NPORT-EX 2 NPORT_FP1U_41606178_0823.htm
Eaton Vance
International Small-Cap Fund
August 31, 2023
Portfolio of Investments (Unaudited)
Common Stocks — 92.5%
Security Shares Value
Australia — 8.2%
Bapcor, Ltd.      89,006 $   381,906
BlueScope Steel, Ltd.      14,498    196,006
carsales.com, Ltd.      51,812    963,617
Data#3, Ltd.     135,171    647,004
Dexus      54,059    270,139
Dicker Data, Ltd.      77,065    491,986
Evolution Mining, Ltd.     132,174    315,549
IGO, Ltd.      30,849    275,305
Lynas Rare Earths, Ltd. (1)      22,847    105,380
Northern Star Resources, Ltd.      37,275    285,606
Steadfast Group, Ltd.     180,221    656,121
Westgold Resources, Ltd.(1)     150,339    156,606
      $ 4,745,225
Austria — 0.9%
BAWAG Group AG(2)      11,268 $   530,866
      $   530,866
Belgium — 1.9%
Azelis Group NV      35,512 $   787,398
VGP NV       3,164    330,320
      $ 1,117,718
Canada — 8.8%
Agnico Eagle Mines, Ltd.       4,684 $   227,440
ARC Resources, Ltd.      39,041    595,497
ATS Corp.(1)      18,143    813,964
CAE, Inc.(1)      11,735    283,040
Granite Real Estate Investment Trust      11,134    620,313
Keyera Corp.      16,442    406,183
Killam Apartment Real Estate Investment Trust      49,896    668,751
Pan American Silver Corp.       7,395    122,265
Peyto Exploration & Development Corp.      37,930    352,295
Quebecor, Inc., Class B      15,712    359,195
TMX Group, Ltd.      29,565    654,229
      $ 5,103,172
China — 0.4%
China Overseas Property Holdings, Ltd.     212,853 $   254,142
      $   254,142
Security Shares Value
Denmark — 0.6%
Topdanmark A/S       7,599 $   359,626
      $   359,626
France — 1.3%
IPSOS      15,273 $   764,313
      $   764,313
Germany — 2.3%
Encavis AG(1)      15,586 $   238,712
Jenoptik AG      23,391    684,812
LEG Immobilien SE(1)       5,969    429,866
      $ 1,353,390
Italy — 6.3%
Amplifon SpA      17,051 $   553,703
BFF Bank SpA(2)      77,886    835,369
DiaSorin SpA       4,525    477,825
FinecoBank Banca Fineco SpA      36,688    501,431
MARR SpA      43,691    642,438
Moncler SpA       9,199    623,275
      $ 3,634,041
Japan — 28.2%
As One Corp.      12,146 $   476,220
Asahi Intecc Co., Ltd.      28,570    579,557
Azbil Corp.      12,032    400,828
BayCurrent Consulting, Inc.      17,771    610,836
Chiba Bank, Ltd. (The)     107,068    764,508
Cosmos Pharmaceutical Corp.       7,611    894,853
Daiseki Co., Ltd.      14,673    444,182
Dip Corp.      26,525    637,493
Fukuoka Financial Group, Inc.      32,505    767,615
Goldwin, Inc.       6,441    460,136
Hoshizaki Corp.      13,138    504,214
JMDC, Inc.       9,933    297,062
Kobe Bussan Co., Ltd.      13,085    326,002
Kose Corp.       5,275    437,480
Kyoritsu Maintenance Co., Ltd.      14,927    643,678
LaSalle Logiport REIT         613    626,084
Lion Corp.      50,546    550,337
Mitsubishi Research Institute, Inc.      10,229    352,370
Mitsui Fudosan Logistics Park, Inc.         185    629,522
Miura Co., Ltd.      22,992    530,394
Nihon M&A Center Holdings, Inc.      42,978    238,735
Nissan Chemical Corp.       6,164    264,005
NOF Corp.      16,065     724,639
 
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Eaton Vance
International Small-Cap Fund
August 31, 2023
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Japan (continued)
Nomura Co., Ltd.      67,205 $   393,928
Sanwa Holdings Corp.      56,530    860,185
Sumco Corp.      49,973    667,427
T Hasegawa Co., Ltd.      20,863    500,426
Tosei Corp.      48,730    613,115
USS Co., Ltd.      43,570    760,828
Yamaha Corp.      15,168    467,846
      $16,424,505
Luxembourg — 0.2%
APERAM S.A.       4,699 $   132,955
      $   132,955
Netherlands — 3.6%
BE Semiconductor Industries NV       5,658 $   649,453
Euronext NV(2)       9,824    709,201
IMCD NV       5,383    741,413
      $ 2,100,067
New Zealand — 1.5%
EBOS Group, Ltd.      19,338 $   437,574
Spark New Zealand, Ltd.     132,811    401,794
      $   839,368
Norway — 1.1%
SmartCraft ASA(1)     263,989 $   526,727
TGS ASA       8,983    116,274
      $   643,001
Portugal — 0.8%
NOS SGPS S.A.     126,142 $   475,213
      $   475,213
Singapore — 0.8%
Daiwa House Logistics Trust   1,087,439 $   466,646
      $   466,646
Spain — 1.5%
Acciona S.A.       2,573 $   367,729
Inmobiliaria Colonial Socimi S.A.      84,672    514,524
      $   882,253
Sweden — 6.7%
AddTech AB, Class B      42,219 $   713,278
Boliden AB       6,274     166,829
Security Shares Value
Sweden (continued)
Bravida Holding AB(2)      61,921 $   440,420
Cibus Nordic Real Estate AB      51,466    553,968
Indutrade AB      28,816    553,026
Lagercrantz Group AB, Class B      50,438    528,295
Sdiptech AB, Class B(1)      29,916    682,590
SSAB AB, Class B      45,775    253,347
      $ 3,891,753
Switzerland — 0.8%
Galenica AG(2)       5,670 $   449,970
      $   449,970
United Kingdom — 15.4%
Allfunds Group PLC      48,525 $   287,107
Bellway PLC       7,221    195,137
Capricorn Energy PLC      57,097    124,331
Cranswick PLC      20,048    855,126
Diploma PLC      21,100    835,493
DiscoverIE Group PLC      81,067    748,997
Games Workshop Group PLC       5,487    751,349
Grainger PLC     106,548    318,360
Greggs PLC      25,317    789,247
JTC PLC(2)      83,296    734,568
Judges Scientific PLC       6,226    743,209
Nomad Foods, Ltd.(1)      16,592    304,297
Shaftesbury Capital PLC     274,374    408,306
SSP Group PLC(1)      94,081    280,062
St. James's Place PLC      20,095    224,699
Volution Group PLC     149,196    720,738
Wise PLC, Class A(1)      79,156    640,726
      $ 8,961,752
United States — 1.2%
Autoliv, Inc.       7,212 $   703,891
      $   703,891
Total Common Stocks
(identified cost $51,172,238) 		    $53,833,867
    
Exchange-Traded Funds — 4.6%
Security Shares Value
Equity Funds — 4.6%
iShares MSCI EAFE Small-Cap ETF       9,848 $   582,804
iShares MSCI Hong Kong ETF      49,978     907,101
 
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Eaton Vance
International Small-Cap Fund
August 31, 2023
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Equity Funds (continued)
iShares MSCI Singapore ETF      35,976 $   668,434
iShares S&P/TSX SmallCap Index ETF      40,960    551,408
Total Exchange-Traded Funds
(identified cost $3,021,275) 		    $ 2,709,747
    
Short-Term Investments — 2.7%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.25%(3)   1,566,266 $ 1,566,266
Total Short-Term Investments
(identified cost $1,566,266) 		    $ 1,566,266
     
Total Investments — 99.8%
(identified cost $55,759,779) 		    $58,109,880
Other Assets, Less Liabilities — 0.2%     $    87,695
Net Assets — 100.0%     $58,197,575
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 August 31, 2023, the aggregate value of these securities is $3,700,394 or 6.4% of the Fund's net assets.
(3) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of August 31, 2023.
Sector Classification of Portfolio
Sector Percentage
of Net Assets 		Value
Industrials 21.1% $12,283,533
Financials 13.2 7,666,066
Real Estate 11.5 6,704,056
Consumer Discretionary 10.4 6,057,355
Information Technology 8.5 4,948,902
Consumer Staples 6.9 4,010,533
Materials 6.4 3,726,358
Health Care 5.6 3,271,911
Communication Services 5.1 2,964,132
Exchange-Traded Funds 4.6 2,709,747
Energy 2.7 1,594,580
Utilities 1.1 606,441
Short-Term Investments 2.7 1,566,266
Total Investments 99.8% $58,109,880
 
The Fund did not have any open derivative instruments at August 31, 2023.
Affiliated Investments
At August 31, 2023, the value of the Fund’s investment in funds that may be deemed to be affiliated was $1,566,266, which represents 2.7% of the Fund’s net assets. Transactions in such investments by the Fund for the fiscal year to date ended August 31, 2023 were as follows:
Name Value,
beginning
of period 		Purchases Sales
proceeds 		Net
realized
gain (loss)  		Change in
unrealized
appreciation
(depreciation) 		Value, end
of period 		Dividend
income 		Shares,
end of period
Short-Term Investments 
Liquidity Fund, Institutional Class(1) $1,443,827 $12,719,179 $(12,596,740) $ — $ — $1,566,266 $41,320 1,566,266
(1) Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio.
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Eaton Vance
International Small-Cap Fund
August 31, 2023
Portfolio of Investments (Unaudited) — continued
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• Level 1 – quoted prices in active markets for identical investments
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At August 31, 2023, 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 $       — $22,729,886 $ — $22,729,886
Developed Europe    304,297 24,992,621  — 25,296,918
North America  5,807,063        —  —  5,807,063
Total Common Stocks $ 6,111,360 $47,722,507* $ — $53,833,867
Exchange-Traded Funds $ 2,709,747 $       — $ — $ 2,709,747
Short-Term Investments  1,566,266        —  —  1,566,266
Total Investments $10,387,373 $47,722,507 $ — $58,109,880
* 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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