Eaton Vance
Greater India Fund
September 30, 2023 (Unaudited)
Eaton Vance Greater India Fund (the Fund), a non-diversified series of Eaton Vance Special Investment Trust, invests its assets in Greater India Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At September 30, 2023, the value of the Fund’s investment in the Portfolio was $213,458,837 and the Fund owned 99.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
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Greater India Portfolio
September 30, 2023
Portfolio of Investments (Unaudited)
Common Stocks — 102.8% |
Security | Shares | Value | |
India — 102.1% | |||
Automobile Components — 2.4% | |||
Sona BLW Precision Forgings, Ltd.(1) | 279,171 | $ 1,962,788 | |
Sundram Fasteners, Ltd. | 102,191 | 1,543,592 | |
Tube Investments of India, Ltd. | 47,324 | 1,696,423 | |
$ 5,202,803 | |||
Automobiles — 8.0% | |||
Mahindra & Mahindra, Ltd. | 371,219 | $ 6,938,772 | |
Maruti Suzuki India, Ltd. | 36,006 | 4,580,400 | |
Tata Motors, Ltd. | 721,251 | 5,462,398 | |
$ 16,981,570 | |||
Banks — 21.5% | |||
AU Small Finance Bank, Ltd.(1) | 204,823 | $ 1,756,283 | |
Axis Bank, Ltd. | 926,113 | 11,529,682 | |
Bank of Baroda | 794,910 | 2,041,577 | |
Federal Bank, Ltd. | 1,671,518 | 2,954,498 | |
HDFC Bank, Ltd. | 297,986 | 5,463,422 | |
ICICI Bank, Ltd. | 1,768,164 | 20,280,909 | |
IDFC First Bank, Ltd.(2) | 1,654,625 | 1,895,019 | |
$ 45,921,390 | |||
Beverages — 1.9% | |||
United Spirits, Ltd.(2) | 330,749 | $ 3,993,515 | |
$ 3,993,515 | |||
Building Products — 0.8% | |||
Kajaria Ceramics, Ltd. | 102,647 | $ 1,635,625 | |
$ 1,635,625 | |||
Capital Markets — 0.5% | |||
360 ONE WAM, Ltd. | 174,017 | $ 1,052,677 | |
$ 1,052,677 | |||
Chemicals — 0.6% | |||
Navin Fluorine International, Ltd. | 29,535 | $ 1,336,821 | |
$ 1,336,821 | |||
Construction Materials — 1.1% | |||
Shree Cement, Ltd. | 7,490 | $ 2,290,673 | |
$ 2,290,673 |
Security | Shares | Value | |
Consumer Finance — 4.8% | |||
Bajaj Finance, Ltd. | 92,837 | $ 8,707,080 | |
Five-Star Business Finance, Ltd.(2) | 192,584 | 1,616,900 | |
$ 10,323,980 | |||
Consumer Staples Distribution & Retail — 0.5% | |||
Medplus Health Services, Ltd.(2) | 116,892 | $ 1,082,247 | |
$ 1,082,247 | |||
Electrical Equipment — 1.1% | |||
Suzlon Energy, Ltd.(2) | 7,856,797 | $ 2,427,806 | |
$ 2,427,806 | |||
Electronic Equipment, Instruments & Components — 0.7% | |||
Honeywell Automation India, Ltd. | 3,247 | $ 1,553,054 | |
$ 1,553,054 | |||
Financial Services — 2.0% | |||
IIFL Finance, Ltd. | 227,373 | $ 1,629,857 | |
Jio Financial Services, Ltd.(2) | 967,189 | 2,690,478 | |
$ 4,320,335 | |||
Food Products — 2.3% | |||
Tata Consumer Products, Ltd. | 475,310 | $ 5,013,161 | |
$ 5,013,161 | |||
Health Care Providers & Services — 2.1% | |||
Apollo Hospitals Enterprise, Ltd. | 72,128 | $ 4,460,039 | |
$ 4,460,039 | |||
Hotels, Restaurants & Leisure — 2.7% | |||
Devyani International, Ltd.(2) | 574,894 | $ 1,476,663 | |
Zomato, Ltd.(2) | 3,451,867 | 4,204,374 | |
$ 5,681,037 | |||
Household Durables — 1.9% | |||
Crompton Greaves Consumer Electricals, Ltd. | 445,132 | $ 1,655,903 | |
Dixon Technologies India, Ltd. | 36,871 | 2,331,406 | |
$ 3,987,309 | |||
Independent Power and Renewable Electricity Producers — 2.6% | |||
NHPC, Ltd. | 1,849,416 | $ 1,180,260 | |
NTPC, Ltd. | 1,508,675 | 4,461,215 | |
$ 5,641,475 |
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Greater India Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Industrial Conglomerates — 0.6% | |||
Siemens, Ltd. | 28,480 | $ 1,254,691 | |
$ 1,254,691 | |||
Insurance — 2.9% | |||
PB Fintech, Ltd.(2) | 122,738 | $ 1,127,153 | |
SBI Life Insurance Co., Ltd.(1) | 315,412 | 4,965,024 | |
$ 6,092,177 | |||
Interactive Media & Services — 1.0% | |||
Info Edge India, Ltd. | 40,929 | $ 2,051,294 | |
$ 2,051,294 | |||
IT Services — 11.0% | |||
Coforge, Ltd. | 55,491 | $ 3,394,225 | |
Infosys, Ltd. | 853,544 | 14,609,153 | |
Persistent Systems, Ltd. | 42,014 | 2,916,198 | |
Zensar Technologies, Ltd. | 423,153 | 2,636,209 | |
$ 23,555,785 | |||
Machinery — 1.0% | |||
Grindwell Norton, Ltd. | 86,000 | $ 2,132,047 | |
$ 2,132,047 | |||
Metals & Mining — 3.3% | |||
APL Apollo Tubes, Ltd. | 127,312 | $ 2,497,212 | |
Hindalco Industries, Ltd. | 777,097 | 4,590,141 | |
$ 7,087,353 | |||
Oil, Gas & Consumable Fuels — 5.5% | |||
Reliance Industries, Ltd. | 421,049 | $ 11,839,577 | |
$ 11,839,577 | |||
Personal Care Products — 4.5% | |||
Colgate-Palmolive (India), Ltd. | 97,488 | $ 2,345,650 | |
Emami, Ltd. | 330,408 | 2,126,322 | |
Godrej Consumer Products, Ltd.(2) | 433,055 | 5,157,995 | |
$ 9,629,967 | |||
Pharmaceuticals — 5.6% | |||
Gland Pharma, Ltd.(1)(2) | 29,756 | $ 595,923 | |
Mankind Pharma, Ltd.(2) | 55,510 | 1,193,660 | |
Pfizer, Ltd. | 22,390 | 1,037,471 | |
Sun Pharmaceutical Industries, Ltd. | 530,131 | 7,385,407 | |
Torrent Pharmaceuticals, Ltd. | 72,901 | 1,689,713 | |
$ 11,902,174 |
Security | Shares | Value | |
Real Estate Management & Development — 2.5% | |||
Godrej Properties, Ltd.(2) | 147,615 | $ 2,756,201 | |
Oberoi Realty, Ltd. | 185,125 | 2,554,071 | |
$ 5,310,272 | |||
Specialty Retail — 2.8% | |||
FSN E-Commerce Ventures, Ltd.(2) | 742,027 | $ 1,363,640 | |
Metro Brands, Ltd. | 74,622 | 1,018,465 | |
Trent, Ltd. | 139,596 | 3,493,334 | |
$ 5,875,439 | |||
Wireless Telecommunication Services — 3.9% | |||
Bharti Airtel, Ltd. | 747,624 | $ 8,331,175 | |
$ 8,331,175 | |||
Total India (identified cost $155,291,147) | $217,967,468 | ||
United States — 0.7% | |||
IT Services — 0.7% | |||
Cognizant Technology Solutions Corp., Class A | 22,270 | $ 1,508,570 | |
Total United States (identified cost $1,567,790) | $ 1,508,570 | ||
Total Common Stocks (identified cost $156,858,937) | $219,476,038 |
Short-Term Investments — 1.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(3) | 2,500,359 | $ 2,500,359 | |
Total Short-Term Investments (identified cost $2,500,359) | $ 2,500,359 | ||
Total Investments — 104.0% (identified cost $159,359,296) | $221,976,397 | ||
Other Assets, Less Liabilities — (4.0)% | $ (8,514,939) | ||
Net Assets — 100.0% | $213,461,458 |
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Greater India Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
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 September 30, 2023, the aggregate value of these securities is $9,280,018 or 4.3% of the Portfolio's net assets. |
(2) | Non-income producing security. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2023. |
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
NSE IFSC Nifty50 Index | 29 | Long | 10/26/23 | $1,143,209 | $(5,020) |
$(5,020) |
At September 30, 2023, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.
The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. During the fiscal year to date ended September 30, 2023, the Portfolio entered into equity index futures contracts to manage cash flows.
Affiliated Investments
At September 30, 2023, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $2,500,359, which represents 1.2% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended September 30, 2023 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 | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | $391,183 | $61,081,626 | $(58,972,450) | $ — | $ — | $2,500,359 | $217,069 | 2,500,359 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
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.
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Greater India Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
At September 30, 2023, 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: | ||||
Communication Services | $ — | $ 10,382,469 | $ — | $ 10,382,469 |
Consumer Discretionary | — | 37,728,158 | — | 37,728,158 |
Consumer Staples | — | 19,718,890 | — | 19,718,890 |
Energy | — | 11,839,577 | — | 11,839,577 |
Financials | 2,690,478 | 65,020,081 | — | 67,710,559 |
Health Care | — | 16,362,213 | — | 16,362,213 |
Industrials | — | 7,450,169 | — | 7,450,169 |
Information Technology | 1,508,570 | 25,108,839 | — | 26,617,409 |
Materials | — | 10,714,847 | — | 10,714,847 |
Real Estate | — | 5,310,272 | — | 5,310,272 |
Utilities | — | 5,641,475 | — | 5,641,475 |
Total Common Stocks | $4,199,048 | $215,276,990* | $ — | $219,476,038 |
Short-Term Investments | $2,500,359 | $ — | $ — | $ 2,500,359 |
Total Investments | $6,699,407 | $215,276,990 | $ — | $221,976,397 |
Liability Description | ||||
Futures Contracts | $ (5,020) | $ — | $ — | $ (5,020) |
Total | $ (5,020) | $ — | $ — | $ (5,020) |
* | 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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