||
Phillips 66 | 176,386 | 12,952,024 | ||||||
|
| |||||||
$ | 79,356,349 | |||||||
|
| |||||||
Personal Products — 1.0% |
| |||||||
Estee Lauder Cos., Inc. (The), Class A | 60,964 | $ | 20,351,612 | |||||
|
| |||||||
$ | 20,351,612 | |||||||
|
| |||||||
Pharmaceuticals — 6.9% |
| |||||||
Johnson & Johnson(1) | 360,368 | $ | 62,055,370 | |||||
Royalty Pharma PLC, Class A(1) | 274,827 | 10,498,392 |
3
Security | Shares | Value | ||||||
Sanofi | 319,201 | $ | 32,901,070 | |||||
Zoetis, Inc. | 181,489 | 36,787,820 | ||||||
|
| |||||||
$ | 142,242,652 | |||||||
|
| |||||||
Road & Rail — 0.6% |
| |||||||
CSX Corp. | 393,549 | $ | 12,719,504 | |||||
|
| |||||||
$ | 12,719,504 | |||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.6% |
| |||||||
QUALCOMM, Inc. | 74,970 | $ | 11,230,506 | |||||
Texas Instruments, Inc. | 109,952 | 20,959,050 | ||||||
|
| |||||||
$ | 32,189,556 | |||||||
|
| |||||||
Software — 0.6% |
| |||||||
VMware, Inc., Class A(2) | 81,436 | $ | 12,519,971 | |||||
|
| |||||||
$ | 12,519,971 | |||||||
|
| |||||||
Specialty Retail — 2.2% |
| |||||||
Best Buy Co., Inc. | 214,763 | $ | 24,128,623 | |||||
Lowe’s Cos., Inc. | 59,081 | 11,384,318 | ||||||
TJX Cos., Inc. (The) | 145,581 | 10,017,429 | ||||||
|
| |||||||
$ | 45,530,370 | |||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.8% |
| |||||||
Apple, Inc. | 59,265 | $ | 8,644,393 | |||||
HP, Inc. | 264,165 | 7,626,443 | ||||||
|
| |||||||
$ | 16,270,836 | |||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.6% |
| |||||||
Capri Holdings, Ltd.(2) | 411,935 | $ | 23,196,060 | |||||
PVH Corp.(2) | 101,966 | 10,667,683 | ||||||
|
| |||||||
$ | 33,863,743 | |||||||
|
| |||||||
Total Common Stocks |
| $ | 1,916,562,672 | |||||
|
| |||||||
Corporate Bonds — 17.4% |
| |||||||
Security | Principal Amount (000’s omitted) | Value | ||||||
Automobiles — 0.2% |
| |||||||
General Motors Financial Co., Inc., Series C, 5.70% to 9/30/30(4)(5) | $ | 3,887 | $ | 4,445,989 | ||||
|
| |||||||
$ | 4,445,989 | |||||||
|
| |||||||
Banks — 8.8% |
| |||||||
Banco Bilbao Vizcaya Argentaria S.A., 6.125% to 11/16/27(4)(5) | $ | 5,600 | $ | 6,083,000 | ||||
Banco Davivienda S.A., 6.65% to 4/22/31(4)(5)(6) | 1,800 | 1,903,203 | ||||||
Banco Mercantil del Norte S.A./Grand Cayman: |
| |||||||
7.50% to 6/27/29(4)(5)(6) | 4,421 | 5,000,726 | ||||||
7.625% to 1/10/28(4)(5)(6) | 2,101 | 2,400,214 | ||||||
8.375% to 10/14/30(4)(5)(6) | 2,300 | 2,783,161 | ||||||
Barclays PLC: |
| |||||||
6.125% to 12/15/25(4)(5) | 5,000 | 5,573,150 | ||||||
7.875% to 3/15/22(4)(5)(7) | 6,393 | 6,635,902 | ||||||
BNP Paribas S.A., 4.625% to 2/25/31(4)(5)(6) | 6,987 | 7,282,550 |
4
Security | Principal Amount (000’s omitted) | Value | ||||||
Citigroup, Inc.: |
| |||||||
5.95% to 1/30/23(4)(5) | $ | 3,850 | $ | 4,048,256 | ||||
Series M, 6.30% to 5/15/24(4)(5) | 9,050 | 9,769,475 | ||||||
Comerica, Inc., 5.625% to 7/1/25(4)(5) | 5,553 | 6,191,596 | ||||||
Credit Suisse Group AG: |
| |||||||
4.50% to 9/3/30(4)(5)(6) | 5,626 | 5,609,685 | ||||||
7.50% to 7/17/23(4)(5)(6) | 10,607 | 11,508,595 | ||||||
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(4)(5)(6) | 5,827 | 6,307,727 | ||||||
HSBC Holdings PLC: |
| |||||||
4.60% to 12/17/30(4)(5) | 3,835 | 3,948,133 | ||||||
6.375% to 9/17/24(4)(5) | 2,376 | 2,598,750 | ||||||
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(4)(5) | 5,549 | 6,513,139 | ||||||
ING Groep NV, 6.50% to 4/16/25(4)(5) | 4,900 | 5,484,325 | ||||||
JPMorgan Chase & Co.: |
| |||||||
Series KK, 3.65% to 6/1/26(4)(5) | 2,140 | 2,162,738 | ||||||
Series X, 6.10% to 10/1/24(4)(5) | 12,014 | 13,087,751 | ||||||
Lloyds Banking Group PLC, 7.50% to 6/27/24(4)(5) | 11,145 | 12,590,952 | ||||||
Natwest Group PLC: |
| |||||||
4.60% to 6/28/31(4)(5) | 1,477 | 1,515,771 | ||||||
6.00% to 12/29/25(4)(5) | 3,129 | 3,484,924 | ||||||
8.00% to 8/10/25(4)(5) | 8,348 | 9,883,406 | ||||||
Societe Generale S.A.: |
| |||||||
4.75% to 5/26/26(4)(5)(6) | 1,397 | 1,445,895 | ||||||
5.375% to 11/18/30(4)(5)(6) | 11,823 | 12,798,397 | ||||||
Standard Chartered PLC: |
| |||||||
4.75% to 1/14/31(4)(5)(6) | 4,440 | 4,553,775 | ||||||
6.00% to 7/26/25(4)(5)(6) | 5,938 | 6,522,002 | ||||||
SVB Financial Group., Series C, 4.00% to 5/15/26(4)(5) | 2,774 | 2,888,428 | ||||||
Truist Financial Corp.: |
| |||||||
Series P, 4.95% to 9/1/25(4)(5) | 2,775 | 3,038,625 | ||||||
Series Q, 5.10% to 3/1/30(4)(5) | 3,445 | 3,970,362 | ||||||
Zions Bancorp NA, 5.80% to 6/15/23(4)(5) | 2,743 | 2,842,620 | ||||||
|
| |||||||
$ | 180,427,233 | |||||||
|
| |||||||
Capital Markets — 1.3% |
| |||||||
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(4) | $ | 6,430 | $ | 6,760,888 | ||||
Charles Schwab Corp. (The), Series I, 4.00% to 6/1/26(4)(5) | 12,298 | 12,866,782 | ||||||
UBS Group AG: |
| |||||||
4.375% to 2/10/31(4)(5)(6) | 1,499 | 1,547,718 | ||||||
6.875% to 8/7/25(4)(5)(7) | 4,298 | 4,938,127 | ||||||
|
| |||||||
$ | 26,113,515 | |||||||
|
| |||||||
Diversified Financial Services — 0.8% |
| |||||||
American AgCredit Corp., 5.25% to 6/15/26(4)(5)(6) | $ | 7,180 | $ | 7,359,500 | ||||
Discover Financial Services, Series D, 6.125% to 6/23/25(4)(5) | 4,538 | 5,128,193 | ||||||
Textron Financial Corp., 1.891%, (3 mo. USD LIBOR + 1.735%), 2/15/67(6)(8) | 3,129 | 2,664,892 | ||||||
Unifin Financiera SAB de CV, 7.375%, 2/12/26(6) | 2,410 | 2,277,498 | ||||||
|
| |||||||
$ | 17,430,083 | |||||||
|
| |||||||
Electric Utilities — 1.6% |
| |||||||
Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(4) | $ | 5,475 | $ | 6,422,093 |
5
Security | Principal Amount (000’s omitted) | Value | ||||||
NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79(4) | $ | 6,305 | $ | 7,427,104 | ||||
Sempra Energy, 4.875% to 10/15/25(4)(5) | 10,520 | 11,506,250 | ||||||
Southern California Edison Co., Series E, 6.25% to 2/1/22(4)(5) | 3,225 | 3,279,673 | ||||||
Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57(4) | 4,320 | 4,409,284 | ||||||
|
| |||||||
$ | 33,044,404 | |||||||
|
| |||||||
Food Products — 0.8% |
| |||||||
Land O’ Lakes, Inc., 8.00%(5)(6) | $ | 15,940 | $ | 17,215,200 | ||||
|
| |||||||
$ | 17,215,200 | |||||||
|
| |||||||
Gas Utilities — 0.5% |
| |||||||
NiSource, Inc., 5.65% to 6/15/23(4)(5) | $ | 9,015 | $ | 9,477,019 | ||||
|
| |||||||
$ | 9,477,019 | |||||||
|
| |||||||
Insurance — 0.4% |
| |||||||
QBE Insurance Group, Ltd., 5.875% to 5/12/25(4)(5)(6) | $ | 7,054 | $ | 7,759,400 | ||||
|
| |||||||
$ | 7,759,400 | |||||||
|
| |||||||
Multi-Utilities — 0.8% |
| |||||||
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(4)(5) | $ | 11,713 | $ | 12,393,818 | ||||
Dominion Resources, Inc., 5.75% to 10/1/24, 10/1/54(4) | 4,430 | 4,836,444 | ||||||
|
| |||||||
$ | 17,230,262 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 1.9% |
| |||||||
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(4)(5) | $ | 11,560 | $ | 11,265,629 | ||||
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(4)(5) | 17,965 | 14,075,578 | ||||||
Odebrecht Oil & Gas Finance, Ltd., 0.00%(5)(6) | 1 | 8 | ||||||
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(4)(5) | 14,630 | 13,112,138 | ||||||
|
| |||||||
$ | 38,453,353 | |||||||
|
| |||||||
Pipelines — 0.3% |
| |||||||
Energy Transfer, L.P., Series B, 6.625% to 2/15/28(4)(5) | $ | 6,395 | $ | 6,306,429 | ||||
|
| |||||||
$ | 6,306,429 | |||||||
|
| |||||||
Total Corporate Bonds |
| $ | 357,902,887 | |||||
|
| |||||||
Exchange-Traded Funds — 1.9% |
| |||||||
Security | Shares | Value | ||||||
Equity Funds — 1.9% |
| |||||||
Global X U.S. Preferred ETF | 587,400 | $ | 15,354,636 | |||||
iShares Preferred & Income Securities ETF | 580,806 | 22,895,373 | ||||||
|
| |||||||
Total Exchange-Traded Funds |
| $ | 38,250,009 | |||||
|
| |||||||
Preferred Stocks — 9.2% |
| |||||||
Security | Shares | Value | ||||||
Banks — 2.7% |
| |||||||
AgriBank FCB, 6.875% to 1/1/24(4) | 92,513 | $ | 10,153,302 | |||||
CoBank ACB, Series F, 6.25% to 10/1/22(4) | 78,033 | 8,349,531 |
6
Security | Shares | Value | ||||||
Farm Credit Bank of Texas, 6.75% to 9/15/23(4)(6) | 13,800 | $ | 1,490,400 | |||||
First Republic Bank, Series M, 4.00% | 220,400 | 5,510,000 | ||||||
JPMorgan Chase & Co.: | ||||||||
Series JJ, 4.55% | 90,400 | 2,378,424 | ||||||
Series LL, 4.625% | 79,000 | 2,077,700 | ||||||
Signature Bank, Series A, 5.00% | 223,000 | 5,867,130 | ||||||
Wells Fargo & Co.: |
| |||||||
Series DD, 4.25% | 230,000 | 5,754,600 | ||||||
Series L, 7.50% (Convertible) | 4,925 | 7,449,112 | ||||||
Series Z, 4.75% | 220,370 | 5,771,490 | ||||||
|
| |||||||
$ | 54,801,689 | |||||||
|
| |||||||
Capital Markets — 0.8% |
| |||||||
Affiliated Managers Group, Inc., 4.75% | 102,850 | $ | 2,748,152 | |||||
KKR Group Finance Co. IX, LLC, 4.625% | 336,000 | 8,831,760 | ||||||
Stifel Financial Corp., Series D, 4.50% | 220,400 | 5,593,752 | ||||||
|
| |||||||
$ | 17,173,664 | |||||||
|
| |||||||
Electric Utilities — 1.2% |
| |||||||
Brookfield BRP Holdings Canada, Inc., 4.625% | 338,000 | $ | 8,470,280 | |||||
SCE Trust III, Series H, 5.75% to 3/15/24(4) | 144,191 | 3,655,242 | ||||||
SCE Trust IV, Series J, 5.375% to 9/15/25(4) | 70,515 | 1,766,401 | ||||||
SCE Trust V, Series K, 5.45% to 3/15/26(4) | 130,020 | 3,315,510 | ||||||
Southern Co. (The), 4.95% | 258,000 | 6,919,560 | ||||||
|
| |||||||
$ | 24,126,993 | |||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.2% |
| |||||||
SITE Centers Corp., Series A, 6.375% | 164,660 | $ | 4,370,076 | |||||
|
| |||||||
$ | 4,370,076 | |||||||
|
| |||||||
Food Products — 0.7% |
| |||||||
Dairy Farmers of America, Inc., 7.875%(6) | 94,450 | $ | 9,535,861 | |||||
Ocean Spray Cranberries, Inc., Series A, 6.25%(6) | 57,835 | 5,407,572 | ||||||
|
| |||||||
$ | 14,943,433 | |||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.2% |
| |||||||
Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24(4) | 108,810 | $ | 3,050,216 | |||||
|
| |||||||
$ | 3,050,216 | |||||||
|
| |||||||
Insurance — 1.2% |
| |||||||
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(4) | 375,265 | $ | 10,668,784 | |||||
Athene Holding, Ltd., Series C, 6.375% to 6/30/25(4) | 444,000 | 12,765,000 | ||||||
|
| |||||||
$ | 23,433,784 | |||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.8% |
| |||||||
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(4) | 725,322 | $ | 16,900,003 | |||||
|
| |||||||
$ | 16,900,003 | |||||||
|
| |||||||
Pipelines — 0.4% |
| |||||||
Energy Transfer Operating, L.P.: | ||||||||
Series C, 7.375% to 5/15/23(4) | 210,000 | $ | 5,264,700 | |||||
Series E, 7.60% to 5/15/24(4) | 108,840 | 2,729,707 | ||||||
|
| |||||||
$ | 7,994,407 | |||||||
|
| |||||||
Real Estate Management & Development — 0.5% |
| |||||||
Brookfield Property Partners, L.P.: | ||||||||
Series A-1, 6.50% | 185,075 | $ | 4,717,562 |
7
Security | Shares | Value | ||||||
Series A2, 6.375% | 242,352 | $ | 6,163,011 | |||||
|
| |||||||
$ | 10,880,573 | |||||||
|
| |||||||
Wireless Telecommunication Services — 0.5% |
| |||||||
United States Cellular Corp., 5.50% | 396,000 | $ | 10,434,600 | |||||
|
| |||||||
$ | 10,434,600 | |||||||
|
| |||||||
Total Preferred Stocks | $ | 188,109,438 | ||||||
|
| |||||||
Total Investments — 122.0%(9) | $ | 2,500,825,006 | ||||||
|
| |||||||
Other Assets, Less Liabilities — (22.0)% | $ | (451,063,653 | ) | |||||
|
| |||||||
Net Assets — 100.0% | $ | 2,049,761,353 | ||||||
|
|
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) | All or a portion of this security was on loan at July 31, 2021 pursuant to the Liquidity Agreement. The aggregate market value of securities on loan at July 31, 2021 was $288,510,465 and the total market value of the collateral received by the Fund was $295,795,301, comprised of cash. |
(2) | Non-income producing security. |
(3) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
(4) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(5) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(6) | 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 July 31, 2021, the aggregate value of these securities is $123,373,979 or 6.0% of the Fund’s net assets. |
(7) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At July 31, 2021, the aggregate value of these securities is $11,574,029 or 0.6% of the Fund’s net assets. |
(8) | Variable rate security. The stated interest rate represents the rate in effect at July 31, 2021. |
(9) | The Fund has granted a security interest in all the Fund’s investments, unless otherwise pledged, in connection with the Liquidity Agreement. |
Country Concentration of Portfolio |
| |||||||||
Country | Percentage of Total Investments | Value | ||||||||
United States | 89.0 | % | $ | 2,226,265,595 | ||||||
United Kingdom | 2.7 | 67,805,157 | ||||||||
France | 2.2 | 54,427,912 | ||||||||
Ireland | 1.6 | 38,838,084 | ||||||||
Switzerland | 1.0 | 23,604,125 | ||||||||
Canada | 0.7 | 17,942,589 | ||||||||
Mexico | 0.5 | 12,461,599 | ||||||||
Australia | 0.3 | 7,759,400 |
8
Country | Percentage of Total Investments | Value | ||||||||
Spain | 0.2 | % | $ | 6,083,000 | ||||||
Netherlands | 0.2 | 5,484,325 | ||||||||
Colombia | 0.1 | 1,903,203 | ||||||||
Brazil | 0.0 | (1) | 8 | |||||||
Exchange-Traded Funds | 1.5 | 38,250,009 | ||||||||
|
|
|
| |||||||
Total Investments | 100.0 | % | $ | 2,500,825,006 | ||||||
|
|
|
|
(1) | Amount is less than 0.05%. |
Abbreviations:
| ||||||
LIBOR | - | London Interbank Offered Rate | ||||
USD | - | United States Dollar |
The Fund did not have any open derivative instruments at July 31, 2021.
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 July 31, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3* | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 185,438,594 | $ | — | $ | — | $ | 185,438,594 | ||||||||
Consumer Discretionary | 105,220,716 | — | — | 105,220,716 | ||||||||||||
Consumer Staples | 134,512,979 | — | — | 134,512,979 | ||||||||||||
Energy | 79,356,349 | — | — | 79,356,349 | ||||||||||||
Financials | 407,286,737 | — | — | 407,286,737 | ||||||||||||
Health Care | 313,549,253 | 32,901,070 | — | 346,450,323 | ||||||||||||
Industrials | 244,584,099 | — | 0 | 244,584,099 | ||||||||||||
Information Technology | 154,240,721 | — | — | 154,240,721 | ||||||||||||
Materials | 52,304,406 | — | — | 52,304,406 | ||||||||||||
Real Estate | 93,670,322 | — | — | 93,670,322 | ||||||||||||
Utilities | 113,497,426 | — | — | 113,497,426 | ||||||||||||
Total Common Stocks | $ | 1,883,661,602 | $ | 32,901,070 | ** | $ | 0 | $ | 1,916,562,672 | |||||||
Corporate Bonds | $ | — | $ | 357,902,887 | $ | — | $ | 357,902,887 | ||||||||
Exchange-Traded Funds | 38,250,009 | — | — | 38,250,009 |
9
Asset Description | Level 1 | Level 2 | Level 3* | Total | ||||||||||||
Preferred Stocks | ||||||||||||||||
Communication Services | $ | 10,434,600 | $ | — | $ | — | $ | 10,434,600 | ||||||||
Consumer Staples | — | 14,943,433 | — | 14,943,433 | ||||||||||||
Energy | 24,894,410 | — | — | 24,894,410 | ||||||||||||
Financials | 66,584,144 | 28,824,993 | — | 95,409,137 | ||||||||||||
Real Estate | 15,250,649 | — | — | 15,250,649 | ||||||||||||
Utilities | 24,126,993 | 3,050,216 | — | 27,177,209 | ||||||||||||
Total Preferred Stocks | $ | 141,290,796 | $ | 46,818,642 | $ | — | $ | 188,109,438 | ||||||||
Total Investments | $ | 2,063,202,407 | $ | 437,622,599 | $ | 0 | $ | 2,500,825,006 |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
** | 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. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended July 31, 2021 is not presented.
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
10