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Eaton Vance

Global Income Builder Fund

July 31, 2021 (Unaudited)

Eaton Vance Global Income Builder Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its investable assets in Global Income Builder Portfolio (the Portfolio) and owns a pro-rata interest in the Portfolio’s net assets. At July 31, 2021, the value of the Fund’s investment in the Portfolio was $305,821,311 and the Fund owned 97.6% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

 

 

 

 

Global Income Builder Portfolio

July 31, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 61.1%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 0.4%

      

Safran S.A.

      9,060      $ 1,185,721  
     

 

 

  
      $ 1,185,721  
     

 

 

  

Air Freight & Logistics — 0.2%

      

XPO Logistics, Inc.(1)

      5,348      $ 741,714  
     

 

 

  
      $ 741,714  
     

 

 

  

Automobiles — 0.4%

      

Stellantis NV

      67,807      $ 1,300,302  
     

 

 

  
      $ 1,300,302  
     

 

 

  

Banks — 3.9%

      

Bank of New York Mellon Corp. (The)

      55,322      $ 2,839,678  

Citigroup, Inc.

      31,658        2,140,714  

HDFC Bank, Ltd.

      57,776        1,110,722  

ING Groep NV

      136,623        1,752,968  

Mitsubishi UFJ Financial Group, Inc.(2)

      268,285        1,417,263  

Svenska Handelsbanken AB, Class A

      117,230        1,321,100  

Wells Fargo & Co.

      37,767        1,735,016  
     

 

 

  
      $ 12,317,461  
     

 

 

  

Beverages — 1.8%

      

Coca-Cola Co. (The)

      52,606      $ 3,000,120  

Diageo PLC

      55,570        2,755,508  
     

 

 

  
      $ 5,755,628  
     

 

 

  

Biotechnology — 0.6%

      

CSL, Ltd.

      8,140      $ 1,732,929  
     

 

 

  
      $ 1,732,929  
     

 

 

  

Building Products — 1.0%

      

Assa Abloy AB, Class B

      52,807      $ 1,693,852  

Kingspan Group PLC

      12,199        1,326,566  
     

 

 

  
      $ 3,020,418  
     

 

 

  

Chemicals — 0.5%

      

Sika AG

      4,143      $ 1,459,456  
     

 

 

  
      $ 1,459,456  
     

 

 

  

Construction & Engineering — 0.0%

      

Abengoa S.A., Class A(1)(3)

      36,194      $ 0  

Abengoa S.A., Class B(1)(3)

      374,261        0  
     

 

 

  
      $ 0  
     

 

 

  

Construction Materials — 0.6%

      

CRH PLC

      37,741      $ 1,886,260  
     

 

 

  
      $ 1,886,260  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Consumer Finance — 0.4%

      

Capital One Financial Corp.

      8,204      $ 1,326,587  
     

 

 

  
      $ 1,326,587  
     

 

 

  

Diversified Financial Services — 1.3%

      

Berkshire Hathaway, Inc., Class B(1)

      10,704      $ 2,978,816  

ORIX Corp.

      71,345        1,248,209  
     

 

 

  
      $ 4,227,025  
     

 

 

  

Electric Utilities — 1.0%

      

Iberdrola S.A.

      132,847      $ 1,598,825  

NextEra Energy, Inc.

      18,310        1,426,349  
     

 

 

  
      $ 3,025,174  
     

 

 

  

Electrical Equipment — 1.6%

      

AMETEK, Inc.

      19,923      $ 2,770,293  

Schneider Electric SE

      13,399        2,244,176  
     

 

 

  
      $ 5,014,469  
     

 

 

  

Electronic Equipment, Instruments & Components — 3.0%

      

CDW Corp.

      10,639      $ 1,950,661  

Halma PLC

      31,661        1,270,904  

Keyence Corp.

      2,633        1,466,587  

Murata Manufacturing Co., Ltd.

      12,079        1,002,385  

TE Connectivity, Ltd.

      13,020        1,920,059  

Zebra Technologies Corp., Class A(1)

      3,088        1,706,058  
     

 

 

  
      $ 9,316,654  
     

 

 

  

Entertainment — 1.4%

      

Nintendo Co., Ltd.

      1,756      $ 902,765  

Walt Disney Co. (The)(1)

      18,911        3,328,714  
     

 

 

  
      $ 4,231,479  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 0.7%

      

American Tower Corp.

      3,987      $ 1,127,523  

Equity Residential

      13,430        1,129,866  
     

 

 

  
      $ 2,257,389  
     

 

 

  

Food Products — 1.9%

      

Mondelez International, Inc., Class A

      40,179      $ 2,541,723  

Nestle S.A.

      26,676        3,377,973  
     

 

 

  
      $ 5,919,696  
     

 

 

  

Health Care Equipment & Supplies — 2.8%

      

Alcon, Inc.

      23,498      $ 1,710,632  

Boston Scientific Corp.(1)

      64,967        2,962,495  

Intuitive Surgical, Inc.(1)

      2,180        2,161,383  

Straumann Holding AG

      971        1,800,252  
     

 

 

  
      $ 8,634,762  
     

 

 

  

Health Care Providers & Services — 0.5%

      

Anthem, Inc.

      4,192      $ 1,609,770  
     

 

 

  
      $ 1,609,770  
     

 

 

  

Hotels, Restaurants & Leisure — 0.4%

      

Compass Group PLC(1)

      65,010      $ 1,373,654  
     

 

 

  
      $ 1,373,654  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Industrial Conglomerates — 0.5%

      

DCC PLC

      18,280      $ 1,530,463  
     

 

 

  
      $ 1,530,463  
     

 

 

  

Insurance — 1.2%

      

Allstate Corp. (The)

      12,375      $ 1,609,368  

Aviva PLC

      156,886        842,578  

AXA S.A.

      51,955        1,345,480  
     

 

 

  
      $ 3,797,426  
     

 

 

  

Interactive Media & Services — 4.2%

      

Alphabet, Inc., Class C(1)

      3,250      $ 8,789,365  

Facebook, Inc., Class A(1)

      10,056        3,582,953  

Tencent Holdings, Ltd.

      10,949        660,314  
     

 

 

  
      $ 13,032,632  
     

 

 

  

Internet & Direct Marketing Retail — 2.0%

      

Amazon.com, Inc.(1)

      1,861      $ 6,192,645  
     

 

 

  
      $ 6,192,645  
     

 

 

  

IT Services — 2.1%

      

Amadeus IT Group S.A.(1)

      23,996      $ 1,573,677  

Fidelity National Information Services, Inc.

      10,166        1,515,242  

Global Payments, Inc.

      4,813        930,882  

Visa, Inc., Class A

      10,446        2,573,790  
     

 

 

  
      $ 6,593,591  
     

 

 

  

Leisure Products — 0.6%

      

Yamaha Corp.

      31,555      $ 1,748,589  
     

 

 

  
      $ 1,748,589  
     

 

 

  

Life Sciences Tools & Services — 0.6%

      

Lonza Group AG

      2,291      $ 1,783,831  
     

 

 

  
      $ 1,783,831  
     

 

 

  

Machinery — 2.1%

      

Graco, Inc.

      12,271      $ 958,120  

Ingersoll Rand, Inc.(1)

      24,552        1,199,856  

Sandvik AB

      57,663        1,503,637  

SMC Corp.

      2,204        1,310,220  

Stanley Black & Decker, Inc.

      8,085        1,593,149  
     

 

 

  
      $ 6,564,982  
     

 

 

  

Media — 0.0%(4)

      

Clear Channel Outdoor Holdings, Inc.(1)

      3,408      $ 9,065  

iHeartMedia, Inc., Class A(1)

      4,342        112,241  
     

 

 

  
      $ 121,306  
     

 

 

  

Metals & Mining — 0.8%

      

Rio Tinto, Ltd.

      25,959      $ 2,544,241  
     

 

 

  
      $ 2,544,241  
     

 

 

  

Mortgage Real Estate Investment Trusts (REITs) — 0.2%

      

AGNC Investment Corp.

      48,311      $ 766,696  
     

 

 

  
      $ 766,696  
     

 

 

  

Multi-Utilities — 0.2%

      

CMS Energy Corp.

      10,882      $ 672,399  
     

 

 

  
      $ 672,399  
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Oil, Gas & Consumable Fuels — 1.6%

      

Chevron Corp.

      14,063      $ 1,431,754  

EOG Resources, Inc.

      30,347        2,211,082  

Extraction Oil & Gas, Inc.(1)

      2,863        127,375  

Phillips 66

      15,200        1,116,136  
     

 

 

  
      $ 4,886,347  
     

 

 

  

Personal Products — 0.8%

      

Kose Corp.

      6,006      $ 949,013  

Unilever PLC

      27,704        1,594,409  
     

 

 

  
      $ 2,543,422  
     

 

 

  

Pharmaceuticals — 5.3%

      

AstraZeneca PLC

      21,529      $ 2,473,895  

Eli Lilly & Co.

      12,153        2,959,255  

Novo Nordisk A/S, Class B

      28,525        2,640,596  

Roche Holding AG PC

      7,359        2,842,871  

Sanofi

      29,301        3,020,148  

Zoetis, Inc.

      12,775        2,589,492  
     

 

 

  
      $ 16,526,257  
     

 

 

  

Professional Services — 2.2%

      

Recruit Holdings Co., Ltd.

      36,171      $ 1,874,765  

RELX PLC

      96,447        2,834,991  

Verisk Analytics, Inc.

      11,594        2,202,164  
     

 

 

  
      $ 6,911,920  
     

 

 

  

Semiconductors & Semiconductor Equipment — 3.3%

      

ASML Holding NV

      5,128      $ 3,919,760  

Infineon Technologies AG

      51,652        1,973,836  

Micron Technology, Inc.(1)

      26,684        2,070,145  

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

      19,867        2,317,287  
     

 

 

  
      $ 10,281,028  
     

 

 

  

Software — 3.9%

      

Adobe, Inc.(1)

      2,509      $ 1,559,670  

Dassault Systemes SE

      31,575        1,741,746  

Intuit, Inc.

      3,022        1,601,569  

Microsoft Corp.

      25,735        7,332,159  
     

 

 

  
      $ 12,235,144  
     

 

 

  

Specialty Retail — 1.3%

      

Lowe’s Cos., Inc.

      10,022      $ 1,931,139  

TJX Cos., Inc. (The)

      31,461        2,164,832  
     

 

 

  
      $ 4,095,971  
     

 

 

  

Technology Hardware, Storage & Peripherals — 1.3%

      

Apple, Inc.

      28,477      $ 4,153,655  
     

 

 

  
      $ 4,153,655  
     

 

 

  

Textiles, Apparel & Luxury Goods — 2.5%

      

adidas AG

      9,160      $ 3,324,653  

LVMH Moet Hennessy Louis Vuitton SE

      3,511        2,811,142  

VF Corp.

      22,842        1,831,928  
     

 

 

  
      $ 7,967,723  
     

 

 

  

 

4

 

 

                                                 
Security            Value  

Total Common Stocks
(identified cost $123,296,517)

       $ 191,286,816  
     

 

 

  

Convertible Bonds — 0.0%(4)

      
Security    Principal
Amount
(000’s omitted)		      Value  

Air Transportation — 0.0%(4)

      

Air Transport Services Group, Inc., 1.125%, 10/15/24

    $ 137      $ 142,398  
     

 

 

  
      $ 142,398  
     

 

 

  

Total Convertible Bonds
(identified cost $126,656)

       $ 142,398  
     

 

 

  
Corporate Bonds — 33.6%      
Security    Principal
Amount*
(000’s omitted)		      Value  

Aerospace & Defense — 0.8%

      

Bombardier, Inc., 7.125%, 6/15/26(5)

      121      $ 125,990  

Moog, Inc., 4.25%, 12/15/27(5)

      170        175,631  

Rolls-Royce PLC:

      

5.75%, 10/15/27(5)

      492        538,125  

5.75%, 10/15/27(6)

    GBP  161        244,889  

TransDigm UK Holdings PLC, 6.875%, 5/15/26

      200        211,655  

TransDigm, Inc.:

      

4.625%, 1/15/29(5)

      185        184,776  

5.50%, 11/15/27

      106        109,578  

6.25%, 3/15/26(5)

      419        439,950  

7.50%, 3/15/27

      327        346,914  
     

 

 

  
      $ 2,377,508  
     

 

 

  

Airlines — 0.5%

      

Air Canada:

      

3.875%, 8/15/26(5)(7)

      101      $ 101,369  

4.625%, 8/15/29(5)(7)

    CAD 93        74,543  

Air France-KLM, 3.875%, 7/1/26(6)

    EUR 400        467,052  

American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:

      

5.50%, 4/20/26(5)

      314        328,915  

5.75%, 4/20/29(5)

      314        339,098  

United Airlines, Inc., 4.625%, 4/15/29(5)

      193        198,790  
     

 

 

  
      $ 1,509,767  
     

 

 

  

Auto Components — 0.7%

      

Clarios Global, L.P./Clarios US Finance Co.:

      

4.375%, 5/15/26(6)

    EUR  181      $ 222,293  

8.50%, 5/15/27(5)

      395        427,094  

Goodyear Tire & Rubber Co. (The):

      

5.00%, 7/15/29(5)

      336        353,937  

5.25%, 7/15/31(5)

      270        285,205  

Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(5)

      234        242,225  

 

5

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

TI Automotive Finance PLC, 3.75%, 4/15/29(6)

    EUR 400      $ 486,925  

Wheel Pros, Inc., 6.50%, 5/15/29(5)

      213        216,712  
     

 

 

  
      $ 2,234,391  
     

 

 

  

Automobiles — 0.9%

      

Ford Motor Co.:

      

4.75%, 1/15/43

      197      $ 216,526  

8.50%, 4/21/23

      202        224,519  

9.625%, 4/22/30

      208        300,610  

Ford Motor Credit Co., LLC:

      

3.087%, 1/9/23

      231        235,656  

3.37%, 11/17/23

      253        262,487  

3.815%, 11/2/27

      327        344,167  

4.00%, 11/13/30

      200        211,774  

4.125%, 8/17/27

      555        594,544  

5.125%, 6/16/25

      200        220,500  

General Motors Financial Co., Inc., Series C, 5.70% to 9/30/30(8)(9)

      85        97,224  

Jaguar Land Rover Automotive PLC, 6.875%, 11/15/26(6)

    EUR 100        136,024  
     

 

 

  
      $ 2,844,031  
     

 

 

  

Banks — 1.6%

      

Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(5)(8)(9)

      200      $ 228,483  

Citigroup, Inc.:

      

5.95% to 1/30/23(8)(9)

      125        131,437  

Series M, 6.30% to 5/15/24(8)(9)

      200        215,900  

Comerica, Inc., 5.625% to 7/1/25(8)(9)

      125        139,746  

Credit Suisse Group AG, 7.50% to 7/17/23(5)(8)(9)

      208        225,680  

Deutsche Bank AG, 7.125% to 4/30/26(6)(8)(9)

    GBP 100        151,684  

Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(5)(8)(9)

      220        238,150  

HSBC Holdings PLC, 4.60% to 12/17/30(8)(9)

      200        205,900  

Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(8)(9)

      125        146,719  

JPMorgan Chase & Co.:

      

Series HH, 4.60% to 2/1/25(8)(9)

      298        308,802  

Series KK, 3.65% to 6/1/26(8)(9)

      251        253,667  

Series S, 6.75% to 2/1/24(8)(9)

      215        237,580  

Series X, 6.10% to 10/1/24(8)(9)

      165        179,747  
Lloyds Banking Group PLC, 7.50% to 9/27/25(8)(9)      200        232,973  
Natwest Group PLC, 4.60% to 6/28/31(8)(9)      200        205,250  
Societe Generale S.A., 5.375% to 11/18/30(5)(8)(9)      200        216,500  
Standard Chartered PLC, 4.75% to 1/14/31(5)(8)(9)      229        234,868  
SVB Financial Group., Series C, 4.00% to 5/15/26(8)(9)      58        60,393  
Truist Financial Corp.:      

Series P, 4.95% to 9/1/25(8)(9)

      62        67,890  

Series Q, 5.10% to 3/1/30(8)(9)

      77        88,742  
Vivion Investments S.a.r.l., 3.00%, 8/8/24(6)    EUR 900        1,066,162  
Zions Bancorp NA, 5.80% to 6/15/23(8)(9)      268        277,733  
     

 

 

  
      $ 5,114,006  
     

 

 

  

Biotechnology — 0.1%

      
Emergent BioSolutions, Inc., 3.875%, 8/15/28(5)      254      $ 252,953  
     

 

 

  
      $ 252,953  
     

 

 

  

 

6

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Building Products — 1.1%

      
Boise Cascade Co., 4.875%, 7/1/30(5)      116      $ 123,084  

Builders FirstSource, Inc.:

      

4.25%, 2/1/32(5)

      143        146,396  

5.00%, 3/1/30(5)

      90        95,919  

Empire Communities Corp., 7.00%, 12/15/25(5)

      247        261,204  

HT Troplast GmbH, 9.25%, 7/15/25(6)

    EUR  360        472,125  

Masonite International Corp., 5.375%, 2/1/28(5)

      105        111,936  

Patrick Industries, Inc., 4.75%, 5/1/29(5)

      200        204,409  

PCF GmbH, 4.75%, 4/15/26(6)

   EUR 175        213,790  

Standard Industries, Inc.:

      

4.375%, 7/15/30(5)

      192        198,021  

5.00%, 2/15/27(5)

      78        80,535  

Taylor Morrison Communities, Inc.:

      

5.75%, 1/15/28(5)

      196        221,391  

5.875%, 6/15/27(5)

      146        165,265  

TRI Pointe Group, Inc., 5.70%, 6/15/28

      261        289,416  

Victoria PLC, 3.625%, 8/24/26(6)

    EUR 806        978,110  
     

 

 

  
      $ 3,561,601  
     

 

 

  

Capital Markets — 0.2%

      

AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(8)

      150      $ 157,719  

Charles Schwab Corp. (The), Series I, 4.00% to 6/1/26(8)(9)

      259        270,979  

UBS Group AG, 4.375% to 2/10/31(5)(8)(9)

      200        206,500  
     

 

 

  
      $ 635,198  
     

 

 

  

Casino & Gaming — 0.2%

      

Cinemark USA, Inc.:

      

5.875%, 3/15/26(5)

      67      $ 65,911  

8.75%, 5/1/25(5)

      48        51,418  

Peninsula Pacific Entertainment, LLC/Peninsula Pacific Entertainment Finance, Inc.,
8.50%, 11/15/27(5)

      337        364,333  

Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(5)

      215        218,788  
     

 

 

  
      $ 700,450  
     

 

 

  

Chemicals — 0.7%

      

Herens Holdco S.a.r.l., 4.75%, 5/15/28(5)

      201      $ 199,758  

Herens Midco S.a.r.l., 5.25%, 5/15/29(6)

    EUR 271        311,797  

INEOS Quattro Finance 2 PLC, 2.50%, 1/15/26(6)

   EUR 232        278,273  

NOVA Chemicals Corp., 4.25%, 5/15/29(5)

      203        205,701  

Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.75%, 4/30/26(5)

      310        319,937  

SCIH Salt Holdings, Inc., 6.625%, 5/1/29(5)

      151        149,689  

SPCM S.A., 4.875%, 9/15/25(5)

      200        205,021  

Valvoline, Inc.:

      

3.625%, 6/15/31(5)

      128        127,628  

4.25%, 2/15/30(5)

      140        145,900  

W.R. Grace & Co., 4.875%, 6/15/27(5)

      245        259,087  
     

 

 

  
      $ 2,202,791  
     

 

 

  

 

7

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Commercial Services & Supplies — 1.5%

      

Adtalem Global Education, Inc., 5.50%, 3/1/28(5)

      293      $ 301,285  

Avis Budget Car Rental, LLC/Avis Budget Finance, Inc.:

      

5.25%, 3/15/25(5)

      65        65,934  

5.375%, 3/1/29(5)

      127        132,248  

5.75%, 7/15/27(5)

      89        93,181  

5.75%, 7/15/27(5)

      110        114,678  
Clean Harbors, Inc.:      

4.875%, 7/15/27(5)

      101        106,262  

5.125%, 7/15/29(5)

      61        66,557  
Gartner, Inc.:      

3.625%, 6/15/29(5)

      57        58,425  

3.75%, 10/1/30(5)

      107        110,094  

4.50%, 7/1/28(5)

      151        159,871  
GFL Environmental, Inc.:      

3.50%, 9/1/28(5)

      240        241,094  

3.75%, 8/1/25(5)

      130        133,737  

4.75%, 6/15/29(5)

      343        354,971  
Madison IAQ, LLC:      

4.125%, 6/30/28(5)

      128        128,348  

5.875%, 6/30/29(5)

      217        219,593  

MoneyGram International, Inc., 5.375%, 8/1/26(5)

      120        124,650  

MPH Acquisition Holdings, LLC, 5.75%, 11/1/28(5)

      427        415,193  

NESCO Holdings II, Inc., 5.50%, 4/15/29(5)

      206        212,958  

Paprec Holding S.A., 3.50%, 7/1/28(6)

    EUR  352        421,606  

Team Health Holdings, Inc., 6.375%, 2/1/25(5)

      450        417,944  

Terminix Co., LLC (The), 7.45%, 8/15/27

      550        648,854  

Tervita Corp., 11.00%, 12/1/25(5)

      164        187,985  
     

 

 

  
      $ 4,715,468  
     

 

 

  

Construction Materials — 0.2%

      

SRM Escrow Issuer, LLC, 6.00%, 11/1/28(5)

      644      $ 688,346  
     

 

 

  
      $ 688,346  
     

 

 

  

Consumer Finance — 0.2%

      

CPUK Finance, Ltd., 4.875%, 2/28/47(6)

    GBP 278      $ 391,436  

PRA Group, Inc., 7.375%, 9/1/25(5)

      261        282,191  
     

 

 

  
      $ 673,627  
     

 

 

  

Containers & Packaging — 0.4%

      
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:      

2.125%, 8/15/26(6)

    EUR 410      $ 488,040  

4.125%, 8/15/26(5)

      253        261,548  

Kleopatra Finco S.a.r.l., 4.25%, 3/1/26(6)

    EUR 343        404,675  
     

 

 

  
      $ 1,154,263  
     

 

 

  

Cosmetics/Personal Care — 0.1%

      

Edgewell Personal Care Co., 5.50%, 6/1/28(5)

      180      $ 190,854  
     

 

 

  
      $ 190,854  
     

 

 

  

Distributors — 0.4%

      

BCPE Empire Holdings, Inc., 7.625%, 5/1/27(5)

      416      $ 418,637  

Parts Europe S.A., 3.454%, (3 mo. EURIBOR + 4.00%), 7/20/27(6)(10)

    EUR 350        419,036  

 

8

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  
Performance Food Group, Inc.:      

4.25%, 8/1/29(5)

      315      $ 320,513  

5.50%, 10/15/27(5)

      169        176,254  
     

 

 

  
      $ 1,334,440  
     

 

 

  

Diversified Consumer Services — 0.2%

      

GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(6)

      750      $ 775,537  
     

 

 

  
      $ 775,537  
     

 

 

  

Diversified Financial Services — 1.2%

      

Alliance Data Systems Corp., 4.75%, 12/15/24(5)

      194      $ 199,700  

Allied Universal Holdco, LLC, 6.625%, 7/15/26(5)

      497        526,820  

Allied Universal Holdco, LLC/Allied Universal Finance Corp.:

      

6.00%, 6/1/29(5)

      200        200,506  

9.75%, 7/15/27(5)

      203        222,938  

Allied Universal Holdco, LLC/Allied Universal Finance Corp./Atlas Luxco 4 S.a.r.l., 4.625%, 6/1/28(5)

      316        317,580  

Ally Financial, Inc., Series B, 4.70% to 5/15/26(8)(9)

      237        248,494  

Alpha Holding S.A. de CV, 9.00%, 2/10/25(5)(11)

      200        23,500  

American AgCredit Corp., Series QIB, 5.25% to 6/15/26(5)(8)(9)

      250        256,250  

Encore Capital Group, Inc.:

      

4.25%, (3 mo. EURIBOR + 4.25%), 1/15/28(6)(10)

    EUR  479        581,270  

5.375%, 2/15/26(6)

    GBP 180        263,359  

Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.:

      

6.25%, 5/15/26

      146        153,665  

6.375%, 12/15/25

      120        123,647  

Jefferson Capital Holdings, LLC, 6.00%, 8/15/26(5)(7)

      165        167,269  

Louvre Bidco S.A.S., 6.50%, 9/30/24(6)

   EUR 310        381,049  
     

 

 

  
      $ 3,666,047  
     

 

 

  

Diversified Telecommunication Services — 0.1%

      

Level 3 Financing, Inc.:

      

4.25%, 7/1/28(5)

      324      $ 330,278  

5.25%, 3/15/26

      90        93,048  
     

 

 

  
      $ 423,326  
     

 

 

  

Electric Utilities — 1.1%

      

Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(5)

      353      $ 366,785  

FirstEnergy Corp., Series B, 4.40%, 7/15/27

      257        286,657  

Imola Merger Corp., 4.75%, 5/15/29(5)

      452        467,135  

Leeward Renewable Energy Operations, LLC, 4.25%, 7/1/29(5)

      113        115,526  

NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79(8)

      155        182,585  

NextEra Energy Operating Partners, L.P.:

      

4.25%, 9/15/24(5)

      9        9,484  

4.50%, 9/15/27(5)

      142        153,489  

NRG Energy, Inc.:

      

3.375%, 2/15/29(5)

      106        105,735  

3.625%, 2/15/31(5)

      177        178,580  

5.25%, 6/15/29(5)

      122        131,014  

Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(5)

      197        203,738  

Southern California Edison Co., Series E, 6.25% to 2/1/22(8)(9)

      101        102,712  

 

9

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Southern Co. (The):

      

Series 21-A, 3.75% to 6/15/26, 9/15/51(8)

      120      $ 122,430  

Series B, 4.00% to 10/15/25, 1/15/51(8)

      56        59,220  

Series B, 5.50% to 3/15/22, 3/15/57(8)

      192        195,968  
TerraForm Power Operating, LLC:      

4.25%, 1/31/23(5)

      95        97,767  

5.00%, 1/31/28(5)

      237        256,289  
Vistra Operations Co., LLC:      

4.375%, 5/1/29(5)

      235        241,425  

5.00%, 7/31/27(5)

      232        240,117  
     

 

 

  
      $ 3,516,656  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.1%

      

WESCO Distribution, Inc., 7.25%, 6/15/28(5)

      153      $ 170,507  
     

 

 

  
      $ 170,507  
     

 

 

  

Entertainment — 1.2%

      
AMC Entertainment Holdings, Inc.:      

10.50%, 4/15/25(5)

      94      $ 100,250  

12.00%, (10.00% cash or 12.00% PIK), 6/15/26(5)(12)

      209        186,794  

Banijay Group S.A.S., 6.50%, 3/1/26(6)

    EUR 449        553,265  
Caesars Entertainment, Inc.:      

6.25%, 7/1/25(5)

      417        440,886  

8.125%, 7/1/27(5)

      56        61,655  

Cinemark USA, Inc., 5.25%, 7/15/28(5)

      206        193,905  

Gamma Bidco SpA, 6.25%, 7/15/25(6)

    EUR 200        249,775  

LHMC Finco 2 S.a.r.l., 7.25%, (7.25% cash or 8.00% PIK), 10/2/25(6)(12)

    EUR 501        580,665  
Netflix, Inc.:      

3.00%, 6/15/25(6)

    EUR 370        480,232  

4.875%, 6/15/30(5)

      300        361,840  

5.875%, 11/15/28

      300        373,189  

Powdr Corp., 6.00%, 8/1/25(5)

      253        265,825  
     

 

 

  
      $ 3,848,281  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 0.1%

      
MGM Growth Properties Operating Partnership, L.P./MGP Finance Co-Issuer, Inc.:      

4.50%, 9/1/26

      100      $ 106,678  

5.625%, 5/1/24

      200        216,733  
     

 

 

  
      $ 323,411  
     

 

 

  

Food Products — 1.0%

      

Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC,
5.875%, 2/15/28(5)

      181      $ 193,931  

Casino Guichard Perrachon S.A., 5.25%, 4/15/27(6)

    EUR 125        148,450  

Chobani, LLC/Chobani Finance Corp., Inc., 4.625%, 11/15/28(5)

      70        73,073  

Ingles Markets, Inc., 4.00%, 6/15/31(5)

      115        115,810  

JBS USA LUX S.A./JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30(5)

      386        431,382  
Kraft Heinz Foods Co.:      

3.875%, 5/15/27

      166        183,974  

4.25%, 3/1/31

      371        428,531  

4.375%, 6/1/46

      328        378,623  

4.625%, 10/1/39

      56        66,603  

4.875%, 10/1/49

      82        102,465  

5.50%, 6/1/50

      166        222,741  

 

10

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Land O’ Lakes, Inc., 8.00%(5)(9)

      330      $ 356,400  

Nomad Foods Bondco PLC, 2.50%, 6/24/28(6)

    EUR  371        449,289  
     

 

 

  
      $ 3,151,272  
     

 

 

  

Gas Utilities — 0.1%

      

NiSource, Inc., 5.65% to 6/15/23(8)(9)

      280      $ 294,350  
     

 

 

  
      $ 294,350  
     

 

 

  

Health Care Equipment & Supplies — 0.9%

      

Centene Corp.:

      

2.50%, 3/1/31

      311      $ 311,844  

3.00%, 10/15/30

      377        392,329  

3.375%, 2/15/30

      308        321,788  

4.625%, 12/15/29

      319        350,007  

CHS/Community Health Systems, Inc., 6.875%, 4/15/29(5)

      105        110,863  

Compass Minerals International, Inc., 6.75%, 12/1/27(5)

      182        194,982  

LifePoint Health, Inc., 5.375%, 1/15/29(5)

      213        212,206  

Molina Healthcare, Inc., 3.875%, 11/15/30(5)

      245        260,219  

US Acute Care Solutions, LLC, 6.375%, 3/1/26(5)

      274        285,302  

Varex Imaging Corp., 7.875%, 10/15/27(5)

      243        271,924  
     

 

 

  
      $ 2,711,464  
     

 

 

  

Health Care Providers & Services — 0.7%

      

Encompass Health Corp.:

      

4.50%, 2/1/28

      8      $ 8,320  

4.625%, 4/1/31

      127        138,297  

4.75%, 2/1/30

      191        204,370  

HCA, Inc.:

      

5.375%, 9/1/26

      270        314,212  

5.625%, 9/1/28

      245        294,936  

Legacy LifePoint Health, LLC:

      

4.375%, 2/15/27(5)

      131        131,763  

6.75%, 4/15/25(5)

      130        137,824  

ModivCare, Inc., 5.875%, 11/15/25(5)

      182        193,693  

Molina Healthcare, Inc., 4.375%, 6/15/28(5)

      103        107,893  

Tenet Healthcare Corp.:

      

4.625%, 9/1/24(5)

      49        50,164  

4.875%, 1/1/26(5)

      290        299,787  

5.125%, 11/1/27(5)

      138        144,727  

6.75%, 6/15/23

      71        77,124  
     

 

 

  
      $ 2,103,110  
     

 

 

  

Home Builders — 0.1%

      

WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(5)

      201      $ 210,547  
     

 

 

  
      $ 210,547  
     

 

 

  

Hotels, Restaurants & Leisure — 0.9%

      

1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.:

      

3.875%, 1/15/28(5)

      286      $ 288,833  

4.375%, 1/15/28(5)

      182        184,967  

5.75%, 4/15/25(5)

      66        69,742  

Caesars Resort Collection, LLC/CRC Finco, Inc., 5.25%, 10/15/25(5)

      232        234,183  

Gateway Casinos & Entertainment, Ltd., 8.25%, 3/1/24(5)

      583        584,682  

 

11

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Lithia Motors, Inc.:

      

4.375%, 1/15/31(5)

      131      $ 143,034  

4.625%, 12/15/27(5)

      91        96,919  

MGM Resorts International, 4.75%, 10/15/28

      264        278,236  

NH Hotel Group S.A., 4.00%, 7/2/26(6)

    EUR  136        161,380  

Viking Cruises, Ltd., 5.875%, 9/15/27(5)

      639        608,648  

Wynn Las Vegas, LLC/Wynn Las Vegas Capital Corp., 5.25%, 5/15/27(5)

      254        266,929  
     

 

 

  
      $ 2,917,553  
     

 

 

  

Household Products — 0.0%(4)

      

Spectrum Brands, Inc., 5.00%, 10/1/29(5)

      73      $ 77,558  
     

 

 

  
      $ 77,558  
     

 

 

  

Independent Power and Renewable Electricity Producers — 0.3%

      

Calpine Corp.:

      

5.125%, 3/15/28(5)

      273      $ 276,772  

5.25%, 6/1/26(5)

      101        104,167  

NRG Energy, Inc.:

      

5.75%, 1/15/28

      210        223,658  

7.25%, 5/15/26

      271        282,243  
     

 

 

  
      $ 886,840  
     

 

 

  

Industrial Conglomerates — 0.2%

      

Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(5)

      165      $ 172,631  

Dycom Industries, Inc., 4.50%, 4/15/29(5)

      224        227,090  

Gatwick Airport Finance PLC, 4.375%, 4/7/26(6)

    GBP 145        203,284  
     

 

 

  
      $ 603,005  
     

 

 

  

Insurance — 0.6%

      

Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(5)

      453      $ 473,408  

AmWINS Group, Inc., 4.875%, 6/30/29(5)

      111        113,359  

BroadStreet Partners, Inc., 5.875%, 4/15/29(5)

      231        234,190  

Galaxy Finco, Ltd., 9.25%, 7/31/27(6)

    GBP 525        769,857  

QBE Insurance Group, Ltd., 5.875% to 5/12/25(5)(8)(9)

      222        244,200  
     

 

 

  
      $ 1,835,014  
     

 

 

  

Internet — 0.1%

      

Endure Digital, Inc., 6.00%, 2/15/29(5)

      136      $ 132,267  

United Group B.V., 4.00%, 11/15/27(6)

    EUR 125        147,089  
     

 

 

  
      $ 279,356  
     

 

 

  

Internet & Direct Marketing Retail — 0.1%

      

Cars.com, Inc., 6.375%, 11/1/28(5)

      185      $ 197,753  
     

 

 

  
      $ 197,753  
     

 

 

  

Leisure Products — 1.0%

      

Carnival Corp.:

      

5.75%, 3/1/27(5)

      207      $ 210,622  

7.625%, 3/1/26(5)

      87        92,003  

7.625%, 3/1/26(6)

    EUR  390        504,113  

Carnival PLC, 1.00%, 10/28/29

    EUR  350        333,219  

Explorer II AS, 3.375%, 2/24/25

    EUR 465        523,695  

Life Time, Inc.:

      

5.75%, 1/15/26(5)

      199        202,728  

8.00%, 4/15/26(5)

      208        218,140  

 

12

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

NCL Corp., Ltd.:

      

3.625%, 12/15/24(5)

      189      $ 180,041  

5.875%, 3/15/26(5)

      106        106,928  

10.25%, 2/1/26(5)

      155        177,281  

NCL Finance, Ltd., 6.125%, 3/15/28(5)

      55        55,621  

Royal Caribbean Cruises, Ltd.:

      

3.70%, 3/15/28

      111        104,967  

4.25%, 6/15/23

      29        37,327  

Sabre GLBL, Inc., 9.25%, 4/15/25(5)

      86        100,729  

Viking Cruises, Ltd., 7.00%, 2/15/29(5)

      104        104,794  

Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29(5)

      66        66,253  
     

 

 

  
      $ 3,018,461  
     

 

 

  

Machinery — 0.3%

      

Frigoglass Finance B.V., 6.875%, 2/12/25(6)

    EUR 475      $ 494,126  

IMA Industria Macchine Automatiche SpA, 3.75%, 1/15/28(6)

    EUR 381        455,351  
     

 

 

  
      $ 949,477  
     

 

 

  

Media — 2.5%

      

Altice France S.A.:

      

7.375%, 5/1/26(5)

      202      $ 210,333  

8.125%, 2/1/27(5)

      458        496,493  

Beasley Mezzanine Holdings, LLC, 8.625%, 2/1/26(5)

      308        312,269  

CCO Holdings, LLC/CCO Holdings Capital Corp.:

      

4.25%, 2/1/31(5)

      286        295,444  

4.50%, 8/15/30(5)

      290        304,862  

4.75%, 3/1/30(5)

      322        341,707  

5.375%, 6/1/29(5)

      110        120,018  

Clear Channel Outdoor Holdings, Inc.:

      

7.50%, 6/1/29(5)

      191        198,518  

7.75%, 4/15/28(5)

      240        250,603  

CSC Holdings, LLC:

      

3.375%, 2/15/31(5)

      200        190,265  

5.75%, 1/15/30(5)

      416        434,136  

7.50%, 4/1/28(5)

      200        218,500  

Diamond Sports Group, LLC/Diamond Sports Finance Co., 5.375%, 8/15/26(5)

      369        214,481  

DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc., 5.875%, 8/15/27(5)(7)

      182        188,397  

Entercom Media Corp., 6.75%, 3/31/29(5)

      261        266,532  

LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(5)

      205        210,296  

Mav Acquisition Corp., 8.00%, 8/1/29(5)

      201        196,958  

National CineMedia, LLC:

      

5.75%, 8/15/26

      189        157,981  

5.875%, 4/15/28(5)

      245        230,625  

Outfront Media Capital, LLC/Outfront Media Capital Corp., 6.25%, 6/15/25(5)

      137        145,786  
Sirius XM Radio, Inc.:      

4.625%, 7/15/24(5)

      291        298,275  

5.00%, 8/1/27(5)

      218        228,092  

Summer (BC) Holdco A S.a.r.l., 9.25%, 10/31/27(6)

    EUR 264        340,383  

 

13

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(6)

    EUR 400      $ 497,615  

Terrier Media Buyer, Inc., 8.875%, 12/15/27(5)

      225        240,919  

Townsquare Media, Inc., 6.875%, 2/1/26(5)

      239        255,132  

Univision Communications, Inc., 4.50%, 5/1/29(5)

      186        186,692  

UPCB Finance VII, Ltd., 3.625%, 6/15/29(6)

    EUR  116        141,645  

Urban One, Inc., 7.375%, 2/1/28(5)

      236        252,848  

Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(6)

    GBP 350        496,133  
     

 

 

  
      $ 7,921,938  
     

 

 

  

Metals & Mining — 1.7%

      

Allegheny Ludlum, LLC, 6.95%, 12/15/25

      598      $ 651,847  

Arconic Corp., 6.125%, 2/15/28(5)

      101        107,698  

Big River Steel, LLC/BRS Finance Corp., 6.625%, 1/31/29(5)

      233        256,513  

Bombardier, Inc.:

      

7.50%, 12/1/24(5)

      53        55,186  

7.875%, 4/15/27(5)

      269        278,825  

BWX Technologies, Inc.:

      

4.125%, 6/30/28(5)

      159        163,339  

4.125%, 4/15/29(5)

      118        121,119  

Centennial Resource Production, LLC, 5.375%, 1/15/26(5)

      237        229,044  

Cleveland-Cliffs, Inc.:

      

6.75%, 3/15/26(5)

      360        388,985  

9.875%, 10/17/25(5)

      52        60,840  

Freeport-McMoRan, Inc., 5.45%, 3/15/43

      297        382,186  

Hudbay Minerals, Inc.:

      

4.50%, 4/1/26(5)

      174        177,263  

6.125%, 4/1/29(5)

      151        163,080  

Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(5)

      1,024        1,094,482  

Joseph T. Ryerson & Son, Inc., 8.50%, 8/1/28(5)

      127        140,816  

New Gold, Inc.:

      

6.375%, 5/15/25(5)

      38        39,188  

7.50%, 7/15/27(5)

      491        530,069  

Novelis Corp.:

      

3.25%, 11/15/26(5)(7)

      89        90,449  

5.875%, 9/30/26(5)

      180        187,016  

TMS International Corp., 6.25%, 4/15/29(5)

      101        106,151  
     

 

 

  
      $ 5,224,096  
     

 

 

  

Multi-Utilities — 0.1%

      

Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(8)(9)

      345      $ 365,053  
     

 

 

  
      $ 365,053  
     

 

 

  

Oil and Gas — 0.0%(4)

      

TechnipFMC PLC, 6.50%, 2/1/26(5)

      47      $ 50,384  
     

 

 

  
      $ 50,384  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.7%

      

Aethon United BR, L.P./Aethon United Finance Corp., 8.25%, 2/15/26(5)

      350      $ 374,849  

Archrock Partners, L.P./Archrock Partners Finance Corp., 6.25%, 4/1/28(5)

      135        137,909  

Callon Petroleum Co., 8.00%, 8/1/28(5)

      172        161,844  

Colgate Energy Partners III, LLC:

      

5.875%, 7/1/29(5)

      227        236,125  

7.75%, 2/15/26(5)

      190        204,491  

 

14

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Continental Resources, Inc.:

      

4.375%, 1/15/28

      206      $ 228,463  

4.90%, 6/1/44

      8        9,242  

5.75%, 1/15/31(5)

      233        281,195  

CrownRock, L.P./CrownRock Finance, Inc.:

      

5.00%, 5/1/29(5)

      221        231,387  

5.625%, 10/15/25(5)

      259        266,194  

CVR Energy, Inc., 5.75%, 2/15/28(5)

      439        426,346  

DCP Midstream, L.P., Series A, 7.375% to 12/15/22(8)(9)

      160        155,926  

Endeavor Energy Resources, L.P./EER Finance, Inc.:

      

5.50%, 1/30/26(5)

      155        160,236  

5.75%, 1/30/28(5)

      40        41,966  

EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(8)(9)

      432        338,472  

EQT Corp.:

      

5.00%, 1/15/29

      53        60,001  

6.625%, 2/1/25

      69        79,830  

7.50%, 2/1/30

      102        134,124  

Great Western Petroleum, LLC/Great Western Finance Corp., 12.00%, 9/1/25(5)

      248        247,742  

Laredo Petroleum, Inc.:

      

9.50%, 1/15/25

      74        76,128  

10.125%, 1/15/28

      112        118,033  

Matador Resources Co., 5.875%, 9/15/26

      270        274,818  

Nabors Industries, Ltd.:

      

7.25%, 1/15/26(5)

      110        103,029  

7.50%, 1/15/28(5)

      118        107,372  

9.00%, 2/1/25(5)

      95        98,246  

Occidental Petroleum Corp.:

      

3.40%, 4/15/26

      76        76,861  

3.45%, 7/15/24

      42        42,564  

3.50%, 8/15/29

      101        101,009  

4.20%, 3/15/48

      156        149,581  

4.40%, 8/15/49

      125        121,473  

4.625%, 6/15/45

      84        84,546  

6.125%, 1/1/31

      193        228,261  

6.20%, 3/15/40

      81        94,072  

6.375%, 9/1/28

      93        108,676  

6.45%, 9/15/36

      93        112,423  

6.625%, 9/1/30

      254        310,260  

Odebrecht Oil & Gas Finance, Ltd., 0.0%(5)(9)

      862        11,859  

Ovintiv, Inc.:

      

6.50%, 8/15/34

      8        10,695  

6.50%, 2/1/38

      154        209,957  

6.625%, 8/15/37

      18        24,545  

8.125%, 9/15/30

      40        55,136  

PBF Holding Co., LLC/PBF B.V. Finance Corp., 9.25%, 5/15/25(5)

      205        187,831  

Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(8)(9)

      747        669,499  

Precision Drilling Corp.:

      

6.875%, 1/15/29(5)

      152        156,560  

7.125%, 1/15/26(5)

      99        102,342  

 

15

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Shelf Drilling Holdings, Ltd.:

      

8.25%, 2/15/25(5)

      245      $ 184,917  

8.875%, 11/15/24(5)

      71        73,038  
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp.:      

4.00%, 1/15/32(5)

      169        174,915  

5.50%, 3/1/30

      36        39,731  

5.875%, 4/15/26

      155        162,363  

Transocean Pontus, Ltd., 6.125%, 8/1/25(5)

      87        86,026  

Transocean Poseidon, Ltd., 6.875%, 2/1/27(5)

      181        176,916  
     

 

 

  
      $ 8,310,024  
     

 

 

  

Pharmaceuticals — 1.1%

      

AdaptHealth, LLC:

      

4.625%, 8/1/29(5)

      65      $ 64,837  

6.125%, 8/1/28(5)

      310        326,281  

Bausch Health Americas, Inc.:

      

8.50%, 1/31/27(5)

      448        484,960  

9.25%, 4/1/26(5)

      105        113,794  

Bausch Health Companies, Inc.:

      

5.25%, 1/30/30(5)

      71        66,911  

5.25%, 2/15/31(5)

      71        66,655  

5.50%, 11/1/25(5)

      129        131,908  

7.25%, 5/30/29(5)

      98        101,776  

9.00%, 12/15/25(5)

      245        261,805  

Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(5)

      218        216,963  

Gruenenthal GmbH:

      

4.125%, 5/15/28(6)

    EUR  119        145,406  

4.125%, 5/15/28(6)

    EUR 145        177,175  

Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25(5)

      392        426,300  

HLF Financing S.a.r.l, LLC/Herbalife International, Inc., 4.875%, 6/1/29(5)

      276        278,989  

Jazz Securities DAC, 4.375%, 1/15/29(5)

      224        233,775  

Owens & Minor, Inc., 4.50%, 3/31/29(5)

      180        184,731  
     

 

 

  
      $ 3,282,266  
     

 

 

  

Pipelines — 1.0%

      

Antero Midstream Partners, L.P./Antero Midstream Finance Corp.:

      

5.75%, 3/1/27(5)

      153      $ 157,972  

7.875%, 5/15/26(5)

      109        120,973  

Cheniere Energy Partners, L.P.:

      

4.00%, 3/1/31(5)

      519        549,647  

4.50%, 10/1/29

      199        214,920  

Cheniere Energy, Inc., 4.625%, 10/15/28

      183        193,433  

DT Midstream, Inc., 4.125%, 6/15/29(5)

      172        176,636  

Energy Transfer, L.P., Series B, 6.625% to 2/15/28(8)(9)

      147        144,964  

EQM Midstream Partners, L.P.:

      

4.50%, 1/15/29(5)

      137        139,105  

6.00%, 7/1/25(5)

      116        126,478  

6.50%, 7/1/27(5)

      116        130,363  

Genesis Energy, L.P./Genesis Energy Finance Corp., 8.00%, 1/15/27

      123        126,974  

New Fortress Energy, Inc., 6.50%, 9/30/26(5)

      382        386,410  

Targa Resources Partners, L.P./Targa Resources Partners Finance Corp.,
4.875%, 2/1/31(5)

      37        40,059  

 

16

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Venture Global Calcasieu Pass, LLC:

      

3.875%, 8/15/29(5)(7)

      146      $ 149,468  

4.125%, 8/15/31(5)(7)

      130        134,713  

Western Midstream Operating, L.P.:

      

4.50%, 3/1/28

      27        29,088  

4.75%, 8/15/28

      24        26,099  

5.30%, 2/1/30

      207        232,678  
     

 

 

  
      $ 3,079,980  
     

 

 

  

Real Estate Investment Trusts (REITs) — 1.1%

      

ADLER Group S.A.:

      

2.75%, 11/13/26(6)

    EUR  200      $ 235,860  

3.25%, 8/5/25(6)

    EUR 500        602,978  

Aedas Homes Opco SLU, 4.00%, 8/15/26(6)

    EUR  287        348,882  

Diversified Healthcare Trust, 4.375%, 3/1/31

      141        137,830  

HAT Holdings I, LLC/HAT Holdings II, LLC:

      

3.75%, 9/15/30(5)

      151        150,879  

6.00%, 4/15/25(5)

      127        133,838  

Heimstaden Bostad AB, 3.00% to 10/29/27(6)(8)(9)

    EUR 415        494,775  

Service Properties Trust:

      

3.95%, 1/15/28

      253        237,504  

4.95%, 10/1/29

      23        22,346  

5.50%, 12/15/27

      49        52,320  

7.50%, 9/15/25

      167        188,451  

Signa Development Finance SCS, 5.50%, 7/23/26(6)

    EUR 300        343,862  

VICI Properties, L.P./VICI Note Co., Inc.:

      

3.75%, 2/15/27(5)

      27        27,844  

4.125%, 8/15/30(5)

      198        208,580  

4.25%, 12/1/26(5)

      300        312,459  

4.625%, 12/1/29(5)

      66        70,828  
     

 

 

  
      $ 3,569,236  
     

 

 

  

Semiconductors & Semiconductor Equipment — 0.1%

      

ON Semiconductor Corp., 3.875%, 9/1/28(5)

      258      $ 269,089  
     

 

 

  
      $ 269,089  
     

 

 

  

Software — 0.2%

      

Black Knight InfoServ, LLC, 3.625%, 9/1/28(5)

      216      $ 216,734  

Playtika Holding Corp., 4.25%, 3/15/29(5)

      222        221,723  

SS&C Technologies, Inc., 5.50%, 9/30/27(5)

      95        100,662  
     

 

 

  
      $ 539,119  
     

 

 

  

Specialty Retail — 1.5%

      

Carrols Restaurant Group, Inc., 5.875%, 7/1/29(5)

      74      $ 71,873  

Dave & Buster’s, Inc., 7.625%, 11/1/25(5)

      371        393,875  

Dufry One B.V., 3.375%, 4/15/28(6)

    EUR 379        445,702  

eG Global Finance PLC, 6.25%, 10/30/25(6)

    EUR 350        426,480  

Entegris, Inc., 4.375%, 4/15/28(5)

      125        131,687  

Group 1 Automotive, Inc., 4.00%, 8/15/28(5)

      145        149,325  

IRB Holding Corp., 7.00%, 6/15/25(5)

      77        82,198  

Ken Garff Automotive, LLC, 4.875%, 9/15/28(5)

      155        159,639  

 

17

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

L Brands, Inc.:

      

6.625%, 10/1/30(5)

      144      $ 166,320  

6.75%, 7/1/36

      80        102,111  

6.875%, 11/1/35

      289        372,293  

6.95%, 3/1/33

      67        82,001  

7.60%, 7/15/37

      45        57,695  

9.375%, 7/1/25(5)

      53        68,768  

LCM Investments Holdings II, LLC, 4.875%, 5/1/29(5)

      200        205,303  

Lithia Motors, Inc., 3.875%, 6/1/29(5)

      86        90,684  
PetSmart, Inc./PetSmart Finance Corp.:      

4.75%, 2/15/28(5)

      264        274,457  

7.75%, 2/15/29(5)

      250        274,436  

Punch Finance PLC, 6.125%, 6/30/26(6)

    GBP  340        481,012  

Suburban Propane Partners, L.P./Suburban Energy Finance Corp., 5.00%, 6/1/31(5)

      135        140,623  

Superior Plus, L.P./Superior General Partner, Inc., 4.50%, 3/15/29(5)

      207        213,240  

Victoria’s Secret & Co., 4.625%, 7/15/29(5)

      126        126,332  

White Cap Parent, LLC, 8.25%, (8.25% cash or 9.00% PIK), 3/15/26(5)(12)

      108        111,516  

Yum! Brands, Inc., 3.625%, 3/15/31

      182        185,868  
     

 

 

  
      $ 4,813,438  
     

 

 

  

Technology Hardware, Storage & Peripherals — 0.2%

      

Booz Allen Hamilton, Inc.:

      

3.875%, 9/1/28(5)

      223      $ 227,777  

4.00%, 7/1/29(5)

      97        99,885  

Science Applications International Corp., 4.875%, 4/1/28(5)

      260        273,235  

Seagate HDD Cayman, 3.125%, 7/15/29(5)

      139        136,418  
     

 

 

  
      $ 737,315  
     

 

 

  

Telecommunications — 1.2%

      

Altice France Holding S.A., 10.50%, 5/15/27(5)

      200      $ 220,264  

Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(5)

      421        443,102  

LogMeIn, Inc., 5.50%, 9/1/27(5)

      431        448,261  

Sprint Capital Corp., 6.875%, 11/15/28

      250        322,840  

Sprint Corp., 7.875%, 9/15/23

      375        424,744  

T-Mobile USA, Inc.:

      

2.25%, 2/15/26

      132        133,666  

2.625%, 2/15/29

      165        165,261  

2.875%, 2/15/31

      99        99,684  

4.50%, 2/1/26

      155        158,797  

4.75%, 2/1/28

      170        180,931  

Telecom Italia Capital S.A., 6.00%, 9/30/34

      215        247,164  

Telecom Italia Finance S.A., 7.75%, 1/24/33

    EUR 26        45,641  

Telecom Italia SpA, 2.75%, 4/15/25(6)

    EUR  140        175,513  

Vmed O2 UK Financing I PLC, 3.25%, 1/31/31(6)

    EUR 100        120,188  

Vodafone Group PLC:

      

2.625% to 5/27/26, 8/27/80(6)(8)

    EUR  220        272,786  

4.875% to 7/3/25, 10/3/78(6)(8)

    GBP 215        325,291  

Zayo Group Holdings, Inc., 6.125%, 3/1/28(5)

      105        106,986  
     

 

 

  
      $ 3,891,119  
     

 

 

  

 

18

 

 

                                                 
Security    Principal
Amount*
(000’s omitted)		      Value  

Transportation — 0.2%

      

Cargo Aircraft Management, Inc., 4.75%, 2/1/28(5)

      247      $ 253,053  

CMA CGM S.A., 5.25%, 1/15/25(6)

    EUR 127        153,923  

Seaspan Corp., 5.50%, 8/1/29(5)

      213        212,672  

XPO Logistics, Inc., 6.125%, 9/1/23(5)

      80        80,486  
     

 

 

  
      $ 700,134  
     

 

 

  

Wireless Telecommunication Services — 0.1%

      

Sprint Corp., 7.625%, 3/1/26

      157      $ 191,977  
     

 

 

  
      $ 191,977  
     

 

 

  

Total Corporate Bonds
(identified cost $101,327,344)

       $ 105,094,387  
     

 

 

  
Exchange-Traded Funds — 0.2%      
Security    Shares      Value  

Equity Funds — 0.2%

      

Global X U.S. Preferred ETF

      13,435      $ 351,191  

iShares Preferred & Income Securities ETF

      9,052        356,830  
     

 

 

  

Total Exchange-Traded Funds
(identified cost $668,413)

       $ 708,021  
     

 

 

  

Preferred Stocks — 1.4%

      
Security    Shares      Value  

Banks — 0.3%

      

Farm Credit Bank of Texas, 6.75% to 9/15/23(5)(8)

      1,115      $ 120,420  

First Republic Bank, Series M, 4.00%

      4,600        115,000  

JPMorgan Chase & Co., Series LL, 4.625%

      2,350        61,805  

Signature Bank, Series A, 5.00%

      5,000        131,550  

Wells Fargo & Co.:

      

Series DD, 4.25%

      5,000        125,100  

Series L, 7.50% (Convertible)

      103        155,788  

Series Z, 4.75%

      4,762        124,717  
     

 

 

  
      $ 834,380  
     

 

 

  

Capital Markets — 0.1%

      

Affiliated Managers Group, Inc., 4.75%

      2,250      $ 60,120  

KKR Group Finance Co. IX, LLC, 4.625%

      7,000        183,995  

Stifel Financial Corp., Series D, 4.50%

      4,600        116,748  
     

 

 

  
      $ 360,863  
     

 

 

  

Electric Utilities — 0.1%

      

Brookfield BRP Holdings Canada, Inc., 4.625%

      7,000      $ 175,420  

SCE Trust III, Series H, 5.75% to 3/15/24(8)

      5,331        135,141  

SCE Trust IV, Series J, 5.375% to 9/15/25(8)

      1,911        47,871  

SCE Trust V, Series K, 5.45% to 3/15/26(8)

      3,551        90,550  
     

 

 

  
      $ 448,982  
     

 

 

  

 

19

 

 

                                                 
Security    Shares      Value  

Equity Real Estate Investment Trusts (REITs) — 0.0%(4)

      

SITE Centers Corp., Series A, 6.375%

      4,730      $ 125,534  
     

 

 

  
      $ 125,534  
     

 

 

  

Food Products — 0.1%

      

Dairy Farmers of America, Inc., 7.875%(5)

      2,550      $ 257,453  

Ocean Spray Cranberries, Inc., Series A, 6.25%(5)

      540        50,490  
     

 

 

  
      $ 307,943  
     

 

 

  

Health Care Equipment & Supplies — 0.1%

      

Becton Dickinson and Co., Series B, 6.00%

      3,268      $ 183,727  
     

 

 

  
      $ 183,727  
     

 

 

  

Independent Power and Renewable Electricity Producers — 0.0%(4)

      

Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24(8)

      2,867      $ 80,369  
     

 

 

  
      $ 80,369  
     

 

 

  

Insurance — 0.2%

      

American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(8)

      7,517      $ 213,708  

Arch Capital Group, Ltd., Series G, 4.55%

      7,000        180,320  

Athene Holding, Ltd., Series C, 6.375% to 6/30/25(8)

      5,920        170,200  
     

 

 

  
      $ 564,228  
     

 

 

  

Oil, Gas & Consumable Fuels — 0.1%

      

NuStar Energy, L.P., Series B, 7.625% to 6/15/22(8)

      17,162      $ 399,875  
     

 

 

  
      $ 399,875  
     

 

 

  

Pipelines — 0.1%

      

Energy Transfer Operating, L.P.:

      

Series C, 7.375% to 5/15/23(8)

      3,000      $ 75,210  

Series E, 7.60% to 5/15/24(8)

      4,970        124,648  
     

 

 

  
      $ 199,858  
     

 

 

  

Real Estate Management & Development — 0.1%

      

Brookfield Property Partners, L.P.:

      

Series A, 5.75%

      6,545      $ 160,287  

Series A2, 6.375%

      8,191        208,297  
     

 

 

  
      $ 368,584  
     

 

 

  

Trading Companies & Distributors — 0.1%

      

WESCO International, Inc., Series A, 10.625%(8)

      12,788      $ 397,067  
     

 

 

  
      $ 397,067  
     

 

 

  

Wireless Telecommunication Services — 0.1%

      

United States Cellular Corp., 5.50%

      6,385      $ 168,245  
     

 

 

  
      $ 168,245  
     

 

 

  

Total Preferred Stocks
(identified cost $4,292,753)

       $ 4,439,655  
     

 

 

  

Senior Floating-Rate Loans — 2.0%(13)

      
Borrower/Description    Principal
Amount
(000’s omitted)		      Value  

Air Transport — 0.2%

      

Air Canada, Term Loan, 7/27/28(14)

    $ 204      $ 204,595  

 

20

 

 

                                                 
Borrower/Description    Principal
Amount
(000’s omitted)		      Value  

Mileage Plus Holdings, LLC, Term Loan, 6.25%, (3 mo. USD LIBOR + 5.25%, Floor 1.00%), 6/21/27

    $ 426      $ 452,692  
     

 

 

  
      $ 657,287  
     

 

 

  

Automotive — 0.1%

      

Truck Hero, Inc., Term Loan, 4.50%, (1 mo. USD LIBOR + 3.75%, Floor 0.75%), 1/31/28

    $ 235      $ 235,072  

Wheel Pros, LLC, Term Loan, 5.25%, (1 mo. USD LIBOR + 4.50%, Floor 0.75%), 5/11/28

      198        198,866  
     

 

 

  
      $ 433,938  
     

 

 

  

Building and Development — 0.1%

      

SRS Distribution, Inc., Term Loan, 6/2/28(14)

    $ 209      $ 207,824  
     

 

 

  
      $ 207,824  
     

 

 

  

Business Equipment and Services — 0.2%

      

AlixPartners, LLP, Term Loan, 3.25%, (1 mo. USD LIBOR + 2.75%, Floor 0.50%), 2/4/28

    $ 210      $ 209,446  

Endure Digital, Inc., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.50%, Floor 0.75%), 2/10/28

      196        193,622  

Travelport Finance (Luxembourg) S.a.r.l., Term Loan, 2/28/25(14)

      208        212,076  
     

 

 

  
      $ 615,144  
     

 

 

  

Cable and Satellite Television — 0.0%(4)

      

DirecTV Financing, LLC, Term Loan, 7/22/27(14)

    $ 132      $ 131,926  
     

 

 

  
      $ 131,926  
     

 

 

  

Drugs — 0.2%

      

Jazz Financing Lux S.a.r.l., Term Loan, 4.00%, (1 mo. USD LIBOR + 3.50%, Floor 0.50%), 4/21/28

    $ 570      $ 571,307  
     

 

 

  
      $ 571,307  
     

 

 

  

Electronics/Electrical — 0.3%

      

LogMeIn, Inc., Term Loan, 4.85%, (1 mo. USD LIBOR + 4.75%), 8/31/27

    $ 446      $ 444,975  

RealPage, Inc., Term Loan, 3.75%, (1 mo. USD LIBOR + 3.25%, Floor 0.50%), 4/24/28

      223        221,870  

Riverbed Technology, Inc.:

      

Term Loan, 12/31/25(14)

      170        160,984  

Term Loan - Second Lien, 12.00%, (3 mo. USD LIBOR + 11.00%, Floor 1.00%), 7.50%
cash, 4.50% PIK, 12/31/26

      286        226,458  
     

 

 

  
      $ 1,054,287  
     

 

 

  

Financial Intermediaries — 0.1%

      

Spectacle Gary Holdings, LLC:

      

Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), 12/23/25

    $ 162      $ 176,845  

Term Loan, 11.00%, (3 mo. USD LIBOR + 9.00%, Floor 2.00%), 12/23/25

      12        12,815  
     

 

 

  
      $ 189,660  
     

 

 

  

Food Products — 0.0%(4)

      

Post Holdings, Inc., Term Loan, 4.75%, (1 mo. USD LIBOR + 4.00%, Floor 0.75%), 10/21/24

    $ 89      $ 89,257  
     

 

 

  
      $ 89,257  
     

 

 

  

Food Service — 0.1%

      

IRB Holding Corp., Term Loan, 4.25%, (3 mo. USD LIBOR + 3.25%, Floor 1.00%), 12/15/27

    $ 241      $ 240,295  
     

 

 

  
      $ 240,295  
     

 

 

  

Health Care — 0.1%

      

Verscend Holding Corp., Term Loan, 4.092%, (1 mo. USD LIBOR + 4.00%), 8/27/25

    $ 250      $ 250,000  
     

 

 

  
      $ 250,000  
     

 

 

  

 

21

 

 

                                                 
Borrower/Description    Principal
Amount
(000’s omitted)		      Value  

Insurance — 0.2%

      
Asurion, LLC:      

Term Loan, 3.342%, (1 mo. USD LIBOR + 3.25%), 7/31/27

    $ 153      $ 150,053  

Term Loan - Second Lien, 5.342%, (1 mo. USD LIBOR + 5.25%), 1/31/28

      240        239,150  

Term Loan - Second Lien, 1/20/29(14)

      174        173,565  
     

 

 

  
      $ 562,768  
     

 

 

  

Leisure Goods/Activities/Movies — 0.1%

      

Playtika Holding Corp., Term Loan, 2.842%, (1 mo. USD LIBOR + 2.75%), 3/13/28

    $ 316      $ 313,809  
     

 

 

  
      $ 313,809  
     

 

 

  

Lodging and Casinos — 0.1%

      

Gateway Casinos & Entertainment Limited, Term Loan, 12/1/23(14)

    $ 62      $ 61,561  

Playa Resorts Holding B.V., Term Loan, 3.75%, (1 mo. USD LIBOR + 2.75%, Floor 1.00%), 4/29/24

      307        295,602  
     

 

 

  
      $ 357,163  
     

 

 

  

Nonferrous Metals/Minerals — 0.1%

      

American Rock Salt Company, LLC, Term Loan, 6/4/28(14)

    $ 206      $ 206,644  
     

 

 

  
      $ 206,644  
     

 

 

  

Retailers (Except Food and Drug) — 0.1%

      

PetSmart, Inc., Term Loan, 4.50%, (6 mo. USD LIBOR + 3.75%, Floor 0.75%), 2/12/28

    $ 387      $ 387,282  
     

 

 

  
      $ 387,282  
     

 

 

  

Total Senior Floating-Rate Loans
(identified cost $6,358,061)

       $ 6,268,591  
     

 

 

  

Miscellaneous — 0.0%(4)

      
Security    Principal
Amount		      Value  

Surface Transport — 0.0%(4)

      

Hertz Corp., Escrow Certificates(1)

    $ 110,000      $ 3,850  

Hertz Corp., Escrow Certificates(1)

      58,000        4,785  

Hertz Corp., Escrow Certificates(1)

      167,000        5,845  
     

 

 

  

Total Miscellaneous
(identified cost $0)

       $ 14,480  
     

 

 

  

Short-Term Investments — 1.4%

 

Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.08%(15)

      4,284,700      $ 4,284,700  
     

 

 

  

Total Short-Term Investments
(identified cost $4,284,700)

 

    $ 4,284,700  
     

 

 

  

Total Investments — 99.7%
(identified cost $240,354,444)

 

    $ 312,239,048  
     

 

 

  

 

22

 

 

                                                 
Description          Value  

Other Assets, Less Liabilities — 0.3%

    $ 1,027,887  
     

 

 

  

Net Assets — 100.0%

    $ 313,266,935  
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

*

In U.S. dollars unless otherwise indicated.

 

(1)

Non-income producing security.

 

(2)

Represents an investment in an issuer that may be deemed to be an affiliate effective March 1, 2021.

 

(3)

For fair value measurement disclosure purposes, security is categorized as Level 3.

 

(4)

Amount is less than 0.05%.

 

(5)

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 $59,299,611 or 18.9% of the Portfolio’s net assets.

 

(6)

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 $20,577,617 or 6.6% of the Portfolio’s net assets.

 

(7)

When-issued security.

 

(8)

Security converts to variable rate after the indicated fixed-rate coupon period.

 

(9)

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

 

(10)

Variable rate security. The stated interest rate represents the rate in effect at July 31, 2021.

 

(11)

Issuer is in default with respect to interest payments.

 

(12)

Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion.

 

(13)

Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold.

 

(14)

This Senior Loan will settle after July 31, 2021, at which time the interest rate will be determined.

 

(15)

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.

Country Concentration of Portfolio

 

                                                 
Country   

Percentage of

Total Investments

     Value  

United States

      62.8 %    $ 196,084,436  

United Kingdom

      7.1       22,160,056  

France

      5.1       16,021,141  

Switzerland

      4.3       13,407,195  

 

23

 

 

                                                 
Country   

Percentage of

Total Investments

     Value  

Japan

      3.8 %     $ 11,919,796  

Germany

      2.3       7,297,507  

Netherlands

      2.2       6,901,290  

Australia

      1.9       5,935,789  

Sweden

      1.6       5,013,364  

Luxembourg

      1.5       4,748,564  

Canada

      1.5       4,712,173  

Spain

      1.2       3,682,764  

Ireland

      1.1       3,370,545  

Denmark

      0.9       2,640,596  

Taiwan

      0.7       2,317,287  

Italy

      0.4       1,173,444  

India

      0.4       1,110,722  

United Arab Emirates

      0.3       1,033,492  

China

      0.2       660,314  

Norway

      0.2       523,695  

Peru

      0.1       340,343  

Mexico

      0.1       251,983  

Hong Kong

      0.1       212,672  

Brazil

      0.0 (1)      11,859  

Exchange-Traded Funds

      0.2       708,021  
  

 

 

    

 

 

  

Total Investments

      100.0 %    $ 312,239,048  
  

 

 

    

 

 

  

 

(1)

Amount is less than 0.05%.

Forward Foreign Currency Exchange Contracts

 

Currency
Purchased		      Currency
Sold		     

Counterparty

    Settlement
Date		      Unrealized
Appreciation		      Unrealized
(Depreciation)		  
USD      153,136      GBP      109,117      State Street Bank and Trust Company      8/31/21      $ 1,453      $ —  
USD      238,568      EUR      195,170      State Street Bank and Trust Company      8/31/21        6,923        —  
                 

 

 

     

 

 

  
   $     8,376      $ —  
                 

 

 

     

 

 

  

Abbreviations:

 

ADR

   -   American Depositary Receipt

EURIBOR

   -   Euro Interbank Offered Rate

LIBOR

   -   London Interbank Offered Rate

PC

   -   Participation Certificate

PIK

   -   Payment In Kind

Currency Abbreviations:

CAD

   -   Canadian Dollar

EUR

   -   Euro

GBP

   -   British Pound Sterling

USD

   -   United States Dollar

 

24

 

 

At July 31, 2021, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.

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 on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

Foreign Exchange Risk: Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.

The Portfolio invested in issuers that may be deemed to be affiliated with Morgan Stanley. At July 31, 2021, the value of the Portfolio’s investment in affiliated issuers and funds was $5,701,963, which represents 1.8% of the Portfolio’s net assets. Transactions in affiliated issuers and funds by the Portfolio for the fiscal year to date ended July 31, 2021 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/
Units, end
of period		  
                                                        

Common Stocks

 

Mitsubishi UFJ Financial Group, Inc.(1)

    $ —      $ —      $ —     $ —      $ 6,166      $ 1,417,263      $ 25,746        268,285  

Short-Term Investments

 

Eaton Vance Cash Reserves Fund, LLC

      1,027,196        63,585,334        (60,327,860 )      30        —        4,284,700        1,955        4,284,700  
          

 

 

     

 

 

     

 

 

     

 

 

     
           $     30      $     6,166      $     5,701,963      $     27,701     
          

 

 

     

 

 

     

 

 

     

 

 

     

 

(1)

May be deemed to be an affiliated issuer as of March 1, 2021.

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, 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

           

Communication Services

    $ 15,822,338      $ 1,563,079     $ —      $ 17,385,417  

Consumer Discretionary

      12,120,544        10,558,340       —        22,678,884  

Consumer Staples

      5,541,843        8,676,903       —        14,218,746  

Energy

      4,886,347        —       —        4,886,347  

Financials

      13,396,875        9,038,320       —        22,435,195  

Health Care

      12,282,395        18,005,154       —        30,287,549  

Industrials

      9,465,296        15,504,391       0        24,969,687  

Information Technology

      29,631,177        12,948,895       —        42,580,072  

Materials

      —        5,889,957       —        5,889,957  

Real Estate

      2,257,389        —       —        2,257,389  

Utilities

      2,098,748        1,598,825       —        3,697,573  

Total Common Stocks

    $     107,502,952      $       83,783,864 **    $ 0      $     191,286,816  

 

25

 

 

Asset Description    Level 1      Level 2      Level 3*      Total  

Convertible Bonds

    $ —      $ 142,398      $ —      $ 142,398  

Corporate Bonds

      —        105,094,387        —        105,094,387  

Exchange-Traded Funds

      708,021        —        —        708,021  

Preferred Stocks

            

Communication Services

      168,245        —        —        168,245  

Consumer Staples

      —        307,943        —        307,943  

Energy

      599,733        —        —        599,733  

Financials

      1,455,056        304,415        —        1,759,471  

Health Care

      183,727        —        —        183,727  

Industrials

      397,067        —        —        397,067  

Real Estate

      494,118        —        —        494,118  

Utilities

      448,982        80,369        —        529,351  

Total Preferred Stocks

    $ 3,746,928      $ 692,727      $ —      $ 4,439,655  

Senior Floating-Rate Loans

    $ —      $ 6,268,591      $ —      $ 6,268,591  

Miscellaneous

      —        14,480        —        14,480  

Short-Term Investments

      —        4,284,700        —        4,284,700  

Total Investments

    $     111,957,901      $     200,281,147      $ 0      $     312,239,048  

Forward Foreign Currency Exchange Contracts

    $ —      $ 8,376      $ —      $ 8,376  

Total

    $ 111,957,901      $ 200,289,523      $ 0      $ 312,247,424  

 

*

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

**

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.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended July 31, 2021 is not presented.

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.

 

26