UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-04015
Eaton Vance Mutual Funds Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
January 31
Date of Fiscal Year End
July 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 04/01/2010 | 04/01/2010 | (11.62)% | (15.30)% | 2.69% | 5.87% |
Class A with 5.25% Maximum Sales Charge | — | — | (16.27) | (19.77) | 1.58 | 5.30 |
Class I at NAV | 04/01/2010 | 04/01/2010 | (11.55) | (15.07) | 2.95 | 6.14 |
Class R at NAV | 08/10/2015 | 04/01/2010 | (11.73) | (15.45) | 2.45 | 5.69 |
Class R6 at NAV | 08/10/2015 | 04/01/2010 | (11.50) | (15.03) | 2.97 | 6.16 |
MSCI EAFE Index | — | — | (11.27)% | (14.32)% | 2.61% | 5.79% |
% Total Annual Operating Expense Ratios3 | Class A | Class I | Class R | Class R6 |
Gross | 0.79% | 0.54% | 1.04% | 0.51% |
Net | 0.75 | 0.50 | 1.00 | 0.47 |
Sector Allocation (% of net assets)* |
* | Excludes cash and cash equivalents. |
Geographic Allocation (% of common stocks) |
Top 10 Holdings (% of net assets)* | |
Nestle S.A. | 1.3% |
Cie Financiere Richemont S.A. | 1.1 |
TotalEnergies SE | 1.0 |
CSL, Ltd. | 1.0 |
Air Liquide S.A. | 0.9 |
Sanofi | 0.9 |
Deutsche Telekom AG | 0.8 |
AstraZeneca PLC | 0.7 |
ASML Holding NV | 0.6 |
SAP SE | 0.6 |
Total | 8.9% |
* | Excludes cash and cash equivalents. |
1 | MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R is linked to Class A and the performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. | |
Important Notice to Shareholders | |
Effective April 29, 2022, the Fund’s Institutional Class shares were redesignated as Class I shares. This share class redesignation did not result in changes to the annual operating expenses of Class I or the Fund. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 883.80 | $3.50** | 0.75% |
Class I | $1,000.00 | $ 884.50 | $2.34** | 0.50% |
Class R | $1,000.00 | $ 882.70 | $4.67** | 1.00% |
Class R6 | $1,000.00 | $ 885.00 | $2.20** | 0.47% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.08 | $3.76** | 0.75% |
Class I | $1,000.00 | $1,022.32 | $2.51** | 0.50% |
Class R | $1,000.00 | $1,019.84 | $5.01** | 1.00% |
Class R6 | $1,000.00 | $1,022.46 | $2.36** | 0.47% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. |
** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
Common Stocks — 99.3% |
Security | Shares | Value | |
Australia — 9.3% | |||
Abacus Property Group | 53,600 | $ 110,723 | |
AGL Energy, Ltd. | 148,900 | 876,975 | |
Altium, Ltd. | 15,400 | 340,075 | |
Alumina, Ltd. | 168,000 | 182,487 | |
Ampol, Ltd. | 36,100 | 855,263 | |
APA Group(1) | 220,500 | 1,807,957 | |
ARB Corp., Ltd. | 10,500 | 246,561 | |
ASX, Ltd.(1) | 7,100 | 441,299 | |
Atlassian Corp. PLC, Class A(2) | 9,600 | 2,009,472 | |
Aurizon Holdings, Ltd. | 179,648 | 508,457 | |
Austal, Ltd. | 72,300 | 135,820 | |
Australia and New Zealand Banking Group, Ltd. | 23,500 | 379,790 | |
Bank of Queensland, Ltd. | 45,200 | 239,388 | |
Bapcor, Ltd. | 45,765 | 214,576 | |
Beach Energy, Ltd. | 428,666 | 552,430 | |
Bendigo & Adelaide Bank, Ltd. | 46,000 | 333,805 | |
BHP Group, Ltd.(3) | 65,244 | 1,785,425 | |
BHP Group, Ltd.(3) | 5,000 | 138,259 | |
Brambles, Ltd. | 113,965 | 917,270 | |
Breville Group, Ltd.(1) | 13,134 | 194,175 | |
BWP Trust | 79,954 | 240,930 | |
carsales.com, Ltd. | 39,900 | 581,671 | |
Centuria Industrial REIT | 91,244 | 203,578 | |
Centuria Office REIT | 67,500 | 88,447 | |
Charter Hall Long Wale REIT | 52,200 | 167,424 | |
Charter Hall Retail REIT | 75,300 | 222,890 | |
Cleanaway Waste Management, Ltd. | 123,300 | 237,536 | |
Coles Group, Ltd. | 145,600 | 1,917,601 | |
Collins Foods, Ltd. | 20,500 | 149,431 | |
Commonwealth Bank of Australia | 25,023 | 1,777,068 | |
Cooper Energy, Ltd.(1)(2) | 664,724 | 105,141 | |
Cromwell Property Group | 165,783 | 98,004 | |
CSL, Ltd. | 25,610 | 5,214,631 | |
CSR, Ltd. | 49,000 | 157,256 | |
Dexus | 66,800 | 448,896 | |
Domino's Pizza Enterprises, Ltd.(1) | 4,231 | 216,330 | |
Evolution Mining, Ltd. | 80,276 | 148,292 | |
Fortescue Metals Group, Ltd. | 21,869 | 281,423 | |
Goodman Group | 82,383 | 1,205,680 | |
GPT Group (The) | 93,066 | 299,412 | |
GUD Holdings, Ltd. | 15,500 | 95,895 | |
GWA Group, Ltd. | 67,200 | 98,008 | |
Hansen Technologies, Ltd.(1) | 66,850 | 267,916 | |
Harvey Norman Holdings, Ltd.(1) | 71,004 | 207,199 |
Security | Shares | Value | |
Australia (continued) | |||
IDP Education, Ltd.(1) | 15,800 | $ 317,894 | |
Infomedia, Ltd.(1) | 61,241 | 68,434 | |
Ingenia Communities Group | 56,700 | 185,919 | |
InvoCare, Ltd.(1) | 17,400 | 134,983 | |
IPH, Ltd. | 40,216 | 248,264 | |
IRESS, Ltd. | 53,584 | 429,692 | |
JB Hi-Fi, Ltd.(1) | 7,099 | 210,204 | |
Johns Lyng Group, Ltd.(1) | 18,400 | 97,819 | |
Karoon Energy, Ltd.(2) | 257,876 | 340,740 | |
Lendlease Corp., Ltd. | 44,678 | 323,676 | |
Lifestyle Communities, Ltd. | 20,030 | 238,619 | |
Link Administration Holdings, Ltd. | 96,491 | 297,493 | |
Lottery Corp., Ltd. (The)(1)(2) | 131,400 | 416,814 | |
Medibank Pvt., Ltd. | 167,700 | 403,240 | |
Metcash, Ltd.(1) | 235,800 | 687,342 | |
Mirvac Group | 178,300 | 270,122 | |
Monadelphous Group, Ltd.(1) | 19,351 | 140,483 | |
National Storage REIT | 49,500 | 86,557 | |
Newcrest Mining, Ltd. | 23,300 | 313,997 | |
NEXTDC, Ltd.(2) | 46,000 | 382,929 | |
Nine Entertainment Co. Holdings, Ltd. | 187,800 | 273,994 | |
Northern Star Resources, Ltd. | 16,596 | 91,206 | |
Orica, Ltd. | 16,599 | 196,735 | |
Orora, Ltd. | 65,655 | 164,344 | |
Premier Investments, Ltd. | 11,500 | 171,047 | |
Qube Holdings, Ltd. | 200,231 | 389,476 | |
REA Group, Ltd.(1) | 12,200 | 1,076,337 | |
Reece, Ltd. | 19,700 | 212,766 | |
Rio Tinto, Ltd. | 6,100 | 422,636 | |
Shopping Centres Australasia Property Group | 118,852 | 248,041 | |
Smartgroup Corp, Ltd. | 19,240 | 93,217 | |
Sonic Healthcare, Ltd. | 6,400 | 154,122 | |
Suncorp Group, Ltd. | 46,300 | 365,645 | |
Tabcorp Holdings, Ltd. | 131,400 | 91,662 | |
Technology One, Ltd. | 50,588 | 419,742 | |
Telstra Corp., Ltd. | 832,773 | 2,275,976 | |
TPG Telecom, Ltd.(1) | 143,163 | 638,800 | |
Transurban Group | 190,641 | 1,948,673 | |
Viva Energy Group, Ltd.(4) | 238,523 | 448,082 | |
Washington H. Soul Pattinson & Co., Ltd.(1) | 21,300 | 385,629 | |
Waypoint REIT, Ltd. | 90,348 | 166,430 | |
Wesfarmers, Ltd. | 50,585 | 1,657,443 | |
Westpac Banking Corp. | 68,400 | 1,035,791 | |
Whitehaven Coal, Ltd. | 190,261 | 837,696 | |
Woodside Energy Group, Ltd.(3) | 84,289 | 1,903,286 |
Security | Shares | Value | |
Australia (continued) | |||
Woodside Energy Group, Ltd.(3) | 903 | $ 20,454 | |
Woolworths Group, Ltd. | 90,796 | 2,388,759 | |
$ 50,374,076 | |||
Austria — 1.0% | |||
Agrana Beteiligungs AG | 5,979 | $ 99,149 | |
ams-OSRAM AG(2) | 37,200 | 307,069 | |
ANDRITZ AG | 12,066 | 564,566 | |
AT&S Austria Technologie & Systemtechnik AG | 3,400 | 169,878 | |
BAWAG Group AG(4) | 2,540 | 117,271 | |
CA Immobilien Anlagen AG | 22,201 | 724,638 | |
Erste Group Bank AG | 16,787 | 425,595 | |
Kontron AG | 9,400 | 140,064 | |
Lenzing AG(1) | 2,500 | 201,746 | |
Mayr Melnhof Karton AG | 459 | 73,338 | |
Oesterreichische Post AG(1) | 6,444 | 185,696 | |
OMV AG | 12,317 | 524,580 | |
PIERER Mobility AG | 3,700 | 242,449 | |
Porr AG | 3,440 | 42,735 | |
Rhi Magnesita NV | 4,792 | 132,103 | |
Telekom Austria AG | 70,800 | 438,699 | |
UNIQA Insurance Group AG | 14,300 | 97,971 | |
Verbund AG | 7,378 | 811,325 | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | 2,987 | 68,576 | |
voestalpine AG | 10,746 | 241,964 | |
$ 5,609,412 | |||
Belgium — 2.1% | |||
Ackermans & van Haaren NV | 6,410 | $ 942,280 | |
Ageas S.A./NV | 9,300 | 405,901 | |
AGFA-Gevaert NV(2) | 34,606 | 125,209 | |
Anheuser-Busch InBev S.A./NV | 21,744 | 1,164,778 | |
Care Property Invest NV(1) | 4,146 | 102,642 | |
Cofinimmo S.A. | 1,791 | 201,557 | |
Deceuninck NV | 37,650 | 97,568 | |
D'Ieteren Group | 6,619 | 1,086,351 | |
Econocom Group S.A./NV | 65,622 | 223,248 | |
Elia Group S.A./NV | 7,950 | 1,206,903 | |
Etablissements Franz Colruyt NV | 1,550 | 42,856 | |
Euronav NV | 60,260 | 822,777 | |
EVS Broadcast Equipment S.A. | 8,119 | 183,753 | |
Fagron | 11,540 | 176,017 | |
Gimv NV | 1,766 | 95,345 | |
Groupe Bruxelles Lambert S.A. | 3,834 | 339,367 | |
Intervest Offices & Warehouses NV | 3,632 | 102,742 | |
Melexis NV | 7,198 | 617,609 |
Security | Shares | Value | |
Belgium (continued) | |||
Montea NV | 1,519 | $ 153,613 | |
Proximus SADP | 65,274 | 904,501 | |
Shurgard Self Storage S.A. | 3,517 | 181,411 | |
Sofina S.A. | 1,080 | 252,924 | |
Solvay S.A. | 4,500 | 395,248 | |
UCB S.A. | 7,912 | 618,234 | |
Umicore S.A. | 22,700 | 822,248 | |
VGP NV | 731 | 128,390 | |
Xior Student Housing NV | 2,621 | 114,651 | |
$ 11,508,123 | |||
Denmark — 2.3% | |||
Alm Brand A/S | 16,800 | $ 25,282 | |
AP Moller - Maersk A/S, Class A | 100 | 267,898 | |
AP Moller - Maersk A/S, Class B | 100 | 273,033 | |
Bakkafrost P/F | 6,022 | 419,828 | |
Carlsberg A/S, Class B | 7,339 | 949,240 | |
Chr. Hansen Holding A/S | 9,839 | 643,990 | |
Coloplast A/S, Class B | 1,700 | 198,966 | |
Dfds A/S | 4,300 | 154,106 | |
Drilling Co. of 1972 A/S (The)(2) | 4,300 | 204,069 | |
DSV A/S | 4,800 | 808,804 | |
Jyske Bank A/S(2) | 6,766 | 354,109 | |
Matas A/S | 10,900 | 116,947 | |
Netcompany Group A/S(2)(4) | 2,500 | 140,193 | |
Novo Nordisk A/S, Class B | 17,778 | 2,070,671 | |
Novozymes A/S, Class B | 17,900 | 1,143,457 | |
Orsted A/S(4) | 14,873 | 1,731,465 | |
Pandora A/S | 11,610 | 862,527 | |
Ringkjoebing Landbobank A/S | 3,060 | 343,616 | |
Scandinavian Tobacco Group A/S(4) | 13,300 | 254,725 | |
SimCorp A/S | 7,565 | 564,639 | |
Spar Nord Bank A/S | 15,000 | 171,870 | |
Sydbank A/S | 6,400 | 196,538 | |
Topdanmark A/S | 4,627 | 225,587 | |
Tryg A/S | 20,915 | 476,890 | |
$ 12,598,450 | |||
Finland — 2.3% | |||
Elisa Oyj | 23,197 | $ 1,282,912 | |
Fortum Oyj | 49,106 | 551,180 | |
Kemira Oyj | 22,400 | 284,417 | |
Kesko Oyj, Class B | 42,956 | 1,062,438 | |
Kojamo Oyj | 33,700 | 601,186 | |
Kone Oyj, Class B | 14,714 | 672,451 | |
Metsa Board Oyj | 21,700 | 193,451 |
Security | Shares | Value | |
Finland (continued) | |||
Neste Oyj | 31,435 | $ 1,616,428 | |
Nokia Oyj | 220,527 | 1,148,632 | |
Nokian Renkaat Oyj | 13,200 | 156,127 | |
Nordea Bank Abp | 117,429 | 1,157,846 | |
Orion Oyj, Class B | 36,813 | 1,757,360 | |
TietoEVRY Oyj | 4,494 | 122,236 | |
Tokmanni Group Corp. | 46,810 | 615,750 | |
UPM-Kymmene Oyj | 21,860 | 692,738 | |
Valmet Oyj | 8,331 | 231,830 | |
YIT Oyj | 23,700 | 80,619 | |
$ 12,227,601 | |||
France — 8.9% | |||
Aeroports de Paris(2) | 2,445 | $ 337,830 | |
Air Liquide S.A. | 33,863 | 4,655,566 | |
Albioma S.A. | 11,000 | 561,027 | |
Alstom S.A.(1) | 7,150 | 169,925 | |
Altarea SCA | 2,100 | 311,434 | |
Amundi S.A.(4) | 8,135 | 441,688 | |
Atos SE(2) | 8,580 | 105,779 | |
AXA S.A. | 69,600 | 1,603,759 | |
BioMerieux | 2,400 | 259,770 | |
Bollore SE | 70,500 | 355,945 | |
Bouygues S.A. | 7,300 | 220,677 | |
Bureau Veritas S.A. | 12,318 | 339,738 | |
Carmila S.A. | 25,100 | 397,276 | |
Carrefour S.A. | 18,800 | 320,390 | |
Casino Guichard Perrachon S.A.(1)(2) | 25,468 | 300,376 | |
Cie Generale des Etablissements Michelin SCA | 15,760 | 441,037 | |
Credit Agricole S.A. | 88,407 | 814,567 | |
Danone S.A. | 37,118 | 2,046,655 | |
Dassault Aviation S.A. | 2,000 | 286,045 | |
Dassault Systemes SE | 48,930 | 2,098,689 | |
Edenred | 16,250 | 834,121 | |
Eiffage S.A. | 3,370 | 316,237 | |
Engie S.A. | 176,500 | 2,183,718 | |
Esker S.A. | 1,000 | 150,211 | |
EssilorLuxottica S.A. | 5,934 | 930,346 | |
Eurazeo SE | 7,500 | 535,706 | |
Euroapi S.A.(2) | 2,029 | 34,229 | |
Eutelsat Communications S.A. | 30,600 | 232,858 | |
Gaztransport & Technigaz S.A. | 1,301 | 179,439 | |
Gecina S.A. | 7,134 | 731,453 | |
Getlink SE | 15,500 | 310,222 | |
Hermes International | 670 | 919,202 | |
ICADE | 8,000 | 400,533 |
Security | Shares | Value | |
France (continued) | |||
IPSOS | 3,200 | $ 164,018 | |
JCDecaux S.A.(2) | 6,200 | 99,984 | |
Klepierre S.A. | 39,039 | 867,448 | |
La Francaise des Jeux SAEM(4) | 7,500 | 267,885 | |
Legrand S.A. | 6,562 | 537,222 | |
LVMH Moet Hennessy Louis Vuitton SE | 3,170 | 2,201,102 | |
Mercialys S.A. | 25,100 | 222,493 | |
Metropole Television S.A. | 17,662 | 232,652 | |
Neoen S.A.(1)(4) | 14,031 | 617,098 | |
Nexity S.A. | 12,400 | 304,726 | |
Orange S.A. | 138,000 | 1,410,144 | |
Pernod Ricard S.A. | 5,500 | 1,080,444 | |
Quadient S.A. | 11,000 | 214,166 | |
Remy Cointreau S.A. | 800 | 158,046 | |
Rothschild & Co. | 5,492 | 202,253 | |
Rubis SCA | 18,900 | 461,939 | |
Sanofi | 46,704 | 4,641,141 | |
Schneider Electric SE | 6,400 | 885,145 | |
SCOR SE | 20,167 | 354,889 | |
SEB S.A. | 1,980 | 166,697 | |
SOITEC (2) | 1,400 | 224,094 | |
Solutions 30 SE(1)(2) | 22,000 | 74,867 | |
Sopra Steria Group SACA | 1,900 | 316,599 | |
Teleperformance | 1,408 | 470,837 | |
Thales S.A. | 4,200 | 522,310 | |
TotalEnergies SE | 104,615 | 5,343,457 | |
Ubisoft Entertainment S.A.(2) | 7,800 | 332,080 | |
Vinci S.A. | 6,130 | 587,614 | |
Vivendi SE | 65,095 | 617,968 | |
Voltalia S.A.(2) | 12,800 | 271,428 | |
Wendel SE | 4,600 | 423,382 | |
$ 48,100,576 | |||
Germany — 8.3% | |||
adidas AG | 4,700 | $ 813,060 | |
AIXTRON SE | 12,500 | 323,161 | |
Allianz SE | 10,180 | 1,848,750 | |
Aurubis AG | 2,000 | 144,394 | |
Auto1 Group SE(2)(4) | 9,800 | 84,529 | |
BASF SE | 45,081 | 2,009,043 | |
Bayer AG | 24,500 | 1,429,091 | |
Bayerische Motoren Werke AG | 10,260 | 838,379 | |
Bayerische Motoren Werke AG, PFC Shares | 3,109 | 236,051 | |
Bechtle AG | 6,000 | 277,523 | |
Befesa S.A.(4) | 1,424 | 65,960 | |
Beiersdorf AG | 17,496 | 1,804,270 |
Security | Shares | Value | |
Germany (continued) | |||
Brenntag SE | 4,300 | $ 302,054 | |
Cancom SE | 2,500 | 85,462 | |
CompuGroup Medical SE & Co. KGaA | 3,284 | 142,356 | |
Covestro AG(4) | 11,500 | 387,842 | |
Cropenergies AG | 5,200 | 76,633 | |
Daimler Truck Holding AG(2) | 9,600 | 262,320 | |
Delivery Hero SE(2)(4) | 8,967 | 432,625 | |
Deutsche Bank AG | 59,700 | 522,193 | |
Deutsche Boerse AG | 6,040 | 1,054,374 | |
Deutsche Post AG | 23,100 | 922,611 | |
Deutsche Telekom AG | 231,595 | 4,400,068 | |
Deutsche Wohnen SE | 25,930 | 641,152 | |
E.ON SE | 331,000 | 2,975,392 | |
Evonik Industries AG | 13,300 | 283,685 | |
Evotec SE(2) | 10,547 | 274,024 | |
Fielmann AG | 2,817 | 113,869 | |
Freenet AG | 5,700 | 134,216 | |
Fresenius Medical Care AG & Co. KGaA | 7,965 | 295,290 | |
FUCHS PETROLUB SE | 3,686 | 94,177 | |
FUCHS PETROLUB SE, PFC Shares | 6,200 | 185,771 | |
Gea Group AG | 5,400 | 201,569 | |
Gerresheimer AG | 4,000 | 240,262 | |
Hamborner REIT AG | 30,510 | 268,439 | |
Hannover Rueck SE | 2,400 | 340,433 | |
HelloFresh SE(2) | 22,200 | 613,602 | |
Henkel AG & Co. KGaA, PFC Shares | 30,430 | 1,943,969 | |
Hugo Boss AG | 3,420 | 202,096 | |
Jenoptik AG | 7,300 | 176,808 | |
K+S AG | 10,800 | 227,731 | |
Knorr-Bremse AG | 3,291 | 196,063 | |
Merck KGaA | 3,620 | 689,467 | |
Muenchener Rueckversicherungs-Gesellschaft AG | 3,169 | 718,431 | |
Nemetschek SE | 3,482 | 233,108 | |
Puma SE | 4,602 | 310,744 | |
QIAGEN NV(2) | 9,008 | 451,452 | |
Rational AG | 340 | 236,995 | |
Rheinmetall AG | 1,350 | 247,559 | |
SAP SE | 34,452 | 3,213,431 | |
Sartorius AG, PFC Shares | 1,269 | 567,623 | |
Siemens AG | 16,640 | 1,856,092 | |
Siemens Healthineers AG(4) | 12,008 | 615,333 | |
Suedzucker AG | 42,800 | 603,795 | |
Symrise AG | 8,600 | 1,003,496 | |
TeamViewer AG(2)(4) | 21,345 | 222,237 | |
Telefonica Deutschland Holding AG | 274,247 | 729,121 | |
Uniper SE | 61,000 | 407,565 |
Security | Shares | Value | |
Germany (continued) | |||
United Internet AG | 7,500 | $ 197,559 | |
Varta AG(1) | 3,100 | 252,354 | |
VERBIO Vereinigte BioEnergie AG | 2,600 | 161,352 | |
Vitesco Technologies Group AG(2) | 6,740 | 366,582 | |
Volkswagen AG | 1,700 | 336,715 | |
Volkswagen AG, PFC Shares | 4,800 | 678,671 | |
Vonovia SE | 81,150 | 2,703,901 | |
Zalando SE(2)(4) | 8,600 | 242,117 | |
$ 44,916,997 | |||
Hong Kong — 4.3% | |||
AIA Group, Ltd. | 222,000 | $ 2,230,355 | |
Aidigong Maternal & Child Health, Ltd.(1)(2) | 1,448,000 | 85,767 | |
ASMPT, Ltd. | 43,700 | 348,186 | |
Bank of East Asia, Ltd. (The) | 206,400 | 262,327 | |
Beijing Tong Ren Tang Chinese Medicine Co., Ltd. | 83,000 | 107,038 | |
BOC Hong Kong Holdings, Ltd. | 146,500 | 529,937 | |
Budweiser Brewing Co. APAC, Ltd.(4) | 566,100 | 1,567,494 | |
Cafe de Coral Holdings, Ltd. | 84,000 | 128,181 | |
Cathay Pacific Airways, Ltd.(1)(2) | 175,000 | 181,296 | |
Champion REIT | 349,000 | 153,925 | |
China Evergrande New Energy Vehicle Group, Ltd.(2)(5) | 834,500 | 170,091 | |
China Ruyi Holdings, Ltd.(1)(2) | 620,000 | 179,457 | |
China Tobacco International HK Co., Ltd.(1) | 93,000 | 134,366 | |
China Traditional Chinese Medicine Holdings Co., Ltd. | 446,000 | 189,335 | |
Chow Sang Sang Holdings International, Ltd. | 153,000 | 158,163 | |
Chow Tai Fook Jewellery Group, Ltd. | 220,200 | 435,502 | |
CK Asset Holdings, Ltd. | 70,500 | 499,121 | |
CK Hutchison Holdings, Ltd. | 146,500 | 971,775 | |
CLP Holdings, Ltd. | 142,500 | 1,208,339 | |
C-Mer Eye Care Holdings, Ltd.(2) | 180,000 | 91,722 | |
Fortune REIT | 129,000 | 110,158 | |
Fosun International, Ltd. | 362,000 | 285,207 | |
Galaxy Entertainment Group, Ltd. | 198,000 | 1,177,916 | |
Global Cord Blood Corp.(2) | 29,600 | 72,224 | |
Hang Seng Bank, Ltd. | 29,100 | 469,401 | |
Henderson Land Development Co., Ltd. | 71,867 | 250,179 | |
HK Electric Investments & HK Electric Investments, Ltd. | 507,500 | 458,992 | |
HKT Trust and HKT, Ltd. | 784,000 | 1,098,474 | |
Hong Kong & China Gas Co., Ltd. | 929,502 | 981,677 | |
Hysan Development Co., Ltd. | 63,000 | 193,132 | |
Jardine Matheson Holdings, Ltd. | 14,400 | 760,548 | |
Kerry Logistics Network, Ltd. | 116,500 | 233,854 | |
Kerry Properties, Ltd. | 56,500 | 135,890 | |
Lifestyle International Holdings, Ltd.(2) | 152,500 | 52,352 | |
Link REIT | 71,500 | 598,765 |
Security | Shares | Value | |
Hong Kong (continued) | |||
Luk Fook Holdings International, Ltd. | 83,000 | $ 202,655 | |
MGM China Holdings, Ltd.(1)(2) | 166,400 | 89,334 | |
Modern Dental Group, Ltd. | 167,000 | 53,211 | |
MTR Corp., Ltd. | 72,000 | 381,276 | |
New World Development Co., Ltd. | 77,000 | 257,480 | |
NWS Holdings, Ltd. | 295,000 | 292,584 | |
Pacific Basin Shipping, Ltd. | 802,000 | 383,545 | |
Pacific Textiles Holdings, Ltd. | 244,000 | 97,027 | |
PCCW, Ltd. | 1,166,000 | 624,052 | |
Power Assets Holdings, Ltd. | 151,000 | 988,709 | |
Sands China, Ltd.(2) | 266,800 | 625,790 | |
Shangri-La Asia, Ltd.(2) | 200,000 | 163,128 | |
Sino Land Co., Ltd. | 210,000 | 312,026 | |
SJM Holdings, Ltd.(1)(2) | 358,000 | 146,060 | |
Sun Hung Kai Properties, Ltd. | 56,000 | 668,479 | |
SUNeVision Holdings, Ltd. | 399,000 | 260,952 | |
Superb Summit International Group, Ltd.(1)(5) | 230,000 | 0 | |
Swire Properties, Ltd. | 87,600 | 208,727 | |
VSTECS Holdings, Ltd. | 600,000 | 458,261 | |
VTech Holdings, Ltd. | 71,500 | 487,419 | |
Yuexiu REIT | 255,000 | 99,076 | |
$ 23,310,937 | |||
Ireland — 2.2% | |||
Bank of Ireland Group PLC | 350,665 | $ 2,008,524 | |
CRH PLC | 48,602 | 1,865,060 | |
DCC PLC | 8,700 | 568,017 | |
Fineos Corp. Holdings PLC CDI(2) | 41,347 | 58,565 | |
Flutter Entertainment PLC(2) | 16,453 | 1,651,871 | |
Glenveagh Properties PLC(2)(4) | 77,242 | 85,732 | |
ICON PLC(2) | 8,500 | 2,050,625 | |
Irish Continental Group PLC | 69,445 | 277,987 | |
Irish Residential Properties REIT PLC | 311,874 | 432,620 | |
Kerry Group PLC, Class A | 19,618 | 2,070,702 | |
Kingspan Group PLC | 13,022 | 842,889 | |
Uniphar PLC(2) | 37,081 | 122,796 | |
$ 12,035,388 | |||
Israel — 2.3% | |||
Airport City, Ltd.(2) | 16,700 | $ 322,854 | |
Amot Investments, Ltd. | 40,781 | 279,589 | |
AudioCodes, Ltd. | 3,200 | 77,760 | |
Azrieli Group, Ltd. | 3,567 | 285,920 | |
Bank Hapoalim B.M. | 30,857 | 287,587 | |
Bank Leumi Le-Israel B.M. | 49,731 | 483,565 | |
Bezeq The Israeli Telecommunication Corp., Ltd. | 751,612 | 1,286,868 |
Security | Shares | Value | |
Israel (continued) | |||
Check Point Software Technologies, Ltd.(2) | 2,600 | $ 323,960 | |
Compugen, Ltd.(1)(2) | 65,000 | 104,650 | |
CyberArk Software, Ltd.(2) | 800 | 104,104 | |
Danel Adir Yeoshua, Ltd. | 1,100 | 139,513 | |
Delta Galil Industries, Ltd. | 2,040 | 99,683 | |
Elbit Systems, Ltd. | 2,106 | 485,924 | |
Electra, Ltd. | 365 | 218,745 | |
Energix-Renewable Energies, Ltd. | 109,890 | 445,406 | |
First International Bank of Israel, Ltd. (The) | 4,435 | 187,512 | |
Fiverr International, Ltd.(1)(2) | 3,600 | 115,488 | |
Fox Wizel, Ltd. | 1,500 | 190,717 | |
Hilan, Ltd. | 3,200 | 186,453 | |
ICL Group, Ltd. | 104,023 | 947,901 | |
Inrom Construction Industries, Ltd. | 40,400 | 195,493 | |
Kenon Holdings, Ltd. | 8,468 | 366,565 | |
Maytronics, Ltd. | 41,700 | 549,493 | |
Mizrahi Tefahot Bank, Ltd. | 5,560 | 206,699 | |
Nano-X Imaging, Ltd.(1)(2) | 7,700 | 92,708 | |
Nice, Ltd.(2) | 1,294 | 276,265 | |
Oil Refineries, Ltd. | 912,196 | 343,759 | |
OPC Energy, Ltd.(2) | 33,200 | 383,971 | |
Paz Oil Co., Ltd.(2) | 5,234 | 645,525 | |
Radware, Ltd.(2) | 1,700 | 39,321 | |
Reit 1, Ltd. | 43,316 | 251,000 | |
Shapir Engineering and Industry, Ltd. | 30,000 | 267,139 | |
Shufersal, Ltd. | 82,353 | 538,111 | |
Strauss Group, Ltd. | 13,500 | 358,713 | |
Taro Pharmaceutical Industries, Ltd.(2) | 2,100 | 74,949 | |
Teva Pharmaceutical Industries, Ltd. ADR(2) | 107,600 | 1,009,288 | |
Tower Semiconductor, Ltd.(2) | 4,400 | 209,739 | |
Victory Supermarket Chain, Ltd. | 10,200 | 153,059 | |
$ 12,535,996 | |||
Italy — 4.5% | |||
Assicurazioni Generali SpA | 32,700 | $ 488,853 | |
Atlantia SpA | 48,424 | 1,119,109 | |
Banco BPM SpA | 78,600 | 203,580 | |
Bio-On SpA(1)(2)(5) | 12,900 | 0 | |
BPER Banca SpA | 32,400 | 44,975 | |
Brunello Cucinelli SpA | 6,234 | 362,313 | |
Buzzi Unicem SpA(1) | 7,400 | 135,295 | |
Cementir Holding NV | 48,418 | 314,690 | |
Davide Campari-Milano NV | 127,434 | 1,414,754 | |
De'Longhi SpA | 10,450 | 198,755 | |
DiaSorin SpA | 7,620 | 1,059,503 | |
Digital Bros SpA | 8,900 | 241,452 |
Security | Shares | Value | |
Italy (continued) | |||
Enav SpA(2)(4) | 46,000 | $ 201,116 | |
Enel SpA | 284,188 | 1,432,667 | |
Eni SpA | 259,731 | 3,122,117 | |
Ferrari NV | 6,600 | 1,401,591 | |
Fila SpA | 5,500 | 44,757 | |
Fincantieri SpA(1)(2) | 128,000 | 67,293 | |
FinecoBank Banca Fineco SpA | 24,111 | 299,651 | |
GVS SpA(1)(4) | 23,883 | 232,056 | |
Hera SpA | 46,677 | 134,116 | |
Infrastrutture Wireless Italiane SpA(4) | 104,600 | 1,099,176 | |
Interpump Group SpA | 11,400 | 487,211 | |
Intesa Sanpaolo SpA | 535,073 | 950,187 | |
Iren SpA | 42,400 | 79,904 | |
Italgas SpA | 24,300 | 139,015 | |
Juventus Football Club SpA(1)(2) | 1,259,900 | 464,192 | |
MFE-MediaForEurope NV, Class B(1)(2) | 257,715 | 165,853 | |
Moncler SpA | 7,800 | 391,005 | |
Nexi SpA(2)(4) | 11,200 | 101,719 | |
Poste Italiane SpA(4) | 16,700 | 140,285 | |
Prada SpA | 62,700 | 361,883 | |
Prysmian SpA | 24,700 | 785,383 | |
RAI Way SpA(4) | 74,400 | 370,289 | |
Recordati Industria Chimica e Farmaceutica SpA | 30,447 | 1,350,303 | |
Reply SpA | 4,480 | 589,776 | |
Salvatore Ferragamo SpA | 11,072 | 196,393 | |
Saras SpA(2) | 254,500 | 322,839 | |
Snam SpA | 48,800 | 244,855 | |
STMicroelectronics NV | 57,100 | 2,161,132 | |
Technogym SpA(1)(4) | 16,800 | 118,356 | |
Terna - Rete Elettrica Nazionale | 52,300 | 400,398 | |
Tinexta SpA | 5,327 | 132,653 | |
Unipol Gruppo SpA | 33,400 | 140,103 | |
UnipolSai Assicurazioni SpA(1) | 64,182 | 145,323 | |
Webuild SpA(1) | 166,800 | 257,424 | |
$ 24,114,300 | |||
Japan — 13.8% | |||
Acom Co., Ltd. | 41,900 | $ 104,821 | |
Advance Residence Investment Corp.(1) | 88 | 242,475 | |
Aeon Co., Ltd. | 26,100 | 526,356 | |
AGC, Inc. | 4,800 | 174,975 | |
Air Water, Inc. | 12,300 | 165,594 | |
Ajinomoto Co., Inc. | 13,400 | 352,634 | |
Alfresa Holdings Corp. | 13,900 | 185,508 | |
Asahi Intecc Co., Ltd. | 8,800 | 162,800 | |
Astellas Pharma, Inc. | 45,900 | 718,858 |
Security | Shares | Value | |
Japan (continued) | |||
Azbil Corp. | 3,900 | $ 117,402 | |
Bandai Namco Holdings, Inc. | 4,200 | 328,114 | |
Bank of Kyoto, Ltd. (The) | 4,500 | 191,454 | |
Bridgestone Corp. | 8,600 | 335,450 | |
Brother Industries, Ltd. | 7,500 | 140,486 | |
Calbee, Inc. | 7,600 | 163,095 | |
Canon, Inc. | 19,500 | 461,327 | |
Capcom Co., Ltd. | 13,200 | 366,927 | |
Casio Computer Co., Ltd. | 15,400 | 150,642 | |
Central Japan Railway Co. | 2,700 | 316,162 | |
Chiba Bank, Ltd. (The) | 41,300 | 229,085 | |
Chubu Electric Power Co., Inc. | 62,200 | 663,513 | |
Chugai Pharmaceutical Co., Ltd. | 17,600 | 494,433 | |
Chugoku Electric Power Co., Inc. (The) | 36,100 | 235,887 | |
Concordia Financial Group, Ltd. | 70,500 | 239,841 | |
Cosmos Pharmaceutical Corp. | 1,900 | 204,273 | |
CyberAgent, Inc. | 26,800 | 267,421 | |
Dai Nippon Printing Co., Ltd. | 5,700 | 125,784 | |
Daicel Corp. | 19,800 | 125,954 | |
Daido Steel Co., Ltd. | 4,700 | 140,278 | |
Daifuku Co., Ltd. | 2,700 | 172,170 | |
Daiichi Sankyo Co., Ltd. | 45,400 | 1,203,768 | |
Daikin Industries, Ltd. | 2,300 | 403,370 | |
Daito Trust Construction Co., Ltd. | 3,600 | 341,289 | |
Daiwa House Industry Co., Ltd. | 30,100 | 743,713 | |
Daiwa House REIT Investment Corp. | 141 | 339,358 | |
Daiwa Office Investment Corp. | 35 | 177,564 | |
Daiwa Securities Group, Inc. | 73,100 | 337,446 | |
DeNA Co., Ltd. | 17,400 | 257,018 | |
Denka Co., Ltd. | 7,700 | 199,650 | |
DIC Corp. | 5,600 | 103,563 | |
Disco Corp. | 800 | 195,464 | |
East Japan Railway Co. | 4,400 | 229,711 | |
ENEOS Holdings, Inc. | 262,200 | 1,014,295 | |
Ezaki Glico Co., Ltd. | 6,000 | 175,307 | |
Fast Retailing Co., Ltd. | 900 | 545,031 | |
Frontier Real Estate Investment Corp. | 64 | 260,861 | |
FUJIFILM Holdings Corp. | 7,400 | 422,703 | |
Fujitsu, Ltd. | 3,600 | 482,624 | |
Fukuoka Financial Group, Inc. | 12,200 | 216,241 | |
GLP J-REIT | 270 | 355,092 | |
GMO Payment Gateway, Inc. | 2,100 | 174,516 | |
Hakuhodo DY Holdings, Inc. | 21,800 | 224,227 | |
Hamamatsu Photonics K.K. | 3,600 | 163,587 | |
Hankyu Hanshin Holdings, Inc. | 4,400 | 127,630 | |
Hikari Tsushin, Inc. | 1,400 | 154,263 |
Security | Shares | Value | |
Japan (continued) | |||
Hirose Electric Co., Ltd. | 1,040 | $ 149,412 | |
Hisamitsu Pharmaceutical Co., Inc. | 4,700 | 122,578 | |
Hitachi Metals, Ltd.(2) | 12,900 | 198,361 | |
House Foods Group, Inc. | 7,700 | 165,561 | |
Hoya Corp. | 9,400 | 941,801 | |
Hulic Co., Ltd. | 29,000 | 232,583 | |
Ibiden Co., Ltd. | 3,900 | 115,095 | |
Idemitsu Kosan Co., Ltd. | 31,000 | 806,149 | |
Industrial & Infrastructure Fund Investment Corp.(1) | 174 | 241,932 | |
Ito En, Ltd. | 3,200 | 150,788 | |
ITOCHU Corp. | 14,500 | 422,090 | |
Iwatani Corp. | 8,200 | 343,717 | |
Japan Exchange Group, Inc. | 19,100 | 303,704 | |
Japan Logistics Fund, Inc.(1) | 71 | 170,618 | |
Japan Post Bank Co., Ltd. | 33,500 | 267,989 | |
Japan Post Holdings Co., Ltd. | 25,800 | 185,756 | |
Japan Real Estate Investment Corp. | 83 | 400,804 | |
Japan Tobacco, Inc. | 36,800 | 660,766 | |
JSR Corp. | 10,200 | 282,519 | |
Kajima Corp. | 10,500 | 119,865 | |
Kakaku.com, Inc. | 14,000 | 274,213 | |
Kaneka Corp. | 6,400 | 173,409 | |
Kansai Paint Co., Ltd. | 14,300 | 205,636 | |
Kao Corp. | 14,000 | 608,922 | |
KDDI Corp. | 50,600 | 1,622,353 | |
Keikyu Corp. | 13,700 | 152,162 | |
Keio Corp.(1) | 2,200 | 84,238 | |
Keisei Electric Railway Co., Ltd.(1) | 5,800 | 159,018 | |
Kenedix Office Investment Corp. | 45 | 241,880 | |
Kewpie Corp. | 9,800 | 170,237 | |
Keyence Corp. | 2,600 | 1,030,489 | |
Kintetsu Group Holdings Co., Ltd. | 5,500 | 181,758 | |
Kirin Holdings Co., Ltd. | 30,200 | 496,740 | |
Kobayashi Pharmaceutical Co., Ltd.(1) | 3,300 | 219,846 | |
Kobe Bussan Co., Ltd.(1) | 3,700 | 105,469 | |
Kubota Corp. | 14,300 | 237,428 | |
Kuraray Co., Ltd. | 19,500 | 156,956 | |
Kyocera Corp. | 6,300 | 350,210 | |
Kyowa Kirin Co., Ltd. | 9,500 | 223,965 | |
Kyushu Electric Power Co., Inc. | 55,000 | 359,510 | |
LaSalle Logiport REIT | 165 | 217,457 | |
Lasertec Corp.(1) | 2,000 | 286,340 | |
Lawson, Inc. | 4,600 | 163,123 | |
Lion Corp. | 17,300 | 199,182 | |
Makita Corp. | 4,000 | 97,754 | |
Marubeni Corp. | 14,600 | 135,813 |
Security | Shares | Value | |
Japan (continued) | |||
Marui Group Co., Ltd. | 14,700 | $ 268,335 | |
Maruichi Steel Tube, Ltd. | 9,300 | 205,848 | |
MatsukiyoCocokara & Co. | 7,300 | 275,617 | |
Medipal Holdings Corp. | 12,500 | 188,593 | |
MEIJI Holdings Co., Ltd. | 5,300 | 276,713 | |
MISUMI Group, Inc. | 7,800 | 194,051 | |
Mitsubishi Chemical Group Corp. | 50,700 | 285,113 | |
Mitsubishi Corp. | 14,300 | 424,986 | |
Mitsubishi Electric Corp. | 27,500 | 290,241 | |
Mitsubishi Estate Co., Ltd. | 60,800 | 902,978 | |
Mitsubishi Gas Chemical Co., Inc. | 14,200 | 206,406 | |
Mitsubishi Heavy Industries, Ltd. | 4,700 | 174,523 | |
Mitsubishi Materials Corp. | 12,200 | 184,577 | |
Mitsubishi UFJ Financial Group, Inc.(6) | 238,100 | 1,341,572 | |
Mitsui & Co., Ltd. | 13,100 | 289,016 | |
Mitsui Chemicals, Inc. | 10,600 | 223,281 | |
Mitsui Fudosan Co., Ltd. | 33,800 | 755,410 | |
Mitsui Fudosan Logistics Park, Inc.(1) | 42 | 164,956 | |
Mizuho Financial Group, Inc. | 48,380 | 576,998 | |
MS&AD Insurance Group Holdings, Inc. | 16,500 | 535,117 | |
Murata Manufacturing Co., Ltd. | 11,100 | 648,359 | |
Nagoya Railroad Co., Ltd. | 4,400 | 70,928 | |
NEC Corp. | 6,600 | 243,635 | |
Nexon Co., Ltd. | 20,900 | 474,474 | |
Nichirei Corp. | 7,300 | 130,257 | |
Nidec Corp. | 6,100 | 423,914 | |
Nihon Kohden Corp. | 9,200 | 205,842 | |
Nihon M&A Center Holdings, Inc. | 8,600 | 115,086 | |
Nintendo Co., Ltd. | 3,300 | 1,475,671 | |
Nippon Accommodations Fund, Inc. | 49 | 256,042 | |
Nippon Building Fund, Inc. | 91 | 482,732 | |
Nippon Express Holdings, Inc. | 2,500 | 149,389 | |
Nippon Gas Co., Ltd. | 11,100 | 166,661 | |
Nippon Kayaku Co., Ltd. | 17,700 | 148,997 | |
Nippon Paint Holdings Co., Ltd.(1) | 51,300 | 392,146 | |
Nippon Paper Industries Co., Ltd. | 10,000 | 72,521 | |
Nippon Prologis REIT, Inc. | 135 | 351,068 | |
Nippon Shinyaku Co., Ltd. | 4,300 | 266,134 | |
Nippon Shokubai Co., Ltd. | 3,500 | 136,994 | |
Nippon Telegraph & Telephone Corp. | 37,700 | 1,076,913 | |
Nissan Motor Co., Ltd. | 58,500 | 222,467 | |
Nissin Foods Holdings Co., Ltd. | 5,000 | 362,130 | |
Nitori Holdings Co., Ltd.(1) | 2,200 | 232,757 | |
Nitto Denko Corp. | 6,600 | 425,009 | |
NOF Corp. | 4,300 | 170,138 | |
Nomura Research Institute, Ltd. | 11,600 | 348,514 |
Security | Shares | Value | |
Japan (continued) | |||
NTT Data Corp. | 20,600 | $ 311,781 | |
Obic Co., Ltd. | 1,700 | 271,778 | |
Odakyu Electric Railway Co., Ltd.(1) | 5,100 | 73,146 | |
Oji Holdings Corp. | 48,300 | 201,370 | |
Omron Corp. | 4,700 | 262,862 | |
Ono Pharmaceutical Co., Ltd. | 19,100 | 537,071 | |
Oracle Corp. Japan | 1,900 | 118,500 | |
Oriental Land Co., Ltd. | 3,700 | 561,766 | |
Osaka Gas Co., Ltd. | 39,200 | 704,741 | |
Otsuka Corp. | 4,400 | 137,217 | |
Otsuka Holdings Co., Ltd. | 16,800 | 600,146 | |
Pan Pacific International Holdings Corp. | 14,900 | 232,000 | |
PeptiDream, Inc.(2) | 5,800 | 72,628 | |
Pigeon Corp. | 8,000 | 116,543 | |
Rakuten Group, Inc.(1) | 18,600 | 92,210 | |
Relo Group, Inc. | 14,400 | 239,112 | |
Resona Holdings, Inc. | 91,700 | 356,369 | |
Ricoh Co., Ltd. | 25,600 | 205,902 | |
Rinnai Corp. | 1,700 | 129,248 | |
ROHM Co., Ltd. | 3,200 | 237,474 | |
Rohto Pharmaceutical Co., Ltd. | 8,700 | 260,772 | |
Ryohin Keikaku Co., Ltd. | 9,000 | 89,332 | |
Santen Pharmaceutical Co., Ltd. | 16,700 | 135,272 | |
Sawai Group Holdings Co., Ltd. | 3,400 | 110,296 | |
SECOM Co., Ltd. | 3,600 | 240,444 | |
Sekisui House Reit, Inc. | 380 | 238,027 | |
Sekisui House, Ltd.(1) | 16,000 | 283,382 | |
Seven Bank, Ltd. | 101,900 | 202,213 | |
SG Holdings Co., Ltd. | 11,400 | 217,564 | |
Shikoku Electric Power Co., Inc. | 45,400 | 268,208 | |
Shimadzu Corp. | 7,900 | 281,074 | |
Shimano, Inc. | 1,800 | 300,683 | |
Shimizu Corp. | 15,300 | 86,730 | |
Shin-Etsu Chemical Co., Ltd. | 12,300 | 1,575,559 | |
Shizuoka Bank, Ltd. (The) | 47,100 | 285,022 | |
Showa Denko K.K.(1) | 12,600 | 211,309 | |
SMC Corp. | 700 | 344,985 | |
SoftBank Corp. | 51,900 | 600,081 | |
Sony Group Corp. | 14,700 | 1,246,970 | |
Square Enix Holdings Co., Ltd. | 7,100 | 329,439 | |
Sumitomo Corp. | 15,000 | 210,899 | |
Sumitomo Mitsui Financial Group, Inc. | 25,800 | 809,400 | |
Sumitomo Mitsui Trust Holdings, Inc. | 13,900 | 456,605 | |
Sumitomo Osaka Cement Co., Ltd. | 4,000 | 105,693 | |
Sumitomo Realty & Development Co., Ltd. | 21,300 | 588,158 | |
Suntory Beverage & Food, Ltd. | 6,700 | 264,365 |
Security | Shares | Value | |
Japan (continued) | |||
Suzuken Co., Ltd. | 5,100 | $ 140,959 | |
Sysmex Corp. | 4,900 | 343,058 | |
Taisei Corp. | 4,500 | 143,581 | |
Taisho Pharmaceutical Holdings Co., Ltd. | 4,000 | 159,271 | |
Taiyo Yuden Co., Ltd. | 3,600 | 127,944 | |
TEIJIN, Ltd. | 12,200 | 129,270 | |
TIS, Inc. | 8,700 | 246,681 | |
Tobu Railway Co., Ltd.(1) | 3,200 | 75,984 | |
Toho Co., Ltd. | 9,300 | 369,310 | |
Toho Gas Co., Ltd. | 10,100 | 243,146 | |
Tohoku Electric Power Co., Inc. | 55,600 | 307,833 | |
Tokai Carbon Co., Ltd. | 18,400 | 148,758 | |
Tokio Marine Holdings, Inc. | 13,200 | 772,727 | |
Tokyo Gas Co., Ltd. | 33,700 | 661,899 | |
Tokyo Ohka Kogyo Co., Ltd. | 4,000 | 207,400 | |
Tokyu Corp.(1) | 9,800 | 120,163 | |
Toppan, Inc. | 7,900 | 134,422 | |
Toshiba Corp. | 6,400 | 259,632 | |
Tosoh Corp. | 20,400 | 265,918 | |
TOTO, Ltd. | 3,200 | 108,998 | |
Toyo Suisan Kaisha, Ltd. | 7,200 | 305,913 | |
Toyota Industries Corp. | 2,100 | 127,868 | |
Toyota Motor Corp. | 142,500 | 2,312,921 | |
Trend Micro, Inc. | 3,900 | 226,645 | |
Tsuruha Holdings, Inc. | 2,400 | 136,736 | |
Unicharm Corp. | 14,700 | 532,467 | |
USS Co., Ltd. | 8,100 | 158,942 | |
Welcia Holdings Co., Ltd. | 8,400 | 187,613 | |
West Japan Railway Co. | 4,300 | 157,942 | |
Yakult Honsha Co., Ltd. | 6,500 | 395,847 | |
Yamaguchi Financial Group, Inc. | 32,200 | 182,280 | |
Yamato Holdings Co., Ltd. | 6,600 | 115,493 | |
Yamazaki Baking Co., Ltd. | 15,300 | 184,725 | |
Z Holdings Corp.(1) | 120,000 | 424,109 | |
Zeon Corp. | 17,700 | 179,729 | |
ZOZO, Inc. | 8,300 | 179,294 | |
$ 74,181,139 | |||
Netherlands — 4.6% | |||
ABN AMRO Bank NV(4) | 39,700 | $ 404,856 | |
Aegon NV(1) | 114,300 | 502,029 | |
ASML Holding NV | 5,928 | 3,407,165 | |
ASR Nederland NV | 12,100 | 505,749 | |
Boskalis Westminster NV | 12,178 | 399,591 | |
Corbion NV | 20,000 | 697,009 | |
Euronext NV(4) | 7,000 | 570,350 |
Security | Shares | Value | |
Netherlands (continued) | |||
Flow Traders NV(4) | 7,300 | $ 158,639 | |
IMCD NV(1) | 2,576 | 412,544 | |
Intertrust NV(2)(4) | 19,500 | 385,124 | |
JDE Peet's NV | 36,560 | 1,060,328 | |
Just Eat Takeaway.com NV(1)(2)(4) | 2,700 | 49,489 | |
Koninklijke Ahold Delhaize NV | 77,272 | 2,127,972 | |
Koninklijke DSM NV | 13,608 | 2,179,308 | |
Koninklijke KPN NV(1) | 746,650 | 2,463,191 | |
Koninklijke Philips NV | 77,457 | 1,603,069 | |
Koninklijke Vopak NV | 13,000 | 301,717 | |
NN Group NV | 20,550 | 964,255 | |
NSI NV | 5,968 | 193,639 | |
PostNL NV | 71,792 | 188,835 | |
Prosus NV | 29,973 | 1,955,288 | |
SBM Offshore NV | 42,517 | 593,397 | |
Signify NV(4) | 11,700 | 379,993 | |
Universal Music Group NV(1) | 57,500 | 1,301,599 | |
Van Lanschot Kempen NV | 2,900 | 66,408 | |
Vastned Retail NV | 7,610 | 184,401 | |
Wolters Kluwer NV | 15,395 | 1,671,932 | |
$ 24,727,877 | |||
New Zealand — 1.1% | |||
a2 Milk Co., Ltd. (The)(1)(2) | 214,864 | $ 675,146 | |
Argosy Property, Ltd. | 144,849 | 119,207 | |
Auckland International Airport, Ltd.(2) | 95,752 | 449,622 | |
Contact Energy, Ltd. | 53,366 | 257,445 | |
Fisher & Paykel Healthcare Corp., Ltd. | 51,451 | 688,035 | |
Fletcher Building, Ltd. | 68,021 | 221,310 | |
Genesis Energy, Ltd. | 38,800 | 70,362 | |
Goodman Property Trust | 278,900 | 383,051 | |
Heartland Group Holdings, Ltd.(1) | 183,499 | 240,134 | |
Infratil, Ltd. | 32,081 | 169,395 | |
KMD Brands, Ltd. | 208,980 | 143,707 | |
Mercury NZ, Ltd. | 54,400 | 208,075 | |
Pacific Edge, Ltd.(2) | 114,000 | 56,187 | |
Precinct Properties New Zealand, Ltd. | 265,100 | 237,263 | |
Pushpay Holdings, Ltd.(2) | 115,268 | 93,943 | |
SKYCITY Entertainment Group, Ltd. | 282,739 | 493,866 | |
Spark New Zealand, Ltd. | 210,931 | 678,264 | |
Vulcan Steel, Ltd. | 20,400 | 125,206 | |
Xero, Ltd.(2) | 9,014 | 593,830 | |
$ 5,904,048 | |||
Norway — 2.6% | |||
Aker BP ASA(1) | 27,722 | $ 957,575 |
Security | Shares | Value | |
Norway (continued) | |||
ArcticZymes Technologies ASA(2) | 15,700 | $ 135,253 | |
Atea ASA | 48,489 | 592,063 | |
Bergenbio ASA(2) | 25,475 | 34,776 | |
Borregaard ASA | 27,054 | 485,640 | |
DHT Holdings, Inc. | 13,700 | 90,009 | |
DNB Bank ASA | 49,851 | 983,349 | |
Elmera Group ASA(4) | 18,200 | 39,979 | |
Entra ASA(4) | 58,483 | 823,586 | |
Equinor ASA | 42,589 | 1,639,842 | |
Europris ASA(4) | 82,000 | 484,857 | |
Frontline, Ltd.(1)(2) | 20,000 | 190,506 | |
Gjensidige Forsikring ASA | 16,200 | 338,835 | |
Kongsberg Gruppen ASA | 17,120 | 630,850 | |
Mowi ASA | 40,150 | 926,465 | |
Nordic Nanovector ASA(2) | 44,014 | 8,453 | |
Nordic Semiconductor ASA(2) | 25,700 | 451,640 | |
Opera, Ltd. ADR(2) | 61,800 | 316,416 | |
Orkla ASA | 75,100 | 648,284 | |
Scatec ASA(4) | 40,263 | 480,778 | |
Schibsted ASA, Class B | 18,500 | 332,789 | |
SFL Corp, Ltd. | 7,300 | 72,781 | |
SpareBank 1 SMN | 14,400 | 184,638 | |
Telenor ASA | 75,900 | 921,741 | |
TOMRA Systems ASA | 35,600 | 833,382 | |
Veidekke ASA | 20,997 | 217,094 | |
Yara International ASA | 23,306 | 993,240 | |
$ 13,814,821 | |||
Portugal — 1.1% | |||
Banco Comercial Portugues S.A. | 4,742,553 | $ 703,740 | |
Corticeira Amorim SGPS S.A. | 27,338 | 290,906 | |
CTT-Correios de Portugal S.A. | 97,056 | 331,925 | |
EDP-Energias de Portugal S.A. | 211,095 | 1,067,909 | |
Galp Energia SGPS S.A., Class B | 78,429 | 827,863 | |
Jeronimo Martins SGPS S.A. | 52,321 | 1,211,071 | |
Navigator Co. S.A. (The) | 176,073 | 726,641 | |
NOS SGPS S.A. | 152,948 | 577,756 | |
REN - Redes Energeticas Nacionais SGPS S.A. | 29,300 | 82,837 | |
$ 5,820,648 | |||
Singapore — 2.3% | |||
AEM Holdings, Ltd.(1) | 49,600 | $ 157,088 | |
Ascendas Real Estate Investment Trust | 109,000 | 234,618 | |
BW LPG, Ltd.(4) | 9,091 | 74,779 | |
CapitaLand China Trust REIT | 113,100 | 96,753 | |
CapitaLand Investment, Ltd. | 86,400 | 245,836 |
Security | Shares | Value | |
Singapore (continued) | |||
China Aviation Oil Singapore Corp, Ltd. | 96,100 | $ 59,836 | |
City Developments, Ltd. | 26,300 | 147,760 | |
ComfortDelGro Corp., Ltd. | 337,300 | 347,031 | |
Flex, Ltd.(2) | 70,700 | 1,187,760 | |
Genting Singapore, Ltd. | 921,500 | 538,191 | |
Haw Par Corp, Ltd. | 20,500 | 163,412 | |
Keppel Corp., Ltd. | 107,300 | 536,091 | |
Keppel DC REIT(1) | 35,456 | 53,161 | |
Keppel Infrastructure Trust | 801,185 | 340,076 | |
Keppel REIT | 110,000 | 88,436 | |
Manulife US REIT | 113,000 | 65,586 | |
Mapletree Commercial Trust | 83,109 | 114,480 | |
Mapletree Industrial Trust | 71,610 | 140,660 | |
Mapletree Logistics Trust | 80,800 | 103,125 | |
Nanofilm Technologies International, Ltd.(1) | 31,300 | 45,669 | |
Oversea-Chinese Banking Corp., Ltd. | 88,900 | 753,401 | |
Parkway Life REIT | 33,400 | 115,862 | |
Raffles Medical Group, Ltd. | 220,700 | 183,833 | |
Sea, Ltd. ADR(2) | 7,900 | 602,928 | |
Sembcorp Industries, Ltd. | 141,300 | 298,126 | |
Sheng Siong Group, Ltd. | 269,200 | 311,830 | |
Singapore Airlines, Ltd.(1)(2) | 139,000 | 549,905 | |
Singapore Exchange, Ltd. | 57,600 | 412,911 | |
Singapore Post, Ltd. | 292,300 | 134,610 | |
Singapore Technologies Engineering, Ltd. | 121,200 | 353,390 | |
Singapore Telecommunications, Ltd.(3) | 311,400 | 588,880 | |
Singapore Telecommunications, Ltd.(3) | 84,700 | 159,634 | |
Suntec Real Estate Investment Trust | 89,800 | 104,885 | |
UMS Holdings, Ltd. | 140,625 | 120,512 | |
United Overseas Bank, Ltd. | 36,600 | 730,219 | |
UOL Group, Ltd. | 19,600 | 105,896 | |
Venture Corp., Ltd. | 35,400 | 451,004 | |
Wilmar International, Ltd. | 486,600 | 1,417,907 | |
$ 12,136,081 | |||
Spain — 4.2% | |||
Acerinox S.A. | 74,810 | $ 729,872 | |
Aena SME S.A.(2)(4) | 7,571 | 957,653 | |
Almirall S.A. | 50,033 | 483,064 | |
Amadeus IT Group S.A.(2) | 41,920 | 2,444,364 | |
Banco Santander S.A. | 462,273 | 1,156,547 | |
Bankinter S.A. | 54,252 | 267,112 | |
CaixaBank S.A. | 135,566 | 407,069 | |
Cellnex Telecom S.A.(4) | 62,084 | 2,776,960 | |
Cia de Distribucion Integral Logista Holdings S.A. | 26,697 | 550,309 | |
Ebro Foods S.A.(1) | 26,000 | 432,666 |
Security | Shares | Value | |
Spain (continued) | |||
Enagas S.A. | 18,800 | $ 371,087 | |
Fluidra S.A. | 17,023 | 318,196 | |
Global Dominion Access S.A.(4) | 31,250 | 125,679 | |
Grifols S.A.(1) | 83,900 | 1,224,237 | |
Grupo Catalana Occidente S.A. | 2,596 | 77,414 | |
Iberdrola S.A. | 163,381 | 1,744,660 | |
Iberdrola S.A. | 4,538 | 48,379 | |
Indra Sistemas S.A. | 10,400 | 95,136 | |
Industria de Diseno Textil S.A. | 95,075 | 2,309,082 | |
Laboratorios Farmaceuticos Rovi S.A. | 8,600 | 450,287 | |
Linea Directa Aseguradora S.A. Cia de Seguros y Reaseguros | 94,840 | 105,254 | |
Mapfre S.A. | 148,417 | 239,715 | |
Merlin Properties Socimi S.A. | 145,900 | 1,564,895 | |
Neinor Homes S.A.(4) | 10,000 | 107,560 | |
Red Electrica Corp. S.A. | 26,578 | 522,534 | |
Repsol S.A. | 162,866 | 2,029,026 | |
Siemens Gamesa Renewable Energy S.A.(2) | 25,400 | 467,341 | |
Telefonica S.A.(1) | 23,741 | 105,972 | |
Viscofan S.A. | 5,805 | 338,074 | |
$ 22,450,144 | |||
Sweden — 4.1% | |||
AcadeMedia AB(4) | 24,400 | $ 120,210 | |
Alfa Laval AB | 6,950 | 207,818 | |
Arjo AB, Class B | 29,560 | 162,382 | |
Assa Abloy AB, Class B | 16,810 | 397,153 | |
Atlas Copco AB, Class A | 30,400 | 355,357 | |
Atrium Ljungberg AB, Class B | 7,700 | 114,497 | |
Attendo AB(2)(4) | 51,800 | 126,099 | |
Axfood AB | 29,387 | 932,992 | |
Betsson AB | 23,476 | 162,280 | |
BHG Group AB(1)(2) | 25,600 | 87,498 | |
BICO Group AB(1)(2) | 12,905 | 51,251 | |
Bilia AB, Class A | 7,790 | 110,069 | |
BillerudKorsnas AB | 45,811 | 590,896 | |
BioGaia AB, Class B | 21,245 | 200,300 | |
Boozt AB(1)(2)(4) | 9,100 | 64,104 | |
Camurus AB(2) | 3,700 | 84,086 | |
Castellum AB(1) | 23,939 | 383,791 | |
Catena AB | 3,800 | 174,129 | |
Cibus Nordic Real Estate AB | 7,400 | 132,639 | |
Dios Fastigheter AB | 19,400 | 153,347 | |
Dustin Group AB(4) | 10,600 | 72,381 | |
Electrolux AB, Class B(1) | 16,000 | 230,781 | |
Elekta AB, Class B | 28,260 | 204,108 |
Security | Shares | Value | |
Sweden (continued) | |||
Embracer Group AB(1)(2) | 41,890 | $ 319,224 | |
Epiroc AB, Class A | 7,626 | 134,841 | |
Epiroc AB, Class B | 11,200 | 177,896 | |
Essity AB, Class B | 70,835 | 1,803,110 | |
Evolution AB(4) | 8,798 | 853,677 | |
Fabege AB | 29,218 | 299,917 | |
Fingerprint Cards AB, Class B(1)(2) | 205,863 | 182,422 | |
Getinge AB, Class B | 19,600 | 442,292 | |
Hansa Biopharma AB(1)(2) | 4,500 | 36,120 | |
HMS Networks AB | 2,700 | 128,706 | |
Holmen AB, Class B | 20,516 | 843,042 | |
Hufvudstaden AB, Class A | 16,200 | 223,614 | |
Husqvarna AB, Class B | 11,370 | 90,616 | |
Industrivarden AB, Class A | 8,280 | 216,042 | |
Industrivarden AB, Class C | 6,400 | 165,122 | |
Indutrade AB | 9,447 | 222,038 | |
Investor AB, Class A | 17,770 | 365,356 | |
Investor AB, Class B | 43,860 | 818,503 | |
JM AB | 7,000 | 129,903 | |
Karo Pharma AB(1)(2) | 29,600 | 148,120 | |
MIPS AB | 2,200 | 117,699 | |
Mycronic AB(1) | 26,942 | 396,262 | |
Oatly Group AB ADR(1)(2) | 40,700 | 151,404 | |
Orron Energy AB | 29,152 | 35,990 | |
Paradox Interactive AB | 8,600 | 152,539 | |
Saab AB, Class B | 4,437 | 160,502 | |
Sagax AB, Class B | 3,668 | 94,532 | |
Samhallsbyggnadsbolaget i Norden AB(1) | 42,000 | 80,571 | |
Sandvik AB(1) | 11,780 | 217,060 | |
Securitas AB, Class B(1) | 12,200 | 123,370 | |
Skanska AB, Class B | 9,000 | 153,540 | |
SkiStar AB | 4,900 | 76,067 | |
Spotify Technology S.A.(2) | 6,700 | 757,234 | |
Stillfront Group AB(2) | 27,900 | 73,109 | |
Svenska Cellulosa AB SCA, Class B | 94,964 | 1,388,334 | |
Svenska Handelsbanken AB, Class A | 82,000 | 737,337 | |
Swedbank AB, Class A | 22,300 | 308,858 | |
Swedish Orphan Biovitrum AB(2) | 22,039 | 483,998 | |
Tele2 AB, Class B | 46,720 | 533,712 | |
Telefonaktiebolaget LM Ericsson, Class B | 150,500 | 1,144,740 | |
Telia Co. AB | 130,400 | 481,743 | |
Tethys Oil AB | 12,500 | 83,998 | |
Thule Group AB(1)(4) | 6,300 | 182,900 | |
Vitec Software Group AB, Class B | 3,000 | 138,321 | |
Vitrolife AB | 8,300 | 270,789 | |
Volvo AB, Class B | 17,650 | 316,888 |
Security | Shares | Value | |
Sweden (continued) | |||
Wallenstam AB, Class B | 49,600 | $ 252,827 | |
Wihlborgs Fastigheter AB | 37,800 | 322,326 | |
$ 21,955,379 | |||
Switzerland — 9.1% | |||
Allreal Holding AG | 2,788 | $ 461,268 | |
ALSO Holding AG | 1,866 | 345,968 | |
Baloise Holding AG | 3,668 | 584,419 | |
Banque Cantonale Vaudoise(1) | 4,280 | 398,512 | |
Belimo Holding AG | 1,180 | 484,406 | |
BKW AG | 2,430 | 276,456 | |
Bossard Holding AG, Class A | 825 | 183,879 | |
Bucher Industries AG | 637 | 244,568 | |
Bystronic AG | 167 | 123,556 | |
Cembra Money Bank AG | 3,380 | 245,704 | |
Cie Financiere Richemont S.A. | 49,383 | 5,954,479 | |
Daetwyler Holding AG, Bearer Shares | 493 | 120,171 | |
DKSH Holding AG | 6,642 | 545,962 | |
Dottikon Es Holding AG(2) | 1,055 | 259,216 | |
EMS-Chemie Holding AG | 577 | 458,187 | |
Flughafen Zurich AG(2) | 2,030 | 337,581 | |
Forbo Holding AG | 201 | 269,916 | |
Galenica AG(4) | 5,783 | 457,843 | |
Geberit AG | 1,804 | 950,125 | |
Givaudan S.A. | 606 | 2,118,307 | |
Gurit Holding AG | 2,480 | 302,142 | |
Helvetia Holding AG | 4,114 | 470,348 | |
Huber+Suhner AG | 3,060 | 275,531 | |
Idorsia, Ltd.(1)(2) | 20,736 | 253,583 | |
Inficon Holding AG | 428 | 357,192 | |
Intershop Holding AG | 234 | 157,336 | |
Komax Holding AG | 695 | 188,536 | |
Kuehne & Nagel International AG | 2,860 | 770,259 | |
Landis+Gyr Group AG | ��� 5,524 | 364,609 | |
LEM Holding S.A. | 188 | 373,517 | |
Logitech International S.A.(1) | 21,760 | 1,224,265 | |
Mobimo Holding AG | 1,337 | 344,253 | |
Nestle S.A. | 55,469 | 6,796,465 | |
Novartis AG | 29,267 | 2,514,902 | |
Roche Holding AG PC | 8,305 | 2,757,297 | |
Roche Holding AG, Bearer Shares | 1,301 | 530,372 | |
Schindler Holding AG | 1,944 | 369,140 | |
Schindler Holding AG PC | 2,895 | 565,853 | |
Schweiter Technologies AG | 220 | 249,588 | |
Sensirion Holding AG(2)(4) | 2,300 | 266,927 | |
SFS Group AG | 1,848 | 203,135 |
Security | Shares | Value | |
Switzerland (continued) | |||
SGS S.A. | 348 | $ 849,283 | |
SIG Group AG | 40,416 | 1,054,385 | |
Sika AG | 10,267 | 2,536,847 | |
Stadler Rail AG(1) | 9,144 | 296,141 | |
Swatch Group AG (The) | 6,030 | 301,130 | |
Swatch Group AG (The), Bearer Shares | 3,207 | 853,757 | |
Swiss Life Holding AG | 1,125 | 595,953 | |
Swiss Prime Site AG | 12,674 | 1,154,140 | |
Swiss Re AG | 8,196 | 615,002 | |
Swisscom AG | 3,293 | 1,780,319 | |
u-blox Holding AG | 1,652 | 193,384 | |
UBS Group AG | 98,401 | 1,607,904 | |
Valiant Holding AG | 3,200 | 288,272 | |
Valora Holding AG | 1,474 | 402,907 | |
Zehnder Group AG | 2,230 | 143,988 | |
Zurich Insurance Group AG | 4,553 | 1,987,513 | |
$ 48,816,698 | |||
United Kingdom — 8.9% | |||
3i Group PLC | 23,056 | $ 358,238 | |
abrdn PLC | 48,718 | 98,772 | |
Admiral Group PLC | 5,900 | 137,892 | |
Antofagasta PLC | 15,200 | 216,276 | |
Assura PLC | 231,800 | 194,260 | |
AstraZeneca PLC | 26,370 | 3,468,742 | |
Auto Trader Group PLC(4) | 65,800 | 507,286 | |
Avast PLC(4) | 84,100 | 476,753 | |
Aviva PLC | 61,042 | 295,616 | |
B&M European Value Retail S.A. | 40,600 | 210,221 | |
BAE Systems PLC | 53,000 | 498,133 | |
Bellway PLC | 5,400 | 161,374 | |
Berkeley Group Holdings PLC | 4,063 | 210,559 | |
Big Yellow Group PLC | 13,089 | 227,050 | |
BP PLC | 347,900 | 1,702,713 | |
British American Tobacco PLC | 26,500 | 1,038,366 | |
BT Group PLC | 428,500 | 845,997 | |
Bunzl PLC | 6,100 | 228,937 | |
Burberry Group PLC | 13,190 | 289,963 | |
Cazoo Group, Ltd.(2) | 13,798 | 7,513 | |
Centamin PLC | 159,300 | 161,064 | |
Civitas Social Housing PLC | 80,000 | 80,696 | |
Compass Group PLC | 48,700 | 1,141,354 | |
Countryside Partnerships PLC(2)(4) | 32,015 | 113,477 | |
Croda International PLC | 5,987 | 547,511 | |
Darktrace PLC(1)(2) | 28,400 | 130,402 | |
Derwent London PLC | 8,000 | 279,297 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Diploma PLC | 3,800 | $ 127,614 | |
Direct Line Insurance Group PLC | 42,288 | 106,124 | |
Domino's Pizza Group PLC | 39,048 | 136,082 | |
DS Smith PLC | 55,300 | 197,122 | |
Endava PLC ADR(2) | 3,000 | 306,000 | |
Essentra PLC | 29,000 | 87,541 | |
Experian PLC | 15,338 | 537,018 | |
Ferguson PLC | 3,745 | 471,116 | |
Fresnillo PLC | 32,200 | 289,451 | |
Games Workshop Group PLC | 1,807 | 171,019 | |
Grainger PLC | 69,506 | 251,207 | |
Great Portland Estates PLC | 23,683 | 179,270 | |
Greggs PLC | 7,435 | 185,370 | |
Halma PLC | 30,280 | 852,772 | |
Hikma Pharmaceuticals PLC | 40,830 | 863,024 | |
Hill & Smith Holdings PLC | 9,718 | 156,207 | |
Hiscox, Ltd. | 11,000 | 119,776 | |
HomeServe PLC | 10,900 | 156,207 | |
Howden Joinery Group PLC | 23,000 | 189,855 | |
HSBC Holdings PLC | 199,600 | 1,250,286 | |
IG Group Holdings PLC | 14,640 | 142,041 | |
IMI PLC | 6,650 | 108,588 | |
Imperial Brands PLC | 25,000 | 548,908 | |
Inchcape PLC | 19,600 | 200,609 | |
InterContinental Hotels Group PLC | 5,400 | 320,085 | |
Intertek Group PLC | 4,100 | 219,125 | |
J Sainsbury PLC | 46,200 | 124,628 | |
Johnson Matthey PLC | 9,700 | 253,602 | |
Kingfisher PLC | 47,900 | 151,549 | |
Land Securities Group PLC | 51,600 | 461,099 | |
Lloyds Banking Group PLC | 889,520 | 492,490 | |
London Stock Exchange Group PLC | 4,413 | 430,677 | |
LondonMetric Property PLC | 90,700 | 277,161 | |
LXi REIT PLC(1) | 62,400 | 113,029 | |
Manchester United PLC, Class A(1) | 9,700 | 108,058 | |
Marks & Spencer Group PLC(2) | 83,100 | 144,069 | |
Marshalls PLC | 23,600 | 142,486 | |
Micro Focus International PLC ADR | 50,400 | 172,872 | |
Mondi PLC | 19,940 | 378,406 | |
Moneysupermarket.com Group PLC | 34,300 | 85,387 | |
National Grid PLC | 152,616 | 2,101,460 | |
Natwest Group PLC | 95,105 | 288,858 | |
NCC Group PLC | 72,058 | 196,827 | |
Next PLC | 3,900 | 324,682 | |
Nomad Foods, Ltd.(2) | 11,900 | 219,436 | |
Ocado Group PLC(2) | 12,900 | 132,615 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Pearson PLC | 43,914 | $ 406,435 | |
Pennon Group PLC | 32,533 | 398,219 | |
Persimmon PLC | 9,800 | 226,049 | |
Phoenix Group Holdings PLC | 17,800 | 140,239 | |
Primary Health Properties PLC | 121,769 | 219,080 | |
QinetiQ Group PLC | 19,500 | 90,818 | |
Reckitt Benckiser Group PLC | 11,400 | 924,708 | |
RELX PLC | 26,380 | 781,097 | |
Rentokil Initial PLC | 39,000 | 257,515 | |
Rightmove PLC | 66,300 | 518,318 | |
Rio Tinto PLC | 25,900 | 1,563,569 | |
Rotork PLC | 45,595 | 144,685 | |
Royal Mail PLC | 29,400 | 101,600 | |
RS Group PLC | 10,009 | 126,360 | |
Safestore Holdings PLC | 19,133 | 266,420 | |
Sage Group PLC (The) | 100,200 | 863,535 | |
Segro PLC | 63,853 | 854,224 | |
Serco Group PLC | 78,000 | 179,454 | |
Severn Trent PLC | 18,700 | 672,299 | |
Shaftesbury PLC(1) | 30,747 | 188,673 | |
Shell PLC | 112,670 | 3,005,620 | |
Sirius Real Estate, Ltd. | 111,884 | 130,232 | |
Softcat PLC | 18,500 | 315,614 | |
Spectris PLC | 13,500 | 513,481 | |
Spirax-Sarco Engineering PLC | 1,720 | 250,963 | |
Spirent Communications PLC | 89,600 | 308,195 | |
Ssp Group PLC(2) | 30,000 | 93,292 | |
St. James's Place PLC | 9,400 | 141,198 | |
Standard Chartered PLC | 38,500 | 265,369 | |
Supermarket Income Reit PLC | 90,300 | 141,959 | |
Synthomer PLC | 35,600 | 101,550 | |
Taylor Wimpey PLC | 90,000 | 140,083 | |
Telecom Plus PLC | 16,000 | 439,808 | |
Tritax Big Box REIT PLC | 152,000 | 365,699 | |
UK Commercial Property REIT, Ltd. | 77,300 | 72,568 | |
Unilever PLC | 24,121 | 1,174,762 | |
United Utilities Group PLC | 65,000 | 863,625 | |
Victrex PLC | 6,800 | 160,160 | |
Vistry Group PLC | 14,949 | 168,519 | |
Vodafone Group PLC | 1,150,800 | 1,695,885 | |
Wise PLC, Class A(2) | 33,600 | 193,367 | |
$ 47,865,516 | |||
Total Common Stocks (identified cost $522,320,963) | $535,004,207 |
Rights (2) — 0.0%(7) |
Security | Shares | Value | |
Australia — 0.0%(7) | |||
Australia and New Zealand Banking Group, Ltd., Exp. 8/15/22 | 1,567 | $ 4,357 | |
Total Rights (identified cost $0) | $ 4,357 |
Warrants (2) — 0.0% |
Security | Shares | Value | |
Italy — 0.0% | |||
Webuild SpA, Exp. 8/2/30(1) | 15,093 | $ 0 | |
Total Warrants (identified cost $0) | $ 0 |
Short-Term Investments — 1.9% |
Affiliated Fund — 0.3% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(8) | 1,481,978 | $ 1,481,978 | |
Total Affiliated Fund (identified cost $1,481,978) | $ 1,481,978 |
Securities Lending Collateral — 1.6% |
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 2.30%(9) | 8,740,966 | $ 8,740,966 | |
Total Securities Lending Collateral (identified cost $8,740,966) | $ 8,740,966 | ||
Total Short-Term Investments (identified cost $10,222,944) | $ 10,222,944 | ||
Total Investments — 101.2% (identified cost $532,543,907) | $545,231,508 | ||
Other Assets, Less Liabilities — (1.2)% | $ (6,398,123) | ||
Net Assets — 100.0% | $538,833,385 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | All or a portion of this security was on loan at July 31, 2022. The aggregate market value of securities on loan at July 31, 2022 was $24,460,180. |
(2) | Non-income producing security. |
(3) | Securities are traded on separate exchanges for the same entity. |
(4) | 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, 2022, the aggregate value of these securities is $21,047,212 or 3.9% of the Fund's net assets. |
(5) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11). |
(6) | Represents an investment in an issuer that may be deemed to be an affiliate. |
(7) | Amount is less than 0.05%. |
(8) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
(9) | Represents investment of cash collateral received in connection with securities lending. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Industrials | 11.2% | $60,563,436 |
Financials | 10.9 | 58,982,380 |
Consumer Staples | 10.2 | 54,894,299 |
Consumer Discretionary | 10.1 | 54,258,972 |
Health Care | 9.6 | 51,488,353 |
Information Technology | 9.1 | 49,307,694 |
Materials | 9.0 | 48,269,159 |
Communication Services | 9.0 | 48,266,975 |
Real Estate | 7.5 | 40,542,294 |
Utilities | 6.6 | 35,829,483 |
Energy | 6.1 | 32,605,519 |
Short-Term Investments | 1.9 | 10,222,944 |
Total Investments | 101.2% | $545,231,508 |
Abbreviations: | |
ADR | – American Depositary Receipt |
CDI | – CHESS Depositary Interest |
PC | – Participation Certificate |
PFC Shares | – Preference Shares |
July 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $529,968,018) — including $24,460,180 of securities on loan | $ 542,407,958 |
Affiliated investments, at value (identified cost $2,575,889) | 2,823,550 |
Foreign currency, at value (identified cost $816,281) | 818,889 |
Dividends receivable | 652,842 |
Dividends receivable from affiliated investments | 1,248 |
Receivable for Fund shares sold | 482,898 |
Securities lending income receivable | 42,960 |
Tax reclaims receivable | 1,174,763 |
Receivable from affiliates | 68,842 |
Total assets | $548,473,950 |
Liabilities | |
Collateral for securities loaned | $ 8,740,966 |
Payable for Fund shares redeemed | 483,536 |
Payable to affiliates: | |
Investment adviser and administration fee | 177,253 |
Distribution and service fees | 20,038 |
Accrued expenses | 218,772 |
Total liabilities | $ 9,640,565 |
Net Assets | $538,833,385 |
Sources of Net Assets | |
Paid-in capital | $ 514,531,624 |
Distributable earnings | 24,301,761 |
Net Assets | $538,833,385 |
Class A Shares | |
Net Assets | $ 82,834,310 |
Shares Outstanding | 6,259,312 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.23 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 13.96 |
Class I Shares | |
Net Assets | $ 325,672,446 |
Shares Outstanding | 24,447,057 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.32 |
Class R Shares | |
Net Assets | $ 7,647,461 |
Shares Outstanding | 584,349 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.09 |
Class R6 Shares | |
Net Assets | $ 122,679,168 |
Shares Outstanding | 9,217,177 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.31 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Six Months Ended | |
July 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $1,470,594) | $ 12,165,530 |
Dividend income from affiliated investments (net of foreign taxes withheld of $2,834) | 28,370 |
Securities lending income, net | 203,661 |
Total investment income | $ 12,397,561 |
Expenses | |
Investment adviser and administration fee | $ 1,155,892 |
Distribution and service fees: | |
Class A | 107,941 |
Class R | 20,238 |
Trustees’ fees and expenses | 19,562 |
Custodian fee | 120,035 |
Transfer and dividend disbursing agent fees | 181,135 |
Legal and accounting services | 30,664 |
Printing and postage | 18,992 |
Registration fees | 41,662 |
Miscellaneous | 51,035 |
Total expenses | $ 1,747,156 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 186,503 |
Total expense reductions | $ 186,503 |
Net expenses | $ 1,560,653 |
Net investment income | $ 10,836,908 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 842,847 |
Investment transactions - affiliated investments | (10,011) |
Foreign currency transactions | (247,325) |
Net realized gain | $ 585,511 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (85,340,595) |
Investments - affiliated investments | (97,704) |
Foreign currency | (48,229) |
Net change in unrealized appreciation (depreciation) | $(85,486,528) |
Net realized and unrealized loss | $(84,901,017) |
Net decrease in net assets from operations | $(74,064,109) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 10,836,908 | $ 18,365,614 |
Net realized gain | 585,511 | 24,655,431 |
Net change in unrealized appreciation (depreciation) | (85,486,528) | (4,858,803) |
Net increase (decrease) in net assets from operations | $ (74,064,109) | $ 38,162,242 |
Distributions to shareholders: | ||
Class A | $ — | $ (4,607,356) |
Class I | — | (20,499,938) |
Class R | — | (425,350) |
Class R6 | — | (7,403,478) |
Total distributions to shareholders | $ — | $ (32,936,122) |
Transactions in shares of beneficial interest: | ||
Class A | $ (5,714,281) | $ (15,999,038) |
Class I | (45,369,800) | 15,700,794 |
Class R | (470,938) | 4,489,406 |
Class R6 | 2,014,650 | (15,621,703) |
Net decrease in net assets from Fund share transactions | $ (49,540,369) | $ (11,430,541) |
Net decrease in net assets | $(123,604,478) | $ (6,204,421) |
Net Assets | ||
At beginning of period | $ 662,437,863 | $ 668,642,284 |
At end of period | $ 538,833,385 | $662,437,863 |
Class A | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 14.970 | $ 14.890 | $ 13.670 | $ 12.560 | $ 14.350 | $ 11.570 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.242 | $ 0.378 | $ 0.249 | $ 0.298 | $ 0.301 | $ 0.272 |
Net realized and unrealized gain (loss) | (1.982) | 0.405 | 1.175 | 1.144 | (1.700) | 2.869 |
Total income (loss) from operations | $ (1.740) | $ 0.783 | $ 1.424 | $ 1.442 | $ (1.399) | $ 3.141 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.425) | $ (0.195) | $ (0.277) | $ (0.211) | $ (0.361) |
From net realized gain | — | (0.278) | (0.009) | (0.055) | (0.180) | — |
Total distributions | $ — | $ (0.703) | $ (0.204) | $ (0.332) | $ (0.391) | $ (0.361) |
Net asset value — End of period | $13.230 | $14.970 | $ 14.890 | $ 13.670 | $12.560 | $14.350 |
Total Return(2)(3) | (11.62)% (4) | 5.18% | 10.35% | 11.53% | (9.73)% | 27.29% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 82,834 | $ 99,423 | $113,340 | $103,801 | $ 65,056 | $ 59,858 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 0.75% (5)(6) | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
Net investment income | 3.55% (5) | 2.36% | 1.90% | 2.24% | 2.27% | 2.06% |
Portfolio Turnover | 9% (4) | 22% | 16% | 27% | 30% | 36% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if applicable. |
(3) | The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.06%, 0.04%, 0.07%, 0.06%, 0.11% and 0.11% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
Class I | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 15.060 | $ 14.980 | $ 13.740 | $ 12.610 | $ 14.410 | $ 11.610 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.261 | $ 0.414 | $ 0.279 | $ 0.297 | $ 0.310 | $ 0.312 |
Net realized and unrealized gain (loss) | (2.001) | 0.414 | 1.196 | 1.194 | (1.689) | 2.874 |
Total income (loss) from operations | $ (1.740) | $ 0.828 | $ 1.475 | $ 1.491 | $ (1.379) | $ 3.186 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.470) | $ (0.226) | $ (0.306) | $ (0.241) | $ (0.386) |
From net realized gain | — | (0.278) | (0.009) | (0.055) | (0.180) | — |
Total distributions | $ — | $ (0.748) | $ (0.235) | $ (0.361) | $ (0.421) | $ (0.386) |
Net asset value — End of period | $ 13.320 | $ 15.060 | $ 14.980 | $ 13.740 | $ 12.610 | $14.410 |
Total Return(2)(3) | (11.55)% (4) | 5.45% | 10.75% | 11.79% | (9.53)% | 27.60% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $325,672 | $417,559 | $400,149 | $359,605 | $151,107 | $ 86,446 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 0.50% (5)(6) | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
Net investment income | 3.79% (5) | 2.57% | 2.11% | 2.21% | 2.35% | 2.36% |
Portfolio Turnover | 9% (4) | 22% | 16% | 27% | 30% | 36% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.06%, 0.04%, 0.07%, 0.06%, 0.11% and 0.11% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
Class R | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 14.830 | $ 14.790 | $ 13.590 | $ 12.490 | $ 14.290 | $ 11.530 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.223 | $ 0.290 | $ 0.204 | $ 0.237 | $ 0.231 | $ 0.259 |
Net realized and unrealized gain (loss) | (1.963) | 0.451 | 1.180 | 1.172 | (1.657) | 2.827 |
Total income (loss) from operations | $ (1.740) | $ 0.741 | $ 1.384 | $ 1.409 | $ (1.426) | $ 3.086 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.423) | $ (0.175) | $ (0.254) | $ (0.194) | $ (0.326) |
From net realized gain | — | (0.278) | (0.009) | (0.055) | (0.180) | — |
Total distributions | $ — | $ (0.701) | $ (0.184) | $ (0.309) | $ (0.374) | $ (0.326) |
Net asset value — End of period | $13.090 | $14.830 | $14.790 | $13.590 | $12.490 | $14.290 |
Total Return(2)(3) | (11.73)% (4) | 4.93% | 10.20% | 11.25% | (9.96)% | 26.90% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 7,647 | $ 9,157 | $ 5,082 | $ 3,713 | $ 1,939 | $ 1,167 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 1.00% (5)(6) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
Net investment income | 3.29% (5) | 1.83% | 1.55% | 1.79% | 1.77% | 1.98% |
Portfolio Turnover | 9% (4) | 22% | 16% | 27% | 30% | 36% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.06%, 0.04%, 0.07%, 0.06%, 0.11% and 0.11% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
Class R6 | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 15.040 | $ 14.960 | $ 13.730 | $ 12.600 | $ 14.410 | $ 11.610 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.263 | $ 0.421 | $ 0.275 | $ 0.342 | $ 0.363 | $ 0.319 |
Net realized and unrealized gain (loss) | (1.993) | 0.416 | 1.198 | 1.155 | (1.746) | 2.875 |
Total income (loss) from operations | $ (1.730) | $ 0.837 | $ 1.473 | $ 1.497 | $ (1.383) | $ 3.194 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.479) | $ (0.234) | $ (0.312) | $ (0.247) | $ (0.394) |
From net realized gain | — | (0.278) | (0.009) | (0.055) | (0.180) | — |
Total distributions | $ — | $ (0.757) | $ (0.243) | $ (0.367) | $ (0.427) | $ (0.394) |
Net asset value — End of period | $ 13.310 | $ 15.040 | $ 14.960 | $ 13.730 | $12.600 | $ 14.410 |
Total Return(2)(3) | (11.50)% (4) | 5.51% | 10.75% | 11.85% | (9.56)% | 27.67% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $122,679 | $136,299 | $150,071 | $112,074 | $ 91,371 | $109,225 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 0.47% (5)(6) | 0.47% | 0.47% | 0.47% | 0.47% | 0.47% |
Net investment income | 3.83% (5) | 2.61% | 2.07% | 2.56% | 2.72% | 2.42% |
Portfolio Turnover | 9% (4) | 22% | 16% | 27% | 30% | 36% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | The investment adviser, sub-adviser and administrator reimbursed certain operating expenses (equal to 0.06%, 0.04%, 0.07%, 0.06%, 0.11% and 0.11% of average daily net assets for the six months ended July 31, 2022 and the years ended January 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
Aggregate cost | $ 539,847,764 |
Gross unrealized appreciation | $ 78,227,538 |
Gross unrealized depreciation | (72,843,794) |
Net unrealized appreciation | $ 5,383,744 |
Average Daily Net Assets | Annual Fee Rate |
Up to $1 billion | 0.400% |
$1 billion but less than $2.5 billion | 0.375% |
$2.5 billion but less than $5 billion | 0.360% |
$5 billion and over | 0.350% |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 488,468 | $ 6,737,680 | 1,370,825 | $ 21,875,503 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 301,111 | 4,591,939 | |
Redemptions | (868,600) | (12,451,961) | (2,641,838) | (42,466,480) | |
Net decrease | (380,132) | $ (5,714,281) | (969,902) | $ (15,999,038) | |
Class I | |||||
Sales | 2,307,328 | $ 32,338,064 | 5,961,417 | $ 95,915,678 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 1,291,716 | 19,789,096 | |
Redemptions | (5,595,325) | (77,707,864) | (6,236,619) | (100,003,980) | |
Net increase (decrease) | (3,287,997) | $(45,369,800) | 1,016,514 | $ 15,700,794 | |
Class R | |||||
Sales | 51,130 | $ 696,938 | 339,855 | $ 5,547,999 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 28,168 | 425,339 | |
Redemptions | (84,380) | (1,167,876) | (94,050) | (1,483,932) | |
Net increase (decrease) | (33,250) | $ (470,938) | 273,973 | $ 4,489,406 | |
Class R6 | |||||
Sales | 1,099,677 | $ 15,389,514 | 2,452,221 | $ 39,243,788 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 483,571 | 7,403,478 | |
Redemptions | (946,229) | (13,374,864) | (3,901,210) | (62,268,969) | |
Net increase (decrease) | 153,448 | $ 2,014,650 | (965,418) | $ (15,621,703) |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $ 8,740,496 | $ — | $ — | $ — | $ 8,740,496 |
Warrants | 470 | — | — | — | 470 |
Total | $8,740,966 | $ — | $ — | $ — | $8,740,966 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Common Stocks | ||||||||
Mitsubishi UFJ Financial Group, Inc. | $1,968,704 | $ — | $ (519,753) | $ (9,675) | $ (97,704) | $ 1,341,572 | $ 25,505 | 238,100 |
Short-Term Investments | ||||||||
Cash Reserves Fund | 910,921 | 15,941,015 | (16,851,600) | (336) | — | — | 207 | — |
Liquidity Fund | — | 15,069,101 | (13,587,123) | — | — | 1,481,978 | 2,658 | 1,481,978 |
Total | $(10,011) | $(97,704) | $2,823,550 | $28,370 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3* | Total |
Common Stocks: | ||||
Asia/Pacific | $ 4,289,198 | $ 161,446,992 | $ 170,091 | $ 165,906,281 |
Developed Europe | 4,539,404 | 352,022,526 | 0 | 356,561,930 |
Developed Middle East | 1,942,228 | 10,593,768 | — | 12,535,996 |
Total Common Stocks | $10,770,830 | $524,063,286** | $170,091 | $535,004,207 |
Rights | $ 4,357 | $ — | $ — | $ 4,357 |
Warrants | — | 0 | — | 0 |
Short-Term Investments: | ||||
Affiliated Fund | 1,481,978 | — | — | 1,481,978 |
Securities Lending Collateral | 8,740,966 | — | — | 8,740,966 |
Total Investments | $20,998,131 | $524,063,286 | $170,091 | $545,231,508 |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
** | 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. |
Officers | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 06/30/2006 | 06/30/2006 | (13.30)% | (13.98)% | (0.89)% | 1.40% |
Class A with 5.25% Maximum Sales Charge | — | — | (17.87) | (18.51) | (1.96) | 0.85 |
Class C at NAV | 06/30/2006 | 06/30/2006 | (13.57) | (14.59) | (1.63) | 0.79 |
Class C with 1% Maximum Sales Charge | — | — | (14.43) | (15.44) | (1.63) | 0.79 |
Class I at NAV | 06/30/2006 | 06/30/2006 | (13.18) | (13.78) | (0.65) | 1.65 |
Class R6 at NAV | 07/01/2014 | 06/30/2006 | (13.12) | (13.69) | (0.57) | 1.70 |
MSCI Emerging Markets Index | — | — | (16.24)% | (20.09)% | 0.95% | 2.84% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
1.58% | 2.33% | 1.33% | 1.24% |
Sector Allocation (% of net assets)* |
* | Excludes cash and cash equivalents. |
Geographic Allocation (% of common stocks) |
Top 10 Holdings (% of net assets)* | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 1.1% |
Samsung Electronics Co., Ltd. | 0.9 |
Tencent Holdings, Ltd. | 0.9 |
Delta Electronics (Thailand) PCL | 0.8 |
America Movil SAB de CV, Series L | 0.7 |
Turkiye Petrol Rafinerileri AS | 0.7 |
Petroleo Brasileiro S.A., PFC Shares | 0.7 |
Saudi Arabian Oil Co. | 0.6 |
Ahli United Bank BSC | 0.5 |
CEZ AS | 0.5 |
Total | 7.4% |
* | Excludes cash and cash equivalents. |
1 | MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class R6 is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked. |
3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. | |
Important Notice to Shareholders | |
Effective April 29, 2022, the Fund's Investor Class shares were redesignated as Class A shares. Class A shares are subject to a front-end sales charge, subject to certain exceptions. Former Investor Class shareholders, who established their Fund accounts before April 29, 2022, did not pay a sales charge in connection with the redesignation or will not be subject to this sales charge on future purchases of Class A purchases for such accounts. Effective April 29, 2022, the Fund's Institutional Class shares were redesignated as Class I shares. This share class redesignation did not result in changes to the annual operating expenses of Class I or the Fund. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 867.00 | $7.36 | 1.59% |
Class C | $1,000.00 | $ 864.30 | $10.86 | 2.35% |
Class I | $1,000.00 | $ 868.20 | $6.21 | 1.34% |
Class R6 | $1,000.00 | $ 868.80 | $5.84 | 1.26% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,016.91 | $7.95 | 1.59% |
Class C | $1,000.00 | $1,013.14 | $11.73 | 2.35% |
Class I | $1,000.00 | $1,018.15 | $6.71 | 1.34% |
Class R6 | $1,000.00 | $1,018.55 | $6.31 | 1.26% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. |
Common Stocks — 98.8% |
Security | Shares | Value | |
Argentina — 0.6% | |||
Adecoagro S.A. | 7,900 | $ 64,780 | |
Arcos Dorados Holdings, Inc., Class A | 14,445 | 104,871 | |
Banco Macro S.A. ADR(1) | 3,600 | 46,656 | |
Cresud S.A. ADR(1)(2) | 8,700 | 50,721 | |
Grupo Financiero Galicia S.A. ADR(1) | 6,587 | 51,378 | |
Loma Negra Cia Industrial Argentina S.A. ADR(1) | 14,800 | 87,320 | |
MercadoLibre, Inc.(2) | 939 | 764,074 | |
Pampa Energia S.A. ADR(1)(2) | 2,099 | 50,271 | |
Telecom Argentina S.A. ADR(1) | 11,400 | 50,730 | |
Transportadora de Gas del Sur S.A. ADR(1)(2) | 11,563 | 69,147 | |
YPF S.A. ADR(1)(2) | 11,024 | 40,899 | |
$ 1,380,847 | |||
Bahrain — 0.7% | |||
Ahli United Bank BSC | 1,150,787 | $ 1,160,825 | |
Al Salam Bank BSC | 590,490 | 136,109 | |
GFH Financial Group BSC | 612,932 | 180,752 | |
$ 1,477,686 | |||
Bangladesh — 0.6% | |||
Bangladesh Export Import Co., Ltd. | 66,933 | $ 80,662 | |
Beximco Pharmaceuticals, Ltd. | 106,430 | 164,040 | |
City Bank, Ltd. (The) | 280,084 | 64,720 | |
Grameenphone, Ltd. | 18,840 | 56,830 | |
Heidelberger Cement Bangladesh, Ltd. | 18,065 | 33,241 | |
Jamuna Oil Co., Ltd. | 22,841 | 40,009 | |
Olympic Industries, Ltd. | 41,067 | 48,269 | |
Pubali Bank, Ltd. | 240,880 | 65,454 | |
Renata, Ltd. | 6,121 | 83,511 | |
Square Pharmaceuticals, Ltd. | 171,709 | 378,637 | |
Summit Power, Ltd. | 107,026 | 37,972 | |
Titas Gas Transmission & Distribution Co., Ltd. | 150,108 | 63,017 | |
Unique Hotel & Resorts, Ltd. | 114,627 | 65,662 | |
United Commercial Bank, Ltd. | 672,785 | 92,627 | |
$ 1,274,651 | |||
Botswana — 0.5% | |||
Botswana Insurance Holdings, Ltd. | 81,055 | $ 113,233 | |
First National Bank of Botswana, Ltd. | 546,849 | 120,556 | |
Letshego Holdings, Ltd. | 1,448,236 | 172,003 | |
Sechaba Breweries Holdings, Ltd. | 581,828 | 810,486 | |
$ 1,216,278 |
Security | Shares | Value | |
Brazil — 5.0% | |||
Alpargatas S.A., PFC Shares | 14,500 | $ 61,625 | |
AMBEV S.A. | 117,850 | 340,059 | |
Americanas S.A. | 37,771 | 102,200 | |
B3 S.A. - Brasil Bolsa Balcao | 49,900 | 106,954 | |
Banco Bradesco S.A., PFC Shares | 56,292 | 189,631 | |
Banco do Brasil S.A. | 9,098 | 63,249 | |
BB Seguridade Participacoes S.A. | 19,700 | 110,377 | |
BRF S.A.(2) | 20,640 | 63,666 | |
CCR S.A. | 73,900 | 185,532 | |
Centrais Eletricas Brasileiras S.A., PFC Shares | 33,600 | 307,355 | |
Cia de Saneamento Basico do Estado de Sao Paulo | 20,960 | 180,956 | |
Cia Energetica de Minas Gerais, PFC Shares | 84,555 | 183,684 | |
Cia Siderurgica Nacional S.A. | 9,800 | 27,861 | |
Cielo S.A. | 221,706 | 189,822 | |
Cogna Educacao(2) | 289,536 | 126,467 | |
Cosan S.A. | �� 39,700 | 143,252 | |
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 15,200 | 37,103 | |
Embraer S.A. ADR(2) | 9,248 | 84,342 | |
Engie Brasil Energia S.A. | 16,250 | 139,193 | |
Equatorial Energia S.A. | 31,800 | 152,482 | |
Fleury S.A. | 53,700 | 167,822 | |
Gerdau S.A., PFC Shares | 15,900 | 75,165 | |
GRUPO DE MODA SOMA S.A. | 36,077 | 70,911 | |
Hapvida Participacoes e Investimentos S.A.(3) | 374,920 | 446,359 | |
Hypera S.A. | 43,200 | 355,596 | |
Iochpe Maxion S.A. | 22,100 | 66,931 | |
Itau Unibanco Holding S.A., PFC Shares | 30,120 | 137,499 | |
Itausa S.A., PFC Shares | 50,688 | 84,544 | |
JBS S.A. | 31,625 | 195,223 | |
Klabin S.A., PFC Shares | 103,800 | 80,246 | |
Localiza Rent a Car S.A. | 25,589 | 284,916 | |
Locaweb Servicos de Internet S.A.(2)(3) | 34,800 | 45,534 | |
Lojas Renner S.A. | 57,484 | 280,971 | |
Magazine Luiza S.A.(2) | 139,900 | 69,759 | |
Marfrig Global Foods S.A. | 38,855 | 99,126 | |
MRV Engenharia e Participacoes S.A. | 45,900 | 81,259 | |
Multiplan Empreendimentos Imobiliarios S.A. | 30,700 | 141,215 | |
Natura & Co. Holding S.A. | 23,300 | 70,160 | |
Odontoprev S.A. | 121,990 | 233,648 | |
Pagseguro Digital, Ltd., Class A(2) | 29,000 | 314,650 | |
Petroleo Brasileiro S.A., PFC Shares | 218,800 | 1,444,120 | |
Qualicorp Consultoria e Corretora de Seguros S.A. | 60,200 | 114,603 | |
Raia Drogasil S.A. | 31,100 | 126,105 | |
Rede D'Or Sao Luiz S.A.(3) | 76,600 | 479,518 | |
Rumo S.A. | 41,219 | 139,731 |
Security | Shares | Value | |
Brazil (continued) | |||
Sendas Distribuidora S.A. | 30,845 | $ 94,488 | |
StoneCo, Ltd., Class A(2) | 28,800 | 275,904 | |
Suzano S.A. | 10,620 | 99,117 | |
Telefonica Brasil S.A. | 51,400 | 443,061 | |
TIM S.A. | 80,550 | 196,000 | |
TOTVS S.A. | 55,770 | 284,234 | |
Transmissora Alianca de Energia Electrica S.A. | 11,200 | 87,581 | |
Ultrapar Participacoes S.A. | 46,968 | 115,194 | |
Vale S.A. | 46,247 | 623,437 | |
Via S.A.(2) | 79,000 | 36,644 | |
Vibra Energia S.A. | 59,200 | 190,503 | |
Weg S.A. | 53,004 | 287,245 | |
XP, Inc. BDR(2) | 1,191 | 25,079 | |
YDUQS Participacoes S.A. | 24,300 | 62,228 | |
$ 11,222,136 | |||
Bulgaria — 0.2% | |||
CB First Investment Bank AD(2) | 101,904 | $ 99,152 | |
Chimimport AD(2) | 164,922 | 72,687 | |
MonBat AD | 60,235 | 157,445 | |
Sopharma AD(2) | 61,906 | 144,243 | |
$ 473,527 | |||
Chile — 2.4% | |||
Aguas Andinas S.A., Series A | 483,322 | $ 97,485 | |
Banco de Chile | 2,960,094 | 280,866 | |
Banco de Credito e Inversiones S.A. | 5,033 | 151,856 | |
Banco Santander Chile | 3,218,212 | 127,464 | |
CAP S.A. | 7,626 | 69,789 | |
Cencosud S.A. | 243,352 | 332,445 | |
Cia Cervecerias Unidas S.A. | 16,853 | 97,254 | |
Cia Sud Americana de Vapores S.A. | 4,277,766 | 462,859 | |
Colbun S.A. | 1,199,487 | 101,885 | |
Embotelladora Andina S.A., Class B, PFC Shares | 51,948 | 94,257 | |
Empresa Nacional de Telecomunicaciones S.A. | 44,883 | 148,426 | |
Empresas CMPC S.A. | 98,316 | 167,042 | |
Empresas COPEC S.A. | 82,624 | 676,690 | |
Enel Americas S.A. | 2,767,585 | 280,106 | |
Enel Chile S.A. | 4,067,614 | 116,463 | |
Falabella S.A. | 198,323 | 442,381 | |
Parque Arauco S.A. | 336,599 | 284,266 | |
Ripley Corp. S.A. | 484,810 | 72,358 | |
Sociedad Matriz SAAM S.A. | 3,231,318 | 202,536 | |
Sociedad Quimica y Minera de Chile S.A., Series B, PFC Shares | 10,600 | 1,052,812 |
Security | Shares | Value | |
Chile (continued) | |||
Sonda S.A. | 225,936 | $ 74,217 | |
Vina Concha y Toro S.A. | 92,943 | 125,021 | |
$ 5,458,478 | |||
China — 16.2% | |||
3SBio, Inc.(3) | 188,000 | $ 125,138 | |
AAC Technologies Holdings, Inc.(1) | 69,500 | 134,749 | |
Aier Eye Hospital Group Co., Ltd., Class A | 18,542 | 83,803 | |
Air China, Ltd., Class H(2) | 178,000 | 139,710 | |
Alibaba Group Holding, Ltd. ADR(2) | 9,600 | 857,952 | |
Aluminum Corp. of China, Ltd., Class H | 352,000 | 128,921 | |
Angang Steel Co., Ltd., Class H | 306,400 | 101,546 | |
Anhui Conch Cement Co., Ltd., Class H | 54,500 | 215,639 | |
ANTA Sports Products, Ltd. | 15,000 | 165,163 | |
Baidu, Inc. ADR(2) | 3,632 | 496,022 | |
Bank of Beijing Co., Ltd., Class A | 182,760 | 113,208 | |
Bank of China, Ltd., Class H | 536,000 | 190,594 | |
Bank of Ningbo Co., Ltd., Class A | 19,850 | 92,105 | |
BeiGene, Ltd. ADR(2) | 2,200 | 369,776 | |
Beijing Capital International Airport Co., Ltd., Class H(2) | 308,000 | 181,059 | |
Beijing Enterprises Holdings, Ltd. | 39,500 | 126,597 | |
Beijing Enterprises Water Group, Ltd. | 290,000 | 87,922 | |
Beijing Originwater Technology Co., Ltd., Class A | 127,500 | 105,389 | |
BOE Technology Group Co., Ltd., Class A | 341,100 | 197,118 | |
Brilliance China Automotive Holdings, Ltd.(2)(4) | 326,000 | 0 | |
BYD Co., Ltd., Class H | 7,654 | 280,029 | |
BYD Electronic (International) Co., Ltd.(1) | 29,000 | 74,507 | |
Changchun High & New Technology Industry Group, Inc., Class A | 6,200 | 178,790 | |
Changjiang Securities Co., Ltd., Class A | 112,200 | 90,644 | |
Chengdu Xingrong Environment Co., Ltd., Class A | 125,700 | 95,065 | |
China Coal Energy Co., Ltd., Class H | 268,000 | 208,484 | |
China Communications Services Corp., Ltd., Class H | 118,000 | 47,975 | |
China Construction Bank Corp., Class H | 530,630 | 338,866 | |
China Everbright Environment Group, Ltd. | 234,925 | 125,037 | |
China Gas Holdings, Ltd. | 165,400 | 254,244 | |
China Jinmao Holdings Group, Ltd. | 352,000 | 81,687 | |
China Life Insurance Co., Ltd., Class H | 92,000 | 137,027 | |
China Longyuan Power Group Corp., Ltd., Class H | 188,000 | 302,033 | |
China Mengniu Dairy Co., Ltd. | 58,000 | 269,468 | |
China Merchants Bank Co., Ltd., Class H | 35,024 | 189,245 | |
China Merchants Port Holdings Co., Ltd. | 42,035 | 67,796 | |
China Merchants Shekou Industrial Zone Holdings Co., Ltd., Class A | 74,674 | 151,947 | |
China National Building Material Co., Ltd., Class H | 166,000 | 166,618 | |
China Northern Rare Earth Group High-Tech Co., Ltd. | 15,200 | 70,947 |
Security | Shares | Value | |
China (continued) | |||
China Oilfield Services, Ltd., Class H | 198,000 | $ 182,393 | |
China Overseas Land & Investment, Ltd. | 115,160 | 318,235 | |
China Petroleum & Chemical Corp., Class H | 1,715,741 | 808,897 | |
China Railway Group, Ltd., Class H | 281,000 | 167,278 | |
China Resources Beer Holdings Co., Ltd. | 34,000 | 234,522 | |
China Resources Gas Group, Ltd. | 64,000 | 268,572 | |
China Resources Land, Ltd. | 86,000 | 359,160 | |
China Resources Medical Holdings Co., Ltd. | 355,000 | 216,081 | |
China Resources Power Holdings Co., Ltd. | 139,600 | 262,831 | |
China Shenhua Energy Co., Ltd., Class H | 252,500 | 713,651 | |
China Shineway Pharmaceutical Group, Ltd. | 246,000 | 195,893 | |
China Southern Airlines Co., Ltd., Class H(2) | 108,000 | 58,490 | |
China State Construction Engineering Corp., Ltd. | 156,440 | 117,045 | |
China Tourism Group Duty Free Corp., Ltd., Class A | 6,700 | 209,275 | |
China Travel International Investment Hong Kong, Ltd.(1)(2) | 714,855 | 134,854 | |
China Vanke Co., Ltd., Class H | 149,577 | 284,507 | |
China Yangtze Power Co., Ltd., Class A | 162,200 | 575,531 | |
Chongqing Changan Automobile Co., Ltd., Class A | 93,626 | 255,807 | |
CIFI Holdings Group Co., Ltd.(1) | 388,960 | 105,638 | |
CITIC, Ltd. | 142,000 | 153,585 | |
CMOC Group, Ltd., Class H | 366,000 | 179,683 | |
COSCO SHIPPING Energy Transportation Co., Ltd., Class H(1)(2) | 186,000 | 127,890 | |
COSCO SHIPPING Holdings Co., Ltd., Class H | 198,866 | 298,355 | |
COSCO SHIPPING Ports, Ltd. | 110,000 | 82,117 | |
Country Garden Holdings Co., Ltd.(1) | 400,880 | 155,028 | |
Country Garden Services Holdings Co., Ltd. | 56,589 | 126,196 | |
CSPC Pharmaceutical Group, Ltd. | 323,760 | 354,502 | |
Daqo New Energy Corp. ADR(2) | 1,900 | 122,930 | |
Dong-E-E-Jiao Co., Ltd., Class A | 16,200 | 86,162 | |
Dongfeng Motor Group Co., Ltd., Class H | 110,000 | 76,009 | |
East Money Information Co., Ltd., Class A | 20,626 | 68,317 | |
Focus Media Information Technology Co., Ltd., Class A | 196,344 | 172,521 | |
Ganfeng Lithium Co., Ltd., Class A | 14,770 | 195,895 | |
GDS Holdings, Ltd. ADR(2) | 9,300 | 257,424 | |
Gemdale Corp. | 80,700 | 140,416 | |
Great Wall Motor Co., Ltd., Class H | 50,000 | 79,266 | |
Guangdong Baolihua New Energy Stock Co., Ltd., Class A | 86,500 | 64,813 | |
Guangdong Investment, Ltd. | 186,000 | 181,187 | |
Haier Smart Home Co., Ltd., Class H | 47,553 | 152,194 | |
Han's Laser Technology Industry Group Co., Ltd., Class A | 23,400 | 110,521 | |
Hengan International Group Co., Ltd. | 24,500 | 118,585 | |
Huadian Power International Corp., Ltd., Class H(1) | 240,000 | 83,081 | |
Huadong Medicine Co., Ltd., Class A | 56,653 | 379,114 | |
Huaneng Power International, Inc., Class H(2) | 420,000 | 200,807 | |
Huayu Automotive Systems Co., Ltd. | 53,308 | 173,622 |
Security | Shares | Value | |
China (continued) | |||
Hubei Energy Group Co., Ltd., Class A | 94,014 | $ 69,621 | |
Hundsun Technologies, Inc. | 24,224 | 152,910 | |
Iflytek Co., Ltd., Class A | 34,550 | 216,002 | |
Industrial & Commercial Bank of China, Ltd., Class H | 495,000 | 261,700 | |
Industrial Bank Co., Ltd., Class A | 25,302 | 66,840 | |
Inner Mongolia BaoTou Steel Union Co., Ltd. | 707,000 | 237,569 | |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 53,200 | 283,027 | |
Innovent Biologics, Inc.(2)(3) | 44,000 | 183,922 | |
JD.com, Inc. ADR | 6,406 | 381,157 | |
Jiangsu Expressway Co., Ltd., Class H | 108,000 | 94,248 | |
Jiangsu Hengrui Medicine Co., Ltd., Class A | 38,761 | 203,315 | |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A | 14,600 | 358,393 | |
Jiangxi Copper Co., Ltd., Class H | 154,000 | 188,650 | |
Jinke Properties Group Co., Ltd., Class A(2) | 130,499 | 50,790 | |
Kingboard Holdings, Ltd. | 87,100 | 254,829 | |
Kingdee International Software Group Co., Ltd.(2) | 99,000 | 213,753 | |
Kingsoft Corp., Ltd. | 32,800 | 109,518 | |
Kunlun Energy Co., Ltd. | 338,000 | 248,824 | |
Kweichow Moutai Co., Ltd., Class A | 2,900 | 817,078 | |
Lee & Man Paper Manufacturing, Ltd. | 275,000 | 104,694 | |
Lenovo Group, Ltd. | 204,000 | 197,838 | |
Lepu Medical Technology Beijing Co., Ltd., Class A | 33,300 | 88,650 | |
Li Ning Co., Ltd. | 21,208 | 172,031 | |
Longfor Group Holdings, Ltd.(3) | 49,500 | 165,398 | |
LONGi Green Energy Technology Co., Ltd., Class A | 63,389 | 580,789 | |
Luxshare Precision Industry Co., Ltd., Class A | 71,034 | 358,277 | |
Luye Pharma Group, Ltd.(1)(2)(3) | 496,500 | 148,930 | |
Maanshan Iron & Steel Co., Ltd., Class H | 286,000 | 76,794 | |
NARI Technology Co., Ltd., Class A | 49,224 | 213,591 | |
NetEase, Inc. ADR | 3,410 | 317,062 | |
Nine Dragons Paper Holdings, Ltd. | 195,000 | 160,825 | |
Offshore Oil Engineering Co., Ltd. | 141,100 | 88,550 | |
OFILM Group Co., Ltd., Class A(2) | 65,800 | 59,181 | |
PetroChina Co., Ltd., Class H | 1,922,000 | 897,496 | |
Ping An Bank Co., Ltd., Class A | 35,488 | 66,912 | |
Ping An Insurance Group Co. of China, Ltd., Class H | 44,000 | 258,590 | |
Poly Developments and Holdings Group Co., Ltd., Class A | 94,900 | 234,725 | |
Poly Property Group Co., Ltd. | 700,000 | 150,032 | |
Power Construction Corp. of China, Ltd. | 53,800 | 57,973 | |
SAIC Motor Corp., Ltd. | 55,100 | 132,714 | |
Sanan Optoelectronics Co., Ltd. | 84,900 | 279,811 | |
SDIC Power Holdings Co., Ltd. | 98,000 | 150,383 | |
Shan Xi Hua Yang Group New Energy Co., Ltd. | 54,100 | 171,415 | |
Shandong Gold Mining Co., Ltd. | 50,680 | 137,648 | |
Shandong Weigao Group Medical Polymer Co., Ltd., Class H | 112,000 | 140,096 |
Security | Shares | Value | |
China (continued) | |||
Shanghai Electric Group Co., Ltd., Class H(2) | 282,000 | $ 70,575 | |
Shanghai Industrial Holdings, Ltd. | 117,000 | 165,440 | |
Shanxi Lu'an Environmental Energy Development Co., Ltd. | 41,000 | 83,827 | |
Shenzhen Inovance Technology Co., Ltd., Class A | 27,900 | 274,034 | |
Shenzhen Investment, Ltd. | 674,000 | 127,070 | |
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd., Class A | 171,300 | 113,563 | |
Shimao Group Holdings, Ltd.(4) | 118,500 | 33,362 | |
Siasun Robot & Automation Co., Ltd., Class A(2) | 55,000 | 88,262 | |
Sichuan Chuantou Energy Co., Ltd. | 88,600 | 164,121 | |
Sino Biopharmaceutical, Ltd. | 475,500 | 275,668 | |
Sino-Ocean Group Holding, Ltd. | 659,000 | 106,652 | |
Sinopec Shanghai Petrochemical Co., Ltd., Class H | 877,000 | 144,447 | |
Sinopharm Group Co., Ltd., Class H | 60,400 | 138,388 | |
Sunac China Holdings, Ltd.(1)(4) | 133,000 | 38,799 | |
Sunny Optical Technology Group Co., Ltd. | 26,700 | 361,214 | |
Tencent Holdings, Ltd. | 50,739 | 1,961,002 | |
Tingyi (Cayman Islands) Holding Corp. | 56,000 | 92,186 | |
Tongling Nonferrous Metals Group Co., Ltd., Class A | 424,000 | 191,205 | |
Trip.com Group, Ltd. ADR(2) | 5,254 | 135,448 | |
Tsingtao Brewery Co., Ltd., Class H | 13,566 | 132,514 | |
Vnet Group, Inc. ADR(2) | 14,100 | 72,756 | |
Wanhua Chemical Group Co., Ltd. | 19,665 | 244,712 | |
Want Want China Holdings, Ltd. | 162,920 | 132,591 | |
Weichai Power Co., Ltd., Class H | 102,742 | 146,889 | |
Weimob, Inc.(1)(2)(3) | 219,000 | 114,306 | |
WH Group, Ltd.(3) | 248,121 | 187,911 | |
Wuliangye Yibin Co., Ltd., Class A | 15,200 | 403,081 | |
WuXi Biologics Cayman, Inc.(2)(3) | 90,000 | 861,490 | |
Xinyi Solar Holdings, Ltd. | 170,000 | 288,798 | |
Yangzijiang Financial Holdings, Ltd.(2) | 326,900 | 93,474 | |
Yangzijiang Shipbuilding Holdings, Ltd. | 200,300 | 135,043 | |
Yankuang Energy Group Co., Ltd., Class H(1) | 118,000 | 368,728 | |
Yuan Longping High-Tech Agriculture Co., Ltd., Class A(2) | 65,900 | 146,026 | |
Yuexiu Property Co., Ltd. | 128,000 | 159,912 | |
Yunnan Baiyao Group Co., Ltd., Class A | 29,680 | 243,194 | |
Zhaojin Mining Industry Co., Ltd., Class H(2) | 77,500 | 74,025 | |
Zhejiang Dahua Technology Co., Ltd., Class A | 69,550 | 153,120 | |
Zhejiang Expressway Co., Ltd., Class H | 116,000 | 93,365 | |
Zhejiang Huahai Pharmaceutical Co., Ltd. | 41,250 | 125,116 | |
Zhuzhou CRRC Times Electric Co., Ltd., Class H | 32,800 | 140,855 | |
Zijin Mining Group Co., Ltd., Class H | 318,000 | 372,636 | |
ZTE Corp., Class H | 155,303 | 334,203 | |
ZTO Express Cayman, Inc. ADR | 6,900 | 176,571 | |
$ 36,220,830 |
Security | Shares | Value | |
Colombia — 1.0% | |||
Bancolombia S.A. | 16,923 | $ 142,071 | |
Bancolombia S.A. ADR, PFC Shares | 7,055 | 204,383 | |
Cementos Argos S.A. | 96,156 | 87,476 | |
Corp. Financiera Colombiana S.A.(2) | 7,103 | 32,475 | |
Ecopetrol S.A. | 1,233,852 | 656,212 | |
Grupo Argos S.A. | 82,564 | 233,036 | |
Grupo Aval Acciones y Valores S.A., PFC Shares | 467,549 | 80,706 | |
Grupo de Inversiones Suramericana S.A. | 5,521 | 51,514 | |
Grupo Nutresa S.A. | 33,093 | 308,003 | |
Interconexion Electrica S.A. | 72,888 | 350,243 | |
$ 2,146,119 | |||
Croatia — 0.6% | |||
Adris Grupa DD, PFC Shares | 2,817 | $ 152,614 | |
Atlantic Grupa DD | 1,216 | 63,422 | |
Ericsson Nikola Tesla DD | 639 | 131,846 | |
Hrvatski Telekom DD | 11,170 | 268,313 | |
Koncar-Elektroindustrija DD | 631 | 74,573 | |
Podravka Prehrambena Ind DD | 1,816 | 142,954 | |
Valamar Riviera DD(2) | 112,686 | 483,449 | |
Zagrebacka Banka DD | 8,951 | 78,994 | |
$ 1,396,165 | |||
Czech Republic — 0.6% | |||
CEZ AS | 23,605 | $ 1,072,687 | |
Komercni Banka AS | 8,757 | 221,258 | |
Philip Morris CR AS | 119 | 82,026 | |
$ 1,375,971 | |||
Egypt — 0.6% | |||
Cleopatra Hospital(2) | 330,000 | $ 73,218 | |
Commercial International Bank Egypt SAE | 160,218 | 321,344 | |
E Finance Investment Group | 106,000 | 76,827 | |
Eastern Co. SAE | 349,265 | 181,827 | |
Egypt Kuwait Holding Co. SAE | 107,500 | 136,685 | |
Egyptian Financial Group-Hermes Holding Co.(2) | 63,296 | 38,401 | |
ElSewedy Electric Co.(2) | 125,156 | 43,673 | |
Fawry for Banking Technology and Electronic Payments SAE(2) | 382,000 | 63,013 | |
Ibnsina Pharma SAE | 300,658 | 23,911 | |
Juhayna Food Industries | 143,563 | 56,915 | |
Oriental Weavers | 271,447 | 94,738 | |
Talaat Moustafa Group | 316,254 | 119,292 | |
Telecom Egypt Co. | 67,509 | 47,678 | |
$ 1,277,522 |
Security | Shares | Value | |
Estonia — 0.5% | |||
AS Merko Ehitus | 5,570 | $ 76,363 | |
AS Tallink Grupp(2) | 1,117,408 | 598,870 | |
AS Tallinna Kaubamaja Grupp | 43,232 | 442,027 | |
$ 1,117,260 | |||
Ghana — 0.5% | |||
Ghana Commercial Bank, Ltd. | 1,347,533 | $ 790,285 | |
Standard Chartered Bank of Ghana, Ltd. | 175,500 | 417,892 | |
$ 1,208,177 | |||
Greece — 1.3% | |||
Aegean Airlines S.A.(2) | 19,784 | $ 104,838 | |
Alpha Services and Holdings S.A.(2) | 120,393 | 107,009 | |
Costamare, Inc. | 8,819 | 103,447 | |
Eurobank Ergasias Services and Holdings S.A.(2) | 145,099 | 133,661 | |
GEK Terna Holding Real Estate Construction S.A.(2) | 11,096 | 109,849 | |
Hellenic Petroleum Holdings S.A. | 7,821 | 50,301 | |
Hellenic Telecommunications Organization S.A. | 27,442 | 472,495 | |
Holding Co. ADMIE IPTO S.A. | 26,908 | 50,751 | |
JUMBO S.A. | 20,353 | 315,569 | |
Motor Oil (Hellas) Corinth Refineries S.A. | 12,273 | 212,732 | |
Mytilineos S.A. | 13,977 | 216,178 | |
National Bank of Greece S.A.(2) | 31,588 | 98,959 | |
OPAP S.A. | 27,948 | 387,200 | |
Public Power Corp. S.A.(2) | 15,885 | 94,231 | |
Terna Energy S.A. | 7,268 | 130,745 | |
Titan Cement International S.A. | 12,190 | 139,979 | |
Tsakos Energy Navigation, Ltd. | 7,720 | 95,342 | |
$ 2,823,286 | |||
Hungary — 0.6% | |||
Magyar Telekom Telecommunications PLC | 43,733 | $ 34,552 | |
MOL Hungarian Oil & Gas PLC | 73,276 | 539,489 | |
OTP Bank Nyrt. | 13,128 | 271,019 | |
Richter Gedeon Nyrt. | 25,501 | 521,629 | |
$ 1,366,689 | |||
India — 4.9% | |||
ACC, Ltd. | 1,578 | $ 44,456 | |
Adani Enterprises, Ltd. | 4,154 | 134,984 | |
Adani Ports and Special Economic Zone, Ltd. | 6,249 | 60,425 | |
Apollo Hospitals Enterprise, Ltd. | 4,712 | 250,615 | |
Asian Paints, Ltd. | 3,500 | 147,777 | |
Aurobindo Pharma, Ltd. | 20,924 | 144,593 | |
Axis Bank, Ltd. | 16,772 | 154,045 | |
Bajaj Auto, Ltd. | 2,234 | 110,535 |
Security | Shares | Value | |
India (continued) | |||
Bharat Forge, Ltd. | 6,089 | $ 56,320 | |
Bharat Petroleum Corp., Ltd. | 16,891 | 70,470 | |
Bharti Airtel, Ltd.(2) | 55,821 | 478,678 | |
Biocon, Ltd. | 20,599 | 80,148 | |
Cipla, Ltd. | 17,893 | 221,551 | |
Coal India, Ltd. | 25,404 | 68,105 | |
Container Corp. of India, Ltd. | 9,400 | 84,482 | |
Crompton Greaves Consumer Electricals, Ltd. | 19,469 | 97,181 | |
Cummins India, Ltd. | 7,301 | 113,310 | |
Divi's Laboratories, Ltd. | 3,350 | 162,311 | |
DLF, Ltd. | 20,247 | 98,553 | |
Dr. Reddy's Laboratories, Ltd. | 3,717 | 192,364 | |
Eicher Motors, Ltd. | 3,860 | 150,529 | |
GAIL (India), Ltd. | 104,139 | 192,996 | |
Godrej Consumer Products, Ltd.(2) | 12,875 | 138,770 | |
Grasim Industries, Ltd. | 4,143 | 82,608 | |
Gujarat State Petronet, Ltd. | 19,482 | 57,115 | |
Havells India, Ltd. | 5,343 | 84,506 | |
HCL Technologies, Ltd. | 18,017 | 216,581 | |
Hero MotoCorp, Ltd. | 3,443 | 122,445 | |
Hindalco Industries, Ltd. | 10,436 | 55,053 | |
Hindustan Unilever, Ltd. | 8,311 | 277,049 | |
Housing Development Finance Corp., Ltd. | 6,372 | 193,199 | |
ICICI Bank, Ltd. | 18,720 | 194,726 | |
Indian Oil Corp., Ltd. | 73,810 | 67,797 | |
Indus Towers, Ltd. | 18,446 | 51,951 | |
Infosys, Ltd. | 53,369 | 1,044,399 | |
Ipca Laboratories, Ltd. | 6,080 | 77,266 | |
ITC, Ltd. | 34,786 | 133,775 | |
JSW Steel, Ltd. | 14,970 | 119,505 | |
Kotak Mahindra Bank, Ltd. | 3,824 | 87,999 | |
Larsen & Toubro, Ltd. | 6,635 | 151,730 | |
Lupin, Ltd. | 10,226 | 82,999 | |
Mahindra & Mahindra, Ltd. | 7,902 | 116,414 | |
Maruti Suzuki India, Ltd. | 1,314 | 146,095 | |
Nestle India, Ltd. | 559 | 136,832 | |
NTPC, Ltd. | 142,226 | 274,882 | |
Oil & Natural Gas Corp., Ltd. | 63,509 | 107,852 | |
Piramal Enterprises, Ltd. | 1,868 | 41,967 | |
Power Grid Corp. of India, Ltd. | 45,766 | 124,053 | |
Reliance Industries, Ltd. | 24,674 | 784,036 | |
Siemens, Ltd. | 2,441 | 83,411 | |
Sun Pharmaceutical Industries, Ltd. | 27,576 | 329,044 | |
Sun TV Network, Ltd. | 7,988 | 47,751 | |
Tata Consultancy Services, Ltd. | 13,903 | 581,563 | |
Tata Consumer Products, Ltd. | 7,384 | 75,765 |
Security | Shares | Value | |
India (continued) | |||
Tata Motors, Ltd.(2) | 22,152 | $ 126,294 | |
Tata Power Co., Ltd. (The) | 53,099 | 149,584 | |
Tata Steel, Ltd. | 67,800 | 92,452 | |
Tech Mahindra, Ltd. | 14,661 | 195,204 | |
Titan Co., Ltd. | 4,132 | 123,212 | |
Torrent Pharmaceuticals, Ltd. | 9,488 | 182,850 | |
UltraTech Cement, Ltd. | 1,522 | 125,871 | |
UPL, Ltd. | 7,038 | 65,920 | |
Vedanta, Ltd. | 20,367 | 65,599 | |
Vodafone Idea, Ltd.(2) | 759,569 | 83,813 | |
Voltas, Ltd. | 6,353 | 80,547 | |
Wipro, Ltd. | 21,949 | 117,185 | |
WNS Holdings, Ltd. ADR(2) | 2,100 | 182,091 | |
Zee Entertainment Enterprises, Ltd. | 44,401 | 138,249 | |
Zydus Life Sciences, Ltd. | 18,997 | 83,280 | |
$ 11,015,717 | |||
Indonesia — 2.6% | |||
Ace Hardware Indonesia Tbk PT | 1,088,200 | $ 52,109 | |
Adaro Energy Indonesia Tbk PT | 1,558,000 | 342,103 | |
AKR Corporindo Tbk PT | 2,350,000 | 198,415 | |
Aneka Tambang Tbk PT | 939,800 | 124,149 | |
Astra International Tbk PT | 1,551,200 | 662,514 | |
Bank Central Asia Tbk PT | 514,500 | 255,840 | |
Bank Mandiri Persero Tbk PT | 256,000 | 143,298 | |
Bank Negara Indonesia Persero Tbk PT | 113,000 | 59,971 | |
Bank Rakyat Indonesia Persero Tbk PT | 505,368 | 149,181 | |
Bukit Asam Tbk PT | 433,000 | 125,711 | |
Bumi Serpong Damai Tbk PT(2) | 3,215,100 | 199,685 | |
Charoen Pokphand Indonesia Tbk PT | 346,400 | 130,822 | |
Erajaya Swasembada Tbk PT | 4,907,500 | 165,084 | |
Gudang Garam Tbk PT | 57,100 | 107,216 | |
Indocement Tunggal Prakarsa Tbk PT | 241,800 | 151,833 | |
Indofood Sukses Makmur Tbk PT | 271,700 | 124,615 | |
Jasa Marga (Persero) Tbk PT(2) | 307,000 | 73,743 | |
Kalbe Farma Tbk PT | 4,445,600 | 485,783 | |
Lippo Karawaci Tbk PT(2) | 19,017,880 | 134,687 | |
Medco Energi Internasional Tbk PT(2) | 1,299,520 | 53,703 | |
Mitra Adiperkasa Tbk PT(2) | 1,163,700 | 69,897 | |
Mitra Keluarga Karyasehat Tbk PT | 1,185,700 | 199,134 | |
Perusahaan Gas Negara Tbk PT | 542,500 | 61,592 | |
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT | 1,193,000 | 101,418 | |
Semen Indonesia Persero Tbk PT | 320,600 | 141,271 | |
Telkom Indonesia Persero Tbk PT | 1,606,600 | 458,877 | |
Tower Bersama Infrastructure Tbk PT | 577,800 | 119,793 |
Security | Shares | Value | |
Indonesia (continued) | |||
Unilever Indonesia Tbk PT | 309,900 | $ 94,364 | |
United Tractors Tbk PT | 182,683 | 399,238 | |
Vale Indonesia Tbk PT(2) | 199,900 | 82,514 | |
Waskita Karya Persero Tbk PT(2) | 2,474,900 | 86,103 | |
Wijaya Karya Persero Tbk PT(2) | 982,300 | 62,030 | |
XL Axiata Tbk PT | 485,100 | 77,651 | |
$ 5,694,344 | |||
Jordan — 0.6% | |||
Arab Bank PLC | 61,776 | $ 438,423 | |
Arab Potash Co. PLC | 7,642 | 469,423 | |
Bank of Jordan | 24,010 | 72,671 | |
Jordan Islamic Bank | 13,918 | 73,603 | |
Jordan Petroleum Refinery | 26,800 | 261,125 | |
Jordanian Electric Power Co. | 17,394 | 43,655 | |
$ 1,358,900 | |||
Kazakhstan — 0.2% | |||
Halyk Savings Bank of Kazakhstan JSC GDR(2)(5) | 16,192 | $ 151,963 | |
Kcell JSC GDR(5) | 96,329 | 288,041 | |
$ 440,004 | |||
Kenya — 0.6% | |||
British American Tobacco Kenya PLC | 16,600 | $ 61,437 | |
East African Breweries, Ltd. | 238,480 | 313,013 | |
Equity Group Holdings PLC | 580,700 | 234,665 | |
KCB Group PLC | 255,920 | 88,327 | |
Safaricom PLC | 2,821,172 | 701,218 | |
$ 1,398,660 | |||
Kuwait — 1.2% | |||
Agility Public Warehousing Co. KSC | 155,083 | $ 452,745 | |
Boubyan Bank KSCP | 26,515 | 71,513 | |
Boubyan Petrochemicals Co. KSCP | 2,441 | 7,457 | |
Burgan Bank SAK | 73,316 | 56,495 | |
Gulf Bank KSCP | 116,519 | 137,041 | |
Kuwait Finance House KSCP | 150,499 | 437,129 | |
Mabanee Co. KPSC | 125,697 | 335,831 | |
Mobile Telecommunications Co. KSCP | 213,804 | 423,580 | |
National Bank of Kuwait SAK | 139,598 | 487,508 | |
National Industries Group Holding SAK | 241,309 | 217,968 | |
$ 2,627,267 | |||
Lithuania — 0.4% | |||
Apranga PVA | 97,326 | $ 194,310 | |
Klaipedos Nafta AB(2) | 432,131 | 112,556 |
Security | Shares | Value | |
Lithuania (continued) | |||
Rokiskio Suris | 110,172 | $ 340,138 | |
Siauliu Bankas AB | 400,003 | 233,976 | |
$ 880,980 | |||
Malaysia — 2.4% | |||
Axiata Group Bhd | 104,550 | $ 67,422 | |
CIMB Group Holdings Bhd | 90,800 | 106,378 | |
Dialog Group Bhd | 655,731 | 326,007 | |
Digi.com Bhd | 79,844 | 65,203 | |
Gamuda Bhd | 81,500 | 68,757 | |
Genting Bhd | 263,000 | 279,959 | |
Genting Malaysia Bhd | 265,500 | 174,559 | |
Globetronics Technology Bhd | 582,200 | 162,827 | |
Hartalega Holdings Bhd | 212,408 | 130,814 | |
Hong Leong Bank Bhd | 15,800 | 74,552 | |
IGB Real Estate Investment Trust | 192,600 | 70,134 | |
IHH Healthcare Bhd | 476,500 | 685,147 | |
IJM Corp. Bhd | 173,880 | 69,232 | |
Inari Amertron Bhd | 658,600 | 425,528 | |
IOI Properties Group Bhd | 266,058 | 59,518 | |
KLCCP Stapled Group | 42,600 | 67,262 | |
Kossan Rubber Industries Bhd | 210,000 | 59,012 | |
Kuala Lumpur Kepong Bhd | 14,600 | 71,911 | |
Magnum Bhd | 192,167 | 71,745 | |
Malayan Banking Bhd | 64,187 | 127,842 | |
Malaysia Airports Holdings Bhd(2) | 50,000 | 70,247 | |
Maxis Bhd | 70,100 | 57,860 | |
MISC Bhd | 43,400 | 70,383 | |
My EG Services Bhd | 1,255,100 | 219,082 | |
Nestle Malaysia Bhd | 2,600 | 78,730 | |
Petronas Chemicals Group Bhd | 66,900 | 133,642 | |
Petronas Dagangan Bhd | 56,900 | 286,633 | |
Petronas Gas Bhd | 19,600 | 75,539 | |
Press Metal Aluminium Holdings Bhd | 79,740 | 87,266 | |
Public Bank Bhd | 166,990 | 174,222 | |
Silverlake Axis, Ltd. | 627,992 | 182,551 | |
Sime Darby Plantation Bhd | 81,539 | 79,902 | |
Sports Toto Bhd | 274,265 | 114,668 | |
Supermax Corp. Bhd | 220,554 | 40,417 | |
Telekom Malaysia Bhd | 62,300 | 79,626 | |
Tenaga Nasional Bhd | 30,638 | 56,870 | |
Top Glove Corp. Bhd | 696,800 | 151,243 | |
VS Industry Bhd | 999,400 | 227,294 | |
YTL Corp. Bhd | 404,791 | 51,897 | |
$ 5,401,881 |
Security | Shares | Value | |
Mauritius — 0.6% | |||
Alteo, Ltd. | 245,799 | $ 165,813 | |
CIEL, Ltd. | 1,444,295 | 194,728 | |
Lighthouse Properties PLC | 23,262 | 10,390 | |
MCB Group, Ltd. | 55,102 | 342,388 | |
Phoenix Beverages, Ltd. | 10,244 | 132,784 | |
Rogers & Co., Ltd. | 288,149 | 169,478 | |
SBM Holdings, Ltd. | 1,674,963 | 165,475 | |
Sun, Ltd., Class A(2) | 121,200 | 69,527 | |
United Basalt Products, Ltd. | 21,996 | 64,928 | |
$ 1,315,511 | |||
Mexico — 4.8% | |||
Alfa SAB de CV, Series A | 299,472 | $ 205,813 | |
Alsea SAB de CV(2) | 81,000 | 158,023 | |
America Movil SAB de CV, Series L(1) | 1,683,605 | 1,599,736 | |
Arca Continental SAB de CV | 22,080 | 152,644 | |
Bolsa Mexicana de Valores SAB de CV | 46,975 | 88,118 | |
Cemex SAB de CV, Series CPO(2) | 1,261,339 | 506,751 | |
Coca-Cola Femsa SAB de CV, Series L | 27,785 | 167,810 | |
Corporacion Inmobiliaria Vesta SAB de CV | 97,400 | 190,830 | |
El Puerto de Liverpool SAB de CV | 47,280 | 212,378 | |
Fibra Uno Administracion S.A. de CV | 451,390 | 462,782 | |
Fomento Economico Mexicano SAB de CV, Series UBD | 100,456 | 623,467 | |
Genomma Lab Internacional SAB de CV(1) | 76,500 | 71,413 | |
Gruma SAB de CV, Class B(1) | 15,455 | 192,082 | |
Grupo Aeroportuario del Centro Norte SAB de CV | 38,200 | 232,605 | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B(1) | 36,487 | 493,909 | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | 21,430 | 402,887 | |
Grupo Bimbo SAB de CV, Series A | 101,045 | 357,627 | |
Grupo Carso SAB de CV, Series A1 | 77,100 | 300,677 | |
Grupo Elektra SAB de CV(1) | 2,213 | 129,940 | |
Grupo Financiero Banorte SAB de CV, Class O | 81,700 | 465,620 | |
Grupo Financiero Inbursa SAB de CV, Class O(1)(2) | 114,900 | 212,322 | |
Grupo Mexico SAB de CV, Series B(1) | 218,779 | 867,045 | |
Grupo Televisa SAB ADR | 35,500 | 277,610 | |
Industrias Penoles SAB de CV(1) | 9,580 | 96,728 | |
Kimberly-Clark de Mexico SAB de CV, Class A(1) | 82,200 | 121,372 | |
Macquarie Mexico Real Estate Management S.A. de CV(3) | 240,600 | 314,655 | |
Orbia Advance Corporation, SAB de CV | 88,999 | 197,072 | |
PLA Administradora Industrial S de RL de CV | 127,200 | 182,262 | |
Promotora y Operadora de Infraestructura SAB de CV | 28,415 | 205,598 | |
Ternium S.A. ADR(1) | 5,500 | 194,865 | |
Vista Energy SAB de CV ADR(2) | 8,300 | 72,874 | |
Wal-Mart de Mexico SAB de CV, Series V | 256,980 | 934,232 | |
$ 10,691,747 |
Security | Shares | Value | |
Morocco — 0.6% | |||
Attijariwafa Bank | 3,868 | $ 161,597 | |
Bank of Africa | 5,578 | 97,539 | |
Banque Centrale Populaire | 4,848 | 117,804 | |
Co Sucrerie Marocaine et de Raffinage | 8,110 | 169,144 | |
Itissalat AI-Maghrib | 23,401 | 270,487 | |
Label Vie | 228 | 100,320 | |
LafargeHolcim Maroc S.A. | 1,240 | 203,336 | |
Societe d'Exploitation des Ports | 4,496 | 113,066 | |
TAQA Morocco S.A. | 695 | 74,213 | |
TotalEnergies Marketing Maroc S.A. | 466 | 72,495 | |
$ 1,380,001 | |||
Nigeria — 1.0% | |||
Access Holdings PLC(4) | 9,080,193 | $ 85,059 | |
Dangote Cement PLC(4) | 1,831,432 | 459,470 | |
FBN Holdings PLC(4) | 8,190,197 | 94,509 | |
Flour Mills of Nigeria PLC(4) | 3,215,556 | 102,539 | |
Guaranty Trust Holding Co. PLC(4) | 8,113,125 | 168,832 | |
Lafarge Africa PLC(4) | 3,378,540 | 82,262 | |
MTN Nigeria Communications PLC(4) | 1,163,700 | 250,364 | |
Nestle Nigeria PLC(4) | 141,303 | 184,940 | |
Nigerian Breweries PLC(4) | 2,570,740 | 120,807 | |
SEPLAT Energy PLC(4) | 193,710 | 305,077 | |
Stanbic IBTC Holdings PLC(4) | 1,515,038 | 44,127 | |
Transnational Corp. of Nigeria PLC(4) | 44,100,342 | 51,453 | |
United Bank for Africa PLC(4) | 10,544,352 | 79,444 | |
Zenith Bank PLC(4) | 7,051,959 | 152,579 | |
$ 2,181,462 | |||
Oman — 0.6% | |||
Bank Muscat SAOG | 231,830 | $ 361,632 | |
HSBC Bank Oman SAOG | 181,355 | 72,313 | |
National Bank of Oman SAOG | 149,081 | 94,453 | |
Oman Cement Co. SAOG | 72,148 | 50,541 | |
Oman Flour Mills Co. SAOG | 40,801 | 60,451 | |
Oman Telecommunications Co. SAOG | 132,628 | 314,968 | |
Omani Qatari Telecommunications Co. SAOG | 140,637 | 142,912 | |
Ominvest | 103,161 | 92,152 | |
Renaissance Services SAOG | 46,857 | 58,827 | |
Sembcorp Salalah Power & Water Co. | 410,180 | 77,032 | |
Sohar International Bank SAOG | 178,742 | 52,118 | |
$ 1,377,399 | |||
Pakistan — 0.5% | |||
Engro Corp., Ltd. | 42,010 | $ 41,259 | |
Fauji Fertilizer Co., Ltd. | 101,890 | 44,160 |
Security | Shares | Value | |
Pakistan (continued) | |||
Habib Bank, Ltd. | 160,318 | $ 57,955 | |
Hub Power Co., Ltd. (The) | 202,646 | 54,742 | |
Lucky Cement, Ltd.(2) | 20,831 | 35,921 | |
Mari Petroleum Co., Ltd. | 10,863 | 76,946 | |
MCB Bank, Ltd. | 163,295 | 83,732 | |
Millat Tractors, Ltd. | 61,454 | 211,163 | |
Nishat Mills, Ltd. | 110,771 | 31,236 | |
Oil & Gas Development Co., Ltd. | 214,891 | 72,352 | |
Pakistan Oilfields, Ltd. | 56,711 | 92,741 | |
Pakistan Petroleum, Ltd. | 387,571 | 110,974 | |
Pakistan State Oil Co., Ltd. | 144,660 | 104,361 | |
Searle Co., Ltd. (The) | 77,416 | 31,770 | |
United Bank, Ltd. | 77,168 | 35,525 | |
$ 1,084,837 | |||
Panama — 0.2% | |||
Banco Latinoamericano de Comercio Exterior S.A., Class E | 13,100 | $ 181,435 | |
Copa Holdings S.A., Class A(2) | 4,958 | 333,277 | |
$ 514,712 | |||
Peru — 1.2% | |||
Alicorp SAA | 132,997 | $ 179,235 | |
Cia de Minas Buenaventura SAA ADR(1) | 55,750 | 303,280 | |
Credicorp, Ltd. | 5,200 | 672,880 | |
Ferreycorp SAA | 406,946 | 208,075 | |
InRetail Peru Corp.(3) | 5,682 | 167,149 | |
Southern Copper Corp. | 18,176 | 905,165 | |
Volcan Cia Minera SAA, Class B(2) | 849,375 | 125,884 | |
$ 2,561,668 | |||
Philippines — 2.5% | |||
Aboitiz Equity Ventures, Inc. | 202,000 | $ 209,033 | |
Aboitiz Power Corp. | 318,600 | 188,824 | |
AC Energy Corp. | 44,685 | 6,795 | |
Alliance Global Group, Inc. | 276,700 | 49,670 | |
Ayala Corp. | 14,895 | 167,753 | |
Ayala Land, Inc. | 463,731 | 212,823 | |
Ayala Land, Inc. GDR, PFC Shares(4) | 3,951,800 | 0 | |
Bank of the Philippine Islands | 89,460 | 150,999 | |
BDO Unibank, Inc. | 98,694 | 214,235 | |
Bloomberry Resorts Corp.(2) | 952,800 | 104,656 | |
Converge Information and Communications Technology Solutions, Inc.(2) | 241,400 | 83,405 | |
Cosco Capital, Inc. | 1,440,100 | 112,316 | |
D&L Industries, Inc. | 493,300 | 63,838 |
Security | Shares | Value | |
Philippines (continued) | |||
Emperador, Inc. | 380,500 | $ 130,277 | |
First Gen Corp. | 319,822 | 99,993 | |
Globe Telecom, Inc. | 5,729 | 214,355 | |
GT Capital Holdings, Inc. | 8,000 | 65,853 | |
International Container Terminal Services, Inc. | 62,100 | 218,776 | |
JG Summit Holdings, Inc. | 178,958 | 167,167 | |
Jollibee Foods Corp. | 100,226 | 365,952 | |
Manila Electric Co. | 49,700 | 306,761 | |
Manila Water Co. | 415,800 | 115,594 | |
Megaworld Corp. | 1,361,400 | 55,874 | |
Metropolitan Bank & Trust Co. | 140,032 | 123,518 | |
Petron Corp.(2) | 1,006,400 | 52,402 | |
PLDT, Inc. | 13,440 | 405,558 | |
Puregold Price Club, Inc. | 337,403 | 184,888 | |
San Miguel Corp. | 38,970 | 74,592 | |
Semirara Mining & Power Corp. | 158,920 | 119,749 | |
SM Investments Corp. | 28,971 | 407,948 | |
SM Prime Holdings, Inc. | 671,029 | 445,949 | |
Universal Robina Corp. | 196,255 | 395,217 | |
Wilcon Depot, Inc. | 244,700 | 122,838 | |
$ 5,637,608 | |||
Poland — 2.4% | |||
AmRest Holdings SE(2) | 13,322 | $ 53,858 | |
Asseco Poland S.A. | 22,858 | 356,170 | |
Bank Polska Kasa Opieki S.A. | 9,961 | 157,763 | |
Budimex S.A. | 9,658 | 527,553 | |
Cyfrowy Polsat S.A. | 41,244 | 177,772 | |
Enea S.A.(2) | 30,914 | 63,124 | |
Eurocash S.A. | 203,900 | 504,738 | |
Grupa Azoty S.A.(2) | 9,267 | 86,271 | |
KGHM Polska Miedz S.A. | 13,493 | 338,239 | |
LPP S.A. | 209 | 447,773 | |
mBank S.A.(2) | 1,863 | 89,117 | |
Neuca S.A. | 662 | 110,053 | |
Orange Polska S.A. | 197,276 | 255,997 | |
PGE S.A.(2) | 63,422 | 141,794 | |
Polski Koncern Naftowy ORLEN S.A. | 54,402 | 888,650 | |
Polskie Gornictwo Naftowe i Gazownictwo S.A.(2) | 270,300 | 403,909 | |
Powszechna Kasa Oszczednosci Bank Polski S.A.(2) | 54,532 | 308,624 | |
Powszechny Zaklad Ubezpieczen S.A. | 29,335 | 192,168 | |
Santander Bank Polska S.A. | 1,762 | 89,471 | |
Tauron Polska Energia S.A.(2) | 144,008 | 101,643 | |
$ 5,294,687 |
Security | Shares | Value | |
Qatar — 1.4% | |||
Aamal Co. QSC | 230,000 | $ 73,003 | |
Al Meera Consumer Goods Co. | 26,169 | 127,081 | |
Barwa Real Estate Co. | 224,034 | 219,707 | |
Commercial Bank PSQC (The) | 49,707 | 99,076 | |
Gulf International Services QSC(2) | 443,811 | 241,654 | |
Industries Qatar | 117,245 | 546,105 | |
Masraf Al Rayan QSC | 147,361 | 176,483 | |
Medicare Group | 45,960 | 85,874 | |
Ooredoo QPSC | 91,470 | 232,140 | |
Qatar Electricity & Water Co. QSC | 44,621 | 224,780 | |
Qatar Gas Transport Co., Ltd. | 228,433 | 254,502 | |
Qatar Islamic Bank | 27,137 | 189,929 | |
Qatar National Bank QPSC | 80,985 | 443,770 | |
United Development Co. QSC | 156,214 | 64,635 | |
Vodafone Qatar QSC | 215,393 | 97,792 | |
$ 3,076,531 | |||
Romania — 0.6% | |||
Banca Transilvania S.A. | 860,550 | $ 353,185 | |
BRD-Groupe Societe Generale S.A. | 27,477 | 73,812 | |
OMV Petrom S.A. | 4,086,720 | 450,033 | |
Societatea Energetica Electrica S.A. | 58,301 | 98,881 | |
Societatea Nationala de Gaze Naturale ROMGAZ S.A. | 31,346 | 311,967 | |
Transgaz S.A. Medias | 1,982 | 98,052 | |
$ 1,385,930 | |||
Russia (6) — 0.0% | |||
Aeroflot PJSC(2)(4) | 320,440 | $ 0 | |
Alrosa PJSC(4) | 177,900 | 0 | |
Detsky Mir PJSC(3)(4) | 105,940 | 0 | |
Evraz PLC(4) | 34,831 | 0 | |
Federal Grid Co. Unified Energy System PJSC(2)(4) | 54,265,440 | 0 | |
Globaltrans Investment PLC GDR(4)(5) | 40,040 | 0 | |
Inter RAO UES PJSC(4) | 6,829,769 | 0 | |
Magnit PJSC(4) | 13,121 | 0 | |
Magnitogorsk Iron & Steel Works PJSC(4) | 182,710 | 0 | |
Mobile TeleSystems PJSC(4) | 89,417 | 0 | |
Moscow Exchange MICEX-RTS PJSC(2)(4) | 47,890 | 0 | |
OGK-2 PJSC(4) | 12,211,000 | 0 | |
PhosAgro PJSC GDR(4)(5) | 49 | 0 | |
PhosAgro PJSC GDR(4)(5) | 7,643 | 0 | |
PIK Group PJSC(2)(4) | 20,850 | 0 | |
QIWI PLC ADR(1)(4) | 6,066 | 0 | |
Rosseti PJSC(2)(4) | 3,556,000 | 0 | |
Rostelecom PJSC(4) | 107,057 | 0 | |
RusHydro PJSC(4) | 16,550,080 | 0 |
Security | Shares | Value | |
Russia (continued) | |||
Sberbank of Russia PJSC(2)(4) | 123,888 | $ 0 | |
Severstal PAO GDR(4)(5) | 13,622 | 0 | |
Sistema PJSFC(4) | 453,878 | 0 | |
Surgutneftegas PJSC, PFC Shares(4) | 260,300 | 0 | |
Unipro PJSC(4) | 1,521,000 | 0 | |
Yandex NV, Class A(2)(4) | 26,400 | 0 | |
$ 0 | |||
Saudi Arabia — 5.0% | |||
Abdullah Al Othaim Markets Co. | 6,103 | $ 189,822 | |
Advanced Petrochemical Co. | 4,088 | 53,612 | |
Al Hammadi Co. for Development and Investment | 15,281 | 174,461 | |
Al Rajhi Bank | 21,900 | 527,683 | |
Alandalus Property Co. | 22,858 | 99,154 | |
Aldrees Petroleum and Transport Services Co. | 4,272 | 82,415 | |
Almarai Co. JSC | 28,097 | 391,918 | |
Arabian Centres Co., Ltd. | 26,197 | 139,612 | |
Arriyadh Development Co. | 32,790 | 201,949 | |
Astra Industrial Group | 12,671 | 148,658 | |
Banque Saudi Fransi | 11,191 | 153,406 | |
Dallah Healthcare Co. | 6,434 | 211,761 | |
Dar Al Arkan Real Estate Development Co.(2) | 57,820 | 195,281 | |
Dr Sulaiman Al Habib Medical Services Group Co. | 11,370 | 623,841 | |
Dur Hospitality Co.(2) | 17,800 | 111,554 | |
Emaar Economic City(2) | 88,268 | 239,270 | |
Etihad Etisalat Co. | 29,220 | 295,038 | |
Fawaz Abdulaziz Al Hokair & Co.(2) | 16,655 | 80,598 | |
Herfy Food Services Co.(2) | 4,801 | 57,159 | |
Jarir Marketing Co. | 9,516 | 414,629 | |
Leejam Sports Co. JSC | 4,692 | 141,010 | |
Maharah Human Resources Co. | 3,090 | 53,244 | |
Mobile Telecommunications Co. Saudi Arabia(2) | 27,145 | 85,316 | |
Mouwasat Medical Services Co. | 6,039 | 397,632 | |
National Gas & Industrialization Co. | 7,147 | 83,406 | |
National Medical Care Co. | 4,000 | 62,623 | |
Riyad Bank | 16,422 | 159,908 | |
SABIC Agri-Nutrients Co. | 3,518 | 125,543 | |
Sahara International Petrochemical Co. | 6,353 | 81,083 | |
Saudi Airlines Catering Co.(2) | 7,873 | 167,424 | |
Saudi Arabian Mining Co.(2) | 14,352 | 218,235 | |
Saudi Arabian Oil Co.(3) | 116,957 | 1,249,968 | |
Saudi Basic Industries Corp. | 13,227 | 352,411 | |
Saudi British Bank (The) | 11,656 | 131,220 | |
Saudi Ceramic Co. | 8,453 | 82,155 | |
Saudi Chemical Co. Holding | 7,125 | 56,426 | |
Saudi Electricity Co. | 117,968 | 780,694 |
Security | Shares | Value | |
Saudi Arabia (continued) | |||
Saudi Ground Services Co.(2) | 22,667 | $ 170,007 | |
Saudi Industrial Investment Group | 10,164 | 75,878 | |
Saudi Kayan Petrochemical Co.(2) | 25,009 | 101,653 | |
Saudi National Bank (The) | 22,107 | 414,987 | |
Saudi Pharmaceutical Industries & Medical Appliances Corp. | 9,738 | 72,670 | |
Saudi Public Transport Co.(2) | 16,000 | 70,147 | |
Saudi Telecom Co. | 27,126 | 729,380 | |
Saudia Dairy & Foodstuff Co. | 4,476 | 186,152 | |
Savola Group (The) | 26,583 | 236,472 | |
Seera Group Holding(2) | 50,976 | 225,422 | |
United Electronics Co. | 5,409 | 171,564 | |
United International Transportation Co. | 7,246 | 93,320 | |
Yanbu National Petrochemical Co. | 5,300 | 70,470 | |
$ 11,238,241 | |||
Slovenia — 0.6% | |||
Cinkarna Celje DD | 267 | $ 77,607 | |
Krka dd Novo mesto | 7,869 | 780,292 | |
Luka Koper | 2,454 | 59,753 | |
Petrol | 221 | 115,621 | |
Pozavarovalnica Sava DD | 3,525 | 89,010 | |
Telekom Slovenije DD | 1,159 | 66,925 | |
Zavarovalnica Triglav DD | 2,806 | 108,447 | |
$ 1,297,655 | |||
South Africa — 4.8% | |||
Anglo American Platinum, Ltd. | 1,944 | $ 149,125 | |
AngloGold Ashanti, Ltd. | 9,504 | 140,081 | |
Aspen Pharmacare Holdings, Ltd. | 64,491 | 565,214 | |
AVI, Ltd. | 29,338 | 122,408 | |
Barloworld, Ltd. | 41,807 | 230,691 | |
Bid Corp., Ltd. | 19,000 | 350,490 | |
Bidvest Group, Ltd. (The) | 65,642 | 845,169 | |
Capitec Bank Holdings, Ltd. | 1,232 | 148,057 | |
Clicks Group, Ltd. | 13,500 | 227,975 | |
DataTec, Ltd. | 72,300 | 191,271 | |
Discovery, Ltd.(2) | 21,090 | 162,974 | |
Equites Property Fund, Ltd. | 104,000 | 119,563 | |
Exxaro Resources, Ltd. | 51,110 | 621,253 | |
FirstRand, Ltd. | 77,535 | 306,711 | |
Fortress REIT, Ltd., Class A | 264,918 | 191,276 | |
Foschini Group, Ltd. (The) | 12,308 | 90,158 | |
Gold Fields, Ltd. | 15,697 | 145,180 | |
Growthpoint Properties, Ltd. | 441,000 | 359,446 | |
Harmony Gold Mining Co., Ltd. | 18,553 | 59,266 |
Security | Shares | Value | |
South Africa (continued) | |||
Hyprop Investments, Ltd. | 31,700 | $ 70,479 | |
Impala Platinum Holdings, Ltd. | 18,462 | 204,698 | |
Kumba Iron Ore, Ltd. | 2,760 | 82,250 | |
Life Healthcare Group Holdings, Ltd. | 258,186 | 305,892 | |
Mediclinic International PLC(2) | 62,346 | 363,921 | |
Mr Price Group, Ltd. | 12,155 | 132,344 | |
MTN Group, Ltd. | 85,400 | 716,744 | |
MultiChoice Group, Ltd. | 20,757 | 148,761 | |
Naspers, Ltd., Class N | 7,507 | 1,060,637 | |
NEPI Rockcastle S.A. | 38,480 | 212,265 | |
Netcare, Ltd. | 149,337 | 136,874 | |
Pick'n Pay Stores, Ltd. | 36,562 | 121,356 | |
Redefine Properties, Ltd. | 579,291 | 142,307 | |
Resilient REIT, Ltd. | 48,463 | 168,071 | |
Reunert, Ltd. | 55,746 | 137,632 | |
Sanlam, Ltd. | 28,912 | 94,952 | |
Sasol, Ltd.(2) | 10,993 | 230,927 | |
Shoprite Holdings, Ltd. | 21,115 | 285,686 | |
Sibanye Stillwater, Ltd. | 48,312 | 118,680 | |
SPAR Group, Ltd. (The) | 14,831 | 120,142 | |
Standard Bank Group, Ltd. | 16,101 | 155,119 | |
Telkom S.A. SOC, Ltd.(2) | 33,018 | 86,509 | |
Tiger Brands, Ltd. | 10,940 | 108,347 | |
Vodacom Group, Ltd. | 36,800 | 305,757 | |
Wilson Bayly Holmes-Ovcon, Ltd. | 19,623 | 106,699 | |
Woolworths Holdings, Ltd. | 46,024 | 146,793 | |
$ 10,790,150 | |||
South Korea — 4.8% | |||
Alteogen, Inc.(2) | 1,548 | $ 78,059 | |
AMOREPACIFIC Corp. | 852 | 84,791 | |
AMOREPACIFIC Group | 2,180 | 62,035 | |
Bukwang Pharmaceutical Co., Ltd. | 7,850 | 56,865 | |
Celltrion Healthcare Co., Ltd. | 4,125 | 230,350 | |
Celltrion Pharm, Inc.(2) | 1,286 | 83,979 | |
Celltrion, Inc. | 2,878 | 421,355 | |
CJ CheilJedang Corp. | 423 | 127,498 | |
CJ Logistics Corp.(2) | 566 | 50,797 | |
Coway Co., Ltd. | 2,548 | 125,696 | |
Daewoo Industrial Development Co., Ltd.(2) | 3,657 | 6,193 | |
DL E&C Co., Ltd. | 1,924 | 60,222 | |
E-MART, Inc. | 1,232 | 107,369 | |
GS Engineering & Construction Corp. | 3,086 | 70,945 | |
GS Holdings Corp. | 3,569 | 114,402 | |
Hankook Tire and Technology Co., Ltd. | 3,779 | 101,298 | |
Hanmi Pharm Co., Ltd. | 928 | 221,168 |
Security | Shares | Value | |
South Korea (continued) | |||
Hanwha Solutions Corp.(2) | 4,103 | $ 138,621 | |
HD Hyundai Co., Ltd. | 2,610 | 114,447 | |
Helixmith Co., Ltd.(2) | 6,986 | 98,126 | |
Hugel, Inc.(2) | 653 | 67,619 | |
Hyundai Department Store Co., Ltd. | 1,615 | 82,954 | |
Hyundai Engineering & Construction Co., Ltd. | 2,645 | 86,006 | |
Hyundai Glovis Co., Ltd. | 758 | 106,387 | |
Hyundai Mobis Co., Ltd. | 1,292 | 227,401 | |
Hyundai Motor Co. | 2,300 | 347,790 | |
Hyundai Steel Co. | 3,449 | 90,723 | |
Kakao Corp. | 3,776 | 218,050 | |
Kangwon Land, Inc.(2) | 5,706 | 114,056 | |
KB Financial Group, Inc. | 3,231 | 120,167 | |
Kia Corp. | 3,041 | 190,389 | |
Korea Electric Power Corp.(2) | 4,640 | 79,914 | |
Korea Shipbuilding & Offshore Engineering Co., Ltd.(2) | 993 | 64,890 | |
Korea Zinc Co., Ltd. | 283 | 104,041 | |
KT&G Corp. | 3,552 | 223,879 | |
Kumho Petrochemical Co., Ltd. | 743 | 74,221 | |
LG Chem, Ltd. | 652 | 303,672 | |
LG Corp. | 1,914 | 119,464 | |
LG Electronics, Inc. | 2,209 | 161,130 | |
LG H&H Co., Ltd. | 241 | 144,848 | |
LG Uplus Corp. | 7,151 | 68,908 | |
MedPacto, Inc.(2) | 1,418 | 29,712 | |
Medytox, Inc.(2) | 1,001 | 89,087 | |
Mezzion Pharma Co., Ltd.(2) | 3,897 | 57,818 | |
Naver Corp. | 1,691 | 338,270 | |
NCSoft Corp. | 372 | 106,872 | |
Orion Corp. of Republic of Korea | 1,268 | 98,164 | |
POSCO Holdings, Inc. | 1,219 | 227,658 | |
S1 Corp. | 1,533 | 75,233 | |
Samsung Biologics Co., Ltd.(2)(3) | 629 | 418,956 | |
Samsung C&T Corp. | 1,554 | 144,264 | |
Samsung Electro-Mechanics Co., Ltd. | 1,243 | 136,878 | |
Samsung Electronics Co., Ltd. | 42,405 | 2,007,247 | |
Samsung SDI Co., Ltd. | 523 | 229,884 | |
Samsung SDS Co., Ltd. | 1,370 | 143,696 | |
Seegene, Inc. | 1,860 | 57,049 | |
Shinhan Financial Group Co., Ltd. | 4,669 | 128,581 | |
SK Hynix, Inc. | 4,140 | 312,971 | |
SK Innovation Co., Ltd.(2) | 2,428 | 351,752 | |
SK, Inc. | 913 | 154,864 | |
S-Oil Corp. | 2,051 | 146,186 |
Security | Shares | Value | |
South Korea (continued) | |||
Yuhan Corp. | 4,054 | $ 180,484 | |
Zyle Motors Corp.(2)(4) | 5,113 | 0 | |
$ 10,786,351 | |||
Sri Lanka — 0.3% | |||
Ceylon Tobacco Co. PLC | 38,480 | $ 62,039 | |
Chevron Lubricants Lanka PLC | 343,215 | 74,089 | |
Commercial Bank of Ceylon PLC | 361,272 | 51,817 | |
Dialog Axiata PLC | 1,107,719 | 27,125 | |
Expolanka Holdings PLC | 185,620 | 90,016 | |
Hatton National Bank PLC | 116,192 | 26,592 | |
John Keells Holdings PLC | 495,487 | 164,150 | |
Lanka IOC PLC | 271,858 | 67,687 | |
Melstacorp PLC | 696,058 | 76,956 | |
Sampath Bank PLC | 286,546 | 25,366 | |
Teejay Lanka PLC | 460,029 | 57,024 | |
$ 722,861 | |||
Taiwan — 7.6% | |||
Accton Technology Corp. | 10,000 | $ 83,459 | |
Acer, Inc. | 119,519 | 90,682 | |
Advantech Co., Ltd. | 8,697 | 100,053 | |
AirTAC International Group | 8,178 | 224,173 | |
ASE Technology Holding Co., Ltd. | 48,561 | 141,509 | |
Asia Cement Corp. | 125,000 | 173,451 | |
Asustek Computer, Inc. | 7,325 | 69,101 | |
AUO Corp. | 187,837 | 84,346 | |
Catcher Technology Co., Ltd. | 20,183 | 115,274 | |
Cathay Financial Holding Co., Ltd. | 65,916 | 100,558 | |
Center Laboratories, Inc. | 105,659 | 206,942 | |
Chailease Holding Co., Ltd. | 12,600 | 89,608 | |
Cheng Shin Rubber Industry Co., Ltd. | 110,672 | 131,340 | |
China Airlines, Ltd. | 124,000 | 94,751 | |
China Motor Corp. | 40,926 | 69,382 | |
China Steel Corp. | 369,734 | 344,247 | |
Chong Hong Construction Co. | 34,000 | 82,406 | |
Chunghwa Telecom Co., Ltd. | 218,746 | 887,588 | |
CTBC Financial Holding Co., Ltd. | 134,275 | 103,159 | |
Delta Electronics, Inc. | 20,151 | 175,256 | |
Eclat Textile Co., Ltd. | 15,159 | 207,262 | |
EVA Airways Corp.(2) | 212,861 | 244,237 | |
Evergreen International Storage & Transport Corp. | 93,000 | 91,051 | |
Evergreen Marine Corp. | 86,441 | 277,768 | |
Far Eastern Department Stores, Ltd. | 212,990 | 134,928 | |
Far Eastern New Century Corp. | 227,695 | 231,666 | |
Far EasTone Telecommunications Co., Ltd. | 121,084 | 305,286 |
Security | Shares | Value | |
Taiwan (continued) | |||
Feng Hsin Steel Co., Ltd. | 32,260 | $ 71,439 | |
Feng TAY Enterprise Co., Ltd. | 40,000 | 224,085 | |
Formosa Chemicals & Fibre Corp. | 108,014 | 253,219 | |
Formosa Petrochemical Corp. | 79,320 | 224,309 | |
Formosa Plastics Corp. | 114,183 | 352,178 | |
Formosa Taffeta Co., Ltd. | 182,149 | 157,884 | |
Fubon Financial Holding Co., Ltd. | 58,721 | 110,302 | |
Giant Manufacturing Co., Ltd. | 18,208 | 148,974 | |
Globalwafers Co., Ltd. | 3,000 | 45,445 | |
Golden Biotechnology Corp.(2) | 11,715 | 49,245 | |
Great Wall Enterprise Co., Ltd. | 92,815 | 151,870 | |
Highwealth Construction Corp. | 52,000 | 78,896 | |
Hiwin Technologies Corp. | 16,564 | 119,737 | |
Hon Hai Precision Industry Co., Ltd. | 108,443 | 396,332 | |
Hotai Motor Co., Ltd. | 21,000 | 425,312 | |
Huaku Development Co., Ltd. | 28,000 | 83,898 | |
Innolux Corp. | 242,000 | 83,812 | |
International Games System Co., Ltd. | 8,000 | 94,819 | |
Inventec Corp. | 89,966 | 71,455 | |
Largan Precision Co., Ltd. | 1,795 | 125,906 | |
Lien Hwa Industrial Holdings Corp. | 73,000 | 146,497 | |
Lite-On Technology Corp. | 34,000 | 74,602 | |
Makalot Industrial Co., Ltd. | 13,000 | 61,604 | |
MediaTek, Inc. | 14,462 | 333,206 | |
Medigen Vaccine Biologics Corp.(2) | 14,000 | 96,302 | |
Mega Financial Holding Co., Ltd. | 111,303 | 131,851 | |
Merida Industry Co., Ltd. | 17,657 | 136,337 | |
momo.com, Inc. | 3,600 | 98,680 | |
Nan Kang Rubber Tire Co., Ltd.(2) | 95,253 | 125,967 | |
Nan Ya Plastics Corp. | 125,214 | 282,184 | |
Nien Made Enterprise Co., Ltd. | 11,000 | 105,665 | |
Novatek Microelectronics Corp. | 9,000 | 80,179 | |
Oneness Biotech Co., Ltd.(2) | 19,000 | 119,788 | |
Pegatron Corp. | 54,028 | 112,475 | |
Polaris Group(2) | 27,979 | 118,979 | |
Pou Chen Corp. | 151,819 | 136,316 | |
President Chain Store Corp. | 40,664 | 384,494 | |
Quanta Computer, Inc. | 42,508 | 120,677 | |
Radium Life Tech Co., Ltd. | 226,001 | 68,864 | |
Realtek Semiconductor Corp. | 6,002 | 69,021 | |
Ruentex Development Co., Ltd. | 79,506 | 146,076 | |
Ruentex Industries, Ltd. | 33,000 | 68,340 | |
St. Shine Optical Co., Ltd. | 22,000 | 193,005 | |
TA Chen Stainless Pipe Co. | 56,560 | 66,309 | |
Tainan Spinning Co., Ltd. | 147,822 | 89,037 | |
Taiwan Cement Corp. | 172,073 | 223,294 |
Security | Shares | Value | |
Taiwan (continued) | |||
Taiwan Fertilizer Co., Ltd. | 37,000 | $ 79,353 | |
Taiwan High Speed Rail Corp. | 104,000 | 101,639 | |
Taiwan Mobile Co., Ltd. | 102,296 | 347,140 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 139,369 | 2,390,118 | |
Tatung Co., Ltd. (2) | 86,000 | 100,357 | |
Teco Electric & Machinery Co., Ltd. | 120,000 | 118,096 | |
Tong Yang Industry Co., Ltd. | 105,608 | 177,651 | |
TTY Biopharm Co., Ltd. | 94,096 | 222,520 | |
Tung Ho Steel Enterprise Corp. | 32,200 | 55,863 | |
Unimicron Technology Corp. | 21,000 | 112,029 | |
Uni-President Enterprises Corp. | 273,831 | 644,635 | |
United Microelectronics Corp. | 102,090 | 137,337 | |
Voltronic Power Technology Corp. | 4,000 | 196,469 | |
Walsin Lihwa Corp. | 74,000 | 84,185 | |
Wei Chuan Foods Corp. | 179,000 | 121,519 | |
Win Semiconductors Corp. | 8,000 | 42,497 | |
Yageo Corp. | 9,000 | 103,914 | |
Yang Ming Marine Transport Corp. | 68,621 | 206,946 | |
Yieh Phui Enterprise Co., Ltd.(2) | 86,046 | 47,080 | |
$ 17,007,697 | |||
Thailand — 4.9% | |||
Advanced Info Service PCL(7) | 63,400 | $ 348,486 | |
Airports of Thailand PCL(2)(7) | 219,500 | 422,931 | |
Asset World Corp. PCL(7) | 613,200 | 84,317 | |
Bangkok Bank PCL(7) | 32,300 | 117,471 | |
Bangkok Chain Hospital PCL(7) | 443,200 | 244,416 | |
Bangkok Dusit Medical Services PCL(7) | 746,100 | 545,654 | |
Bangkok Expressway & Metro PCL(7) | 647,000 | 153,702 | |
Bangkok Land PCL(7) | 4,163,800 | 115,378 | |
Banpu PCL(7) | 277,933 | 102,330 | |
BTS Group Holdings PCL(7) | 331,100 | 78,004 | |
Bumrungrad Hospital PCL(7) | 99,300 | 494,840 | |
Carabao Group PCL(7) | 27,500 | 84,865 | |
Central Pattana PCL(7) | 140,500 | 244,729 | |
Central Retail Corp. PCL(7) | 230,366 | 230,809 | |
Charoen Pokphand Foods PCL(7) | 188,700 | 129,696 | |
Chularat Hospital PCL(7) | 1,881,100 | 191,125 | |
CP ALL PCL(7) | 160,100 | 267,869 | |
CPN Retail Growth Leasehold REIT(7) | 146,500 | 75,220 | |
Delta Electronics (Thailand) PCL(7) | 139,400 | 1,809,271 | |
Electricity Generating PCL(7) | 12,700 | 64,034 | |
Energy Absolute PCL(7) | 89,500 | 198,838 | |
Global Power Synergy PCL(7) | 43,300 | 80,321 | |
Gulf Energy Development PCL(7) | 245,000 | 317,404 | |
Hana Microelectronics PCL(7) | 213,300 | 269,434 |
Security | Shares | Value | |
Thailand (continued) | |||
Home Product Center PCL(7) | 409,255 | $ 148,241 | |
Indorama Ventures PCL(7) | 172,600 | 206,597 | |
IRPC PCL(7) | 914,800 | 81,976 | |
Jasmine International PCL(2)(7) | 634,000 | 45,779 | |
Jay Mart PCL(7) | 164,100 | 215,431 | |
Kasikornbank PCL(7) | 32,000 | 128,276 | |
KCE Electronics PCL(7) | 152,800 | 265,196 | |
Land & Houses PCL(7) | 489,100 | 113,447 | |
Mega Lifesciences PCL(7) | 111,800 | 149,801 | |
Minor International PCL(2)(7) | 268,444 | 246,905 | |
Pruksa Holding PCL(7) | 276,500 | 93,714 | |
PTG Energy PCL(7) | 277,800 | 107,920 | |
PTT Exploration & Production PCL(7) | 79,698 | 358,326 | |
PTT Global Chemical PCL(7) | 131,900 | 160,184 | |
PTT PCL(7) | 520,100 | 495,629 | |
Samart Corp. PCL(2)(7) | 297,700 | 47,180 | |
SCB X PCL(7) | 45,300 | 124,910 | |
Siam Cement PCL(7) | 20,500 | 208,594 | |
Siam City Cement PCL(7) | 23,983 | 99,516 | |
Siam Global House PCL(7) | 318,423 | 164,040 | |
Sino-Thai Engineering & Construction PCL(7) | 251,357 | 83,112 | |
Sri Trang Agro-Industry PCL(7) | 89,600 | 52,821 | |
Thai Beverage PCL(7) | 483,400 | 226,079 | |
Thai Oil PCL(7) | 63,600 | 89,898 | |
Total Access Communication PCL(7) | 105,100 | 130,561 | |
True Corp. PCL(7) | 1,164,790 | 151,109 | |
VGI PCL(7) | 729,400 | 87,093 | |
WHA Corp. PCL(7) | 1,020,100 | 83,715 | |
$ 11,037,194 | |||
Tunisia — 0.6% | |||
Banque de Tunisie | 53,193 | $ 84,008 | |
Banque Internationale Arabe de Tunisie | 8,258 | 192,400 | |
Banque Nationale Agricole | 24,362 | 67,222 | |
Carthage Cement(2) | 402,032 | 217,851 | |
Euro Cycles S.A. | 8,418 | 92,411 | |
Poulina Group | 114,306 | 327,176 | |
Societe d'Articles Hygieniques S.A. | 26,297 | 81,229 | |
Societe Frigorifique et Brasserie de Tunis S.A. | 52,752 | 267,693 | |
Telnet Holding | 21,212 | 50,437 | |
$ 1,380,427 | |||
Turkey — 5.4% | |||
AG Anadolu Grubu Holding AS | 15,600 | $ 60,575 | |
Akbank T.A.S. | 171,296 | 82,926 | |
Aksa Akrilik Kimya Sanayii AS | 64,402 | 211,825 |
Security | Shares | Value | |
Turkey (continued) | |||
Aksa Enerji Uretim AS | 387,124 | $ 652,824 | |
Anadolu Efes Biracilik ve Malt Sanayii AS | 70,980 | 145,851 | |
Arcelik AS | 79,251 | 287,720 | |
Aselsan Elektronik Sanayi Ve Ticaret AS | 107,386 | 133,202 | |
Aydem Yenilenebilir Enerji AS(2) | 157,000 | 88,099 | |
Aygaz AS | 87,571 | 181,831 | |
Bera Holding AS | 64,248 | 52,899 | |
BIM Birlesik Magazalar AS | 121,032 | 623,822 | |
Biotrend Cevre VE Enerji Yatirimlari AS(2) | 140,666 | 68,951 | |
Coca-Cola Icecek AS | 28,900 | 234,488 | |
Dogan Sirketler Grubu Holding AS | 551,200 | 119,825 | |
EGE Endustri VE Ticaret AS | 780 | 93,101 | |
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS | 128,300 | 101,749 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 2,377,930 | 412,036 | |
Enerjisa Enerji AS(3) | 275,003 | 232,847 | |
Enka Insaat ve Sanayi AS | 291,118 | 303,718 | |
Eregli Demir ve Celik Fabrikalari TAS | 207,814 | 321,908 | |
Fenerbahce Futbol AS(2) | 35,100 | 98,730 | |
Ford Otomotiv Sanayi AS | 21,741 | 369,854 | |
Gubre Fabrikalari TAS(2) | 16,300 | 81,267 | |
Haci Omer Sabanci Holding AS | 77,227 | 85,737 | |
Hektas Ticaret TAS(2) | 52,900 | 97,317 | |
Indeks Bilgisayar Sistemleri Muhendislik Sanayi ve Ticaret AS | 181,800 | 83,248 | |
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(2) | 90,659 | 89,104 | |
Is Gayrimenkul Yatirim Ortakligi AS(2) | 660,310 | 732,094 | |
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 200,727 | 120,230 | |
KOC Holding AS | 126,594 | 261,668 | |
Kordsa Teknik Tekstil AS | 30,820 | 83,365 | |
Koza Altin Isletmeleri AS | 11,612 | 104,977 | |
Logo Yazilim Sanayi Ve Ticaret AS | 67,980 | 173,834 | |
Mavi Giyim Sanayi Ve Ticaret AS, Class B(3) | 33,330 | 117,327 | |
Migros Ticaret AS(2) | 29,279 | 91,735 | |
MLP Saglik Hizmetleri AS(2)(3) | 101,419 | 232,542 | |
ODAS Elektrik Uretim ve Sanayi Ticaret AS(2) | 1,160,037 | 242,081 | |
Oyak Cimento Fabrikalari AS(2) | 103,200 | 72,842 | |
Petkim Petrokimya Holding AS(2) | 190,896 | 95,096 | |
RTA Laboratuarlari Biyolojik Urunleri Ilac Sanayi Ve Ticaret AS(2) | 227,757 | 115,413 | |
Sasa Polyester Sanayi AS(2) | 63,818 | 159,105 | |
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 235,109 | 223,369 | |
Sinpas Gayrimenkul Yatirim Ortakligi AS(2) | 511,180 | 168,998 | |
Sok Marketler Ticaret AS | 134,800 | 105,626 | |
TAV Havalimanlari Holding AS(2) | 43,982 | 138,198 | |
Tofas Turk Otomobil Fabrikasi AS | 38,638 | 159,532 |
Security | Shares | Value | |
Turkey (continued) | |||
Turk Hava Yollari AO(2) | 72,308 | $ 203,397 | |
Turk Ilac VE Serum Sanayi AS(2) | 140,853 | 77,156 | |
Turk Telekomunikasyon AS | 271,014 | 137,357 | |
Turkcell Iletisim Hizmetleri AS | 764,700 | 726,580 | |
Turkiye Is Bankasi AS, Class C | 405,578 | 118,877 | |
Turkiye Petrol Rafinerileri AS(2) | 101,403 | 1,518,946 | |
Turkiye Sise ve Cam Fabrikalari AS | 141,210 | 172,554 | |
Ulker Biskuvi Sanayi AS(2) | 45,810 | 37,743 | |
Vakif Gayrimenkul Yatirim Ortakligi AS(2) | 1,418,376 | 181,892 | |
Vestel Elektronik Sanayi ve Ticaret AS | 32,694 | 43,996 | |
Yapi ve Kredi Bankasi AS | 323,100 | 86,000 | |
$ 12,017,984 | |||
United Arab Emirates — 1.2% | |||
Abu Dhabi Commercial Bank PJSC | 84,253 | $ 209,416 | |
Agthia Group PJSC | 54,046 | 78,609 | |
Air Arabia PJSC | 212,497 | 127,481 | |
Aldar Properties PJSC | 186,973 | 249,780 | |
Dana Gas PJSC | 421,411 | 114,862 | |
Dubai Investments PJSC | 212,181 | 133,588 | |
Dubai Islamic Bank PJSC | 109,508 | 175,487 | |
Emaar Development PJSC(2) | 104,800 | 126,716 | |
Emaar Properties PJSC | 164,638 | 247,071 | |
Emirates Telecommunications Group Co. PJSC | 103,870 | 788,314 | |
First Abu Dhabi Bank PJSC | 66,119 | 349,934 | |
Network International Holdings PLC(2)(3) | 31,200 | 76,937 | |
$ 2,678,195 | |||
Vietnam — 2.4% | |||
Bank for Foreign Trade of Vietnam JSC | 122,750 | $ 393,294 | |
Bao Viet Holdings | 28,030 | 69,578 | |
FLC Faros Construction JSC(2) | 2 | 0 (8) | |
Gelex Group JSC | 158,500 | 156,518 | |
Gemadept Corp. | 41,900 | 89,918 | |
Hoa Phat Group JSC | 706,587 | 651,743 | |
Hoa Sen Group(2) | 89,500 | 65,357 | |
KIDO Group Corp. | 31,200 | 94,318 | |
Kinh Bac City Development Share Holding Corp.(2) | 38,613 | 62,527 | |
Masan Group Corp. | 103,896 | 473,419 | |
No Va Land Investment Group Corp.(2) | 94,187 | 300,913 | |
PetroVietnam Drilling & Well Services JSC(2) | 99,702 | 72,446 | |
PetroVietnam Fertilizer & Chemical JSC | 64,000 | 122,667 | |
PetroVietnam Gas JSC | 29,940 | 138,435 | |
Petrovietnam Power Corp. | 169,700 | 97,336 | |
PetroVietnam Technical Services Corp. | 27,400 | 27,152 | |
Phat Dat Real Estate Development Corp.(2) | 29,304 | 66,101 |
Security | Shares | Value | |
Vietnam (continued) | |||
Phu Nhuan Jewelry JSC | 3 | $ 15 | |
Saigon Beer Alcohol Beverage Corp. | 14,610 | 112,739 | |
Saigon Thuong Tin Commercial JSB(2) | 64,000 | 67,913 | |
SSI Securities Corp. | 90,750 | 83,356 | |
Thaiholdings JSC(2) | 44,200 | 107,947 | |
Vietjet Aviation JSC(2) | 109,066 | 587,604 | |
Vietnam Construction and Import-Export JSC | 68,200 | 65,814 | |
Vietnam Dairy Products JSC | 158,592 | 495,076 | |
Vincom Retail JSC(2) | 132,380 | 159,121 | |
Vingroup JSC(2) | 156,347 | 428,953 | |
Vinh Hoan Corp. | 23,400 | 82,750 | |
Vinhomes JSC(3) | 101,620 | 261,202 | |
$ 5,334,212 | |||
Total Common Stocks (identified cost $186,645,709) | $221,046,435 |
Rights (2) — 0.0%(9) |
Security | Shares | Value | |
Romania — 0.0%(9) | |||
OMV Petrom S.A., Exp. 8/5/22 | 4,086,719 | $ 45,474 | |
Total Rights (identified cost $0) | $ 45,474 |
Short-Term Investments — 2.2% |
Affiliated Fund — 0.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(10) | 496,978 | $ 496,978 | |
Total Affiliated Fund (identified cost $496,978) | $ 496,978 |
Securities Lending Collateral — 2.0% |
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 2.30%(11) | 4,309,870 | $ 4,309,870 | |
Total Securities Lending Collateral (identified cost $4,309,870) | $ 4,309,870 | ||
Total Short-Term Investments (identified cost $4,806,848) | $ 4,806,848 | ||
Total Investments — 101.0% (identified cost $191,452,557) | $225,898,757 | ||
Other Assets, Less Liabilities — (1.0)% | $ (2,126,307) | ||
Net Assets — 100.0% | $223,772,450 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | All or a portion of this security was on loan at July 31, 2022. The aggregate market value of securities on loan at July 31, 2022 was $5,222,332. |
(2) | Non-income producing security. |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2022, the aggregate value of these securities is $5,830,089 or 2.6% of the Fund's net assets. |
(4) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 12). |
(5) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At July 31, 2022, the aggregate value of these securities is $440,004 or 0.2% of the Fund's net assets. |
(6) | Trading of securities has been suspended. |
(7) | Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits. |
(8) | Amount rounds to less than $1. |
(9) | Amount is less than 0.05%. |
(10) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
(11) | Represents investment of cash collateral received in connection with securities lending. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Financials | 11.3% | $25,333,989 |
Industrials | 10.5 | 23,388,911 |
Consumer Staples | 10.4 | 23,179,303 |
Information Technology | 9.4 | 21,127,721 |
Consumer Discretionary | 9.3 | 20,825,758 |
Materials | 9.3 | 20,716,626 |
Energy | 9.2 | 20,570,716 |
Health Care | 9.2 | 20,565,775 |
Communication Services | 8.7 | 19,579,516 |
Real Estate | 5.9 | 13,233,045 |
Utilities | 5.6 | 12,570,549 |
Short-Term Investments | 2.2 | 4,806,848 |
Total Investments | 101.0% | $225,898,757 |
Abbreviations: | |
ADR | – American Depositary Receipt |
BDR | – Brazilian Depositary Receipt |
GDR | – Global Depositary Receipt |
PCL | – Public Company Limited |
PFC Shares | – Preference Shares |
July 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $190,955,579) — including $5,222,332 of securities on loan | $ 225,401,779 |
Affiliated investment, at value (identified cost $496,978) | 496,978 |
Foreign currency, at value (identified cost $2,403,821) | 2,161,674 |
Dividends receivable | 1,040,865 |
Dividends receivable from affiliated investment | 617 |
Receivable for investments sold | 232,724 |
Receivable for Fund shares sold | 154,465 |
Securities lending income receivable | 2,527 |
Tax reclaims receivable | 89,068 |
Total assets | $ 229,580,697 |
Liabilities | |
Collateral for securities loaned | $ 4,309,870 |
Payable for Fund shares redeemed | 464,557 |
Due to custodian | 65,618 |
Payable to affiliates: | |
Investment adviser fee | 161,207 |
Administration fee | 28,459 |
Distribution and service fees | 5,593 |
Accrued foreign capital gains taxes | 522,334 |
Accrued expenses | 250,609 |
Total liabilities | $ 5,808,247 |
Net Assets | $ 223,772,450 |
Sources of Net Assets | |
Paid-in capital | $ 466,351,974 |
Accumulated loss | (242,579,524) |
Net Assets | $ 223,772,450 |
Class A Shares | |
Net Assets | $ 25,676,356 |
Shares Outstanding | 1,959,780 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.10 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 13.83 |
Class C Shares | |
Net Assets | $ 221,795 |
Shares Outstanding | 17,235 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 12.87 |
Class I Shares | |
Net Assets | $ 196,332,890 |
Shares Outstanding | 14,974,940 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.11 |
July 31, 2022 | |
Class R6 Shares | |
Net Assets | $1,541,409 |
Shares Outstanding | 117,584 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.11 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended | |
July 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $638,913) | $ 6,854,852 |
Dividend income from affiliated investment | 1,231 |
Securities lending income, net | 19,923 |
Total investment income | $ 6,876,006 |
Expenses | |
Investment adviser fee | $ 1,107,953 |
Administration fee | 195,521 |
Distribution and service fees: | |
Class A | 36,263 |
Class C | 1,353 |
Trustees’ fees and expenses | 8,677 |
Custodian fee | 162,204 |
Transfer and dividend disbursing agent fees | 118,669 |
Legal and accounting services | 55,431 |
Printing and postage | 17,248 |
Registration fees | 37,679 |
Miscellaneous | 44,784 |
Total expenses | $ 1,785,782 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 150 |
Total expense reductions | $ 150 |
Net expenses | $ 1,785,632 |
Net investment income | $ 5,090,374 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions (net of foreign capital gains taxes of $106,593) | $ 8,823,609 |
Foreign currency transactions | (465,779) |
Net realized gain | $ 8,357,830 |
Change in unrealized appreciation (depreciation): | |
Investments (including net decrease in accrued foreign capital gains taxes of $237,401) | $ (51,925,033) |
Foreign currency | 18,488 |
Net change in unrealized appreciation (depreciation) | $(51,906,545) |
Net realized and unrealized loss | $(43,548,715) |
Net decrease in net assets from operations | $(38,458,341) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 5,090,374 | $ 7,220,078 |
Net realized gain | 8,357,830 | 56,373,544 |
Net change in unrealized appreciation (depreciation) | (51,906,545) | (36,274,710) |
Net increase (decrease) in net assets from operations | $ (38,458,341) | $ 27,318,912 |
Distributions to shareholders: | ||
Class A | $ — | $ (552,260) |
Class C | — | (2,408) |
Class I | — | (5,058,637) |
Class R6 | — | (92,299) |
Total distributions to shareholders | $ — | $ (5,705,604) |
Transactions in shares of beneficial interest: | ||
Class A | $ (3,487,217) | $ (13,732,883) |
Class C | (75,005) | (274,160) |
Class I | (35,715,693) | (134,362,519) |
Class R6 | (11,990) | (85,891,252) |
Net decrease in net assets from Fund share transactions | $ (39,289,905) | $(234,260,814) |
Net decrease in net assets | $ (77,748,246) | $(212,647,506) |
Net Assets | ||
At beginning of period | $ 301,520,696 | $ 514,168,202 |
At end of period | $223,772,450 | $ 301,520,696 |
Class A | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 15.110 | $ 14.710 | $ 13.870 | $ 14.280 | $ 16.850 | $ 13.340 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.256 | $ 0.252 | $ 0.213 | $ 0.326 | $ 0.283 | $ 0.223 |
Net realized and unrealized gain (loss) | (2.266) | 0.395 | 0.786 (2) | (0.376) | (2.570) | 3.650 |
Total income (loss) from operations | $ (2.010) | $ 0.647 | $ 0.999 | $ (0.050) | $ (2.287) | $ 3.873 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.247) | $ (0.159) | $ (0.360) | $ (0.283) | $ (0.363) |
Total distributions | $ — | $ (0.247) | $ (0.159) | $ (0.360) | $ (0.283) | $ (0.363) |
Net asset value — End of period | $13.100 | $15.110 | $14.710 | $ 13.870 | $ 14.280 | $ 16.850 |
Total Return(3) | (13.30)% (4) | 4.41% | 7.23% | (0.46)% | (13.43)% | 29.33% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000's omitted) | $ 25,676 | $ 33,428 | $ 45,629 | $136,829 | $172,773 | $400,814 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.59% (5)(6) | 1.58% | 1.55% | 1.45% | 1.44% | 1.37% |
Net investment income | 3.71% (5) | 1.63% | 1.74% | 2.30% | 1.89% | 1.52% |
Portfolio Turnover | 5% (4) | 5% | 19% | 2% | 2% | 3% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if applicable. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
Class C | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 14.900 | $ 14.470 | $ 13.620 | $ 14.010 | $ 16.530 | $ 13.120 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.194 | $ 0.130 | $ 0.116 | $ 0.220 | $ 0.146 | $ 0.096 |
Net realized and unrealized gain (loss) | (2.224) | 0.400 | 0.755 (2) | (0.379) | (2.484) | 3.580 |
Total income (loss) from operations | $ (2.030) | $ 0.530 | $ 0.871 | $ (0.159) | $ (2.338) | $ 3.676 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.100) | $ (0.021) | $ (0.231) | $ (0.182) | $ (0.266) |
Total distributions | $ — | $ (0.100) | $ (0.021) | $ (0.231) | $ (0.182) | $ (0.266) |
Net asset value — End of period | $12.870 | $14.900 | $14.470 | $13.620 | $14.010 | $16.530 |
Total Return(3) | (13.57)% (4) | 3.59% | 6.42% | (1.21)% | (14.10)% | 28.32% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 222 | $ 339 | $ 592 | $ 4,094 | $ 5,885 | $ 10,152 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 2.35% (5)(6) | 2.33% | 2.30% | 2.20% | 2.19% | 2.12% |
Net investment income | 2.85% (5) | 0.85% | 0.96% | 1.59% | 1.01% | 0.66% |
Portfolio Turnover | 5% (4) | 5% | 19% | 2% | 2% | 3% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
Class I | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 15.100 | $ 14.710 | $ 13.900 | $ 14.310 | $ 16.910 | $ 13.400 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.272 | $ 0.297 | $ 0.210 | $ 0.367 | $ 0.304 | $ 0.245 |
Net realized and unrealized gain (loss) | (2.262) | 0.384 | 0.827 (2) | (0.378) | (2.565) | 3.673 |
Total income (loss) from operations | $ (1.990) | $ 0.681 | $ 1.037 | $ (0.011) | $ (2.261) | $ 3.918 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.291) | $ (0.227) | $ (0.399) | $ (0.339) | $ (0.408) |
Total distributions | $ — | $ (0.291) | $ (0.227) | $ (0.399) | $ (0.339) | $ (0.408) |
Net asset value — End of period | $ 13.110 | $ 15.100 | $ 14.710 | $ 13.900 | $ 14.310 | $ 16.910 |
Total Return(3) | (13.18)% (4) | 4.64% | 7.50% | (0.20)% | (13.20)% | 29.56% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $196,333 | $265,967 | $383,984 | $868,666 | $1,268,618 | $2,030,663 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.34% (5)(6) | 1.33% | 1.30% | 1.20% | 1.19% | 1.12% |
Net investment income | 3.94% (5) | 1.91% | 1.68% | 2.59% | 2.04% | 1.65% |
Portfolio Turnover | 5% (4) | 5% | 19% | 2% | 2% | 3% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
Class R6 | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 15.090 | $ 14.690 | $ 13.890 | $ 14.300 | $ 16.910 | $ 13.400 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.281 | $ 0.217 | $ 0.228 | $ 0.379 | $ 0.380 | $ 0.249 |
Net realized and unrealized gain (loss) | (2.261) | 0.489 | 0.813 (2) | (0.379) | (2.639) | 3.676 |
Total income (loss) from operations | $ (1.980) | $ 0.706 | $ 1.041 | $ — | $ (2.259) | $ 3.925 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.306) | $ (0.241) | $ (0.410) | $ (0.351) | $ (0.415) |
Total distributions | $ — | $ (0.306) | $ (0.241) | $ (0.410) | $ (0.351) | $ (0.415) |
Net asset value — End of period | $13.110 | $15.090 | $14.690 | $13.890 | $14.300 | $ 16.910 |
Total Return(3) | (13.12)% (4) | 4.82% | 7.45% | (0.13)% | (13.18)% | 29.69% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 1,541 | $ 1,786 | $ 83,963 | $ 54,504 | $ 94,243 | $601,629 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 1.26% (5)(6) | 1.24% | 1.21% | 1.14% | 1.13% | 1.07% |
Net investment income | 4.08% (5) | 1.42% | 1.83% | 2.67% | 2.48% | 1.67% |
Portfolio Turnover | 5% (4) | 5% | 19% | 2% | 2% | 3% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
Aggregate cost | $ 199,469,330 |
Gross unrealized appreciation | $ 75,188,828 |
Gross unrealized depreciation | (48,759,401) |
Net unrealized appreciation | $ 26,429,427 |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.850% |
$500 million but less than $1 billion | 0.800% |
$1 billion but less than $2.5 billion | 0.775% |
$2.5 billion but less than $5 billion | 0.750% |
$5 billion but less than $7.5 billion | 0.730% |
$7.5 billion and over | 0.710% |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 60,806 | $ 857,608 | 303,300 | $ 4,661,836 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 35,231 | 529,516 | |
Redemptions | (314,148) | (4,352,586) | (1,234,116) | (19,022,041) | |
Converted from Class C shares | 594 | 7,761 | 6,377 | 97,806 | |
Net decrease | (252,748) | $ (3,487,217) | (889,208) | $ (13,732,883) | |
Class C | |||||
Sales | 36 | $ 500 | 650 | $ 9,931 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 162 | 2,408 | |
Redemptions | (4,935) | (67,744) | (12,489) | (188,693) | |
Converted to Class A shares | (604) | (7,761) | (6,491) | (97,806) | |
Net decrease | (5,503) | $ (75,005) | (18,168) | $ (274,160) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Sales | 992,432 | $ 13,775,031 | 2,693,560 | $ 41,394,852 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 191,449 | 2,875,560 | |
Redemptions | (3,630,353) | (49,490,724) | (11,375,726) | (178,632,931) | |
Net decrease | (2,637,921) | $(35,715,693) | (8,490,717) | $(134,362,519) | |
Class R6 | |||||
Sales | 4,193 | $ 58,794 | 156,145 | $ 2,435,465 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 6,149 | 92,299 | |
Redemptions | (4,954) | (70,784) | (5,758,194) | (88,419,016) | |
Net decrease | (761) | $ (11,990) | (5,595,900) | $ (85,891,252) |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $4,309,870 | $ — | $ — | $ — | $4,309,870 |
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 | $ — | $8,069,792 | $(7,572,814) | $ — | $ — | $496,978 | $1,231 | 496,978 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3* | Total |
Common Stocks: | ||||
Asia/Pacific | $ 4,380,646 | $ 107,205,380 | $ 72,161 | $ 111,658,187 |
Emerging Europe | 198,789 | 29,231,345 | 0 | 29,430,134 |
Latin America | 33,295,364 | 680,343 | — | 33,975,707 |
Middle East/Africa | 810,486 | 42,990,459 | 2,181,462 | 45,982,407 |
Total Common Stocks | $38,685,285 | $180,107,527** | $2,253,623 | $221,046,435 |
Asset Description (continued) | Level 1 | Level 2 | Level 3* | Total |
Rights | $ 45,474 | $ — | $ — | $ 45,474 |
Short-Term Investments: | ||||
Affiliated Fund | 496,978 | — | — | 496,978 |
Securities Lending Collateral | 4,309,870 | — | — | 4,309,870 |
Total Investments | $43,537,607 | $180,107,527 | $2,253,623 | $225,898,757 |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
** | 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. |
Officers | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
Boston, MA 02110
Defensive Fund
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class I at NAV | 02/09/2017 | 02/09/2017 | (3.36)% | (1.02)% | 6.21% | 6.64% |
Cboe S&P 500 BuyWrite IndexSM | — | — | (4.31)% | 0.67% | 4.61% | 5.22% |
S&P 500® Index | — | — | (7.81) | (4.64) | 12.82 | 13.24 |
ICE BofA 3-Month U.S. Treasury Bill Index | — | — | 0.20 | 0.21 | 1.10 | 1.07 |
Blended Index | — | — | (3.58) | (1.77) | 7.22 | 7.37 |
% Total Annual Operating Expense Ratio3 | Class I |
0.47% |
Common Stock Sector Allocation (% of net assets) |
Asset Allocation (% of total investments) |
Top 10 Holdings (% of net assets)* | |
Apple, Inc. | 3.9% |
Microsoft Corp. | 3.3 |
Amazon.com, Inc. | 1.9 |
Alphabet, Inc., Class A | 1.1 |
Tesla, Inc. | 1.1 |
Alphabet, Inc., Class C | 1.0 |
Berkshire Hathaway, Inc., Class B | 0.9 |
UnitedHealth Group, Inc. | 0.9 |
NVIDIA Corp. | 0.8 |
Johnson & Johnson | 0.8 |
Total | 15.7% |
* | Depictions do not reflect the Fund’s option positions. Excludes short-term investments. |
1 | Cboe S&P 500 BuyWrite IndexSM measures the performance of a hypothetical buy-write strategy on the S&P 500® Index. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE® BofA® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 50% S&P 500® Index and 50% ICE BofA 3-Month U.S. Treasury Bill Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Class I (renamed from Institutional Class effective April 29, 2022) shares are offered at net asset value (NAV). Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. |
3 | Source: Fund prospectus. The expense ratio for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. | |
Important Notice to Shareholders | |
Effective April 29, 2022, the Fund’s Institutional Class shares were redesignated as Class I shares. This share class redesignation did not result in changes to the annual operating expenses of Class I or the Fund. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class I | $1,000.00 | $ 966.40 | $2.34 | 0.48% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class I | $1,000.00 | $1,022.41 | $2.41 | 0.48% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. |
Common Stocks — 52.0% |
Security | Shares | Value | |
Aerospace & Defense — 0.8% | |||
Boeing Co. (The)(1) | 12,366 | $ 1,970,027 | |
Huntington Ingalls Industries, Inc. | 2,737 | 593,491 | |
L3Harris Technologies, Inc. | 6,179 | 1,482,775 | |
Raytheon Technologies Corp. | 23,452 | 2,185,961 | |
$ 6,232,254 | |||
Air Freight & Logistics — 0.3% | |||
Expeditors International of Washington, Inc. | 8,710 | $ 925,438 | |
United Parcel Service, Inc., Class B | 9,062 | 1,766,093 | |
$ 2,691,531 | |||
Airlines — 0.1% | |||
Alaska Air Group, Inc.(1) | 20,315 | $ 900,564 | |
$ 900,564 | |||
Auto Components — 0.1% | |||
BorgWarner, Inc. | 11,034 | $ 424,368 | |
$ 424,368 | |||
Automobiles — 1.1% | |||
Tesla, Inc.(1) | 9,446 | $ 8,420,637 | |
$ 8,420,637 | |||
Banks — 2.1% | |||
Bank of America Corp. | 109,989 | $ 3,718,728 | |
Citigroup, Inc. | 32,214 | 1,671,906 | |
Fifth Third Bancorp | 30,206 | 1,030,629 | |
Huntington Bancshares, Inc. | 62,582 | 831,715 | |
JPMorgan Chase & Co. | 41,920 | 4,835,891 | |
KeyCorp | 57,100 | 1,044,930 | |
M&T Bank Corp. | 557 | 98,840 | |
Regions Financial Corp. | 57,029 | 1,207,874 | |
Wells Fargo & Co. | 48,736 | 2,138,048 | |
$ 16,578,561 | |||
Beverages — 1.1% | |||
Brown-Forman Corp., Class B | 9,995 | $ 741,829 | |
Coca-Cola Co. (The) | 61,983 | 3,977,449 | |
PepsiCo, Inc. | 22,144 | 3,874,314 | |
$ 8,593,592 |
Security | Shares | Value | |
Biotechnology — 0.9% | |||
AbbVie, Inc. | 26,543 | $ 3,809,186 | |
Amgen, Inc. | 9,203 | 2,277,466 | |
Moderna, Inc.(1) | 2,145 | 351,973 | |
Vertex Pharmaceuticals, Inc.(1) | 2,585 | 724,860 | |
$ 7,163,485 | |||
Building Products — 0.2% | |||
A.O. Smith Corp. | 16,936 | $ 1,071,541 | |
Carrier Global Corp. | 20,581 | 834,148 | |
$ 1,905,689 | |||
Capital Markets — 1.4% | |||
Ameriprise Financial, Inc. | 5,359 | $ 1,446,501 | |
CME Group, Inc. | 6,822 | 1,360,852 | |
Goldman Sachs Group, Inc. (The) | 7,063 | 2,354,734 | |
Invesco, Ltd. | 59,412 | 1,053,969 | |
Nasdaq, Inc. | 7,356 | 1,330,700 | |
S&P Global, Inc. | 6,834 | 2,575,940 | |
State Street Corp. | 17,399 | 1,236,025 | |
$ 11,358,721 | |||
Chemicals — 0.9% | |||
Celanese Corp. | 3,628 | $ 426,326 | |
CF Industries Holdings, Inc. | 12,611 | 1,204,225 | |
FMC Corp. | 6,343 | 704,707 | |
Linde PLC | 9,406 | 2,840,612 | |
Sherwin-Williams Co. (The) | 6,553 | 1,585,433 | |
$ 6,761,303 | |||
Commercial Services & Supplies — 0.2% | |||
Republic Services, Inc. | 10,066 | $ 1,395,751 | |
$ 1,395,751 | |||
Communications Equipment — 0.6% | |||
Arista Networks, Inc.(1) | 6,534 | $ 762,060 | |
Cisco Systems, Inc. | 60,913 | 2,763,623 | |
F5, Inc.(1) | 6,035 | 1,010,018 | |
$ 4,535,701 | |||
Construction & Engineering — 0.1% | |||
Quanta Services, Inc. | 7,791 | $ 1,080,845 | |
$ 1,080,845 |
Security | Shares | Value | |
Consumer Finance — 0.1% | |||
Synchrony Financial | 34,271 | $ 1,147,393 | |
$ 1,147,393 | |||
Containers & Packaging — 0.4% | |||
Avery Dennison Corp. | 6,547 | $ 1,246,941 | |
Packaging Corp. of America | 6,480 | 911,153 | |
Sealed Air Corp. | 17,659 | 1,079,318 | |
$ 3,237,412 | |||
Distributors — 0.2% | |||
LKQ Corp. | 21,476 | $ 1,177,744 | |
$ 1,177,744 | |||
Diversified Financial Services — 0.9% | |||
Berkshire Hathaway, Inc., Class B(1) | 24,765 | $ 7,444,359 | |
$ 7,444,359 | |||
Diversified Telecommunication Services — 0.6% | |||
AT&T, Inc. | 95,365 | $ 1,790,955 | |
Verizon Communications, Inc. | 68,631 | 3,170,066 | |
$ 4,961,021 | |||
Electric Utilities — 1.1% | |||
Alliant Energy Corp. | 18,964 | $ 1,155,477 | |
Duke Energy Corp. | 10,341 | 1,136,786 | |
Entergy Corp. | 9,047 | 1,041,581 | |
Evergy, Inc. | 16,962 | 1,157,826 | |
FirstEnergy Corp. | 18,692 | 768,241 | |
NextEra Energy, Inc. | 34,417 | 2,907,892 | |
Pinnacle West Capital Corp. | 6,846 | 502,976 | |
$ 8,670,779 | |||
Electrical Equipment — 0.2% | |||
Eaton Corp. PLC | 11,815 | $ 1,753,228 | |
$ 1,753,228 | |||
Electronic Equipment, Instruments & Components — 0.2% | |||
TE Connectivity, Ltd. | 11,585 | $ 1,549,262 | |
$ 1,549,262 | |||
Entertainment — 0.4% | |||
Walt Disney Co. (The)(1) | 30,787 | $ 3,266,501 | |
$ 3,266,501 |
Security | Shares | Value | |
Equity Real Estate Investment Trusts (REITs) — 1.4% | |||
Alexandria Real Estate Equities, Inc. | 7,178 | $ 1,189,969 | |
American Tower Corp. | 6,955 | 1,883,623 | |
Duke Realty Corp. | 26,188 | 1,638,321 | |
Equity Residential | 16,793 | 1,316,403 | |
Extra Space Storage, Inc. | 7,350 | 1,392,972 | |
Healthpeak Properties, Inc. | 37,730 | 1,042,480 | |
Mid-America Apartment Communities, Inc. | 6,709 | 1,246,062 | |
Public Storage | 4,722 | 1,541,308 | |
$ 11,251,138 | |||
Food & Staples Retailing — 1.0% | |||
Costco Wholesale Corp. | 7,035 | $ 3,808,045 | |
Kroger Co. (The) | 23,840 | 1,107,130 | |
Walmart, Inc. | 19,469 | 2,570,881 | |
$ 7,486,056 | |||
Food Products — 0.5% | |||
Campbell Soup Co. | 17,201 | $ 848,869 | |
Conagra Brands, Inc. | 31,743 | 1,085,928 | |
Hormel Foods Corp. | 21,530 | 1,062,290 | |
McCormick & Co., Inc., Non Voting Shares | 11,341 | 990,637 | |
$ 3,987,724 | |||
Health Care Equipment & Supplies — 1.4% | |||
Abbott Laboratories | 28,891 | $ 3,144,496 | |
Boston Scientific Corp.(1) | 43,234 | 1,774,756 | |
Cooper Cos., Inc. (The) | 3,264 | 1,067,328 | |
IDEXX Laboratories, Inc.(1) | 3,127 | 1,248,236 | |
Intuitive Surgical, Inc.(1) | 7,767 | 1,787,730 | |
Medtronic PLC | 17,624 | 1,630,573 | |
$ 10,653,119 | |||
Health Care Providers & Services — 1.7% | |||
AmerisourceBergen Corp. | 8,205 | $ 1,197,356 | |
Centene Corp.(1) | 16,096 | 1,496,445 | |
CVS Health Corp. | 1,072 | 102,569 | |
DaVita, Inc.(1) | 11,097 | 933,924 | |
Humana, Inc. | 2,347 | 1,131,254 | |
Quest Diagnostics, Inc. | 8,181 | 1,117,279 | |
UnitedHealth Group, Inc. | 12,644 | 6,857,347 | |
Universal Health Services, Inc., Class B | 2,288 | 257,331 | |
$ 13,093,505 | |||
Hotels, Restaurants & Leisure — 0.8% | |||
Expedia Group, Inc.(1) | 9,477 | $ 1,005,036 | |
McDonald's Corp. | 11,611 | 3,057,989 |
Security | Shares | Value | |
Hotels, Restaurants & Leisure (continued) | |||
Starbucks Corp. | 21,637 | $ 1,834,385 | |
Wynn Resorts, Ltd.(1)(2) | 10,917 | 693,011 | |
$ 6,590,421 | |||
Household Durables — 0.2% | |||
Leggett & Platt, Inc. | 2,890 | $ 114,560 | |
Lennar Corp., Class A | 13,750 | 1,168,750 | |
$ 1,283,310 | |||
Household Products — 0.7% | |||
Clorox Co. (The) | 3,481 | $ 493,745 | |
Procter & Gamble Co. (The) | 34,355 | 4,772,253 | |
$ 5,265,998 | |||
Industrial Conglomerates — 0.3% | |||
Honeywell International, Inc. | 13,045 | $ 2,510,641 | |
$ 2,510,641 | |||
Insurance — 1.0% | |||
Arthur J. Gallagher & Co. | 8,089 | $ 1,447,850 | |
Assurant, Inc. | 6,011 | 1,056,613 | |
Everest Re Group, Ltd. | 4,016 | 1,049,582 | |
Globe Life, Inc. | 11,052 | 1,113,268 | |
Progressive Corp. (The) | 14,739 | 1,695,869 | |
Unum Group | 46,346 | 1,491,878 | |
$ 7,855,060 | |||
Interactive Media & Services — 2.8% | |||
Alphabet, Inc., Class A(1) | 75,560 | $ 8,789,139 | |
Alphabet, Inc., Class C(1) | 68,971 | 8,044,778 | |
Meta Platforms, Inc., Class A(1) | 31,844 | 5,066,380 | |
$ 21,900,297 | |||
Internet & Direct Marketing Retail — 2.0% | |||
Amazon.com, Inc.(1) | 111,156 | $ 15,000,502 | |
eBay, Inc. | 14,642 | 712,041 | |
$ 15,712,543 | |||
IT Services — 2.1% | |||
Accenture PLC, Class A | 10,958 | $ 3,355,997 | |
Global Payments, Inc. | 7,068 | 864,558 | |
Mastercard, Inc., Class A | 13,005 | 4,601,039 | |
PayPal Holdings, Inc.(1) | 21,390 | 1,850,877 |
Security | Shares | Value | |
IT Services (continued) | |||
Visa, Inc., Class A | 24,009 | $ 5,092,549 | |
Western Union Co. (The) | 42,615 | 725,307 | |
$ 16,490,327 | |||
Life Sciences Tools & Services — 1.2% | |||
Danaher Corp. | 11,131 | $ 3,244,352 | |
IQVIA Holdings, Inc.(1) | 6,553 | 1,574,489 | |
Thermo Fisher Scientific, Inc. | 6,265 | 3,749,039 | |
Waters Corp.(1) | 3,428 | 1,247,895 | |
$ 9,815,775 | |||
Machinery — 0.4% | |||
Flowserve Corp. | 2,794 | $ 94,549 | |
PACCAR, Inc. | 14,980 | 1,370,969 | |
Stanley Black & Decker, Inc. | 6,645 | 646,758 | |
Westinghouse Air Brake Technologies Corp. | 13,044 | 1,219,223 | |
$ 3,331,499 | |||
Media — 0.5% | |||
Comcast Corp., Class A | 75,240 | $ 2,823,005 | |
DISH Network Corp., Class A(1) | 13,205 | 229,371 | |
Paramount Global, Class B | 40,540 | 958,771 | |
$ 4,011,147 | |||
Metals & Mining — 0.2% | |||
Freeport-McMoRan, Inc. | 44,331 | $ 1,398,643 | |
$ 1,398,643 | |||
Multiline Retail — 0.1% | |||
Kohl's Corp. | 25,362 | $ 739,049 | |
$ 739,049 | |||
Multi-Utilities — 0.3% | |||
CMS Energy Corp. | 18,816 | $ 1,293,224 | |
WEC Energy Group, Inc. | 11,345 | 1,177,724 | |
$ 2,470,948 | |||
Oil, Gas & Consumable Fuels — 2.3% | |||
APA Corp. | 26,833 | $ 997,383 | |
Chevron Corp. | 25,676 | 4,205,215 | |
Devon Energy Corp. | 20,279 | 1,274,535 | |
EOG Resources, Inc. | 14,673 | 1,631,931 | |
Exxon Mobil Corp. | 54,026 | 5,236,740 | |
HF Sinclair Corp. | 33,485 | 1,601,253 | |
Marathon Oil Corp. | 40,551 | 1,005,665 |
Security | Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
ONEOK, Inc. | 19,834 | $ 1,184,883 | |
Phillips 66 | 9,470 | 842,830 | |
$ 17,980,435 | |||
Pharmaceuticals — 2.4% | |||
Bristol-Myers Squibb Co. | 27,215 | $ 2,007,923 | |
Eli Lilly & Co. | 12,001 | 3,956,610 | |
Johnson & Johnson | 35,293 | 6,159,334 | |
Merck & Co., Inc. | 34,110 | 3,047,387 | |
Pfizer, Inc. | 69,178 | 3,494,181 | |
$ 18,665,435 | |||
Professional Services — 0.3% | |||
Jacobs Engineering Group, Inc. | 8,865 | $ 1,217,165 | |
Verisk Analytics, Inc. | 6,685 | 1,271,821 | |
$ 2,488,986 | |||
Road & Rail — 0.5% | |||
J.B. Hunt Transport Services, Inc. | 6,516 | $ 1,194,187 | |
Union Pacific Corp. | 11,627 | 2,642,817 | |
$ 3,837,004 | |||
Semiconductors & Semiconductor Equipment — 3.0% | |||
Advanced Micro Devices, Inc.(1) | 27,584 | $ 2,605,861 | |
Broadcom, Inc. | 6,734 | 3,605,922 | |
Intel Corp. | 15,220 | 552,638 | |
KLA Corp. | 4,546 | 1,743,573 | |
NVIDIA Corp. | 35,040 | 6,364,315 | |
Qorvo, Inc.(1) | 10,594 | 1,102,518 | |
QUALCOMM, Inc. | 19,986 | 2,899,169 | |
SolarEdge Technologies, Inc.(1) | 1,733 | 624,105 | |
Teradyne, Inc. | 11,846 | 1,195,143 | |
Texas Instruments, Inc. | 16,639 | 2,976,551 | |
$ 23,669,795 | |||
Software — 4.7% | |||
Adobe, Inc.(1) | 8,019 | $ 3,288,752 | |
Intuit, Inc. | 5,681 | 2,591,502 | |
Microsoft Corp. | 91,913 | 25,803,655 | |
Oracle Corp. | 31,475 | 2,450,014 | |
Salesforce, Inc.(1) | 17,032 | 3,134,229 | |
$ 37,268,152 | |||
Specialty Retail — 1.2% | |||
Advance Auto Parts, Inc. | 5,673 | $ 1,098,406 | |
Bath & Body Works, Inc. | 20,278 | 720,680 |
Security | Shares | Value | |
Specialty Retail (continued) | |||
Home Depot, Inc. (The) | 15,180 | $ 4,568,269 | |
Lowe's Cos., Inc. | 8,257 | 1,581,463 | |
Ross Stores, Inc. | 11,117 | 903,368 | |
Victoria's Secret & Co.(1) | 7,225 | 267,036 | |
$ 9,139,222 | |||
Technology Hardware, Storage & Peripherals — 3.9% | |||
Apple, Inc. | 187,678 | $ 30,499,552 | |
Western Digital Corp.(1) | 10,258 | 503,668 | |
Xerox Holdings Corp. | 4,728 | 80,990 | |
$ 31,084,210 | |||
Textiles, Apparel & Luxury Goods — 0.4% | |||
NIKE, Inc., Class B | 19,446 | $ 2,234,734 | |
Ralph Lauren Corp., Class A | 3,952 | 389,786 | |
Under Armour, Inc., Class A(1) | 22,675 | 209,970 | |
Under Armour, Inc., Class C(1) | 25,637 | 211,762 | |
$ 3,046,252 | |||
Tobacco — 0.3% | |||
Philip Morris International, Inc. | 27,017 | $ 2,624,701 | |
$ 2,624,701 | |||
Trading Companies & Distributors — 0.2% | |||
Fastenal Co. | 17,069 | $ 876,664 | |
W.W. Grainger, Inc. | 1,959 | 1,064,775 | |
$ 1,941,439 | |||
Water Utilities — 0.2% | |||
American Water Works Co., Inc. | 7,671 | $ 1,192,381 | |
$ 1,192,381 | |||
Total Common Stocks (identified cost $236,376,335) | $410,035,913 |
Short-Term Investments — 47.9% |
Affiliated Fund — 6.4% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(3) | 50,625,390 | $ 50,625,390 | |
Total Affiliated Fund (identified cost $50,625,390) | $ 50,625,390 |
Securities Lending Collateral — 3.2% |
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 2.30%(4) | 25,062,500 | $ 25,062,500 | |
Total Securities Lending Collateral (identified cost $25,062,500) | $ 25,062,500 |
U.S. Treasury Obligations — 38.3% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bills: | |||
0.00%, 8/11/22 | $ | 8,110 | $ 8,105,427 |
0.00%, 10/6/22(5) | 6,000 | 5,975,277 | |
0.00%, 12/1/22(5) | 17,500 | 17,346,992 | |
0.00%, 12/29/22 | 4,000 | 3,955,269 | |
0.00%, 1/26/23(5) | 34,000 | 33,533,072 | |
0.00%, 2/23/23(2)(5) | 48,000 | 47,268,700 | |
0.00%, 3/23/23(2)(5) | 59,910 | 58,877,077 | |
0.00%, 4/20/23 | 7,910 | 7,749,100 | |
0.00%, 5/18/23 | 22,715 | 22,200,592 | |
0.00%, 7/13/23 | 14,160 | 13,771,567 | |
U.S. Treasury Notes: | |||
0.125%, 5/15/23 | 4,080 | 3,990,108 | |
0.125%, 5/31/23 | 8,110 | 7,921,513 | |
0.25%, 4/15/23 | 7,910 | 7,759,794 | |
1.625%, 12/15/22 | 8,880 | 8,847,557 | |
1.625%, 4/30/23(2) | 6,470 | 6,404,525 | |
1.75%, 5/15/23(5) | 14,355 | 14,218,730 | |
2.00%, 11/30/22(5) | 8,850 | 8,829,403 | |
2.625%, 2/28/23(5) | 11,500 | 11,480,563 |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Notes: (continued) | |||
2.625%, 6/30/23 | $ | 14,160 | $ 14,121,913 |
Total U.S. Treasury Obligations (identified cost $304,392,428) | $302,357,179 | ||
Total Short-Term Investments (identified cost $380,080,318) | $378,045,069 | ||
Total Investments — 99.9% (identified cost $616,456,653) | $788,080,982 | ||
Total Written Options — (0.8)% (premiums received $2,112,518) | $ (5,968,800) | ||
Other Assets, Less Liabilities — 0.9% | $ 6,898,915 | ||
Net Assets — 100.0% | $789,011,097 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | All or a portion of this security was on loan at July 31, 2022. The aggregate market value of securities on loan at July 31, 2022 was $77,667,340. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
(4) | Represents investment of cash collateral received in connection with securities lending. |
(5) | Security (or a portion thereof) has been pledged as collateral for written options. |
Written Call Options (Exchange-Traded) — (0.7)% | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
S&P 500 Index | 80 | $33,042,320 | $4,000 | 8/1/22 | $(1,054,800) | ||
S&P 500 Index | 70 | 28,912,030 | 4,070 | 8/1/22 | (457,100) | ||
S&P 500 Index | 70 | 28,912,030 | 4,100 | 8/3/22 | (346,500) | ||
S&P 500 Index | 70 | 28,912,030 | 4,120 | 8/3/22 | (255,850) | ||
S&P 500 Index | 70 | 28,912,030 | 4,090 | 8/5/22 | (454,650) | ||
S&P 500 Index | 70 | 28,912,030 | 4,210 | 8/5/22 | (71,050) | ||
S&P 500 Index | 70 | 28,912,030 | 4,090 | 8/8/22 | (486,850) | ||
S&P 500 Index | 70 | 28,912,030 | 4,000 | 8/10/22 | (1,038,100) | ||
S&P 500 Index | 70 | 28,912,030 | 4,250 | 8/12/22 | (101,850) | ||
S&P 500 Index | 70 | 28,912,030 | 4,100 | 8/15/22 | (566,300) | ||
S&P 500 Index | 70 | 28,912,030 | 4,180 | 8/19/22 | (341,600) |
Written Call Options (Exchange-Traded) (continued) | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
S&P 500 Index | 70 | $28,912,030 | $4,150 | 8/24/22 | $ (490,000) | ||
Total | $(5,664,650) |
Written Put Options (Exchange-Traded) — (0.1)% | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
S&P 500 Index | 70 | $28,912,030 | $4,040 | 8/5/22 | $ (77,350) | ||
S&P 500 Index | 70 | 28,912,030 | 3,975 | 8/12/22 | (107,800) | ||
S&P 500 Index | 70 | 28,912,030 | 3,780 | 8/19/22 | (53,900) | ||
S&P 500 Index | 70 | 28,912,030 | 3,750 | 8/24/22 | (65,100) | ||
Total | $(304,150) |
July 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $565,831,263) — including $77,667,340 of securities on loan | $ 737,455,592 |
Affiliated investment, at value (identified cost $50,625,390) | 50,625,390 |
Interest and dividends receivable | 1,064,977 |
Dividends receivable from affiliated investment | 46,781 |
Receivable for investments sold | 32,250,000 |
Receivable for premiums on written options | 369,908 |
Receivable for Fund shares sold | 292,397 |
Securities lending income receivable | 8,820 |
Total assets | $822,113,865 |
Liabilities | |
Collateral for securities loaned | $ 25,062,500 |
Written options outstanding, at value (premiums received $2,112,518) | 5,968,800 |
Payable for closed written options | 987,179 |
Payable for Fund shares redeemed | 619,051 |
Payable to affiliate: | |
Investment adviser and administration fee | 253,538 |
Accrued expenses | 211,700 |
Total liabilities | $ 33,102,768 |
Net Assets | $789,011,097 |
Sources of Net Assets | |
Paid-in capital | $ 569,466,691 |
Distributable earnings | 219,544,406 |
Net Assets | $789,011,097 |
Class I Shares | |
Net Assets | $ 789,011,097 |
Shares Outstanding | 58,292,955 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.54 |
Six Months Ended | |
July 31, 2022 | |
Investment Income | |
Dividend income | $ 3,319,173 |
Dividend income from affiliated investments | 75,085 |
Interest income | 1,274,984 |
Securities lending income, net | 41,156 |
Total investment income | $ 4,710,398 |
Expenses | |
Investment adviser and administration fee | $ 1,723,394 |
Trustees’ fees and expenses | 27,984 |
Custodian fee | 120,487 |
Transfer and dividend disbursing agent fees | 126,675 |
Legal and accounting services | 34,148 |
Printing and postage | 11,154 |
Registration fees | 20,332 |
Miscellaneous | 17,617 |
Total expenses | $ 2,081,791 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 8,201 |
Total expense reductions | $ 8,201 |
Net expenses | $ 2,073,590 |
Net investment income | $ 2,636,808 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 22,278,702 |
Investment transactions - affiliated investment | 375 |
Written options | 11,240,776 |
Net realized gain | $ 33,519,853 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (62,831,633) |
Written options | (3,143,253) |
Net change in unrealized appreciation (depreciation) | $(65,974,886) |
Net realized and unrealized loss | $(32,455,033) |
Net decrease in net assets from operations | $(29,818,225) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 2,636,808 | $ 2,989,456 |
Net realized gain | 33,519,853 | 84,511,532 |
Net change in unrealized appreciation (depreciation) | (65,974,886) | 54,320,150 |
Net increase (decrease) in net assets from operations | $ (29,818,225) | $ 141,821,138 |
Distributions to shareholders: | ||
Class I | $ — | $ (12,053,271) |
Total distributions to shareholders | $ — | $ (12,053,271) |
Transactions in shares of beneficial interest: | ||
Class I | $ (152,653,532) | $ (205,636,471) |
Net decrease in net assets from Fund share transactions | $(152,653,532) | $ (205,636,471) |
Net decrease in net assets | $(182,471,757) | $ (75,868,604) |
Net Assets | ||
At beginning of period | $ 971,482,854 | $1,047,351,458 |
At end of period | $ 789,011,097 | $ 971,482,854 |
Class I | ||||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | Period Ended January 31, 2018(1) | ||||
2022 | 2021 | 2020 | 2019 | |||
Net asset value — Beginning of period | $ 14.000 | $ 12.410 | $ 11.940 | $ 10.830 | $ 11.020 | $ 10.000 |
Income (Loss) From Operations | ||||||
Net investment income(2) | $ 0.041 | $ 0.040 | $ 0.103 | $ 0.188 | $ 0.165 | $ 0.104 |
Net realized and unrealized gain (loss) | (0.501) | 1.727 | 0.460 | 1.069 | (0.226) | 0.974 |
Total income (loss) from operations | $ (0.460) | $ 1.767 | $ 0.563 | $ 1.257 | $ (0.061) | $ 1.078 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.044) | $ (0.093) | $ (0.147) | $ (0.129) | $ (0.058) |
From net realized gain | — | (0.133) | — | — | — | — |
Total distributions | $ — | $ (0.177) | $ (0.093) | $ (0.147) | $ (0.129) | $ (0.058) |
Net asset value — End of period | $ 13.540 | $ 14.000 | $ 12.410 | $ 11.940 | $ 10.830 | $ 11.020 |
Total Return(3) | (3.36)% (4) | 14.22% | 4.73% | 11.62% | (0.55)% | 10.79% (4)(5) |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $789,011 | $971,483 | $1,047,351 | $767,121 | $439,658 | $194,591 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.48% (6)(7) | 0.47% | 0.47% | 0.48% | 0.52% | 0.55% (5)(6) |
Net investment income | 0.61% (6) | 0.29% | 0.90% | 1.64% | 1.50% | 1.00% (6) |
Portfolio Turnover | 18% (4) | 12% | 69% | 21% | 55% | 26% (4) |
(1) | For the period from the start of business, February 9, 2017, to January 31, 2018. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | Not annualized. |
(5) | The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.08% of average daily net assets for the period ended January 31, 2018). Absent this reimbursement, total return would be lower. |
(6) | Annualized. |
(7) | The investment adviser reduced a portion of its adviser and administration fee (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
Aggregate cost | $614,509,291 |
Gross unrealized appreciation | $ 174,650,956 |
Gross unrealized depreciation | (7,048,065) |
Net unrealized appreciation | $167,602,891 |
Average Daily Net Assets | Annual Fee Rate |
Up to $1 billion | 0.400% |
$1 billion but less than $2.5 billion | 0.375% |
$2.5 billion but less than $5 billion | 0.360% |
$5 billion and over | 0.350% |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Sales | 6,684,822 | $ 90,400,389 | 15,808,672 | $ 215,364,697 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 742,552 | 10,566,520 | |
Redemptions | (17,796,530) | (243,053,921) | (31,557,720) | (431,567,688) | |
Net decrease | (11,111,708) | $(152,653,532) | (15,006,496) | $(205,636,471) |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative(1) |
Written options | $ — | $(5,968,800) |
(1) | Statement of Assets and Liabilities location: Written options outstanding, at value. |
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income(1) | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2) |
Written options | $11,240,776 | $(3,143,253) |
(1) | Statement of Operations location: Net realized gain (loss): Written options. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Written options. |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
U.S. Treasury Obligations | $25,062,500 | $ — | $ — | $ — | $25,062,500 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Short-Term Investments | ||||||||
Cash Reserves Fund | $47,485,101 | $162,515,083 | $(210,000,559) | $ 375 | $ — | $ — | $ 5,183 | — |
Liquidity Fund | — | 273,550,833 | (222,925,443) | — | — | 50,625,390 | 69,902 | 50,625,390 |
Total | $ 375 | $ — | $50,625,390 | $75,085 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 410,035,913* | $ — | $ — | $ 410,035,913 |
Short-Term Investments: | ||||
Affiliated Fund | 50,625,390 | — | — | 50,625,390 |
Securities Lending Collateral | 25,062,500 | — | — | 25,062,500 |
U.S. Treasury Obligations | — | 302,357,179 | — | 302,357,179 |
Total Investments | $ 485,723,803 | $302,357,179 | $ — | $ 788,080,982 |
Liability Description | ||||
Written Call Options | $ (5,664,650) | $ — | $ — | $ (5,664,650) |
Written Put Options | (304,150) | — | — | (304,150) |
Total | $ (5,968,800) | $ — | $ — | $ (5,968,800) |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Officers | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class I at NAV | 05/01/2018 | 05/01/2018 | (18.69)% | (22.94)% | —% | (1.70)% |
J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified | — | — | (15.60)% | (19.28)% | (0.79)% | (0.78)% |
% Total Annual Operating Expense Ratios3 | Class I |
Gross | 2.50% |
Net | 0.87 |
Asset Allocation (% of net assets)* |
* | Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets. |
Country Allocation (% of net assets)* |
* | Excludes cash and cash equivalents. |
1 | J.P. Morgan Emerging Market Bond Index (EMBI) Global Diversified is a market-cap weighted index that measures USD-denominated Brady Bonds, Eurobonds, and traded loans issued by sovereign entities. Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. Copyright 2022, J.P. Morgan Chase & Co. All rights reserved. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Class I shares are offered at net asset value (NAV). Total Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (2/1/22) | Ending Account Value (7/31/22) | Expenses Paid During Period* (2/1/22 – 7/31/22) | Annualized Expense Ratio | |
Actual | ||||
Class I | $1,000.00 | $ 813.10 | $3.87** | 0.86% |
Hypothetical* | ||||
(5% return per year before expenses) | ||||
Class I | $1,000.00 | $1,020.53 | $4.31** | 0.86% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on January 31, 2022. |
** | Absent an allocation of certain expenses to an affiliate, expenses would be higher. |
Foreign Corporate Bonds — 12.4% |
Security | Principal Amount (000's omitted) | Value | |
Argentina — 0.2% | |||
IRSA Inversiones y Representaciones S.A., 8.75%, 6/22/28(1) | USD | 13 | $ 11,719 |
$ 11,719 | |||
Brazil — 2.8% | |||
Natura & Co. Luxembourg Holding S.a.r.l., 6.00%, 4/19/29(1) | USD | 200 | $ 185,643 |
$ 185,643 | |||
Kazakhstan — 2.3% | |||
Development Bank of Kazakhstan JSC, 2.95%, 5/6/31(2) | USD | 200 | $ 148,978 |
$ 148,978 | |||
Mexico — 1.7% | |||
Petroleos Mexicanos: | |||
6.75%, 9/21/47 | USD | 142 | $ 97,450 |
6.84%, 1/23/30 | USD | 14 | 11,938 |
$ 109,388 | |||
Saint Lucia — 2.8% | |||
Digicel International Finance, Ltd./Digicel International Holdings, Ltd., 8.75%, 5/25/24(2) | USD | 200 | $ 187,284 |
$ 187,284 | |||
Vietnam — 2.6% | |||
Vietnam Debt and Asset Trading Corp., 1.00%, 10/10/25(2) | USD | 200 | $ 172,271 |
$ 172,271 | |||
Total Foreign Corporate Bonds (identified cost $871,904) | $ 815,283 |
Sovereign Government Bonds — 68.8% |
Security | Principal Amount (000's omitted) | Value | |
Armenia — 3.0% | |||
Republic of Armenia, 7.15%, 3/26/25(2) | USD | 200 | $ 199,829 |
$ 199,829 |
Security | Principal Amount (000's omitted) | Value | |
Azerbaijan — 2.0% | |||
Republic of Azerbaijan, 3.50%, 9/1/32(2) | USD | 150 | $ 129,250 |
$ 129,250 | |||
Bahrain — 2.6% | |||
Kingdom of Bahrain, 5.45%, 9/16/32(2) | USD | 200 | $ 169,565 |
$ 169,565 | |||
Barbados — 2.9% | |||
Government of Barbados, 6.50%, 10/1/29(1) | USD | 206 | $ 190,150 |
$ 190,150 | |||
Benin — 1.9% | |||
Benin Government International Bond, 6.875%, 1/19/52(2) | EUR | 180 | $ 122,087 |
$ 122,087 | |||
Brazil — 0.7% | |||
Federative Republic of Brazil, 8.25%, 1/20/34 | USD | 37 | $ 42,605 |
$ 42,605 | |||
Chile — 2.6% | |||
Republic of Chile, 2.55%, 7/27/33 | USD | 200 | $ 170,688 |
$ 170,688 | |||
Colombia — 2.9% | |||
Republic of Colombia, 4.50%, 1/28/26 | USD | 200 | $ 192,104 |
$ 192,104 | |||
Croatia — 1.2% | |||
Croatia Government International Bond, 1.75%, 3/4/41(2) | EUR | 100 | $ 80,792 |
$ 80,792 | |||
Dominican Republic — 3.0% | |||
Dominican Republic, 7.45%, 4/30/44(2) | USD | 210 | $ 197,975 |
$ 197,975 | |||
Ecuador — 1.3% | |||
Republic of Ecuador: | |||
0.50% to 7/31/22, 7/31/40(2)(3) | USD | 182 | $ 66,391 |
1.50% to 7/31/22, 7/31/40(2)(3) | USD | 40 | 16,551 |
$ 82,942 | |||
Egypt — 4.2% | |||
Arab Republic of Egypt: | |||
5.80%, 9/30/27(2) | USD | 239 | $ 162,218 |
Security | Principal Amount (000's omitted) | Value | |
Egypt (continued) | |||
Arab Republic of Egypt: (continued) | |||
8.15%, 11/20/59(2) | USD | 200 | $ 114,700 |
$ 276,918 | |||
El Salvador — 1.2% | |||
Republic of El Salvador, 7.75%, 1/24/23(2) | USD | 91 | $ 79,420 |
$ 79,420 | |||
Honduras — 2.1% | |||
Honduras Government International Bond, 5.625%, 6/24/30(2) | USD | 186 | $ 139,173 |
$ 139,173 | |||
Hungary — 0.9% | |||
Republic of Hungary, 0.50%, 11/18/30(2) | EUR | 75 | $ 57,263 |
$ 57,263 | |||
India — 2.8% | |||
Export-Import Bank of India, 2.25%, 1/13/31(2) | USD | 227 | $ 186,466 |
$ 186,466 | |||
Indonesia — 3.0% | |||
Indonesia Government International Bond, 3.55%, 3/31/32 | USD | 200 | $ 194,956 |
$ 194,956 | |||
Ivory Coast — 2.3% | |||
Ivory Coast Government International Bond: | |||
4.875%, 1/30/32(2) | EUR | 100 | $ 76,529 |
6.625%, 3/22/48(2) | EUR | 100 | 71,600 |
$ 148,129 | |||
Jordan — 3.0% | |||
Kingdom of Jordan, 7.75%, 1/15/28(2) | USD | 200 | $ 195,375 |
$ 195,375 | |||
Lebanon — 0.4% | |||
Lebanese Republic: | |||
5.80%, 4/14/20(2)(4) | USD | 5 | $ 331 |
6.00%, 1/27/23(2)(4) | USD | 22 | 1,457 |
6.10%, 10/4/22(2)(4) | USD | 85 | 5,631 |
6.15%, 6/19/20(4) | USD | 7 | 464 |
6.20%, 2/26/25(2)(4) | USD | 10 | 663 |
6.25%, 5/27/22(4) | USD | 10 | 663 |
6.25%, 11/4/24(2)(4) | USD | 33 | 2,186 |
Security | Principal Amount (000's omitted) | Value | |
Lebanon (continued) | |||
Lebanese Republic: (continued) | |||
6.375%, 3/9/20(4) | USD | 97 | $ 6,426 |
6.40%, 5/26/23(4) | USD | 33 | 2,186 |
6.65%, 4/22/24(2)(4) | USD | 24 | 1,590 |
6.65%, 11/3/28(2)(4) | USD | 14 | 927 |
6.85%, 5/25/29(4) | USD | 36 | 2,385 |
7.00%, 12/3/24(4) | USD | 15 | 994 |
7.00%, 3/20/28(2)(4) | USD | 11 | 674 |
7.05%, 11/2/35(2)(4) | USD | 5 | 331 |
8.25%, 4/12/21(2)(4) | USD | 35 | 2,319 |
$ 29,227 | |||
Oman — 3.0% | |||
Oman Government International Bond, 6.25%, 1/25/31(2) | USD | 200 | $ 199,703 |
$ 199,703 | |||
Panama — 1.8% | |||
Panama Government International Bond, 6.70%, 1/26/36 | USD | 104 | $ 114,999 |
$ 114,999 | |||
Peru — 1.5% | |||
Peruvian Government International Bond: | |||
2.783%, 1/23/31 | USD | 76 | $ 67,132 |
3.30%, 3/11/41 | USD | 42 | 34,155 |
$ 101,287 | |||
Romania — 1.6% | |||
Romania Government International Bond: | |||
3.375%, 1/28/50(2) | EUR | 23 | $ 15,314 |
4.625%, 4/3/49(2) | EUR | 113 | 91,538 |
$ 106,852 | |||
Sri Lanka — 0.9% | |||
Sri Lanka Government International Bond, 6.20%, 5/11/27(2) | USD | 200 | $ 61,981 |
$ 61,981 | |||
Suriname — 5.1% | |||
Republic of Suriname, 9.25%, 10/26/26(2)(4) | USD | 405 | $ 332,100 |
$ 332,100 | |||
Ukraine — 1.2% | |||
Ukraine Government Bond: | |||
1.258%, GDP-Linked, 5/31/40(2)(5) | USD | 137 | $ 37,504 |
Security | Principal Amount (000's omitted) | Value | |
Ukraine (continued) | |||
Ukraine Government Bond: (continued) | |||
6.876%, GDP-Linked, 5/21/29(2)(5) | USD | 200 | $ 40,653 |
$ 78,157 | |||
United Arab Emirates — 2.1% | |||
Finance Department Government of Sharjah, 4.375%, 3/10/51(2) | USD | 210 | $ 140,483 |
$ 140,483 | |||
Uruguay — 1.2% | |||
Uruguay Government International Bond, 7.625%, 3/21/36 | USD | 61 | $ 80,448 |
$ 80,448 | |||
Uzbekistan — 2.3% | |||
Republic of Uzbekistan, 3.70%, 11/25/30(2) | USD | 200 | $ 148,837 |
$ 148,837 | |||
Vietnam — 4.1% | |||
Vietnam Government International Bond, 4.80%, 11/19/24(2) | USD | 266 | $ 266,026 |
$ 266,026 | |||
Total Sovereign Government Bonds (identified cost $5,418,057) | $4,515,787 |
Sovereign Loans — 9.2% |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Kenya — 3.0% | |||
Government of Kenya, Term Loan, 9.312%, (6 mo. USD LIBOR + 6.45%), 6/29/25(6) | USD | 195 | $ 196,105 |
$ 196,105 | |||
Tanzania — 6.2% | |||
Government of the United Republic of Tanzania: | |||
Term Loan, 7.226%, (6 mo. USD LIBOR + 5.20%), 5/23/23(6) | USD | 114 | $ 113,214 |
Term Loan, 8.232%, (6 mo. USD LIBOR + 6.30%), 4/28/31(6) | USD | 340 | 293,587 |
$ 406,801 | |||
Total Sovereign Loans (identified cost $648,665) | $ 602,906 |
Short-Term Investments — 2.8% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(7) | 188,295 | $ 188,295 | |
Total Short-Term Investments (identified cost $188,295) | $ 188,295 | ||
Total Investments — 93.2% (identified cost $7,126,921) | $6,122,271 | ||
Other Assets, Less Liabilities — 6.8% | $ 443,959 | ||
Net Assets — 100.0% | $6,566,230 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | 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, 2022, the aggregate value of these securities is $387,512 or 5.9% of the Fund's net assets. |
(2) | 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, 2022, the aggregate value of these securities is $3,923,965 or 59.8% of the Fund's net assets. |
(3) | Step coupon security. Interest rate represents the rate in effect at July 31, 2022. |
(4) | Issuer is in default with respect to interest and/or principal payments. |
(5) | Amounts payable in respect of the security are contingent upon and determined by reference to Ukraine’s GDP and Real GDP Growth Rate. Principal amount represents the notional amount used to calculate payments due to the security holder and does not represent an entitlement for payment. |
(6) | Variable rate security. The stated interest rate represents the rate in effect at July 31, 2022. |
(7) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
Forward Foreign Currency Exchange Contracts (Centrally Cleared) | |||||
Currency Purchased | Currency Sold | Settlement Date | Value/Unrealized Appreciation (Depreciation) | ||
USD | 233,287 | EUR | 217,759 | 9/21/22 | $ 9,949 |
USD | 216,946 | EUR | 202,506 | 9/21/22 | 9,252 |
USD | 193,929 | EUR | 181,020 | 9/21/22 | 8,270 |
USD | 122,866 | EUR | 114,687 | 9/21/22 | 5,239 |
USD | 69,740 | EUR | 65,098 | 9/21/22 | 2,974 |
$35,684 |
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
EUR | 38,400 | USD | 38,427 | Standard Chartered Bank | 8/5/22 | $ 828 | $ — |
$828 | $ — |
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Interest Rate Futures | |||||
U.S. 5-Year Treasury Note | 4 | Long | 9/30/22 | $ 454,906 | $ 2,156 |
U.S. Long Treasury Bond | 3 | Long | 9/21/22 | 432,000 | 18,289 |
U.S. Ultra-Long Treasury Bond | 4 | Long | 9/21/22 | 633,250 | 10,569 |
Euro-Bobl | (1) | Short | 9/8/22 | (130,690) | (3,936) |
Euro-Bund | (3) | Short | 9/8/22 | (483,348) | (24,748) |
U.S. Ultra 10-Year Treasury Note | (1) | Short | 9/21/22 | (131,250) | (4,141) |
$ (1,811) |
Credit Default Swaps - Sell Protection (Centrally Cleared) | |||||||
Reference Entity | Notional Amount* (000's omitted) | Contract Annual Fixed Rate** | Current Market Annual Fixed Rate*** | Termination Date | Value | Unamortized Upfront Receipts (Payments) | Unrealized Appreciation (Depreciation) |
Brazil | $ 132 | 1.00% (pays quarterly)(1) | 2.52% | 12/20/26 | $ (7,825) | $ 5,063 | $ (2,762) |
Indonesia | 292 | 1.00% (pays quarterly)(1) | 1.15 | 6/20/27 | (1,593) | 1,813 | 220 |
Total | $424 | $(9,418) | $6,876 | $ (2,542) |
Credit Default Swaps - Sell Protection (OTC) | ||||||||
Reference Entity | Counterparty | Notional Amount* (000's omitted) | Contract Annual Fixed Rate** | Current Market Annual Fixed Rate*** | Termination Date | Value | Unamortized Upfront Receipts (Payments) | Unrealized Appreciation (Depreciation) |
Mexico | Citibank, N.A. | $ 186 | 1.00% (pays quarterly)(1) | 2.21% | 12/20/31 | $ (16,971) | $ 7,804 | $ (9,167) |
Total | $186 | $(16,971) | $7,804 | $(9,167) |
* | If the Fund is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Fund could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At July 31, 2022, such maximum potential amount for all open credit default swaps in which the Fund is the seller was $610,000. |
** | The contract annual fixed rate represents the fixed rate of interest received by the Fund (as a seller of protection) on the notional amount of the credit default swap contract. |
*** | Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity. |
(1) | Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon. |
Abbreviations: | |
GDP | – Gross Domestic Product |
LIBOR | – London Interbank Offered Rate |
OTC | – Over-the-counter |
Currency Abbreviations: | |
EUR | – Euro |
USD | – United States Dollar |
July 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $6,938,626) | $ 5,933,976 |
Affiliated investment, at value (identified cost $188,295) | 188,295 |
Cash | 13,614 |
Deposits for derivatives collateral: | |
Futures contracts | 62,142 |
Centrally cleared derivatives | 297,088 |
Foreign currency, at value (identified cost $23,682) | 24,013 |
Interest receivable | 100,904 |
Dividends receivable from affiliated investment | 183 |
Receivable for variation margin on open futures contracts | 10,625 |
Receivable for variation margin on open centrally cleared derivatives | 263 |
Receivable for open forward foreign currency exchange contracts | 828 |
Receivable from affiliate | 17,718 |
Total assets | $ 6,649,649 |
Liabilities | |
Payable for Fund shares redeemed | $ 15,186 |
Payable for open swap contracts | 9,167 |
Upfront receipts on open non-centrally cleared swap contracts | 7,804 |
Payable to affiliate: | |
Investment adviser and administration fee | 3,524 |
Accrued expenses | 47,738 |
Total liabilities | $ 83,419 |
Net Assets | $ 6,566,230 |
Sources of Net Assets | |
Paid-in capital | $ 8,958,639 |
Accumulated loss | (2,392,409) |
Net Assets | $ 6,566,230 |
Class I Shares | |
Net Assets | $ 6,566,230 |
Shares Outstanding | 894,721 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 7.34 |
Six Months Ended | |
July 31, 2022 | |
Investment Income | |
Dividend income from affiliated investments | $ 851 |
Interest income | 213,618 |
Total investment income | $ 214,469 |
Expenses | |
Investment adviser and administration fee | $ 23,019 |
Trustees’ fees and expenses | 488 |
Custodian fee | 21,419 |
Transfer and dividend disbursing agent fees | 441 |
Legal and accounting services | 29,394 |
Printing and postage | 36 |
Registration fees | 11,986 |
Interest expense | 485 |
Miscellaneous | 656 |
Total expenses | $ 87,924 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 57,637 |
Total expense reductions | $ 57,637 |
Net expenses | $ 30,287 |
Net investment income | $ 184,182 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (974,897) |
Investment transactions - affiliated investment | (93) |
Futures contracts | (208,748) |
Swap contracts | 3,018 |
Foreign currency transactions | (11,735) |
Forward foreign currency exchange contracts | 58,333 |
Net realized loss | $(1,134,122) |
Change in unrealized appreciation (depreciation): | |
Investments | $ (617,616) |
Futures contracts | 1,355 |
Swap contracts | (3,783) |
Foreign currency | (6,590) |
Forward foreign currency exchange contracts | 30,005 |
Net change in unrealized appreciation (depreciation) | $ (596,629) |
Net realized and unrealized loss | $(1,730,751) |
Net decrease in net assets from operations | $(1,546,569) |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 184,182 | $ 383,929 |
Net realized gain (loss) | (1,134,122) | 230,835 |
Net change in unrealized appreciation (depreciation) | (596,629) | (1,046,462) |
Net decrease in net assets from operations | $(1,546,569) | $ (431,698) |
Distributions to shareholders: | ||
Class I | $ (231,759) | $ (384,407) |
Total distributions to shareholders | $ (231,759) | $ (384,407) |
Tax return of capital to shareholders: | ||
Class I | $ — | $ (61,798) |
Total tax return of capital to shareholders | $ — | $ (61,798) |
Transactions in shares of beneficial interest: | ||
Class I | $ 40,547 | $ 359,172 |
Net increase in net assets from Fund share transactions | $ 40,547 | $ 359,172 |
Net decrease in net assets | $(1,737,781) | $ (518,731) |
Net Assets | ||
At beginning of period | $ 8,304,011 | $ 8,822,742 |
At end of period | $ 6,566,230 | $ 8,304,011 |
Class I | |||||
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, | Period Ended January 31, 2019(1) | |||
2022 | 2021 | 2020 | |||
Net asset value — Beginning of period | $ 9.330 | $10.350 | $ 10.620 | $ 9.840 | $10.000 |
Income (Loss) From Operations | |||||
Net investment income(2) | $ 0.205 | $ 0.444 | $ 0.476 | $ 0.526 | $ 0.286 |
Net realized and unrealized gain (loss) | (1.936) | (0.947) | (0.229) | 0.956 | (0.151) |
Total income (loss) from operations | $(1.731) | $ (0.503) | $ 0.247 | $ 1.482 | $ 0.135 |
Less Distributions | |||||
From net investment income | $ (0.259) | $ (0.445) | $ (0.517) | $ (0.577) | $ (0.219) |
From net realized gain | — | — | — | (0.125) | (0.076) |
Tax return of capital | — | (0.072) | — | — | — |
Total distributions | $(0.259) | $ (0.517) | $ (0.517) | $ (0.702) | $ (0.295) |
Net asset value — End of period | $ 7.340 | $ 9.330 | $10.350 | $10.620 | $ 9.840 |
Total Return(3)(4) | (18.69)% (5) | (5.03)% | 2.81% | 15.57% | 1.34% (5) |
Ratios/Supplemental Data | |||||
Net assets, end of period (000’s omitted) | $ 6,566 | $ 8,304 | $ 8,823 | $ 8,530 | $ 7,878 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (4) | 0.86% (6)(7)(8) | 0.87% (8) | 0.86% (8) | 0.85% | 0.85% (6) |
Net investment income | 5.21% (6) | 4.45% | 4.88% | 5.12% | 3.92% (6) |
Portfolio Turnover | 59% (5) | 176% | 220% | 187% | 82% (5) |
(1) | For the period from the start of business, May 1, 2018, to January 31, 2019. |
(2) | Computed using average shares outstanding. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | The investment adviser and administrator reimbursed certain operating expenses (equal to 1.63%, 1.63%, 2.23%, 1.88% and 2.24% of average daily net assets for the six months ended July 31, 2022, the years ended January 31, 2022, 2021, 2020 and the period ended January 31, 2019, respectively). Absent this reimbursement, total return would be lower. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended July 31, 2022). |
(8) | Includes interest expense of 0.01%, 0.02% and 0.01% for the six months ended July 31, 2022 and the years ended January 31, 2022 and 2021, respectively. |
Aggregate cost | $ 7,112,908 |
Gross unrealized appreciation | $ 84,972 |
Gross unrealized depreciation | (1,052,617) |
Net unrealized depreciation | $ (967,645) |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.650% |
$500 million but less than $1.0 billion | 0.625% |
$1.0 billion but less than $2.5 billion | 0.600% |
$2.5 billion but less than $5.0 billion | 0.580% |
$5.0 billion and over | 0.565% |
Six Months Ended July 31, 2022 (Unaudited) | Year Ended January 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Sales | 102,064 | $ 840,070 | 235,538 | $ 2,362,415 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 3,188 | 24,879 | 3,297 | 32,445 | |
Redemptions | (100,704) | (824,402) | (200,972) | (2,035,688) | |
Net increase | 4,548 | $ 40,547 | 37,863 | $ 359,172 |
Fair Value | ||||
Statement of Assets and Liabilities Caption | Credit | Foreign Exchange | Interest Rate | Total |
Accumulated loss | $ — | $ 35,684 | $ 31,014* | $ 66,698 |
Receivable for open forward foreign currency exchange contracts | — | 828 | — | 828 |
Total Asset Derivatives | $ — | $36,512 | $ 31,014 | $ 67,526 |
Derivatives not subject to master netting or similar agreements | $ — | $35,684 | $ 31,014 | $ 66,698 |
Total Asset Derivatives subject to master netting or similar agreements | $ — | $ 828 | $ — | $ 828 |
Accumulated loss | $ (9,418)* | $ — | $ (32,825)* | $ (42,243) |
Payable for open swap contracts; Upfront receipts on open non-centrally cleared swap contracts | (16,971) | — | — | (16,971) |
Total Liability Derivatives | $(26,389) | $ — | $(32,825) | $(59,214) |
Derivatives not subject to master netting or similar agreements | $ (9,418) | $ — | $(32,825) | $(42,243) |
Total Liability Derivatives subject to master netting or similar agreements | $(16,971) | $ — | $ — | $(16,971) |
* | Only the current day’s variation margin on open futures contracts and centrally cleared derivatives is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts and centrally cleared derivatives, as applicable |
Counterparty | Derivative Assets Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Received(a) | Cash Collateral Received(a) | Net Amount of Derivative Assets(b) |
Standard Chartered Bank | $828 | $ — | $ — | $ — | $828 |
Counterparty | Derivative Liabilities Subject to Master Netting Agreement | Derivatives Available for Offset | Non-cash Collateral Pledged(a) | Cash Collateral Pledged(a) | Net Amount of Derivative Liabilities(c) |
Citibank, N.A. | $(16,971) | $ — | $ — | $ — | $(16,971) |
(a) | In some instances, the total collateral received and/or pledged may be more than the amount shown due to overcollateralization. |
(b) | Net amount represents the net amount due from the counterparty in the event of default. |
(c) | Net amount represents the net amount payable to the counterparty in the event of default. |
Statement of Operations Caption | Credit | Foreign Exchange | Interest Rate | Total |
Net realized gain (loss): | ||||
Futures contracts | $ — | $ — | $ (208,748) | $ (208,748) |
Swap contracts | 3,018 | — | — | 3,018 |
Forward foreign currency exchange contracts | — | 58,333 | — | 58,333 |
Total | $ 3,018 | $58,333 | $(208,748) | $(147,397) |
Change in unrealized appreciation (depreciation): | ||||
Futures contracts | $ — | $ — | $ 1,355 | $ 1,355 |
Swap contracts | (3,783) | — | — | (3,783) |
Forward foreign currency exchange contracts | — | 30,005 | — | 30,005 |
Total | $(3,783) | $30,005 | $ 1,355 | $ 27,577 |
Futures Contracts — Long | Futures Contracts — Short | Forward Foreign Currency Exchange Contracts* | Swap Contracts |
$2,216,000 | $1,402,000 | $1,547,000 | $686,000 |
* | The average notional amount for forward foreign currency exchange contracts is based on the absolute value of notional amounts of currency purchased and currency sold. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Short-Term Investments | ||||||||
Cash Reserves Fund | $1,448,547 | $2,506,931 | $(3,955,385) | $ (93) | $ — | $ — | $ 278 | — |
Liquidity Fund | — | 1,761,279 | (1,572,984) | — | — | 188,295 | 573 | 188,295 |
Total | $ (93) | $ — | $188,295 | $851 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Foreign Corporate Bonds | $ — | $ 815,283 | $ — | $ 815,283 |
Sovereign Government Bonds | — | 4,515,787 | — | 4,515,787 |
Sovereign Loans | — | 602,906 | — | 602,906 |
Short-Term Investments | 188,295 | — | — | 188,295 |
Total Investments | $ 188,295 | $ 5,933,976 | $ — | $ 6,122,271 |
Forward Foreign Currency Exchange Contracts | $ — | $ 36,512 | $ — | $ 36,512 |
Futures Contracts | 31,014 | — | — | 31,014 |
Total | $ 219,309 | $ 5,970,488 | $ — | $ 6,189,797 |
Liability Description | ||||
Futures Contracts | $ (32,825) | $ — | $ — | $ (32,825) |
Swap Contracts | — | (26,389) | — | (26,389) |
Total | $ (32,825) | $ (26,389) | $ — | $ (59,214) |
Officers | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Mutual Funds Trust | ||
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: September 16, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer |
Date: September 16, 2022
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: September 16, 2022