Global Macro Capital Opportunities Portfolio
July 31, 2021
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 92.5%
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| Security | | Shares | | | Value | |
Bulgaria — 1.7% | | | | | | | | |
Eurohold Bulgaria AD(1) | | | 2,038,700 | | | $ | 3,097,420 | |
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| | | | | | $ | 3,097,420 | |
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China — 5.0% | | | | | | | | |
AAC Technologies Holdings, Inc. | | | 12,500 | | | $ | 75,026 | |
Agricultural Bank of China, Ltd., Class H | | | 167,000 | | | | 55,690 | |
Alibaba Group Holding, Ltd. ADR(1) | | | 6,127 | | | | 1,195,929 | |
Alibaba Health Information Technology, Ltd.(1) | | | 24,000 | | | | 37,407 | |
Anhui Conch Cement Co., Ltd., Class H | | | 8,500 | | | | 40,655 | |
ANTA Sports Products, Ltd. | | | 5,000 | | | | 108,857 | |
Autohome, Inc. ADR | | | 480 | | | | 21,744 | |
Baidu, Inc. ADR(1) | | | 1,001 | | | | 164,174 | |
Bank of China, Ltd., Class H | | | 343,000 | | | | 119,189 | |
BeiGene, Ltd. ADR(1) | | | 257 | | | | 81,364 | |
Bilibili, Inc. ADR(1) | | | 703 | | | | 60,163 | |
BYD Co., Ltd., Class H | | | 3,000 | | | | 92,725 | |
China Conch Venture Holdings, Ltd. | | | 11,000 | | | | 40,104 | |
China Construction Bank Corp., Class H | | | 348,000 | | | | 242,397 | |
China Gas Holdings, Ltd. | | | 15,400 | | | | 47,413 | |
China Life Insurance Co., Ltd., Class H | | | 36,000 | | | | 60,003 | |
China Mengniu Dairy Co., Ltd. | | | 14,000 | | | | 76,012 | |
China Merchants Bank Co., Ltd., Class A | | | 8,100 | | | | 58,469 | |
China Merchants Bank Co., Ltd., Class H | | | 17,500 | | | | 133,132 | |
China National Building Material Co., Ltd., Class H | | | 72,000 | | | | 77,983 | |
China Pacific Insurance Group Co., Ltd., Class H | | | 15,600 | | | | 43,930 | |
China Petroleum & Chemical Corp., Class H | | | 140,000 | | | | 64,018 | |
China Resources Beer Holdings Co., Ltd. | | | 8,000 | | | | 59,986 | |
China Resources Gas Group, Ltd. | | | 8,000 | | | | 49,318 | |
China Resources Land, Ltd. | | | 17,777 | | | | 59,408 | |
China Shenhua Energy Co., Ltd., Class H | | | 26,000 | | | | 49,198 | |
China Tourism Group Duty Free Corp., Ltd., Class A | | | 1,000 | | | | 37,402 | |
China Tower Corp., Ltd., Class H(2) | | | 346,000 | | | | 45,900 | |
China Vanke Co., Ltd., Class H | | | 13,800 | | | | 35,950 | |
China Youzan, Ltd.(1) | | | 132,000 | | | | 18,942 | |
CITIC Securities Co., Ltd., Class H | | | 19,500 | | | | 43,426 | |
CITIC, Ltd. | | | 75,000 | | | | 81,007 | |
Contemporary Amperex Technology Co., Ltd., Class A | | | 900 | | | | 77,238 | |
Country Garden Holdings Co., Ltd. | | | 46,000 | | | | 44,971 | |
Country Garden Services Holdings Co., Ltd. | | | 9,000 | | | | 73,079 | |
CSPC Pharmaceutical Group, Ltd. | | | 55,040 | | | | 74,295 | |
ENN Energy Holdings, Ltd. | | | 4,400 | | | | 91,820 | |
Foshan Haitian Flavouring & Food Co., Ltd., Class A | | | 1,820 | | | | 32,366 | |
GDS Holdings, Ltd. ADR(1) | | | 590 | | | | 34,786 | |
Geely Automobile Holdings, Ltd. | | | 27,000 | | | | 90,568 | |
Great Wall Motor Co., Ltd., Class H | | | 17,500 | | | | 84,552 | |
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Guangdong Investment, Ltd. | | | 24,000 | | | $ | 33,583 | |
Haidilao International Holding, Ltd.(2) | | | 6,000 | | | | 22,506 | |
Haier Smart Home Co., Ltd., Class H | | | 13,400 | | | | 45,958 | |
Hansoh Pharmaceutical Group Co., Ltd.(2) | | | 10,000 | | | | 35,837 | |
Hengan International Group Co., Ltd. | | | 6,000 | | | | 35,590 | |
Huazhu Group, Ltd. ADR(1) | | | 1,138 | | | | 51,187 | |
Industrial & Commercial Bank of China, Ltd., Class H | | | 240,000 | | | | 133,270 | |
Innovent Biologics, Inc.(1)(2) | | | 6,000 | | | | 61,436 | |
iQIYI, Inc. ADR(1) | | | 2,467 | | | | 27,532 | |
JD.com, Inc. ADR(1) | | | 3,370 | | | | 238,866 | |
Jiangsu Hengrui Medicine Co., Ltd., Class A | | | 3,240 | | | | 27,377 | |
KE Holdings, Inc. ADR(1) | | | 801 | | | | 17,614 | |
Kingdee International Software Group Co., Ltd.(1) | | | 15,000 | | | | 46,848 | |
Kingsoft Corp, Ltd. | | | 7,000 | | | | 32,755 | |
Kweichow Moutai Co., Ltd., Class A | | | 300 | | | | 78,138 | |
Lenovo Group, Ltd. | | | 52,000 | | | | 48,489 | |
Li Ning Co., Ltd. | | | 11,000 | | | | 116,174 | |
Longfor Group Holdings, Ltd.(2) | | | 10,500 | | | | 48,806 | |
Meituan, Class B(1)(2) | | | 12,600 | | | | 348,660 | |
NetEase, Inc. ADR | | | 1,689 | | | | 172,633 | |
NIO, Inc. ADR(1) | | | 4,606 | | | | 205,796 | |
PetroChina Co., Ltd., Class H | | | 158,000 | | | | 66,003 | |
PICC Property & Casualty Co., Ltd., Class H | | | 58,000 | | | | 46,853 | |
Pinduoduo, Inc. ADR(1) | | | 1,528 | | | | 139,980 | |
Ping An Healthcare and Technology Co., Ltd.(1)(2) | | | 4,000 | | | | 37,426 | |
Ping An Insurance Group Co. of China, Ltd., Class A | | | 4,200 | | | | 34,985 | |
Ping An Insurance Group Co. of China, Ltd., Class H | | | 21,500 | | | | 188,143 | |
Postal Savings Bank of China Co., Ltd., Class H(2) | | | 81,000 | | | | 52,321 | |
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | | | 20,000 | | | | 35,884 | |
Shenzhou International Group Holdings, Ltd. | | | 4,100 | | | | 90,992 | |
Shimao Group Holdings, Ltd. | | | 22,000 | | | | 43,426 | |
Silergy Corp. | | | 2,000 | | | | 271,369 | |
Sino Biopharmaceutical, Ltd. | | | 61,500 | | | | 52,244 | |
Sinopharm Group Co., Ltd., Class H | | | 22,400 | | | | 58,738 | |
Sunac China Holdings, Ltd.(1) | | | 16,000 | | | | 41,516 | |
Sunny Optical Technology Group Co., Ltd. | | | 3,600 | | | | 109,301 | |
Tencent Holdings, Ltd. | | | 19,400 | | | | 1,169,978 | |
Tencent Music Entertainment Group ADR(1) | | | 2,687 | | | | 28,402 | |
Trip.com Group, Ltd. ADR(1) | | | 2,399 | | | | 62,206 | |
Tsingtao Brewery Co., Ltd., Class H | | | 4,000 | | | | 31,615 | |
Vipshop Holdings, Ltd. ADR(1) | | | 2,451 | | | | 40,760 | |
Wuliangye Yibin Co., Ltd., Class A | | | 1,400 | | | | 48,043 | |
WuXi AppTec Co., Ltd., Class H(2) | | | 2,760 | | | | 61,176 | |
WuXi Biologics Cayman, Inc.(1)(2) | | | 14,000 | | | | 213,839 | |
Xinyi Solar Holdings, Ltd. | | | 24,000 | | | | 48,342 | |
XPeng, Inc. ADR(1) | | | 1,145 | | | | 46,407 | |
Yihai International Holding, Ltd. | | | 3,000 | | | | 18,096 | |
Yum China Holdings, Inc. | | | 1,805 | | | | 112,253 | |
Zai Lab, Ltd. ADR(1) | | | 442 | | | | 63,918 | |
Zijin Mining Group Co., Ltd., Class H | | | 40,000 | | | | 56,728 | |
ZTO Express Cayman, Inc. ADR | | | 2,333 | | | | 63,131 | |
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| | | | | | $ | 9,143,726 | |
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Cyprus — 1.5% | | | | | | | | |
Bank of Cyprus Holdings PLC(1)(3) | | | 2,086,590 | | | $ | 2,579,298 | |
Bank of Cyprus Holdings PLC(1)(3) | | | 45,800 | | | | 57,325 | |
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| | | | | | $ | 2,636,623 | |
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Egypt — 5.7% | | | | | | | | |
Cleopatra Hospital(1) | | | 1,834,700 | | | $ | 549,944 | |
Commercial International Bank Egypt SAE(1) | | | 926,630 | | | | 3,372,054 | |
Credit Agricole Egypt SAE(1) | | | 598,730 | | | | 902,696 | |
Eastern Co. SAE | | | 1,028,580 | | | | 770,683 | |
Egypt Kuwait Holding Co. SAE(1) | | | 518,122 | | | | 518,115 | |
Egyptian Financial Group-Hermes Holding Co.(1) | | | 721,584 | | | | 525,788 | |
ElSewedy Electric Co. | | | 961,120 | | | | 533,804 | |
Taaleem Management Services Co. SAE(1) | | | 6,843,500 | | | | 2,130,832 | |
Talaat Moustafa Group | | | 1,241,690 | | | | 569,691 | |
Telecom Egypt Co. | | | 631,440 | | | | 566,673 | |
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| | | | | | $ | 10,440,280 | |
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Georgia — 8.0% | | | | | | | | |
Bank of Georgia Group PLC(1) | | | 271,771 | | | $ | 5,665,692 | |
Georgia Capital PLC(1) | | | 382,077 | | | | 3,341,635 | |
TBC Bank Group PLC(1) | | | 332,806 | | | | 5,611,316 | |
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| | | | | | $ | 14,618,643 | |
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Greece — 7.1% | | | | | | | | |
Alpha Services and Holdings S.A.(1) | | | 841,800 | | | $ | 1,087,072 | |
Athens Water Supply & Sewage Co. S.A. | | | 28,760 | | | | 269,104 | |
Eurobank Ergasias Services and Holdings S.A.(1) | | | 1,298,434 | | | | 1,223,803 | |
GEK Terna Holding Real Estate Construction S.A.(1) | | | 37,380 | | | | 422,058 | |
Hellenic Petroleum S.A. | | | 40,514 | | | | 277,226 | |
Hellenic Telecommunications Organization S.A. | | | 157,851 | | | | 2,880,514 | |
Holding Co. ADMIE IPTO S.A. | | | 77,559 | | | | 239,138 | |
LAMDA Development S.A.(1) | | | 48,167 | | | | 481,397 | |
Motor Oil (Hellas) Corinth Refineries S.A.(1) | | | 13,863 | | | | 222,803 | |
Mytilineos S.A. | | | 61,765 | | | | 1,145,658 | |
National Bank of Greece S.A.(1) | | | 245,417 | | | | 694,930 | |
OPAP S.A. | | | 134,578 | | | | 1,943,955 | |
Piraeus Port Authority S.A. | | | 5,126 | | | | 117,605 | |
Public Power Corp. S.A.(1) | | | 68,291 | | | | 733,095 | |
Sarantis S.A. | | | 20,845 | | | | 217,647 | |
Terna Energy S.A. | | | 30,321 | | | | 407,472 | |
Titan Cement International S.A. | | | 27,477 | | | | 520,040 | |
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| | | | | | $ | 12,883,517 | |
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Indonesia — 1.9% | | | | | | | | |
Astra International Tbk PT | | | 1,493,100 | | | $ | 487,517 | |
Bank Mandiri Persero Tbk PT | | | 1,367,700 | | | | 538,910 | |
Bank Negara Indonesia Persero Tbk PT | | | 624,300 | | | | 206,181 | |
Barito Pacific Tbk PT | | | 2,628,100 | | | | 176,344 | |
Charoen Pokphand Indonesia Tbk PT | | | 607,800 | | | | 257,529 | |
Indah Kiat Pulp & Paper Tbk PT | | | 244,400 | | | | 114,880 | |
Indofood Sukses Makmur Tbk PT(1) | | | 413,600 | | | | 173,855 | |
Kalbe Farma Tbk PT | | | 1,890,500 | | | | 164,766 | |
Merdeka Copper Gold Tbk PT(1) | | | 444,600 | | | | 90,978 | |
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Semen Indonesia Persero Tbk PT | | | 267,200 | | | $ | 142,392 | |
Telkom Indonesia Persero Tbk PT | | | 3,544,600 | | | | 794,554 | |
Unilever Indonesia Tbk PT | | | 628,500 | | | | 183,576 | |
United Tractors Tbk PT | | | 148,500 | | | | 200,924 | |
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| | | | | | $ | 3,532,406 | |
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Lithuania — 2.1% | | | | | | | | |
AB Ignitis Grupe | | | 10,000 | | | $ | 264,660 | |
AB Ignitis Grupe GDR(4) | | | 49,010 | | | | 1,288,943 | |
Siauliu Bankas AB | | | 1,806,869 | | | | 1,552,463 | |
Telia Lietuva AB | | | 287,440 | | | | 705,811 | |
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| | | | | | $ | 3,811,877 | |
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Malaysia — 4.5% | | | | | | | | |
Axiata Group Bhd | | | 280,200 | | | $ | 247,742 | |
CIMB Group Holdings Bhd | | | 598,200 | | | | 630,386 | |
Dialog Group Bhd | | | 393,700 | | | | 256,534 | |
Digi.com Bhd | | | 306,400 | | | | 301,498 | |
Gamuda Bhd(1) | | | 195,500 | | | | 129,736 | |
Genting Bhd | | | 216,200 | | | | 241,220 | |
Genting Malaysia Bhd | | | 310,800 | | | | 203,099 | |
Hong Leong Bank Bhd | | | 65,100 | | | | 277,738 | |
IHH Healthcare Bhd | | | 217,400 | | | | 290,618 | |
IOI Corp. Bhd | | | 255,300 | | | | 220,799 | |
Kuala Lumpur Kepong Bhd | | | 44,300 | | | | 194,420 | |
Malayan Banking Bhd | | | 361,000 | | | | 685,422 | |
Maxis Bhd | | | 236,800 | | | | 239,114 | |
MISC Bhd | | | 138,400 | | | | 219,772 | |
Nestle Malaysia Bhd | | | 7,200 | | | | 226,869 | |
Petronas Chemicals Group Bhd | | | 227,100 | | | | 432,694 | |
Petronas Gas Bhd | | | 78,400 | | | | 283,240 | |
PPB Group Bhd | | | 63,700 | | | | 273,107 | |
Press Metal Aluminium Holdings Bhd | | | 273,900 | | | | 312,877 | |
Public Bank Bhd | | | 1,305,400 | | | | 1,231,512 | |
QL Resources Bhd | | | 119,900 | | | | 160,567 | |
RHB Bank Bhd | | | 168,500 | | | | 204,106 | |
Sime Darby Plantation Bhd | | | 211,000 | | | | 169,958 | |
Supermax Corp. Bhd | | | 162,400 | | | | 125,854 | |
Telekom Malaysia Bhd | | | 124,200 | | | | 174,828 | |
Tenaga Nasional Bhd | | | 213,900 | | | | 488,636 | |
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| | | | | | $ | 8,222,346 | |
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Pakistan — 5.4% | | | | | | | | |
Engro Corp., Ltd. | | | 497,200 | | | $ | 902,264 | |
Engro Fertilizers, Ltd. | | | 1,136,500 | | | | 532,455 | |
Fauji Fertilizer Co., Ltd. | | | 1,027,800 | | | | 673,666 | |
Habib Bank, Ltd. | | | 1,160,500 | | | | 904,278 | |
Hub Power Co., Ltd. (The) | | | 1,414,900 | | | | 667,259 | |
Lucky Cement, Ltd.(1) | | | 244,400 | | | | 1,330,444 | |
Mari Petroleum Co., Ltd. | | | 54,800 | | | | 509,592 | |
MCB Bank, Ltd. | | | 811,800 | | | | 808,617 | |
Millat Tractors, Ltd. | | | 70,462 | | | | 477,603 | |
Oil & Gas Development Co., Ltd. | | | 1,264,700 | | | | 726,258 | |
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Pakistan Oilfields, Ltd. | | | 206,400 | | | $ | 482,947 | |
Pakistan Petroleum, Ltd. | | | 1,100,030 | | | | 553,807 | |
Pakistan State Oil Co., Ltd. | | | 424,700 | | | | 577,095 | |
United Bank, Ltd. | | | 993,100 | | | | 761,039 | |
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| | | | | | $ | 9,907,324 | |
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Romania — 8.2% | | | | | | | | |
Banca Transilvania S.A. | | | 9,574,970 | | | $ | 6,466,298 | |
BRD-Groupe Societe Generale S.A. | | | 465,630 | | | | 2,020,815 | |
OMV Petrom S.A. | | | 25,509,220 | | | | 2,547,691 | |
Societatea Energetica Electrica S.A. | | | 309,870 | | | | 937,260 | |
Societatea Nationala de Gaze Naturale ROMGAZ S.A. | | | 258,320 | | | | 1,938,319 | |
Transelectrica S.A. | | | 56,490 | | | | 336,458 | |
Transgaz S.A. Medias | | | 10,640 | | | | 694,367 | |
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| | | | | | $ | 14,941,208 | |
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Serbia — 0.7% | | | | | | | | |
Metalac AD(1) | | | 67,357 | | | $ | 1,268,477 | |
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| | | | | | $ | 1,268,477 | |
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Slovenia — 1.5% | | | | | | | | |
Krka dd Novo mesto | | | 6,169 | | | $ | 797,369 | |
Nova Ljubljanska Banka dd(2) | | | 19,800 | | | | 1,546,267 | |
Nova Ljubljanska Banka dd GDR(4) | | | 28,632 | | | | 437,755 | |
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| | | | | | $ | 2,781,391 | |
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South Korea — 10.3% | | | | | | | | |
AMOREPACIFIC Corp. | | | 748 | | | $ | 144,195 | |
Celltrion Healthcare Co., Ltd.(1) | | | 1,667 | | | | 156,008 | |
Celltrion, Inc.(1) | | | 1,905 | | | | 420,540 | |
Hana Financial Group, Inc. | | | 6,295 | | | | 237,502 | |
Hankook Tire and Technology Co., Ltd. | | | 2,267 | | | | 95,419 | |
Hanwha Solutions Corp.(1) | | | 3,122 | | | | 106,243 | |
Hyundai Engineering & Construction Co., Ltd. | | | 2,246 | | | | 106,973 | |
Hyundai Glovis Co., Ltd. | | | 1,122 | | | | 190,157 | |
Hyundai Mobis Co., Ltd. | | | 1,345 | | | | 312,490 | |
Hyundai Motor Co. | | | 2,872 | | | | 546,584 | |
Hyundai Motor Co., Second PFC Shares | | | 1,052 | | | | 95,449 | |
Hyundai Steel Co. | | | 2,299 | | | | 108,144 | |
Kakao Corp. | | | 5,459 | | | | 698,833 | |
KB Financial Group, Inc. | | | 7,814 | | | | 347,066 | |
Kia Corp. | | | 5,294 | | | | 386,624 | |
Korea Electric Power Corp. | | | 6,449 | | | | 139,780 | |
Korea Investment Holdings Co., Ltd. | | | 1,157 | | | | 96,674 | |
Korea Shipbuilding & Offshore Engineering Co., Ltd.(1) | | | 1,007 | | | | 114,415 | |
Korea Zinc Co., Ltd. | | | 248 | | | | 118,069 | |
Korean Air Lines Co., Ltd.(1) | | | 4,315 | | | | 111,985 | |
KT&G Corp. | | | 2,591 | | | | 185,489 | |
Kumho Petrochemical Co., Ltd. | | | 485 | | | | 85,916 | |
LG Chem, Ltd. | | | 842 | | | | 618,452 | |
LG Corp. | | | 2,180 | | | | 178,665 | |
LG Display Co., Ltd.(1) | | | 5,957 | | | | 114,459 | |
LG Electronics, Inc. | | | 2,163 | | | | 296,286 | |
LG Household & Health Care, Ltd. | | | 195 | | | | 247,071 | |
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Lotte Chemical Corp. | | | 451 | | | $ | 101,766 | |
LX Holdings Corp.(1) | | | 1,057 | | | | 9,603 | |
Naver Corp. | | | 2,276 | | | | 857,827 | |
NCSoft Corp. | | | 360 | | | | 258,200 | |
POSCO | | | 1,435 | | | | 456,411 | |
POSCO Chemical Co., Ltd. | | | 775 | | | | 104,015 | |
S-Oil Corp. | | | 1,278 | | | | 109,121 | |
Samsung Biologics Co., Ltd.(1)(2) | | | 351 | | | | 271,558 | |
Samsung C&T Corp. | | | 1,836 | | | | 226,169 | |
Samsung Electro-Mechanics Co., Ltd. | | | 1,239 | | | | 206,945 | |
Samsung Electronics Co., Ltd. | | | 84,753 | | | | 5,791,714 | |
Samsung Electronics Co., Ltd., PFC Shares | | | 14,933 | | | | 937,432 | |
Samsung Fire & Marine Insurance Co., Ltd. | | | 761 | | | | 141,963 | |
Samsung Life Insurance Co., Ltd. | | | 1,751 | | | | 114,894 | |
Samsung SDI Co., Ltd. | | | 1,044 | | | | 673,942 | |
Samsung SDS Co., Ltd. | | | 869 | | | | 138,063 | |
Shinhan Financial Group Co., Ltd. | | | 9,034 | | | | 306,191 | |
SK Holdings Co., Ltd. | | | 794 | | | | 185,305 | |
SK Hynix, Inc. | | | 9,877 | | | | 966,921 | |
SK Innovation Co., Ltd.(1) | | | 1,115 | | | | 245,992 | |
SK Telecom Co., Ltd. | | | 854 | | | | 223,692 | |
Woori Financial Group, Inc. | | | 13,993 | | | | 131,932 | |
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| | | | | | $ | 18,719,144 | |
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Taiwan — 9.7% | | | | | | | | |
Accton Technology Corp.(1) | | | 12,000 | | | $ | 140,481 | |
Advantech Co., Ltd. | | | 9,667 | | | | 126,175 | |
AirTAC International Group | | | 3,000 | | | | 96,946 | |
ASE Technology Holding Co., Ltd. | | | 61,358 | | | | 269,996 | |
Asustek Computer, Inc.(1) | | | 15,000 | | | | 188,589 | |
AU Optronics Corp. | | | 210,000 | | | | 155,660 | |
Catcher Technology Co., Ltd. | | | 16,000 | | | | 106,063 | |
Cathay Financial Holding Co., Ltd. | | | 153,087 | | | | 297,955 | |
Chailease Holding Co., Ltd.(1) | | | 31,200 | | | | 258,917 | |
China Steel Corp.(1) | | | 234,000 | | | | 305,175 | |
Chunghwa Telecom Co., Ltd.(1) | | | 71,000 | | | | 292,979 | |
CTBC Financial Holding Co., Ltd.(1) | | | 334,000 | | | | 273,513 | |
Delta Electronics, Inc. | | | 34,680 | | | | 357,341 | |
E.Sun Financial Holding Co., Ltd.(1) | | | 227,278 | | | | 215,560 | |
First Financial Holding Co., Ltd. | | | 216,590 | | | | 176,306 | |
Formosa Chemicals & Fibre Corp. | | | 69,000 | | | | 203,183 | |
Formosa Plastics Corp. | | | 72,000 | | | | 257,549 | |
Fubon Financial Holding Co., Ltd. | | | 129,000 | | | | 346,773 | |
GlobalWafers Co., Ltd. | | | 5,000 | | | | 151,916 | |
Hon Hai Precision Industry Co., Ltd. | | | 208,508 | | | | 823,965 | |
Hotai Motor Co., Ltd. | | | 7,000 | | | | 148,180 | |
Hua Nan Financial Holdings Co., Ltd. | | | 197,774 | | | | 136,658 | |
Largan Precision Co., Ltd. | | | 2,000 | | | | 210,463 | |
MediaTek, Inc. | | | 24,000 | | | | 784,748 | |
Mega Financial Holding Co., Ltd. | | | 214,000 | | | | 253,453 | |
Nan Ya Plastics Corp. | | | 97,000 | | | | 302,723 | |
Novatek Microelectronics Corp.(1) | | | 12,000 | | | | 220,744 | |
Pegatron Corp. | | | 46,000 | | | | 110,897 | |
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| | | | | | | | |
| Security | | Shares | | | Value | |
President Chain Store Corp. | | | 13,000 | | | $ | 130,577 | |
Quanta Computer, Inc. | | | 59,000 | | | | 163,438 | |
Realtek Semiconductor Corp. | | | 10,000 | | | | 211,138 | |
Shanghai Commercial & Savings Bank, Ltd. (The) | | | 82,606 | | | | 123,567 | |
Shin Kong Financial Holding Co., Ltd. | | | 8,061 | | | | 2,647 | |
Taishin Financial Holding Co., Ltd. | | | 243,685 | | | | 147,872 | |
Taiwan Cement Corp. | | | 105,412 | | | | 198,797 | |
Taiwan Cooperative Financial Holding Co., Ltd. | | | 206,110 | | | | 161,124 | |
Taiwan Mobile Co., Ltd.(1) | | | 38,000 | | | | 141,405 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | | | 387,000 | | | | 8,088,105 | |
Uni-President Enterprises Corp. | | | 94,960 | | | | 249,045 | |
United Microelectronics Corp. | | | 199,000 | | | | 416,138 | |
Win Semiconductors Corp. | | | 8,000 | | | | 99,278 | |
Yageo Corp.(1) | | | 7,000 | | | | 141,167 | |
Yuanta Financial Holding Co., Ltd. | | | 208,422 | | | | 189,561 | |
| | | | | | | | |
| | | | | | $ | 17,676,767 | |
| | | | | | | | |
United Arab Emirates — 9.2% | | | | | | | | |
Abu Dhabi Commercial Bank PJSC | | | 736,600 | | | $ | 1,405,238 | |
Abu Dhabi Islamic Bank PJSC | | | 380,400 | | | | 572,293 | |
Al Yah Satellite Communications Co-Pjsc-Yah Sat(1) | | | 4,224,438 | | | | 3,208,740 | |
Aldar Properties PJSC | | | 1,008,500 | | | | 1,088,489 | |
Dubai Islamic Bank PJSC | | | 470,800 | | | | 618,984 | |
Emaar Properties PJSC | | | 1,260,100 | | | | 1,362,100 | |
Emirates NBD Bank PJSC | | | 657,300 | | | | 2,400,547 | |
Emirates Telecommunications Group Co. PJSC | | | 457,800 | | | | 2,846,251 | |
First Abu Dhabi Bank PJSC | | �� | 706,900 | | | | 3,189,127 | |
| | | | | | | | |
| | | | | | $ | 16,691,769 | |
| | | | | | | | |
Vietnam — 10.0% | | | | | | | | |
FPT Corp. | | | 1,042,733 | | | $ | 4,568,856 | |
Imexpharm Pharmaceutical JSC | | | 48,678 | | | | 153,786 | |
Military Commercial Joint Stock Bank(1) | | | 2,068,147 | | | | 2,605,341 | |
Mobile World Investment Corp. | | | 324,833 | | | | 2,484,707 | |
No Va Land Investment Group Corp.(1) | | | 5,744 | | | | 26,042 | |
Phat Dat Real Estate Development Corp.(1) | | | 2,400 | | | | 9,669 | |
Phu Nhuan Jewelry JSC | | | 565,090 | | | | 2,452,670 | |
Refrigeration Electrical Engineering Corp.(1) | | | 143,700 | | | | 344,587 | |
Viet Capital Securities JSC | | | 481,650 | | | | 1,044,213 | |
Vietnam Prosperity JSC Bank(1) | | | 815,987 | | | | 2,164,108 | |
Vietnam Technological & Commercial Joint Stock Bank(1) | | | 964,400 | | | | 2,297,125 | |
| | | | | | | | |
| | | | | | $ | 18,151,104 | |
| | | | | | | | |
| | |
Total Common Stocks
(identified cost $128,704,889) | | | | | | $ | 168,524,022 | |
| | | | | | | | |
7
| | | | | | | | |
Short-Term Investments — 3.4% | | | | | | | | |
| | |
Affiliated Fund — 2.6% | | | | | | | | |
| | |
| Description | | Units | | | Value | |
Eaton Vance Cash Reserves Fund, LLC, 0.08%(5) | | | 4,728,178 | | | $ | 4,728,178 | |
| | | | | | | | |
| | |
Total Affiliated Fund
(identified cost $4,728,178) | | | | | | $ | 4,728,178 | |
| | | | | | | | |
| | |
U.S. Treasury Obligations — 0.8% | | | | | | | | |
| | |
| Security | | Principal Amount (000’s omitted) | | | Value | |
U.S. Treasury Bill, 0.00%, 8/5/21 | | $ | 1,500 | | | $ | 1,499,997 | |
| | | | | | | | |
| | |
Total U.S. Treasury Obligations
(identified cost $1,499,993) | | | | | | $ | 1,499,997 | |
| | | | | | | | |
| | |
Total Short-Term Investments
(identified cost $6,228,171) | | | | | | $ | 6,228,175 | |
| | | | | | | | |
| | |
Total Investments — 95.9%
(identified cost $134,933,060) | | | | | | $ | 174,752,197 | |
| | | | | | | | |
| | |
Other Assets, Less Liabilities — 4.1% | | | | | | $ | 7,413,007 | |
| | | | | | | | |
| | |
Net Assets — 100.0% | | | | | | $ | 182,165,204 | |
| | | | | | | | |
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 July 31, 2021, the aggregate value of these securities is $2,745,732 or 1.5% of the Portfolio’s net assets. |
| (3) | Securities are traded on separate exchanges for the same entity. |
| (4) | 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 $1,726,698 or 0.9% of the Portfolio’s net assets. |
| (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 July 31, 2021. |
8
Sector Classification of Portfolio
| | | | | | | | |
| | |
| Sector | | Percentage of
Net Assets | | | Value | |
Financials | | | 37.3 | % | | $ | 67,899,728 | |
Information Technology | | | 14.7 | | | | 26,850,492 | |
Consumer Discretionary | | | 8.9 | | | | 16,225,287 | |
Communication Services | | | 8.9 | | | | 16,129,187 | |
Energy | | | 5.2 | | | | 9,521,895 | |
Materials | | | 4.9 | | | | 8,888,958 | |
Utilities | | | 3.4 | | | | 6,277,179 | |
Industrials | | | 2.7 | | | | 4,945,600 | |
Consumer Staples | | | 2.3 | | | | 4,185,233 | |
Real Estate | | | 2.1 | | | | 3,829,079 | |
Health Care | | | 2.1 | | | | 3,771,384 | |
Short-Term Investments | | | 3.4 | | | | 6,228,175 | |
| | | | | | | | |
Total Investments | | | 95.9 | % | | $ | 174,752,197 | |
| | | | | | | | |
Centrally Cleared Forward Foreign Currency Exchange Contracts
| | | | | | | | | | | | | | | | | | | | | | |
Currency
Purchased | | | Currency
Sold | | | | | Settlement
Date | | | Value/
Unrealized
Appreciation
(Depreciation) | |
| USD | | | 5,307,571 | | | | INR | | | | 396,000,000 | | | | | | 8/20/21 | | | $ | (7,360 | ) |
| USD | | | 230,605 | | | | EUR | | | | 195,269 | | | | | | 9/15/21 | | | | (1,228 | ) |
| USD | | | 1,841,832 | | | | EUR | | | | 1,559,606 | | | | | | 9/15/21 | | | | (9,809 | ) |
| USD | | | 2,124,174 | | | | EUR | | | | 1,798,684 | | | | | | 9/15/21 | | | | (11,313 | ) |
| USD | | | 2,471,582 | | | | EUR | | | | 2,092,858 | | | | | | 9/15/21 | | | | (13,163 | ) |
| USD | | | 2,719,146 | | | | EUR | | | | 2,302,488 | | | | | | 9/15/21 | | | | (14,482 | ) |
| USD | | | 3,492,072 | | | | EUR | | | | 2,956,977 | | | | | | 9/15/21 | | | | (18,599 | ) |
| USD | | | 7,371,824 | | | | EUR | | | | 6,242,230 | | | | | | 9/15/21 | | | | (39,262 | ) |
| USD | | | 12,295,084 | | | | EUR | | | | 10,411,092 | | | | | | 9/15/21 | | | | (65,482 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
| | | $ | (180,698 | ) |
| | | | | | | | | | | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Currency
Purchased | | | Currency
Sold | | | Counterparty | | Settlement
Date | | | Unrealized
Appreciation | | | Unrealized
(Depreciation) | |
| EUR | | | 359,403 | | | | USD | | | | 424,733 | | | Bank of America, N.A. | | | 8/6/21 | | | $ | 1,634 | | | $ | — | |
| EUR | | | 246,661 | | | | USD | | | | 292,665 | | | Standard Chartered Bank | | | 8/6/21 | | | | — | | | | (46 | ) |
| EUR | | | 1,040,000 | | | | USD | | | | 1,233,966 | | | Standard Chartered Bank | | | 8/6/21 | | | | — | | | | (195 | ) |
| USD | | | 195,996 | | | | EUR | | | | 165,200 | | | Standard Chartered Bank | | | 8/6/21 | | | | 16 | | | | — | |
| USD | | | 292,489 | | | | EUR | | | | 246,661 | | | UBS AG | | | 8/6/21 | | | | — | | | | (130 | ) |
| USD | | | 8,844,607 | | | | CNH | | | | 58,500,000 | | | Standard Chartered Bank | | | 1/28/22 | | | | — | | | | (77,267 | ) |
| USD | | | 1,893,379 | | | | AED | | | | 6,964,414 | | | Standard Chartered Bank | | | 5/31/22 | | | | — | | | | (2,456 | ) |
| USD | | | 1,579,913 | | | | AED | | | | 5,817,160 | | | Standard Chartered Bank | | | 7/7/22 | | | | — | | | | (3,571 | ) |
| USD | | | 2,855,790 | | | | AED | | | | 10,547,575 | | | Standard Chartered Bank | | | 7/7/22 | | | | — | | | | (15,355 | ) |
| USD | | | 4,456,726 | | | | AED | | | | 16,370,000 | | | Standard Chartered Bank | | | 4/19/23 | | | | 4,135 | | | | — | |
| USD | | | 1,657,609 | | | | AED | | | | 6,100,000 | | | Standard Chartered Bank | | | 5/30/23 | | | | — | | | | (1,374 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | $ | 5,785 | | | $ | (100,394 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
9
Futures Contracts
| | | | | | | | | | | | | | | | | | | | |
Description | | Number of
Contracts | | | Position | | | Expiration
Date | | | Notional
Amount | | | Value/
Unrealized
Appreciation
(Depreciation) | |
Equity Futures | |
MSCI Emerging Markets Index | | | 139 | | | | Long | | | | 9/17/21 | | | $ | 8,880,015 | | | $ | (576,091 | ) |
SGX CNX Nifty Index | | | (182 | ) | | | Short | | | | 8/26/21 | | | | (5,755,421 | ) | | | 33,390 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | $ | (542,701 | ) |
| | | | | | | | | | | | | | | | | | | | |
Abbreviations:
| | | | |
ADR | | - | | American Depositary Receipt |
| | |
GDR | | - | | Global Depositary Receipt |
| | |
PFC Shares | | - | | Preference Shares |
|
| Currency Abbreviations: |
| | |
AED | | - | | United Arab Emirates Dirham |
| | |
CNH | | - | | Yuan Renminbi Offshore |
| | |
EUR | | - | | Euro |
| | |
INR | | - | | Indian Rupee |
| | |
USD | | - | | United States Dollar |
In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:
Equity Price Risk: During the fiscal year to date ended July 31, 2021, the Portfolio entered 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 July 31, 2021, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.
At July 31, 2021, the value of the Portfolio’s investment in affiliated funds was $4,728,178, which represents 2.6% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the fiscal year to date ended July 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 | | | $ | 80,868,865 | | | $ | (91,825,857 | ) | | $ | 332 | | | $ | — | | | $ | 4,728,178 | | | $ | 7,304 | | | | 4,728,178 | |
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.
10
At July 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 | | $ | 2,838,448 | | | $ | 82,514,369 | | | $ | — | | | $ | 85,352,817 | |
Emerging Europe | | | — | | | | 56,039,156 | | | | — | | | | 56,039,156 | |
Middle East/Africa | | | 5,339,572 | | | | 21,792,477 | | | | — | | | | 27,132,049 | |
Total Common Stocks | | $ | 8,178,020 | | | $ | 160,346,002 | * | | $ | — | | | $ | 168,524,022 | |
Short-Term Investments — | | | | | | | | | | | | | | | | |
Affiliated Fund | | $ | — | | | $ | 4,728,178 | | | $ | — | | | $ | 4,728,178 | |
U.S. Treasury Obligations | | | — | | | | 1,499,997 | | | | — | | | | 1,499,997 | |
Total Investments | | $ | 8,178,020 | | | $ | 166,574,177 | | | $ | — | | | $ | 174,752,197 | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | 5,785 | | | $ | — | | | $ | 5,785 | |
Futures Contracts | | | — | | | | 33,390 | | | | — | | | | 33,390 | |
Total | | $ | 8,178,020 | | | $ | 166,613,352 | | | $ | — | | | $ | 174,791,372 | |
| | | | |
| Liability Description | | | | | | | | | | | | |
Forward Foreign Currency Exchange Contracts | | $ | — | | | $ | (281,092 | ) | | $ | — | | | $ | (281,092 | ) |
Futures Contracts | | | (576,091 | ) | | | — | | | | — | | | | (576,091 | ) |
Total | | $ | (576,091 | ) | | $ | (281,092 | ) | | $ | — | | | $ | (857,183 | ) |
| * | 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. |
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.
11
