Tax-Managed Value Portfolio
July 31, 2020
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 99.8%
| | | | | | | | |
| Security | | Shares | | | Value | |
Aerospace & Defense — 2.0% | |
Hexcel Corp. | | | 210,930 | | | $ | 7,867,689 | |
Raytheon Technologies Corp. | | | 113,000 | | | | 6,404,840 | |
| | | | | | | | |
| | | $ | 14,272,529 | |
| | | | | | | | |
Banks — 14.2% | |
Bank of America Corp. | | | 729,421 | | | $ | 18,147,995 | |
Citigroup, Inc. | | | 81,079 | | | | 4,054,761 | |
JPMorgan Chase & Co. | | | 345,410 | | | | 33,380,422 | |
KeyCorp. | | | 669,553 | | | | 8,041,332 | |
PNC Financial Services Group, Inc. (The) | | | 142,029 | | | | 15,150,233 | |
Truist Financial Corp. | | | 257,513 | | | | 9,646,437 | |
U.S. Bancorp | | | 187,164 | | | | 6,895,122 | |
Wells Fargo & Co. | | | 188,847 | | | | 4,581,428 | |
| | | | | | | | |
| | | $ | 99,897,730 | |
| | | | | | | | |
Biotechnology — 0.5% | |
Royalty Pharma PLC, Class A(1) | | | 82,011 | | | $ | 3,530,574 | |
| | | | | | | | |
| | | $ | 3,530,574 | |
| | | | | | | | |
Building Products — 0.4% | |
Carrier Global Corp. | | | 113,000 | | | $ | 3,078,120 | |
| | | | | | | | |
| | | $ | 3,078,120 | |
| | | | | | | | |
Capital Markets — 3.5% | |
Ameriprise Financial, Inc. | | | 32,971 | | | $ | 5,065,335 | |
Goldman Sachs Group, Inc. (The) | | | 62,358 | | | | 12,344,390 | |
Raymond James Financial, Inc. | | | 107,736 | | | | 7,485,497 | |
| | | | | | | | |
| | | $ | 24,895,222 | |
| | | | | | | | |
Consumer Finance — 0.8% | |
American Express Co. | | | 59,190 | | | $ | 5,523,611 | |
| | | | | | | | |
| | | $ | 5,523,611 | |
| | | | | | | | |
Containers & Packaging — 3.5% | |
Ball Corp. | | | 203,965 | | | $ | 15,017,943 | |
Packaging Corp. of America | | | 102,107 | | | | 9,814,525 | |
| | | | | | | | |
| | | $ | 24,832,468 | |
| | | | | | | | |
Diversified Telecommunication Services — 3.8% | |
Verizon Communications, Inc. | | | 462,890 | | | $ | 26,606,917 | |
| | | | | | | | |
| | | $ | 26,606,917 | |
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| Security | | Shares | | | Value | |
Electric Utilities — 4.7% | |
NextEra Energy, Inc. | | | 116,889 | | | $ | 32,810,742 | |
| | | | | | | | |
| | | $ | 32,810,742 | |
| | | | | | | | |
Electrical Equipment — 1.0% | |
Rockwell Automation, Inc. | | | 33,916 | | | $ | 7,398,436 | |
| | | | | | | | |
| | | $ | 7,398,436 | |
| | | | | | | | |
Entertainment — 0.8% | |
Walt Disney Co. (The) | | | 49,648 | | | $ | 5,805,837 | |
| | | | | | | | |
| | | $ | 5,805,837 | |
| | | | | | | | |
Equity Real Estate Investment Trusts (REITs) — 4.5% | |
AvalonBay Communities, Inc. | | | 47,915 | | | $ | 7,336,745 | |
Boston Properties, Inc. | | | 59,105 | | | | 5,265,664 | |
Cousins Properties, Inc. | | | 134,131 | | | | 4,120,504 | |
CubeSmart | | | 334,925 | | | | 9,937,225 | |
Mid-America Apartment Communities, Inc. | | | 42,931 | | | | 5,116,946 | |
| | | | | | | | |
| | | $ | 31,777,084 | |
| | | | | | | | |
Food Products — 5.0% | |
General Mills, Inc. | | | 53,745 | | | $ | 3,400,446 | |
Mondelez International, Inc., Class A | | | 277,606 | | | | 15,404,357 | |
Nestle S.A. | | | 138,900 | | | | 16,518,224 | |
| | | | | | | | |
| | | $ | 35,323,027 | |
| | | | | | | | |
Health Care Equipment & Supplies — 3.0% | |
Baxter International, Inc. | | | 61,563 | | | $ | 5,317,812 | |
Medtronic PLC | | | 47,517 | | | | 4,584,440 | |
Stryker Corp. | | | 58,093 | | | | 11,229,377 | |
| | | | | | | | |
| | | $ | 21,131,629 | |
| | | | | | | | |
Health Care Providers & Services — 1.5% | |
UnitedHealth Group, Inc. | | | 34,362 | | | $ | 10,404,126 | |
| | | | | | | | |
| | | $ | 10,404,126 | |
| | | | | | | | |
Household Durables — 0.9% | |
D.R. Horton, Inc. | | | 99,360 | | | $ | 6,573,658 | |
| | | | | | | | |
| | | $ | 6,573,658 | |
| | | | | | | | |
Industrial Conglomerates — 1.8% | |
Honeywell International, Inc. | | | 83,731 | | | $ | 12,506,899 | |
| | | | | | | | |
| | | $ | 12,506,899 | |
| | | | | | | | |
Insurance — 2.0% | |
Allstate Corp. (The) | | | 72,830 | | | $ | 6,874,424 | |
Travelers Cos., Inc. (The) | | | 64,030 | | | | 7,326,312 | |
| | | | | | | | |
| | | $ | 14,200,736 | |
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| | | | | | | | |
| Security | | Shares | | | Value | |
Interactive Media & Services — 3.4% | |
Alphabet, Inc., Class A(1) | | | 7,924 | | | $ | 11,790,516 | |
Alphabet, Inc., Class C(1) | | | 8,199 | | | | 12,158,789 | |
| | | | | | | | |
| | | $ | 23,949,305 | |
| | | | | | | | |
IT Services — 3.2% | |
Cognizant Technology Solutions Corp., Class A | | | 207,422 | | | $ | 14,171,071 | |
Visa, Inc., Class A | | | 44,697 | | | | 8,510,309 | |
| | | | | | | | |
| | | $ | 22,681,380 | |
| | | | | | | | |
Life Sciences Tools & Services — 2.4% | |
Thermo Fisher Scientific, Inc. | | | 40,907 | | | $ | 16,933,453 | |
| | | | | | | | |
| | | $ | 16,933,453 | |
| | | | | | | | |
Machinery — 2.9% | |
Ingersoll Rand, Inc.(1) | | | 353,722 | | | $ | 11,174,078 | |
Otis Worldwide Corp. | | | 56,500 | | | | 3,544,810 | |
Parker-Hannifin Corp. | | | 32,913 | | | | 5,888,794 | |
| | | | | | | | |
| | | $ | 20,607,682 | |
| | | | | | | | |
Multi-Utilities — 3.5% | |
CMS Energy Corp. | | | 68,853 | | | $ | 4,418,986 | |
Sempra Energy | | | 162,537 | | | | 20,229,355 | |
| | | | | | | | |
| | | $ | 24,648,341 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels — 4.7% | |
Chevron Corp. | | | 182,306 | | | $ | 15,302,765 | |
EOG Resources, Inc. | | | 85,021 | | | | 3,983,234 | |
Phillips 66 | | | 217,699 | | | | 13,501,692 | |
| | | | | | | | |
| | | $ | 32,787,691 | |
| | | | | | | | |
Personal Products — 2.7% | |
Estee Lauder Cos., Inc. (The), Class A | | | 94,712 | | | $ | 18,709,408 | |
| | | | | | | | |
| | | $ | 18,709,408 | |
| | | | | | | | |
Pharmaceuticals — 9.0% | |
Eli Lilly & Co. | | | 84,130 | | | $ | 12,643,898 | |
Johnson & Johnson | | | 152,761 | | | | 22,266,443 | |
Merck & Co., Inc. | | | 167,049 | | | | 13,404,012 | |
Zoetis, Inc. | | | 101,295 | | | | 15,364,425 | |
| | | | | | | | |
| | | $ | 63,678,778 | |
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| Security | | Shares | | | Value | |
Road & Rail — 1.3% | |
Union Pacific Corp. | | | 50,876 | | | $ | 8,819,355 | |
| | | | | | | | |
| | | $ | 8,819,355 | |
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Semiconductors & Semiconductor Equipment — 2.8% | |
Intel Corp. | | | 258,430 | | | $ | 12,334,864 | |
QUALCOMM, Inc. | | | 69,710 | | | | 7,362,073 | |
| | | | | | | | |
| | | $ | 19,696,937 | |
| | | | | | | | |
Software — 1.2% | |
Microsoft Corp. | | | 25,630 | | | $ | 5,254,406 | |
Oracle Corp. | | | 52,884 | | | | 2,932,418 | |
| | | | | | | | |
| | | $ | 8,186,824 | |
| | | | | | | | |
Specialty Retail — 4.8% | |
Best Buy Co., Inc. | | | 84,496 | | | $ | 8,414,957 | |
Home Depot, Inc. (The) | | | 81,060 | | | | 21,520,619 | |
TJX Cos., Inc. (The) | | | 68,155 | | | | 3,543,379 | |
| | | | | | | | |
| | | $ | 33,478,955 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals — 2.1% | |
Apple, Inc. | | | 34,180 | | | $ | 14,527,867 | |
| | | | | | | | |
| | | $ | 14,527,867 | |
| | | | | | | | |
Textiles, Apparel & Luxury Goods — 1.9% | |
Lululemon Athletica, Inc.(1) | | | 41,147 | | | $ | 13,397,052 | |
| | | | | | | | |
| | | $ | 13,397,052 | |
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| |
Total Common Stocks
(identified cost $363,859,168) | | | $ | 702,672,373 | |
| | | | | | | | |
|
Short-Term Investments — 0.3% | |
| | |
| Description | | Units | | | Value | |
Eaton Vance Cash Reserves Fund, LLC, 0.22%(2) | | | 2,242,410 | | | $ | 2,242,186 | |
| | | | | | | | |
| |
Total Short-Term Investments
(identified cost $2,242,209) | | | $ | 2,242,186 | |
| | | | | | | | |
| |
Total Investments — 100.1%
(identified cost $366,101,377) | | | $ | 704,914,559 | |
| | | | | | | | |
| |
Other Assets, Less Liabilities — (0.1)% | | | $ | (507,168 | ) |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 704,407,391 | |
| | | | | | | | |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
| (1) | Non-income producing security. |
| (2) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2020. |
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The Portfolio did not have any open derivative instruments at July 31, 2020.
At July 31, 2020, the value of the Portfolio’s investment in affiliated funds was $2,242,186, which represents 0.3% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the fiscal year to date ended July 31, 2020 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name of affiliated fund | | Value,
beginning of
period | | | Purchases | | | Sales
proceeds | | | Net
realized
gain (loss) | | | Change in
unrealized
appreciation
(depreciation) | | | Value, end of
period | | | Dividend
income | | | Units, end
of period | |
Short-Term Investments | |
Eaton Vance
Cash Reserves
Fund, LLC | | $ | 1,365,228 | | | $ | 35,907,560 | | | $ | (35,031,745 | ) | | $ | 1,178 | | | $ | (35 | ) | | $ | 2,242,186 | | | $ | 10,822 | | | | 2,242,410 | |
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | | Level 1 — quoted prices in active markets for identical investments |
| • | | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | | Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
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At July 31, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
| | | | | | | | | | | | | | | | |
| Asset Description | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Common Stocks | | | | | | | | | | | | | | | | |
Communication Services | | $ | 56,362,059 | | | $ | — | | | $ | — | | | $ | 56,362,059 | |
Consumer Discretionary | | | 53,449,665 | | | | — | | | | — | | | | 53,449,665 | |
Consumer Staples | | | 37,514,211 | | | | 16,518,224 | | | | — | | | | 54,032,435 | |
Energy | | | 32,787,691 | | | | — | | | | — | | | | 32,787,691 | |
Financials | | | 144,517,299 | | | | — | | | | — | | | | 144,517,299 | |
Health Care | | | 115,678,560 | | | | — | | | | — | | | | 115,678,560 | |
Industrials | | | 66,683,021 | | | | — | | | | — | | | | 66,683,021 | |
Information Technology | | | 65,093,008 | | | | — | | | | — | | | | 65,093,008 | |
Materials | | | 24,832,468 | | | | — | | | | — | | | | 24,832,468 | |
Real Estate | | | 31,777,084 | | | | — | | | | — | | | | 31,777,084 | |
Utilities | | | 57,459,083 | | | | — | | | | — | | | | 57,459,083 | |
Total Common Stocks | | $ | 686,154,149 | | | $ | 16,518,224 | * | | $ | — | | | $ | 702,672,373 | |
Short-Term Investments | | $ | — | | | $ | 2,242,186 | | | $ | — | | | $ | 2,242,186 | |
Total Investments | | $ | 686,154,149 | | | $ | 18,760,410 | | | $ | — | | | $ | 704,914,559 | |
| * | 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. |
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For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
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