Eaton Vance
Emerging and Frontier Countries Equity Fund
January 31, 2024 (Unaudited)
Eaton Vance Emerging and Frontier Countries Equity Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, invests its assets in Global Macro Capital Opportunities Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2024, the value of the Fund’s investment in the Portfolio was $619,897,397 and the Fund owned approximately 100% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
1
Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited)
Common Stocks — 93.7% |
Security | Shares | Value | |
Argentina — 4.5% | |||
Adecoagro SA | 123,900 | $ 1,267,497 | |
Arcos Dorados Holdings, Inc., Class A | 179,300 | 2,219,734 | |
Banco BBVA Argentina SA ADR(1) | 103,300 | 622,899 | |
Banco Macro SA ADR(1) | 118,700 | 3,931,344 | |
Bioceres Crop Solutions Corp.(1) | 36,300 | 484,605 | |
Central Puerto SA ADR | 234,400 | 2,226,800 | |
Corp. America Airports SA(1) | 47,100 | 741,825 | |
Cresud SACIF y A ADR | 47,151 | 430,958 | |
Despegar.com Corp.(1) | 81,100 | 723,412 | |
Empresa Distribuidora Y Comercializadora Norte ADR(1) | 29,700 | 583,902 | |
Grupo Financiero Galicia SA ADR(1) | 163,800 | 3,539,718 | |
Grupo Supervielle SA ADR(1) | 82,600 | 360,962 | |
IRSA Inversiones y Representaciones SA ADR | 42,812 | 375,039 | |
Loma Negra Cia Industrial Argentina SA ADR | 76,100 | 539,549 | |
Pampa Energia SA ADR(1) | 55,200 | 2,688,240 | |
Telecom Argentina SA ADR(1) | 127,000 | 985,520 | |
Transportadora de Gas del Sur SA, Class B ADR(1) | 100,400 | 1,498,972 | |
YPF SA ADR(1) | 284,100 | 4,909,248 | |
$ 28,130,224 | |||
Bulgaria — 0.1% | |||
Eurohold Bulgaria AD(1) | 947,189 | $ 677,904 | |
$ 677,904 | |||
China — 0.0%(2) | |||
Ganfeng Lithium Group Co. Ltd., Class H(3) | 2,800 | $ 7,480 | |
$ 7,480 | |||
Cyprus — 2.1% | |||
Bank of Cyprus Holdings PLC(4) | 45,800 | $ 168,026 | |
Bank of Cyprus Holdings PLC(4) | 3,357,593 | 12,617,414 | |
Sunrisemezz PLC | 1 | 0 | |
$ 12,785,440 | |||
Georgia — 5.3% | |||
Bank of Georgia Group PLC | 206,566 | $ 9,909,301 | |
Georgia Capital PLC(1) | 1,014,117 | 14,402,556 | |
TBC Bank Group PLC | 227,322 | 8,384,861 | |
$ 32,696,718 | |||
Greece — 19.7% | |||
Aegean Airlines SA(1) | 92,753 | $ 1,229,546 |
Security | Shares | Value | |
Greece (continued) | |||
Alpha Services & Holdings SA(1) | 6,614,520 | $ 11,779,584 | |
Athens Water Supply & Sewage Co. SA | 106,068 | 659,314 | |
Autohellas Tourist & Trading SA | 49,238 | 712,192 | |
Avax SA | 281,000 | 497,998 | |
Cenergy Holdings SA | 387,900 | 3,048,644 | |
Ellaktor SA(1) | 219,872 | 587,241 | |
Eurobank Ergasias Services and Holdings SA, Class A(1) | 7,674,298 | 14,791,937 | |
GEK Terna Holding Real Estate Construction SA | 218,425 | 3,287,231 | |
Hellenic Exchanges - Athens Stock Exchange SA | 87,000 | 514,380 | |
Hellenic Telecommunications Organization SA | 567,340 | 7,877,436 | |
Helleniq Energy Holdings SA | 335,965 | 2,694,593 | |
Holding Co. ADMIE IPTO SA | 291,657 | 684,467 | |
Ideal Holdings SA | 85,500 | 601,795 | |
JUMBO SA | 342,095 | 9,626,453 | |
LAMDA Development SA(1) | 179,489 | 1,354,694 | |
Motor Oil (Hellas) Corinth Refineries SA | 168,214 | 4,608,408 | |
Mytilineos SA | 295,137 | 12,118,154 | |
National Bank of Greece SA(1) | 2,295,121 | 17,449,989 | |
Optima bank SA(1) | 393,341 | 3,125,437 | |
Piraeus Financial Holdings SA(1) | 2,489,270 | 10,080,865 | |
Public Power Corp. SA(1) | 619,653 | 8,199,480 | |
Sarantis SA | 81,005 | 768,292 | |
Terna Energy SA | 134,839 | 2,188,360 | |
Titan Cement International SA | 97,447 | 2,509,339 | |
Trade Estates Real Estate Investment SA(1) | 456,600 | 830,966 | |
$121,826,795 | |||
India — 9.1% | |||
Adani Energy Solutions Ltd.(1) | 12,259 | $ 158,868 | |
Adani Green Energy Ltd.(1) | 14,178 | 287,634 | |
Affle India Ltd.(1) | 49,400 | 738,947 | |
Angel One Ltd. | 31,705 | 1,249,001 | |
Apollo Hospitals Enterprise Ltd. | 6,219 | 473,235 | |
Asian Paints Ltd. | 6,011 | 213,964 | |
Avenue Supermarts Ltd.(1)(3) | 10,455 | 479,890 | |
Axis Bank Ltd. | 24,432 | 314,056 | |
Bajaj Finance Ltd. | 33,725 | 2,792,688 | |
Bajaj Finserv Ltd. | 24,283 | 474,522 | |
Bharti Airtel Ltd. | 145,757 | 2,057,969 | |
Brightcom Group Ltd.(1) | 1,220,300 | 298,977 | |
Cholamandalam Investment & Finance Co. Ltd. | 14,109 | 201,484 | |
Cipla Ltd. | 24,973 | 406,466 | |
Divi's Laboratories Ltd. | 6,252 | 275,422 | |
Dr Reddy's Laboratories Ltd. | 2,326 | 170,875 | |
Easy Trip Planners Ltd. | 437,200 | 247,632 | |
Eicher Motors Ltd. | 1,090 | 50,480 |
2
Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
India (continued) | |||
FSN E-Commerce Ventures Ltd.(1) | 604,225 | $ 1,192,882 | |
GAIL (India) Ltd. | 88,026 | 183,270 | |
Grasim Industries Ltd. | 13,486 | 350,799 | |
Happiest Minds Technologies Ltd. | 68,013 | 718,441 | |
Havells India Ltd. | 9,907 | 154,601 | |
HCL Technologies Ltd. | 14,542 | 274,889 | |
HDFC Bank Ltd. | 80,110 | 1,408,900 | |
HDFC Life Insurance Co. Ltd.(3) | 21,016 | 145,842 | |
Hindalco Industries Ltd. | 80,564 | 561,190 | |
Hindustan Unilever Ltd. | 12,230 | 364,732 | |
ICICI Bank Ltd. | 174,482 | 2,153,731 | |
ICICI Securities Ltd.(3) | 81,700 | 806,077 | |
IndiaMart InterMesh Ltd.(3) | 27,020 | 821,763 | |
Indian Energy Exchange Ltd.(3) | 493,165 | 877,321 | |
Indian Railway Catering & Tourism Corp. Ltd. | 164,569 | 1,941,668 | |
Info Edge India Ltd. | 29,362 | 1,780,188 | |
Infosys Ltd. | 132,015 | 2,625,296 | |
Intellect Design Arena Ltd. | 70,800 | 767,958 | |
ITC Ltd. | 43,445 | 231,062 | |
Jindal Steel & Power Ltd. | 13,591 | 123,661 | |
Jio Financial Services Ltd.(1) | 229,622 | 686,275 | |
JSW Steel Ltd. | 36,383 | 357,079 | |
Jubilant Foodworks Ltd. | 189,635 | 1,183,439 | |
Kotak Mahindra Bank Ltd. | 12,529 | 275,561 | |
Larsen & Toubro Ltd. | 42,276 | 1,770,022 | |
LTIMindtree Ltd.(3) | 3,328 | 216,838 | |
Mahindra & Mahindra Ltd. | 66,683 | 1,330,211 | |
Maruti Suzuki India Ltd. | 1,983 | 242,600 | |
Mphasis Ltd. | 3,178 | 98,982 | |
Nazara Technologies Ltd.(1) | 32,600 | 349,172 | |
Nestle India Ltd. | 5,403 | 163,044 | |
NTPC Ltd. | 66,589 | 255,147 | |
One 97 Communications Ltd.(1) | 108,297 | 989,926 | |
PB Fintech Ltd.(1) | 124,897 | 1,508,866 | |
Petronet LNG Ltd. | 28,740 | 93,064 | |
PI Industries Ltd. | 2,863 | 116,463 | |
Power Grid Corp. of India Ltd. | 81,117 | 253,943 | |
Reliance Industries Ltd. | 222,791 | 7,645,602 | |
Route Mobile Ltd. | 25,900 | 496,051 | |
SBI Cards & Payment Services Ltd. | 9,055 | 78,347 | |
SBI Life Insurance Co. Ltd.(3) | 9,190 | 155,929 | |
Shriram Finance Ltd. | 2,131 | 63,450 | |
SRF Ltd. | 5,781 | 161,331 | |
State Bank of India | 21,636 | 167,398 | |
Sun Pharmaceutical Industries Ltd. | 15,899 | 270,956 | |
Tanla Platforms Ltd. | 64,777 | 805,981 |
Security | Shares | Value | |
India (continued) | |||
Tata Consultancy Services Ltd. | 5,859 | $ 268,268 | |
Tata Consumer Products Ltd. | 62,675 | 844,775 | |
Tata Elxsi Ltd. | 1,296 | 118,578 | |
Tata Motors Ltd. | 29,338 | 312,452 | |
Tata Steel Ltd. | 424,533 | 695,173 | |
Tech Mahindra Ltd. | 14,567 | 232,733 | |
Titan Co. Ltd. | 21,289 | 947,288 | |
Trent Ltd. | 6,864 | 255,353 | |
Tube Investments of India Ltd. | 4,113 | 193,424 | |
UltraTech Cement Ltd. | 6,678 | 814,737 | |
UPL Ltd. | 18,027 | 116,772 | |
Varun Beverages Ltd. | 24,259 | 372,945 | |
Wipro Ltd. | 48,521 | 276,846 | |
Zomato Ltd.(1) | 1,772,030 | 2,969,786 | |
$ 56,531,188 | |||
Philippines — 2.4% | |||
Aboitiz Equity Ventures, Inc. | 584,800 | $ 503,403 | |
Ayala Corp. | 84,400 | 1,016,950 | |
Ayala Land, Inc. | 2,312,000 | 1,397,155 | |
Bank of the Philippine Islands | 696,800 | 1,365,430 | |
BDO Unibank, Inc. | 817,200 | 2,103,708 | |
International Container Terminal Services, Inc. | 345,600 | 1,494,376 | |
JG Summit Holdings, Inc. | 898,600 | 611,427 | |
Jollibee Foods Corp. | 155,700 | 702,473 | |
Manila Electric Co. | 97,100 | 624,801 | |
Metropolitan Bank & Trust Co. | 619,200 | 627,213 | |
PLDT, Inc. | 26,400 | 597,012 | |
SM Investments Corp. | 85,200 | 1,360,192 | |
SM Prime Holdings, Inc. | 3,519,900 | 2,141,148 | |
Universal Robina Corp. | 308,800 | 612,431 | |
$ 15,157,719 | |||
Poland — 8.9% | |||
Alior Bank SA(1) | 74,849 | $ 1,407,823 | |
Allegro.eu SA(1)(3) | 157,588 | 1,189,647 | |
AmRest Holdings SE(1) | 95,608 | 628,656 | |
Asseco Poland SA | 65,138 | 1,186,576 | |
Bank Millennium SA(1) | 514,455 | 1,077,091 | |
Bank Polska Kasa Opieki SA | 149,217 | 5,739,794 | |
Budimex SA | 15,161 | 2,593,809 | |
CCC SA(1) | 47,994 | 697,425 | |
CD Projekt SA | 75,230 | 1,963,716 | |
Cyfrowy Polsat SA(1) | 304,841 | 825,192 | |
Dino Polska SA(1)(3) | 10,341 | 1,116,079 | |
Enea SA(1) | 311,811 | 741,423 |
3
Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Poland (continued) | |||
Eurocash SA | 107,405 | $ 406,665 | |
Grupa Azoty SA(1) | 70,443 | 420,332 | |
Grupa Kety SA | 11,867 | 2,018,374 | |
Jastrzebska Spolka Weglowa SA(1) | 65,755 | 708,264 | |
KGHM Polska Miedz SA | 163,350 | 4,551,035 | |
KRUK SA | 14,844 | 1,680,656 | |
LPP SA | 1,370 | 5,324,763 | |
mBank SA(1) | 13,071 | 1,737,444 | |
Orange Polska SA | 752,721 | 1,607,781 | |
ORLEN SA | 133,182 | 2,076,631 | |
Pepco Group NV(1)(5) | 212,744 | 1,164,836 | |
PGE Polska Grupa Energetyczna SA(1) | 964,031 | 2,030,005 | |
Powszechna Kasa Oszczednosci Bank Polski SA | 204,741 | 2,597,760 | |
Powszechny Zaklad Ubezpieczen SA | 521,168 | 6,274,947 | |
Santander Bank Polska SA | 8,288 | 1,003,828 | |
Tauron Polska Energia SA(1) | 1,276,987 | 1,167,316 | |
Text SA | 22,315 | 539,786 | |
Warsaw Stock Exchange | 29,402 | 321,608 | |
XTB SA(3) | 44,157 | 497,475 | |
$ 55,296,737 | |||
Saudi Arabia — 5.8% | |||
Advanced Petrochemical Co. | 48,600 | $ 492,933 | |
Al Hammadi Holding | 35,300 | 575,815 | |
Al Rajhi Bank | 39,800 | 888,452 | |
Alamar Foods | 28,300 | 691,016 | |
Al-Dawaa Medical Services Co. | 26,200 | 803,414 | |
Alinma Bank | 19,600 | 215,880 | |
Almarai Co. JSC | 17,800 | 270,955 | |
Arabian Centres Co. Ltd. | 174,800 | 946,052 | |
Arabian Contracting Services Co. | 52,900 | 3,663,663 | |
Arabian Internet & Communications Services Co. | 7,100 | 619,480 | |
Ataa Educational Co. | 29,094 | 580,471 | |
Bank AlBilad | 9,800 | 116,186 | |
Banque Saudi Fransi | 11,800 | 125,496 | |
Catrion Catering Holding Co. | 30,900 | 948,956 | |
City Cement Co. | 194,300 | 910,448 | |
Dallah Healthcare Co. | 11,603 | 510,909 | |
Dr Sulaiman Al Habib Medical Services Group Co. | 6,900 | 533,385 | |
Etihad Etisalat Co. | 149,200 | 2,073,597 | |
Jarir Marketing Co. | 121,000 | 491,296 | |
Lumi Rental Co.(1) | 36,800 | 1,094,982 | |
Najran Cement Co. | 326,900 | 900,867 | |
National Co. for Learning & Education | 17,800 | 704,813 | |
National Medical Care Co. | 24,400 | 1,231,943 | |
Riyad Bank | 28,500 | 215,099 |
Security | Shares | Value | |
Saudi Arabia (continued) | |||
SABIC Agri-Nutrients Co. | 15,900 | $ 542,123 | |
Sahara International Petrochemical Co. | 144,300 | 1,208,222 | |
Saudi Arabian Mining Co.(1) | 57,900 | 714,516 | |
Saudi Arabian Oil Co.(3) | 170,110 | 1,385,731 | |
Saudi Awwal Bank | 20,600 | 196,799 | |
Saudi Basic Industries Corp. | 58,600 | 1,214,754 | |
Saudi Electricity Co. | 49,600 | 250,278 | |
Saudi Industrial Investment Group | 93,300 | 504,167 | |
Saudi National Bank | 59,100 | 638,252 | |
Saudi Telecom Co. | 198,200 | 2,156,734 | |
Saudia Dairy & Foodstuff Co. | 11,700 | 1,122,767 | |
Savola Group | 95,300 | 1,141,546 | |
Theeb Rent A Car Co. | 82,400 | 1,424,347 | |
United Electronics Co. | 83,800 | 1,989,072 | |
United International Transportation Co. | 83,400 | 1,843,247 | |
$ 35,938,663 | |||
Slovenia — 1.6% | |||
Nova Ljubljanska Banka DD(3) | 72,121 | $ 7,245,355 | |
Nova Ljubljanska Banka DD GDR(5) | 122,675 | 2,427,589 | |
$ 9,672,944 | |||
South Korea — 7.2% | |||
Amorepacific Corp.(1) | 1,140 | $ 100,559 | |
Celltrion, Inc. | 9,928 | 1,332,244 | |
CJ CheilJedang Corp. | 339 | 74,027 | |
CosmoAM&T Co. Ltd.(1) | 947 | 93,617 | |
Coway Co. Ltd.(1) | 2,186 | 90,675 | |
DB Insurance Co. Ltd.(1) | 3,073 | 202,713 | |
Doosan Enerbility Co. Ltd.(1) | 28,559 | 329,912 | |
Ecopro BM Co. Ltd.(1) | 3,848 | 610,800 | |
Ecopro Co. Ltd.(1) | 1,300 | 484,909 | |
Hana Financial Group, Inc. | 18,726 | 669,594 | |
Hanwha Aerospace Co. Ltd.(1) | 1,500 | 154,910 | |
Hanwha Galleria Corp.(1) | 4,611 | 4,658 | |
Hanwha Solutions Corp.(1) | 4,088 | 101,557 | |
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 2,916 | 247,412 | |
HLB, Inc.(1) | 4,453 | 224,603 | |
HMM Co. Ltd.(1) | 9,451 | 135,833 | |
HYBE Co. Ltd. | 432 | 65,134 | |
Hyundai Engineering & Construction Co. Ltd.(1) | 3,379 | 87,452 | |
Hyundai Glovis Co. Ltd.(1) | 762 | 99,778 | |
Hyundai Mobis Co. Ltd. | 3,990 | 625,446 | |
Hyundai Motor Co. | 8,731 | 1,269,926 | |
Hyundai Steel Co.(1) | 2,500 | 62,604 | |
Kakao Corp.(1) | 19,662 | 768,898 |
4
Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
South Korea (continued) | |||
KB Financial Group, Inc. | 24,929 | $ 1,057,930 | |
Kia Corp.(1) | 16,914 | 1,299,182 | |
Korea Aerospace Industries Ltd.(1) | 2,870 | 108,132 | |
Korea Electric Power Corp. | 9,138 | 135,507 | |
Korea Investment Holdings Co. Ltd.(1) | 1,239 | 56,890 | |
Korea Zinc Co. Ltd. | 330 | 116,906 | |
Korean Air Lines Co. Ltd.(1) | 6,673 | 112,193 | |
Krafton, Inc.(1) | 869 | 139,350 | |
KT&G Corp. | 6,885 | 467,590 | |
L&F Co. Ltd.(1) | 839 | 89,455 | |
LG Chem Ltd. | 3,223 | 1,045,170 | |
LG Corp.(1) | 6,029 | 370,202 | |
LG Display Co. Ltd. | 9,346 | 81,218 | |
LG Electronics, Inc. | 6,823 | 475,592 | |
LG Energy Solution Ltd.(1) | 3,183 | 903,465 | |
LG H&H Co. Ltd. | 316 | 71,621 | |
LG Innotek Co. Ltd. | 522 | 74,451 | |
Lotte Chemical Corp.(1) | 607 | 59,374 | |
Meritz Financial Group, Inc.(1) | 6,770 | 347,572 | |
NAVER Corp. | 8,388 | 1,250,836 | |
NCSoft Corp.(1) | 575 | 84,864 | |
Pearl Abyss Corp.(1) | 890 | 21,734 | |
POSCO Future M Co. Ltd.(1) | 2,155 | 405,926 | |
POSCO Holdings, Inc. | 4,643 | 1,473,132 | |
Posco International Corp.(1) | 2,974 | 116,738 | |
Samsung Biologics Co. Ltd.(1)(3) | 1,102 | 693,678 | |
Samsung C&T Corp. | 5,309 | 548,443 | |
Samsung Electro-Mechanics Co. Ltd. | 3,692 | 383,971 | |
Samsung Electronics Co. Ltd. | 304,599 | 16,550,944 | |
Samsung Engineering Co. Ltd.(1) | 9,539 | 159,106 | |
Samsung Fire & Marine Insurance Co. Ltd.(1) | 1,947 | 385,272 | |
Samsung Heavy Industries Co. Ltd.(1) | 45,761 | 249,402 | |
Samsung Life Insurance Co. Ltd. | 5,261 | 273,391 | |
Samsung SDI Co. Ltd. | 3,688 | 1,023,507 | |
Samsung SDS Co. Ltd. | 2,713 | 308,524 | |
Shinhan Financial Group Co. Ltd. | 27,540 | 843,827 | |
SK Bioscience Co. Ltd.(1) | 942 | 44,768 | |
SK Hynix, Inc. | 34,591 | 3,463,965 | |
SK Innovation Co. Ltd.(1) | 3,937 | 343,085 | |
SK Square Co. Ltd.(1) | 7,431 | 288,681 | |
SK, Inc. | 2,234 | 306,233 | |
S-Oil Corp. | 1,757 | 89,326 | |
Woori Financial Group, Inc. | 38,539 | 399,586 | |
Yuhan Corp.(1) | 3,129 | 138,299 | |
$ 44,696,299 |
Security | Shares | Value | |
Sri Lanka — 1.0% | |||
Browns Investments PLC(1) | 14,581,205 | $ 193,780 | |
Commercial Bank of Ceylon PLC(1) | 4,921,041 | 1,357,441 | |
Expolanka Holdings PLC | 1,597,541 | 662,156 | |
Hatton National Bank PLC(1) | 1,267,975 | 624,039 | |
John Keells Holdings PLC | 3,796,414 | 2,157,412 | |
LOLC Holdings PLC(1) | 661,364 | 669,579 | |
Sampath Bank PLC | 3,050,578 | 657,071 | |
$ 6,321,478 | |||
Taiwan — 5.2% | |||
Accton Technology Corp. | 14,000 | $ 235,516 | |
Alchip Technologies Ltd. | 2,000 | 248,080 | |
ASE Technology Holding Co. Ltd. | 96,000 | 415,082 | |
Asustek Computer, Inc. | 21,000 | 298,185 | |
Cathay Financial Holding Co. Ltd. | 297,000 | 417,650 | |
Chailease Holding Co. Ltd. | 45,000 | 249,099 | |
China Steel Corp. | 353,000 | 282,870 | |
Chunghwa Telecom Co. Ltd. | 121,000 | 458,700 | |
CTBC Financial Holding Co. Ltd. | 567,000 | 514,389 | |
Delta Electronics, Inc. | 63,000 | 563,761 | |
E.Sun Financial Holding Co. Ltd. | 430,000 | 339,394 | |
First Financial Holding Co. Ltd. | 318,000 | 269,861 | |
Formosa Chemicals & Fibre Corp. | 95,000 | 171,510 | |
Formosa Plastics Corp. | 113,000 | 259,679 | |
Fubon Financial Holding Co. Ltd. | 249,000 | 511,832 | |
Hon Hai Precision Industry Co. Ltd. | 433,000 | 1,416,440 | |
Largan Precision Co. Ltd. | 3,000 | 237,854 | |
Lite-On Technology Corp. | 56,000 | 193,934 | |
MediaTek, Inc. | 53,000 | 1,635,454 | |
Mega Financial Holding Co. Ltd. | 365,000 | 438,445 | |
Nan Ya Plastics Corp. | 142,000 | 275,197 | |
Novatek Microelectronics Corp. | 17,000 | 276,925 | |
Quanta Computer, Inc. | 88,000 | 695,817 | |
Realtek Semiconductor Corp. | 14,000 | 209,516 | |
Taiwan Cement Corp. | 188,000 | 191,334 | |
Taiwan Cooperative Financial Holding Co. Ltd. | 299,000 | 242,578 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 990,000 | 19,818,307 | |
Unimicron Technology Corp. | 39,000 | 218,801 | |
Uni-President Enterprises Corp. | 147,000 | 339,700 | |
United Microelectronics Corp. | 363,000 | 565,430 | |
Wistron Corp. | 73,000 | 267,277 | |
Yuanta Financial Holding Co. Ltd. | 290,000 | 250,007 | |
$ 32,508,624 | |||
Turkey — 5.1% | |||
Akbank TAS | 2,149,509 | $ 2,798,037 |
5
Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Turkey (continued) | |||
Aselsan Elektronik Sanayi Ve Ticaret AS | 1,183,402 | $ 1,972,329 | |
BIM Birlesik Magazalar AS | 297,952 | 3,736,301 | |
Eregli Demir ve Celik Fabrikalari TAS(1) | 929,078 | 1,317,356 | |
Ford Otomotiv Sanayi AS | 46,911 | 1,362,606 | |
Haci Omer Sabanci Holding AS | 668,530 | 1,597,752 | |
Hektas Ticaret TAS(1) | 769,632 | 451,004 | |
KOC Holding AS | 529,972 | 2,799,018 | |
Koza Altin Isletmeleri AS | 642,699 | 438,996 | |
Pegasus Hava Tasimaciligi AS(1) | 30,498 | 753,898 | |
Sasa Polyester Sanayi AS(1) | 906,638 | 1,149,536 | |
Tofas Turk Otomobil Fabrikasi AS | 82,795 | 671,627 | |
Turk Hava Yollari AO(1) | 365,399 | 3,275,396 | |
Turkcell Iletisim Hizmetleri AS | 808,463 | 1,822,916 | |
Turkiye Is Bankasi AS, Class C | 2,310,831 | 1,948,486 | |
Turkiye Petrol Rafinerileri AS | 638,538 | 3,145,975 | |
Turkiye Sise ve Cam Fabrikalari AS | 439,174 | 712,333 | |
Yapi ve Kredi Bankasi AS | 2,211,307 | 1,588,271 | |
$ 31,541,837 | |||
United Arab Emirates — 9.2% | |||
Abu Dhabi Commercial Bank PJSC | 1,193,050 | $ 2,930,322 | |
Abu Dhabi Islamic Bank PJSC | 532,559 | 1,625,434 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 898,714 | 868,245 | |
Agthia Group PJSC | 2,115,079 | 2,930,437 | |
Air Arabia PJSC | 3,799,294 | 3,078,774 | |
Al Ansari Financial Services PJSC | 1,805,311 | 530,500 | |
Al Waha Capital PJSC | 6,168,401 | 2,935,907 | |
Al Yah Satellite Communications Co. PJSC (Yahsat) | 2,242,854 | 1,402,734 | |
Aldar Properties PJSC | 3,095,052 | 4,292,556 | |
Amanat Holdings PJSC | 10,123,250 | 3,251,418 | |
Americana Restaurants International PLC(4) | 358,568 | 303,383 | |
Americana Restaurants International PLC(4) | 494,400 | 420,337 | |
Aramex PJSC | 454,227 | 260,655 | |
Deyaar Development PJSC(1) | 16,085,701 | 3,095,640 | |
Dubai Electricity & Water Authority PJSC | 1,686,287 | 1,152,647 | |
Dubai Islamic Bank PJSC | 985,377 | 1,695,568 | |
Emaar Properties PJSC | 3,126,269 | 6,320,913 | |
Emirates Central Cooling Systems Corp. | 5,960,132 | 2,845,449 | |
Emirates NBD Bank PJSC | 365,160 | 1,758,610 | |
Emirates Telecommunications Group Co. PJSC | 1,030,467 | 5,378,152 | |
First Abu Dhabi Bank PJSC | 1,368,999 | 5,457,775 | |
Multiply Group PJSC(1) | 882,800 | 693,188 | |
National Central Cooling Co. PJSC | 689,840 | 602,544 | |
Q Holding PJSC(1) | 227,300 | 195,441 |
Security | Shares | Value | |
United Arab Emirates (continued) | |||
Ras Al Khaimah Ceramics | 3,875,806 | $ 2,849,149 | |
Taaleem Holdings PJSC | 29,300 | 30,753 | |
$ 56,906,531 | |||
Vietnam — 6.5% | |||
Airports Corp. of Vietnam JSC(1) | 133,300 | $ 422,412 | |
Asia Commercial Bank JSC | 550,000 | 619,644 | |
Century Land JSC(1) | 520,000 | 177,675 | |
Dat Xanh Real Estate Services JSC(1) | 592,200 | 172,686 | |
Digiworld Corp. | 1,064,800 | 2,341,125 | |
Dong Hai JSC of Bentre | 208,600 | 359,876 | |
Duc Giang Chemicals JSC | 712,600 | 2,626,606 | |
FPT Corp. | 2,020,570 | 8,450,660 | |
FPT Digital Retail JSC | 663,860 | 3,096,462 | |
Gemadept Corp. | 745,200 | 2,068,502 | |
Khang Dien House Trading & Investment JSC(1) | 138,900 | 174,793 | |
Kinh Bac City Development Holding Corp.(1) | 138,400 | 170,397 | |
Military Commercial Joint Stock Bank | 1,280,000 | 1,215,789 | |
Mobile World Investment Corp. | 3,033,000 | 5,564,257 | |
Novaland Investment Group Corp.(1) | 7,524 | 5,111 | |
PetroVietnam Drilling & Well Services JSC(1) | 211,700 | 237,138 | |
PetroVietnam Technical Services Corp. | 156,100 | 234,670 | |
Phat Dat Real Estate Development Corp.(1) | 3,271 | 3,730 | |
Phu Nhuan Jewelry JSC | 1,282,566 | 5,132,834 | |
Refrigeration Electrical Engineering Corp. | 629,803 | 1,540,556 | |
Saigon Thuong Tin Commercial JSB(1) | 932,100 | 1,137,409 | |
Sao Ta Foods JSC | 77,800 | 141,884 | |
Vietnam Dairy Products JSC | 128,800 | 352,580 | |
Vietnam Engine & Agricultural Machinery Corp. | 241,100 | 362,267 | |
Vietnam Joint Stock Commercial Bank for Industry & Trade(1) | 881,700 | 1,136,916 | |
Vietnam Technological & Commercial Joint Stock Bank(1) | 807,400 | 1,219,252 | |
Viettel Construction Joint Stock Corp. | 96,000 | 357,967 | |
VNDirect Securities Corp.(1) | 792,700 | 701,809 | |
$ 40,025,007 | |||
Total Common Stocks (identified cost $498,427,870) | $580,721,588 |
6
Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Loan Participation Notes — 1.8% |
Security | Principal Amount (000's omitted) | Value | |
Uzbekistan — 1.8% | |||
Daryo Finance BV (borrower - Uzbek Industrial and Construction Bank ATB), 18.75%, 6/15/25(5)(6)(7) | UZS | 48,512,190 | $ 4,116,000 |
Europe Asia Investment Finance BV (borrower - Joint Stock Commercial Bank "Asaka"), 18.70%, 7/21/26(5)(6)(7) | UZS | 81,043,560 | 6,874,560 |
Total Loan Participation Notes (identified cost $10,827,502) | $ 10,990,560 |
Preferred Stocks — 0.4% |
Security | Shares | Value | |
South Korea — 0.4% | |||
Hanwha Galleria Corp.(1) | 45 | $ 125 | |
Hanwha Solutions Corp.(1) | 40 | 698 | |
Hyundai Motor Co. | 1,499 | 132,454 | |
LG Chem Ltd. | 400 | 81,095 | |
Samsung Electronics Co. Ltd. | 52,710 | 2,306,371 | |
Total Preferred Stocks (identified cost $2,356,527) | $ 2,520,743 |
Rights — 0.0%(2) |
Security | Shares | Value | |
India — 0.0%(2) | |||
Grasim Industries Ltd.(1) | 452 | $ 1,894 | |
$ 1,894 | |||
South Korea — 0.0%(2) | |||
LG Display Co. Ltd., Exp. 7/3/24(1) | 2,971 | $ 3,517 | |
$ 3,517 | |||
Total Rights (identified cost $0) | $ 5,411 |
Sovereign Government Bonds — 0.0%(2) |
Security | Principal Amount (000's omitted) | Value | |
Greece — 0.0%(2) | |||
Hellenic Republic Government Bonds, 0.00%, GDP-Linked, 10/15/42 | EUR | 79,360 | $ 244,429 |
Total Sovereign Government Bonds (identified cost $343,822) | $ 244,429 |
Short-Term Investments — 2.2% |
Affiliated Fund — 1.9% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(8) | 11,430,587 | $ 11,430,587 | |
Total Affiliated Fund (identified cost $11,430,587) | $ 11,430,587 |
U.S. Treasury Obligations — 0.3% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bills: | |||
0.00%, 2/1/24 | $ | 502 | $ 502,000 |
0.00%, 2/22/24 | 500 | 498,467 | |
0.00%, 2/29/24(9) | 506 | 503,932 | |
0.00%, 3/21/24(9) | 500 | 496,419 | |
Total U.S. Treasury Obligations (identified cost $2,000,821) | $ 2,000,818 | ||
Total Short-Term Investments (identified cost $13,431,408) | $ 13,431,405 |
Total Purchased Options — 0.0%(2) (identified cost $385,560) | $ 339,854 | ||
Total Investments — 98.1% (identified cost $525,772,689) | $608,253,990 | ||
Other Assets, Less Liabilities — 1.9% | $ 11,644,989 | ||
Net Assets — 100.0% | $619,898,979 |
7
Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Amount is less than 0.05%. |
(3) | 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, 2024, the aggregate value of these securities is $15,639,105 or 2.5% of the Portfolio's net assets. |
(4) | Securities are traded on separate exchanges for the same entity. |
(5) | 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 January 31, 2024, the aggregate value of these securities is $14,582,985 or 2.4% of the Portfolio's net assets. |
(6) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
(7) | Limited recourse note whose payments by the issuer are limited to amounts received by the issuer from the borrower pursuant to a loan agreement with the borrower. |
(8) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2024. |
(9) | 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 | 35.7% | $221,128,055 |
Information Technology | 11.7 | 72,226,747 |
Industrials | 11.1 | 69,060,817 |
Consumer Discretionary | 9.3 | 57,720,368 |
Communication Services | 6.2 | 38,369,222 |
Materials | 5.1 | 31,704,571 |
Energy | 4.7 | 28,962,443 |
Utilities | 4.5 | 27,919,395 |
Real Estate | 3.5 | 21,458,555 |
Consumer Staples | 3.0 | 18,805,531 |
Health Care | 1.1 | 6,882,598 |
Government | 0.0 | 244,429 |
Short-Term Investments | 2.2 | 13,431,405 |
Total | 98.1% | $607,914,136 |
Purchased Currency Options (OTC) — 0.0%(1) | |||||||
Description | Counterparty | Notional Amount | Exercise Price | Expiration Date | Value | ||
Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 22,600,000 | INR | 85.50 | 1/25/29 | $165,793 |
Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 12,100,000 | INR | 85.50 | 1/25/29 | 88,766 |
Put USD vs. Call INR | JPMorgan Chase Bank, N.A. | USD | 11,600,000 | INR | 85.50 | 1/30/29 | 85,295 |
Total | $339,854 |
(1) | Amount is less than 0.05%. |
Forward Foreign Currency Exchange Contracts (Centrally Cleared) | |||||
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||
INR | 1,951,000,000 | USD | 23,322,535 | 3/20/24 | $ 115,862 |
KRW | 7,823,000,000 | USD | 6,015,332 | 3/20/24 | (138,045) |
KRW | 25,677,000,000 | USD | 19,757,694 | 3/20/24 | (466,998) |
$(489,181) |
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Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 55,722,368 | EUR | 50,900,000 | UBS AG | 2/9/24 | $ 698,796 | $ — |
CNH | 120,000,000 | USD | 16,882,970 | Citibank, N.A. | 3/20/24 | — | (141,770) |
CNH | 203,348,700 | USD | 28,592,988 | HSBC Bank USA, N.A. | 3/20/24 | — | (223,811) |
EUR | 1,296,988 | USD | 1,431,563 | Societe Generale | 3/20/24 | — | (27,123) |
EUR | 19,062,883 | USD | 21,040,832 | Societe Generale | 3/20/24 | — | (398,641) |
USD | 9,097,823 | CNH | 64,600,000 | BNP Paribas | 3/20/24 | 85,477 | — |
USD | 36,457,600 | CNH | 258,748,700 | Standard Chartered Bank | 3/20/24 | 359,568 | — |
USD | 31,503,328 | EUR | 28,541,851 | Societe Generale | 3/20/24 | 596,864 | — |
USD | 15,614,224 | EUR | 14,250,000 | Societe Generale | 3/20/24 | 183,651 | — |
USD | 4,578,483 | EUR | 4,148,082 | Societe Generale | 3/20/24 | 86,744 | — |
USD | 3,950,301 | EUR | 3,578,952 | Societe Generale | 3/20/24 | 74,843 | — |
USD | 2,369,887 | EUR | 2,147,105 | Societe Generale | 3/20/24 | 44,900 | — |
USD | 2,333,059 | EUR | 2,113,739 | Societe Generale | 3/20/24 | 44,202 | — |
USD | 1,710,827 | EUR | 1,550,000 | Societe Generale | 3/20/24 | 32,413 | — |
$2,207,458 | $(791,345) |
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Equity Futures | |||||
MSCI Emerging Markets Index | 922 | Long | 3/15/24 | $45,214,880 | $(105,529) |
$(105,529) |
Total Return Swaps (OTC) | ||||||
Counterparty | Notional Amount (000's omitted) | Portfolio Receives | Portfolio Pays | Termination Date | Value/Unrealized Appreciation (Depreciation) | |
Citibank, N.A. | KRW | 157,500 | Positive Return on KOSPI 200 Index Futures 3/2024 (pays upon termination) | Negative Return on KOSPI 200 Index Futures 3/2024 (pays upon termination) | 3/14/24 | $(252,019) |
$(252,019) |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDP | – Gross Domestic Product |
GDR | – Global Depositary Receipt |
OTC | – Over-the-counter |
9
Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Currency Abbreviations: | |
CNH | – Yuan Renminbi Offshore |
EUR | – Euro |
INR | – Indian Rupee |
KRW | – South Korean Won |
USD | – United States Dollar |
UZS | – Uzbekistani Som |
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 and currency options 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, 2024, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.
Affiliated Investments
At January 31, 2024, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $11,430,587, which represents 1.9% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended January 31, 2024 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) | $28,891,215 | $171,505,784 | $(188,966,412) | $ — | $ — | $11,430,587 | $259,010 | 11,430,587 |
(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.
At January 31, 2024, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at fair value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Asia/Pacific | $ 784,679 | $194,463,116 | $ — | $195,247,795 |
Developed Europe | — | 4,842,136 | — | 4,842,136 |
Emerging Europe | 830,966 | 258,825,273 | — | 259,656,239 |
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Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Latin America | $28,130,224 | $ — | $ — | $ 28,130,224 |
Middle East/Africa | — | 92,845,194 | — | 92,845,194 |
Total Common Stocks | $29,745,869 | $550,975,719* | $ — | $580,721,588 |
Loan Participation Notes | $ — | $ — | $10,990,560 | $ 10,990,560 |
Preferred Stocks | — | 2,520,743 | — | 2,520,743 |
Rights | 5,411 | — | — | 5,411 |
Sovereign Government Bonds | — | 244,429 | — | 244,429 |
Short-Term Investments: | ||||
Affiliated Fund | 11,430,587 | — | — | 11,430,587 |
U.S. Treasury Obligations | — | 2,000,818 | — | 2,000,818 |
Purchased Currency Options | — | 339,854 | — | 339,854 |
Total Investments | $41,181,867 | $556,081,563 | $10,990,560 | $608,253,990 |
Forward Foreign Currency Exchange Contracts | $ — | $ 2,323,320 | $ — | $ 2,323,320 |
Total | $41,181,867 | $558,404,883 | $10,990,560 | $610,577,310 |
Liability Description | ||||
Forward Foreign Currency Exchange Contracts | $ — | $ (1,396,388) | $ — | $ (1,396,388) |
Futures Contracts | (105,529) | — | — | (105,529) |
Swap Contracts | — | (252,019) | — | (252,019) |
Total | $ (105,529) | $ (1,648,407) | $ — | $ (1,753,936) |
* | 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. |
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value:
Loan Participation Notes | |
Balance as of October 31, 2023 | $10,052,327 |
Realized gains (losses) | — |
Change in net unrealized appreciation (depreciation) | 890,791 |
Cost of purchases | — |
Proceeds from sales, including return of capital | — |
Accrued discount (premium) | 47,442 |
Transfers to Level 3 | — |
Transfers from Level 3 | — |
Balance as of January 31, 2024 | $10,990,560 |
Change in net unrealized appreciation (depreciation) on investments still held as of January 31, 2024 | $ 890,791 |
11
Global Macro Capital Opportunities Portfolio
January 31, 2024
Portfolio of Investments (Unaudited) — continued
The following is a summary of quantitative information about significant unobservable valuation inputs for Level 3 investments held as of January 31, 2024:
Type of Investment | Fair Value as of January 31, 2024 | Valuation Technique | Unobservable Input | Range of Unobservable Input | Impact to Valuation from an Increase to Input* |
Loan Participation Notes | $10,990,560 | Matrix Pricing | Adjusted Credit Spread to the Central Bank of Uzbekistan Quoted Policy Rate | 1.14% - 1.66%** | Decrease |
* | Represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. |
** | The weighted average of the unobservable input is 1.47% based on relative principal amounts. |
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.
12