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)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
January 31
Date of Fiscal Year End
January 31, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 04/01/2010 | 04/01/2010 | 5.44% | 5.22% | 4.67% |
Class A with 5.25% Maximum Sales Charge | — | — | (0.07) | 4.08 | 4.11 |
Class I at NAV | 04/01/2010 | 04/01/2010 | 5.67 | 5.49 | 4.94 |
Class R at NAV | 08/10/2015 | 04/01/2010 | 5.06 | 4.95 | 4.44 |
Class R6 at NAV | 08/10/2015 | 04/01/2010 | 5.70 | 5.52 | 4.96 |
MSCI EAFE Index | — | — | 10.01% | 6.91% | 4.77% |
% Total Annual Operating Expense Ratios3 | Class A | Class I | Class R | Class R6 |
Gross | 0.83% | 0.58% | 1.08% | 0.55% |
Net | 0.76 | 0.51 | 1.01 | 0.48 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 01/31/2013 | $1,619,396 | N.A. |
Class R | $10,000 | 01/31/2013 | $15,442 | N.A. |
Class R6, at minimum investment | $5,000,000 | 01/31/2013 | $8,113,202 | N.A. |
Sector Allocation (% of net assets)1 |
Geographic Allocation (% of common stocks) |
Top 10 Holdings (% of net assets)1 | |
Nestle SA | 1.2% |
Novo Nordisk AS, Class B | 1.1 |
Cie Financiere Richemont SA, Class A | 1.0 |
SAP SE | 1.0 |
E.ON SE | 0.9 |
CSL Ltd. | 0.9 |
Sanofi SA | 0.8 |
TotalEnergies SE | 0.8 |
Air Liquide SA | 0.8 |
Deutsche Telekom AG | 0.8 |
Total | 9.3% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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 5/31/24. 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. |
Additional Information | |
MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. 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. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. |
Beginning Account Value (8/1/23) | Ending Account Value (1/31/24) | Expenses Paid During Period* (8/1/23 – 1/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,010.60 | $3.90** | 0.77% |
Class I | $1,000.00 | $1,011.50 | $2.64** | 0.52% |
Class R | $1,000.00 | $1,007.90 | $5.16** | 1.02% |
Class R6 | $1,000.00 | $1,011.70 | $2.48** | 0.49% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.32 | $3.92** | 0.77% |
Class I | $1,000.00 | $1,022.58 | $2.65** | 0.52% |
Class R | $1,000.00 | $1,020.06 | $5.19** | 1.02% |
Class R6 | $1,000.00 | $1,022.74 | $2.50** | 0.49% |
* | 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 184/365 (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 July 31, 2023. |
** | Absent an allocation of certain expenses to affiliate(s), expenses would be higher. |
Common Stocks — 99.5% |
Security | Shares | Value | |
Australia — 8.6% | |||
Altium Ltd. | 14,800 | $ 475,462 | |
APA Group | 139,900 | 773,800 | |
ASX Ltd. | 3,000 | 128,257 | |
Atlas Arteria Ltd. | 59,800 | 210,819 | |
Aurizon Holdings Ltd. | 93,148 | 229,613 | |
Austal Ltd.(1) | 72,300 | 95,916 | |
Bapcor Ltd. | 64,365 | 235,609 | |
BHP Group Ltd. | 48,944 | 1,497,393 | |
Brambles Ltd. | 73,365 | 699,518 | |
BWP Trust(1) | 58,794 | 131,653 | |
CAR Group Ltd. | 57,700 | 1,238,895 | |
Centuria Office REIT(1) | 67,500 | 58,443 | |
Charter Hall Long Wale REIT(1) | 23,400 | 56,977 | |
Charter Hall Retail REIT | 75,300 | 181,929 | |
Codan Ltd. | 32,850 | 173,638 | |
Coles Group Ltd. | 92,900 | 964,058 | |
Commonwealth Bank of Australia | 11,100 | 846,424 | |
Computershare Ltd. | 51,000 | 844,726 | |
CSL Ltd. | 17,010 | 3,340,382 | |
CSR Ltd. | 49,000 | 220,645 | |
Data#3 Ltd. | 37,500 | 238,485 | |
Dexus (1) | 66,800 | 338,052 | |
Elders Ltd.(1) | 17,500 | 102,232 | |
Endeavour Group Ltd.(1) | 77,400 | 283,264 | |
EVT Ltd.(1) | 13,400 | 109,314 | |
G8 Education Ltd.(1) | 155,500 | 107,658 | |
GrainCorp Ltd., Class A | 19,300 | 101,400 | |
Hansen Technologies Ltd. | 66,850 | 224,579 | |
HomeCo Daily Needs REIT(2) | 250,400 | 206,132 | |
Incitec Pivot Ltd. | 148,000 | 258,464 | |
Infomedia Ltd.(1) | 61,241 | 56,921 | |
IRESS Ltd.(1) | 53,584 | 284,499 | |
Lendlease Corp. Ltd. | 44,678 | 214,476 | |
Lottery Corp. Ltd. | 183,800 | 603,302 | |
Medibank Pvt Ltd. | 101,100 | 253,118 | |
Mirvac Group | 244,300 | 343,339 | |
National Australia Bank Ltd. | 31,000 | 653,802 | |
National Storage REIT | 46,600 | 69,887 | |
New Hope Corp. Ltd. | 55,500 | 194,119 | |
NEXTDC Ltd.(3) | 67,900 | 614,709 | |
nib holdings Ltd. | 37,000 | 195,688 | |
Orica Ltd. | 29,599 | 312,178 | |
Origin Energy Ltd. | 188,900 | 1,054,289 | |
Orora Ltd. | 116,205 | 211,212 |
Security | Shares | Value | |
Australia (continued) | |||
QBE Insurance Group Ltd. | 32,600 | $ 335,669 | |
Region RE Ltd.(1) | 118,852 | 174,987 | |
Ridley Corp. Ltd. | 55,600 | 101,597 | |
Rio Tinto Ltd. | 6,100 | 524,889 | |
Santos Ltd. | 147,200 | 743,940 | |
Scentre Group | 230,461 | 458,167 | |
Steadfast Group Ltd. | 57,200 | 221,328 | |
Stockland | 139,200 | 411,073 | |
Suncorp Group Ltd. | 13,000 | 119,659 | |
Tabcorp Holdings Ltd. | 537,100 | 279,030 | |
Technology One Ltd. | 50,588 | 516,867 | |
Telstra Group Ltd. | 485,173 | 1,279,563 | |
TPG Telecom Ltd. | 189,263 | 651,413 | |
Transurban Group | 130,241 | 1,144,197 | |
Vicinity Ltd. | 280,500 | 372,337 | |
Viva Energy Group Ltd.(4) | 103,423 | 235,583 | |
Waypoint REIT Ltd. | 90,348 | 145,452 | |
Weebit Nano Ltd.(1)(3) | 52,100 | 117,186 | |
Wesfarmers Ltd. | 53,285 | 2,017,207 | |
Westpac Banking Corp. | 36,400 | 571,029 | |
Whitehaven Coal Ltd. | 51,161 | 279,684 | |
Woodside Energy Group Ltd. | 78,689 | 1,645,876 | |
Woolworths Group Ltd. | 68,096 | 1,599,231 | |
Yancoal Australia Ltd. | 46,200 | 180,229 | |
$ 33,561,469 | |||
Austria — 1.1% | |||
ANDRITZ AG | 8,966 | $ 551,969 | |
AT&S Austria Technologie & Systemtechnik AG | 7,100 | 171,525 | |
BAWAG Group AG(4) | 2,540 | 130,776 | |
CA Immobilien Anlagen AG | 15,681 | 514,777 | |
Erste Group Bank AG | 9,487 | 408,685 | |
Eurotelesites AG(3) | 11,810 | 49,606 | |
Kontron AG | 12,400 | 287,562 | |
Mayr Melnhof Karton AG | 1,059 | 140,380 | |
OMV AG | 11,017 | 490,382 | |
PIERER Mobility AG | 2,700 | 142,644 | |
Schoeller-Bleckmann Oilfield Equipment AG | 1,500 | 71,246 | |
Strabag SE(3) | 1,704 | 79,302 | |
Telekom Austria AG | 37,101 | 322,938 | |
UNIQA Insurance Group AG | 5,635 | 47,280 | |
Verbund AG | 6,087 | 494,985 | |
voestalpine AG | 7,046 | 209,630 | |
$ 4,113,687 |
Security | Shares | Value | |
Belgium — 2.1% | |||
Ackermans & van Haaren NV | 5,910 | $ 988,182 | |
Aedifica SA | 3,279 | 213,674 | |
Ageas SA | 9,300 | 399,640 | |
Anheuser-Busch InBev SA | 15,089 | 933,369 | |
Barco NV | 10,606 | 176,191 | |
Care Property Invest NV(1)(3) | 5,528 | 77,606 | |
Cofinimmo SA(1) | 3,041 | 221,012 | |
Colruyt Group NV | 1,550 | 70,816 | |
D'ieteren Group | 3,450 | 696,943 | |
Elia Group SA(1) | 5,482 | 660,062 | |
Euronav NV(1) | 15,702 | 276,433 | |
EVS Broadcast Equipment SA | 5,519 | 181,466 | |
Gimv NV | 1,766 | 82,357 | |
Intervest Offices & Warehouses NV | 3,632 | 81,544 | |
KBC Group NV | 8,974 | 585,388 | |
Materialise NV ADR(3) | 20,300 | 115,101 | |
Montea NV | 2,517 | 216,046 | |
Proximus SADP | 33,445 | 317,370 | |
Solvay SA(1) | 5,500 | 150,417 | |
Syensqo SA(1)(3) | 4,242 | 378,161 | |
UCB SA(1) | 7,912 | 744,248 | |
Umicore SA(1) | 15,100 | 343,472 | |
Xior Student Housing NV(2) | 4,621 | 138,404 | |
$ 8,047,902 | |||
Denmark — 4.5% | |||
AP Moller - Maersk AS, Class A | 200 | $ 362,654 | |
AP Moller - Maersk AS, Class B | 187 | 344,790 | |
Better Collective AS(3) | 4,800 | 134,353 | |
Carlsberg AS, Class B | 13,173 | 1,694,936 | |
D/S Norden AS | 3,400 | 182,943 | |
Danske Bank AS | 50,200 | 1,347,943 | |
FLSmidth & Co. AS | 4,700 | 192,961 | |
H Lundbeck AS | 40,500 | 205,130 | |
ISS AS | 12,600 | 238,417 | |
Matas AS | 10,900 | 195,425 | |
Novo Nordisk AS, Class B | 38,008 | 4,344,481 | |
Novozymes AS, Class B | 43,308 | 2,219,131 | |
Orsted AS(4) | 22,773 | 1,283,594 | |
Pandora AS | 12,565 | 1,835,959 | |
Per Aarsleff Holding AS | 2,300 | 105,869 | |
Scandinavian Tobacco Group AS(4) | 28,050 | 503,891 | |
Topdanmark AS | 9,927 | 440,245 | |
TORM PLC, Class A | 4,716 | 165,693 |
Security | Shares | Value | |
Denmark (continued) | |||
Tryg AS | 29,120 | $ 622,414 | |
Vestas Wind Systems AS(3) | 37,300 | 1,051,674 | |
$ 17,472,503 | |||
Finland — 2.1% | |||
Citycon OYJ | 9,400 | $ 49,158 | |
Elisa OYJ | 16,997 | 774,408 | |
Fortum OYJ | 54,610 | 746,527 | |
Kempower OYJ(1)(3) | 5,800 | 185,599 | |
Kesko OYJ, Class B | 40,209 | 785,266 | |
Kojamo OYJ(1) | 27,189 | 322,337 | |
Kone OYJ, Class B | 12,323 | 610,004 | |
Neste OYJ | 21,835 | 752,751 | |
Nokia OYJ(1) | 205,027 | 741,218 | |
Nordea Bank Abp | 63,982 | 788,507 | |
Orion OYJ, Class B | 18,188 | 837,333 | |
TietoEVRY OYJ | 4,494 | 104,285 | |
Tokmanni Group Corp. | 47,510 | 814,650 | |
UPM-Kymmene OYJ | 20,826 | 757,488 | |
YIT OYJ(1) | 23,700 | 50,486 | |
$ 8,320,017 | |||
France — 8.7% | |||
Air Liquide SA | 16,363 | $ 3,062,062 | |
Airbus SE | 5,000 | 796,429 | |
Altarea SCA(1) | 1,700 | 148,731 | |
AXA SA | 32,502 | 1,090,940 | |
BNP Paribas SA | 21,300 | 1,431,023 | |
Bollore SE | 114,847 | 758,568 | |
Bouygues SA | 7,300 | 267,418 | |
Bureau Veritas SA | 5,818 | 154,752 | |
Capgemini SE | 7,669 | 1,704,983 | |
Carmila SA | 12,300 | 218,559 | |
Carrefour SA | 18,800 | 320,959 | |
Cie Generale des Etablissements Michelin SCA | 15,760 | 523,274 | |
Coface SA | 9,300 | 125,669 | |
Danone SA | 22,118 | 1,473,581 | |
Dassault Aviation SA | 500 | 94,704 | |
Dassault Systemes SE | 13,700 | 710,184 | |
Edenred SE | 4,550 | 271,765 | |
Eiffage SA | 1,470 | 153,806 | |
Engie SA | 141,702 | 2,263,331 | |
Eutelsat Communications SACA(1)(3) | 65,600 | 239,267 | |
Gecina SA | 4,534 | 500,039 | |
Getlink SE | 5,600 | 96,494 | |
ICADE (1) | 5,100 | 172,667 |
Security | Shares | Value | |
France (continued) | |||
Klepierre SA | 17,239 | $ 446,329 | |
La Francaise des Jeux SAEM(4) | 3,700 | 149,974 | |
L'Oreal SA | 1,000 | 478,554 | |
LVMH Moet Hennessy Louis Vuitton SE | 2,821 | 2,347,237 | |
Mercialys SA | 6,500 | 73,949 | |
Nexity SA(1) | 8,700 | 145,014 | |
Orange SA | 125,600 | 1,493,626 | |
Pernod Ricard SA | 5,500 | 901,921 | |
Quadient SA | 11,000 | 233,057 | |
Rubis SCA | 26,200 | 662,507 | |
Safran SA | 3,372 | 629,582 | |
Sanofi SA | 31,904 | 3,195,043 | |
SCOR SE | 10,867 | 324,175 | |
SEB SA | 1,980 | 241,779 | |
Sopra Steria Group | 2,000 | 469,108 | |
SPIE SA | 3,975 | 131,483 | |
Thales SA | 2,200 | 321,759 | |
TotalEnergies SE | 48,515 | 3,147,439 | |
Vinci SA | 4,630 | 584,872 | |
Vivendi SE | 77,095 | 868,827 | |
Voltalia SA(1)(3) | 12,800 | 109,533 | |
VusionGroup (1)(3) | 2,200 | 326,658 | |
$ 33,861,631 | |||
Germany — 8.4% | |||
Allianz SE | 5,622 | $ 1,502,063 | |
BASF SE | 29,581 | 1,414,090 | |
Bayer AG | 26,900 | 837,037 | |
Bayerische Motoren Werke AG | 6,320 | 657,616 | |
Bayerische Motoren Werke AG, PFC Shares | 4,529 | 442,531 | |
Brenntag SE | 2,200 | 194,502 | |
CropEnergies AG(3) | 5,200 | 64,683 | |
Daimler Truck Holding AG | 9,600 | 343,077 | |
Deutsche Boerse AG | 3,140 | 625,299 | |
Deutsche Lufthansa AG(3) | 20,168 | 167,704 | |
Deutsche Telekom AG | 124,295 | 3,051,170 | |
Deutsche Wohnen SE | 22,430 | 544,798 | |
E.ON SE | 247,553 | 3,349,213 | |
Evonik Industries AG | 20,600 | 378,961 | |
Fielmann Group AG | 2,817 | 146,575 | |
Fraport AG Frankfurt Airport Services Worldwide(3) | 2,100 | 123,253 | |
Fresenius Medical Care AG | 11,665 | 450,848 | |
Fresenius SE & Co. KGaA | 18,300 | 513,733 | |
FUCHS SE | 3,686 | 130,700 | |
FUCHS SE, PFC Shares | 6,177 | 270,760 | |
GEA Group AG | 5,400 | 216,265 |
Security | Shares | Value | |
Germany (continued) | |||
Gerresheimer AG | 4,300 | $ 438,380 | |
Hamborner REIT AG | 30,510 | 215,656 | |
Hannover Rueck SE | 900 | 215,745 | |
Henkel AG & Co. KGaA | 10,296 | 704,150 | |
Henkel AG & Co. KGaA, PFC Shares | 25,018 | 1,917,843 | |
K&S AG | 18,200 | 255,277 | |
Knorr-Bremse AG | 901 | 55,651 | |
Mercedes-Benz Group AG | 19,000 | 1,282,743 | |
MTU Aero Engines AG | 1,265 | 290,862 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 2,069 | 880,812 | |
QIAGEN NV(3) | 9,999 | 433,814 | |
Rheinmetall AG | 950 | 332,662 | |
SAP SE | 22,152 | 3,837,758 | |
Siemens AG | 8,840 | 1,582,571 | |
Suedzucker AG | 40,318 | 568,365 | |
Symrise AG | 6,100 | 629,360 | |
Talanx AG(3) | 1,900 | 133,306 | |
Verbio Vereinigte Bioenergie AG | 2,600 | 56,874 | |
Volkswagen AG, PFC Shares | 6,000 | 771,690 | |
Vonovia SE | 81,975 | 2,553,714 | |
$ 32,582,111 | |||
Hong Kong — 4.0% | |||
AIA Group Ltd. | 191,200 | $ 1,499,470 | |
ASMPT Ltd. | 58,900 | 568,407 | |
Bank of East Asia Ltd. | 206,400 | 234,710 | |
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. | 109,000 | 132,261 | |
BOC Hong Kong Holdings Ltd. | 108,500 | 260,052 | |
Budweiser Brewing Co. APAC Ltd.(4) | 459,500 | 724,237 | |
Cafe de Coral Holdings Ltd. | 84,000 | 84,489 | |
China Tobacco International HK Co. Ltd.(1)(2) | 93,000 | 109,226 | |
China Traditional Chinese Medicine Holdings Co. Ltd. | 986,000 | 376,991 | |
Chow Sang Sang Holdings International Ltd. | 101,000 | 110,070 | |
Chow Tai Fook Jewellery Group Ltd. | 378,600 | 512,885 | |
CK Asset Holdings Ltd. | 91,000 | 410,623 | |
CK Hutchison Holdings Ltd. | 203,500 | 1,051,041 | |
CLP Holdings Ltd. | 140,000 | 1,113,481 | |
C-Mer Eye Care Holdings Ltd.(2)(3) | 190,000 | 64,216 | |
DFI Retail Group Holdings Ltd. | 67,300 | 134,184 | |
Fortune Real Estate Investment Trust | 129,000 | 73,865 | |
Galaxy Entertainment Group Ltd. | 195,000 | 1,012,026 | |
Hang Lung Properties Ltd. | 146,000 | 169,500 | |
Hang Seng Bank Ltd. | 29,100 | 302,936 | |
HK Electric Investments & HK Electric Investments Ltd.(2) | 726,500 | 450,614 | |
HKT Trust & HKT Ltd. | 1,160,000 | 1,393,461 |
Security | Shares | Value | |
Hong Kong (continued) | |||
Hongkong Land Holdings Ltd. | 105,600 | $ 329,631 | |
Hutchison Telecommunications Hong Kong Holdings Ltd. | 424,000 | 56,289 | |
Jardine Matheson Holdings Ltd. | 17,500 | 702,697 | |
Luk Fook Holdings International Ltd. | 76,000 | 188,284 | |
MTR Corp. Ltd. | 167,000 | 543,303 | |
Pacific Textiles Holdings Ltd. | 244,000 | 38,729 | |
PAX Global Technology Ltd. | 102,000 | 71,285 | |
Power Assets Holdings Ltd. | 150,000 | 878,278 | |
Shangri-La Asia Ltd.(3) | 200,000 | 124,281 | |
Sino Land Co. Ltd. | 332,000 | 346,795 | |
Sun Hung Kai Properties Ltd. | 63,500 | 592,670 | |
Superb Summit International Group Ltd.(1)(3)(5) | 230,000 | 0 | |
Viva Goods Company Ltd.(3) | 808,000 | 72,415 | |
VSTECS Holdings Ltd. | 356,000 | 191,827 | |
VTech Holdings Ltd. | 55,200 | 319,718 | |
Wharf Holdings Ltd. | 94,000 | 274,639 | |
$ 15,519,586 | |||
Ireland — 1.8% | |||
Bank of Ireland Group PLC | 150,265 | $ 1,381,834 | |
CRH PLC | 20,034 | 1,421,244 | |
DCC PLC | 16,049 | 1,166,751 | |
Fineos Corp. Ltd. CDI(3) | 41,347 | 55,423 | |
Glanbia PLC | 6,635 | 118,826 | |
Glenveagh Properties PLC(3)(4) | 77,242 | 102,149 | |
ICON PLC(3) | 4,600 | 1,200,002 | |
Irish Continental Group PLC | 39,713 | 197,336 | |
Irish Residential Properties REIT PLC(1) | 74,174 | 92,343 | |
Kerry Group PLC, Class A | 15,418 | 1,374,268 | |
Uniphar PLC(1)(3) | 20,481 | 62,153 | |
$ 7,172,329 | |||
Israel — 2.1% | |||
Airport City Ltd.(3) | 3,900 | $ 65,075 | |
Amot Investments Ltd. | 23,381 | 121,475 | |
Ashdod Refinery Ltd.(3) | 4,800 | 111,145 | |
AudioCodes Ltd. | 3,200 | 35,808 | |
Azrieli Group Ltd. | 3,567 | 240,354 | |
Bank Hapoalim BM | 37,287 | 317,235 | |
Bank Leumi Le-Israel BM | 46,851 | 355,841 | |
Bezeq The Israeli Telecommunication Corp. Ltd. | 375,812 | 497,111 | |
Big Shopping Centers Ltd.(3) | 1,100 | 111,852 | |
Check Point Software Technologies Ltd.(3) | 1,900 | 301,967 | |
Danel Adir Yeoshua Ltd. | 1,100 | 95,219 | |
Delek Automotive Systems Ltd. | 12,000 | 71,797 | |
Delek Group Ltd. | 1,240 | 153,551 |
Security | Shares | Value | |
Israel (continued) | |||
Delta Galil Ltd. | 2,040 | $ 94,163 | |
Elbit Systems Ltd. | 1,526 | 314,788 | |
Electra Ltd. | 205 | 78,133 | |
Enlight Renewable Energy Ltd.(3) | 27,990 | 505,593 | |
Fattal Holdings 1998 Ltd.(3) | 1,688 | 191,629 | |
Fiverr International Ltd.(1)(3) | 2,000 | 53,840 | |
Fox Wizel Ltd. | 3,200 | 226,753 | |
ICL Group Ltd. | 115,023 | 523,158 | |
Inrom Construction Industries Ltd. | 28,109 | 85,983 | |
Israel Corp. Ltd.(3) | 900 | 206,258 | |
Maytronics Ltd. | 13,500 | 148,117 | |
Melisron Ltd. | 2,750 | 201,667 | |
Nice Ltd.(3) | 1,294 | 268,482 | |
Nova Ltd.(3) | 552 | 78,608 | |
Oil Refineries Ltd. | 624,196 | 215,296 | |
OPC Energy Ltd.(3) | 38,701 | 274,220 | |
Partner Communications Co. Ltd.(3) | 56,700 | 262,166 | |
Plus500 Ltd. | 6,700 | 151,533 | |
Reit 1 Ltd. | 25,218 | 112,576 | |
Shapir Engineering & Industry Ltd. | 14,000 | 78,922 | |
Shufersal Ltd.(3) | 69,353 | 372,111 | |
Strauss Group Ltd.(3) | 13,500 | 262,189 | |
Tadiran Group Ltd. | 700 | 46,481 | |
Taro Pharmaceutical Industries Ltd.(3) | 2,100 | 90,405 | |
Teva Pharmaceutical Industries Ltd. ADR(3) | 66,700 | 807,070 | |
Tower Semiconductor Ltd.(3) | 4,400 | 125,468 | |
ZIM Integrated Shipping Services Ltd.(1) | 7,900 | 118,500 | |
$ 8,372,539 | |||
Italy — 4.2% | |||
Assicurazioni Generali SpA | 18,300 | $ 408,217 | |
Banca Popolare di Sondrio SpA | 25,800 | 196,029 | |
BFF Bank SpA(4) | 14,600 | 157,777 | |
Bio On SpA(1)(3)(5) | 12,900 | 0 | |
BPER Banca | 32,400 | 116,862 | |
Buzzi SpA | 18,808 | 639,284 | |
Davide Campari-Milano NV | 78,365 | 793,934 | |
De' Longhi SpA | 2,450 | 79,353 | |
DiaSorin SpA | 6,020 | 553,593 | |
Enav SpA(4) | 76,000 | 281,270 | |
Enel SpA | 180,866 | 1,234,117 | |
Eni SpA | 126,631 | 2,018,668 | |
Ferrari NV | 2,310 | 805,583 | |
Fila SpA | 5,500 | 52,067 | |
Fincantieri SpA(1)(3) | 128,000 | 67,749 | |
GVS SpA(1)(3)(4) | 23,883 | 152,322 |
Security | Shares | Value | |
Italy (continued) | |||
Infrastrutture Wireless Italiane SpA(4) | 54,778 | $ 662,377 | |
Italgas SpA | 24,300 | 138,544 | |
Juventus Football Club SpA(1)(3) | 77,178 | 187,407 | |
Leonardo SpA | 26,400 | 460,787 | |
Mediobanca Banca di Credito Finanziario SpA | 11,600 | 153,630 | |
MFE-MediaForEurope NV, Class B(1) | 51,543 | 185,931 | |
Poste Italiane SpA(4) | 16,700 | 181,089 | |
PRADA SpA | 8,700 | 53,951 | |
Prysmian SpA | 21,430 | 943,131 | |
RAI Way SpA(4) | 46,700 | 255,358 | |
Recordati Industria Chimica e Farmaceutica SpA | 19,047 | 1,051,285 | |
Snam SpA | 62,700 | 306,223 | |
Stellantis NV | 40,558 | 893,357 | |
STMicroelectronics NV(1) | 40,577 | 1,781,592 | |
Technogym SpA(4) | 16,800 | 166,366 | |
Terna - Rete Elettrica Nazionale | 36,600 | 308,613 | |
UniCredit SpA | 25,700 | 752,806 | |
Unipol Gruppo SpA | 13,700 | 85,072 | |
UnipolSai Assicurazioni SpA(1) | 64,182 | 169,839 | |
Webuild SpA(1) | 79,200 | 166,588 | |
$ 16,460,771 | |||
Japan — 13.3% | |||
Activia Properties, Inc. | 88 | $ 239,656 | |
Aeon Co. Ltd. | 19,900 | 475,554 | |
AEON REIT Investment Corp.(1) | 134 | 126,266 | |
AGC, Inc. | 1,900 | 71,456 | |
Air Water, Inc. | 12,300 | 162,473 | |
Alfresa Holdings Corp. | 13,900 | 227,945 | |
Asahi Kasei Corp. | 35,100 | 266,182 | |
Astellas Pharma, Inc. | 37,200 | 433,100 | |
Azbil Corp. | 3,900 | 126,027 | |
Bandai Namco Holdings, Inc. | 12,600 | 272,822 | |
Bridgestone Corp. | 4,300 | 186,331 | |
Brother Industries Ltd. | 7,500 | 125,644 | |
Calbee, Inc. | 7,600 | 159,754 | |
Canon, Inc. | 8,200 | 225,886 | |
Central Japan Railway Co. | 8,500 | 212,437 | |
Chiba Bank Ltd. | 14,600 | 108,190 | |
Comforia Residential REIT, Inc.(1) | 66 | 138,325 | |
Concordia Financial Group Ltd. | 17,300 | 82,442 | |
Dai Nippon Printing Co. Ltd. | 3,700 | 107,078 | |
Daicel Corp. | 19,800 | 193,984 | |
Daido Steel Co. Ltd. | 13,500 | 140,675 | |
Daiichi Sankyo Co. Ltd. | 30,200 | 904,159 | |
Daiwa House REIT Investment Corp. | 157 | 277,403 |
Security | Shares | Value | |
Japan (continued) | |||
Daiwa Office Investment Corp. | 35 | $ 149,205 | |
DeNA Co. Ltd. | 17,400 | 175,679 | |
Denka Co. Ltd. | 7,700 | 134,274 | |
DIC Corp. | 5,600 | 105,690 | |
Disco Corp. | 1,100 | 296,823 | |
East Japan Railway Co.(1) | 2,800 | 160,139 | |
Eisai Co. Ltd. | 6,000 | 282,532 | |
Electric Power Development Co. Ltd. | 13,500 | 226,767 | |
ENEOS Holdings, Inc. | 184,400 | 744,709 | |
Ezaki Glico Co. Ltd. | 6,000 | 175,551 | |
Fast Retailing Co. Ltd. | 1,400 | 373,767 | |
Frontier Real Estate Investment Corp. | 72 | 212,823 | |
FUJIFILM Holdings Corp. | 4,600 | 291,571 | |
Fujitsu Ltd. | 2,400 | 332,194 | |
Fukuoka Financial Group, Inc. | 12,200 | 299,843 | |
GLP J-Reit | 270 | 241,065 | |
Hamamatsu Photonics KK | 3,600 | 142,218 | |
Hankyu Hanshin Holdings, Inc. | 4,400 | 134,620 | |
Hikari Tsushin, Inc. | 400 | 69,700 | |
Hirose Electric Co. Ltd. | 1,040 | 121,007 | |
Hisamitsu Pharmaceutical Co., Inc. | 4,700 | 133,961 | |
Hokuriku Electric Power Co.(3) | 37,800 | 184,833 | |
Honda Motor Co. Ltd. | 47,100 | 526,487 | |
House Foods Group, Inc. | 7,700 | 169,488 | |
Hulic Reit, Inc. | 127 | 133,739 | |
Idemitsu Kosan Co. Ltd. | 71,500 | 397,038 | |
Isuzu Motors Ltd. | 14,200 | 193,758 | |
Ito En Ltd. | 3,200 | 92,895 | |
ITOCHU Corp. | 7,100 | 322,227 | |
Iwatani Corp. | 8,200 | 366,429 | |
Japan Logistics Fund, Inc.(1) | 71 | 131,281 | |
Japan Metropolitan Fund Investment Corp.(1) | 214 | 145,272 | |
Japan Petroleum Exploration Co. Ltd. | 4,700 | 191,186 | |
Japan Post Bank Co. Ltd. | 23,900 | 248,556 | |
Japan Post Holdings Co. Ltd. | 44,800 | 428,856 | |
Japan Post Insurance Co. Ltd. | 9,300 | 174,113 | |
Japan Prime Realty Investment Corp. | 103 | 246,614 | |
Japan Real Estate Investment Corp. | 41 | 157,175 | |
Japan Tobacco, Inc. | 18,300 | 482,340 | |
Kagome Co. Ltd. | 6,400 | 157,569 | |
Kajima Corp. | 10,500 | 187,392 | |
Kaneka Corp.(1) | 6,400 | 155,632 | |
Kansai Electric Power Co., Inc. | 47,200 | 643,909 | |
Kansai Paint Co. Ltd. | 8,900 | 148,806 | |
Kao Corp. | 9,900 | 391,719 | |
Kawasaki Kisen Kaisha Ltd. | 1,700 | 82,830 |
Security | Shares | Value | |
Japan (continued) | |||
KDDI Corp. | 37,700 | $ 1,249,191 | |
KDX Realty Investment Corp. | 186 | 201,762 | |
Keio Corp. | 2,200 | 64,373 | |
Keisei Electric Railway Co. Ltd. | 2,300 | 104,075 | |
Kewpie Corp. | 9,800 | 174,405 | |
Keyence Corp. | 1,600 | 715,837 | |
Kintetsu Group Holdings Co. Ltd.(1) | 2,200 | 67,886 | |
Kirin Holdings Co. Ltd. | 19,400 | 278,855 | |
Kobe Steel Ltd. | 19,300 | 266,492 | |
Komatsu Ltd. | 5,800 | 165,010 | |
Kuraray Co. Ltd. | 8,500 | 89,180 | |
Kyocera Corp. | 13,600 | 199,105 | |
Kyowa Kirin Co. Ltd. | 9,500 | 149,644 | |
Kyushu Electric Power Co., Inc.(3) | 21,400 | 160,267 | |
LaSalle Logiport REIT | 165 | 167,087 | |
Lawson, Inc. | 2,400 | 137,371 | |
Lion Corp. | 17,300 | 154,214 | |
Marubeni Corp. | 14,600 | 249,027 | |
Marui Group Co. Ltd. | 6,800 | 112,439 | |
Maruichi Steel Tube Ltd. | 2,500 | 63,699 | |
MatsukiyoCocokara & Co. | 16,800 | 305,370 | |
Mebuki Financial Group, Inc. | 60,500 | 181,088 | |
Medipal Holdings Corp. | 12,500 | 199,512 | |
MEIJI Holdings Co. Ltd. | 10,600 | 256,357 | |
Mitsubishi Chemical Group Corp. | 27,100 | 163,406 | |
Mitsubishi Corp. | 25,200 | 434,321 | |
Mitsubishi Electric Corp. | 15,600 | 231,509 | |
Mitsubishi Gas Chemical Co., Inc. | 4,700 | 76,755 | |
Mitsubishi HC Capital, Inc. | 33,500 | 237,530 | |
Mitsubishi Heavy Industries Ltd. | 2,500 | 166,759 | |
Mitsubishi Materials Corp. | 7,200 | 131,814 | |
Mitsui & Co. Ltd. | 10,100 | 409,628 | |
Mitsui Chemicals, Inc. | 8,300 | 244,271 | |
Mitsui Fudosan Co. Ltd. | 30,500 | 765,665 | |
Mitsui OSK Lines Ltd.(1) | 2,200 | 79,025 | |
Mizuho Financial Group, Inc. | 27,880 | 506,344 | |
MS&AD Insurance Group Holdings, Inc. | 9,300 | 384,041 | |
Murata Manufacturing Co. Ltd. | 16,500 | 333,170 | |
NEC Corp. | 3,600 | 235,241 | |
NH Foods Ltd. | 5,400 | 184,929 | |
Nichirei Corp. | 7,300 | 176,315 | |
Nihon Kohden Corp. | 5,900 | 179,814 | |
Nintendo Co. Ltd. | 27,800 | 1,553,211 | |
Nippon Accommodations Fund, Inc. | 49 | 203,993 | |
Nippon Building Fund, Inc. | 94 | 380,334 | |
Nippon Express Holdings, Inc. | 1,500 | 89,282 |
Security | Shares | Value | |
Japan (continued) | |||
Nippon Kayaku Co. Ltd.(1) | 17,700 | $ 158,013 | |
Nippon Paper Industries Co. Ltd.(3) | 10,000 | 92,692 | |
Nippon Sanso Holdings Corp. | 5,600 | 141,900 | |
Nippon Shinyaku Co. Ltd.(1) | 4,300 | 151,910 | |
Nippon Shokubai Co. Ltd. | 3,500 | 131,670 | |
Nippon Steel Corp. | 23,300 | 560,707 | |
Nippon Telegraph & Telephone Corp. | 1,070,300 | 1,344,034 | |
Nippon Yusen KK | 3,000 | 103,383 | |
Nisshin Seifun Group, Inc. | 12,500 | 174,365 | |
Nissin Foods Holdings Co. Ltd. | 6,600 | 213,519 | |
Nitori Holdings Co. Ltd. | 2,200 | 287,940 | |
NOF Corp. | 4,300 | 194,204 | |
Nomura Real Estate Holdings, Inc. | 6,900 | 188,823 | |
Nomura Real Estate Master Fund, Inc. | 292 | 319,525 | |
Nomura Research Institute Ltd. | 6,700 | 204,910 | |
NTT Data Group Corp. | 10,500 | 151,238 | |
Obayashi Corp. | 18,800 | 174,023 | |
Obic Co. Ltd.(1) | 900 | 138,249 | |
Odakyu Electric Railway Co. Ltd. | 5,100 | 77,931 | |
Oji Holdings Corp. | 48,300 | 188,845 | |
Ono Pharmaceutical Co. Ltd. | 17,600 | 317,225 | |
Oracle Corp. | 1,900 | 149,737 | |
Oriental Land Co. Ltd. | 7,300 | 271,123 | |
Orix JREIT, Inc. | 227 | 262,573 | |
Osaka Gas Co. Ltd. | 25,700 | 541,161 | |
Otsuka Corp. | 4,400 | 185,142 | |
Otsuka Holdings Co. Ltd. | 13,800 | 542,455 | |
Pan Pacific International Holdings Corp. | 4,600 | 99,436 | |
Panasonic Holdings Corp. | 23,100 | 217,574 | |
Resona Holdings, Inc. | 44,400 | 245,099 | |
Ricoh Co. Ltd. | 15,500 | 121,830 | |
Rinnai Corp. | 5,100 | 115,545 | |
Rohm Co. Ltd. | 6,400 | 110,459 | |
Rohto Pharmaceutical Co. Ltd. | 8,900 | 182,108 | |
Ryohin Keikaku Co. Ltd. | 9,000 | 139,942 | |
Santen Pharmaceutical Co. Ltd. | 16,700 | 168,709 | |
Sapporo Holdings Ltd. | 4,500 | 208,075 | |
Sawai Group Holdings Co. Ltd. | 3,400 | 128,690 | |
Secom Co. Ltd. | 2,000 | 145,161 | |
Seiko Epson Corp. | 12,300 | 179,548 | |
Sekisui Chemical Co. Ltd. | 11,000 | 157,053 | |
Sekisui House Ltd.(1) | 8,600 | 194,138 | |
Sekisui House Reit, Inc. | 380 | 202,118 | |
Seven Bank Ltd. | 101,900 | 213,310 | |
SG Holdings Co. Ltd. | 12,200 | 157,991 | |
Shimadzu Corp. | 4,900 | 135,495 |
Security | Shares | Value | |
Japan (continued) | |||
Shimizu Corp. | 15,300 | $ 102,420 | |
Shionogi & Co. Ltd. | 5,300 | 254,381 | |
Shizuoka Financial Group, Inc. | 10,200 | 93,228 | |
SoftBank Corp. | 60,800 | 807,779 | |
Sompo Holdings, Inc. | 7,300 | 378,515 | |
Subaru Corp. | 10,700 | 213,458 | |
SUMCO Corp. | 4,800 | 72,770 | |
Sumitomo Chemical Co. Ltd. | 82,600 | 194,488 | |
Sumitomo Corp. | 9,500 | 218,479 | |
Sumitomo Electric Industries Ltd. | 15,500 | 206,020 | |
Sumitomo Mitsui Financial Group, Inc. | 13,900 | 722,986 | |
Sumitomo Mitsui Trust Holdings, Inc. | 14,400 | 295,103 | |
Suntory Beverage & Food Ltd. | 5,700 | 185,961 | |
Suzuken Co. Ltd. | 5,100 | 158,309 | |
Suzuki Motor Corp. | 7,400 | 332,398 | |
Taiheiyo Cement Corp. | 9,500 | 195,532 | |
Taisei Corp. | 4,500 | 164,064 | |
Takeda Pharmaceutical Co. Ltd. | 27,500 | 808,238 | |
Teijin Ltd. | 12,200 | 112,232 | |
TIS, Inc. | 8,700 | 193,504 | |
Tobu Railway Co. Ltd. | 3,200 | 84,746 | |
Tohoku Electric Power Co., Inc. | 55,600 | 371,174 | |
Tokai Carbon Co. Ltd. | 18,400 | 129,405 | |
Tokio Marine Holdings, Inc. | 22,300 | 587,993 | |
Tokyo Gas Co. Ltd. | 25,500 | 585,782 | |
Tokyu Corp. | 9,800 | 114,996 | |
TOPPAN Holdings, Inc. | 2,400 | 66,155 | |
Toray Industries, Inc. | 41,100 | 205,353 | |
Tosoh Corp. | 14,900 | 192,130 | |
Toyo Seikan Group Holdings Ltd. | 11,300 | 179,495 | |
Toyo Suisan Kaisha Ltd. | 4,500 | 234,322 | |
Toyota Motor Corp. | 77,400 | 1,545,509 | |
Trend Micro, Inc.(3) | 3,900 | 223,117 | |
United Urban Investment Corp. | 262 | 265,282 | |
USS Co. Ltd. | 8,100 | 153,182 | |
West Japan Railway Co. | 4,600 | 191,588 | |
Yakult Honsha Co. Ltd. | 12,800 | 279,572 | |
Yamaguchi Financial Group, Inc.(1) | 12,900 | 122,615 | |
Yamato Holdings Co. Ltd. | 6,600 | 114,090 | |
Yamato Kogyo Co. Ltd. | 3,200 | 177,132 | |
Yamazaki Baking Co. Ltd. | 5,700 | 135,160 | |
Yokogawa Electric Corp. | 10,000 | 196,507 | |
Zeon Corp. | 17,700 | 160,582 | |
$ 51,723,004 |
Security | Shares | Value | |
Netherlands — 4.2% | |||
ABN AMRO Bank NV(4) | 28,000 | $ 412,087 | |
Aegon Ltd.(1) | 67,600 | 398,802 | |
Argenx SE(3) | 700 | 264,342 | |
ASML Holding NV | 2,989 | 2,593,220 | |
ASR Nederland NV | 9,400 | 442,989 | |
Corbion NV | 20,000 | 387,287 | |
Euronext NV(4) | 3,900 | 343,033 | |
Immatics NV(3) | 18,000 | 204,480 | |
JDE Peet's NV(1) | 24,360 | 601,335 | |
Koninklijke Ahold Delhaize NV | 50,612 | 1,423,369 | |
Koninklijke KPN NV | 203,150 | 691,064 | |
Koninklijke Philips NV(3) | 83,211 | 1,760,375 | |
NN Group NV | 11,750 | 481,612 | |
NSI NV | 5,968 | 127,542 | |
Pharming Group NV(3) | 127,000 | 160,107 | |
Prosus NV | 65,329 | 1,932,232 | |
Randstad NV | 6,350 | 361,062 | |
SBM Offshore NV(1) | 23,217 | 295,573 | |
Universal Music Group NV(1) | 49,600 | 1,462,095 | |
Van Lanschot Kempen NV | 2,900 | 87,312 | |
Vastned Retail NV(1) | 7,610 | 167,974 | |
Wolters Kluwer NV | 11,620 | 1,712,986 | |
$ 16,310,878 | |||
New Zealand — 1.1% | |||
a2 Milk Co. Ltd.(1)(3) | 164,890 | $ 518,969 | |
Argosy Property Ltd. | 225,595 | 159,694 | |
Auckland International Airport Ltd.(1) | 60,252 | 310,311 | |
Contact Energy Ltd. | 70,451 | 347,216 | |
EBOS Group Ltd.(1) | 4,100 | 93,891 | |
Fisher & Paykel Healthcare Corp. Ltd. | 32,551 | 470,135 | |
Goodman Property Trust(1) | 267,638 | 365,983 | |
Heartland Group Holdings Ltd. | 53,899 | 45,691 | |
Infratil Ltd. | 32,311 | 208,438 | |
Meridian Energy Ltd. | 52,500 | 177,859 | |
SKYCITY Entertainment Group Ltd.(1) | 181,639 | 209,907 | |
Spark New Zealand Ltd. | 182,931 | 593,515 | |
Vulcan Steel Ltd.(1) | 20,400 | 98,659 | |
Xero Ltd.(3) | 7,814 | 559,315 | |
$ 4,159,583 | |||
Norway — 2.1% | |||
Aker ASA, Class A | 3,200 | $ 190,149 | |
ArcticZymes Technologies ASA(1)(3) | 12,002 | 45,911 | |
Atea ASA | 25,789 | 343,660 | |
Austevoll Seafood ASA | 15,900 | 115,263 |
Security | Shares | Value | |
Norway (continued) | |||
Borregaard ASA | 13,695 | $ 232,901 | |
Crayon Group Holding ASA(3)(4) | 23,649 | 198,812 | |
DNB Bank ASA | 39,720 | 772,145 | |
Elkem ASA(4) | 88,300 | 183,223 | |
Elmera Group ASA(4) | 31,479 | 96,422 | |
Entra ASA(4) | 11,383 | 124,233 | |
Equinor ASA | 37,489 | 1,072,826 | |
Europris ASA(4) | 37,474 | 280,872 | |
Gjensidige Forsikring ASA | 15,800 | 254,135 | |
Golden Ocean Group Ltd. | 10,700 | 112,834 | |
Grieg Seafood ASA | 14,900 | 93,551 | |
Hoegh Autoliners ASA | 18,000 | 180,750 | |
Kitron ASA | 67,100 | 204,237 | |
Kongsberg Gruppen ASA | 7,920 | 403,630 | |
Mowi ASA | 27,800 | 500,409 | |
Nykode Therapeutics ASA(3) | 64,600 | 110,535 | |
Opera Ltd. ADR(1) | 7,000 | 76,860 | |
Orkla ASA | 54,407 | 426,177 | |
REC Silicon ASA(3) | 93,387 | 109,119 | |
Scatec ASA(3)(4) | 15,637 | 116,271 | |
Schibsted ASA, Class B | 13,034 | 373,414 | |
Telenor ASA | 62,609 | 693,665 | |
Veidekke ASA | 20,997 | 191,565 | |
Yara International ASA | 17,014 | 562,358 | |
$ 8,065,927 | |||
Portugal — 1.1% | |||
Banco Comercial Portugues SA, Class R(3) | 2,133,053 | $ 620,497 | |
Corticeira Amorim SGPS SA(1) | 24,738 | 252,563 | |
CTT-Correios de Portugal SA | 79,156 | 314,077 | |
EDP - Energias de Portugal SA | 138,695 | 618,640 | |
Galp Energia SGPS SA | 49,929 | 785,969 | |
Jeronimo Martins SGPS SA | 27,221 | 619,096 | |
Navigator Co. SA | 121,708 | 501,502 | |
NOS SGPS SA | 75,448 | 267,140 | |
REN - Redes Energeticas Nacionais SGPS SA | 47,100 | 115,724 | |
$ 4,095,208 | |||
Singapore — 4.0% | |||
AEM Holdings Ltd.(1) | 52,700 | $ 104,866 | |
BW LPG Ltd.(4) | 21,391 | 263,263 | |
CapitaLand Ascott Trust | 258,525 | 184,311 | |
CapitaLand Integrated Commercial Trust | 206,800 | 308,291 | |
City Developments Ltd. | 29,900 | 135,710 | |
ComfortDelGro Corp. Ltd. | 138,300 | 143,844 | |
DBS Group Holdings Ltd. | 46,900 | 1,110,840 |
Security | Shares | Value | |
Singapore (continued) | |||
ESR-LOGOS REIT(1) | 614,800 | $ 141,944 | |
Flex Ltd.(3) | 57,100 | 1,355,554 | |
Frasers Centrepoint Trust | 125,300 | 214,316 | |
Frasers Logistics & Commercial Trust(2) | 288,100 | 239,826 | |
Genting Singapore Ltd. | 1,320,600 | 991,776 | |
Grab Holdings Ltd., Class A(3) | 119,200 | 365,944 | |
Haw Par Corp. Ltd. | 16,900 | 119,455 | |
Jardine Cycle & Carriage Ltd. | 8,600 | 165,946 | |
Keppel Ltd. | 85,100 | 452,201 | |
Keppel REIT | 302,800 | 208,240 | |
Lendlease Global Commercial REIT(1) | 252,800 | 118,368 | |
Mapletree Industrial Trust | 78,910 | 143,723 | |
Netlink NBN Trust(2) | 282,500 | 177,825 | |
Parkway Life Real Estate Investment Trust | 33,400 | 87,525 | |
Raffles Medical Group Ltd. | 240,800 | 180,952 | |
SATS Ltd.(3) | 98,900 | 201,928 | |
Sea Ltd. ADR(3) | 25,800 | 984,012 | |
Sembcorp Industries Ltd. | 282,100 | 1,187,215 | |
Sheng Siong Group Ltd. | 356,700 | 414,216 | |
Singapore Airlines Ltd.(1) | 77,300 | 383,662 | |
Singapore Exchange Ltd. | 63,800 | 445,492 | |
Singapore Post Ltd. | 292,300 | 89,212 | |
Singapore Technologies Engineering Ltd. | 118,800 | 329,187 | |
Singapore Telecommunications Ltd.(6) | 493,100 | 879,958 | |
Singapore Telecommunications Ltd.(6) | 84,700 | 149,773 | |
Suntec Real Estate Investment Trust(1) | 241,900 | 213,846 | |
UMS Holdings Ltd. | 83,625 | 79,274 | |
United Overseas Bank Ltd. | 41,800 | 881,083 | |
UOL Group Ltd. | 49,700 | 230,786 | |
Venture Corp. Ltd. | 32,100 | 319,798 | |
Wilmar International Ltd. | 681,500 | 1,668,781 | |
$ 15,672,943 | |||
Spain — 4.1% | |||
ACS Actividades de Construccion y Servicios SA(1) | 15,640 | $ 617,162 | |
Aena SME SA(4) | 4,171 | 737,880 | |
Almirall SA | 40,254 | 381,845 | |
Banco de Sabadell SA | 103,800 | 134,726 | |
Banco Santander SA | 300,673 | 1,208,423 | |
Bankinter SA(1) | 35,852 | 221,355 | |
CaixaBank SA | 87,466 | 372,954 | |
Cellnex Telecom SA(3)(4) | 49,784 | 1,915,557 | |
Cia de Distribucion Integral Logista Holdings SA | 10,797 | 305,393 | |
Enagas SA | 10,500 | 170,938 | |
Ence Energia y Celulosa SA(1) | 53,521 | 169,224 | |
Endesa SA | 9,600 | 190,195 |
Security | Shares | Value | |
Spain (continued) | |||
Grifols SA(3) | 58,531 | $ 637,563 | |
Iberdrola SA | 121,018 | 1,457,172 | |
Indra Sistemas SA(1) | 17,300 | 307,148 | |
Industria de Diseno Textil SA | 48,025 | 2,053,422 | |
Laboratorios Farmaceuticos Rovi SA | 4,800 | 331,068 | |
Mapfre SA | 69,417 | 152,850 | |
Merlin Properties Socimi SA | 81,900 | 834,006 | |
Redeia Corp. SA | 12,178 | 202,643 | |
Repsol SA | 142,466 | 2,103,978 | |
Sacyr SA | 104,254 | 343,699 | |
Telefonica SA | 44,641 | 181,637 | |
Tubacex SA | 28,949 | 106,578 | |
Vidrala SA | 4,922 | 493,334 | |
Viscofan SA(1) | 6,768 | 396,250 | |
$ 16,027,000 | |||
Sweden — 4.2% | |||
AcadeMedia AB(4) | 13,600 | $ 74,267 | |
Alfa Laval AB | 4,650 | 170,622 | |
Arjo AB, Class B | 29,560 | 138,358 | |
Assa Abloy AB, Class B | 7,310 | 200,482 | |
Atrium Ljungberg AB, Class B | 7,700 | 153,813 | |
Attendo AB(3)(4) | 28,200 | 110,324 | |
Betsson AB, Class B | 10,576 | 115,100 | |
Bilia AB, Class A | 7,790 | 94,176 | |
Billerud Aktiebolag(1) | 35,911 | 319,324 | |
BioArctic AB(1)(3)(4) | 4,601 | 99,796 | |
BioGaia AB, Class B | 14,545 | 156,864 | |
Boliden AB | 11,400 | 302,586 | |
BoneSupport Holding AB(3)(4) | 8,100 | 160,366 | |
Calliditas Therapeutics AB, Class B(3) | 13,500 | 147,128 | |
Camurus AB(3) | 2,240 | 111,049 | |
Catena AB(1) | 3,500 | 149,228 | |
Cibus Nordic Real Estate AB(1) | 5,400 | 63,625 | |
Dios Fastigheter AB | 19,400 | 150,477 | |
Electrolux AB, Class B(3) | 7,800 | 72,961 | |
Elekta AB, Class B(1) | 29,760 | 224,560 | |
Embracer Group AB(3) | 60,090 | 114,680 | |
Epiroc AB, Class A | 7,626 | 134,742 | |
Epiroc AB, Class B | 7,415 | 115,614 | |
Essity AB, Class B | 69,335 | 1,628,214 | |
Evolution AB(4) | 6,498 | 758,730 | |
Fabege AB | 17,418 | 163,135 | |
Getinge AB, Class B | 14,100 | 301,417 | |
H & M Hennes & Mauritz AB, Class B(1) | 23,900 | 337,199 | |
Hemnet Group AB | 11,500 | 310,475 |
Security | Shares | Value | |
Sweden (continued) | |||
Hexagon AB, Class B | 74,900 | $ 817,428 | |
Holmen AB, Class B | 9,816 | 386,842 | |
Hufvudstaden AB, Class A | 17,000 | 219,825 | |
Investor AB, Class A | 8,895 | 207,449 | |
Investor AB, Class B | 18,400 | 433,224 | |
JM AB(1) | 7,000 | 113,987 | |
Kindred Group PLC SDR | 12,900 | 151,758 | |
L E Lundbergforetagen AB, Class B | 2,400 | 125,138 | |
Loomis AB | 3,200 | 87,610 | |
Millicom International Cellular SA SDR(3) | 10,400 | 178,407 | |
Modern Times Group MTG AB, Class B(3) | 20,400 | 156,142 | |
Munters Group AB(4) | 3,200 | 51,076 | |
Mycronic AB(1) | 5,008 | 139,292 | |
Nyfosa AB | 14,073 | 125,874 | |
Oatly Group AB ADR(1)(3) | 95,600 | 108,028 | |
Orron Energy AB(1)(3) | 29,152 | 20,052 | |
Pandox AB | 17,478 | 239,663 | |
Paradox Interactive AB | 8,600 | 168,488 | |
Saab AB, Class B | 1,591 | 102,446 | |
Sandvik AB | 8,920 | 187,462 | |
Securitas AB, Class B | 12,200 | 118,511 | |
Skandinaviska Enskilda Banken AB, Class A | 27,300 | 387,718 | |
Skanska AB, Class B(1) | 5,700 | 98,836 | |
SKF AB, Class B | 6,500 | 128,083 | |
SkiStar AB(1) | 4,900 | 61,545 | |
Spotify Technology SA(3) | 700 | 150,745 | |
Stillfront Group AB(3) | 88,200 | 91,406 | |
Svenska Cellulosa AB SCA, Class B | 48,764 | 663,869 | |
Svenska Handelsbanken AB, Class A | 35,800 | 385,936 | |
Swedbank AB, Class A | 16,600 | 338,274 | |
Swedish Orphan Biovitrum AB(3) | 15,239 | 427,730 | |
Tele2 AB, Class B | 35,620 | 303,697 | |
Telefonaktiebolaget LM Ericsson, Class B | 127,900 | 709,010 | |
Telia Co. AB(1) | 140,300 | 361,858 | |
Tethys Oil AB | 12,500 | 49,251 | |
Trelleborg AB, Class B | 4,800 | 146,098 | |
Volvo AB, Class A | 4,800 | 118,009 | |
Volvo AB, Class B | 12,650 | 303,161 | |
Wallenstam AB, Class B(1) | 49,600 | 248,980 | |
Wihlborgs Fastigheter AB | 24,144 | 215,839 | |
$ 16,208,059 | |||
Switzerland — 9.1% | |||
ABB Ltd. | 40,917 | $ 1,731,272 | |
ALSO Holding AG | 1,032 | 302,135 | |
Avolta AG(3) | 6,186 | 236,335 |
Security | Shares | Value | |
Switzerland (continued) | |||
Baloise Holding AG | 3,442 | $ 549,829 | |
Banque Cantonale Vaudoise(1) | 3,704 | 474,247 | |
BKW AG | 1,229 | 195,249 | |
Cembra Money Bank AG | 4,048 | 312,109 | |
Cie Financiere Richemont SA, Class A | 26,346 | 3,913,291 | |
Clariant AG | 47,735 | 611,088 | |
DKSH Holding AG | 3,161 | 221,190 | |
DSM-Firmenich AG | 13,608 | 1,438,781 | |
Flughafen Zurich AG | 667 | 137,619 | |
Forbo Holding AG | 151 | 177,541 | |
Galenica AG(4) | 4,789 | 422,306 | |
Givaudan SA | 428 | 1,779,854 | |
Helvetia Holding AG(1) | 2,514 | 363,073 | |
Holcim AG | 28,970 | 2,212,695 | |
Huber & Suhner AG | 3,060 | 219,472 | |
Intershop Holding AG | 234 | 167,891 | |
Kuehne & Nagel International AG | 1,484 | 502,897 | |
Landis & Gyr Group AG | 4,448 | 364,721 | |
LEM Holding SA | 128 | 292,062 | |
Logitech International SA | 15,642 | 1,311,320 | |
Meyer Burger Technology AG(1)(3) | 557,106 | 71,657 | |
Nestle SA | 41,003 | 4,672,314 | |
Novartis AG | 20,129 | 2,081,615 | |
PSP Swiss Property AG | 4,783 | 636,603 | |
Roche Holding AG | 6,978 | 1,986,751 | |
Sandoz Group AG(3) | 5,640 | 193,424 | |
Schindler Holding AG | 493 | 117,354 | |
Schindler Holding AG PC | 2,311 | 575,644 | |
SFS Group AG | 1,848 | 221,870 | |
SGS SA | 5,275 | 487,441 | |
Stadler Rail AG | 9,144 | 291,891 | |
Swatch Group AG | 6,297 | 286,507 | |
Swatch Group AG, Bearer Shares | 1,819 | 427,026 | |
Swiss Life Holding AG | 736 | 528,542 | |
Swiss Prime Site AG | 7,629 | 772,706 | |
Swiss Re AG | 7,820 | 895,393 | |
Swisscom AG | 2,008 | 1,201,353 | |
u-blox Holding AG(1) | 1,652 | 162,816 | |
Valiant Holding AG | 2,200 | 263,495 | |
Zurich Insurance Group AG | 2,789 | 1,417,062 | |
$ 35,228,441 | |||
United Kingdom — 8.7% | |||
Admiral Group PLC | 6,400 | $ 203,502 | |
Airtel Africa PLC(4) | 207,600 | 294,831 | |
Assura PLC | 414,500 | 233,232 |
Security | Shares | Value | |
United Kingdom (continued) | |||
AstraZeneca PLC | 15,470 | $ 2,050,964 | |
Aviva PLC | 50,042 | 273,158 | |
B&M European Value Retail SA | 40,600 | 266,081 | |
BAE Systems PLC | 37,633 | 560,599 | |
Balfour Beatty PLC | 28,400 | 119,425 | |
Barratt Developments PLC | 29,700 | 202,415 | |
Berkeley Group Holdings PLC | 4,063 | 246,033 | |
Big Yellow Group PLC | 17,197 | 248,669 | |
British American Tobacco PLC | 25,200 | 742,987 | |
British Land Co. PLC | 45,700 | 219,667 | |
BT Group PLC | 375,800 | 532,408 | |
Bunzl PLC | 5,300 | 215,391 | |
Burberry Group PLC | 10,790 | 177,732 | |
Centamin PLC | 159,300 | 194,063 | |
Compass Group PLC | 31,363 | 863,855 | |
Computacenter PLC | 11,000 | 401,866 | |
Darktrace PLC(3) | 67,700 | 293,548 | |
Derwent London PLC | 8,900 | 239,871 | |
Direct Line Insurance Group PLC(3) | 42,288 | 90,241 | |
Flutter Entertainment PLC(3) | 7,124 | 1,462,245 | |
Fresnillo PLC | 32,200 | 215,375 | |
Glencore PLC | 180,300 | 953,960 | |
Grainger PLC | 69,506 | 230,821 | |
Great Portland Estates PLC | 23,683 | 124,613 | |
GSK PLC | 50,300 | 994,820 | |
Hays PLC | 79,300 | 98,677 | |
Hiscox Ltd. | 11,000 | 144,371 | |
HSBC Holdings PLC | 144,800 | 1,130,555 | |
IG Group Holdings PLC | 14,640 | 131,557 | |
Imperial Brands PLC | 17,400 | 417,689 | |
Inchcape PLC | 19,600 | 168,771 | |
Informa PLC | 73,700 | 723,848 | |
Intertek Group PLC | 4,100 | 232,719 | |
Johnson Matthey PLC | 9,541 | 196,124 | |
Kingfisher PLC | 51,100 | 142,075 | |
Land Securities Group PLC | 52,900 | 445,984 | |
London Stock Exchange Group PLC | 4,313 | 487,861 | |
LXI REIT PLC(2) | 234,300 | 312,486 | |
Manchester United PLC, Class A(1)(3) | 17,100 | 331,056 | |
National Grid PLC | 169,365 | 2,255,790 | |
NCC Group PLC | 72,058 | 110,449 | |
Next PLC | 3,900 | 416,350 | |
Pearson PLC | 16,014 | 196,456 | |
Phoenix Group Holdings PLC | 25,700 | 164,085 | |
Primary Health Properties PLC | 125,322 | 153,774 | |
QinetiQ Group PLC | 30,200 | 136,390 |
Security | Shares | Value | |
United Kingdom (continued) | |||
Reckitt Benckiser Group PLC | 10,600 | $ 766,389 | |
RELX PLC | 20,980 | 865,930 | |
Rentokil Initial PLC | 39,000 | 200,840 | |
Rio Tinto PLC | 17,442 | 1,207,325 | |
Rolls-Royce Holdings PLC(3) | 102,400 | 388,757 | |
Sage Group PLC | 79,400 | 1,182,101 | |
Severn Trent PLC | 24,400 | 802,053 | |
Shaftesbury Capital PLC | 186,585 | 314,319 | |
Shell PLC | 92,603 | 2,870,907 | |
Smiths Group PLC | 12,200 | 250,022 | |
Spectris PLC | 11,200 | 521,398 | |
Spirent Communications PLC | 155,600 | 232,118 | |
Standard Chartered PLC | 38,500 | 290,965 | |
Supermarket Income Reit PLC | 214,900 | 220,098 | |
U.K. Commercial Property REIT Ltd. | 180,544 | 146,246 | |
Unilever PLC | 25,321 | 1,232,125 | |
Vodafone Group PLC | 1,163,000 | 988,713 | |
Whitbread PLC | 6,200 | 281,033 | |
$ 33,810,778 | |||
Total Common Stocks (identified cost $332,950,705) | $386,786,366 |
Warrants — 0.0% |
Security | Shares | Value | |
Webuild SpA, Exp. 8/2/30(1)(3)(5) | 15,093 | $ 0 | |
Total Warrants (identified cost $0) | $ 0 |
Short-Term Investments — 2.7% |
Affiliated Fund — 0.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(7) | 662,721 | $ 662,721 | |
Total Affiliated Fund (identified cost $662,721) | $ 662,721 |
Securities Lending Collateral — 2.5% |
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(8) | 9,867,402 | $ 9,867,402 | |
Total Securities Lending Collateral (identified cost $9,867,402) | $ 9,867,402 | ||
Total Short-Term Investments (identified cost $10,530,123) | $ 10,530,123 |
Total Investments — 102.2% (identified cost $343,480,828) | $397,316,489 | ||
Other Assets, Less Liabilities — (2.2)% | $ (8,383,456) | ||
Net Assets — 100.0% | $388,933,033 |
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 January 31, 2024. The aggregate market value of securities on loan at January 31, 2024 was $17,674,446. |
(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 January 31, 2024, the aggregate value of these securities is $1,698,729 or 0.4% of the Fund's net assets. |
(3) | Non-income producing security. |
(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 January 31, 2024, the aggregate value of these securities is $11,630,112 or 3.0% of the Fund's net assets. |
(5) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11). |
(6) | Securities are traded on separate exchanges for the same entity. |
(7) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2024. |
(8) | Represents investment of cash collateral received in connection with securities lending. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Financials | 11.6% | $44,910,039 |
Industrials | 11.4 | 44,228,780 |
Consumer Discretionary | 10.5 | 40,695,056 |
Health Care | 10.1 | 39,151,803 |
Consumer Staples | 10.0 | 39,016,112 |
Materials | 9.0 | 34,981,842 |
Communication Services | 8.8 | 34,197,074 |
Information Technology | 8.7 | 33,931,040 |
Real Estate | 7.3 | 28,519,726 |
Utilities | 7.0 | 27,274,856 |
Energy | 5.1 | 19,880,038 |
Short-Term Investments | 2.7 | 10,530,123 |
Total Investments | 102.2% | $397,316,489 |
Abbreviations: | |
ADR | – American Depositary Receipt |
CDI | – CHESS Depositary Interest |
PC | – Participation Certificate |
PFC Shares | – Preference Shares |
SDR | – Swedish Depositary Receipt |
January 31, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $342,818,107) — including $17,674,446 of securities on loan | $ 396,653,768 |
Affiliated investments, at value (identified cost $662,721) | 662,721 |
Foreign currency, at value (identified cost $594,200) | 590,553 |
Dividends receivable | 367,676 |
Dividends receivable from affiliated investments | 4,184 |
Receivable for Fund shares sold | 208,432 |
Securities lending income receivable | 18,186 |
Tax reclaims receivable | 1,477,391 |
Receivable from affiliates | 37,701 |
Trustees' deferred compensation plan | 28,596 |
Total assets | $400,049,208 |
Liabilities | |
Collateral for securities loaned | $ 9,867,402 |
Payable for Fund shares redeemed | 757,764 |
Payable to affiliates: | |
Investment adviser and administration fee | 133,212 |
Distribution and service fees | 9,222 |
Trustees' deferred compensation plan | 28,596 |
Accrued expenses | 319,979 |
Total liabilities | $ 11,116,175 |
Net Assets | $388,933,033 |
Sources of Net Assets | |
Paid-in capital | $ 354,338,663 |
Distributable earnings | 34,594,370 |
Net Assets | $388,933,033 |
Class A Shares | |
Net Assets | $ 35,703,997 |
Shares Outstanding | 2,565,466 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.92 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 14.69 |
Class I Shares | |
Net Assets | $ 209,951,549 |
Shares Outstanding | 15,033,475 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.97 |
Class R Shares | |
Net Assets | $ 3,516,964 |
Shares Outstanding | 254,956 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.79 |
January 31, 2024 | |
Class R6 Shares | |
Net Assets | $139,760,523 |
Shares Outstanding | 10,031,459 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.93 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
January 31, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $1,754,415) | $ 15,271,640 |
Dividend income from affiliated investments | 37,472 |
Securities lending income, net | 265,397 |
Total investment income | $15,574,509 |
Expenses | |
Investment adviser and administration fee | $ 1,758,914 |
Distribution and service fees: | |
Class A | 107,834 |
Class R | 27,890 |
Trustees’ fees and expenses | 27,732 |
Custodian fee | 201,944 |
Transfer and dividend disbursing agent fees | 273,314 |
Legal and accounting services | 105,399 |
Printing and postage | 26,911 |
Registration fees | 66,063 |
Interest expense and fees | 52,700 |
Miscellaneous | 11,960 |
Total expenses | $ 2,660,661 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 314,166 |
Total expense reductions | $ 314,166 |
Net expenses | $ 2,346,495 |
Net investment income | $13,228,014 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (5,783,887) |
Investment transactions - affiliated investments | 517,100 |
Foreign currency transactions | (46,227) |
Net realized loss | $ (5,313,014) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 14,417,202 |
Investments - affiliated investments | (548,384) |
Foreign currency | 15,674 |
Net change in unrealized appreciation (depreciation) | $13,884,492 |
Net realized and unrealized gain | $ 8,571,478 |
Net increase in net assets from operations | $21,799,492 |
Year Ended January 31, | ||
2024 | 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 13,228,014 | $ 14,701,131 |
Net realized loss | (5,313,014) | (4,310,896) |
Net change in unrealized appreciation (depreciation) | 13,884,492 | (58,144,384) |
Net increase (decrease) in net assets from operations | $ 21,799,492 | $ (47,754,149) |
Distributions to shareholders: | ||
Class A | $ (1,097,038) | $ (2,055,430) |
Class I | (7,012,480) | (11,808,544) |
Class R | (86,637) | (254,341) |
Class R6 | (4,656,983) | (5,080,084) |
Total distributions to shareholders | $ (12,853,138) | $ (19,198,399) |
Transactions in shares of beneficial interest: | ||
Class A | $ (21,774,136) | $ (33,199,930) |
Class I | (77,247,967) | (92,003,049) |
Class R | (3,799,256) | (1,089,432) |
Class R6 | 10,861,540 | 2,753,594 |
Net decrease in net assets from Fund share transactions | $ (91,959,819) | $(123,538,817) |
Net decrease in net assets | $ (83,013,465) | $(190,491,365) |
Net Assets | ||
At beginning of year | $ 471,946,498 | $ 662,437,863 |
At end of year | $388,933,033 | $ 471,946,498 |
Class A | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 13.60 | $ 14.97 | $ 14.89 | $ 13.67 | $ 12.56 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.40 | $ 0.35 | $ 0.38 | $ 0.25 | $ 0.30 |
Net realized and unrealized gain (loss) | 0.34 | (1.22) | 0.40 | 1.17 | 1.14 |
Total income (loss) from operations | $ 0.74 | $ (0.87) | $ 0.78 | $ 1.42 | $ 1.44 |
Less Distributions | |||||
From net investment income | $ (0.42) | $ (0.30) | $ (0.42) | $ (0.19) | $ (0.27) |
From net realized gain | — | (0.20) | (0.28) | (0.01) | (0.06) |
Total distributions | $ (0.42) | $ (0.50) | $ (0.70) | $ (0.20) | $ (0.33) |
Net asset value — End of year | $ 13.92 | $ 13.60 | $ 14.97 | $ 14.89 | $ 13.67 |
Total Return(2) | 5.44% | (5.51)% | 5.18% | 10.35% | 11.53% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $35,704 | $56,337 | $99,423 | $113,340 | $103,801 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.83% (4) | 0.83% (4) | 0.79% | 0.82% | 0.81% |
Net expenses | 0.76% (4)(5) | 0.76% (4)(5) | 0.75% | 0.75% | 0.75% |
Net investment income | 2.93% | 2.64% | 2.36% | 1.90% | 2.24% |
Portfolio Turnover | 34% | 14% | 22% | 16% | 27% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes interest expense and fees of 0.01%. |
(5) | 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 years ended January 31, 2024 and 2023). |
Class I | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 13.66 | $ 15.06 | $ 14.98 | $ 13.74 | $ 12.61 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.42 | $ 0.38 | $ 0.41 | $ 0.28 | $ 0.30 |
Net realized and unrealized gain (loss) | 0.36 | (1.23) | 0.42 | 1.20 | 1.19 |
Total income (loss) from operations | $ 0.78 | $ (0.85) | $ 0.83 | $ 1.48 | $ 1.49 |
Less Distributions | |||||
From net investment income | $ (0.47) | $ (0.35) | $ (0.47) | $ (0.23) | $ (0.30) |
From net realized gain | — | (0.20) | (0.28) | (0.01) | (0.06) |
Total distributions | $ (0.47) | $ (0.55) | $ (0.75) | $ (0.24) | $ (0.36) |
Net asset value — End of year | $ 13.97 | $ 13.66 | $ 15.06 | $ 14.98 | $ 13.74 |
Total Return(2) | 5.67% | (5.30)% | 5.45% | 10.75% | 11.79% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $209,952 | $281,658 | $417,559 | $400,149 | $359,605 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.58% (4) | 0.58% (4) | 0.54% | 0.57% | 0.56% |
Net expenses | 0.51% (4)(5) | 0.51% (4)(5) | 0.50% | 0.50% | 0.50% |
Net investment income | 3.07% | 2.84% | 2.57% | 2.11% | 2.21% |
Portfolio Turnover | 34% | 14% | 22% | 16% | 27% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes interest expense and fees of 0.01%. |
(5) | 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 years ended January 31, 2024 and 2023). |
Class R | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 13.45 | $ 14.83 | $ 14.79 | $ 13.59 | $ 12.49 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.39 | $ 0.30 | $ 0.29 | $ 0.20 | $ 0.24 |
Net realized and unrealized gain (loss) | 0.29 | (1.20) | 0.45 | 1.18 | 1.17 |
Total income (loss) from operations | $ 0.68 | $ (0.90) | $ 0.74 | $ 1.38 | $ 1.41 |
Less Distributions | |||||
From net investment income | $ (0.34) | $ (0.28) | $ (0.42) | $ (0.17) | $ (0.25) |
From net realized gain | — | (0.20) | (0.28) | (0.01) | (0.06) |
Total distributions | $ (0.34) | $ (0.48) | $ (0.70) | $ (0.18) | $ (0.31) |
Net asset value — End of year | $13.79 | $13.45 | $14.83 | $14.79 | $13.59 |
Total Return(2) | 5.06% | (5.77)% | 4.93% | 10.20% | 11.25% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 3,517 | $ 7,248 | $ 9,157 | $ 5,082 | $ 3,713 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 1.08% (4) | 1.08% (4) | 1.04% | 1.07% | 1.06% |
Net expenses | 1.01% (4)(5) | 1.01% (4)(5) | 1.00% | 1.00% | 1.00% |
Net investment income | 2.86% | 2.31% | 1.83% | 1.55% | 1.79% |
Portfolio Turnover | 34% | 14% | 22% | 16% | 27% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes interest expense and fees of 0.01%. |
(5) | 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 years ended January 31, 2024 and 2023). |
Class R6 | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 13.63 | $ 15.04 | $ 14.96 | $ 13.73 | $ 12.60 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.40 | $ 0.37 | $ 0.42 | $ 0.27 | $ 0.34 |
Net realized and unrealized gain (loss) | 0.38 | (1.22) | 0.42 | 1.20 | 1.16 |
Total income (loss) from operations | $ 0.78 | $ (0.85) | $ 0.84 | $ 1.47 | $ 1.50 |
Less Distributions | |||||
From net investment income | $ (0.48) | $ (0.36) | $ (0.48) | $ (0.23) | $ (0.31) |
From net realized gain | — | (0.20) | (0.28) | (0.01) | (0.06) |
Total distributions | $ (0.48) | $ (0.56) | $ (0.76) | $ (0.24) | $ (0.37) |
Net asset value — End of year | $ 13.93 | $ 13.63 | $ 15.04 | $ 14.96 | $ 13.73 |
Total Return(2) | 5.70% | (5.29)% | 5.51% | 10.75% | 11.85% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $139,761 | $126,703 | $136,299 | $150,071 | $112,074 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.55% (4) | 0.55% (4) | 0.51% | 0.54% | 0.53% |
Net expenses | 0.48% (4)(5) | 0.48% (4)(5) | 0.47% | 0.47% | 0.47% |
Net investment income | 2.92% | 2.78% | 2.61% | 2.07% | 2.56% |
Portfolio Turnover | 34% | 14% | 22% | 16% | 27% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | Includes interest expense and fees of 0.01%. |
(5) | 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 years ended January 31, 2024 and 2023). |
Year Ended January 31, | ||
2024 | 2023 | |
Ordinary income | $12,853,138 | $12,546,353 |
Long-term capital gains | $ — | $ 6,652,046 |
Deferred capital losses | $(14,260,367) |
Net unrealized appreciation | 48,854,737 |
Distributable earnings | $ 34,594,370 |
Aggregate cost | $ 348,472,409 |
Gross unrealized appreciation | $ 85,039,691 |
Gross unrealized depreciation | (36,195,611) |
Net unrealized appreciation | $ 48,844,080 |
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% |
Year Ended January 31, 2024 | Year Ended January 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 271,791 | $ 3,689,671 | 1,151,916 | $ 15,242,063 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 78,178 | 1,094,491 | 163,284 | 2,041,048 | |
Redemptions | (1,926,260) | (26,558,298) | (3,812,887) | (50,483,041) | |
Net decrease | (1,576,291) | $ (21,774,136) | (2,497,687) | $ (33,199,930) |
Year Ended January 31, 2024 | Year Ended January 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Sales | 2,517,383 | $ 34,427,641 | 4,144,062 | $ 55,413,244 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 470,877 | 6,611,112 | 908,604 | 11,393,896 | |
Redemptions | (8,580,380) | (118,286,720) | (12,162,125) | (158,810,189) | |
Net decrease | (5,592,120) | $ (77,247,967) | (7,109,459) | $ (92,003,049) | |
Class R | |||||
Sales | 47,947 | $ 644,991 | 79,898 | $ 1,050,076 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 6,242 | 86,632 | 20,577 | 254,333 | |
Redemptions | (338,210) | (4,530,879) | (179,097) | (2,393,841) | |
Net decrease | (284,021) | $ (3,799,256) | (78,622) | $ (1,089,432) | |
Class R6 | |||||
Sales | 2,918,493 | $ 40,338,747 | 2,093,383 | $ 28,037,045 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 332,404 | 4,656,983 | 405,758 | 5,080,084 | |
Redemptions | (2,513,647) | (34,134,190) | (2,268,661) | (30,363,535) | |
Net increase | 737,250 | $ 10,861,540 | 230,480 | $ 2,753,594 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $ 9,866,882 | $ — | $ — | $ — | $ 9,866,882 |
Warrants | 520 | — | — | — | 520 |
Total | $9,867,402 | $ — | $ — | $ — | $9,867,402 |
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 |
Common Stocks | ||||||||
Mitsubishi UFJ Financial Group, Inc. | $1,344,848 | $ — | $ (1,313,564) | $ 517,100 | $ (548,384) | $ — | $ — | — |
Short-Term Investments | ||||||||
Liquidity Fund | 1,199,635 | 46,798,150 | (47,335,064) | — | — | 662,721 | 37,472 | 662,721 |
Total | $517,100 | $(548,384) | $662,721 | $37,472 |
• | 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 | $ 2,705,510 | $ 117,931,075 | $ 0 | $ 120,636,585 |
Developed Europe | 2,564,433 | 255,212,809 | 0 | 257,777,242 |
Developed Middle East | 1,407,590 | 6,964,949 | — | 8,372,539 |
Total Common Stocks | $ 6,677,533 | $ 380,108,833** | $ 0 | $386,786,366 |
Warrants | $ — | $ — | $ 0 | $ 0 |
Short-Term Investments: | ||||
Affiliated Fund | 662,721 | — | — | 662,721 |
Securities Lending Collateral | 9,867,402 | — | — | 9,867,402 |
Total Investments | $ 17,207,656 | $ 380,108,833 | $ 0 | $397,316,489 |
* | 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. |
Boston, Massachusetts
March 20, 2024
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management 'Classic’ (2009-2020). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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. |
One Post Office Square
Boston, MA 02109
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02109
application perceived as the next big innovation to drive the information technology (IT) sector.
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 06/30/2006 | 06/30/2006 | 0.60% | 0.98% | 1.57% |
Class A with 5.25% Maximum Sales Charge | — | — | (4.67) | (0.10) | 1.03 |
Class C at NAV | 06/30/2006 | 06/30/2006 | (0.25) | 0.22 | 0.96 |
Class C with 1% Maximum Deferred Sales Charge | — | — | (1.23) | 0.22 | 0.96 |
Class I at NAV | 06/30/2006 | 06/30/2006 | 0.78 | 1.22 | 1.82 |
Class R6 at NAV | 07/01/2014 | 06/30/2006 | 0.86 | 1.30 | 1.88 |
MSCI Emerging Markets Index | — | — | (2.94)% | 0.99% | 2.86% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I | Class R6 |
Gross | 1.65% | 2.40% | 1.40% | 1.33% |
Net | 1.50 | 2.25 | 1.25 | 1.18 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 01/31/2014 | $10,999 | N.A. |
Class I, at minimum investment | $1,000,000 | 01/31/2014 | $1,197,520 | N.A. |
Class R6, at minimum investment | $5,000,000 | 01/31/2014 | $6,026,135 | N.A. |
Sector Allocation (% of net assets)1 |
Geographic Allocation (% of common stocks) |
Top 10 Holdings (% of net assets)1 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1.1% |
Tencent Holdings Ltd. | 0.8 |
Samsung Electronics Co. Ltd. | 0.8 |
Delta Electronics Thailand PCL | 0.8 |
America Movil SAB de CV, Series B | 0.7 |
MercadoLibre, Inc. | 0.6 |
Turkcell Iletisim Hizmetleri AS | 0.6 |
Petroleo Brasileiro SA, PFC Shares | 0.6 |
Turkiye Petrol Rafinerileri AS | 0.6 |
Naspers Ltd., Class N | 0.6 |
Total | 7.2% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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. Net expense ratios reflect a contractual expense reimbursement that continues through 5/31/25. 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. |
Additional Information | |
MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. 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. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. |
Beginning Account Value (8/1/23) | Ending Account Value (1/31/24) | Expenses Paid During Period* (8/1/23 – 1/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 955.30 | $ 7.39 | 1.50% |
Class C | $1,000.00 | $ 951.30 | $11.07 | 2.25% |
Class I | $1,000.00 | $ 955.60 | $ 6.16 | 1.25% |
Class R6 | $1,000.00 | $ 956.30 | $ 5.82 | 1.18% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,017.64 | $ 7.63 | 1.50% |
Class C | $1,000.00 | $1,013.86 | $11.42 | 2.25% |
Class I | $1,000.00 | $1,018.90 | $ 6.36 | 1.25% |
Class R6 | $1,000.00 | $1,019.26 | $ 6.01 | 1.18% |
* | 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 184/365 (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 July 31, 2023. |
Common Stocks — 100.2% |
Security | Shares | Value | |
Argentina — 1.1% | |||
Bioceres Crop Solutions Corp.(1) | 2,400 | $ 32,040 | |
Central Puerto SA ADR(2) | 10,500 | 99,750 | |
Cresud SACIF y A ADR(2) | 4,131 | 37,760 | |
Grupo Financiero Galicia SA ADR(1) | 2,527 | 54,609 | |
IRSA Inversiones y Representaciones SA ADR | 153 | 1,340 | |
Loma Negra Cia Industrial Argentina SA ADR | 8,024 | 56,890 | |
MercadoLibre, Inc.(1) | 668 | 1,143,489 | |
Pampa Energia SA ADR(1) | 3,079 | 149,947 | |
Telecom Argentina SA ADR(1)(2) | 6,900 | 53,544 | |
Transportadora de Gas del Sur SA, Class B ADR(1) | 2,413 | 36,026 | |
YPF SA ADR(1) | 21,124 | 365,023 | |
$ 2,030,418 | |||
Bahrain — 0.3% | |||
Al Salam Bank BSC | 620,014 | $ 352,079 | |
GFH Financial Group BSC | 612,932 | 158,483 | |
$ 510,562 | |||
Bangladesh — 0.6% | |||
Bangladesh Export Import Co. Ltd.(3) | 66,933 | $ 50,741 | |
Beximco Pharmaceuticals Ltd. | 125,930 | 151,310 | |
City Bank PLC | 285,685 | 51,539 | |
GrameenPhone Ltd.(3) | 18,840 | 35,418 | |
Heidelberger Cement Bangladesh Ltd. | 18,065 | 40,261 | |
Jamuna Oil Co. Ltd. | 22,841 | 35,388 | |
Olympic Industries Ltd. | 41,067 | 57,096 | |
Pubali Bank PLC | 240,880 | 61,144 | |
Renata Ltd.(3) | 6,549 | 52,325 | |
Square Pharmaceuticals PLC | 171,709 | 340,991 | |
Summit Power Ltd.(1) | 107,026 | 26,522 | |
Titas Gas Transmission & Distribution Co. Ltd. | 150,108 | 37,062 | |
Unique Hotel & Resorts PLC | 114,627 | 63,124 | |
United Commercial Bank PLC | 706,424 | 76,580 | |
$ 1,079,501 | |||
Botswana — 0.5% | |||
Botswana Insurance Holdings Ltd. | 81,055 | $ 120,340 | |
First National Bank of Botswana Ltd. | 426,849 | 137,683 | |
Letshego Holdings Ltd. | 948,236 | 86,835 | |
Sechaba Breweries Holdings Ltd. | 335,128 | 569,030 | |
$ 913,888 |
Security | Shares | Value | |
Brazil — 5.2% | |||
Adecoagro SA | 10,100 | $ 103,323 | |
Alpargatas SA, PFC Shares(1) | 51,100 | 88,495 | |
Ambev SA | 142,850 | 377,135 | |
Arcos Dorados Holdings, Inc., Class A | 8,100 | 100,278 | |
Arezzo Industria e Comercio SA | 5,800 | 73,273 | |
B3 SA - Brasil Bolsa Balcao | 26,000 | 68,694 | |
Banco Bradesco SA, PFC Shares | 43,292 | 134,130 | |
CCR SA | 26,700 | 70,706 | |
Centrais Eletricas Brasileiras SA, Class B, PFC Shares | 33,600 | 310,880 | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 12,660 | 201,511 | |
Cia Energetica de Minas Gerais, PFC Shares | 41,800 | 97,194 | |
Cia Siderurgica Nacional SA | 27,600 | 98,770 | |
Cielo SA | 91,406 | 91,694 | |
Cogna Educacao SA(1) | 75,636 | 44,578 | |
Cosan SA | 39,700 | 146,399 | |
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 23,700 | 106,962 | |
Embraer SA ADR(1) | 9,248 | 170,256 | |
Eneva SA(1) | 44,400 | 114,352 | |
Engie Brasil Energia SA | 8,250 | 67,573 | |
Equatorial Energia SA | 27,300 | 195,228 | |
Fleury SA | 31,395 | 103,100 | |
Gerdau SA, PFC Shares | 16,695 | 70,899 | |
Grupo Casas Bahia SA(1) | 9,344 | 14,881 | |
Grupo De Moda Soma SA | 36,077 | 57,672 | |
Hapvida Participacoes e Investimentos SA(1)(4) | 495,920 | 388,376 | |
Hypera SA | 36,000 | 230,559 | |
Itau Unibanco Holding SA, PFC Shares | 30,120 | 199,284 | |
Itausa SA, PFC Shares | 58,543 | 118,164 | |
JBS SA | 20,225 | 95,647 | |
Klabin SA, PFC Shares | 103,800 | 89,461 | |
Localiza Rent a Car SA | 20,789 | 227,091 | |
Lojas Renner SA | 41,384 | 134,065 | |
LWSA SA(4) | 73,600 | 81,111 | |
Magazine Luiza SA(1) | 273,300 | 115,842 | |
Marfrig Global Foods SA(1) | 38,855 | 73,798 | |
Multiplan Empreendimentos Imobiliarios SA | 30,700 | 172,635 | |
Natura & Co. Holding SA(1) | 41,000 | 132,408 | |
NU Holdings Ltd., Class A(1) | 11,500 | 99,015 | |
Petroleo Brasileiro SA, PFC Shares | 137,200 | 1,120,164 | |
PRIO SA | 7,000 | 62,068 | |
Raia Drogasil SA | 30,972 | 158,161 | |
Rede D'Or Sao Luiz SA(4) | 80,300 | 440,042 | |
Rumo SA | 37,219 | 173,234 | |
Sendas Distribuidora SA | 51,145 | 141,014 | |
StoneCo Ltd., Class A(1) | 4,900 | 84,231 | |
Suzano SA | 10,620 | 110,650 |
Security | Shares | Value | |
Brazil (continued) | |||
Telefonica Brasil SA | 24,100 | $ 249,834 | |
TIM SA | 80,550 | 281,918 | |
TOTVS SA | 43,070 | 274,012 | |
Vale SA | 44,647 | 610,625 | |
Vibra Energia SA | 71,900 | 344,668 | |
WEG SA | 31,104 | 203,032 | |
YDUQS Participacoes SA | 24,300 | 94,563 | |
$ 9,413,655 | |||
Bulgaria — 0.3% | |||
CB First Investment Bank AD(1) | 101,904 | $ 175,909 | |
Chimimport AD(1) | 164,922 | 66,738 | |
MonBat AD | 28,235 | 59,619 | |
Sopharma AD | 61,906 | 203,518 | |
$ 505,784 | |||
Chile — 2.3% | |||
Aguas Andinas SA, Series A | 483,322 | $ 146,673 | |
Banco de Chile | 2,960,094 | 331,319 | |
Banco de Credito e Inversiones SA | 3,443 | 91,180 | |
Banco Santander Chile | 3,218,212 | 148,694 | |
CAP SA | 7,626 | 55,013 | |
Cencosud SA | 133,252 | 231,711 | |
Cia Cervecerias Unidas SA | 16,853 | 102,063 | |
Cia Sud Americana de Vapores SA | 4,277,766 | 307,867 | |
Colbun SA | 624,587 | 88,557 | |
Embotelladora Andina SA, Class B, PFC Shares | 51,948 | 132,364 | |
Empresa Nacional de Telecomunicaciones SA | 24,183 | 78,912 | |
Empresas CMPC SA | 98,316 | 160,147 | |
Empresas Copec SA | 75,124 | 477,416 | |
Enel Americas SA | 1,632,285 | 165,415 | |
Enel Chile SA | 1,903,814 | 114,246 | |
Falabella SA(1) | 131,123 | 311,223 | |
Parque Arauco SA | 232,299 | 371,676 | |
Quinenco SA | 9,770 | 33,158 | |
Ripley Corp. SA | 484,810 | 96,209 | |
Sociedad Matriz SAAM SA | 1,031,318 | 113,090 | |
Sociedad Quimica y Minera de Chile SA, Series B, PFC Shares | 9,400 | 403,636 | |
SONDA SA | 225,936 | 88,397 | |
Vina Concha y Toro SA | 92,943 | 99,556 | |
$ 4,148,522 | |||
China — 14.4% | |||
3SBio, Inc.(4) | 98,000 | $ 73,848 | |
AAC Technologies Holdings, Inc.(2) | 69,500 | 156,065 |
Security | Shares | Value | |
China (continued) | |||
Aier Eye Hospital Group Co. Ltd., Class A | 24,105 | $ 43,082 | |
Air China Ltd., Class H(1) | 178,000 | 99,443 | |
Alibaba Group Holding Ltd. ADR | 9,600 | 692,832 | |
Aluminum Corp. of China Ltd., Class H | 352,000 | 171,551 | |
Angang Steel Co. Ltd., Class H | 306,400 | 50,197 | |
Anhui Conch Cement Co. Ltd., Class H | 54,500 | 109,160 | |
ANTA Sports Products Ltd. | 15,000 | 126,607 | |
Baidu, Inc. ADR(1) | 3,632 | 382,486 | |
Bank of Beijing Co. Ltd., Class A | 182,760 | 129,782 | |
Bank of China Ltd., Class H | 536,000 | 201,145 | |
Bank of Ningbo Co. Ltd., Class A | 19,850 | 59,585 | |
BeiGene Ltd. ADR(1) | 2,400 | 355,752 | |
Beijing Capital International Airport Co. Ltd., Class H(1) | 308,000 | 89,149 | |
Beijing Enterprises Holdings Ltd. | 39,500 | 142,963 | |
Beijing Enterprises Water Group Ltd. | 290,000 | 70,556 | |
Beijing Originwater Technology Co. Ltd., Class A | 39,363 | 26,154 | |
BOE Technology Group Co. Ltd., Class A | 341,100 | 171,051 | |
BYD Co. Ltd., Class H | 7,654 | 171,374 | |
BYD Electronic International Co. Ltd. | 29,000 | 99,343 | |
Changchun High & New Technology Industry Group, Inc., Class A | 6,200 | 98,681 | |
Changjiang Securities Co. Ltd., Class A | 112,200 | 77,125 | |
Chengdu Xingrong Environment Co. Ltd., Class A | 125,700 | 102,196 | |
China Coal Energy Co. Ltd., Class H | 144,000 | 158,138 | |
China Communications Services Corp. Ltd., Class H | 118,000 | 48,589 | |
China Construction Bank Corp., Class H | 530,630 | 315,122 | |
China Everbright Environment Group Ltd. | 234,925 | 81,937 | |
China Gas Holdings Ltd. | 165,400 | 150,799 | |
China Jinmao Holdings Group Ltd. | 352,000 | 28,086 | |
China Life Insurance Co. Ltd., Class H | 92,000 | 106,061 | |
China Longyuan Power Group Corp. Ltd., Class H | 188,000 | 113,404 | |
China Mengniu Dairy Co. Ltd. | 58,000 | 128,512 | |
China Merchants Bank Co. Ltd., Class H | 35,024 | 127,676 | |
China Merchants Port Holdings Co. Ltd. | 42,035 | 51,971 | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | 74,674 | 91,411 | |
China National Building Material Co. Ltd., Class H | 166,000 | 58,555 | |
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | 15,200 | 35,741 | |
China Oilfield Services Ltd., Class H | 198,000 | 190,299 | |
China Overseas Land & Investment Ltd. | 115,160 | 174,213 | |
China Petroleum & Chemical Corp., Class H | 1,449,741 | 754,160 | |
China Railway Group Ltd., Class H | 281,000 | 128,512 | |
China Resources Beer Holdings Co. Ltd. | 34,000 | 122,956 | |
China Resources Gas Group Ltd. | 64,000 | 181,503 | |
China Resources Land Ltd. | 86,000 | 261,101 | |
China Resources Medical Holdings Co. Ltd. | 163,000 | 83,898 |
Security | Shares | Value | |
China (continued) | |||
China Resources Power Holdings Co. Ltd. | 139,600 | $ 282,425 | |
China Shenhua Energy Co. Ltd., Class H | 213,500 | 809,952 | |
China Shineway Pharmaceutical Group Ltd. | 110,000 | 111,191 | |
China Southern Airlines Co. Ltd., Class H(1)(2) | 108,000 | 39,956 | |
China State Construction Engineering Corp. Ltd., Class A | 156,440 | 112,254 | |
China Tourism Group Duty Free Corp. Ltd., Class A | 6,700 | 74,595 | |
China Travel International Investment Hong Kong Ltd. | 714,855 | 118,924 | |
China Vanke Co. Ltd., Class H | 149,577 | 117,687 | |
China Yangtze Power Co. Ltd., Class A | 112,600 | 382,951 | |
CITIC Ltd. | 142,000 | 137,058 | |
CMOC Group Ltd., Class H | 366,000 | 200,478 | |
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(2) | 186,000 | 172,946 | |
COSCO SHIPPING Holdings Co. Ltd., Class H | 198,866 | 208,934 | |
COSCO SHIPPING Ports Ltd. | 110,000 | 67,362 | |
Country Garden Holdings Co. Ltd.(1)(2) | 400,880 | 32,514 | |
Country Garden Services Holdings Co. Ltd. | 56,589 | 37,382 | |
CSPC Pharmaceutical Group Ltd. | 239,760 | 176,389 | |
Daqo New Energy Corp. ADR(1) | 1,900 | 34,295 | |
Dong-E-E-Jiao Co. Ltd., Class A | 16,200 | 118,568 | |
East Money Information Co. Ltd., Class A | 24,751 | 43,072 | |
Focus Media Information Technology Co. Ltd., Class A | 196,344 | 154,662 | |
Ganfeng Lithium Group Co. Ltd., Class A | 14,770 | 70,067 | |
GDS Holdings Ltd. ADR(1)(2) | 9,300 | 50,406 | |
Gemdale Corp., Class A | 80,700 | 45,455 | |
Great Wall Motor Co. Ltd., Class H(2) | 50,000 | 49,230 | |
Guangdong Baolihua New Energy Stock Co. Ltd., Class A | 86,500 | 58,803 | |
Guangdong Investment Ltd. | 186,000 | 108,134 | |
Haier Smart Home Co. Ltd., Class H | 47,553 | 134,369 | |
Han's Laser Technology Industry Group Co. Ltd., Class A | 23,400 | 53,803 | |
Hengan International Group Co. Ltd. | 24,500 | 75,864 | |
Huadian Power International Corp. Ltd., Class H | 240,000 | 115,096 | |
Huadong Medicine Co. Ltd., Class A | 32,753 | 132,128 | |
Huaneng Power International, Inc., Class H(1)(2) | 420,000 | 236,844 | |
Huayu Automotive Systems Co. Ltd., Class A | 53,308 | 120,771 | |
Hubei Energy Group Co. Ltd., Class A | 94,014 | 56,758 | |
Hundsun Technologies, Inc., Class A | 31,491 | 92,171 | |
Iflytek Co. Ltd., Class A | 34,550 | 183,826 | |
Industrial & Commercial Bank of China Ltd., Class H | 495,000 | 241,129 | |
Industrial Bank Co. Ltd., Class A | 25,302 | 55,499 | |
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(1) | 707,000 | 139,781 | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 53,200 | 200,923 | |
Innovent Biologics, Inc.(1)(4) | 44,000 | 177,272 | |
JD.com, Inc. ADR | 6,406 | 144,455 | |
Jiangsu Expressway Co. Ltd., Class H | 108,000 | 103,116 | |
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | 38,761 | 202,703 | |
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 11,800 | 150,378 |
Security | Shares | Value | |
China (continued) | |||
Jiangxi Copper Co. Ltd., Class H | 154,000 | $ 215,374 | |
Jinke Properties Group Co. Ltd., Class A(1) | 130,499 | 27,247 | |
KE Holdings, Inc. ADR | 20,700 | 293,319 | |
Kingboard Holdings Ltd. | 87,100 | 155,030 | |
Kingdee International Software Group Co. Ltd.(1) | 99,000 | 95,700 | |
Kingsoft Corp. Ltd. | 32,800 | 79,794 | |
Kunlun Energy Co. Ltd. | 338,000 | 302,813 | |
Kweichow Moutai Co. Ltd., Class A | 2,900 | 649,102 | |
Lee & Man Paper Manufacturing Ltd. | 275,000 | 73,990 | |
Lenovo Group Ltd. | 204,000 | 213,602 | |
Lepu Medical Technology Beijing Co. Ltd., Class A | 33,300 | 60,825 | |
Li Ning Co. Ltd. | 21,208 | 45,307 | |
Longfor Group Holdings Ltd.(2)(4) | 49,500 | 54,886 | |
LONGi Green Energy Technology Co. Ltd., Class A | 63,389 | 170,888 | |
Luxshare Precision Industry Co. Ltd., Class A | 71,034 | 251,896 | |
Luye Pharma Group Ltd.(1)(2)(4) | 249,500 | 83,794 | |
Maanshan Iron & Steel Co. Ltd., Class H | 286,000 | 43,242 | |
Meituan, Class B(1)(4) | 8,073 | 64,933 | |
NARI Technology Co. Ltd., Class A | 59,068 | 172,770 | |
NetEase, Inc. ADR | 3,410 | 332,952 | |
Nine Dragons Paper Holdings Ltd.(1) | 195,000 | 72,245 | |
OFILM Group Co. Ltd., Class A(1) | 65,800 | 61,263 | |
PetroChina Co. Ltd., Class H | 1,306,000 | 944,716 | |
Ping An Bank Co. Ltd., Class A | 35,488 | 46,803 | |
Ping An Insurance Group Co. of China Ltd., Class H | 44,000 | 184,956 | |
Poly Developments and Holdings Group Co. Ltd., Class A | 94,900 | 126,647 | |
Poly Property Group Co. Ltd. | 700,000 | 128,016 | |
Power Construction Corp. of China Ltd., Class A | 53,800 | 37,727 | |
SAIC Motor Corp. Ltd., Class A | 55,100 | 105,031 | |
Sanan Optoelectronics Co. Ltd., Class A | 84,900 | 130,051 | |
Shan Xi Hua Yang Group New Energy Co. Ltd., Class A | 81,150 | 109,359 | |
Shandong Gold Mining Co. Ltd., Class A | 50,680 | 145,221 | |
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 112,000 | 71,546 | |
Shanghai Electric Group Co. Ltd., Class H(1) | 282,000 | 52,775 | |
Shanghai Industrial Holdings Ltd. | 117,000 | 143,326 | |
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | 41,000 | 135,376 | |
Shenzhen Inovance Technology Co. Ltd., Class A | 10,400 | 81,111 | |
Shenzhen Investment Ltd. | 674,000 | 94,899 | |
Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd., Class A | 171,300 | 94,744 | |
Siasun Robot & Automation Co. Ltd., Class A(1) | 55,000 | 70,096 | |
Sichuan Chuantou Energy Co. Ltd., Class A | 88,600 | 191,732 | |
Sino Biopharmaceutical Ltd. | 475,500 | 171,578 | |
Sino-Ocean Group Holding Ltd.(1)(2) | 659,000 | 29,626 | |
Sinopec Shanghai Petrochemical Co. Ltd., Class H(1) | 877,000 | 118,921 | |
Sinopharm Group Co. Ltd., Class H | 60,400 | 158,821 |
Security | Shares | Value | |
China (continued) | |||
Sunny Optical Technology Group Co. Ltd. | 26,700 | $ 164,108 | |
Tencent Holdings Ltd. | 42,539 | 1,476,584 | |
Tingyi (Cayman Islands) Holding Corp. | 56,000 | 55,761 | |
Tongling Nonferrous Metals Group Co. Ltd., Class A | 424,000 | 178,539 | |
Trip.com Group Ltd. ADR(1) | 5,254 | 192,086 | |
Tsingtao Brewery Co. Ltd., Class H | 13,566 | 77,417 | |
Vnet Group, Inc. ADR(1)(2) | 14,100 | 23,970 | |
Wanhua Chemical Group Co. Ltd., Class A | 8,165 | 79,565 | |
Want Want China Holdings Ltd. | 162,920 | 89,672 | |
Weichai Power Co. Ltd., Class H | 102,742 | 181,387 | |
Weimob, Inc.(1)(2)(4) | 219,000 | 48,791 | |
WH Group Ltd.(4) | 248,121 | 146,390 | |
Wuliangye Yibin Co. Ltd., Class A | 15,200 | 268,306 | |
Wuxi Biologics Cayman, Inc.(1)(4) | 90,000 | 236,838 | |
Xiaomi Corp., Class B(1)(4) | 140,000 | 220,574 | |
Xinyi Solar Holdings Ltd. | 170,000 | 78,054 | |
Yangzijiang Financial Holding Ltd. | 326,900 | 76,470 | |
Yangzijiang Shipbuilding Holdings Ltd. | 200,300 | 250,058 | |
Yankuang Energy Group Co. Ltd., Class H | 177,000 | 363,643 | |
Yuan Longping High-tech Agriculture Co. Ltd., Class A(1) | 65,900 | 115,107 | |
Yuexiu Property Co. Ltd. | 128,000 | 80,154 | |
Yunnan Baiyao Group Co. Ltd., Class A | 29,680 | 192,421 | |
Zhaojin Mining Industry Co. Ltd., Class H | 77,500 | 72,243 | |
Zhejiang Dahua Technology Co. Ltd., Class A | 69,550 | 150,279 | |
Zhejiang Expressway Co. Ltd., Class H | 116,000 | 86,172 | |
Zhejiang Huahai Pharmaceutical Co. Ltd., Class A | 41,250 | 66,489 | |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 32,800 | 80,519 | |
Zijin Mining Group Co. Ltd., Class H | 190,000 | 281,934 | |
ZTE Corp., Class H | 155,303 | 269,881 | |
ZTO Express Cayman, Inc. ADR | 6,900 | 112,884 | |
$ 26,135,693 | |||
Colombia — 0.6% | |||
Bancolombia SA | 13,473 | $ 113,348 | |
Bancolombia SA ADR, PFC Shares | 5,355 | 168,468 | |
Cementos Argos SA | 56,456 | 92,789 | |
Ecopetrol SA | 794,069 | 476,159 | |
Geopark Ltd.(2) | 6,700 | 58,893 | |
Grupo de Inversiones Suramericana SA | 5,521 | 46,080 | |
Interconexion Electrica SA ESP | 42,753 | 185,111 | |
$ 1,140,848 | |||
Croatia — 0.7% | |||
Adris Grupa DD, PFC Shares | 1,293 | $ 82,703 | |
Ericsson Nikola Tesla DD | 432 | 97,879 | |
Hrvatski Telekom DD | 11,170 | 336,575 |
Security | Shares | Value | |
Croatia (continued) | |||
Koncar-Elektroindustrija DD | 631 | $ 143,324 | |
Podravka Prehrambena Ind DD | 1,328 | 243,285 | |
Valamar Riviera DD | 46,918 | 240,026 | |
Zagrebacka Banka DD | 4,751 | 88,781 | |
$ 1,232,573 | |||
Czech Republic — 0.6% | |||
CEZ AS | 18,877 | $ 715,100 | |
Komercni Banka AS | 7,268 | 238,446 | |
Philip Morris CR AS | 119 | 82,817 | |
$ 1,036,363 | |||
Egypt — 0.5% | |||
Cleopatra Hospital(1)(3) | 330,000 | $ 21,545 | |
Commercial International Bank - Egypt (CIB)(3) | 171,033 | 206,643 | |
Eastern Co. SAE(3) | 199,265 | 90,893 | |
EFG Holding SAE(1)(3) | 79,120 | 19,643 | |
E-Finance for Digital & Financial Investments(3) | 106,000 | 25,642 | |
Egypt Kuwait Holding Co. SAE | 107,500 | 85,012 | |
ElSewedy Electric Co.(3) | 125,156 | 55,277 | |
Fawry for Banking & Payment Technology Services SAE(1)(3) | 382,000 | 27,264 | |
Juhayna Food Industries(3) | 143,563 | 32,665 | |
Oriental Weavers(3) | 271,447 | 89,421 | |
Talaat Moustafa Group(3) | 316,254 | 143,323 | |
Telecom Egypt Co.(3) | 67,509 | 33,808 | |
$ 831,136 | |||
Estonia — 0.5% | |||
Tallink Grupp AS(1) | 813,748 | $ 598,637 | |
Tallinna Kaubamaja Grupp AS | 31,842 | 344,803 | |
$ 943,440 | |||
Ghana — 0.2% | |||
GCB Bank PLC(1) | 830,933 | $ 229,139 | |
Standard Chartered Bank Ghana Ltd.(1) | 90,500 | 128,480 | |
$ 357,619 | |||
Greece — 1.3% | |||
Aegean Airlines SA(1) | 3,992 | $ 52,919 | |
Alpha Services & Holdings SA(1) | 58,420 | 104,038 | |
Eurobank Ergasias Services and Holdings SA, Class A(1) | 72,622 | 139,976 | |
GEK Terna Holding Real Estate Construction SA | 4,483 | 67,468 | |
Hellenic Telecommunications Organization SA | 21,951 | 304,787 | |
JUMBO SA | 9,006 | 253,426 | |
Motor Oil Hellas Corinth Refineries SA | 8,687 | 237,990 | |
Mytilineos SA | 5,537 | 227,346 |
Security | Shares | Value | |
Greece (continued) | |||
National Bank of Greece SA(1) | 31,588 | $ 240,166 | |
OPAP SA | 15,444 | 267,091 | |
Public Power Corp. SA(1) | 10,354 | 137,008 | |
Sarantis SA | 6,450 | 61,175 | |
Terna Energy SA | 4,568 | 74,136 | |
Titan Cement International SA | 6,024 | 155,123 | |
Tsakos Energy Navigation Ltd. | 3,420 | 84,029 | |
$ 2,406,678 | |||
Hungary — 0.6% | |||
Magyar Telekom Telecommunications PLC | 43,733 | $ 94,780 | |
MOL Hungarian Oil & Gas PLC | 38,176 | 312,521 | |
OTP Bank Nyrt | 7,428 | 344,182 | |
Richter Gedeon Nyrt | 15,901 | 429,014 | |
$ 1,180,497 | |||
Iceland — 0.6% | |||
Arion Banki Hf.(4) | 94,500 | $ 105,748 | |
Brim Hf. | 190,700 | 116,108 | |
Eik fasteignafelag Hf.(1) | 387,000 | 35,650 | |
Eimskipafelag Islands Hf. | 8,816 | 29,669 | |
Festi Hf. | 99,900 | 147,563 | |
Hagar Hf. | 135,000 | 81,650 | |
Icelandair Group Hf.(1) | 2,300,000 | 24,784 | |
Islandsbanki Hf. | 57,500 | 48,656 | |
Kvika banki Hf. | 300,000 | 37,893 | |
Marel Hf. | 51,000 | 187,495 | |
Reginn Hf.(1) | 336,000 | 65,946 | |
Reitir fasteignafelag Hf. | 133,900 | 88,594 | |
Sildarvinnslan Hf. | 124,800 | 94,033 | |
Siminn Hf. | 678,565 | 52,941 | |
Syn Hf. | 84,000 | 29,343 | |
$ 1,146,073 | |||
India — 8.4% | |||
ACC Ltd. | 1,578 | $ 48,339 | |
Adani Energy Solutions Ltd.(1) | 3,600 | 46,653 | |
Adani Enterprises Ltd. | 4,154 | 157,015 | |
Adani Ports and Special Economic Zone Ltd. | 11,419 | 165,778 | |
Adani Total Gas Ltd. | 4,200 | 51,595 | |
Apollo Hospitals Enterprise Ltd. | 2,292 | 174,410 | |
Ashok Leyland Ltd. | 43,400 | 91,930 | |
Asian Paints Ltd. | 3,500 | 124,584 | |
Aurobindo Pharma Ltd. | 7,224 | 100,268 | |
Avenue Supermarts Ltd.(1)(4) | 3,000 | 137,702 | |
Axis Bank Ltd. | 5,372 | 69,053 |
Security | Shares | Value | |
India (continued) | |||
Bajaj Auto Ltd. | 1,134 | $ 104,834 | |
Bajaj Finance Ltd. | 1,332 | 110,300 | |
Bajaj Finserv Ltd. | 3,629 | 70,915 | |
Bharat Petroleum Corp. Ltd. | 16,891 | 102,357 | |
Bharti Airtel Ltd. | 59,721 | 843,211 | |
Biocon Ltd. | 20,599 | 66,592 | |
Britannia Industries Ltd. | 1,200 | 74,690 | |
Cipla Ltd. | 17,893 | 291,231 | |
Coal India Ltd. | 25,404 | 124,341 | |
Container Corp. of India Ltd. | 9,400 | 100,054 | |
Crompton Greaves Consumer Electricals Ltd. | 19,469 | 71,096 | |
Cummins India Ltd. | 2,531 | 69,446 | |
Divi's Laboratories Ltd. | 3,350 | 147,579 | |
DLF Ltd. | 20,247 | 194,090 | |
Dr Reddy's Laboratories Ltd. | 3,717 | 273,063 | |
Eicher Motors Ltd. | 1,260 | 58,353 | |
Embassy Office Parks REIT | 14,200 | 61,744 | |
GAIL India Ltd. | 156,208 | 325,224 | |
Godrej Consumer Products Ltd. | 6,175 | 86,429 | |
Godrej Properties Ltd.(1) | 7,400 | 210,742 | |
Grasim Industries Ltd. | 4,143 | 107,768 | |
Gujarat State Petronet Ltd. | 19,482 | 86,074 | |
Havells India Ltd. | 5,343 | 83,379 | |
HCL Technologies Ltd. | 18,017 | 340,577 | |
HDFC Bank Ltd. | 10,704 | 188,252 | |
Hero MotoCorp Ltd. | 3,443 | 191,612 | |
Hindalco Industries Ltd. | 11,944 | 83,199 | |
Hindustan Aeronautics Ltd.(5) | 5,400 | 196,037 | |
Hindustan Unilever Ltd. | 11,071 | 330,167 | |
ICICI Bank Ltd. | 18,720 | 231,072 | |
Indian Hotels Co. Ltd. | 18,900 | 111,869 | |
Indian Oil Corp. Ltd. | 73,810 | 130,975 | |
Indus Towers Ltd.(1) | 52,044 | 139,650 | |
Info Edge India Ltd. | 2,500 | 151,572 | |
Infosys Ltd. | 53,369 | 1,061,314 | |
Ipca Laboratories Ltd. | 6,080 | 81,947 | |
ITC Ltd. | 34,786 | 185,009 | |
Jio Financial Services Ltd.(1) | 38,074 | 113,792 | |
JSW Steel Ltd. | 14,970 | 146,922 | |
Kotak Mahindra Bank Ltd. | 3,824 | 84,105 | |
Larsen & Toubro Ltd. | 4,500 | 188,407 | |
Lupin Ltd. | 10,226 | 184,625 | |
Mahindra & Mahindra Ltd. | 8,776 | 175,066 | |
Maruti Suzuki India Ltd. | 1,314 | 160,755 | |
Max Healthcare Institute Ltd. | 24,925 | 236,560 | |
Nestle India Ltd. | 5,590 | 168,687 |
Security | Shares | Value | |
India (continued) | |||
NTPC Ltd. | 93,326 | $ 357,594 | |
Oil & Natural Gas Corp. Ltd. | 63,509 | 193,611 | |
Pidilite Industries Ltd. | 4,300 | 131,109 | |
Power Grid Corp. of India Ltd. | 61,021 | 191,031 | |
Reliance Industries Ltd. | 31,674 | 1,086,968 | |
Siemens Ltd. | 2,441 | 121,744 | |
SRF Ltd. | 3,200 | 89,303 | |
Sun Pharmaceutical Industries Ltd. | 27,576 | 469,959 | |
Sun TV Network Ltd. | 7,988 | 63,325 | |
Tata Consultancy Services Ltd. | 14,841 | 679,529 | |
Tata Consumer Products Ltd. | 7,384 | 99,526 | |
Tata Motors Ltd. | 22,152 | 235,920 | |
Tata Power Co. Ltd. | 53,099 | 248,995 | |
Tata Steel Ltd. | 67,800 | 111,023 | |
Tech Mahindra Ltd. | 14,661 | 234,235 | |
Titan Co. Ltd. | 4,132 | 183,860 | |
Torrent Pharmaceuticals Ltd. | 2,968 | 89,696 | |
Tube Investments of India Ltd. | 2,406 | 113,148 | |
UltraTech Cement Ltd. | 1,522 | 185,689 | |
UPL Ltd. | 7,038 | 45,590 | |
Vedanta Ltd. | 20,367 | 67,576 | |
Vodafone Idea Ltd.(1) | 388,069 | 66,654 | |
Voltas Ltd. | 6,353 | 83,282 | |
Wipro Ltd. | 21,949 | 125,234 | |
WNS Holdings Ltd. ADR(1) | 800 | 55,480 | |
Zee Entertainment Enterprises Ltd.(1) | 44,401 | 93,016 | |
Zydus Lifesciences Ltd. | 11,997 | 109,820 | |
$ 15,245,927 | |||
Indonesia — 2.3% | |||
Ace Hardware Indonesia Tbk. PT | 1,088,200 | $ 58,584 | |
Adaro Energy Indonesia Tbk. PT | 1,211,600 | 183,711 | |
AKR Corporindo Tbk. PT | 1,258,400 | 129,131 | |
Aneka Tambang Tbk. PT | 939,800 | 92,207 | |
Astra International Tbk. PT | 1,419,500 | 459,975 | |
Bank Central Asia Tbk. PT | 357,600 | 216,358 | |
Bank Mandiri Persero Tbk. PT | 317,400 | 133,630 | |
Bank Negara Indonesia Persero Tbk. PT | 226,000 | 82,222 | |
Bank Rakyat Indonesia Persero Tbk. PT | 505,368 | 182,051 | |
Bukit Asam Tbk. PT | 433,000 | 71,659 | |
Bumi Serpong Damai Tbk. PT(1) | 1,396,900 | 91,644 | |
Charoen Pokphand Indonesia Tbk. PT | 346,400 | 98,316 | |
Erajaya Swasembada Tbk. PT | 4,907,500 | 127,292 | |
Gudang Garam Tbk. PT | 57,100 | 71,219 | |
Indocement Tunggal Prakarsa Tbk. PT | 241,800 | 138,071 | |
Indofood Sukses Makmur Tbk. PT | 271,700 | 109,783 |
Security | Shares | Value | |
Indonesia (continued) | |||
Jasa Marga Persero Tbk. PT | 307,000 | $ 97,182 | |
Kalbe Farma Tbk. PT | 2,457,000 | 235,143 | |
Lippo Karawaci Tbk. PT(1) | 10,490,680 | 53,167 | |
Medco Energi Internasional Tbk. PT | 1,299,520 | 100,208 | |
Mitra Adiperkasa Tbk. PT | 1,163,700 | 144,134 | |
Mitra Keluarga Karyasehat Tbk. PT(5) | 1,185,700 | 202,256 | |
Perusahaan Gas Negara Tbk. PT | 1,365,300 | 100,652 | |
Perusahaan Perkebunan London Sumatra Indonesia Tbk. PT | 1,193,000 | 63,824 | |
Semen Indonesia Persero Tbk. PT | 320,600 | 125,912 | |
Telkom Indonesia Persero Tbk. PT | 1,606,600 | 402,978 | |
Unilever Indonesia Tbk. PT | 309,900 | 60,841 | |
United Tractors Tbk. PT | 130,583 | 189,686 | |
Vale Indonesia Tbk. PT | 199,900 | 49,020 | |
Waskita Karya Persero Tbk. PT(1)(3) | 2,474,900 | 0 | |
Wijaya Karya Persero Tbk. PT(1)(3) | 982,300 | 11,952 | |
XL Axiata Tbk. PT | 485,100 | 71,253 | |
$ 4,154,061 | |||
Jordan — 0.6% | |||
Arab Bank PLC | 46,584 | $ 304,229 | |
Arab Potash | 7,642 | 279,163 | |
Bank of Jordan | 24,010 | 77,152 | |
International General Insurance Holdings Ltd. | 4,200 | 56,532 | |
Jordan Islamic Bank | 13,918 | 82,044 | |
Jordan Petroleum Refinery Co. | 23,035 | 164,986 | |
Jordan Telecommunications Co. PSC | 14,640 | 55,491 | |
Jordanian Electric Power Co. | 18,089 | 49,725 | |
$ 1,069,322 | |||
Kazakhstan — 0.6% | |||
Freedom Holding Corp.(1)(2) | 1,000 | $ 82,130 | |
Halyk Savings Bank of Kazakhstan JSC GDR(5) | 16,192 | 231,466 | |
Kaspi.KZ JSC ADR | 2,740 | 252,080 | |
KCell JSC GDR(3)(5) | 96,329 | 0 | |
NAC Kazatomprom JSC GDR(5) | 13,900 | 562,950 | |
$ 1,128,626 | |||
Kenya — 0.4% | |||
British American Tobacco Kenya PLC | 16,600 | $ 43,972 | |
East African Breweries PLC | 169,580 | 115,869 | |
Equity Group Holdings PLC | 580,700 | 136,820 | |
KCB Group PLC | 526,920 | 67,033 | |
Safaricom PLC | 4,038,272 | 342,210 | |
$ 705,904 |
Security | Shares | Value | |
Kuwait — 1.3% | |||
Agility Public Warehousing Co. KSC(1) | 155,083 | $ 291,818 | |
Boubyan Bank KSCP | 28,105 | 56,017 | |
Boubyan Petrochemicals Co. KSCP | 2,441 | 4,721 | |
Burgan Bank SAK | 76,981 | 47,981 | |
Gulf Bank KSCP | 122,344 | 115,151 | |
Kuwait Finance House KSCP | 199,218 | 499,341 | |
Mabanee Co. KPSC | 133,238 | 333,631 | |
Mobile Telecommunications Co. KSCP | 213,804 | 365,409 | |
National Bank of Kuwait SAKP | 146,577 | 466,705 | |
National Industries Group Holding SAK | 253,374 | 196,363 | |
$ 2,377,137 | |||
Lithuania — 0.4% | |||
Apranga PVA | 65,809 | $ 202,059 | |
Rokiskio Suris | 91,153 | 285,530 | |
SC KN Energies(1) | 205,439 | 48,782 | |
Siauliu Bankas AB | 277,296 | 213,584 | |
$ 749,955 | |||
Malaysia — 2.6% | |||
Agmo Holdings Bhd.(1) | 11,321 | $ 1,228 | |
Axiata Group Bhd. | 157,050 | 90,486 | |
CelcomDigi Bhd | 79,844 | 71,530 | |
CIMB Group Holdings Bhd. | 90,800 | 119,597 | |
Dialog Group Bhd. | 363,831 | 140,707 | |
Gamuda Bhd. | 81,500 | 86,968 | |
Genting Bhd. | 165,500 | 164,873 | |
Genting Malaysia Bhd. | 265,500 | 151,278 | |
Globetronics Technology Bhd. | 582,200 | 182,918 | |
Hartalega Holdings Bhd.(1) | 212,408 | 122,935 | |
Hong Leong Bank Bhd. | 15,800 | 64,123 | |
IGB Real Estate Investment Trust | 192,600 | 71,574 | |
IHH Healthcare Bhd. | 476,500 | 614,780 | |
IJM Corp. Bhd. | 173,880 | 82,102 | |
Inari Amertron Bhd. | 321,600 | 215,289 | |
IOI Properties Group Bhd. | 266,058 | 121,404 | |
KLCCP Stapled Group | 42,600 | 66,342 | |
Kossan Rubber Industries Bhd. | 210,000 | 90,921 | |
Kuala Lumpur Kepong Bhd. | 14,600 | 68,468 | |
Magnum Bhd. | 192,167 | 44,702 | |
Malayan Banking Bhd. | 64,187 | 125,550 | |
Malaysia Airports Holdings Bhd. | 50,000 | 81,305 | |
Maxis Bhd. | 70,100 | 56,269 | |
MISC Bhd. | 43,400 | 67,367 | |
My EG Services Bhd. | 1,000,100 | 164,568 | |
Nestle Malaysia Bhd. | 2,600 | 65,653 |
Security | Shares | Value | |
Malaysia (continued) | |||
Petronas Chemicals Group Bhd. | 66,900 | $ 95,621 | |
Petronas Dagangan Bhd. | 56,900 | 256,481 | |
Petronas Gas Bhd. | 19,600 | 73,467 | |
Press Metal Aluminium Holdings Bhd. | 79,740 | 79,807 | |
Public Bank Bhd. | 95,290 | 88,335 | |
Silverlake Axis Ltd. | 627,992 | 121,537 | |
Sime Darby Plantation Bhd. | 81,539 | 76,038 | |
Sports Toto Bhd. | 282,081 | 88,792 | |
Supermax Corp. Bhd. | 220,554 | 43,549 | |
Telekom Malaysia Bhd. | 62,300 | 77,861 | |
Tenaga Nasional Bhd. | 30,638 | 69,416 | |
Top Glove Corp. Bhd.(1) | 696,800 | 136,801 | |
VS Industry Bhd. | 999,400 | 152,059 | |
YTL Corp. Bhd. | 404,791 | 199,568 | |
$ 4,692,269 | |||
Mauritius — 0.6% | |||
Alteo Ltd. | 245,799 | $ 54,329 | |
CIEL Ltd. | 1,094,295 | 171,443 | |
Lighthouse Properties PLC(2) | 23,262 | 9,330 | |
MCB Group Ltd. | 36,102 | 261,731 | |
MIWA Sugar Ltd. | 245,799 | 83,832 | |
Phoenix Beverages Ltd. | 10,244 | 113,174 | |
Rogers & Co. Ltd. | 188,149 | 131,427 | |
SBM Holdings Ltd. | 974,963 | 98,330 | |
Sun Ltd., Class A | 58,200 | 48,812 | |
United Basalt Products(1) | 21,996 | 47,692 | |
$ 1,020,100 | |||
Mexico — 4.7% | |||
Alfa SAB de CV, Series A | 175,472 | $ 137,225 | |
Alsea SAB de CV(1) | 58,800 | 230,704 | |
America Movil SAB de CV, Series B | 1,395,405 | 1,259,079 | |
Arca Continental SAB de CV | 9,480 | 107,779 | |
Bolsa Mexicana de Valores SAB de CV | 46,975 | 95,470 | |
Cemex SAB de CV, Series CPO(1)(2) | 663,339 | 549,972 | |
Coca-Cola Femsa SAB de CV | 15,795 | 150,117 | |
Corp. Inmobiliaria Vesta SAB de CV(2) | 97,400 | 370,099 | |
El Puerto de Liverpool SAB de CV, Class C1(2) | 21,180 | 148,567 | |
FIBRA Macquarie Mexico(4) | 105,000 | 200,953 | |
Fibra Uno Administracion SA de CV | 263,790 | 447,990 | |
Fomento Economico Mexicano SAB de CV, Series UBD | 42,256 | 572,211 | |
Genomma Lab Internacional SAB de CV, Class B | 76,500 | 62,626 | |
Gruma SAB de CV, Class B(2) | 5,355 | 100,184 | |
Grupo Aeroportuario del Centro Norte SAB de CV | 21,300 | 194,678 | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B(2) | 23,687 | 368,830 |
Security | Shares | Value | |
Mexico (continued) | |||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 9,230 | $ 268,666 | |
Grupo Bimbo SAB de CV, Series A(2) | 31,645 | 143,889 | |
Grupo Carso SAB de CV, Series A1(2) | 28,800 | 269,703 | |
Grupo Elektra SAB de CV(2) | 2,213 | 148,365 | |
Grupo Financiero Banorte SAB de CV, Class O | 36,700 | 373,173 | |
Grupo Financiero Inbursa SAB de CV, Class O(1)(2) | 83,300 | 246,248 | |
Grupo Mexico SAB de CV, Series B | 117,779 | 607,115 | |
Grupo Televisa SAB ADR | 35,500 | 106,855 | |
Industrias Penoles SAB de CV(1)(2) | 9,580 | 125,821 | |
Kimberly-Clark de Mexico SAB de CV, Class A | 47,400 | 107,625 | |
Orbia Advance Corp. SAB de CV | 49,699 | 98,927 | |
Promotora y Operadora de Infraestructura SAB de CV | 12,415 | 122,192 | |
Ternium SA ADR | 3,000 | 115,980 | |
TF Administradora Industrial S de Real de CV | 127,200 | 274,184 | |
Vista Energy SAB de CV ADR(1) | 5,600 | 183,456 | |
Wal-Mart de Mexico SAB de CV, Series V | 100,580 | 415,433 | |
$ 8,604,116 | |||
Morocco — 0.6% | |||
Attijariwafa Bank | 2,768 | $ 134,312 | |
Bank of Africa | 3,016 | 58,108 | |
Banque Centrale Populaire | 2,948 | 84,038 | |
Co Sucrerie Marocaine et de Raffinage | 5,010 | 93,518 | |
Itissalat Al-Maghrib | 23,401 | 221,097 | |
Label Vie | 228 | 96,362 | |
LafargeHolcim Maroc SA | 940 | 182,929 | |
Societe d'Exploitation des Ports | 4,496 | 123,664 | |
TAQA Morocco SA | 415 | 49,539 | |
TotalEnergies Marketing Maroc SA | 466 | 62,973 | |
$ 1,106,540 | |||
Nigeria — 1.0% | |||
Access Holdings PLC(3) | 5,060,193 | $ 74,950 | |
Dangote Cement PLC(3) | 911,519 | 454,168 | |
FBN Holdings PLC(3) | 4,155,197 | 59,017 | |
Flour Mills of Nigeria PLC(3) | 3,215,556 | 81,818 | |
Guaranty Trust Holding Co. PLC(3) | 2,843,125 | 68,814 | |
Lafarge Africa PLC(3) | 3,378,540 | 79,495 | |
MTN Nigeria Communications PLC(3) | 1,163,700 | 213,460 | |
Nestle Nigeria PLC(3) | 141,303 | 101,594 | |
Nigerian Breweries PLC(3) | 3,213,425 | 77,345 | |
SEPLAT Energy PLC(4) | 108,000 | 199,403 | |
Stanbic IBTC Holdings PLC(3) | 865,038 | 34,885 | |
Transnational Corp. of Nigeria PLC(3) | 27,000,342 | 232,184 |
Security | Shares | Value | |
Nigeria (continued) | |||
United Bank for Africa PLC(3) | 5,844,352 | $ 93,456 | |
Zenith Bank PLC(3) | 2,761,959 | 63,326 | |
$ 1,833,915 | |||
Oman — 0.6% | |||
Bank Muscat SAOG | 333,660 | $ 232,766 | |
National Bank of Oman SAOG | 149,081 | 102,881 | |
Oman Cement Co. SAOG | 72,148 | 57,924 | |
Oman Flour Mills Co. SAOG | 40,801 | 52,253 | |
Oman Telecommunications Co. SAOG | 83,628 | 234,329 | |
Omani Qatari Telecommunications Co. SAOG | 140,637 | 111,711 | |
Ominvest | 57,161 | 66,739 | |
Renaissance Services SAOG | 46,857 | 50,389 | |
Sembcorp Salalah Power & Water Co. | 410,180 | 97,048 | |
Sohar International Bank SAOG | 251,068 | 72,348 | |
$ 1,078,388 | |||
Pakistan — 0.6% | |||
Engro Corp. Ltd. | 42,010 | $ 47,800 | |
Fauji Fertilizer Co. Ltd. | 101,890 | 41,148 | |
Habib Bank Ltd. | 80,318 | 31,916 | |
Hub Power Co. Ltd. | 237,341 | 96,686 | |
IBEX Holdings Ltd.(1) | 3,200 | 57,664 | |
Lucky Cement Ltd. | 20,831 | 54,879 | |
Mari Petroleum Co. Ltd. | 10,863 | 87,461 | |
MCB Bank Ltd. | 61,976 | 39,760 | |
Millat Tractors Ltd. | 24,000 | 44,889 | |
Nishat Mills Ltd. | 110,771 | 29,929 | |
Oil & Gas Development Co. Ltd. | 216,000 | 104,470 | |
Pakistan Oilfields Ltd. | 43,734 | 68,278 | |
Pakistan Petroleum Ltd. | 205,071 | 83,746 | |
Pakistan State Oil Co. Ltd. | 94,345 | 55,212 | |
Searle Co. Ltd.(1) | 96,770 | 16,826 | |
Systems Ltd. | 85,000 | 119,763 | |
United Bank Ltd. | 77,168 | 50,478 | |
$ 1,030,905 | |||
Panama — 0.2% | |||
Banco Latinoamericano de Comercio Exterior SA, Class E | 7,900 | $ 189,995 | |
Copa Holdings SA, Class A | 2,134 | 204,992 | |
$ 394,987 | |||
Peru — 1.2% | |||
Alicorp SAA | 39,037 | $ 66,679 | |
Cia de Minas Buenaventura SAA ADR | 34,350 | 521,089 | |
Credicorp Ltd. | 4,300 | 638,249 |
Security | Shares | Value | |
Peru (continued) | |||
Ferreycorp SAA | 125,476 | $ 92,325 | |
Southern Copper Corp. | 10,176 | 835,450 | |
$ 2,153,792 | |||
Philippines — 2.5% | |||
Aboitiz Equity Ventures, Inc. | 108,400 | $ 93,312 | |
Aboitiz Power Corp. | 318,600 | 215,009 | |
ACEN Corp. | 33,513 | 2,526 | |
Ayala Corp. | 14,895 | 179,472 | |
Ayala Land, Inc. | 269,131 | 162,637 | |
Ayala Land, Inc. GDR, PFC Shares(3) | 3,951,800 | 0 | |
Bank of the Philippine Islands | 95,474 | 187,088 | |
BDO Unibank, Inc. | 65,992 | 169,882 | |
Bloomberry Resorts Corp.(1) | 570,800 | 113,493 | |
Converge Information and Communications Technology Solutions, Inc.(1) | 241,400 | 39,721 | |
D&L Industries, Inc. | 493,300 | 55,803 | |
Emperador, Inc. | 380,500 | 138,881 | |
First Gen Corp. | 319,822 | 103,518 | |
Globe Telecom, Inc. | 6,161 | 190,215 | |
GT Capital Holdings, Inc. | 8,000 | 94,630 | |
International Container Terminal Services, Inc. | 62,100 | 268,521 | |
JG Summit Holdings, Inc. | 178,958 | 121,767 | |
Jollibee Foods Corp. | 62,926 | 283,904 | |
Manila Electric Co. | 30,200 | 194,325 | |
Manila Water Co., Inc. | 415,800 | 132,985 | |
Megaworld Corp. | 1,361,400 | 47,333 | |
Metropolitan Bank & Trust Co. | 64,332 | 65,164 | |
PLDT, Inc. | 13,440 | 303,933 | |
Puregold Price Club, Inc. | 337,403 | 166,529 | |
San Miguel Corp. | 38,970 | 74,775 | |
Semirara Mining & Power Corp. | 158,920 | 87,395 | |
SM Investments Corp. | 18,871 | 301,270 | |
SM Prime Holdings, Inc. | 671,029 | 408,186 | |
Universal Robina Corp. | 149,955 | 297,400 | |
Wilcon Depot, Inc. | 244,700 | 95,272 | |
$ 4,594,946 | |||
Poland — 2.4% | |||
Allegro.eu SA(1)(4) | 33,900 | $ 255,914 | |
Asseco Poland SA | 7,876 | 143,472 | |
Bank Polska Kasa Opieki SA | 5,843 | 224,757 | |
Budimex SA | 2,710 | 463,638 | |
CD Projekt SA | 7,200 | 187,940 | |
Cyfrowy Polsat SA(1) | 41,244 | 111,646 | |
Eurocash SA | 100,652 | 381,097 |
Security | Shares | Value | |
Poland (continued) | |||
Grupa Azoty SA(1) | 9,267 | $ 55,296 | |
Grupa Kety SA | 575 | 97,798 | |
KGHM Polska Miedz SA | 9,958 | 277,436 | |
LPP SA | 83 | 322,595 | |
mBank SA(1) | 735 | 97,699 | |
Neuca SA | 262 | 57,609 | |
Orange Polska SA | 75,376 | 161,000 | |
ORLEN SA | 41,032 | 639,789 | |
PGE Polska Grupa Energetyczna SA(1) | 51,434 | 108,307 | |
Powszechna Kasa Oszczednosci Bank Polski SA | 24,715 | 313,585 | |
Powszechny Zaklad Ubezpieczen SA | 23,135 | 278,549 | |
Santander Bank Polska SA | 762 | 92,292 | |
Tauron Polska Energia SA(1) | 129,348 | 118,239 | |
$ 4,388,658 | |||
Qatar — 1.2% | |||
Aamal Co. | 230,000 | $ 54,556 | |
Al Meera Consumer Goods Co. QSC | 26,954 | 95,448 | |
Barwa Real Estate Co. | 143,634 | 113,416 | |
Commercial Bank PSQC | 49,707 | 71,515 | |
Gulf International Services QSC | 201,811 | 155,773 | |
Industries Qatar QSC | 98,345 | 322,997 | |
Masraf Al Rayan QSC | 147,361 | 94,927 | |
Medicare Group | 45,960 | 60,949 | |
Ooredoo QPSC | 39,870 | 116,894 | |
Qatar Aluminum Manufacturing Co. | 204,257 | 71,606 | |
Qatar Electricity & Water Co. QSC | 44,621 | 211,942 | |
Qatar Gas Transport Co. Ltd. | 228,433 | 217,349 | |
Qatar Islamic Bank SAQ | 27,137 | 144,956 | |
Qatar National Bank QPSC | 68,885 | 292,638 | |
United Development Co. QSC | 156,214 | 44,468 | |
Vodafone Qatar QSC | 215,393 | 112,074 | |
$ 2,181,508 | |||
Romania — 0.6% | |||
Banca Transilvania SA | 40,135 | $ 216,946 | |
BRD-Groupe Societe Generale SA | 27,477 | 104,394 | |
MED Life SA(1) | 112,800 | 98,115 | |
OMV Petrom SA | 2,909,697 | 366,205 | |
Societatea Nationala de Gaze Naturale ROMGAZ SA | 22,046 | 245,352 | |
Societatea Nationala Nuclearelectrica SA | 9,700 | 103,678 | |
$ 1,134,690 | |||
Russia (6) — 0.0% | |||
Aeroflot PJSC(1)(3) | 320,440 | $ 0 | |
Alrosa PJSC(3) | 177,900 | 0 |
Security | Shares | Value | |
Russia (continued) | |||
Detsky Mir PJSC(1)(3)(4) | 105,940 | $ 0 | |
Evraz PLC(1)(3) | 34,831 | 0 | |
Federal Grid Co.-Rosseti PJSC(1)(3) | 78,095,360 | 0 | |
Globaltrans Investment PLC GDR(1)(3)(5) | 40,040 | 0 | |
Inter RAO UES PJSC(3) | 6,829,770 | 0 | |
Magnit PJSC(3) | 13,121 | 0 | |
Magnitogorsk Iron & Steel Works PJSC(1)(3) | 182,710 | 0 | |
MMC Norilsk Nickel PJSC(3) | 3,387 | 0 | |
MMC Norilsk Nickel PJSC ADR(1)(3)(7) | 3,095 | 0 | |
MMC Norilsk Nickel PJSC ADR(1)(3)(7) | 5 | 0 | |
Mobile TeleSystems PJSC(3) | 89,417 | 0 | |
Moscow Exchange MICEX-Rates PJSC(3) | 47,890 | 0 | |
Novatek PJSC(3) | 23,410 | 0 | |
OGK-2 PJSC(3) | 12,211,000 | 0 | |
PhosAgro PJSC(3) | 2,547 | 0 | |
PhosAgro PJSC GDR(3)(5) | 49 | 0 | |
PhosAgro PJSC GDR(1)(3)(5) | 2 | 0 | |
PIK Group PJSC(1)(3) | 20,850 | 0 | |
Rostelecom PJSC(3) | 107,057 | 0 | |
RusHydro PJSC(3) | 16,550,080 | 0 | |
Sberbank of Russia PJSC(3) | 123,888 | 0 | |
Severstal PAO GDR(1)(3)(5) | 13,622 | 0 | |
Sistema AFK PAO(3) | 453,878 | 0 | |
Surgutneftegas PJSC, PFC Shares(3) | 260,300 | 0 | |
Unipro PJSC(1)(3) | 1,521,000 | 0 | |
Yandex NV, Class A(1)(3) | 26,400 | 0 | |
$ 0 | |||
Saudi Arabia — 4.7% | |||
Abdullah Al Othaim Markets Co. | 23,030 | $ 84,210 | |
Advanced Petrochemical Co. | 4,088 | 41,463 | |
Al Hammadi Holding | 8,581 | 139,974 | |
Al Rajhi Bank | 13,800 | 308,056 | |
Alandalus Property Co. | 10,258 | 63,301 | |
Aldrees Petroleum and Transport Services Co. | 1,772 | 76,262 | |
Almarai Co. JSC | 15,297 | 232,853 | |
Arabian Centres Co. Ltd. | 26,197 | 141,783 | |
Arriyadh Development Co. | 9,090 | 53,034 | |
Astra Industrial Group | 3,516 | 120,874 | |
Banque Saudi Fransi | 11,191 | 119,019 | |
Catrion Catering Holding Co. | 3,323 | 102,051 | |
Dallah Healthcare Co. | 3,734 | 164,417 | |
Dar Al Arkan Real Estate Development Co.(1) | 39,620 | 136,934 | |
Dr Sulaiman Al Habib Medical Services Group Co. | 8,770 | 677,940 | |
Elm Co. | 1,050 | 252,046 | |
Emaar Economic City(1) | 31,068 | 65,796 |
Security | Shares | Value | |
Saudi Arabia (continued) | |||
Etihad Etisalat Co. | 18,320 | $ 254,613 | |
Fawaz Abdulaziz Al Hokair & Co.(1) | 16,655 | 74,944 | |
Herfy Food Services Co. | 4,801 | 41,353 | |
Jarir Marketing Co. | 70,160 | 284,871 | |
Leejam Sports Co. JSC | 1,692 | 87,114 | |
Maharah Human Resources Co. | 3,708 | 68,390 | |
Mobile Telecommunications Co. Saudi Arabia | 27,145 | 96,557 | |
Mouwasat Medical Services Co. | 12,078 | 381,702 | |
National Gas & Industrialization Co. | 7,147 | 129,758 | |
National Medical Care Co. | 1,900 | 95,930 | |
Riyad Bank | 16,422 | 123,942 | |
SABIC Agri-Nutrients Co. | 2,468 | 84,148 | |
Sahara International Petrochemical Co. | 6,353 | 53,194 | |
Saudi Arabian Mining Co.(1) | 12,078 | 149,049 | |
Saudi Arabian Oil Co.(4) | 103,252 | 841,100 | |
Saudi Awwal Bank | 4,956 | 47,346 | |
Saudi Basic Industries Corp. | 9,127 | 189,199 | |
Saudi Ceramic Co. | 8,453 | 58,866 | |
Saudi Chemical Co. Holding | 71,250 | 87,816 | |
Saudi Electricity Co. | 97,768 | 493,330 | |
Saudi Ground Services Co.(1) | 9,867 | 109,465 | |
Saudi Industrial Investment Group | 10,164 | 54,923 | |
Saudi Kayan Petrochemical Co.(1) | 11,609 | 28,358 | |
Saudi National Bank | 20,920 | 225,926 | |
Saudi Pharmaceutical Industries & Medical Appliances Corp.(1) | 9,738 | 88,531 | |
Saudi Public Transport Co.(1) | 16,000 | 85,953 | |
Saudi Telecom Co. | 52,115 | 567,095 | |
Saudia Dairy & Foodstuff Co. | 1,526 | 146,440 | |
Savola Group | 26,583 | 318,423 | |
Seera Group Holding(1) | 22,676 | 178,812 | |
United Electronics Co. | 6,923 | 164,324 | |
United International Transportation Co. | 3,246 | 71,741 | |
Yanbu National Petrochemical Co. | 5,300 | 54,208 | |
$ 8,517,434 | |||
Slovenia — 0.7% | |||
Cinkarna Celje DD(1) | 1,370 | $ 34,895 | |
Krka dd Novo mesto | 6,434 | 804,729 | |
Luka Koper | 1,400 | 51,719 | |
Petrol DD Ljubljana | 3,820 | 101,164 | |
Pozavarovalnica Sava DD | 3,525 | 105,531 | |
Telekom Slovenije DD | 659 | 45,880 | |
Zavarovalnica Triglav DD | 1,406 | 53,715 | |
$ 1,197,633 |
Security | Shares | Value | |
South Africa — 4.8% | |||
Anglo American Platinum Ltd. | 1,244 | $ 52,666 | |
Anglogold Ashanti PLC | 9,504 | 170,075 | |
Aspen Pharmacare Holdings Ltd. | 54,491 | 563,253 | |
AVI Ltd. | 13,138 | 58,313 | |
Barloworld Ltd. | 41,807 | 166,827 | |
Bid Corp. Ltd. | 13,100 | 317,055 | |
Bidvest Group Ltd. | 48,342 | 635,746 | |
Capitec Bank Holdings Ltd. | 1,232 | 131,217 | |
Clicks Group Ltd. | 13,500 | 217,001 | |
DataTec Ltd. | 72,300 | 158,242 | |
Discovery Ltd. | 12,290 | 90,858 | |
Equites Property Fund Ltd.(2) | 104,000 | 79,751 | |
Exxaro Resources Ltd. | 51,110 | 509,190 | |
FirstRand Ltd. | 77,535 | 280,810 | |
Fortress Real Estate Investments Ltd.(1) | 175,418 | 144,018 | |
Foschini Group Ltd. | 12,308 | 74,523 | |
Gold Fields Ltd. | 15,697 | 231,613 | |
Growthpoint Properties Ltd. | 255,900 | 162,111 | |
Harmony Gold Mining Co. Ltd. | 18,553 | 115,970 | |
Hyprop Investments Ltd.(2) | 31,700 | 54,122 | |
Impala Platinum Holdings Ltd. | 18,462 | 71,663 | |
Kumba Iron Ore Ltd. | 2,760 | 81,196 | |
Life Healthcare Group Holdings Ltd. | 258,186 | 255,179 | |
Mr Price Group Ltd. | 12,155 | 111,133 | |
MTN Group Ltd. | 85,400 | 434,399 | |
MultiChoice Group(1) | 20,757 | 82,975 | |
Naspers Ltd., Class N | 6,607 | 1,108,152 | |
NEPI Rockcastle NV | 38,480 | 258,903 | |
Netcare Ltd. | 149,337 | 113,515 | |
Pick n Pay Stores Ltd.(2) | 14,362 | 17,943 | |
Redefine Properties Ltd. | 579,291 | 128,497 | |
Resilient REIT Ltd. | 48,463 | 122,019 | |
Reunert Ltd. | 55,746 | 178,939 | |
Sanlam Ltd. | 28,912 | 110,350 | |
Sasol Ltd. | 10,993 | 95,482 | |
Shoprite Holdings Ltd. | 21,115 | 306,011 | |
Sibanye Stillwater Ltd. | 48,312 | 58,223 | |
SPAR Group Ltd.(1)(2) | 14,831 | 88,934 | |
Standard Bank Group Ltd. | 16,101 | 171,405 | |
Telkom SA SOC Ltd.(1) | 33,018 | 49,674 | |
Thungela Resources Ltd. | 2,700 | 17,283 | |
Tiger Brands Ltd. | 10,940 | 122,860 | |
Vodacom Group Ltd.(2) | 50,500 | 251,423 | |
Wilson Bayly Holmes-Ovcon Ltd.(1) | 19,623 | 136,597 |
Security | Shares | Value | |
South Africa (continued) | |||
Woolworths Holdings Ltd. | 46,024 | $ 170,725 | |
Zeda Ltd.(1) | 41,807 | 28,398 | |
$ 8,785,239 | |||
South Korea — 4.2% | |||
Alteogen, Inc.(1) | 757 | $ 43,705 | |
Amorepacific Corp.(1) | 852 | 75,155 | |
AMOREPACIFIC Group(1) | 2,180 | 40,059 | |
Celltrion Pharm, Inc.(1) | 1,417 | 107,946 | |
Celltrion, Inc. | 4,920 | 660,218 | |
CJ CheilJedang Corp. | 423 | 92,371 | |
CJ Logistics Corp.(1) | 566 | 57,601 | |
Coway Co. Ltd.(1) | 2,548 | 105,690 | |
Daewoo Industrial Development Co. Ltd.(1) | 3,657 | 0 | |
DL E&C Co. Ltd.(1) | 1,924 | 59,844 | |
E-MART, Inc.(1) | 1,232 | 71,685 | |
GS Holdings Corp. | 1,569 | 54,412 | |
Hankook Tire and Technology Co. Ltd.(1) | 1,479 | 56,607 | |
Hanmi Pharm Co. Ltd. | 352 | 85,401 | |
Hanwha Solutions Corp.(1) | 3,687 | 91,595 | |
HD Hyundai Co. Ltd. | 1,210 | 64,493 | |
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 993 | 84,253 | |
Hugel, Inc.(1) | 653 | 74,180 | |
Hyundai Department Store Co. Ltd.(1) | 1,615 | 64,943 | |
Hyundai Engineering & Construction Co. Ltd.(1) | 2,645 | 68,455 | |
Hyundai Glovis Co. Ltd.(1) | 758 | 99,255 | |
Hyundai Mobis Co. Ltd. | 792 | 124,149 | |
Hyundai Motor Co. | 1,500 | 218,175 | |
Hyundai Steel Co.(1) | 3,449 | 86,368 | |
Kakao Corp.(1) | 5,676 | 221,964 | |
Kangwon Land, Inc.(1) | 5,706 | 64,019 | |
KB Financial Group, Inc. | 3,231 | 137,116 | |
Kia Corp.(1) | 3,041 | 233,582 | |
Korea Electric Power Corp. | 4,640 | 68,806 | |
Korea Zinc Co. Ltd. | 283 | 100,256 | |
KT&G Corp. | 3,552 | 241,231 | |
Kumho Petrochemical Co. Ltd.(1) | 743 | 69,283 | |
LG Chem Ltd. | 652 | 211,434 | |
LG Corp.(1) | 1,914 | 117,526 | |
LG Electronics, Inc. | 909 | 63,361 | |
LG H&H Co. Ltd. | 241 | 54,623 | |
LG Uplus Corp. | 7,151 | 54,750 | |
Medytox, Inc. | 351 | 50,394 | |
Mezzion Pharma Co. Ltd.(1) | 1,597 | 40,769 | |
NAVER Corp. | 1,991 | 296,902 | |
NCSoft Corp.(1) | 372 | 54,903 |
Security | Shares | Value | |
South Korea (continued) | |||
Orion Corp. of Republic of Korea | 1,268 | $ 87,701 | |
POSCO Holdings, Inc. | 619 | 196,396 | |
S-1 Corp. | 1,533 | 65,476 | |
Samsung Biologics Co. Ltd.(1)(4) | 429 | 270,044 | |
Samsung C&T Corp. | 554 | 57,231 | |
Samsung Electro-Mechanics Co. Ltd. | 443 | 46,072 | |
Samsung Electronics Co. Ltd. | 26,005 | 1,413,029 | |
Samsung SDI Co. Ltd. | 523 | 145,145 | |
Samsung SDS Co. Ltd. | 570 | 64,821 | |
Shinhan Financial Group Co. Ltd. | 1,769 | 54,202 | |
SK Hynix, Inc. | 3,240 | 324,456 | |
SK Innovation Co. Ltd.(1) | 1,810 | 157,730 | |
SK, Inc. | 563 | 77,175 | |
S-Oil Corp. | 2,051 | 104,273 | |
Yuhan Corp.(1) | 2,343 | 103,559 | |
Zyle Motors Corp.(1)(3) | 5,113 | 0 | |
$ 7,734,789 | |||
Sri Lanka — 0.6% | |||
Aitken Spence PLC | 109,000 | $ 39,629 | |
Ceylon Tobacco Co. PLC | 38,480 | 122,821 | |
Chevron Lubricants Lanka PLC | 343,215 | 102,674 | |
Commercial Bank of Ceylon PLC(1) | 382,531 | 105,519 | |
Dialog Axiata PLC(1) | 1,107,719 | 31,583 | |
Expolanka Holdings PLC | 185,620 | 76,936 | |
Hatton National Bank PLC(1) | 121,130 | 59,615 | |
John Keells Holdings PLC | 325,487 | 184,967 | |
Lanka IOC PLC | 179,858 | 58,355 | |
Melstacorp PLC | 696,058 | 178,487 | |
Sampath Bank PLC | 293,638 | 63,247 | |
Teejay Lanka PLC | 460,029 | 52,411 | |
$ 1,076,244 | |||
Taiwan — 7.4% | |||
Accton Technology Corp. | 3,000 | $ 50,468 | |
Acer, Inc. | 119,519 | 175,525 | |
Advantech Co. Ltd. | 9,565 | 103,103 | |
Airtac International Group | 4,178 | 125,214 | |
ASE Technology Holding Co. Ltd. | 23,561 | 101,873 | |
Asia Cement Corp. | 51,000 | 64,674 | |
Asustek Computer, Inc. | 7,325 | 104,010 | |
AUO Corp. | 150,269 | 87,817 | |
Catcher Technology Co. Ltd. | 12,183 | 75,702 | |
Cathay Financial Holding Co. Ltd. | 71,295 | 100,257 | |
Center Laboratories, Inc. | 133,088 | 193,824 | |
Chailease Holding Co. Ltd. | 12,852 | 71,143 |
Security | Shares | Value | |
Taiwan (continued) | |||
Cheng Shin Rubber Industry Co. Ltd. | 110,672 | $ 160,468 | |
China Airlines Ltd. | 124,000 | 80,542 | |
China Motor Corp. | 14,926 | 54,459 | |
China Steel Corp. | 223,734 | 179,285 | |
Chong Hong Construction Co. Ltd. | 15,000 | 36,355 | |
Chunghwa Telecom Co. Ltd. | 139,746 | 529,765 | |
CTBC Financial Holding Co. Ltd. | 134,275 | 121,816 | |
Delta Electronics, Inc. | 12,151 | 108,734 | |
Eclat Textile Co. Ltd. | 7,159 | 124,948 | |
Eva Airways Corp. | 81,861 | 82,515 | |
Evergreen International Storage & Transport Corp. | 93,000 | 98,909 | |
Evergreen Marine Corp. Taiwan Ltd. | 34,576 | 165,846 | |
Far Eastern Department Stores Ltd. | 70,990 | 56,368 | |
Far Eastern New Century Corp. | 139,695 | 137,829 | |
Far EasTone Telecommunications Co. Ltd. | 73,084 | 187,594 | |
Feng Hsin Steel Co. Ltd. | 32,260 | 69,934 | |
Feng TAY Enterprise Co. Ltd. | 20,160 | 103,945 | |
Formosa Chemicals & Fibre Corp. | 108,014 | 195,005 | |
Formosa Petrochemical Corp. | 79,320 | 188,382 | |
Formosa Plastics Corp. | 85,183 | 195,754 | |
Formosa Taffeta Co. Ltd. | 98,149 | 75,517 | |
Fubon Financial Holding Co. Ltd. | 64,739 | 133,074 | |
Giant Manufacturing Co. Ltd. | 18,868 | 107,395 | |
Great Wall Enterprise Co. Ltd. | 56,455 | 104,017 | |
Highwealth Construction Corp. | 62,928 | 79,589 | |
Hiwin Technologies Corp. | 17,069 | 119,809 | |
Hon Hai Precision Industry Co. Ltd. | 75,443 | 246,791 | |
Hotai Motor Co. Ltd. | 12,240 | 247,958 | |
Huaku Development Co. Ltd. | 13,000 | 39,499 | |
Innolux Corp. | 208,059 | 108,207 | |
International Games System Co. Ltd. | 8,000 | 211,645 | |
Inventec Corp. | 89,966 | 158,009 | |
Largan Precision Co. Ltd. | 795 | 63,031 | |
Lien Hwa Industrial Holdings Corp. | 82,015 | 169,887 | |
Lite-On Technology Corp. | 34,000 | 117,746 | |
Makalot Industrial Co. Ltd. | 13,000 | 149,126 | |
MediaTek, Inc. | 10,462 | 322,832 | |
Medigen Vaccine Biologics Corp.(1) | 20,759 | 39,871 | |
Mega Financial Holding Co. Ltd. | 117,392 | 141,014 | |
Merida Industry Co. Ltd. | 17,657 | 96,702 | |
momo.com, Inc. | 3,960 | 54,969 | |
Nan Kang Rubber Tire Co. Ltd.(1) | 95,253 | 126,844 | |
Nan Ya Plastics Corp. | 125,214 | 242,666 | |
Nien Made Enterprise Co. Ltd. | 11,000 | 117,594 | |
Novatek Microelectronics Corp. | 9,000 | 146,607 | |
Oneness Biotech Co. Ltd. | 21,617 | 119,076 |
Security | Shares | Value | |
Taiwan (continued) | |||
Pegatron Corp. | 23,028 | $ 60,706 | |
Polaris Group(1) | 27,979 | 63,098 | |
Pou Chen Corp. | 151,819 | 152,834 | |
President Chain Store Corp. | 20,664 | 174,225 | |
Quanta Computer, Inc. | 12,508 | 98,901 | |
Realtek Semiconductor Corp. | 6,002 | 89,822 | |
Ruentex Development Co. Ltd. | 73,133 | 83,308 | |
Ruentex Industries Ltd. | 46,302 | 88,721 | |
St. Shine Optical Co. Ltd. | 22,000 | 134,694 | |
TA Chen Stainless Pipe Co. | 67,872 | 80,262 | |
Tainan Spinning Co. Ltd. | 147,822 | 69,998 | |
Taiwan Cement Corp. | 172,073 | 175,124 | |
Taiwan Fertilizer Co. Ltd. | 37,000 | 80,344 | |
Taiwan High Speed Rail Corp. | 104,000 | 98,129 | |
Taiwan Mobile Co. Ltd. | 76,296 | 238,489 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 101,369 | 2,029,255 | |
Tatung Co. Ltd.(1) | 86,000 | 119,992 | |
Teco Electric & Machinery Co. Ltd. | 120,000 | 175,994 | |
Tong Yang Industry Co. Ltd. | 20,608 | 56,145 | |
TTY Biopharm Co. Ltd. | 94,096 | 233,581 | |
Tung Ho Steel Enterprise Corp. | 32,200 | 75,899 | |
Unimicron Technology Corp. | 21,000 | 117,816 | |
Uni-President Enterprises Corp. | 211,831 | 489,517 | |
United Microelectronics Corp. | 102,090 | 159,021 | |
Voltronic Power Technology Corp. | 4,000 | 171,051 | |
Walsin Lihwa Corp. | 74,000 | 83,552 | |
Wei Chuan Foods Corp. | 179,000 | 106,537 | |
Yageo Corp. | 3,163 | 55,634 | |
Yang Ming Marine Transport Corp. | 68,621 | 104,635 | |
Yieh Phui Enterprise Co. Ltd. | 90,348 | 44,390 | |
$ 13,383,212 | |||
Thailand — 4.5% | |||
Advanced Info Service PCL(8) | 63,400 | $ 391,012 | |
Airports of Thailand PCL(8) | 181,200 | 305,114 | |
Asset World Corp. PCL(8) | 613,200 | 68,883 | |
Bangkok Bank PCL(8) | 17,300 | 68,753 | |
Bangkok Chain Hospital PCL(8) | 316,800 | 201,469 | |
Bangkok Dusit Medical Services PCL, Class F(8) | 746,100 | 578,330 | |
Bangkok Expressway & Metro PCL(8) | 281,500 | 58,293 | |
Bangkok Land PCL(1)(8) | 2,263,800 | 45,976 | |
Banpu PCL(8) | 131,633 | 22,979 | |
BTS Group Holdings PCL(8) | 331,100 | 55,947 | |
Bumrungrad Hospital PCL(8) | 65,400 | 442,473 | |
Carabao Group PCL(8) | 27,500 | 58,380 | |
Central Pattana PCL(8) | 81,600 | 148,753 |
Security | Shares | Value | |
Thailand (continued) | |||
Central Retail Corp. PCL(8) | 154,166 | $ 144,152 | |
Charoen Pokphand Foods PCL(8) | 188,700 | 99,007 | |
Chularat Hospital PCL(8) | 1,881,100 | 157,002 | |
CP ALL PCL(8) | 160,100 | 235,684 | |
CPN Retail Growth Leasehold REIT | 146,500 | 45,423 | |
Delta Electronics Thailand PCL(8) | 629,400 | 1,393,118 | |
Electricity Generating PCL(8) | 12,700 | 47,011 | |
Energy Absolute PCL(8) | 70,400 | 78,697 | |
Global Power Synergy PCL, Class F(8) | 43,300 | 59,972 | |
Gulf Energy Development PCL(8) | 156,000 | 191,075 | |
Hana Microelectronics PCL(8) | 140,900 | 188,927 | |
Home Product Center PCL(8) | 409,255 | 121,038 | |
Indorama Ventures PCL(8) | 172,600 | 114,805 | |
Jasmine International PCL(8) | 634,000 | 36,664 | |
Jaymart Group Holdings PCL(8) | 164,100 | 66,346 | |
Kasikornbank PCL(8) | 32,000 | 108,386 | |
KCE Electronics PCL(8) | 152,800 | 190,672 | |
Land & Houses PCL(8) | 489,100 | 105,536 | |
Mega Lifesciences PCL(8) | 111,800 | 135,276 | |
Minor International PCL(8) | 159,544 | 137,172 | |
PTG Energy PCL(8) | 277,800 | 67,190 | |
PTT Exploration & Production PCL(8) | 68,198 | 287,817 | |
PTT Global Chemical PCL(8) | 131,900 | 124,371 | |
PTT PCL(8) | 385,300 | 365,757 | |
Samart Corp. PCL(1)(8) | 297,700 | 43,561 | |
SCB X PCL(8) | 45,300 | 132,592 | |
Siam Cement PCL(8) | 20,500 | 156,041 | |
Siam City Cement PCL(8) | 23,983 | 90,933 | |
Siam Global House PCL(8) | 112,420 | 48,208 | |
Sino-Thai Engineering & Construction PCL(8) | 251,357 | 60,558 | |
Sri Trang Agro-Industry PCL(8) | 89,600 | 43,646 | |
Thai Beverage PCL | 217,300 | 84,836 | |
Thai Oil PCL(8) | 63,600 | 97,847 | |
True Corp. PCL(1)(8) | 1,343,814 | 228,507 | |
VGI PCL(8) | 729,400 | 32,375 | |
WHA Corp. PCL(8) | 1,020,100 | 136,020 | |
$ 8,102,584 | |||
Tunisia — 0.5% | |||
Banque de Tunisie | 53,193 | $ 90,233 | |
Banque Internationale Arabe de Tunisie | 4,558 | 129,993 | |
Banque Nationale Agricole | 24,362 | 60,036 | |
Carthage Cement(1) | 187,032 | 114,163 | |
Euro Cycles SA | 8,418 | 34,942 | |
Poulina Group | 67,233 | 159,965 | |
Societe D'Articles Hygieniques SA | 33,810 | 84,947 |
Security | Shares | Value | |
Tunisia (continued) | |||
Societe Frigorifique et Brasserie de Tunis SA | 52,752 | $ 190,823 | |
Telnet Holding | 21,212 | 40,594 | |
$ 905,696 | |||
Turkey — 4.9% | |||
AG Anadolu Grubu Holding AS | 6,200 | $ 46,723 | |
Akbank TAS | 87,196 | 113,504 | |
Aksa Akrilik Kimya Sanayii AS | 33,302 | 102,226 | |
Aksa Enerji Uretim AS | 121,924 | 144,670 | |
Anadolu Efes Biracilik Ve Malt Sanayii AS | 21,780 | 101,037 | |
Arcelik AS | 40,551 | 189,004 | |
Aselsan Elektronik Sanayi Ve Ticaret AS | 88,312 | 147,186 | |
Aygaz AS | 40,310 | 195,604 | |
Bera Holding AS | 62,496 | 26,847 | |
BIM Birlesik Magazalar AS | 44,752 | 561,187 | |
Can2 Termik AS(1) | 117,000 | 69,749 | |
Coca-Cola Icecek AS | 10,500 | 185,230 | |
Dogan Sirketler Grubu Holding AS | 178,300 | 77,628 | |
EGE Endustri VE Ticaret AS | 380 | 137,172 | |
Emlak Konut Gayrimenkul Yatirim Ortakligi AS | 937,230 | 309,893 | |
Enerjisa Enerji AS(4) | 130,603 | 239,022 | |
Enka Insaat ve Sanayi AS | 114,918 | 140,730 | |
Eregli Demir ve Celik Fabrikalari TAS(1) | 124,114 | 175,983 | |
Fenerbahce Futbol AS(1) | 17,500 | 63,994 | |
Ford Otomotiv Sanayi AS | 9,441 | 274,229 | |
Gubre Fabrikalari TAS(1) | 7,200 | 34,553 | |
Haci Omer Sabanci Holding AS | 44,727 | 106,895 | |
Hektas Ticaret TAS(1) | 116,874 | 68,488 | |
Ipek Dogal Enerji Kaynaklari Arastirma Ve Uretim AS(1) | 42,459 | 50,742 | |
Is Gayrimenkul Yatirim Ortakligi AS(1) | 221,310 | 130,104 | |
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D | 97,127 | 85,566 | |
KOC Holding AS | 35,594 | 187,988 | |
Koza Altin Isletmeleri AS | 105,052 | 71,756 | |
Logo Yazilim Sanayi Ve Ticaret AS | 49,980 | 146,918 | |
Mavi Giyim Sanayi Ve Ticaret AS, Class B(4) | 32,260 | 151,629 | |
Migros Ticaret AS | 10,679 | 143,630 | |
MLP Saglik Hizmetleri AS(1)(4) | 46,919 | 252,038 | |
ODAS Elektrik Uretim ve Sanayi Ticaret AS(1) | 368,337 | 112,190 | |
Penta Teknoloji Urunleri Dagitim Ticaret AS(1) | 116,838 | 75,117 | |
Petkim Petrokimya Holding AS(1) | 175,096 | 125,119 | |
Sasa Polyester Sanayi AS(1) | 98,600 | 125,016 | |
Selcuk Ecza Deposu Ticaret ve Sanayi AS | 85,509 | 171,669 | |
Sinpas Gayrimenkul Yatirim Ortakligi AS(1) | 511,180 | 57,214 | |
Sok Marketler Ticaret AS | 51,800 | 108,585 | |
Tofas Turk Otomobil Fabrikasi AS | 18,438 | 149,568 |
Security | Shares | Value | |
Turkey (continued) | |||
Turk Hava Yollari AO(1) | 33,174 | $ 297,368 | |
Turk Telekomunikasyon AS(1) | 174,514 | 187,740 | |
Turkcell Iletisim Hizmetleri AS | 499,789 | 1,126,920 | |
Turkiye Is Bankasi AS, Class C | 205,978 | 173,680 | |
Turkiye Petrol Rafinerileri AS | 226,403 | 1,115,452 | |
Turkiye Sise ve Cam Fabrikalari AS | 78,410 | 127,180 | |
Ulker Biskuvi Sanayi AS(1) | 16,690 | 51,350 | |
Yapi ve Kredi Bankasi AS | 133,100 | 95,599 | |
$ 8,831,692 | |||
United Arab Emirates — 2.4% | |||
Abu Dhabi Commercial Bank PJSC | 88,644 | $ 217,724 | |
Abu Dhabi National Oil Co. for Distribution PJSC | 433,000 | 418,320 | |
ADNOC Drilling Co. PJSC | 407,000 | 406,408 | |
Agthia Group PJSC | 54,046 | 74,881 | |
Air Arabia PJSC | 212,497 | 172,198 | |
Aldar Properties PJSC | 44,073 | 61,125 | |
Apex Investment Co. PSC(1) | 127,200 | 68,070 | |
Borouge PLC | 162,000 | 105,392 | |
Dana Gas PJSC | 421,411 | 84,684 | |
Dubai Electricity & Water Authority PJSC | 861,560 | 588,912 | |
Dubai Investments PJSC | 212,181 | 136,632 | |
Dubai Islamic Bank PJSC | 109,508 | 188,434 | |
Emaar Development PJSC | 104,800 | 198,316 | |
Emaar Properties PJSC | 164,638 | 332,877 | |
Emirates Telecommunications Group Co. PJSC | 103,870 | 542,112 | |
Fertiglobe PLC | 170,700 | 129,501 | |
First Abu Dhabi Bank PJSC | 66,119 | 263,596 | |
Multiply Group PJSC(1) | 159,900 | 125,556 | |
Network International Holdings PLC(1)(4) | 31,200 | 153,005 | |
Q Holding PJSC(1) | 107,300 | 92,261 | |
$ 4,360,004 | |||
United Kingdom — 0.1% | |||
Airtel Africa PLC(4) | 139,000 | $ 197,406 | |
$ 197,406 | |||
Vietnam — 2.3% | |||
Bank for Foreign Trade of Vietnam JSC(1) | 144,967 | $ 524,751 | |
Bao Viet Holdings | 28,030 | 46,357 | |
FLC Faros Construction JSC(1)(3) | 2 | 0 | |
Gelex Group JSC(1) | 158,500 | 138,753 | |
Gemadept Corp. | 41,900 | 116,305 | |
Hoa Phat Group JSC(1) | 706,587 | 800,073 | |
Hoa Sen Group(1) | 110,622 | 102,985 | |
KIDO Group Corp. | 31,200 | 78,188 |
Security | Shares | Value | |
Vietnam (continued) | |||
Kinh Bac City Development Holding Corp.(1) | 38,613 | $ 47,540 | |
Masan Group Corp.(1) | 103,896 | 272,807 | |
Novaland Investment Group Corp.(1) | 94,187 | 63,975 | |
PetroVietnam Drilling & Well Services JSC(1) | 109,672 | 122,850 | |
Petrovietnam Fertilizer & Chemicals JSC | 64,000 | 85,387 | |
PetroVietnam Gas JSC | 35,928 | 110,506 | |
PetroVietnam Power Corp.(1) | 169,700 | 78,684 | |
PetroVietnam Technical Services Corp. | 27,400 | 41,191 | |
Phat Dat Real Estate Development Corp.(1) | 29,304 | 33,419 | |
Phu Nhuan Jewelry JSC | 4 | 16 | |
Saigon Beer Alcohol Beverage Corp. | 29,220 | 67,149 | |
Thaiholdings JSC(1) | 48,620 | 70,274 | |
Vietjet Aviation JSC(1) | 109,066 | 466,316 | |
Vietnam Construction and Import-Export JSC(1) | 75,020 | 77,987 | |
Vietnam Dairy Products JSC | 92,092 | 252,095 | |
Vincom Retail JSC(1) | 132,380 | 121,215 | |
Vingroup JSC(1) | 156,347 | 271,568 | |
Vinh Hoan Corp. | 28,080 | 72,814 | |
Vinhomes JSC(1)(4) | 101,620 | 172,227 | |
$ 4,235,432 | |||
Total Common Stocks (identified cost $146,156,618) | $181,986,361 |
Rights — 0.0%(9) |
Security | Shares | Value | |
Morocco — 0.0%(9) | |||
Bank of Africa, Exp. 10/7/24(1) | 48 | $ 14 | |
Total Rights (identified cost $0) | $ 14 |
Short-Term Investments — 1.1% |
Affiliated Fund — 0.0%(9) |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(10) | 6,567 | $ 6,567 | |
Total Affiliated Fund (identified cost $6,567) | $ 6,567 |
Securities Lending Collateral — 1.1% |
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.34%(11) | 2,105,865 | $ 2,105,865 | |
Total Securities Lending Collateral (identified cost $2,105,865) | $ 2,105,865 | ||
Total Short-Term Investments (identified cost $2,112,432) | $ 2,112,432 |
Total Investments — 101.3% (identified cost $148,269,050) | $184,098,807 | ||
Other Assets, Less Liabilities — (1.3)% | $ (2,415,752) | ||
Net Assets — 100.0% | $181,683,055 |
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 January 31, 2024. The aggregate market value of securities on loan at January 31, 2024 was $3,869,524. |
(3) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11). |
(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 January 31, 2024, the aggregate value of these securities is $5,193,046 or 2.9% of the Fund's net assets. |
(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 January 31, 2024, the aggregate value of these securities is $1,192,709 or 0.7% of the Fund's net assets. |
(6) | Trading of securities has been sanctioned. |
(7) | Securities are traded on separate exchanges for the same entity. |
(8) | Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits. |
(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 January 31, 2024. |
(11) | Represents investment of cash collateral received in connection with securities lending. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Financials | 12.2% | $22,173,733 |
Industrials | 11.1 | 20,246,440 |
Consumer Staples | 9.8 | 17,764,763 |
Energy | 9.7 | 17,680,964 |
Consumer Discretionary | 9.6 | 17,368,262 |
Communication Services | 9.2 | 16,656,148 |
Materials | 9.1 | 16,574,038 |
Health Care | 9.1 | 16,476,467 |
Information Technology | 8.7 | 15,870,472 |
Utilities | 6.3 | 11,460,146 |
Real Estate | 5.4 | 9,714,942 |
Short-Term Investments | 1.1 | 2,112,432 |
Total Investments | 101.3% | $184,098,807 |
Abbreviations: | |
ADR | – American Depositary Receipt |
GDR | – Global Depositary Receipt |
PCL | – Public Company Limited |
PFC Shares | – Preference Shares |
January 31, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $148,262,483) — including $3,869,524 of securities on loan | $ 184,092,240 |
Affiliated investments, at value (identified cost $6,567) | 6,567 |
Cash | 172,225 |
Foreign currency, at value (identified cost $982,643) | 904,962 |
Dividends receivable | 186,851 |
Dividends receivable from affiliated investments | 1,329 |
Receivable for investments sold | 580 |
Receivable for Fund shares sold | 181,447 |
Securities lending income receivable | 5,507 |
Tax reclaims receivable | 87,943 |
Receivable from affiliates | 41,054 |
Trustees' deferred compensation plan | 181,766 |
Total assets | $ 185,862,471 |
Liabilities | |
Demand note payable | $ 130,000 |
Collateral for securities loaned | 2,105,865 |
Payable for Fund shares redeemed | 282,255 |
Payable to affiliates: | |
Investment adviser fee | 133,247 |
Administration fee | 23,521 |
Distribution and service fees | 4,885 |
Trustees' deferred compensation plan | 181,766 |
Accrued foreign capital gains taxes | 879,112 |
Accrued expenses | 438,765 |
Total liabilities | $ 4,179,416 |
Net Assets | $ 181,683,055 |
Sources of Net Assets | |
Paid-in capital | $ 423,677,738 |
Accumulated loss | (241,994,683) |
Net Assets | $ 181,683,055 |
Class A Shares | |
Net Assets | $ 22,177,412 |
Shares Outstanding | 1,670,543 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.28 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 14.02 |
Class C Shares | |
Net Assets | $ 116,212 |
Shares Outstanding | 8,816 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 13.18 |
Class I Shares | |
Net Assets | $ 156,416,441 |
Shares Outstanding | 11,792,435 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.26 |
January 31, 2024 | |
Class R6 Shares | |
Net Assets | $2,972,990 |
Shares Outstanding | 224,306 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.25 |
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. |
Year Ended | |
January 31, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $898,895) | $ 7,107,886 |
Dividend income from affiliated investments | 17,930 |
Securities lending income, net | 54,528 |
Total investment income | $ 7,180,344 |
Expenses | |
Investment adviser fee | $ 1,647,409 |
Administration fee | 290,719 |
Distribution and service fees: | |
Class A | 58,665 |
Class C | 1,836 |
Trustees’ fees and expenses | 12,801 |
Custodian fee | 356,829 |
Transfer and dividend disbursing agent fees | 188,129 |
Legal and accounting services | 187,708 |
Printing and postage | 20,611 |
Registration fees | 60,066 |
Miscellaneous | 14,180 |
Total expenses | $ 2,838,953 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 181,487 |
Total expense reductions | $ 181,487 |
Net expenses | $ 2,657,466 |
Net investment income | $ 4,522,878 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions (net of foreign capital gains taxes of $184,576) | $ 3,791,808 |
Foreign currency transactions | (490,500) |
Net realized gain | $ 3,301,308 |
Change in unrealized appreciation (depreciation): | |
Investments (including net increase in accrued foreign capital gains taxes of $210,383) | $ (6,556,339) |
Foreign currency | 172,238 |
Net change in unrealized appreciation (depreciation) | $(6,384,101) |
Net realized and unrealized loss | $(3,082,793) |
Net increase in net assets from operations | $ 1,440,085 |
Year Ended January 31, | ||
2024 | 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 4,522,878 | $ 6,502,212 |
Net realized gain | 3,301,308 | 14,859,953 |
Net change in unrealized appreciation (depreciation) | (6,384,101) | (44,314,695) |
Net increase (decrease) in net assets from operations | $ 1,440,085 | $ (22,952,530) |
Distributions to shareholders: | ||
Class A | $ (615,132) | $ (1,044,209) |
Class C | (1,589) | (7,142) |
Class I | (4,770,597) | (8,024,330) |
Class R6 | (90,741) | (72,284) |
Total distributions to shareholders | $ (5,478,059) | $ (9,147,965) |
Transactions in shares of beneficial interest: | ||
Class A | $ (2,665,015) | $ (4,659,298) |
Class C | (95,457) | (86,337) |
Class I | (20,736,460) | (56,863,657) |
Class R6 | 1,347,517 | 59,535 |
Net decrease in net assets from Fund share transactions | $ (22,149,415) | $ (61,549,757) |
Net decrease in net assets | $ (26,187,389) | $ (93,650,252) |
Net Assets | ||
At beginning of year | $ 207,870,444 | $ 301,520,696 |
At end of year | $181,683,055 | $207,870,444 |
Class A | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 13.56 | $ 15.11 | $ 14.71 | $ 13.87 | $ 14.28 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.28 | $ 0.34 | $ 0.25 | $ 0.21 | $ 0.33 |
Net realized and unrealized gain (loss) | (0.19) | (1.32) | 0.40 | 0.79 (2) | (0.38) |
Total income (loss) from operations | $ 0.09 | $ (0.98) | $ 0.65 | $ 1.00 | $ (0.05) |
Less Distributions | |||||
From net investment income | $ (0.37) | $ (0.57) | $ (0.25) | $ (0.16) | $ (0.36) |
Total distributions | $ (0.37) | $ (0.57) | $ (0.25) | $ (0.16) | $ (0.36) |
Net asset value — End of year | $ 13.28 | $ 13.56 | $ 15.11 | $ 14.71 | $ 13.87 |
Total Return(3) | 0.60% | (6.32)% | 4.41% | 7.23% | (0.46)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000's omitted) | $22,177 | $25,360 | $33,428 | $45,629 | $136,829 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.68% | 1.65% | 1.58% | 1.55% | 1.45% |
Net expenses | 1.59% (5) | 1.65% (5) | 1.58% | 1.55% | 1.45% |
Net investment income | 2.10% | 2.50% | 1.63% | 1.74% | 2.30% |
Portfolio Turnover | 5% | 10% | 5% | 19% | 2% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended January 31, 2024 and 2023). |
Class C | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 13.39 | $ 14.90 | $ 14.47 | $ 13.62 | $ 14.01 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.21 | $ 0.23 | $ 0.13 | $ 0.12 | $ 0.22 |
Net realized and unrealized gain (loss) | (0.24) | (1.30) | 0.40 | 0.75 (2) | (0.38) |
Total income (loss) from operations | $ (0.03) | $ (1.07) | $ 0.53 | $ 0.87 | $ (0.16) |
Less Distributions | |||||
From net investment income | $ (0.18) | $ (0.44) | $ (0.10) | $ (0.02) | $ (0.23) |
Total distributions | $ (0.18) | $ (0.44) | $ (0.10) | $ (0.02) | $ (0.23) |
Net asset value — End of year | $13.18 | $13.39 | $14.90 | $14.47 | $13.62 |
Total Return(3) | (0.25)% | (6.93)% | 3.59% | 6.42% | (1.21)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 116 | $ 219 | $ 339 | $ 592 | $ 4,094 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 2.45% | 2.40% | 2.33% | 2.30% | 2.20% |
Net expenses | 2.36% (5) | 2.40% (5) | 2.33% | 2.30% | 2.20% |
Net investment income | 1.57% | 1.75% | 0.85% | 0.96% | 1.59% |
Portfolio Turnover | 5% | 10% | 5% | 19% | 2% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended January 31, 2024 and 2023). |
Class I | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 13.55 | $ 15.10 | $ 14.71 | $ 13.90 | $ 14.31 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.32 | $ 0.38 | $ 0.30 | $ 0.21 | $ 0.37 |
Net realized and unrealized gain (loss) | (0.20) | (1.33) | 0.38 | 0.83 (2) | (0.38) |
Total income (loss) from operations | $ 0.12 | $ (0.95) | $ 0.68 | $ 1.04 | $ (0.01) |
Less Distributions | |||||
From net investment income | $ (0.41) | $ (0.60) | $ (0.29) | $ (0.23) | $ (0.40) |
Total distributions | $ (0.41) | $ (0.60) | $ (0.29) | $ (0.23) | $ (0.40) |
Net asset value — End of year | $ 13.26 | $ 13.55 | $ 15.10 | $ 14.71 | $ 13.90 |
Total Return(3) | 0.78% | (6.07)% | 4.64% | 7.50% | (0.20)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $156,416 | $180,624 | $265,967 | $383,984 | $868,666 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.43% | 1.40% | 1.33% | 1.30% | 1.20% |
Net expenses | 1.34% (5) | 1.40% (5) | 1.33% | 1.30% | 1.20% |
Net investment income | 2.37% | 2.79% | 1.91% | 1.68% | 2.59% |
Portfolio Turnover | 5% | 10% | 5% | 19% | 2% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended January 31, 2024 and 2023). |
Class R6 | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 13.54 | $ 15.09 | $ 14.69 | $ 13.89 | $ 14.30 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.33 | $ 0.37 | $ 0.22 | $ 0.23 | $ 0.38 |
Net realized and unrealized gain (loss) | (0.20) | (1.31) | 0.49 | 0.81 (2) | (0.38) |
Total income (loss) from operations | $ 0.13 | $ (0.94) | $ 0.71 | $ 1.04 | $ — |
Less Distributions | |||||
From net investment income | $ (0.42) | $ (0.61) | $ (0.31) | $ (0.24) | $ (0.41) |
Total distributions | $ (0.42) | $ (0.61) | $ (0.31) | $ (0.24) | $ (0.41) |
Net asset value — End of year | $13.25 | $13.54 | $15.09 | $ 14.69 | $ 13.89 |
Total Return(3) | 0.86% | (5.99)% | 4.82% | 7.45% | (0.13)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 2,973 | $ 1,668 | $ 1,786 | $83,963 | $54,504 |
Ratios (as a percentage of average daily net assets):(4) | |||||
Total expenses | 1.35% | 1.33% | 1.24% | 1.21% | 1.14% |
Net expenses | 1.26% (5) | 1.33% (5) | 1.24% | 1.21% | 1.14% |
Net investment income | 2.47% | 2.76% | 1.42% | 1.83% | 2.67% |
Portfolio Turnover | 5% | 10% | 5% | 19% | 2% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended January 31, 2024 and 2023). |
Year Ended January 31, | ||
2024 | 2023 | |
Ordinary income | $5,478,059 | $9,147,965 |
Undistributed ordinary income | $ 545,567 |
Deferred capital losses | (268,471,744) |
Net unrealized appreciation | 25,931,494 |
Accumulated loss | $(241,994,683) |
Aggregate cost | $ 157,204,582 |
Gross unrealized appreciation | $ 65,302,555 |
Gross unrealized depreciation | (38,408,330) |
Net unrealized appreciation | $ 26,894,225 |
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% |
Year Ended January 31, 2024 | Year Ended January 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 99,066 | $ 1,326,604 | 101,486 | $ 1,388,348 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 43,465 | 593,297 | 77,012 | 991,912 | |
Redemptions | (341,824) | (4,584,916) | (521,190) | (7,039,558) | |
Net decrease | (199,293) | $ (2,665,015) | (342,692) | $ (4,659,298) | |
Class C | |||||
Sales | — | $ — | 36 | $ 500 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 117 | 1,589 | 562 | 7,142 | |
Redemptions | (7,650) | (97,046) | (6,987) | (93,979) | |
Net decrease | (7,533) | $ (95,457) | (6,389) | $ (86,337) | |
Class I | |||||
Sales | 1,095,475 | $ 14,638,234 | 1,645,912 | $ 22,251,808 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 202,593 | 2,761,341 | 376,209 | 4,841,814 | |
Redemptions | (2,833,889) | (38,136,035) | (6,306,726) | (83,957,279) | |
Net decrease | (1,535,821) | $(20,736,460) | (4,284,605) | $(56,863,657) | |
Class R6 | |||||
Sales | 147,141 | $ 1,961,956 | 9,156 | $ 124,405 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 5,295 | 72,116 | 5,621 | 72,284 | |
Redemptions | (51,287) | (686,555) | (9,965) | (137,154) | |
Net increase | 101,149 | $ 1,347,517 | 4,812 | $ 59,535 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous | <30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $2,105,865 | $ — | $ — | $ — | $2,105,865 |
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 | $270,603 | $15,713,816 | $(15,977,852) | $ — | $ — | $6,567 | $17,930 | 6,567 |
• | 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 | $ 3,671,164 | $ 88,772,589 | $ 150,436 | $ 92,594,189 |
Developed Europe | — | 197,406 | — | 197,406 |
Emerging Europe | 84,029 | 24,670,007 | 0 | 24,754,036 |
Latin America | 23,737,816 | 4,148,522 | — | 27,886,338 |
Middle East/Africa | 56,532 | 34,117,224 | 2,380,636 | 36,554,392 |
Total Common Stocks | $ 27,549,541 | $ 151,905,748** | $ 2,531,072 | $181,986,361 |
Rights | $ 14 | $ — | $ — | $ 14 |
Short-Term Investments: | ||||
Affiliated Fund | 6,567 | — | — | 6,567 |
Securities Lending Collateral | 2,105,865 | — | — | 2,105,865 |
Total Investments | $ 29,661,987 | $ 151,905,748 | $ 2,531,072 | $184,098,807 |
* | 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. |
Boston, Massachusetts
March 20, 2024
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management ‘Classic’ (2009-2020). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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. |
One Post Office Square
Boston, MA 02109
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02109
Defensive Fund
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Since Inception |
Class I at NAV | 02/09/2017 | 02/09/2017 | 14.24% | 8.31% | 7.37% |
CBOE S&P 500 BuyWrite IndexSM | — | — | 9.23% | 5.73% | 5.24% |
S&P 500® Index | — | — | 20.82 | 14.29 | 13.21 |
ICE BofA 3-Month U.S. Treasury Bill Index | — | — | 5.13 | 1.92 | 1.79 |
Blended Index | — | — | 12.97 | 8.39 | 7.74 |
% Total Annual Operating Expense Ratio3 | Class I |
0.49% |
Common Stock Sector Allocation (% of net assets) |
Asset Allocation (% of total investments) |
Top 10 Holdings (% of net assets)1 | |
Microsoft Corp. | 3.9% |
Apple, Inc. | 3.6 |
NVIDIA Corp. | 2.2 |
Amazon.com, Inc. | 1.8 |
Alphabet, Inc., Class A | 1.1 |
Berkshire Hathaway, Inc., Class B | 1.0 |
Meta Platforms, Inc., Class A | 1.0 |
Alphabet, Inc., Class C | 1.0 |
Broadcom, Inc. | 0.9 |
Eli Lilly & Co. | 0.9 |
Total | 17.4% |
1 | Depictions do not reflect the Fund’s option positions. Excludes short-term investments. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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 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's 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. |
Additional Information | |
Implied volatility refers to the market’s forecasted level of volatility going forward whereas realized volatility refers to the level of volatility that actually occurred. |
Beginning Account Value (8/1/23) | Ending Account Value (1/31/24) | Expenses Paid During Period* (8/1/23 – 1/31/24) | Annualized Expense Ratio | |
Actual | ||||
Class I | $1,000.00 | $1,038.30 | $2.41 | 0.47% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class I | $1,000.00 | $1,022.84 | $2.40 | 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 184/365 (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 July 31, 2023. |
Common Stocks — 50.5% |
Security | Shares | Value | |
Aerospace & Defense — 0.8% | |||
Boeing Co.(1) | 10,963 | $ 2,313,632 | |
Huntington Ingalls Industries, Inc. | 2,989 | 773,912 | |
L3Harris Technologies, Inc. | 7,531 | 1,569,611 | |
RTX Corp. | 24,262 | 2,210,753 | |
$ 6,867,908 | |||
Air Freight & Logistics — 0.1% | |||
Expeditors International of Washington, Inc. | 6,721 | $ 849,064 | |
United Parcel Service, Inc., Class B | 923 | 130,974 | |
$ 980,038 | |||
Automobile Components — 0.0%(2) | |||
Phinia, Inc. | 2,206 | $ 66,709 | |
$ 66,709 | |||
Automobiles — 0.6% | |||
Tesla, Inc.(1) | 28,399 | $ 5,318,849 | |
$ 5,318,849 | |||
Banks — 1.8% | |||
Bank of America Corp. | 101,593 | $ 3,455,178 | |
Fifth Third Bancorp | 30,206 | 1,034,253 | |
Huntington Bancshares, Inc. | 108,563 | 1,382,007 | |
JPMorgan Chase & Co. | 37,320 | 6,507,115 | |
Regions Financial Corp. | 61,283 | 1,144,154 | |
Wells Fargo & Co. | 39,517 | 1,982,963 | |
$ 15,505,670 | |||
Beverages — 0.8% | |||
Coca-Cola Co. | 55,380 | $ 3,294,556 | |
PepsiCo, Inc. | 19,637 | 3,309,424 | |
$ 6,603,980 | |||
Biotechnology — 0.9% | |||
AbbVie, Inc. | 25,007 | $ 4,111,151 | |
Amgen, Inc. | 8,146 | 2,559,962 | |
Vertex Pharmaceuticals, Inc.(1) | 2,675 | 1,159,291 | |
$ 7,830,404 | |||
Broadline Retail — 2.0% | |||
Amazon.com, Inc.(1) | 98,891 | $ 15,347,883 |
Security | Shares | Value | |
Broadline Retail (continued) | |||
eBay, Inc. | 12,987 | $ 533,376 | |
Kohl's Corp. | 23,030 | 593,253 | |
$ 16,474,512 | |||
Building Products — 0.3% | |||
A.O. Smith Corp. | 16,850 | $ 1,307,728 | |
Carrier Global Corp. | 20,581 | 1,125,987 | |
$ 2,433,715 | |||
Capital Markets — 1.0% | |||
Ameriprise Financial, Inc. | 4,528 | $ 1,751,566 | |
Cboe Global Markets, Inc. | 4,645 | 853,983 | |
Invesco Ltd. | 55,837 | 883,900 | |
Nasdaq, Inc. | 18,560 | 1,072,211 | |
S&P Global, Inc. | 6,109 | 2,738,970 | |
State Street Corp. | 17,118 | 1,264,507 | |
$ 8,565,137 | |||
Chemicals — 0.8% | |||
CF Industries Holdings, Inc. | 13,351 | $ 1,008,134 | |
Linde PLC | 8,502 | 3,441,865 | |
Sherwin-Williams Co. | 6,320 | 1,923,681 | |
$ 6,373,680 | |||
Commercial Services & Supplies — 0.2% | |||
Republic Services, Inc. | 9,020 | $ 1,543,502 | |
$ 1,543,502 | |||
Communications Equipment — 0.5% | |||
Arista Networks, Inc.(1) | 6,534 | $ 1,690,215 | |
Cisco Systems, Inc. | 42,050 | 2,110,069 | |
F5, Inc.(1) | 4,136 | 759,783 | |
$ 4,560,067 | |||
Construction & Engineering — 0.2% | |||
Quanta Services, Inc. | 6,781 | $ 1,315,853 | |
$ 1,315,853 | |||
Consumer Finance — 0.3% | |||
Discover Financial Services | 14,283 | $ 1,507,142 | |
Synchrony Financial | 32,515 | 1,263,858 | |
$ 2,771,000 | |||
Consumer Staples Distribution & Retail — 1.0% | |||
Costco Wholesale Corp. | 6,395 | $ 4,443,758 |
Security | Shares | Value | |
Consumer Staples Distribution & Retail (continued) | |||
Kroger Co. | 23,840 | $ 1,099,978 | |
Walmart, Inc. | 17,918 | 2,960,949 | |
$ 8,504,685 | |||
Containers & Packaging — 0.3% | |||
Avery Dennison Corp. | 5,624 | $ 1,121,707 | |
Packaging Corp. of America | 5,963 | 989,142 | |
Sealed Air Corp. | 14,482 | 500,353 | |
$ 2,611,202 | |||
Distributors — 0.1% | |||
LKQ Corp. | 19,666 | $ 917,812 | |
$ 917,812 | |||
Diversified Telecommunication Services — 0.5% | |||
AT&T, Inc. | 86,019 | $ 1,521,676 | |
Verizon Communications, Inc. | 55,584 | 2,353,983 | |
$ 3,875,659 | |||
Electric Utilities — 0.9% | |||
Alliant Energy Corp. | 17,071 | $ 830,675 | |
Duke Energy Corp. | 10,341 | 990,978 | |
Entergy Corp. | 9,047 | 902,529 | |
Evergy, Inc. | 16,090 | 816,889 | |
FirstEnergy Corp. | 16,698 | 612,483 | |
NextEra Energy, Inc. | 24,770 | 1,452,265 | |
NRG Energy, Inc. | 22,955 | 1,217,533 | |
Pinnacle West Capital Corp. | 6,846 | 471,689 | |
$ 7,295,041 | |||
Electrical Equipment — 0.3% | |||
Eaton Corp. PLC | 10,470 | $ 2,576,458 | |
$ 2,576,458 | |||
Electronic Equipment, Instruments & Components — 0.2% | |||
TE Connectivity Ltd. | 10,461 | $ 1,487,450 | |
$ 1,487,450 | |||
Entertainment — 0.5% | |||
Netflix, Inc.(1) | 5,712 | $ 3,222,196 | |
Walt Disney Co. | 7,757 | 745,060 | |
$ 3,967,256 | |||
Financial Services — 2.5% | |||
Berkshire Hathaway, Inc., Class B(1) | 22,369 | $ 8,583,880 |
Security | Shares | Value | |
Financial Services (continued) | |||
FleetCor Technologies, Inc.(1) | 4,920 | $ 1,426,456 | |
Mastercard, Inc., Class A | 11,540 | 5,184,114 | |
Visa, Inc., Class A | 22,785 | 6,226,229 | |
$ 21,420,679 | |||
Food Products — 0.4% | |||
Campbell Soup Co. | 20,355 | $ 908,444 | |
Conagra Brands, Inc. | 41,435 | 1,207,830 | |
McCormick & Co., Inc., Non Voting Shares | 18,919 | 1,289,519 | |
$ 3,405,793 | |||
Ground Transportation — 0.5% | |||
J.B. Hunt Transport Services, Inc. | 6,113 | $ 1,228,591 | |
Union Pacific Corp. | 10,581 | 2,581,023 | |
$ 3,809,614 | |||
Health Care Equipment & Supplies — 1.3% | |||
Abbott Laboratories | 21,873 | $ 2,474,930 | |
Boston Scientific Corp.(1) | 34,345 | 2,172,665 | |
Cooper Cos., Inc. | 3,026 | 1,128,789 | |
IDEXX Laboratories, Inc.(1) | 3,057 | 1,574,599 | |
Intuitive Surgical, Inc.(1) | 7,071 | 2,674,394 | |
Medtronic PLC | 11,119 | 973,357 | |
$ 10,998,734 | |||
Health Care Providers & Services — 1.2% | |||
Cencora, Inc. | 7,142 | $ 1,661,801 | |
DaVita, Inc.(1) | 9,206 | 995,721 | |
Molina Healthcare, Inc.(1) | 2,296 | 818,386 | |
Quest Diagnostics, Inc. | 7,345 | 943,319 | |
UnitedHealth Group, Inc. | 11,791 | 6,033,926 | |
$ 10,453,153 | |||
Hotels, Restaurants & Leisure — 1.1% | |||
Caesars Entertainment, Inc.(1) | 26,556 | $ 1,165,012 | |
Carnival Corp.(1) | 62,762 | 1,040,594 | |
Expedia Group, Inc.(1) | 9,477 | 1,405,723 | |
McDonald's Corp. | 8,958 | 2,622,186 | |
Starbucks Corp. | 21,637 | 2,012,890 | |
Wynn Resorts Ltd. | 10,917 | 1,030,892 | |
$ 9,277,297 | |||
Household Durables — 0.2% | |||
Lennar Corp., Class A | 13,510 | $ 2,024,474 | |
$ 2,024,474 |
Security | Shares | Value | |
Household Products — 0.6% | |||
Procter & Gamble Co. | 31,813 | $ 4,999,095 | |
$ 4,999,095 | |||
Industrial Conglomerates — 0.3% | |||
Honeywell International, Inc. | 12,134 | $ 2,454,223 | |
$ 2,454,223 | |||
Industrial REITs — 0.2% | |||
ProLogis, Inc. | 12,643 | $ 1,601,742 | |
$ 1,601,742 | |||
Insurance — 1.0% | |||
Arthur J. Gallagher & Co. | 7,052 | $ 1,637,192 | |
Assurant, Inc. | 6,011 | 1,009,548 | |
Everest Group Ltd. | 2,593 | 998,227 | |
Globe Life, Inc. | 7,099 | 871,899 | |
Progressive Corp. | 13,267 | 2,364,843 | |
Unum Group | 26,445 | 1,278,351 | |
$ 8,160,060 | |||
Interactive Media & Services — 3.1% | |||
Alphabet, Inc., Class A(1) | 69,586 | $ 9,748,999 | |
Alphabet, Inc., Class C(1) | 58,227 | 8,256,589 | |
Meta Platforms, Inc., Class A(1) | 21,775 | 8,495,298 | |
$ 26,500,886 | |||
IT Services — 0.4% | |||
Accenture PLC, Class A | 9,807 | $ 3,568,571 | |
$ 3,568,571 | |||
Life Sciences Tools & Services — 0.9% | |||
Danaher Corp. | 9,993 | $ 2,397,421 | |
IQVIA Holdings, Inc.(1) | 6,039 | 1,257,501 | |
Thermo Fisher Scientific, Inc. | 5,748 | 3,098,057 | |
Waters Corp.(1) | 3,206 | 1,018,578 | |
$ 7,771,557 | |||
Machinery — 0.7% | |||
Flowserve Corp. | 2,794 | $ 111,565 | |
PACCAR, Inc. | 20,719 | 2,079,980 | |
Pentair PLC | 17,848 | 1,305,938 | |
Stanley Black & Decker, Inc. | 13,004 | 1,213,273 | |
Westinghouse Air Brake Technologies Corp. | 10,792 | 1,419,904 | |
$ 6,130,660 |
Security | Shares | Value | |
Media — 0.5% | |||
Comcast Corp., Class A | 46,369 | $ 2,158,013 | |
Omnicom Group, Inc. | 15,747 | 1,423,214 | |
Paramount Global, Class B | 65,492 | 955,528 | |
$ 4,536,755 | |||
Metals & Mining — 0.2% | |||
Freeport-McMoRan, Inc. | 43,625 | $ 1,731,476 | |
$ 1,731,476 | |||
Multi-Utilities — 0.2% | |||
CMS Energy Corp. | 12,383 | $ 707,813 | |
WEC Energy Group, Inc. | 11,345 | 916,222 | |
$ 1,624,035 | |||
Office REITs — 0.2% | |||
Alexandria Real Estate Equities, Inc. | 10,509 | $ 1,270,538 | |
$ 1,270,538 | |||
Oil, Gas & Consumable Fuels — 1.9% | |||
APA Corp. | 26,833 | $ 840,678 | |
Chevron Corp. | 18,226 | 2,687,059 | |
Devon Energy Corp. | 27,121 | 1,139,624 | |
EOG Resources, Inc. | 14,828 | 1,687,278 | |
Exxon Mobil Corp. | 52,082 | 5,354,551 | |
HF Sinclair Corp. | 23,402 | 1,321,979 | |
Marathon Oil Corp. | 53,376 | 1,219,642 | |
ONEOK, Inc. | 21,880 | 1,493,310 | |
$ 15,744,121 | |||
Passenger Airlines — 0.1% | |||
Alaska Air Group, Inc.(1) | 18,881 | $ 676,506 | |
$ 676,506 | |||
Pharmaceuticals — 2.1% | |||
Bristol-Myers Squibb Co. | 21,971 | $ 1,073,723 | |
Eli Lilly & Co. | 11,288 | 7,287,646 | |
Johnson & Johnson | 25,911 | 4,117,258 | |
Merck & Co., Inc. | 26,997 | 3,260,698 | |
Pfizer, Inc. | 74,769 | 2,024,744 | |
$ 17,764,069 | |||
Professional Services — 0.5% | |||
Jacobs Solutions, Inc. | 9,010 | $ 1,214,277 |
Security | Shares | Value | |
Professional Services (continued) | |||
Robert Half, Inc. | 14,320 | $ 1,139,013 | |
Verisk Analytics, Inc. | 6,411 | 1,548,449 | |
$ 3,901,739 | |||
Residential REITs — 0.3% | |||
Equity Residential | 21,852 | $ 1,315,272 | |
Mid-America Apartment Communities, Inc. | 9,213 | 1,164,339 | |
$ 2,479,611 | |||
Retail REITs — 0.1% | |||
Kimco Realty Corp. | 57,235 | $ 1,156,147 | |
$ 1,156,147 | |||
Semiconductors & Semiconductor Equipment — 4.6% | |||
Advanced Micro Devices, Inc.(1) | 9,890 | $ 1,658,454 | |
Broadcom, Inc. | 6,294 | 7,426,920 | |
Intel Corp. | 41,145 | 1,772,527 | |
KLA Corp. | 4,203 | 2,496,750 | |
NVIDIA Corp. | 29,864 | 18,374,423 | |
Qorvo, Inc.(1) | 10,174 | 1,014,755 | |
QUALCOMM, Inc. | 18,464 | 2,742,089 | |
SolarEdge Technologies, Inc.(1)(3) | 6,827 | 453,995 | |
Teradyne, Inc. | 6,974 | 673,619 | |
Texas Instruments, Inc. | 15,104 | 2,418,452 | |
$ 39,031,984 | |||
Software — 5.5% | |||
Adobe, Inc.(1) | 7,004 | $ 4,326,931 | |
Intuit, Inc. | 5,019 | 3,168,646 | |
Microsoft Corp. | 82,695 | 32,877,878 | |
Oracle Corp. | 28,670 | 3,202,439 | |
Salesforce, Inc.(1) | 10,444 | 2,935,704 | |
$ 46,511,598 | |||
Specialized REITs — 0.3% | |||
Extra Space Storage, Inc. | 9,506 | $ 1,373,047 | |
Public Storage | 5,368 | 1,520,164 | |
$ 2,893,211 | |||
Specialty Retail — 0.9% | |||
Bath & Body Works, Inc. | 20,278 | $ 865,060 | |
Home Depot, Inc. | 13,992 | 4,938,616 | |
Lowe's Cos., Inc. | 7,523 | 1,601,195 | |
Victoria's Secret & Co.(1) | 7,225 | 188,211 | |
$ 7,593,082 |
Security | Shares | Value | |
Technology Hardware, Storage & Peripherals — 3.6% | |||
Apple, Inc. | 162,399 | $ 29,946,376 | |
$ 29,946,376 | |||
Textiles, Apparel & Luxury Goods — 0.3% | |||
NIKE, Inc., Class B | 18,161 | $ 1,843,886 | |
Ralph Lauren Corp. | 3,952 | 567,784 | |
Under Armour, Inc., Class C(1) | 11,043 | 81,718 | |
$ 2,493,388 | |||
Tobacco — 0.3% | |||
Philip Morris International, Inc. | 25,165 | $ 2,286,240 | |
$ 2,286,240 | |||
Trading Companies & Distributors — 0.3% | |||
Fastenal Co. | 13,915 | $ 949,420 | |
W.W. Grainger, Inc. | 1,898 | 1,699,925 | |
$ 2,649,345 | |||
Water Utilities — 0.1% | |||
American Water Works Co., Inc. | 5,314 | $ 659,043 | |
$ 659,043 | |||
Total Common Stocks (identified cost $197,430,858) | $425,972,389 |
Short-Term Investments — 49.7% |
Affiliated Fund — 4.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.21%(4) | 35,338,944 | $ 35,338,944 | |
Total Affiliated Fund (identified cost $35,338,944) | $ 35,338,944 |
U.S. Treasury Obligations — 45.5% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bills: | |||
0.00%, 2/15/24 | $ | 6,250 | $ 6,237,259 |
0.00%, 2/22/24 | 17,140 | 17,087,446 | |
0.00%, 2/29/24 | 13,699 | 13,643,022 | |
0.00%, 3/19/24 | 7,449 | 7,397,757 | |
0.00%, 3/21/24 | 19,125 | 18,988,010 | |
0.00%, 4/11/24 | 4,500 | 4,454,399 |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bills: (continued) | |||
0.00%, 4/18/24 | $ | 14,500 | $ 14,338,809 |
0.00%, 4/25/24 | 4,500 | 4,445,399 | |
0.00%, 5/2/24(3) | 7,449 | 7,350,993 | |
0.00%, 5/16/24(3) | 47,249 | 46,535,375 | |
0.00%, 6/13/24(3)(5) | 16,300 | 15,994,286 | |
0.00%, 7/11/24(3)(5) | 52,093 | 50,921,969 | |
0.00%, 8/8/24(3)(5) | 50,894 | 49,589,961 | |
0.00%, 9/5/24 | 11,949 | 11,605,472 | |
0.00%, 10/3/24 | 4,500 | 4,356,843 | |
0.00%, 10/31/24 | 7,449 | 7,186,075 | |
0.00%, 11/29/24 | 19,750 | 18,982,154 | |
0.00%, 12/26/24(5) | 17,522 | 16,793,721 | |
U.S. Treasury Notes: | |||
0.125%, 2/15/24 | 8,200 | 8,183,949 | |
0.25%, 3/15/24(3) | 6,625 | 6,585,308 | |
0.375%, 8/15/24(5) | 6,250 | 6,096,107 | |
0.375%, 9/15/24(5) | 7,449 | 7,239,424 | |
0.625%, 10/15/24 | 11,949 | 11,594,194 | |
1.25%, 8/31/24(5) | 18,199 | 17,801,398 | |
3.00%, 7/31/24(3)(5) | 10,750 | 10,638,559 | |
Total U.S. Treasury Obligations (identified cost $383,884,561) | $384,047,889 |
Security | Principal Amount (000's omitted) | Value | |
Total Short-Term Investments (identified cost $419,223,505) | $419,386,833 | ||
Total Investments — 100.2% (identified cost $616,654,363) | $845,359,222 | ||
Total Written Options — (0.2)% (premiums received $2,227,455) | $ (1,884,248) | ||
Other Assets, Less Liabilities — 0.0%(2) | $ 398,897 | ||
Net Assets — 100.0% | $843,873,871 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Amount is less than 0.05%. |
(3) | All or a portion of this security was on loan at January 31, 2024. The aggregate market value of securities on loan at January 31, 2024 was $124,224,216. |
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of January 31, 2024. |
(5) | Security (or a portion thereof) has been pledged as collateral for written options. |
Written Call Options (Exchange-Traded) — (0.1)% | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
S&P 500 Index | 72 | $ | 34,888,680 | $ | 4,860 | 2/2/24 | $(139,680) |
S&P 500 Index | 73 | 35,373,245 | 4,970 | 2/2/24 | (2,555) | ||
S&P 500 Index | 72 | 34,888,680 | 4,970 | 2/5/24 | (6,300) | ||
S&P 500 Index | 73 | 35,373,245 | 4,990 | 2/5/24 | (2,738) | ||
S&P 500 Index | 72 | 34,888,680 | 4,900 | 2/7/24 | (99,360) | ||
S&P 500 Index | 73 | 35,373,245 | 4,965 | 2/7/24 | (19,893) | ||
S&P 500 Index | 73 | 35,373,245 | 4,990 | 2/9/24 | (20,257) | ||
S&P 500 Index | 72 | 34,888,680 | 4,900 | 2/12/24 | (148,320) | ||
S&P 500 Index | 73 | 35,373,245 | 4,985 | 2/14/24 | (45,990) | ||
S&P 500 Index | 72 | 34,888,680 | 4,975 | 2/16/24 | (72,360) | ||
S&P 500 Index | 73 | 35,373,245 | 5,050 | 2/21/24 | (27,740) | ||
S&P 500 Index | 73 | 35,373,245 | 5,050 | 2/26/24 | (41,245) | ||
Total | $(626,438) |
Written Put Options (Exchange-Traded) — (0.1)% | |||||||
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value | ||
S&P 500 Index | 70 | $33,919,550 | $4,820 | 2/2/24 | $ (101,150) | ||
S&P 500 Index | 70 | 33,919,550 | 4,770 | 2/5/24 | (41,650) | ||
S&P 500 Index | 69 | 33,434,985 | 4,850 | 2/5/24 | (207,690) | ||
S&P 500 Index | 68 | 32,950,420 | 4,650 | 2/7/24 | (10,880) | ||
S&P 500 Index | 73 | 35,373,245 | 4,810 | 2/7/24 | (125,925) | ||
S&P 500 Index | 70 | 33,919,550 | 4,795 | 2/9/24 | (133,350) | ||
S&P 500 Index | 72 | 34,888,680 | 4,630 | 2/12/24 | (24,480) | ||
S&P 500 Index | 69 | 33,434,985 | 4,775 | 2/14/24 | (134,205) | ||
S&P 500 Index | 72 | 34,888,680 | 4,705 | 2/16/24 | (89,280) | ||
S&P 500 Index | 70 | 33,919,550 | 4,760 | 2/21/24 | (167,650) | ||
S&P 500 Index | 70 | 33,919,550 | 4,775 | 2/26/24 | (221,550) | ||
Total | $(1,257,810) |
Abbreviations: | |
REITs | – Real Estate Investment Trusts |
January 31, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $581,315,419) — including $124,224,216 of securities on loan | $ 810,020,278 |
Affiliated investments, at value (identified cost $35,338,944) | 35,338,944 |
Interest and dividends receivable | 601,160 |
Dividends receivable from affiliated investments | 201,144 |
Receivable for premiums on written options | 334,127 |
Receivable for Fund shares sold | 213,871 |
Securities lending income receivable | 22,569 |
Trustees' deferred compensation plan | 34,177 |
Total assets | $846,766,270 |
Liabilities | |
Written options outstanding, at value (premiums received $2,227,455) | $ 1,884,248 |
Payable for closed written options | 152,735 |
Payable for Fund shares redeemed | 338,579 |
Payable to affiliates: | |
Investment adviser and administration fee | 275,918 |
Trustees' deferred compensation plan | 34,177 |
Accrued expenses | 206,742 |
Total liabilities | $ 2,892,399 |
Net Assets | $843,873,871 |
Sources of Net Assets | |
Paid-in capital | $ 619,058,753 |
Distributable earnings | 224,815,118 |
Net Assets | $843,873,871 |
Class I Shares | |
Net Assets | $ 843,873,871 |
Shares Outstanding | 61,282,570 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 13.77 |
Year Ended | |
January 31, 2024 | |
Investment Income | |
Dividend income | $ 6,522,113 |
Dividend income from affiliated investments | 1,172,435 |
Interest income | 16,875,418 |
Securities lending income, net | 155,880 |
Total investment income | $ 24,725,846 |
Expenses | |
Investment adviser and administration fee | $ 3,076,016 |
Trustees’ fees and expenses | 50,900 |
Custodian fee | 213,469 |
Transfer and dividend disbursing agent fees | 176,097 |
Legal and accounting services | 82,152 |
Printing and postage | 9,146 |
Registration fees | 42,960 |
Miscellaneous | 31,898 |
Total expenses | $ 3,682,638 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 36,037 |
Total expense reductions | $ 36,037 |
Net expenses | $ 3,646,601 |
Net investment income | $ 21,079,245 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 2,210,400 |
Written options | 8,372,815 |
Net realized gain | $ 10,583,215 |
Change in unrealized appreciation (depreciation): | |
Investments | $ 70,034,767 |
Written options | 557,540 |
Net change in unrealized appreciation (depreciation) | $ 70,592,307 |
Net realized and unrealized gain | $ 81,175,522 |
Net increase in net assets from operations | $102,254,767 |
Year Ended January 31, | ||
2024 | 2023 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 21,079,245 | $ 8,197,972 |
Net realized gain | 10,583,215 | 44,357,956 |
Net change in unrealized appreciation (depreciation) | 70,592,307 | (75,287,174) |
Net increase (decrease) in net assets from operations | $102,254,767 | $ (22,731,246) |
Distributions to shareholders: | ||
Class I | $ (40,536,309) | $ (51,738,046) |
Total distributions to shareholders | $ (40,536,309) | $ (51,738,046) |
Transactions in shares of beneficial interest: | ||
Class I | $ 68,655,764 | $ (183,513,913) |
Net increase (decrease) in net assets from Fund share transactions | $ 68,655,764 | $(183,513,913) |
Net increase (decrease) in net assets | $130,374,222 | $(257,983,205) |
Net Assets | ||
At beginning of year | $ 713,499,649 | $ 971,482,854 |
At end of year | $843,873,871 | $ 713,499,649 |
Class I | |||||
Year Ended January 31, | |||||
2024 | 2023 | 2022 | 2021 | 2020 | |
Net asset value — Beginning of year | $ 12.67 | $ 14.00 | $ 12.41 | $ 11.94 | $ 10.83 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.37 | $ 0.14 | $ 0.04 | $ 0.10 | $ 0.19 |
Net realized and unrealized gain (loss) | 1.42 | (0.50) | 1.73 | 0.46 | 1.07 |
Total income (loss) from operations | $ 1.79 | $ (0.36) | $ 1.77 | $ 0.56 | $ 1.26 |
Less Distributions | |||||
From net investment income | $ (0.31) | $ (0.11) | $ (0.05) | $ (0.09) | $ (0.15) |
From net realized gain | (0.38) | (0.86) | (0.13) | — | — |
Total distributions | $ (0.69) | $ (0.97) | $ (0.18) | $ (0.09) | $ (0.15) |
Net asset value — End of year | $ 13.77 | $ 12.67 | $ 14.00 | $ 12.41 | $ 11.94 |
Total Return(2) | 14.24% | (2.26)% | 14.22% | 4.73% | 11.62% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $843,874 | $713,500 | $971,483 | $1,047,351 | $767,121 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Total expenses | 0.47% | 0.49% | 0.47% | 0.47% | 0.48% |
Net expenses | 0.47% (4) | 0.49% (4) | 0.47% | 0.47% | 0.48% |
Net investment income | 2.74% | 1.04% | 0.29% | 0.90% | 1.64% |
Portfolio Turnover | 13% | 28% | 12% | 69% | 21% |
(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) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(4) | 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 0.005% and less than 0.005% of average daily net assets for the years ended January 31, 2024 and 2023, respectively). |
Year Ended January 31, | ||
2024 | 2023 | |
Ordinary income | $22,756,302 | $ 6,138,503 |
Long-term capital gains | $17,780,007 | $45,599,543 |
Undistributed ordinary income | $ 1,152,410 |
Undistributed long-term capital gains | 350,034 |
Post October capital losses | (5,393,739) |
Net unrealized appreciation | 228,706,413 |
Distributable earnings | $224,815,118 |
Aggregate cost | $616,652,809 |
Gross unrealized appreciation | $ 229,951,772 |
Gross unrealized depreciation | (1,245,359) |
Net unrealized appreciation | $228,706,413 |
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% |
Year Ended January 31, 2024 | Year Ended January 31, 2023 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Sales | 12,422,674 | $ 168,245,282 | 9,213,814 | $ 123,076,975 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 2,470,648 | 33,452,580 | 3,687,289 | 44,763,686 | |
Redemptions | (9,911,347) | (133,042,098) | (26,005,171) | (351,354,574) | |
Net increase (decrease) | 4,981,975 | $ 68,655,764 | (13,104,068) | $(183,513,913) |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative(1) |
Written options | $ — | $(1,884,248) |
(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 | $8,372,815 | $557,540 |
(1) | Statement of Operations location: Net realized gain (loss): Written options. |
(2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Written options. |
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 | $41,696,705 | $761,988,489 | $(768,346,250) | $ — | $ — | $35,338,944 | $1,172,435 | 35,338,944 |
• | 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 | $ 425,972,389* | $ — | $ — | $ 425,972,389 |
Short-Term Investments: | ||||
Affiliated Fund | 35,338,944 | — | — | 35,338,944 |
U.S. Treasury Obligations | — | 384,047,889 | — | 384,047,889 |
Total Investments | $ 461,311,333 | $ 384,047,889 | $ — | $ 845,359,222 |
Liability Description | ||||
Written Call Options | $ (626,438) | $ — | $ — | $ (626,438) |
Written Put Options | (1,257,810) | — | — | (1,257,810) |
Total | $ (1,884,248) | $ — | $ — | $ (1,884,248) |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Boston, Massachusetts
March 20, 2024
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management ‘Classic’ (2009-2020). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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. |
One Post Office Square
Boston, MA 02109
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
One Post Office Square
Boston, MA 02109
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 260-0761
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02109
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
Parametric Emerging Markets Fund, Parametric International Equity Fund and Parametric Volatility Risk Premium—Defensive Fund (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 31 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.
(a)-(d)
The following tables present the aggregate fees billed to each Fund for the Fund’s fiscal periods ended January 31, 2023 and January 31, 2024 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.
Parametric Emerging Markets Fund Fiscal Years Ended | 1/31/23 | 1/31/24 | ||||||
Audit Fees | $ | 89,050 | $ | 82,500 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 10,345 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 99,395 | $ | 82,500 | ||||
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Parametric International Equity Fund Fiscal Years Ended | 1/31/23 | 1/31/24 | ||||||
Audit Fees | $ | 41,550 | $ | 42,000 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 2,175 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 43,725 | $ | 42,000 | ||||
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Parametric Volatility Risk Premium - Defensive Fund Fiscal Years Ended | 1/31/23 | 1/31/24 | ||||||
Audit Fees | $ | 41,650 | $ | 42,100 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 2,175 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 43,825 | $ | 42,100 | ||||
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(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax/compliance planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
The various Series comprising the Trust have differing fiscal year ends (January 31, February 28, September 30, October 31, November 30, or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.
Fiscal Years Ended | 2/28/22 | 9/30/22 | 10/31/22 | 11/30/22 | 12/31/22 | 1/31/23 | 2/28/23 | 9/30/23 | 10/31/23 | 12/31/23 | 1/31/24 | |||||||||||||||||||||||||||||||||
Audit Fees | $ | 24,050 | $ | 104,200 | $ | 816,633 | $ | 41,150 | $ | 130,600 | $ | 172,250 | $ | 27,150 | $ | 117,600 | $ | 828,300 | $ | 142,400 | $ | 166,600 | ||||||||||||||||||||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
Tax Fees(2) | $ | 8,478 | $ | 5,000 | $ | 44,100 | $ | 0 | $ | 16,150 | $ | 14,695 | $ | 1,650 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
All Other Fees(3) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 5,566 | $ | 0 | $ | 0 | ||||||||||||||||||||||
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Total | $ | 32,528 | $ | 109,200 | $ | 860,733 | $ | 41,150 | $ | 146,750 | $ | 186,945 | $ | 28,800 | $ | 117,600 | $ | 833,866 | $ | 142,400 | $ | 166,600 | ||||||||||||||||||||||
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(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax/compliance planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years of each Series.
Fiscal Years Ended | 2/28/22 | 9/30/22 | 10/31/22 | 11/30/22 | 12/31/22 | 1/31/23 | 2/28/23 | 9/30/23 | 10/31/23 | 12/31/23 | 1/31/24 | |||||||||||||||||||||||||||||||||
Registrant(1) | $ | 8,478 | $ | 5,000 | $ | 44,100 | $ | 0 | $ | 16,150 | $ | 14,695 | $ | 4,350 | $ | 0 | $ | 5,566 | $ | 0 | $ | 0 | ||||||||||||||||||||||
Eaton Vance(2) | $ | 51,800 | $ | 52,836 | $ | 52,836 | $ | 52,836 | $ | 0 | $ | 0 | $ | 0 | $ | 52,836 | $ | 0 | $ | 0 | $ | 52,836 |
(1) | Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds |
(2) | Various subsidiaries of Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable). |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
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/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President |
Date: March 25, 2024
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: March 25, 2024
By: | /s/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President |
Date: March 25, 2024