Eaton Vance
International Small-Cap Fund
February 29, 2020
Portfolio of Investments (Unaudited)
Common Stocks — 94.1% | ||||||||
Security | Shares | Value | ||||||
Australia — 5.3% | ||||||||
Bapcor, Ltd. | 90,585 | $ | 348,880 | |||||
Bravura Solutions, Ltd. | 65,921 | 197,769 | ||||||
Challenger, Ltd. | 20,807 | 125,222 | ||||||
Evolution Mining, Ltd. | 69,323 | 181,224 | ||||||
GDI Property Group | 261,568 | 254,664 | ||||||
Magellan Financial Group, Ltd. | 3,637 | 134,549 | ||||||
Northern Star Resources, Ltd. | 25,047 | 218,764 | ||||||
OZ Minerals, Ltd. | 15,425 | 91,435 | ||||||
Regis Resources, Ltd. | 52,453 | 137,211 | ||||||
Saracen Mineral Holdings, Ltd.(1) | 59,680 | 145,382 | ||||||
Steadfast Group, Ltd. | 43,182 | 107,359 | ||||||
Westgold Resources, Ltd.(1) | 87,060 | 114,589 | ||||||
WiseTech Global, Ltd. | 15,034 | 151,585 | ||||||
$ | 2,208,633 | |||||||
Austria — 2.5% | ||||||||
BAWAG Group AG(2) | 10,386 | $ | 447,876 | |||||
CA Immobilien Anlagen AG | 14,364 | 582,986 | ||||||
$ | 1,030,862 | |||||||
Belgium — 1.4% | ||||||||
Barco NV | 1,248 | $ | 268,330 | |||||
Kinepolis Group NV | 6,212 | 327,786 | ||||||
$ | 596,116 | |||||||
Canada — 6.0% | ||||||||
Allied Properties REIT | 5,221 | $ | 211,874 | |||||
CAE, Inc. | 19,882 | 531,915 | ||||||
Canadian Apartment Properties REIT | 5,486 | 229,413 | ||||||
Keyera Corp. | 7,470 | 179,313 | ||||||
Kirkland Lake Gold, Ltd. | 3,366 | 108,560 | ||||||
Lundin Mining Corp. | 13,749 | 70,166 | ||||||
Pan American Silver Corp. | 6,412 | 126,926 | ||||||
Peyto Exploration & Development Corp. | 64,694 | 106,036 | ||||||
Quebecor, Inc., Class B | 16,121 | 376,647 | ||||||
Seven Generations Energy, Ltd., Class A(1) | 35,230 | 144,883 | ||||||
TMX Group, Ltd. | 4,753 | 395,573 | ||||||
$ | 2,481,306 | |||||||
China — 1.3% | ||||||||
China Meidong Auto Holdings, Ltd. | 165,379 | $ | 248,297 | |||||
CITIC Telecom International Holdings, Ltd. | 747,035 | 273,258 | ||||||
$ | 521,555 | |||||||
Denmark — 0.6% | ||||||||
Topdanmark A/S | 5,408 | $ | 236,215 | |||||
$ | 236,215 | |||||||
France — 1.8% | ||||||||
Kaufman & Broad SA | 8,927 | $ | 360,794 | |||||
Rubis SCA | 7,444 | 403,685 | ||||||
$ | 764,479 |
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Eaton Vance
International Small-Cap Fund
February 29, 2020
Portfolio of Investments (Unaudited) - continued
Security | Shares | Value | ||||||
Germany — 4.5% | ||||||||
AIXTRON SE(1) | 28,033 | $ | 288,063 | |||||
Bechtle AG | 1,720 | 228,909 | ||||||
Carl Zeiss Meditec AG | 1,987 | 211,385 | ||||||
GRENKE AG | 2,353 | 220,371 | ||||||
New Work SE | 649 | 175,107 | ||||||
Norma Group SE | 8,010 | 264,915 | ||||||
Rational AG | 631 | 431,628 | ||||||
Salzgitter AG | 2,287 | 38,346 | ||||||
$ | 1,858,724 | |||||||
Ireland — 1.6% | ||||||||
Irish Residential Properties REIT PLC | 230,864 | $ | 359,677 | |||||
UDG Healthcare PLC | 35,642 | 325,167 | ||||||
$ | 684,844 | |||||||
Italy — 5.1% | ||||||||
Amplifon SpA | 8,260 | $ | 236,967 | |||||
Banca Farmafactoring SpA(2) | 53,327 | 327,997 | ||||||
DiaSorin SpA | 2,563 | 293,655 | ||||||
FinecoBank Banca Fineco SpA | 20,098 | 210,889 | ||||||
Interpump Group SpA | 16,397 | 496,414 | ||||||
MARR SpA | 16,018 | 297,047 | ||||||
Moncler SpA | 6,775 | 266,603 | ||||||
$ | 2,129,572 | |||||||
Japan — 26.6% | ||||||||
Asahi Co., Ltd. | 15,111 | $ | 151,825 | |||||
Chiba Bank, Ltd. (The) | 46,995 | 227,692 | ||||||
Daiichikosho Co., Ltd. | 5,611 | 229,393 | ||||||
Dowa Holdings Co., Ltd. | 10,987 | 356,923 | ||||||
FP Corp. | 8,702 | 522,386 | ||||||
Fukuoka Financial Group, Inc. | 14,556 | 217,834 | ||||||
Invesco Office J REIT, Inc. | 2,329 | 470,878 | ||||||
Itochu Advance Logistics Investment Corp. | 365 | 392,859 | ||||||
Itochu Techno-Solutions Corp. | 19,224 | 538,451 | ||||||
J. Front Retailing Co., Ltd. | 17,042 | 181,080 | ||||||
Japan Lifeline Co., Ltd. | 15,800 | 192,531 | ||||||
K’s Holdings Corp. | 18,800 | 205,355 | ||||||
Kenedix, Inc. | 94,460 | 506,998 | ||||||
Kewpie Corp. | 25,159 | 460,881 | ||||||
Kose Corp. | 1,418 | 168,947 | ||||||
Kuraray Co., Ltd. | 33,897 | 352,469 | ||||||
Kyoritsu Maintenance Co., Ltd. | 4,748 | 145,499 | ||||||
Lion Corp. | 24,304 | 405,038 | ||||||
Makita Corp. | 8,838 | 299,543 | ||||||
Miura Co., Ltd. | 10,906 | 354,605 | ||||||
Morinaga & Co., Ltd. | 12,764 | 506,685 | ||||||
Nabtesco Corp. | 12,734 | 338,150 | ||||||
Nohmi Bosai, Ltd. | 20,687 | 386,712 | ||||||
Nomura Co., Ltd. | 32,501 | 295,342 | ||||||
OSG Corp. | 12,212 | 183,059 | ||||||
Penta-Ocean Construction Co., Ltd. | 96,443 | 517,152 | ||||||
Sakata Seed Corp. | 7,840 | 218,204 | ||||||
Sankyu, Inc. | 8,998 | 381,127 | ||||||
Ship Healthcare Holdings, Inc. | 10,503 | 423,167 | ||||||
Sumco Corp. | 24,498 | 370,948 | ||||||
Tokyo Century Corp. | 5,064 | 209,108 | ||||||
Tosei Reit Investment Corp. | 333 | 370,231 | ||||||
Yamaha Corp. | 9,892 | 484,226 | ||||||
$ | 11,065,298 | |||||||
Luxembourg — 0.3% | ||||||||
APERAM SA | 4,046 | $ | 120,710 | |||||
$ | 120,710 | |||||||
Netherlands — 4.1% | ||||||||
Aalberts NV | 11,930 | $ | 444,939 | |||||
GrandVision NV(2) | 5,852 | 178,618 | ||||||
IMCD NV | 7,268 | 594,774 | ||||||
NSI NV | 9,776 | 490,326 | ||||||
$ | 1,708,657 |
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Eaton Vance
International Small-Cap Fund
February 29, 2020
Portfolio of Investments (Unaudited) - continued
Security | Shares | Value | ||||||
New Zealand — 0.6% | ||||||||
Fisher & Paykel Healthcare Corp., Ltd. | 16,157 | $ | 261,603 | |||||
$ | 261,603 | |||||||
Norway — 2.3% | ||||||||
Entra ASA(2) | 34,357 | $ | 544,210 | |||||
SpareBank 1 SR-Bank ASA | 27,636 | 264,669 | ||||||
TGS NOPEC Geophysical Co. ASA | 5,939 | 138,580 | ||||||
$ | 947,459 | |||||||
Singapore — 0.9% | ||||||||
Frasers Logistics & Industrial Trust | 431,831 | $ | 385,582 | |||||
$ | 385,582 | |||||||
Spain — 0.6% | ||||||||
Acciona SA | 1,857 | $ | 235,341 | |||||
$ | 235,341 | |||||||
Sweden — 4.4% | ||||||||
AddTech AB, Class B | 13,255 | $ | 385,972 | |||||
Boliden AB | 3,852 | 80,897 | ||||||
Bufab AB | 16,562 | 184,810 | ||||||
Husqvarna AB, Class B | 34,855 | 234,613 | ||||||
Indutrade AB | 16,571 | 541,014 | ||||||
SSAB AB, Class B | 27,359 | 79,469 | ||||||
Thule Group AB(2) | 14,152 | 310,093 | ||||||
$ | 1,816,868 | |||||||
Switzerland — 5.6% | ||||||||
Belimo Holding AG | 43 | $ | 281,210 | |||||
Bossard Holding AG, Class A | 1,770 | 241,960 | ||||||
Cembra Money Bank AG | 2,407 | 270,920 | ||||||
Galenica AG(2) | 6,034 | 408,006 | ||||||
Logitech International SA | 9,590 | 371,953 | ||||||
Vontobel Holding AG | 6,488 | 429,954 | ||||||
VZ Holding AG | 1,008 | 347,855 | ||||||
$ | 2,351,858 | |||||||
United Kingdom — 17.9% | ||||||||
Abcam PLC | 26,259 | $ | 391,057 | |||||
Avast PLC(2) | 81,472 | 415,332 | ||||||
Bellway PLC | 4,749 | 229,835 | ||||||
Bodycote PLC | 34,762 | 341,981 | ||||||
Cairn Energy PLC(1) | 93,997 | 170,885 | ||||||
Cranswick PLC | 10,848 | 465,883 | ||||||
Dechra Pharmaceuticals PLC | 12,331 | 423,415 | ||||||
Diploma PLC | 18,051 | 433,800 | ||||||
DS Smith PLC | 97,796 | 399,656 | ||||||
First Derivatives PLC | 10,485 | 375,444 | ||||||
Games Workshop Group PLC | 5,011 | 410,342 | ||||||
Grainger PLC | 81,694 | 312,394 | ||||||
Halma PLC | 16,122 | 405,159 | ||||||
Hiscox, Ltd. | 15,835 | 252,052 | ||||||
Howden Joinery Group PLC | 50,332 | 416,279 | ||||||
Inchcape PLC | 26,778 | 200,164 | ||||||
Judges Scientific PLC | 4,166 | 260,807 | ||||||
Melrose Industries PLC | 187,028 | 517,248 | ||||||
Nomad Foods, Ltd.(1) | 14,851 | 274,150 | ||||||
Spirax-Sarco Engineering PLC | 1,731 | 189,654 | ||||||
St. James’s Place PLC | 23,920 | 317,152 | ||||||
WH Smith PLC | 9,746 | 244,179 | ||||||
$ | 7,446,868 | |||||||
United States — 0.7% | ||||||||
Autoliv, Inc. | 2,482 | $ | 165,624 | |||||
Oceaneering International, Inc.(1) | 13,710 | 144,503 | ||||||
$ | 310,127 | |||||||
Total Common Stocks (identified cost $37,328,071) | $ | 39,162,677 |
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Eaton Vance
International Small-Cap Fund
February 29, 2020
Portfolio of Investments (Unaudited) - continued
Security | Shares | Value | ||||||
Exchange-Traded Funds — 4.0% | ||||||||
Equity Funds — 4.0% | ||||||||
iShares MSCI EAFE Small-Cap ETF | 9,262 | $ | 505,335 | |||||
iShares MSCI Hong Kong ETF | 19,632 | 450,947 | ||||||
iShares MSCI Singapore ETF | 15,295 | 333,890 | ||||||
Vanguard MSCI Australian Small Companies Index ETF | 10,428 | 381,850 | ||||||
Total Exchange-Traded Funds (identified cost $1,807,999) | $ | 1,672,022 | ||||||
Short-Term Investments — 2.4% |
Description | Units | Value | ||||||
Eaton Vance Cash Reserves Fund, LLC, 1.75%(3) | 1,010,765 | $ | 1,010,967 | |||||
Total Short-Term Investments (identified cost $1,010,962) | $ | 1,010,967 | ||||||
Total Investments — 100.5% (identified cost $40,147,032) | $ | 41,845,666 | ||||||
Other Assets, Less Liabilities — (0.5)% | $ | (214,416 | ) | |||||
Net Assets — 100.0% | $ | 41,631,250 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Security exempt from registration pursuant to Rule 144A under 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 February 29, 2020, the aggregate value of these securities is $2,632,132 or 6.3% of the Fund’s net assets. |
(3) | 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 February 29, 2020. |
Sector Classification of Portfolio | ||||||||
Sector | Percentage of Net Assets | Value | ||||||
Industrials | 21.5 | % | $ | 8,928,298 | ||||
Real Estate | 12.3 | 5,112,092 | ||||||
Financials | 11.4 | 4,743,287 | ||||||
Consumer Discretionary | 10.5 | 4,366,027 | ||||||
Information Technology | 9.6 | 3,998,655 | ||||||
Health Care | 7.6 | 3,166,953 | ||||||
Materials | 7.6 | 3,145,113 | ||||||
Consumer Staples | 6.7 | 2,796,835 | ||||||
Exchange-Traded Funds | 4.0 | 1,672,022 | ||||||
Communication Services | 3.3 | 1,382,191 | ||||||
Energy | 2.1 | 884,200 | ||||||
Utilities | 1.5 | 639,026 | ||||||
Short-Term Investments | 2.4 | 1,010,967 | ||||||
Total Investments | 100.5 | % | $ | 41,845,666 |
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The Fund did not have any open derivative instruments at February 29, 2020.
At February 29, 2020, the value of the Fund’s investment in affiliated funds was $1,010,967, which represents 2.4% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended February 29, 2020 were as follows:
Name of affiliated fund | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units, end of period | ||||||||||||||||||||||||
Short-Term Investments | ||||||||||||||||||||||||||||||||
Eaton Vance Cash Reserves Fund, LLC | $ | 798,997 | $ | 4,950,339 | $ | (4,738,557 | ) | $ | 202 | $ | (14 | ) | $ | 1,010,967 | $ | 2,486 | 1,010,765 |
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 February 29, 2020, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks | ||||||||||||||||
Asia/Pacific | $ | — | $ | 14,442,671 | $ | — | $ | 14,442,671 | ||||||||
Developed Europe | 274,150 | 21,654,423 | — | 21,928,573 | ||||||||||||
North America | 2,791,433 | — | — | 2,791,433 | ||||||||||||
Total Common Stocks | $ | 3,065,583 | $ | 36,097,094 | * | $ | — | $ | 39,162,677 | |||||||
Exchange-Traded Funds | $ | 1,290,172 | $ | 381,850 | * | $ | — | $ | 1,672,022 | |||||||
Short-Term Investments | — | 1,010,967 | — | 1,010,967 | ||||||||||||
Total Investments | $ | 4,355,755 | $ | 37,489,911 | $ | — | $ | 41,845,666 |
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
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