Eaton Vance
Tax-Advantaged Global Dividend Opportunities Fund
July 31, 2020
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 101.6%
| | | | | | | | |
Security | | Shares | | | Value | |
Banks — 5.8% | |
Banco Santander S.A.(1)(2) | | | 912,147 | | | $ | 1,956,074 | |
Bank of New York Mellon Corp. (The)(1) | | | 122,445 | | | | 4,389,653 | |
Canadian Imperial Bank of Commerce(1) | | | 41,672 | | | | 2,884,949 | |
Citigroup, Inc.(1) | | | 100,888 | | | | 5,045,409 | |
HDFC Bank, Ltd. | | | 131,251 | | | | 1,813,783 | |
ING Groep NV(1) | | | 415,856 | | | | 2,899,714 | |
KeyCorp.(1) | | | 161,367 | | | | 1,938,018 | |
| | | | | | | | |
| | | $ | 20,927,600 | |
| | | | | | | | |
Beverages — 1.3% | |
Diageo PLC(1) | | | 122,207 | | | $ | 4,471,630 | |
| | | | | | | | |
| | | $ | 4,471,630 | |
| | | | | | | | |
Biotechnology — 0.9% | |
CSL, Ltd.(1) | | | 15,857 | | | $ | 3,084,229 | |
| | | | | | | | |
| | | $ | 3,084,229 | |
| | | | | | | | |
Building Products — 1.0% | |
Assa Abloy AB, Class B(1) | | | 161,309 | | | $ | 3,561,088 | |
| | | | | | | | |
| | | $ | 3,561,088 | |
| | | | | | | | |
Chemicals — 1.1% | |
Chr. Hansen Holding A/S(1) | | | 7,162 | | | $ | 817,274 | |
Sika AG(1) | | | 14,420 | | | | 3,168,536 | |
| | | | | | | | |
| | | $ | 3,985,810 | |
| | | | | | | | |
Construction & Engineering — 0.0%(3) | |
Abengoa S.A., Class A(1)(2)(4) | | | 103,700 | | | $ | 1,967 | |
Abengoa S.A., Class B(1)(2)(4) | | | 1,072,295 | | | | 7,831 | |
| | | | | | | | |
| | | $ | 9,798 | |
| | | | | | | | |
Construction Materials — 0.9% | |
CRH PLC(1) | | | 85,883 | | | $ | 3,126,873 | |
| | | | | | | | |
| | | $ | 3,126,873 | |
| | | | | | | | |
Consumer Finance — 1.2% | |
Capital One Financial Corp.(1) | | | 28,105 | | | $ | 1,793,099 | |
OneMain Holdings, Inc.(1) | | | 82,017 | | | | 2,353,888 | |
| | | | | | | | |
| | | $ | 4,146,987 | |
| | | | | | | | |
Diversified Financial Services — 2.9% | |
Berkshire Hathaway, Inc., Class B(1)(2) | | | 32,842 | | | $ | 6,429,807 | |
ORIX Corp.(1) | | | 355,159 | | | | 3,841,084 | |
| | | | | | | | |
| | | $ | 10,270,891 | |
| | | | | | | | |
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Security | | Shares | | | Value | |
Electric Utilities — 2.5% | |
Iberdrola S.A.(1) | | | 368,548 | | | $ | 4,763,592 | |
NextEra Energy, Inc.(1) | | | 14,978 | | | | 4,204,324 | |
| | | | | | | | |
| | | $ | 8,967,916 | |
| | | | | | | | |
Electrical Equipment — 1.9% | |
Melrose Industries PLC(1) | | | 2,152,206 | | | $ | 2,376,506 | |
Schneider Electric SE(1) | | | 39,317 | | | | 4,508,224 | |
| | | | | | | | |
| | | $ | 6,884,730 | |
| | | | | | | | |
Electronic Equipment, Instruments & Components — 4.4% | |
CDW Corp.(1) | | | 24,777 | | | $ | 2,880,326 | |
Halma PLC(1) | | | 70,135 | | | | 1,992,102 | |
Keyence Corp.(1) | | | 13,694 | | | | 5,774,579 | |
Murata Manufacturing Co., Ltd.(1) | | | 31,629 | | | | 2,031,551 | |
Zebra Technologies Corp., Class A(1)(2) | | | 11,177 | | | | 3,137,943 | |
| | | | | | | | |
| | | $ | 15,816,501 | |
| | | | | | | | |
Entertainment — 2.1% | |
Nintendo Co., Ltd. | | | 5,388 | | | $ | 2,369,697 | |
Walt Disney Co. (The)(1) | | | 42,842 | | | | 5,009,943 | |
| | | | | | | | |
| | | $ | 7,379,640 | |
| | | | | | | | |
Equity Real Estate Investment Trusts (REITs) — 1.5% | |
American Tower Corp.(1) | | | 13,376 | | | $ | 3,496,352 | |
Equity Residential(1) | | | 37,495 | | | | 2,010,857 | |
| | | | | | | | |
| | | $ | 5,507,209 | |
| | | | | | | | |
Food Products — 3.9% | |
Mondelez International, Inc., Class A(1) | | | 128,970 | | | $ | 7,156,545 | |
Nestle S.A.(1) | | | 57,000 | | | | 6,778,537 | |
| | | | | | | | |
| | | $ | 13,935,082 | |
| | | | | | | | |
Health Care Equipment & Supplies — 4.7% | |
Baxter International, Inc.(1) | | | 29,352 | | | $ | 2,535,426 | |
Boston Scientific Corp.(1)(2) | | | 128,473 | | | | 4,955,204 | |
Intuitive Surgical, Inc.(1)(2) | | | 8,703 | | | | 5,965,384 | |
Straumann Holding AG(1) | | | 3,391 | | | | 3,359,127 | |
| | | | | | | | |
| | | $ | 16,815,141 | |
| | | | | | | | |
Health Care Providers & Services — 0.9% | |
Anthem, Inc.(1) | | | 12,269 | | | $ | 3,359,252 | |
| | | | | | | | |
| | | $ | 3,359,252 | |
| | | | | | | | |
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Security | | Shares | | | Value | |
Hotels, Restaurants & Leisure — 1.2% | |
Compass Group PLC(1) | | | 315,502 | | | $ | 4,341,054 | |
| | | | | | | | |
| | | $ | 4,341,054 | |
| | | | | | | | |
Industrial Conglomerates — 1.5% | |
DCC PLC(1) | | | 60,817 | | | $ | 5,407,883 | |
| | | | | | | | |
| | | $ | 5,407,883 | |
| | | | | | | | |
Insurance — 2.4% | |
AIA Group, Ltd.(1) | | | 435,725 | | | $ | 3,928,906 | |
Aviva PLC(1) | | | 731,017 | | | | 2,514,006 | |
AXA S.A.(1) | | | 101,882 | | | | 2,044,129 | |
| | | | | | | | |
| | | $ | 8,487,041 | |
| | | | | | | | |
Interactive Media & Services — 7.5% | |
Alphabet, Inc., Class C(1)(2) | | | 10,549 | | | $ | 15,643,745 | |
Facebook, Inc., Class A(1)(2) | | | 30,121 | | | | 7,640,794 | |
Tencent Holdings, Ltd.(1) | | | 51,730 | | | | 3,548,583 | |
| | | | | | | | |
| | | $ | 26,833,122 | |
| | | | | | | | |
Internet & Direct Marketing Retail — 5.1% | |
Amazon.com, Inc.(1)(2) | | | 5,768 | | | $ | 18,253,874 | |
| | | | | | | | |
| | | $ | 18,253,874 | |
| | | | | | | | |
IT Services — 3.0% | |
Amadeus IT Group S.A.(1) | | | 91,697 | | | $ | 4,578,914 | |
Visa, Inc., Class A(1) | | | 32,704 | | | | 6,226,841 | |
| | | | | | | | |
| | | $ | 10,805,755 | |
| | | | | | | | |
Leisure Products — 1.2% | |
Yamaha Corp.(1) | | | 94,312 | | | $ | 4,348,413 | |
| | | | | | | | |
| | | $ | 4,348,413 | |
| | | | | | | | |
Life Sciences Tools & Services — 0.7% | |
Lonza Group AG(1) | | | 4,274 | | | $ | 2,672,682 | |
| | | | | | | | |
| | | $ | 2,672,682 | |
| | | | | | | | |
Machinery — 4.0% | |
Ingersoll Rand, Inc.(1)(2) | | | 104,555 | | | $ | 3,302,893 | |
Sandvik AB(1)(2) | | | 202,328 | | | | 3,781,212 | |
SMC Corp.(1) | | | 6,354 | | | | 3,339,338 | |
Stanley Black & Decker, Inc.(1) | | | 25,231 | | | | 3,868,417 | |
| | | | | | | | |
| | | $ | 14,291,860 | |
| | | | | | | | |
Metals & Mining — 1.6% | |
Rio Tinto, Ltd.(1) | | | 77,218 | | | $ | 5,651,481 | |
| | | | | | | | |
| | | $ | 5,651,481 | |
| | | | | | | | |
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Security | | Shares | | | Value | |
Mortgage Real Estate Investment Trusts (REITs) — 0.6% | |
AGNC Investment Corp.(1) | | | 155,503 | | | $ | 2,114,841 | |
| | | | | | | | |
| | | $ | 2,114,841 | |
| | | | | | | | |
Multi-Utilities — 0.6% | |
CMS Energy Corp.(1) | | | 35,906 | | | $ | 2,304,447 | |
| | | | | | | | |
| | | $ | 2,304,447 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels — 2.7% | |
ConocoPhillips(1) | | | 61,201 | | | $ | 2,288,306 | |
EOG Resources, Inc.(1) | | | 38,158 | | | | 1,787,702 | |
Phillips 66(1) | | | 43,897 | | | | 2,722,492 | |
Royal Dutch Shell PLC, Class B(1) | | | 210,528 | | | | 2,955,067 | |
| | | | | | | | |
| | | $ | 9,753,567 | |
| | | | | | | | |
Personal Products — 1.9% | |
Unilever PLC(1) | | | 113,750 | | | $ | 6,773,241 | |
| | | | | | | | |
| | | $ | 6,773,241 | |
| | | | | | | | |
Pharmaceuticals — 8.5% | |
Eli Lilly & Co.(1) | | | 24,518 | | | $ | 3,684,810 | |
Novartis AG(1) | | | 52,535 | | | | 4,327,162 | |
Novo Nordisk A/S, Class B(1) | | | 57,955 | | | | 3,802,577 | |
Roche Holding AG PC(1) | | | 14,566 | | | | 5,045,029 | |
Sanofi(1) | | | 62,808 | | | | 6,594,658 | |
Zoetis, Inc.(1) | | | 46,800 | | | | 7,098,624 | |
| | | | | | | | |
| | | $ | 30,552,860 | |
| | | | | | | | |
Professional Services — 2.2% | |
Recruit Holdings Co., Ltd.(1) | | | 143,881 | | | $ | 4,488,488 | |
Verisk Analytics, Inc.(1) | | | 17,439 | | | | 3,290,914 | |
| | | | | | | | |
| | | $ | 7,779,402 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment — 4.0% | |
ASML Holding NV(1) | | | 14,481 | | | $ | 5,148,540 | |
Infineon Technologies AG(1) | | | 153,215 | | | | 3,906,274 | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR(1) | | | 65,444 | | | | 5,162,877 | |
| | | | | | | | |
| | | $ | 14,217,691 | |
| | | | | | | | |
Software — 6.2% | |
Dassault Systemes SE(1) | | | 20,068 | | | $ | 3,654,251 | |
Intuit, Inc.(1) | | | 10,583 | | | | 3,242,314 | |
Microsoft Corp.(1) | | | 74,958 | | | | 15,367,140 | |
| | | | | | | | |
| | | $ | 22,263,705 | |
| | | | | | | | |
Specialty Retail — 2.7% | |
Lowe’s Cos., Inc.(1) | | | 33,858 | | | $ | 5,041,795 | |
TJX Cos., Inc. (The)(1) | | | 92,194 | | | | 4,793,166 | |
| | | | | | | | |
| | | $ | 9,834,961 | |
| | | | | | | | |
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Security | | Shares | | | Value | |
Technology Hardware, Storage & Peripherals — 4.1% | |
Apple, Inc.(1) | | | 34,113 | | | $ | 14,499,389 | |
| | | | | | | | |
| | | $ | 14,499,389 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods — 2.9% | |
adidas AG(1)(2) | | | 20,045 | | | $ | 5,527,955 | |
LVMH Moet Hennessy Louis Vuitton SE(1) | | | 10,828 | | | | 4,708,481 | |
| | | | | | | | |
| | | $ | 10,236,436 | |
| | | | | | | | |
| |
Total Common Stocks (identified cost $307,033,128) | | | $ | 363,674,082 | |
| | | | | | | | |
|
Preferred Stocks — 7.4%(1) | |
| | |
Security | | Shares | | | Value | |
Banks — 1.5% | |
AgriBank FCB, 6.875% to 1/1/24(5) | | | 16,581 | | | $ | 1,757,586 | |
CoBank ACB, Series F, 6.25% to 10/1/22(5) | | | 16,600 | | | | 1,718,100 | |
Farm Credit Bank of Texas, 6.75% to 9/15/23(5)(6) | | | 2,500 | | | | 265,000 | |
Farm Credit Bank of Texas, Series 1, 10.00% | | | 906 | | | | 910,530 | |
Texas Capital Bancshares, Inc., 6.50% | | | 29,009 | | | | 747,272 | |
| | | | | | | | |
| | | $ | 5,398,488 | |
| | | | | | | | |
Capital Markets — 0.6% | |
Morgan Stanley, Series K, 5.85% to 4/15/27(5) | | | 74,125 | | | $ | 2,120,716 | |
| | | | | | | | |
| | | $ | 2,120,716 | |
| | | | | | | | |
Electric Utilities — 1.5% | |
Duke Energy Corp., Series A, 5.75% | | | 87,500 | | | $ | 2,494,625 | |
NextEra Energy Capital Holdings, Inc., Series I, 5.125% | | | 19,531 | | | | 496,283 | |
SCE Trust III, Series H, 5.75% to 3/15/24(5) | | | 107,000 | | | | 2,416,060 | |
| | | | | | | | |
| | | $ | 5,406,968 | |
| | | | | | | | |
Equity Real Estate Investment Trusts (REITs) — 0.4% | |
SITE Centers Corp., Series A, 6.375% | | | 49,475 | | | $ | 1,133,967 | |
SITE Centers Corp., Series K, 6.25% | | | 1,375 | | | | 31,969 | |
Vornado Realty Trust, Series K, 5.70% | | | 10,120 | | | | 243,892 | |
| | | | | | | | |
| | | $ | 1,409,828 | |
| | | | | | | | |
Food Products — 0.7% | |
Dairy Farmers of America, Inc., 7.875%(6) | | | 22,100 | | | $ | 1,966,900 | |
Ocean Spray Cranberries, Inc., 6.25%(6) | | | 6,085 | | | | 500,491 | |
| | | | | | | | |
| | | $ | 2,467,391 | |
| | | | | | | | |
Insurance — 1.1% | |
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(5) | | | 76,000 | | | $ | 1,894,680 | |
Athene Holding, Ltd., Series C, 6.375% to 6/30/25(5) | | | 80,000 | | | | 2,095,200 | |
| | | | | | | | |
| | | $ | 3,989,880 | |
| | | | | | | | |
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Security | | Shares | | | Value | |
Multi-Utilities — 0.1% | |
DTE Energy Co., Series C, 5.25% | | | 17,395 | | | $ | 446,704 | |
| | | | | | | | |
| | | $ | 446,704 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels — 0.7% | |
NuStar Energy, L.P., Series B, 7.625% to 6/15/22(5) | | | 128,725 | | | $ | 2,251,400 | |
| | | | | | | | |
| | | $ | 2,251,400 | |
| | | | | | | | |
Pipelines — 0.3% | |
Energy Transfer Operating, L.P., Series C, 7.375% to 5/15/23(5) | | | 44,000 | | | $ | 799,480 | |
Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24(5) | | | 19,280 | | | | 366,705 | |
| | | | | | | | |
| | | $ | 1,166,185 | |
| | | | | | | | |
Real Estate Management & Development — 0.5% | |
Brookfield Property Partners, L.P., Series A, 5.75% | | | 5,394 | | | $ | 97,092 | |
Brookfield Property Partners, L.P., Series A, 6.50% | | | 52,225 | | | | 1,047,111 | |
Brookfield Property Partners, L.P., Series A2, 6.375% | | | 34,695 | | | | 676,206 | |
| | | | | | | | |
| | | $ | 1,820,409 | |
| | | | | | | | |
| |
Total Preferred Stocks (identified cost $28,306,159) | | | $ | 26,477,969 | |
| | | | | | | | |
|
Corporate Bonds & Notes — 15.9%(1) | |
| | |
Security | | Principal Amount (000’s omitted) | | | Value | |
Banks — 8.9% | |
Banco Mercantil del Norte S.A./Grand Cayman, 7.50% to 6/27/29(5)(6)(7) | | $ | 1,480 | | | $ | 1,412,009 | |
Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(5)(6)(7) | | | 380 | | | | 362,900 | |
Bank of America Corp., Series AA, 6.10% to 3/17/25(5)(7) | | | 1,445 | | | | 1,586,892 | |
Bank of New York Mellon Corp. (The), Series G, 4.70% to 9/20/25(5)(7) | | | 498 | | | | 540,469 | |
Barclays PLC, 7.75% to 9/15/23(5)(7) | | | 2,105 | | | | 2,145,354 | |
Citigroup, Inc., Series M, 6.30% to 5/15/24(5)(7) | | | 2,800 | | | | 2,899,946 | |
Comerica, Inc., 5.625% to 7/1/25(5)(7) | | | 2,003 | | | | 2,144,167 | |
Credit Suisse Group AG, 7.50% to 7/17/23(5)(6)(7) | | | 1,838 | | | | 1,939,522 | |
HSBC Holdings PLC, 6.375% to 9/17/24(5)(7) | | | 1,393 | | | | 1,383,521 | |
HSBC Holdings PLC, 6.875% to 6/1/21(5)(7) | | | 1,527 | | | | 1,556,985 | |
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(5)(7) | | | 1,005 | | | | 1,111,761 | |
ING Groep NV, 6.50% to 4/16/25(5)(7) | | | 2,945 | | | | 3,071,782 | |
JPMorgan Chase & Co., Series X, 6.10% to 10/1/24(5)(7) | | | 1,924 | | | | 2,029,229 | |
Lloyds Banking Group PLC, 7.50% to 6/27/24(5)(7) | | | 2,447 | | | | 2,587,017 | |
Natwest Group PLC, 8.00% to 8/10/25(5)(7) | | | 805 | | | | 909,425 | |
Regions Financial Corp., Series D, 5.75% to 6/15/25(5)(7) | | | 511 | | | | 545,493 | |
Standard Chartered PLC, 7.75% to 4/2/23(5)(6)(7) | | | 1,765 | | | | 1,862,940 | |
Truist Financial Corp., Series P, 4.95% to 9/1/25(5)(7) | | | 502 | | | | 537,140 | |
Truist Financial Corp., Series Q, 5.10% to 3/1/30(5)(7) | | | 1,221 | | | | 1,327,837 | |
Zions Bancorp NA, 5.80% to 6/15/23(5)(7) | | | 2,020 | | | | 1,840,289 | |
| | | | | | | | |
| | | $ | 31,794,678 | |
| | | | | | | | |
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| | |
Security | | Principal Amount (000’s omitted) | | | Value | |
Capital Markets — 1.6% | |
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(5) | | $ | 965 | | | $ | 741,511 | |
State Street Corp., Series F, 5.25% to 9/15/20(5)(7) | | | 2,248 | | | | 2,239,506 | |
UBS Group AG, 6.875% to 8/7/25(5)(7)(8) | | | 2,421 | | | | 2,614,689 | |
| | | | | | | | |
| | | $ | 5,595,706 | |
| | | | | | | | |
Diversified Financial Services — 0.6% | |
Discover Financial Services, Series D, 6.125% to 6/23/25(5)(7) | | $ | 1,618 | | | $ | 1,723,655 | |
Textron Financial Corp., 2.127%, (3 mo. USD LIBOR + 1.735%), 2/15/67(6)(9) | | | 553 | | | | 365,920 | |
| | | | | | | | |
| | | $ | 2,089,575 | |
| | | | | | | | |
Electric Utilities — 1.2% | |
Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(5) | | $ | 970 | | | $ | 1,079,848 | |
Sempra Energy, 4.875% to 10/15/25(5)(7) | | | 2,400 | | | | 2,490,720 | |
Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57(5) | | | 808 | | | | 830,826 | |
| | | | | | | | |
| | | $ | 4,401,394 | |
| | | | | | | | |
Food Products — 0.8% | |
Land O’ Lakes, Inc., 8.00%(6)(7) | | $ | 3,103 | | | $ | 3,071,970 | |
| | | | | | | | |
| | | $ | 3,071,970 | |
| | | | | | | | |
Gas Utilities — 0.5% | |
NiSource, Inc., 5.65% to 6/15/23(5)(7) | | $ | 1,785 | | | $ | 1,741,250 | |
| | | | | | | | |
| | | $ | 1,741,250 | |
| | | | | | | | |
Insurance — 0.5% | |
QBE Insurance Group, Ltd., 5.875% to 5/12/25(5)(6)(7) | | $ | 1,779 | | | $ | 1,867,950 | |
| | | | | | | | |
| | | $ | 1,867,950 | |
| | | | | | | | |
Multi-Utilities — 0.5% | |
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(5)(7) | | $ | 1,400 | | | $ | 1,392,019 | |
Dominion Resources, Inc., 5.75% to 10/1/24, 10/1/54(5) | | | 275 | | | | 291,445 | |
| | | | | | | | |
| | | $ | 1,683,464 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels — 1.1% | |
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(5)(7) | | $ | 980 | | | $ | 724,314 | |
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(5)(7) | | | 3,189 | | | | 1,259,655 | |
Odebrecht Oil & Gas Finance, Ltd., 0.00%(6)(7) | | | 2,260 | | | | 6,779 | |
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(5)(7) | | | 2,595 | | | | 1,815,853 | |
| | | | | | | | |
| | | $ | 3,806,601 | |
| | | | | | | | |
Pipelines — 0.2% | |
Energy Transfer Operating, L.P., Series A, 6.25% to 2/15/23(5)(7) | | $ | 1,064 | | | $ | 758,627 | |
| | | | | | | | |
| | | $ | 758,627 | |
| | | | | | | | |
| |
Total Corporate Bonds & Notes (identified cost $60,313,835) | | | $ | 56,811,215 | |
| | | | | | | | |
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| | | | | | | | |
Exchange-Traded Funds — 1.3% | |
| | |
Security | | Shares | | | Value | |
Equity Funds — 1.3% | |
First Trust Preferred Securities and Income ETF(1) | | | 251,516 | | | $ | 4,814,016 | |
| | | | | | | | |
| |
Total Exchange-Traded Funds (identified cost $5,062,359) | | | $ | 4,814,016 | |
| | | | | | | | |
|
Short-Term Investments — 2.8% | |
| | |
Description | | Units | | | Value | |
Eaton Vance Cash Reserves Fund, LLC, 0.22%(10) | | | 10,139,875 | | | $ | 10,138,861 | |
| | | | | | | | |
| |
Total Short-Term Investments (identified cost $10,139,650) | | | $ | 10,138,861 | |
| | | | | | | | |
| |
Total Investments — 129.0% (identified cost $410,855,131) | | | $ | 461,916,143 | |
| | | | | | | | |
| |
Other Assets, Less Liabilities — (29.0)% | | | $ | (103,842,864 | ) |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 358,073,279 | |
| | | | | | | | |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) | Security (or a portion thereof) has been segregated as collateral with the custodian for borrowings under the Credit Agreement. |
(2) | Non-income producing security. |
(3) | Amount is less than 0.05%. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
(5) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(6) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2020, the aggregate value of these securities is $13,622,381 or 3.8% of the Fund’s net assets. |
(7) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(8) | 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 July 31, 2020, the aggregate value of these securities is $2,614,689 or 0.7% of the Fund’s net assets. |
(9) | Variable rate security. The stated dividend/interest rate represents the rate in effect at July 31, 2020. |
(10) | 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 July 31, 2020. |
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Country Concentration of Portfolio
| | | | | | | | |
| | |
Country | | Percentage of Total Investments | | | Value | |
United States | | | 56.2 | % | | $ | 259,719,747 | |
United Kingdom | | | 9.5 | | | | 43,973,145 | |
Switzerland | | | 6.5 | | | | 29,905,284 | |
Japan | | | 5.7 | | | | 26,193,150 | |
France | | | 4.7 | | | | 21,509,743 | |
Netherlands | | | 3.0 | | | | 14,075,103 | |
Spain | | | 2.4 | | | | 11,308,378 | |
Germany | | | 2.0 | | | | 9,434,229 | |
Sweden | | | 1.6 | | | | 7,342,300 | |
Taiwan | | | 1.1 | | | | 5,162,877 | |
Australia | | | 1.1 | | | | 4,952,179 | |
Denmark | | | 1.0 | | | | 4,619,851 | |
Canada | | | 0.9 | | | | 3,964,797 | |
Hong Kong | | | 0.9 | | | | 3,928,906 | |
Ireland | | | 0.8 | | | | 3,868,384 | |
China | | | 0.8 | | | | 3,548,583 | |
India | | | 0.4 | | | | 1,813,783 | |
Mexico | | | 0.4 | | | | 1,774,909 | |
Brazil | | | 0.0 | (1) | | | 6,779 | |
Exchange-Traded Funds | | | 1.0 | | | | 4,814,016 | |
| | | | | | | | |
Total Investments | | | 100.0 | % | | $ | 461,916,143 | |
| | | | | | | | |
(1) | Amount is less than 0.05%. |
Abbreviations:
| | | | |
ADR | | - | | American Depositary Receipt |
| | |
LIBOR | | - | | London Interbank Offered Rate |
| | |
USD | | - | | United States Dollar |
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The Fund did not have any open derivative instruments at July 31, 2020.
At July 31, 2020, the value of the Fund’s investment in affiliated funds was $10,138,861, which represents 2.8% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended July 31, 2020 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name of affiliated fund | | Value, beginning of period | | | Purchases | | | Sales proceeds | | | Net realized gain (loss) | | | Change in unrealized appreciation (depreciation) | | | Value, end of period | | | Dividend income | | | Units, end of period | |
Short-Term Investments | |
Eaton Vance Cash Reserves Fund, LLC | | $ | 3,731,355 | | | $ | 90,934,795 | | | $ | (84,522,442 | ) | | $ | (4,058 | ) | | $ | (789 | ) | | $ | 10,138,861 | | | $ | 42,875 | | | | 10,139,875 | |
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, 2020, 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 | | $ | 28,294,482 | | | $ | 5,918,280 | | | $ | — | | | $ | 34,212,762 | |
Consumer Discretionary | | | 28,088,835 | | | | 18,925,903 | | | | — | | | | 47,014,738 | |
Consumer Staples | | | 7,156,545 | | | | 18,023,408 | | | | — | | | | 25,179,953 | |
Energy | | | 6,798,500 | | | | 2,955,067 | | | | — | | | | 9,753,567 | |
Financials | | | 26,949,664 | | | | 18,997,696 | | | | — | | | | 45,947,360 | |
Health Care | | | 27,598,700 | | | | 28,885,464 | | | | — | | | | 56,484,164 | |
Industrials | | | 10,462,224 | | | | 27,462,739 | | | | 9,798 | | | | 37,934,761 | |
Information Technology | | | 50,516,830 | | | | 27,086,211 | | | | — | | | | 77,603,041 | |
Materials | | | — | | | | 12,764,164 | | | | — | | | | 12,764,164 | |
Real Estate | | | 5,507,209 | | | | — | | | | — | | | | 5,507,209 | |
Utilities | | | 6,508,771 | | | | 4,763,592 | | | | — | | | | 11,272,363 | |
Total Common Stocks | | $ | 197,881,760 | | | $ | 165,782,524 | ** | | $ | 9,798 | | | $ | 363,674,082 | |
Preferred Stocks | | | | | | | | | | | | | | | | |
Consumer Staples | | $ | — | | | $ | 2,467,391 | | | $ | — | | | $ | 2,467,391 | |
Energy | | | 3,417,585 | | | | — | | | | — | | | | 3,417,585 | |
Financials | | | 6,857,868 | | | | 4,651,216 | | | | — | | | | 11,509,084 | |
Real Estate | | | 3,230,237 | | | | — | | | | — | | | | 3,230,237 | |
Utilities | | | 5,853,672 | | | | — | | | | — | | | | 5,853,672 | |
Total Preferred Stocks | | $ | 19,359,362 | | | $ | 7,118,607 | | | $ | — | | | $ | 26,477,969 | |
Corporate Bonds & Notes | | $ | — | | | $ | 56,811,215 | | | $ | — | | | $ | 56,811,215 | |
Exchange-Traded Funds | | | 4,814,016 | | | | — | | | | — | | | | 4,814,016 | |
Short-Term Investments | | | — | | | | 10,138,861 | | | | — | | | | 10,138,861 | |
Total Investments | | $ | 222,055,138 | | | $ | 239,851,207 | | | $ | 9,798 | | | $ | 461,916,143 | |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
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** | 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, 2020 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.
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