Global Macro Capital Opportunities Portfolio
January 31, 2021
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 86.9%
Security | Shares | Value | ||||||
China — 6.7% |
| |||||||
AAC Technologies Holdings, Inc. | 12,500 | $ | 67,781 | |||||
Agricultural Bank of China, Ltd., Class H | 167,000 | 60,217 | ||||||
Alibaba Group Holding, Ltd. ADR(1) | 6,127 | 1,555,216 | ||||||
Alibaba Health Information Technology, Ltd.(1) | 24,000 | 74,822 | ||||||
Anhui Conch Cement Co., Ltd., Class H | 8,500 | 50,216 | ||||||
ANTA Sports Products, Ltd. | 5,000 | 82,343 | ||||||
Autohome, Inc. ADR | 480 | 52,910 | ||||||
Baidu, Inc. ADR(1) | 1,001 | 235,255 | ||||||
Bank of China, Ltd., Class H | 343,000 | 116,100 | ||||||
BeiGene, Ltd. ADR(1) | 257 | 82,240 | ||||||
Bilibili, Inc. ADR(1) | 703 | 80,065 | ||||||
BYD Co., Ltd., Class H | 3,000 | 90,611 | ||||||
China Conch Venture Holdings, Ltd. | 11,000 | 52,302 | ||||||
China Construction Bank Corp., Class H | 348,000 | 263,582 | ||||||
China Gas Holdings, Ltd. | 15,400 | 54,200 | ||||||
China Life Insurance Co., Ltd., Class H | 36,000 | 76,456 | ||||||
China Mengniu Dairy Co., Ltd. | 14,000 | 83,257 | ||||||
China Merchants Bank Co., Ltd., Class A | 8,100 | 63,851 | ||||||
China Merchants Bank Co., Ltd., Class H | 17,500 | 134,013 | ||||||
China National Building Material Co., Ltd., Class H | 72,000 | 85,811 | ||||||
China Pacific Insurance (Group) Co., Ltd., Class H | 15,600 | 64,253 | ||||||
China Petroleum & Chemical Corp., Class H | 140,000 | 66,301 | ||||||
China Resources Beer Holdings Co., Ltd. | 8,000 | 70,534 | ||||||
China Resources Gas Group, Ltd. | 8,000 | 39,849 | ||||||
China Resources Land, Ltd. | 17,777 | 70,346 | ||||||
China Shenhua Energy Co., Ltd., Class H | 26,000 | 48,027 | ||||||
China Tourism Group Duty Free Corp., Ltd., Class A | 1,000 | 45,302 | ||||||
China Tower Corp., Ltd., Class H(2) | 346,000 | 49,817 | ||||||
China Vanke Co., Ltd., Class H | 13,800 | 49,374 | ||||||
CITIC Securities Co., Ltd., Class H | 19,500 | 42,692 | ||||||
CITIC, Ltd. | 75,000 | 58,385 | ||||||
Contemporary Amperex Technology Co., Ltd., Class A | 900 | 48,708 | ||||||
Country Garden Holdings Co., Ltd. | 46,000 | 55,253 | ||||||
Country Garden Services Holdings Co., Ltd. | 9,000 | 73,149 | ||||||
CSPC Pharmaceutical Group, Ltd. | 55,040 | 55,954 | ||||||
ENN Energy Holdings, Ltd. | 4,400 | 67,859 | ||||||
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 1,400 | 42,586 | ||||||
GDS Holdings, Ltd. ADR(1) | 590 | 61,100 | ||||||
Geely Automobile Holdings, Ltd. | 27,000 | 97,869 | ||||||
Great Wall Motor Co., Ltd., Class H | 17,500 | 54,560 | ||||||
Guangdong Investment, Ltd. | 24,000 | 42,035 | ||||||
Haidilao International Holding, Ltd.(2) | 6,000 | 50,377 | ||||||
Haier Smart Home Co., Ltd., Class H(1) | 13,400 | 55,479 | ||||||
Hansoh Pharmaceutical Group Co., Ltd.(1)(2) | 10,000 | 54,465 | ||||||
Hengan International Group Co., Ltd. | 6,000 | 42,912 | ||||||
Huazhu Group, Ltd. ADR | 1,138 | 55,193 |
1
Security | Shares | Value | ||||||
Industrial & Commercial Bank of China, Ltd., Class H | 240,000 | $ | 153,089 | |||||
Innovent Biologics, Inc.(1)(2) | 6,000 | 68,203 | ||||||
iQIYI, Inc. ADR(1) | 2,467 | 53,904 | ||||||
JD.com, Inc. ADR(1) | 3,370 | 298,885 | ||||||
Jiangsu Hengrui Medicine Co., Ltd., Class A | 2,700 | 43,207 | ||||||
KE Holdings, Inc. ADR(1) | 801 | 47,339 | ||||||
Kingdee International Software Group Co., Ltd. | 15,000 | 60,087 | ||||||
Kingsoft Corp, Ltd. | 7,000 | 53,960 | ||||||
Kweichow Moutai Co., Ltd., Class A | 300 | 98,044 | ||||||
Lenovo Group, Ltd. | 52,000 | 60,525 | ||||||
Li Ning Co., Ltd. | 11,000 | 68,528 | ||||||
Longfor Group Holdings, Ltd.(2) | 10,500 | 59,130 | ||||||
Meituan, Class B(1)(2) | 12,600 | 580,978 | ||||||
NetEase, Inc. ADR | 1,689 | 194,218 | ||||||
New Oriental Education & Technology Group, Inc. ADR(1) | 667 | 111,722 | ||||||
NIO, Inc. ADR(1) | 4,606 | 262,542 | ||||||
PetroChina Co., Ltd., Class H | 158,000 | 47,650 | ||||||
PICC Property & Casualty Co., Ltd., Class H | 58,000 | 42,132 | ||||||
Pinduoduo, Inc. ADR(1) | 1,528 | 253,205 | ||||||
Ping An Healthcare and Technology Co., Ltd.(1)(2) | 4,000 | 49,490 | ||||||
Ping An Insurance Group Co. of China, Ltd., Class A | 4,200 | 51,260 | ||||||
Ping An Insurance Group Co. of China, Ltd., Class H | 21,500 | 253,222 | ||||||
Postal Savings Bank of China Co., Ltd., Class H(2) | 81,000 | 57,790 | ||||||
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 20,000 | 37,351 | ||||||
Shenzhou International Group Holdings, Ltd. | 4,100 | 79,956 | ||||||
Shimao Group Holdings, Ltd. | 22,000 | 63,610 | ||||||
Silergy Corp. | 2,000 | 186,495 | ||||||
Sino Biopharmaceutical, Ltd. | 61,500 | 57,094 | ||||||
Sinopharm Group Co., Ltd., Class H | 22,400 | 54,895 | ||||||
Sunac China Holdings, Ltd. | 16,000 | 59,446 | ||||||
Sunny Optical Technology Group Co., Ltd. | 3,600 | 94,046 | ||||||
TAL Education Group ADR(1) | 1,621 | 124,622 | ||||||
Tencent Holdings, Ltd. | 19,400 | 1,728,603 | ||||||
Tencent Music Entertainment Group ADR(1) | 2,687 | 71,474 | ||||||
Trip.com Group, Ltd. ADR(1) | 2,399 | 76,360 | ||||||
Tsingtao Brewery Co., Ltd., Class H | 4,000 | 38,575 | ||||||
Vipshop Holdings, Ltd. ADR(1) | 2,451 | 67,206 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 1,400 | 62,886 | ||||||
WuXi AppTec Co., Ltd., Class H(2) | 2,300 | 54,711 | ||||||
Wuxi Biologics Cayman, Inc.(1)(2) | 14,000 | 196,027 | ||||||
Xinyi Solar Holdings, Ltd. | 24,000 | 52,512 | ||||||
XPeng, Inc. ADR(1) | 1,145 | 55,166 | ||||||
Yihai International Holding, Ltd.(1) | 3,000 | 49,282 | ||||||
Yum China Holdings, Inc. | 1,805 | 102,362 | ||||||
Zai Lab, Ltd. ADR(1) | 442 | 70,751 | ||||||
Zijin Mining Group Co., Ltd., Class H | 40,000 | 44,155 | ||||||
ZTO Express Cayman, Inc. ADR | 2,333 | 77,176 | ||||||
|
| |||||||
$ | 11,297,498 | |||||||
|
| |||||||
Colombia — 4.6% |
| |||||||
Bancolombia S.A. | 126,100 | $ | 1,081,158 | |||||
Bancolombia S.A., PFC Shares | 220,100 | 1,943,834 | ||||||
Cementos Argos S.A. | 216,700 | 354,588 | ||||||
Corp. Financiera Colombiana S.A.(1) | 43,700 | 394,512 |
2
Security | Shares | Value | ||||||
Ecopetrol S.A. | 2,464,000 | $ | 1,401,489 | |||||
Grupo Argos S.A. | 141,100 | 525,813 | ||||||
Grupo de Inversiones Suramericana S.A. | 112,900 | 718,080 | ||||||
Interconexion Electrica S.A. | 214,300 | 1,384,632 | ||||||
|
| |||||||
$ | 7,804,106 | |||||||
|
| |||||||
Cyprus — 1.0% |
| |||||||
Bank of Cyprus Holdings PLC(1)(3) | 1,716,590 | $ | 1,596,966 | |||||
Bank of Cyprus Holdings PLC(1)(3) | 45,800 | 40,880 | ||||||
|
| |||||||
$ | 1,637,846 | |||||||
|
| |||||||
Egypt — 5.0% |
| |||||||
Cairo Investment & Real Estate Development Co. SAE | 430,700 | $ | 386,144 | |||||
Cleopatra Hospital(1) | 1,583,100 | 486,421 | ||||||
Commercial International Bank Egypt SAE | 742,430 | 2,985,436 | ||||||
Credit Agricole Egypt SAE | 424,930 | 767,945 | ||||||
Eastern Co. SAE | 860,680 | 803,266 | ||||||
Egypt Kuwait Holding Co. SAE | 471,020 | 492,338 | ||||||
Egyptian Financial Group-Hermes Holding Co.(1) | 518,920 | 517,868 | ||||||
ElSewedy Electric Co. | 818,720 | 541,093 | ||||||
Juhayna Food Industries | 961,090 | 428,050 | ||||||
Talaat Moustafa Group | 1,143,290 | 540,498 | ||||||
Telecom Egypt Co. | 631,440 | 462,542 | ||||||
|
| |||||||
$ | 8,411,601 | |||||||
|
| |||||||
Georgia — 6.1% |
| |||||||
Bank of Georgia Group PLC(1) | 222,390 | $ | 3,488,393 | |||||
Georgia Capital PLC(1) | 382,077 | 2,633,312 | ||||||
TBC Bank Group PLC(1) | 255,486 | 4,240,823 | ||||||
|
| |||||||
$ | 10,362,528 | |||||||
|
| |||||||
Greece — 5.3% |
| |||||||
Aegean Airlines S.A.(1) | 15,000 | $ | 74,746 | |||||
Alpha Bank AE(1) | 649,300 | 587,456 | ||||||
Athens Water Supply & Sewage Co. S.A. | 20,000 | 158,764 | ||||||
Eurobank Ergasias Services and Holdings S.A.(1) | 1,215,600 | 802,905 | ||||||
GEK Terna Holding Real Estate Construction S.A.(1) | 33,800 | 293,261 | ||||||
Hellenic Exchanges — Athens Stock Exchange S.A. | 26,900 | 113,838 | ||||||
Hellenic Telecommunications Organization S.A. | 112,200 | 1,630,899 | ||||||
Holding Co. ADMIE IPTO S.A. | 54,300 | 156,776 | ||||||
JUMBO S.A. | 51,100 | 800,479 | ||||||
LAMDA Development S.A.(1) | 29,024 | 222,859 | ||||||
Motor Oil (Hellas) Corinth Refineries S.A. | 28,500 | 400,617 | ||||||
Mytilineos S.A. | 46,900 | 682,853 | ||||||
National Bank of Greece S.A.(1) | 257,100 | 603,355 | ||||||
OPAP S.A. | 90,307 | 1,105,554 | ||||||
Piraeus Port Authority S.A. | 3,500 | 79,539 | ||||||
Public Power Corp. S.A.(1) | 48,900 | 417,384 | ||||||
Sarantis S.A. | 14,700 | 161,764 | ||||||
Terna Energy S.A. | 21,300 | 363,133 | ||||||
Titan Cement International S.A. | 19,300 | 337,886 | ||||||
|
| |||||||
$ | 8,994,068 | |||||||
|
|
3
Security | Shares | Value | ||||||
Hong Kong — 0.0%(4) |
| |||||||
China Youzan, Ltd.(1) | 132,000 | $ | 56,667 | |||||
|
| |||||||
$ | 56,667 | |||||||
|
| |||||||
India — 3.7% |
| |||||||
Asian Paints, Ltd. | 3,490 | $ | 115,236 | |||||
Avenue Supermarts, Ltd.(1)(2) | 1,995 | 73,646 | ||||||
Axis Bank, Ltd.(1) | 25,514 | 232,454 | ||||||
Bajaj Auto, Ltd. | 1,008 | 55,520 | ||||||
Bajaj Finance, Ltd. | 2,142 | 138,374 | ||||||
Bajaj Finserv, Ltd. | 652 | 77,659 | ||||||
Bandhan Bank, Ltd.(1)(2) | 7,986 | 33,940 | ||||||
Bharat Petroleum Corp., Ltd. | 9,239 | 48,761 | ||||||
Bharti Airtel, Ltd. | 14,997 | 113,296 | ||||||
Britannia Industries, Ltd. | 842 | 40,395 | ||||||
Dabur India, Ltd. | 7,212 | 50,694 | ||||||
Dr. Reddy’s Laboratories, Ltd. | 1,387 | 87,104 | ||||||
Eicher Motors, Ltd. | 1,800 | 67,890 | ||||||
Godrej Consumer Products, Ltd. | 5,486 | 56,269 | ||||||
Grasim Industries, Ltd. | 4,295 | 62,353 | ||||||
Havells India, Ltd. | 3,816 | 54,530 | ||||||
HCL Technologies, Ltd. | 13,120 | 163,994 | ||||||
HDFC Life Insurance Co., Ltd.(1)(2) | 9,208 | 85,683 | ||||||
Hero MotoCorp, Ltd. | 1,283 | 57,414 | ||||||
Hindalco Industries, Ltd. | 22,328 | 68,654 | ||||||
Hindustan Unilever, Ltd. | 9,125 | 282,586 | ||||||
Housing Development Finance Corp., Ltd. | 17,778 | 578,134 | ||||||
ICICI Bank, Ltd.(1) | 55,552 | 412,102 | ||||||
ICICI Lombard General Insurance Co., Ltd.(2) | 2,766 | 50,137 | ||||||
Infosys, Ltd. | 38,605 | 659,931 | ||||||
ITC, Ltd. | 36,798 | 102,296 | ||||||
JSW Steel, Ltd. | 11,825 | 58,807 | ||||||
Larsen & Toubro, Ltd. | 5,935 | 108,470 | ||||||
Lupin, Ltd. | 3,240 | 44,708 | ||||||
Mahindra & Mahindra, Ltd. | 9,197 | 94,637 | ||||||
Maruti Suzuki India, Ltd. | 1,401 | 138,387 | ||||||
Nestle India, Ltd. | 297 | 69,699 | ||||||
Power Grid Corporation of India, Ltd. | 25,079 | 63,103 | ||||||
Reliance Industries, Ltd. | 31,306 | 789,127 | ||||||
SBI Life Insurance Co., Ltd.(1)(2) | 5,188 | 61,445 | ||||||
Shree Cement, Ltd. | 163 | 50,276 | ||||||
State Bank of India(1) | 22,996 | 88,607 | ||||||
Sun Pharmaceutical Industries, Ltd. | 10,399 | 83,642 | ||||||
Tata Consultancy Services, Ltd. | 9,784 | 418,364 | ||||||
Tata Motors, Ltd.(1) | 23,589 | 84,216 | ||||||
Tech Mahindra, Ltd. | 6,000 | 78,744 | ||||||
Titan Co., Ltd. | 3,902 | 75,894 | ||||||
UltraTech Cement, Ltd. | 1,443 | 104,996 | ||||||
UPL, Ltd. | 7,077 | 54,496 | ||||||
Wipro, Ltd. | 17,119 | 98,540 | ||||||
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| |||||||
$ | 6,335,210 | |||||||
|
|
4
Security | Shares | Value | ||||||
Indonesia — 0.7% |
| |||||||
Astra International Tbk PT | 234,600 | $ | 101,659 | |||||
Bank Central Asia Tbk PT | 110,100 | 264,805 | ||||||
Bank Mandiri Persero Tbk PT | 220,400 | 103,114 | ||||||
Bank Negara Indonesia Persero Tbk PT | 100,600 | 39,582 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 649,500 | 192,555 | ||||||
Barito Pacific Tbk PT(1) | 392,400 | 24,633 | ||||||
Charoen Pokphand Indonesia Tbk PT | 93,400 | 38,142 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk PT | 40,200 | 36,786 | ||||||
Indofood Sukses Makmur Tbk PT | 61,600 | 26,510 | ||||||
Kalbe Farma Tbk PT | 283,300 | 29,531 | ||||||
Semen Indonesia Persero Tbk PT | 42,700 | 32,173 | ||||||
Telkom Indonesia Persero Tbk PT | 562,000 | 124,213 | ||||||
Unilever Indonesia Tbk PT | 91,200 | 44,930 | ||||||
United Tractors Tbk PT | 21,800 | 35,396 | ||||||
|
| |||||||
$ | 1,094,029 | |||||||
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| |||||||
Romania — 6.4% |
| |||||||
Banca Transilvania S.A. | 7,408,370 | $ | 4,219,236 | |||||
BRD-Groupe Societe Generale S.A.(1) | 337,330 | 1,260,274 | ||||||
Digi Communications N.V.(2) | 56,490 | 496,432 | ||||||
OMV Petrom S.A. | 18,349,720 | 1,813,572 | ||||||
Societatea Energetica Electrica S.A. | 224,170 | 728,859 | ||||||
Societatea Nationala de Gaze Naturale ROMGAZ S.A. | 186,420 | 1,430,446 | ||||||
Transelectrica S.A. | 47,590 | 334,920 | ||||||
Transgaz S.A. Medias | 7,640 | 580,766 | ||||||
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| |||||||
$ | 10,864,505 | |||||||
|
| |||||||
Serbia — 3.7% |
| |||||||
Komercijalna Banka AD Beograd(1) | 131,568 | $ | 4,051,195 | |||||
Metalac AD(1) | 67,357 | 1,332,580 | ||||||
NIS AD Novi Sad(1) | 143,131 | 928,334 | ||||||
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| |||||||
$ | 6,312,109 | |||||||
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| |||||||
Singapore — 1.0% |
| |||||||
Yoma Strategic Holdings, Ltd.(1) | 8,240,033 | $ | 1,702,475 | |||||
|
| |||||||
$ | 1,702,475 | |||||||
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| |||||||
South Korea — 12.5% |
| |||||||
AMOREPACIFIC Corp.(1) | 880 | $ | 175,403 | |||||
Celltrion Healthcare Co., Ltd.(1) | 1,901 | 243,514 | ||||||
Celltrion, Inc.(1) | 2,213 | 638,810 | ||||||
CJ CheilJedang Corp. | 289 | 109,740 | ||||||
Coway Co., Ltd.(1) | 1,764 | 109,552 | ||||||
Hana Financial Group, Inc. | 7,697 | 224,401 | ||||||
Hanwha Solutions Corp.(1) | 3,470 | 154,380 | ||||||
HLB, Inc.(1) | 1,593 | 127,997 | ||||||
Hyundai Glovis Co., Ltd. | 622 | 105,480 | ||||||
Hyundai Mobis Co., Ltd. | 1,524 | 431,885 | ||||||
Hyundai Motor Co. | 3,262 | 665,093 | ||||||
Kakao Corp.(1) | 1,291 | 507,165 | ||||||
KB Financial Group, Inc. | 9,378 | 338,595 | ||||||
Kia Motors Corp. | 5,932 | 434,745 | ||||||
Korea Electric Power Corp.(1) | 7,668 | 156,465 |
5
Security | Shares | Value | ||||||
Korea Investment Holdings Co., Ltd.(1) | 1,501 | $ | 108,902 | |||||
Korea Shipbuilding & Offshore Engineering Co., Ltd.(1) | 1,309 | 109,645 | ||||||
KT&G Corp. | 3,130 | 223,941 | ||||||
LG Chem, Ltd. | 989 | 806,681 | ||||||
LG Corp. | 2,392 | 211,516 | ||||||
LG Display Co., Ltd.(1) | 7,371 | 143,284 | ||||||
LG Electronics, Inc. | 2,453 | 334,892 | ||||||
LG Household & Health Care, Ltd. | 225 | 313,214 | ||||||
Lotte Chemical Corp. | 548 | 127,446 | ||||||
Naver Corp. | 2,703 | 824,769 | ||||||
NCsoft Corp. | 388 | 328,733 | ||||||
POSCO | 1,728 | 379,306 | ||||||
Samsung Biologics Co., Ltd.(1)(2) | 424 | 300,189 | ||||||
Samsung C&T Corp. | 2,099 | 243,231 | ||||||
Samsung Electro-Mechanics Co., Ltd. | 1,452 | 264,102 | ||||||
Samsung Electronics Co., Ltd. | 98,182 | 7,177,788 | ||||||
Samsung Electronics Co., Ltd., PFC Shares | 17,786 | 1,159,957 | ||||||
Samsung Fire & Marine Insurance Co., Ltd. | 944 | 141,705 | ||||||
Samsung Life Insurance Co., Ltd. | 2,146 | 135,291 | ||||||
Samsung SDI Co., Ltd. | 1,229 | 802,907 | ||||||
Samsung SDS Co., Ltd. | 984 | 171,349 | ||||||
Shinhan Financial Group Co., Ltd. | 10,767 | 295,280 | ||||||
SK Holdings Co., Ltd. | 867 | 240,923 | ||||||
SK Hynix, Inc. | 11,403 | 1,244,985 | ||||||
SK Innovation Co., Ltd. | 1,367 | 341,265 | ||||||
SK Telecom Co., Ltd. | 1,017 | 221,796 | ||||||
Woori Financial Group, Inc. | 17,016 | 133,881 | ||||||
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$ | 21,210,203 | |||||||
|
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Taiwan — 9.7% |
| |||||||
Accton Technology Corp. | 12,000 | $ | 115,189 | |||||
Advantech Co., Ltd. | 9,667 | 119,205 | ||||||
AirTAC International Group | 3,000 | 106,737 | ||||||
ASE Technology Holding Co., Ltd. | 61,358 | 202,047 | ||||||
Asustek Computer, Inc. | 15,000 | 153,279 | ||||||
AU Optronics Corp.(1) | 210,000 | 110,426 | ||||||
Catcher Technology Co., Ltd. | 16,000 | 112,825 | ||||||
Cathay Financial Holding Co., Ltd. | 153,087 | 217,753 | ||||||
Chailease Holding Co., Ltd. | 31,200 | 172,448 | ||||||
China Steel Corp. | 234,000 | 191,581 | ||||||
Chunghwa Telecom Co., Ltd. | 71,000 | 274,038 | ||||||
CTBC Financial Holding Co., Ltd. | 334,000 | 226,271 | ||||||
Delta Electronics, Inc. | 34,680 | 349,074 | ||||||
E.Sun Financial Holding Co., Ltd. | �� | 227,278 | 191,535 | |||||
First Financial Holding Co., Ltd. | 216,590 | 156,054 | ||||||
Formosa Chemicals & Fibre Corp. | 69,000 | 190,694 | ||||||
Formosa Plastics Corp. | 72,000 | 223,597 | ||||||
Fubon Financial Holding Co., Ltd. | 129,000 | 209,457 | ||||||
Globalwafers Co., Ltd. | 5,000 | 109,838 | ||||||
Hon Hai Precision Industry Co., Ltd. | 208,508 | 829,258 | ||||||
Hotai Motor Co., Ltd. | 7,000 | 141,057 | ||||||
Hua Nan Financial Holdings Co., Ltd. | 197,774 | 121,119 | ||||||
Largan Precision Co., Ltd. | 2,000 | 209,341 | ||||||
MediaTek, Inc. | 24,000 | 749,608 |
6
Security | Shares | Value | ||||||
Mega Financial Holding Co., Ltd. | 214,000 | $ | 214,932 | |||||
Nan Ya Plastics Corp. | 97,000 | 227,286 | ||||||
Novatek Microelectronics Corp. | 12,000 | 168,271 | ||||||
Pegatron Corp. | 46,000 | 128,719 | ||||||
President Chain Store Corp. | 13,000 | 123,870 | ||||||
Quanta Computer, Inc. | 59,000 | 169,738 | ||||||
Realtek Semiconductor Corp. | 10,000 | 160,866 | ||||||
Shanghai Commercial & Savings Bank, Ltd. (The) | 82,606 | 110,108 | ||||||
Shin Kong Financial Holding Co., Ltd. | 8,061 | 2,313 | ||||||
Taishin Financial Holding Co., Ltd. | 243,685 | 108,637 | ||||||
Taiwan Cement Corp. | 105,412 | 150,880 | ||||||
Taiwan Cooperative Financial Holding Co., Ltd. | 206,110 | 140,923 | ||||||
Taiwan Mobile Co., Ltd. | 38,000 | 130,475 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 387,000 | 8,178,623 | ||||||
Uni-President Enterprises Corp. | 94,960 | 230,509 | ||||||
United Microelectronics Corp. | 199,000 | 356,561 | ||||||
Win Semiconductors Corp. | 8,000 | 117,447 | ||||||
Yageo Corp. | 7,000 | 142,904 | ||||||
Yuanta Financial Holding Co., Ltd. | 208,422 | 147,736 | ||||||
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| |||||||
$ | 16,493,229 | |||||||
|
| |||||||
Turkey — 2.5% |
| |||||||
Akbank T.A.S.(1) | 471,500 | $ | 408,006 | |||||
Aselsan Elektronik Sanayi Ve Ticaret AS | 102,600 | 242,272 | ||||||
BIM Birlesik Magazalar AS | 66,000 | 649,527 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 208,900 | 408,199 | ||||||
Ford Otomotiv Sanayi AS | 10,800 | 211,669 | ||||||
Haci Omer Sabanci Holding AS | 133,500 | 191,364 | ||||||
KOC Holding AS | 111,300 | 304,785 | ||||||
Turk Hava Yollari AO(1) | 81,500 | 134,453 | ||||||
Turkcell Iletisim Hizmetleri AS | 181,900 | 398,332 | ||||||
Turkiye Garanti Bankasi AS(1) | 346,200 | 438,539 | ||||||
Turkiye Is Bankasi AS, Class C(1) | 232,800 | 194,223 | ||||||
Turkiye Petrol Rafinerileri AS(1) | 18,600 | 251,448 | ||||||
Turkiye Sise ve Cam Fabrikalari AS | 202,700 | 199,669 | ||||||
Yapi ve Kredi Bankasi AS(1) | 440,100 | 171,196 | ||||||
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$ | 4,203,682 | |||||||
|
| |||||||
United Arab Emirates — 4.5% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 459,000 | $ | 802,347 | |||||
Abu Dhabi Islamic Bank PJSC | 241,500 | 328,762 | ||||||
Aldar Properties PJSC | 634,300 | 602,948 | ||||||
Dubai Islamic Bank PJSC | 299,600 | 409,188 | ||||||
Emaar Malls PJSC(1) | 429,400 | 211,062 | ||||||
Emaar Properties PJSC(1) | 592,600 | 611,535 | ||||||
Emirates NBD Bank PJSC | 416,600 | 1,335,901 | ||||||
Emirates Telecommunications Group Co. PJSC | 289,100 | 1,561,350 | ||||||
First Abu Dhabi Bank PJSC | 450,100 | 1,836,096 | ||||||
|
| |||||||
$ | 7,699,189 | |||||||
|
| |||||||
Vietnam — 13.5% |
| |||||||
FPT Corp. | 906,725 | $ | 2,639,215 | |||||
Ho Chi Minh City Development Joint Stock Commercial Bank(1) | 397,155 | 383,022 |
7
Security | Shares | Value | ||||||
Hoa Phat Group JSC | 1,461,938 | $ | 2,471,660 | |||||
Imexpharm Pharmaceutical JSC | 48,678 | 123,064 | ||||||
Masan Group Corp. | 197,050 | 727,971 | ||||||
Military Commercial Joint Stock Bank(1) | 2,295,061 | 2,325,563 | ||||||
Mobile World Investment Corp. | 53,333 | 307,054 | ||||||
No Va Land Investment Group Corp.(1) | 201,690 | 700,971 | ||||||
PetroVietnam Gas JSC | 84,800 | 279,046 | ||||||
PetroVietnam Power Corp. | 704,100 | 361,526 | ||||||
Phat Dat Real Estate Development Corp.(1) | 54,058 | 130,759 | ||||||
Phu Nhuan Jewelry JSC | 565,090 | 2,179,969 | ||||||
Refrigeration Electrical Engineering Corp. | 143,700 | 340,219 | ||||||
Saigon Beer Alcohol Beverage Corp. | 60,300 | 421,906 | ||||||
SSI Securities Corp. | 72,996 | 90,700 | ||||||
Viet Capital Securities JSC | 282,825 | 598,950 | ||||||
Vietnam Dairy Products JSC | 444,489 | 1,976,123 | ||||||
Vietnam National Petroleum Group | 125,200 | 265,252 | ||||||
Vietnam Prosperity JSC Bank(1) | 1,755,487 | 2,444,841 | ||||||
Vietnam Technological & Commercial Joint Stock Bank(1) | 1,608,600 | 2,389,625 | ||||||
Vingroup JSC(1) | 399,041 | 1,715,168 | ||||||
|
| |||||||
$ | 22,872,604 | |||||||
|
| |||||||
Total Common Stocks |
| $ | 147,351,549 | |||||
|
| |||||||
Rights — 0.0%(4) |
| |||||||
Security | Shares | Value | ||||||
South Korea — 0.0%(4) |
| |||||||
Hanwha Solutions Corp., Exp. 2/25/21(1) | 599 | $ | 2,624 | |||||
|
| |||||||
$ | 2,624 | |||||||
|
| |||||||
Vietnam — 0.0%(4) |
| |||||||
No Va Land Investment Group Corp., Exp. 3/9/21(1) | 201,690 | $ | 14,453 | |||||
|
| |||||||
$ | 14,453 | |||||||
|
| |||||||
Total Rights |
| $ | 17,077 | |||||
|
| |||||||
Short-Term Investments — 10.0% |
| |||||||
U.S. Treasury Obligations — 0.9% |
| |||||||
Security | Principal Amount (000’s omitted) | Value | ||||||
U.S. Treasury Bill, 0.00%, 3/25/21 | $ | 1,500 | $ | 1,499,902 | ||||
|
| |||||||
Total U.S. Treasury Obligations |
| $ | 1,499,902 | |||||
|
|
8
Other — 9.1% |
| |||||||
Description | Units | Value | ||||||
Eaton Vance Cash Reserves Fund, LLC, 0.11%(5) | 15,481,699 | $ | 15,481,699 | |||||
|
| |||||||
Total Other |
| $ | 15,481,699 | |||||
|
| |||||||
Total Short-Term Investments |
| $ | 16,981,601 | |||||
|
| |||||||
Total Investments — 96.9% | $ | 164,350,227 | ||||||
|
| |||||||
Other Assets, Less Liabilities — 3.1% | $ | 5,299,618 | ||||||
|
| |||||||
Net Assets — 100.0% | $ | 169,649,845 | ||||||
|
|
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) | Non-income producing security. |
(2) | 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 January 31, 2021, the aggregate value of these securities is $2,322,460 or 1.4% of the Portfolio’s net assets. |
(3) | Securities are traded on separate exchanges for the same entity. |
(4) | Amount is less than 0.05%. |
(5) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2021. |
9
Sector Classification of Portfolio
|
| |||||||
Sector | Percentage of Net Assets | Value | ||||||
Financials | 31.6 | % | $ | 53,530,378 | ||||
Information Technology | 16.6 | 28,199,552 | ||||||
Consumer Discretionary | 7.9 | 13,412,769 | ||||||
Communication Services | 5.6 | 9,540,286 | ||||||
Energy | 5.0 | 8,448,451 | ||||||
Materials | 4.6 | 7,833,551 | ||||||
Consumer Staples | 4.5 | 7,618,527 | ||||||
Real Estate | 4.1 | 6,857,226 | ||||||
Utilities | 2.7 | 4,608,551 | ||||||
Industrials | 2.6 | 4,383,142 | ||||||
Health Care | 1.7 | 2,936,193 | ||||||
Short-Term Investments | 10.0 | 16,981,601 | ||||||
|
|
|
| |||||
Total Investments | 96.9 | % | $ | 164,350,227 | ||||
|
|
|
|
10
Forward Foreign Currency Exchange Contracts
|
| |||||||||||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | |||||||||||||||||||||
USD | 2,244,384 | EUR | 1,827,226 | Bank of America, N.A. | 2/8/21 | $ | 26,672 | $ | — | |||||||||||||||||
USD | 34,542 | EUR | 28,188 | Morgan Stanley & Co. International PLC | 2/8/21 | 330 | — | |||||||||||||||||||
USD | 7,356,577 | EUR | 5,970,181 | Standard Chartered Bank | 2/8/21 | 110,545 | — | |||||||||||||||||||
USD | 5,823,076 | EUR | 4,725,679 | Standard Chartered Bank | 2/8/21 | 87,502 | — | |||||||||||||||||||
USD | 5,300,225 | EUR | 4,301,362 | Standard Chartered Bank | 2/8/21 | 79,645 | — | |||||||||||||||||||
USD | 2,578,862 | EUR | 2,092,858 | Standard Chartered Bank | 2/8/21 | 38,752 | — | |||||||||||||||||||
USD | 1,555,663 | EUR | 1,262,488 | Standard Chartered Bank | 2/8/21 | 23,376 | — | |||||||||||||||||||
USD | 200,215 | EUR | 163,078 | UBS AG | 2/8/21 | 2,286 | — | |||||||||||||||||||
MXN | 31,650,000 | USD | 1,587,779 | Citibank, N.A. | 3/17/21 | — | (50,841 | ) | ||||||||||||||||||
MXN | 38,500,000 | USD | 1,936,035 | Citibank, N.A. | 3/17/21 | — | (66,460 | ) | ||||||||||||||||||
USD | 1,893,379 | AED | 6,964,414 | Standard Chartered Bank | 5/31/22 | — | (398 | ) | ||||||||||||||||||
USD | 1,579,913 | AED | 5,817,160 | Standard Chartered Bank | 7/7/22 | — | (1,570 | ) | ||||||||||||||||||
USD | 2,855,790 | AED | 10,547,575 | Standard Chartered Bank | 7/7/22 | — | (11,728 | ) | ||||||||||||||||||
|
|
|
| |||||||||||||||||||||||
$ | 369,108 | $ | (130,997 | ) | ||||||||||||||||||||||
|
|
|
|
Futures Contracts
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/ Unrealized Appreciation (Depreciation) | |||||||||||||||
Equity Futures |
| |||||||||||||||||||
Mexican Bolsa IPC Index | 156 | Long | 3/19/21 | $ | 3,278,443 | $ | (150,022 | ) | ||||||||||||
|
| |||||||||||||||||||
$ | (150,022 | ) | ||||||||||||||||||
|
|
Total Return Swaps
Counterparty | Notional Amount (000’s omitted) | Portfolio Receives | Portfolio Pays | Termination Date | Value/ Unrealized Appreciation (Depreciation) | |||||||||||
JPMorgan Chase Bank, N.A. | CNY | 14,233 | Total Return on Shenzhen Stock Exchange Composite Index (pays upon termination) | 3-month USD-LIBOR minus 14.00% on $2,190,545 (pays quarterly) | 4/16/21 | $ | (29,390 | ) | ||||||||
UBS AG | CNY | 68,858 | Total Return on Shenzhen Stock Exchange Composite Index (pays upon termination) | 3-month USD-LIBOR minus 13.75% on $10,512,690 (pays quarterly) | 3/24/21 | 686,216 | ||||||||||
|
| |||||||||||||||
$ | 656,826 | |||||||||||||||
|
|
11
Abbreviations:
ADR | - | American Depositary Receipt | ||
PFC Shares | - | Preference Shares |
Currency Abbreviations:
AED | - | United Arab Emirates Dirham | ||
CNY | - | Yuan Renminbi | ||
EUR | - | Euro | ||
MXN | - | Mexican Peso | ||
USD | - | United States Dollar |
In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:
Equity Price Risk: The Portfolio enters into equity futures contracts and total return swaps to enhance total return, to manage certain investment risks and/or as a substitute for the purchase of securities.
Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.
At January 31, 2021, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.
12
At January 31, 2021, the value of the Portfolio’s investment in affiliated funds was $15,481,699, which represents 9.1% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the fiscal year to date ended January 31, 2021 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 | $ | 15,684,838 | $ | 27,380,284 | $ | (27,583,423 | ) | $ | — | $ | — | $ | 15,481,699 | $ | 3,370 | 15,481,699 |
13
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.
14
At January 31, 2021, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks |
| |||||||||||||||
Asia/Pacific | $ | 4,044,390 | $ | 77,017,525 | $ | — | $ | 81,061,915 | ||||||||
Emerging Europe | — | 42,374,738 | — | 42,374,738 | ||||||||||||
Latin America | 5,860,272 | 1,943,834 | — | 7,804,106 | ||||||||||||
Middle East/Africa | — | 16,110,790 | — | 16,110,790 | ||||||||||||
Total Common Stocks | $ | 9,904,662 | $ | 137,446,887 | * | $ | — | $ | 147,351,549 | |||||||
Rights | $ | — | $ | 17,077 | $ | — | $ | 17,077 | ||||||||
Short-Term Investments — | ||||||||||||||||
U.S. Treasury Obligations | — | 1,499,902 | — | 1,499,902 | ||||||||||||
Other | — | 15,481,699 | — | 15,481,699 | ||||||||||||
Total Investments | $ | 9,904,662 | $ | 154,445,565 | $ | — | $ | 164,350,227 | ||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 369,108 | $ | — | $ | 369,108 | ||||||||
Swap Contracts | — | 686,216 | — | 686,216 | ||||||||||||
Total | $ | 9,904,662 | $ | 155,500,889 | $ | — | $ | 165,405,551 | ||||||||
Liability Description | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (130,997 | ) | $ | — | $ | (130,997 | ) | ||||||
Futures Contracts | (150,022 | ) | — | — | (150,022 | ) | ||||||||||
Swap Contracts | — | (29,390 | ) | — | (29,390 | ) | ||||||||||
Total | $ | (150,022 | ) | $ | (160,387 | ) | $ | — | $ | (310,409 | ) |
* | 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. |
15
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
16