NPORT-EX 2 NPORT_FP1U_9619394615.htm html

Eaton Vance

International Small-Cap Fund

February 28, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 96.3%

 

                                                 
Security    Shares      Value  

Australia — 5.3%

 

Bapcor, Ltd.

      74,806      $ 394,516  

Bravura Solutions, Ltd.

      94,856        198,864  

carsales.com, Ltd.

      25,591        368,054  

Dexus

      33,737        231,430  

Evolution Mining, Ltd.

      42,994        137,564  

Magellan Financial Group, Ltd.

      4,302        143,741  

Northern Star Resources, Ltd.

      28,837        223,361  

OZ Minerals, Ltd.

      17,539        299,981  

Regis Resources, Ltd.

      66,452        158,600  

Steadfast Group, Ltd.

      51,097        157,994  

Westgold Resources, Ltd.(1)

      61,316        95,088  

WiseTech Global, Ltd.

      24,218        506,394  
     

 

 

  
   $ 2,915,587  
     

 

 

  

Austria — 1.3%

 

BAWAG Group AG(1)(2)

      11,296      $ 583,162  

CA Immobilien Anlagen AG

      2,638        113,127  
     

 

 

  
   $ 696,289  
     

 

 

  

Belgium — 1.4%

 

KBC Ancora(1)

      7,024      $ 280,156  

VGP NV

      2,885        498,307  
     

 

 

  
   $ 778,463  
     

 

 

  

Canada — 8.4%

 

Boyd Group Services, Inc.

      2,098      $ 347,177  

BRP, Inc.

      6,160        445,083  

CAE, Inc.

      17,264        456,901  

Granite Real Estate Investment Trust

      7,947        455,238  

Keyera Corp.

      10,068        195,173  

Killam Apartment Real Estate Investment Trust

      35,640        502,982  

Kirkland Lake Gold, Ltd.

      4,368        142,854  

Lundin Mining Corp.

      29,784        340,997  

Pan American Silver Corp.

      5,462        180,479  

Peyto Exploration & Development Corp.

      87,186        408,320  

Quebecor, Inc., Class B

      21,725        561,647  

Seven Generations Energy, Ltd., Class A(1)

      47,482        313,413  

TMX Group, Ltd.

      3,221        307,496  
     

 

 

  
   $ 4,657,760  
     

 

 

  

China — 1.3%

 

China Meidong Auto Holdings, Ltd.

      112,738      $ 428,432  

CITIC Telecom International Holdings, Ltd.

      925,549        299,564  
     

 

 

  
   $ 727,996  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Denmark — 0.5%

 

Topdanmark A/S

      5,612      $ 263,368  
     

 

 

  
   $ 263,368  
     

 

 

  

Finland — 0.7%

 

Musti Group Oyj

      11,691      $ 377,776  
     

 

 

  
   $ 377,776  
     

 

 

  

France — 0.6%

 

Rubis SCA

      7,694      $ 353,185  
     

 

 

  
   $ 353,185  
     

 

 

  

Germany — 4.0%

 

Carl Zeiss Meditec AG

      2,059      $ 309,313  

Jenoptik AG

      16,820        540,931  

LEG Immobilien AG

      2,285        311,758  

Norma Group SE

      11,420        541,730  

Salzgitter AG(1)

      2,371        70,847  

TeamViewer AG(1)(2)

      7,869        421,947  
     

 

 

  
   $ 2,196,526  
     

 

 

  

Ireland — 1.7%

 

Irish Residential Properties REIT PLC

      238,349      $ 429,265  

UDG Healthcare PLC

      49,727        535,258  
     

 

 

  
   $ 964,523  
     

 

 

  

Israel — 0.8%

 

Amot Investments, Ltd.

      85,585      $ 447,175  
     

 

 

  
   $ 447,175  
     

 

 

  

Italy — 6.6%

 

Amplifon SpA(1)

      16,204      $ 644,551  

Banca Farmafactoring SpA(1)(2)

      105,226        689,879  

DiaSorin SpA

      1,745        342,100  

FinecoBank Banca Fineco SpA(1)

      21,874        383,651  

Interpump Group SpA

      16,600        760,629  

MARR SpA(1)

      19,092        434,379  

Moncler SpA(1)

      7,002        432,986  
     

 

 

  
   $ 3,688,175  
     

 

 

  

Japan — 25.6%

 

Asahi Co., Ltd.

      13,580      $ 188,847  

Chiba Bank, Ltd. (The)

      42,245        270,555  

Daiichikosho Co., Ltd.

      7,498        299,906  

FP Corp.

      14,432        559,424  

Fukuoka Financial Group, Inc.

      15,741        284,379  

Invesco Office J REIT, Inc.

      4,783        784,220  

Itochu Techno-Solutions Corp.

      17,619        541,544  

J. Front Retailing Co., Ltd.

      47,023        453,446  

Japan Lifeline Co., Ltd.

      21,114        260,957  

 

2

 

 

                                                 
Security    Shares      Value  

K’s Holdings Corp.

      31,566      $ 423,421  

Kewpie Corp.

      16,965        367,428  

Kose Corp.

      2,271        365,041  

Kuraray Co., Ltd.

      45,717        514,626  

Kyoritsu Maintenance Co., Ltd.

      11,000        405,727  

LaSalle Logiport REIT

      227        343,018  

Lion Corp.

      25,207        483,829  

Makita Corp.

      9,514        406,733  

Mitsui Fudosan Logistics Park, Inc.

      72        350,599  

Miura Co., Ltd.

      11,409        593,556  

Morinaga & Co., Ltd.

      12,362        446,482  

Nabtesco Corp.

      14,522        619,673  

Nohmi Bosai, Ltd.

      27,705        563,631  

Nomura Co., Ltd.

      58,041        446,879  

OSG Corp.

      22,028        398,748  

Penta-Ocean Construction Co., Ltd.

      79,147        591,536  

Sakata Seed Corp.

      10,373        361,219  

Sankyu, Inc.

      12,113        507,445  

Ship Healthcare Holdings, Inc.

      12,045        668,463  

Sumco Corp.

      27,580        634,610  

Tosei Corp.

      47,300        446,240  

Yamaha Corp.

      10,471        587,001  
     

 

 

  
   $ 14,169,183  
     

 

 

  

Luxembourg — 0.3%

 

APERAM SA

      4,186      $ 175,452  
     

 

 

  
   $ 175,452  
     

 

 

  

Netherlands — 4.3%

 

Aalberts NV

      12,377      $ 577,985  

BE Semiconductor Industries NV

      7,549        569,595  

Euronext NV(2)

      4,028        432,806  

IMCD NV

      6,690        823,101  
     

 

 

  
   $ 2,403,487  
     

 

 

  

New Zealand — 0.5%

 

Fisher & Paykel Healthcare Corp., Ltd.

      12,952      $ 275,419  
     

 

 

  
   $ 275,419  
     

 

 

  

Norway — 0.8%

 

SpareBank 1 SR-Bank ASA(1)

      28,540      $ 328,700  

TGS NOPEC Geophysical Co. ASA

      6,108        96,008  
     

 

 

  
   $ 424,708  
     

 

 

  

Portugal — 0.4%

 

NOS SGPS SA

      74,465      $ 249,083  
     

 

 

  
   $ 249,083  
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Singapore — 0.4%

 

Frasers Logistics & Commercial Trust

      237,358      $ 244,289  
     

 

 

  
   $ 244,289  
     

 

 

  

Spain — 1.5%

 

Acciona SA

      1,754      $ 282,241  

Inmobiliaria Colonial Socimi SA

      57,611        559,457  
     

 

 

  
   $ 841,698  
     

 

 

  

Sweden — 6.5%

 

AddTech AB, Class B

      53,444      $ 778,428  

Boliden AB

      7,900        312,867  

Bravida Holding AB(2)

      54,875        696,721  

Indutrade AB(1)

      36,848        841,052  

Lagercrantz Group AB, Class B

      61,958        516,845  

SSAB AB, Class B(1)

      28,260        111,048  

Thule Group AB(1)(2)

      8,368        349,322  
     

 

 

  
   $ 3,606,283  
     

 

 

  

Switzerland — 4.1%

 

Belimo Holding AG

      39      $ 284,417  

Bossard Holding AG, Class A

      1,954        413,272  

Cembra Money Bank AG

      2,764        287,807  

Galenica AG(2)

      7,920        509,647  

Logitech International SA

      3,982        423,345  

VZ Holding AG

      4,038        337,638  
     

 

 

  
   $ 2,256,126  
     

 

 

  

United Kingdom — 18.7%

 

Abcam PLC

      22,702      $ 536,914  

Avast PLC(2)

      67,832        437,749  

Bellway PLC

      4,912        192,531  

Bodycote PLC

      29,217        295,410  

Cairn Energy PLC

      79,358        211,572  

Capital & Counties Properties PLC

      186,686        440,955  

Cranswick PLC

      8,271        393,822  

Dechra Pharmaceuticals PLC

      14,667        702,634  

Diploma PLC

      23,855        773,499  

First Derivatives PLC(1)

      5,028        203,806  

Games Workshop Group PLC

      4,723        629,588  

Grainger PLC

      134,168        502,649  

Greggs PLC(1)

      13,100        380,872  

Halma PLC

      15,658        495,688  

Howden Joinery Group PLC(1)

      85,784        834,742  

JTC PLC(2)

      22,718        209,719  

Judges Scientific PLC

      5,522        462,090  

Lancashire Holdings, Ltd.

      38,974        334,564  

Nomad Foods, Ltd.(1)

      23,694        559,652  

RWS Holdings PLC

      82,930        700,560  

Spirax-Sarco Engineering PLC

      1,659        248,632  

St. James’s Place PLC

      24,813        409,266  

 

4

 

 

                                                 
Security    Shares      Value  

WH Smith PLC

      14,783      $ 394,248  
     

 

 

  
   $ 10,351,162  
     

 

 

  

United States — 0.6%

 

Autoliv, Inc.

      3,751      $ 337,590  
     

 

 

  
   $ 337,590  
     

 

 

  

Total Common Stocks
(identified cost $41,471,592)

 

    $ 53,401,303  
     

 

 

  

Exchange-Traded Funds — 3.7%

 

Security    Shares      Value  

Equity Funds — 3.7%

 

iShares MSCI EAFE Small-Cap ETF

      5,501      $ 386,170  

iShares MSCI Hong Kong ETF

      19,989        525,911  

iShares MSCI Singapore ETF

      15,573        343,696  

iShares S&P/TSX SmallCap Index ETF

      20,396        297,141  

Vanguard MSCI Australian Small Companies Index ETF

      10,162        497,762  
     

 

 

  

Total Exchange-Traded Funds
(identified cost $1,776,896)

 

    $ 2,050,680  
     

 

 

  

Short-Term Investments — 0.1%

 

Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.10%(3)

      26,493      $ 26,493  
     

 

 

  

Total Short-Term Investments
(identified cost $26,493)

 

    $ 26,493  
     

 

 

  

Total Investments — 100.1%
(identified cost $43,274,981)

 

    $ 55,478,476  
     

 

 

  

Other Assets, Less Liabilities — (0.1)%

 

    $ (48,625 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 55,429,851  
     

 

 

  

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 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 February 28, 2021, the aggregate value of these securities is $4,330,952 or 7.8% 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 28, 2021.

 

5

 

 

Sector Classification of Portfolio

 

                                                 
Sector   

Percentage of

Net Assets

     Value  

Industrials

      24.2 %    $ 13,400,916  

Real Estate

      12.0       6,660,709  

Consumer Discretionary

      11.6       6,421,386  

Information Technology

      10.9       6,054,949  

Financials

      10.3       5,704,881  

Health Care

      8.6       4,785,256  

Consumer Staples

      6.2       3,411,852  

Materials

      6.0       3,323,188  

Exchange-Traded Funds

      3.7       2,050,680  

Communication Services

      3.2       1,778,254  

Energy

      2.2       1,224,486  

Utilities

      1.1       635,426  

Short-Term Investments

      0.1       26,493  
  

 

 

    

 

 

  

Total Investments

      100.1 %    $     55,478,476  
  

 

 

    

 

 

  

 

6

 

 

The Fund did not have any open derivative instruments at February 28, 2021.

At February 28, 2021, the value of the Fund’s investment in affiliated funds was $26,493, which represents 0.1% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended February 28, 2021 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

    $ 338,387      $ 4,514,309      $ (4,826,203 )    $ —      $ —      $ 26,493      $ 143        26,493  

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.

 

7

 

 

At February 28, 2021, 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

    $ —      $ 18,332,474      $ —      $ 18,332,474  

Developed Europe

      559,652        29,066,652        —        29,626,304  

Developed Middle East

      —        447,175        —        447,175  

North America

      4,995,350        —        —        4,995,350  

Total Common Stocks

    $ 5,555,002      $ 47,846,301 *     $ —      $ 53,401,303  

Exchange-Traded Funds

    $ 1,552,918      $ 497,762 *     $ —      $ 2,050,680  

Short-Term Investments

      —        26,493        —        26,493  

Total Investments

    $     7,107,920      $     48,370,556      $     —      $     55,478,476  

 

*

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.

 

8

 

 

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.

 

9