Global Macro Capital Opportunities Portfolio
July 31, 2022
Portfolio of Investments (Unaudited)
Common Stocks — 93.6% |
Security | Shares | Value | |
Brazil — 7.8% | |||
AMBEV S.A. | 231,100 | $ 666,845 | |
B3 S.A. - Brasil Bolsa Balcao | 290,100 | 621,791 | |
Banco Bradesco S.A. | 95,480 | 267,021 | |
Banco Bradesco S.A., PFC Shares | 248,380 | 836,718 | |
Banco BTG Pactual S.A. | 67,300 | 293,050 | |
Banco do Brasil S.A. | 49,200 | 342,035 | |
Cosan S.A. | 62,800 | 226,605 | |
Equatorial Energia S.A. | 59,500 | 285,305 | |
Gerdau S.A., PFC Shares | 63,600 | 300,662 | |
Hapvida Participacoes e Investimentos S.A.(1) | 217,661 | 259,135 | |
Itau Unibanco Holding S.A., PFC Shares | 221,600 | 1,011,614 | |
Itausa S.A., PFC Shares | 237,900 | 396,799 | |
JBS S.A. | 42,400 | 261,737 | |
Klabin S.A. | 47,400 | 182,579 | |
Localiza Rent a Car S.A. | 33,500 | 372,999 | |
Lojas Renner S.A. | 60,200 | 294,246 | |
Magazine Luiza S.A. | 121,800 | 60,734 | |
Natura & Co. Holding S.A. | 56,300 | 169,528 | |
Petroleo Brasileiro S.A. | 170,800 | 1,220,071 | |
Petroleo Brasileiro S.A., PFC Shares | 215,800 | 1,424,319 | |
Raia Drogasil S.A. | 65,200 | 264,374 | |
Rede D'Or Sao Luiz S.A.(1) | 25,300 | 158,379 | |
Rumo S.A. | 80,500 | 272,892 | |
Suzano S.A. | 39,000 | 363,988 | |
Telefonica Brasil S.A. | 29,800 | 256,872 | |
Vale S.A. | 178,500 | 2,406,288 | |
Vibra Energia S.A. | 68,000 | 218,820 | |
Weg S.A. | 84,700 | 459,015 | |
$ 13,894,421 | |||
Bulgaria — 1.7% | |||
Eurohold Bulgaria AD(2) | 1,614,000 | $ 1,684,902 | |
Sopharma AD(2) | 560,000 | 1,304,817 | |
$ 2,989,719 | |||
China — 15.9% | |||
Agricultural Bank of China, Ltd., Class H | 521,000 | $ 171,837 | |
Alibaba Group Holding, Ltd.(2) | 159,700 | 1,795,582 | |
Alibaba Group Holding, Ltd. ADR(2) | 9,150 | 817,735 | |
Alibaba Health Information Technology, Ltd.(2) | 72,000 | 43,236 | |
Aluminum Corp. of China, Ltd., Class H | 72,000 | 26,370 | |
Anhui Conch Cement Co., Ltd., Class H | 27,500 | 108,809 | |
ANTA Sports Products, Ltd. | 20,000 | 220,217 | |
Autohome, Inc. ADR | 1,400 | 49,966 |
Security | Shares | Value | |
China (continued) | |||
Baidu, Inc. ADR(2) | 4,317 | $ 589,573 | |
Bank of China, Ltd., Class H | 1,286,000 | 457,283 | |
Bank of Communications, Ltd., Class H | 188,000 | 111,900 | |
BeiGene, Ltd. ADR(2) | 1,044 | 175,476 | |
Bilibili, Inc. ADR(2) | 4,519 | 110,444 | |
BYD Co., Ltd., Class A | 2,900 | 138,608 | |
BYD Co., Ltd., Class H | 13,500 | 493,911 | |
China CITIC Bank Corp., Ltd., Class H | 227,000 | 94,881 | |
China Conch Venture Holdings, Ltd. | 40,500 | 78,517 | |
China Construction Bank Corp., Class H | 1,453,000 | 927,901 | |
China Gas Holdings, Ltd. | 76,400 | 117,438 | |
China Hongqiao Group, Ltd. | 37,000 | 38,557 | |
China International Capital Corp., Ltd., Class H(1) | 22,400 | 41,187 | |
China Life Insurance Co., Ltd., Class H | 146,000 | 217,455 | |
China Longyuan Power Group Corp., Ltd., Class H | 72,000 | 115,672 | |
China Mengniu Dairy Co., Ltd.(2) | 56,000 | 260,176 | |
China Merchants Bank Co., Ltd., Class A | 26,900 | 140,231 | |
China Merchants Bank Co., Ltd., Class H | 66,000 | 356,618 | |
China Merchants Port Holdings Co., Ltd. | 50,000 | 80,642 | |
China National Building Material Co., Ltd., Class H | 102,000 | 102,380 | |
China Overseas Land & Investment, Ltd. | 70,000 | 193,439 | |
China Pacific Insurance (Group) Co., Ltd., Class H | 64,200 | 137,133 | |
China Petroleum & Chemical Corp., Class H | 456,000 | 214,984 | |
China Power International Development, Ltd. | 91,000 | 51,550 | |
China Resources Beer Holdings Co., Ltd. | 30,000 | 206,931 | |
China Resources Gas Group, Ltd. | 26,000 | 109,107 | |
China Resources Land, Ltd. | 56,000 | 233,872 | |
China Resources Mixc Lifestyle Services, Ltd.(1) | 17,800 | 75,415 | |
China Resources Power Holdings Co., Ltd. | 54,000 | 101,668 | |
China Shenhua Energy Co., Ltd., Class H | 65,500 | 185,125 | |
China State Construction International Holdings, Ltd. | 36,000 | 37,329 | |
China Tourism Group Duty Free Corp., Ltd., Class A | 3,400 | 106,199 | |
China Tower Corp., Ltd., Class H(1) | 1,082,000 | 139,202 | |
China Vanke Co., Ltd., Class H | 46,600 | 88,637 | |
China Yangtze Power Co., Ltd., Class A | 35,900 | 127,383 | |
CITIC Securities Co., Ltd., Class H | 61,000 | 125,427 | |
CITIC, Ltd. | 132,000 | 142,769 | |
Contemporary Amperex Technology Co., Ltd., Class A(2) | 2,800 | 212,750 | |
COSCO SHIPPING Holdings Co., Ltd., Class H | 75,000 | 112,521 | |
Country Garden Holdings Co., Ltd. | 197,000 | 76,184 | |
Country Garden Services Holdings Co., Ltd. | 41,000 | 91,432 | |
CSPC Pharmaceutical Group, Ltd. | 178,000 | 194,902 | |
Daqo New Energy Corp. ADR(2) | 1,887 | 122,089 | |
East Money Information Co., Ltd., Class A | 26,200 | 86,779 | |
ENN Energy Holdings, Ltd. | 15,100 | 246,320 | |
Foshan Haitian Flavouring & Food Co., Ltd., Class A | 3,850 | 47,307 |
1
Global Macro Capital Opportunities Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
China (continued) | |||
Fosun International, Ltd. | 43,500 | $ 34,272 | |
Ganfeng Lithium Co., Ltd., Class H(1) | 9,800 | 88,614 | |
GDS Holdings, Ltd. ADR(2) | 1,400 | 38,752 | |
Geely Automobile Holdings, Ltd. | 113,000 | 224,067 | |
Genscript Biotech Corp.(2) | 16,000 | 57,930 | |
Great Wall Motor Co., Ltd., Class H | 79,500 | 126,033 | |
Guangdong Investment, Ltd. | 84,000 | 81,827 | |
Guangzhou Automobile Group Co., Ltd., Class H | 102,000 | 95,742 | |
H World Group, Ltd. ADR | 4,381 | 168,011 | |
Haier Smart Home Co., Ltd., Class H | 51,400 | 164,506 | |
Hengan International Group Co., Ltd. | 18,500 | 89,544 | |
Industrial & Commercial Bank of China, Ltd., Class A | 66,000 | 42,929 | |
Industrial & Commercial Bank of China, Ltd., Class H | 907,000 | 479,520 | |
Industrial Bank Co., Ltd., Class A | 36,400 | 96,158 | |
Innovent Biologics, Inc.(1)(2) | 34,000 | 142,122 | |
JD.com, Inc., Class A | 29,900 | 891,993 | |
JOYY, Inc. ADR | 1,000 | 25,890 | |
KE Holdings, Inc. ADR(2) | 8,904 | 125,635 | |
Kingboard Holdings, Ltd. | 10,500 | 30,720 | |
Kingdee International Software Group Co., Ltd.(2) | 64,000 | 138,184 | |
Kingsoft Corp., Ltd. | 27,200 | 90,820 | |
Kuaishou Technology(1)(2) | 11,800 | 118,642 | |
Kunlun Energy Co., Ltd. | 106,000 | 78,034 | |
Kweichow Moutai Co., Ltd., Class A | 1,300 | 366,277 | |
Lenovo Group, Ltd. | 158,000 | 153,228 | |
Li Auto, Inc. ADR(2) | 9,702 | 318,614 | |
Li Ning Co., Ltd. | 40,000 | 324,465 | |
Longfor Group Holdings, Ltd.(1) | 35,500 | 118,619 | |
LONGi Green Energy Technology Co., Ltd., Class A | 13,160 | 120,576 | |
Lufax Holding, Ltd. ADR | 17,942 | 82,174 | |
Luzhou Laojiao Co., Ltd., Class A | 2,900 | 95,742 | |
Meituan, Class B(1)(2) | 60,100 | 1,348,244 | |
Muyuan Foods Co., Ltd., Class A | 5,400 | 47,900 | |
NetEase, Inc. | 31,500 | 589,263 | |
New China Life Insurance Co., Ltd., Class H | 16,200 | 38,605 | |
NIO, Inc. ADR(2) | 21,791 | 429,936 | |
Nongfu Spring Co., Ltd., Class H(1) | 33,600 | 201,371 | |
People's Insurance Co. Group of China, Ltd., Class H | 147,000 | 44,013 | |
PetroChina Co., Ltd., Class H | 396,000 | 184,916 | |
PICC Property & Casualty Co., Ltd., Class H | 144,000 | 147,815 | |
Pinduoduo, Inc. ADR(2) | 7,445 | 364,879 | |
Ping An Bank Co., Ltd., Class A | 20,100 | 37,898 | |
Ping An Insurance Group Co. of China, Ltd., Class A | 16,200 | 101,403 | |
Ping An Insurance Group Co. of China, Ltd., Class H | 101,500 | 596,519 | |
Postal Savings Bank of China Co., Ltd., Class H(1) | 191,000 | 126,370 |
Security | Shares | Value | |
China (continued) | |||
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 40,800 | $ 51,035 | |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd., Class A | 2,300 | 93,605 | |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 2,000 | 86,090 | |
Shenzhou International Group Holdings, Ltd. | 16,000 | 168,291 | |
Silergy Corp. | 8,000 | 149,715 | |
Sino Biopharmaceutical, Ltd. | 232,000 | 134,500 | |
Sinopharm Group Co., Ltd., Class H | 44,400 | 101,729 | |
Smoore International Holdings, Ltd.(1) | 46,000 | 106,234 | |
Sunny Optical Technology Group Co., Ltd. | 13,200 | 178,577 | |
Tencent Holdings, Ltd. | 82,600 | 3,192,392 | |
Tencent Music Entertainment Group ADR(2) | 10,400 | 43,784 | |
Tingyi (Cayman Islands) Holding Corp. | 54,000 | 88,894 | |
Trip.com Group, Ltd. ADR(2) | 10,049 | 259,063 | |
Tsingtao Brewery Co., Ltd., Class H | 14,000 | 136,753 | |
Vipshop Holdings, Ltd. ADR(2) | 12,439 | 113,941 | |
Want Want China Holdings, Ltd. | 132,000 | 107,427 | |
Weichai Power Co., Ltd., Class H | 31,000 | 44,320 | |
Wharf Holdings, Ltd. | 34,000 | 124,334 | |
Wuliangye Yibin Co., Ltd., Class A | 5,200 | 137,896 | |
WuXi AppTec Co., Ltd., Class A | 2,800 | 38,819 | |
WuXi AppTec Co., Ltd., Class H(1) | 9,800 | 118,719 | |
WuXi Biologics Cayman, Inc.(1)(2) | 60,000 | 574,327 | |
Xiaomi Corp., Class B(1)(2) | 251,400 | 395,398 | |
Xinyi Solar Holdings, Ltd. | 104,000 | 176,676 | |
XPeng, Inc. ADR(2) | 7,697 | 188,038 | |
Yankuang Energy Group Co., Ltd., Class H | 40,000 | 124,992 | |
Yum China Holdings, Inc. | 7,217 | 351,540 | |
Zai Lab, Ltd. ADR(2) | 1,200 | 48,636 | |
Zhongsheng Group Holdings, Ltd. | 16,500 | 94,461 | |
Zijin Mining Group Co., Ltd., Class H | 122,000 | 142,961 | |
ZTO Express Cayman, Inc. ADR | 8,479 | 216,978 | |
$ 28,407,953 | |||
Cyprus — 2.9% | |||
Bank of Cyprus Holdings PLC(2)(3) | 45,800 | $ 48,166 | |
Bank of Cyprus Holdings PLC(2)(3) | 4,880,212 | 5,062,030 | |
$ 5,110,196 | |||
Egypt — 0.4% | |||
Taaleem Management Services Co. SAE(2) | 4,015,182 | $ 658,546 | |
$ 658,546 | |||
Georgia — 6.0% | |||
Bank of Georgia Group PLC | 241,290 | $ 4,438,470 |
2
Global Macro Capital Opportunities Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Georgia (continued) | |||
Georgia Capital PLC(2) | 230,876 | $ 1,778,434 | |
TBC Bank Group PLC | 262,922 | 4,426,044 | |
$ 10,642,948 | |||
Greece — 7.2% | |||
Alpha Services and Holdings S.A.(2) | 841,800 | $ 748,220 | |
Athens Water Supply & Sewage Co. S.A. | 27,260 | 223,822 | |
Eurobank Ergasias Services and Holdings S.A.(2) | 1,524,234 | 1,404,082 | |
GEK Terna Holding Real Estate Construction S.A.(2) | 32,780 | 324,518 | |
Hellenic Petroleum Holdings S.A. | 39,014 | 250,917 | |
Hellenic Telecommunications Organization S.A. | 141,851 | 2,442,384 | |
Holding Co. ADMIE IPTO S.A. | 74,659 | 140,813 | |
JUMBO S.A. | 68,000 | 1,054,325 | |
LAMDA Development S.A.(2) | 44,767 | 266,001 | |
Motor Oil (Hellas) Corinth Refineries S.A. | 38,200 | 662,133 | |
Mytilineos S.A. | 62,365 | 964,582 | |
National Bank of Greece S.A.(2) | 329,717 | 1,032,938 | |
OPAP S.A. | 121,690 | 1,685,932 | |
Public Power Corp. S.A.(2) | 130,891 | 776,457 | |
Sarantis S.A. | 22,445 | 157,954 | |
Terna Energy S.A. | 29,221 | 525,659 | |
Titan Cement International S.A. | 24,177 | 277,628 | |
$ 12,938,365 | |||
Indonesia — 7.9% | |||
Adaro Energy Indonesia Tbk PT | 1,474,800 | $ 323,834 | |
Astra International Tbk PT | 2,614,000 | 1,116,434 | |
Bank Central Asia Tbk PT | 6,568,200 | 3,266,103 | |
Bank Jago Tbk PT(2) | 457,500 | 326,933 | |
Bank Mandiri Persero Tbk PT | 1,637,000 | 916,324 | |
Bank Negara Indonesia Persero Tbk PT | 720,800 | 382,540 | |
Bank Rakyat Indonesia Persero Tbk PT | 8,211,084 | 2,423,853 | |
Barito Pacific Tbk PT | 5,873,100 | 356,766 | |
Charoen Pokphand Indonesia Tbk PT | 1,298,100 | 490,243 | |
Indofood Sukses Makmur Tbk PT | 929,600 | 426,361 | |
Kalbe Farma Tbk PT | 4,133,600 | 451,690 | |
Merdeka Copper Gold Tbk PT(2) | 2,110,700 | 579,278 | |
Sarana Menara Nusantara Tbk PT | 4,997,600 | 396,007 | |
Telkom Indonesia Persero Tbk PT | 6,123,700 | 1,749,051 | |
Unilever Indonesia Tbk PT | 821,100 | 250,024 | |
United Tractors Tbk PT | 312,600 | 683,160 | |
$ 14,138,601 | |||
Lithuania — 1.3% | |||
AB Ignitis Grupe GDR(4) | 49,010 | $ 886,509 |
Security | Shares | Value | |
Lithuania (continued) | |||
Siauliu Bankas AB | 2,442,564 | $ 1,428,745 | |
$ 2,315,254 | |||
Serbia — 0.5% | |||
Metalac AD(2) | 67,357 | $ 983,944 | |
$ 983,944 | |||
Slovenia — 2.7% | |||
Nova Ljubljanska Banka dd(1) | 61,521 | $ 3,588,083 | |
Nova Ljubljanska Banka dd GDR(4) | 60,052 | 721,325 | |
Petrol | 930 | 486,551 | |
$ 4,795,959 | |||
South Korea — 11.5% | |||
AMOREPACIFIC Corp. | 1,140 | $ 113,452 | |
Celltrion Healthcare Co., Ltd. | 2,946 | 164,512 | |
Celltrion, Inc. | 2,896 | 423,990 | |
CJ CheilJedang Corp. | 339 | 102,179 | |
Coway Co., Ltd. | 2,186 | 107,838 | |
Doosan Enerbility Co., Ltd.(2) | 13,566 | 196,815 | |
Ecopro BM Co., Ltd. | 1,708 | 157,943 | |
Hana Financial Group, Inc. | 9,769 | 279,945 | |
Hanwha Solutions Corp.(2) | 4,550 | 153,723 | |
HLB, Inc.(2) | 3,700 | 119,969 | |
HMM Co., Ltd. | 9,451 | 181,463 | |
HYBE Co., Ltd.(2) | 432 | 58,662 | |
Hyundai Engineering & Construction Co., Ltd. | 3,379 | 109,873 | |
Hyundai Glovis Co., Ltd. | 762 | 106,949 | |
Hyundai Mobis Co., Ltd. | 1,909 | 335,998 | |
Hyundai Motor Co. | 4,067 | 614,984 | |
Hyundai Steel Co. | 2,500 | 65,760 | |
Kakao Corp. | 9,381 | 541,718 | |
KakaoBank Corp.(2) | 2,472 | 58,960 | |
KB Financial Group, Inc. | 12,130 | 451,138 | |
Kia Corp. | 7,832 | 490,341 | |
Korea Aerospace Industries, Ltd. | 2,870 | 126,221 | |
Korea Electric Power Corp.(2) | 9,138 | 157,383 | |
Korea Investment Holdings Co., Ltd. | 1,239 | 60,288 | |
Korea Shipbuilding & Offshore Engineering Co., Ltd.(2) | 1,746 | 114,097 | |
Korea Zinc Co., Ltd. | 330 | 121,319 | |
Korean Air Lines Co., Ltd.(2) | 6,673 | 130,385 | |
Krafton, Inc.(2) | 869 | 156,825 | |
KT&G Corp. | 3,555 | 224,068 | |
L&F Co., Ltd.(2) | 839 | 148,466 | |
LG Chem, Ltd. | 1,442 | 671,618 | |
LG Corp. | 3,183 | 198,669 |
3
Global Macro Capital Opportunities Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
South Korea (continued) | |||
LG Display Co., Ltd. | 9,346 | $ 110,491 | |
LG Electronics, Inc. | 3,428 | 250,046 | |
LG Energy Solution, Ltd.(2) | 683 | 222,715 | |
LG H&H Co., Ltd. | 316 | 189,925 | |
LG Innotek Co., Ltd. | 522 | 146,358 | |
Lotte Chemical Corp. | 493 | 67,076 | |
Naver Corp. | 3,924 | 784,962 | |
NCSoft Corp. | 575 | 165,191 | |
Pearl Abyss Corp.(2) | 890 | 36,666 | |
POSCO Chemical Co., Ltd. | 1,169 | 118,644 | |
POSCO Holdings, Inc. | 2,360 | 440,749 | |
Samsung Biologics Co., Ltd.(1)(2) | 533 | 355,014 | |
Samsung C&T Corp. | 2,715 | 252,044 | |
Samsung Electro-Mechanics Co., Ltd. | 1,863 | 205,152 | |
Samsung Electronics Co., Ltd. | 134,116 | 6,348,400 | |
Samsung Engineering Co., Ltd.(2) | 6,765 | 102,398 | |
Samsung Fire & Marine Insurance Co., Ltd. | 1,075 | 163,316 | |
Samsung Heavy Industries Co., Ltd.(2) | 25,662 | 111,250 | |
Samsung Life Insurance Co., Ltd. | 3,000 | 140,241 | |
Samsung SDI Co., Ltd. | 1,581 | 694,928 | |
Samsung SDS Co., Ltd. | 1,303 | 136,668 | |
Shinhan Financial Group Co., Ltd. | 14,332 | 394,692 | |
SK Bioscience Co., Ltd.(2) | 942 | 88,664 | |
SK Hynix, Inc. | 15,615 | 1,180,444 | |
SK Innovation Co., Ltd.(2) | 1,789 | 259,178 | |
SK Square Co., Ltd.(2) | 3,831 | 126,147 | |
SK, Inc. | 1,234 | 209,313 | |
S-Oil Corp. | 1,757 | 125,231 | |
Woori Financial Group, Inc. | 18,413 | 168,970 | |
Yuhan Corp. | 2,351 | 104,666 | |
$ 20,645,090 | |||
Taiwan — 7.7% | |||
ASE Technology Holding Co., Ltd. | 73,358 | $ 213,768 | |
Asustek Computer, Inc. | 17,000 | 160,372 | |
AUO Corp.(2) | 229,000 | 102,830 | |
Cathay Financial Holding Co., Ltd. | 161,087 | 245,747 | |
Chailease Holding Co., Ltd. | 33,348 | 237,163 | |
China Steel Corp. | 248,000 | 230,905 | |
Chunghwa Telecom Co., Ltd. | 79,000 | 320,552 | |
CTBC Financial Holding Co., Ltd. | 256,000 | 196,677 | |
Delta Electronics, Inc. | 38,680 | 336,405 | |
E.Sun Financial Holding Co., Ltd. | 189,462 | 174,644 | |
First Financial Holding Co., Ltd. | 161,185 | 145,596 | |
Formosa Chemicals & Fibre Corp. | 83,000 | 194,578 | |
Formosa Plastics Corp. | 82,000 | 252,915 |
Security | Shares | Value | |
Taiwan (continued) | |||
Fubon Financial Holding Co., Ltd. | 149,568 | $ 280,950 | |
Globalwafers Co., Ltd. | 6,000 | 90,890 | |
Hon Hai Precision Industry Co., Ltd. | 218,508 | 798,591 | |
Hotai Motor Co., Ltd. | 8,000 | 162,024 | |
Hua Nan Financial Holdings Co., Ltd. | 146,543 | 113,368 | |
Largan Precision Co., Ltd. | 2,000 | 140,285 | |
MediaTek, Inc. | 26,000 | 599,042 | |
Mega Financial Holding Co., Ltd. | 155,000 | 183,615 | |
Nan Ya Plastics Corp. | 108,000 | 243,390 | |
Novatek Microelectronics Corp. | 13,000 | 115,814 | |
Quanta Computer, Inc. | 67,000 | 190,209 | |
Realtek Semiconductor Corp. | 11,000 | 126,497 | |
Shin Kong Financial Holding Co., Ltd. | 8,514 | 2,434 | |
Taishin Financial Holding Co., Ltd. | 177,393 | 93,380 | |
Taiwan Cement Corp. | 142,343 | 184,714 | |
Taiwan Cooperative Financial Holding Co., Ltd. | 151,072 | 138,508 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 392,000 | 6,722,630 | |
Uni-President Enterprises Corp. | 108,960 | 256,506 | |
United Microelectronics Corp. | 221,000 | �� 297,302 | |
Yuanta Financial Holding Co., Ltd. | 242,422 | 162,495 | |
$ 13,714,796 | |||
United Arab Emirates — 12.1% | |||
Abu Dhabi Commercial Bank PJSC | 661,924 | $ 1,645,252 | |
Abu Dhabi Islamic Bank PJSC | 321,170 | 795,932 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 647,100 | 754,576 | |
Al Yah Satellite Communications Co-Pjsc-Yah Sat | 4,224,438 | 3,014,170 | |
Aldar Properties PJSC | 1,008,500 | 1,347,271 | |
Aramex PJSC | 852,000 | 878,359 | |
Dubai Electricity & Water Authority PJSC(2) | 3,264,287 | 2,258,316 | |
Dubai Islamic Bank PJSC | 423,067 | 677,967 | |
Emaar Properties PJSC | 1,012,900 | 1,520,051 | |
Emirates Telecommunications Group Co. PJSC | 440,000 | 3,339,349 | |
First Abu Dhabi Bank PJSC | 652,654 | 3,454,168 | |
National Central Cooling Co. PJSC | 1,342,340 | 1,021,140 | |
Ras Al Khaimah Ceramics | 1,240,700 | 966,759 | |
$ 21,673,310 | |||
Vietnam — 8.0% | |||
FPT Corp. | 1,251,279 | $ 4,484,409 | |
Mobile World Investment Corp. | 974,498 | 2,623,295 | |
No Va Land Investment Group Corp.(2) | 7,524 | 24,038 | |
Phat Dat Real Estate Development Corp.(2) | 3,271 | 7,378 | |
Phu Nhuan Jewelry JSC | 524,900 | 2,570,691 | |
Refrigeration Electrical Engineering Corp. | 319,555 | 1,065,621 |
4
Global Macro Capital Opportunities Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Vietnam (continued) | |||
Vietnam Prosperity JSC Bank(2) | 1,468,759 | $ 1,932,482 | |
Vietnam Technological & Commercial Joint Stock Bank(2) | 964,400 | 1,570,497 | |
$ 14,278,411 | |||
Total Common Stocks (identified cost $156,020,369) | $167,187,513 |
Preferred Stocks — 0.6% |
Security | Shares | Value | |
South Korea — 0.6% | |||
Hyundai Motor Co., Ltd. | 1,499 | $ 109,034 | |
Samsung Electronics Co., Ltd. | 23,936 | 1,051,978 | |
$ 1,161,012 | |||
Taiwan — 0.0%(5) | |||
Fubon Financial Holding Co., Ltd. | 2,110 | $ 4,171 | |
$ 4,171 | |||
Total Preferred Stocks (identified cost $984,483) | $ 1,165,183 |
Short-Term Investments — 1.6% |
Affiliated Fund — 0.8% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(6) | 1,356,270 | $ 1,356,270 | |
Total Affiliated Fund (identified cost $1,356,270) | $ 1,356,270 |
U.S. Treasury Obligations — 0.8% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bill, 0.00%, 8/9/22(7) | $ | 1,500 | $ 1,499,328 |
Total U.S. Treasury Obligations (identified cost $1,499,470) | $ 1,499,328 | ||
Total Short-Term Investments (identified cost $2,855,740) | $ 2,855,598 |
Total Investments — 95.8% (identified cost $159,860,592) | $171,208,294 | ||
Other Assets, Less Liabilities — 4.2% | $ 7,481,986 | ||
Net Assets — 100.0% | $178,690,280 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2022, the aggregate value of these securities is $7,955,075 or 4.5% of the Portfolio's net assets. |
(2) | Non-income producing security. |
(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, 2022, the aggregate value of these securities is $1,607,834 or 0.9% of the Portfolio's net assets. |
(5) | Amount is less than 0.05%. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
(7) | Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Financials | 31.3% | $55,880,852 |
Information Technology | 14.6 | 26,031,991 |
Consumer Discretionary | 13.4 | 23,945,640 |
Communication Services | 10.2 | 18,212,385 |
Industrials | 5.3 | 9,506,118 |
Materials | 4.3 | 7,720,271 |
Utilities | 3.5 | 6,283,263 |
Energy | 3.3 | 5,885,465 |
Consumer Staples | 3.1 | 5,559,253 |
Health Care | 2.8 | 5,035,152 |
Real Estate | 2.4 | 4,292,306 |
Short-Term Investments | 1.6 | 2,855,598 |
Total Investments | 95.8% | $171,208,294 |
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Global Macro Capital Opportunities Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (Centrally Cleared) | |||||
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||
EUR | 313,513 | USD | 335,870 | 9/21/22 | $(14,323) |
EUR | 1,296,988 | USD | 1,389,476 | 9/21/22 | (59,255) |
KRW | 10,689,700,000 | USD | 8,172,204 | 9/21/22 | 33,639 |
KRW | 11,670,300,000 | USD | 8,932,491 | 9/21/22 | 26,099 |
USD | 4,443,879 | EUR | 4,148,082 | 9/21/22 | 189,512 |
USD | 2,601,364 | EUR | 2,428,210 | 9/21/22 | 110,937 |
USD | 2,600,338 | EUR | 2,427,252 | 9/21/22 | 110,893 |
USD | 2,556,205 | EUR | 2,386,056 | 9/21/22 | 109,011 |
USD | 1,660,530 | EUR | 1,550,000 | 9/21/22 | 70,814 |
USD | 1,016,272 | EUR | 948,626 | 9/21/22 | 43,339 |
$620,666 |
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
EUR | 19,000,000 | USD | 19,473,577 | HSBC Bank USA, N.A. | 8/5/22 | $ — | $ (50,668) |
EUR | 49,886 | USD | 49,967 | JPMorgan Chase Bank, N.A. | 8/5/22 | 1,030 | — |
USD | 426,431 | EUR | 416,173 | JPMorgan Chase Bank, N.A. | 8/5/22 | 995 | — |
USD | 1,155,268 | EUR | 1,153,400 | JPMorgan Chase Bank, N.A. | 8/5/22 | — | (23,805) |
CNH | 88,600,000 | USD | 13,136,630 | Bank of America, N.A. | 11/25/22 | 17,138 | — |
CNH | 47,500,000 | USD | 7,042,337 | BNP Paribas | 11/25/22 | 9,627 | — |
USD | 13,072,785 | CNH | 88,600,000 | Bank of America, N.A. | 11/25/22 | — | (80,984) |
USD | 7,069,241 | CNH | 47,500,000 | BNP Paribas | 11/25/22 | 17,278 | — |
CNH | 52,600,000 | USD | 7,799,410 | BNP Paribas | 12/22/22 | 15,075 | — |
CNH | 9,300,000 | USD | 1,379,167 | JPMorgan Chase Bank, N.A. | 12/22/22 | 2,481 | — |
CNH | 20,863,000 | USD | 3,092,968 | Standard Chartered Bank | 12/22/22 | 6,529 | — |
USD | 6,080,680 | CNH | 40,700,000 | BNP Paribas | 12/22/22 | 34,111 | — |
USD | 1,778,594 | CNH | 11,900,000 | BNP Paribas | 12/22/22 | 10,678 | — |
USD | 1,389,471 | CNH | 9,300,000 | JPMorgan Chase Bank, N.A. | 12/22/22 | 7,822 | — |
USD | 1,658,189 | CNH | 11,100,000 | Standard Chartered Bank | 12/22/22 | 9,125 | — |
USD | 1,459,030 | CNH | 9,763,000 | Standard Chartered Bank | 12/22/22 | 8,597 | — |
USD | 4,456,726 | AED | 16,370,000 | Standard Chartered Bank | 4/19/23 | — | (910) |
USD | 1,657,609 | AED | 6,100,000 | Standard Chartered Bank | 5/30/23 | — | (3,460) |
USD | 36,233,394 | CNH | 243,500,000 | BNP Paribas | 6/16/23 | — | (61,207) |
$140,486 | $(221,034) |
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Global Macro Capital Opportunities Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
MSCI Emerging Market Index | 210 | Long | 9/16/22 | $10,484,250 | $(89,804) |
$(89,804) |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDR | – Global Depositary Receipt |
OTC | – Over-the-counter |
PFC Shares | – Preference Shares |
Currency Abbreviations: | |
AED | – United Arab Emirates Dirham |
CNH | – Yuan Renminbi Offshore |
EUR | – Euro |
KRW | – South Korean Won |
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, 2022, 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, 2022, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.
Affiliated Investments
At July 31, 2022, the value of the Portfolio's investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Liquidity Fund) and Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund) was $1,356,270, which represents 0.8% of the Portfolio's net assets. Transactions in affiliated funds by the Portfolio for the fiscal year to date ended July 31, 2022 were as follows:
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Short-Term Investments | ||||||||
Cash Reserves Fund | $20,820,477 | $95,455,792 | $(116,274,293) | $(1,976) | $ — | $ — | $4,129 | — |
Liquidity Fund | — | 40,747,379 | (39,391,109) | — | — | 1,356,270 | 23,339 | 1,356,270 |
Total | $(1,976) | $ — | $1,356,270 | $27,468 |
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Global Macro Capital Opportunities Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
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, 2022, 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 | $ 4,641,154 | $ 86,543,697 | $ — | $ 91,184,851 |
Emerging Europe | — | 39,776,385 | — | 39,776,385 |
Latin America | 13,894,421 | — | — | 13,894,421 |
Middle East/Africa | — | 22,331,856 | — | 22,331,856 |
Total Common Stocks | $18,535,575 | $148,651,938* | $ — | $167,187,513 |
Preferred Stocks | $ — | $ 1,165,183 | $ — | $ 1,165,183 |
Short-Term Investments: | ||||
Affiliated Fund | 1,356,270 | — | — | 1,356,270 |
U.S. Treasury Obligations | — | 1,499,328 | — | 1,499,328 |
Total Investments | $19,891,845 | $151,316,449 | $ — | $171,208,294 |
Forward Foreign Currency Exchange Contracts | $ — | $ 834,730 | $ — | $ 834,730 |
Total | $19,891,845 | $152,151,179 | $ — | $172,043,024 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (294,612) | $ — | $ (294,612) |
Futures Contracts | (89,804) | — | — | (89,804) |
Total | $ (89,804) | $ (294,612) | $ — | $ (384,416) |
* | 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.
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