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: 811-22982
Eaton Vance NextShares Trust
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2021
Date of Reporting Period
| Item 1. | Reports to Stockholders |
Eaton Vance
Stock NextShares (EVSTC)
Listing Exchange: The NASDAQ Stock Market LLC
Semiannual Report
June 30, 2021
NextShares® is a registered trademark of NextShares Solutions LLC. All rights reserved.
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.
Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.
This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing in NextShares, investors should consider carefully the investment objectives, risks, charges and expenses. This and other important information is contained in the prospectus and summary prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.
Semiannual Report June 30, 2021
Eaton Vance
Stock NextShares
Eaton Vance
Stock NextShares
June 30, 2021
Performance1,2,3
Portfolio Manager Charles B. Gaffney
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| % Average Annual Total Returns | | Fund Inception Date | | | Performance Inception Date | | | Six Months | | | One Year | | | Five Years | | | Ten Years | | | Since Fund Inception | |
| | | | | | | |
Fund at NAV | | | 02/25/2016 | | | | 11/01/2001 | | | | 13.81 | % | | | 37.71 | % | | | 16.91 | % | | | 14.33 | % | | | 17.27 | % |
Fund at Market Price | | | 02/25/2016 | | | | 02/25/2016 | | | | 13.81 | | | | 37.69 | | | | 16.91 | | | | — | | | | 17.27 | |
|
| |
| | | | | | | |
S&P 500® Index | | | — | | | | — | | | | 15.25 | % | | | 40.79 | % | | | 17.64 | % | | | 14.83 | % | | | 18.41 | % |
| | | | | | | |
| % Total Annual Operating Expense Ratios4 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
Gross | | | | | | | | | | | | | | | | | | | | | | | | | | | 2.08 | % |
Net | | | | | | | | | | | | | | | | | | | | | | | | | | | 0.65 | |
Fund Profile5
Sector Allocation (% of net assets)6
Top 10 Holdings (% of net assets)6
| | | | |
Microsoft Corp. | | | 7.6 | % |
| |
Amazon.com, Inc. | | | 6.2 | |
| |
Alphabet, Inc., Class C | | | 5.8 | |
| |
Apple, Inc. | | | 5.2 | |
| |
Facebook, Inc., Class A | | | 4.4 | |
| |
Visa, Inc., Class A | | | 3.0 | |
| |
Wells Fargo & Co. | | | 2.5 | |
| |
Danaher Corp. | | | 2.3 | |
| |
S&P Global, Inc. | | | 2.2 | |
| |
PNC Financial Services Group, Inc. (The) | | | 2.2 | |
| |
Total | | | 41.4 | % |
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, Fund performance may be lower or higher than the quoted return. The Fund’s performance at market price will differ from its results at net asset value (NAV). The market price used to calculate the Market Price return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. If you trade your shares at another time during the day, your return may differ. Returns are historical and are calculated by determining the percentage change in NAV or market price (as applicable) with all distributions reinvested at NAV or closing market price (as applicable) on the payment date of the distribution, and are net of management fees and other expenses. Performance for periods less than or equal to one year is cumulative. For performance as of the most recent month-end, including historical trading premiums/discounts relative to NAV, please refer to eatonvance.com.
Eaton Vance
Stock NextShares
June 30, 2021
Endnotes and Additional Disclosures
| 1 | Shares of NextShares funds are normally bought and sold in the secondary market through a broker, and may not be individually purchased or redeemed from the fund. In the secondary market, buyers and sellers transact with each other, rather than with the fund. NextShares funds issue and redeem shares only in specified creation unit quantities in transactions by or through Authorized Participants. In such transactions, a fund issues and redeems shares in exchange for the basket of securities, other instruments and/or cash that the fund specifies each business day. By transacting in kind, a NextShares fund can lower its trading costs and enhance fund tax efficiency by avoiding forced sales of securities to meet redemptions. Redemptions may be effected partially or entirely in cash when in-kind delivery is not practicable or deemed not in the best interests of shareholders. A fund’s basket is not intended to be representative of the fund’s current portfolio positions and may vary significantly from current positions. As exchange-traded securities, NextShares can operate with low transfer agency expenses by utilizing the same highly efficient share processing system as used for exchange-listed stocks and exchange-traded funds. |
| | Market trading prices of NextShares are linked to the fund’s next-computed net asset value (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. Buyers and sellers of NextShares will not know the value of their purchases and sales until after the fund’s NAV is determined at the end of the trading day. Market trading prices may vary significantly from anticipated levels. NextShares do not offer investors the opportunity to buy and sell intraday based on current (versus end-of-day) determinations of fund value. NextShares trade execution prices will fluctuate based on changes in NAV. Although limit orders may be used to control trading costs, they cannot be used to control or limit trade execution prices. As a new type of fund, NextShares have a limited operating history and may initially be available through a limited number of brokers. There can be no guarantee that an active trading market for NextShares will develop or be maintained, or that their listing will continue unchanged. Buying and selling NextShares may require payment of brokerage commissions and expose transacting shareholders to other trading costs. Frequent trading may detract from realized investment returns. The return on a shareholder’s NextShares investment will be reduced if the shareholder sells shares at a greater discount or narrower premium to NAV than he or she acquired the shares. |
| 2 | 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. 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. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. |
| 3 | The Fund pursues its investment objective by investing in a separate investment fund (the Portfolio). The returns at NAV for periods before the date the Fund commenced operations are for a mutual fund that |
| | invests in the Portfolio (the Portfolio Investor). The performance during such period does not represent the performance of the Fund. The prior investment performance of the Portfolio Investor (rather than the Portfolio itself) is shown because it reflects the expenses typically borne by a retail fund investing in the Portfolio. The Portfolio Investor returns are not adjusted to reflect differences between the total net operating expenses of the Fund and the Portfolio Investor during the periods shown. If such an adjustment were made, the performance presented would be higher, because the Fund’s total net operating expenses are lower than those of the Portfolio Investor. Performance is for a share class of the Portfolio Investor offered at net asset value. Performance presented in the Financial Highlights included in the financial statements is not linked. |
| 4 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/22. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
| 5 | Fund primarily invests in an affiliated investment company (Portfolio) with substantially the same objective(s) and policies as the Fund and may also invest directly. Unless otherwise noted, references to investments are to the aggregate holdings of the Fund and the Portfolio. |
| 6 | Excludes cash and cash equivalents. |
| | Fund profile subject to change due to active management. |
Eaton Vance
Stock NextShares
June 30, 2021
Fund Expenses
Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Fund shares; and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2021 – June 30, 2021).
Actual Expenses: The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes: The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions on purchases and sales of Fund shares. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
| | | | | | | | | | | | | | | | |
| | | Beginning
Account Value
(1/1/21) | | | Ending
Account Value
(6/30/21) | | | Expenses Paid
During Period*
(1/1/21 – 6/30/21) | | | Annualized
Expense
Ratio | |
| | | | |
Actual | | | | | | | | | | | | | | | | |
| | $ | 1,000.00 | | | $ | 1,138.10 | | | $ | 3.45 | ** | | | 0.65 | % |
| | | | | |
Hypothetical | | | | | | | | | | | | | | | | |
(5% return per year before expenses) | | | | | | | | | | | | | | | | |
| | $ | 1,000.00 | | | $ | 1,021.60 | | | $ | 3.26 | ** | | | 0.65 | % |
| * | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2020. The Example reflects the expenses of both the Fund and the Portfolio. |
| ** | Absent an allocation of certain expenses to an affiliate, expenses would be higher. |
Eaton Vance
Stock NextShares
June 30, 2021
Statement of Assets and Liabilities (Unaudited)
| | | | |
| Assets | | June 30, 2021 | |
| |
Investment in Stock Portfolio, at value (identified cost, $4,800,484) | | $ | 8,698,050 | |
| |
Total assets | | $ | 8,698,050 | |
|
| Liabilities | |
| |
Payable to affiliates: | | | | |
| |
Operations agreement fee | | $ | 347 | |
| |
Trustees’ fees | | | 125 | |
| |
Other | | | 1,208 | |
| |
Accrued expenses | | | 129,544 | |
| |
Total liabilities | | $ | 131,224 | |
| |
Net Assets | | $ | 8,566,826 | |
|
| Sources of Net Assets | |
| |
Paid-in capital | | $ | 12,247,366 | |
| |
Accumulated loss | | | (3,680,540 | ) |
| |
Total | | $ | 8,566,826 | |
|
| Net Asset Value Per Share | |
| |
($8,566,826 ÷ 450,000 shares issued and outstanding) | | $ | 19.04 | |
| | | | |
| | 5 | | See Notes to Financial Statements. |
Eaton Vance
Stock NextShares
June 30, 2021
Statement of Operations (Unaudited)
| | | | |
| Investment Income | | Six Months Ended
June 30, 2021 | |
| |
Dividends allocated from Portfolio (net of foreign taxes, $1,238) | | $ | 50,357 | |
| |
Expenses allocated from Portfolio | | | (25,219 | ) |
| |
Total investment income from Portfolio | | $ | 25,138 | |
| |
| Expenses | | | | |
| |
Operations agreement fee | | $ | 1,981 | |
| |
Trustees’ fees and expenses | | | 250 | |
| |
Custodian fee | | | 7,126 | |
| |
Transfer and dividend disbursing agent fees | | | 6,878 | |
| |
Legal and accounting services | | | 9,821 | |
| |
Printing and postage | | | 5,306 | |
| |
Listing fee | | | 3,570 | |
| |
Intraday pricing fee | | | 2,618 | |
| |
Miscellaneous | | | 1,930 | |
| |
Total expenses | | $ | 39,480 | |
| |
Deduct — | | | | |
| |
Allocation of expenses to affiliate | | $ | 38,922 | |
| |
Total expense reductions | | $ | 38,922 | |
| |
Net expenses | | $ | 558 | |
| |
Net investment income | | $ | 24,580 | |
| |
| Realized and Unrealized Gain (Loss) from Portfolio | | | | |
| |
Net realized gain (loss) — | | | | |
| |
Investment transactions | | $ | 555,144 | |
| |
Foreign currency transactions | | | (81 | ) |
| |
Net realized gain | | $ | 555,063 | |
| |
Change in unrealized appreciation (depreciation) — | | | | |
| |
Investments | | $ | 455,570 | |
| |
Foreign currency | | | (28 | ) |
| |
Net change in unrealized appreciation (depreciation) | | $ | 455,542 | |
| |
Net realized and unrealized gain | | $ | 1,010,605 | |
| |
Net increase in net assets from operations | | $ | 1,035,185 | |
| | | | |
| | 6 | | See Notes to Financial Statements. |
Eaton Vance
Stock NextShares
June 30, 2021
Statements of Changes in Net Assets
| | | | | | | | |
| Increase (Decrease) in Net Assets | | Six Months Ended
June 30, 2021
(Unaudited) | | | Year Ended
December 31, 2020 | |
| | |
From operations — | | | | | | | | |
| | |
Net investment income | | $ | 24,580 | | | $ | 56,580 | |
| | |
Net realized gain | | | 555,063 | | | | 174,611 | |
| | |
Net change in unrealized appreciation (depreciation) | | | 455,542 | | | | 979,232 | |
| | |
Net increase in net assets from operations | | $ | 1,035,185 | | | $ | 1,210,423 | |
| | |
Distributions to shareholders | | $ | — | | | $ | (285,345 | ) |
| | |
Other capital — | | | | | | | | |
| | |
Portfolio transaction fee contributed to Portfolio | | $ | (150 | ) | | $ | (1,532 | ) |
| | |
Portfolio transaction fee allocated from Portfolio | | | 2,988 | | | | 2,716 | |
| | |
Net increase in net assets from other capital | | $ | 2,838 | | | $ | 1,184 | |
| | |
Net increase in net assets | | $ | 1,038,023 | | | $ | 926,262 | |
|
| Net Assets | |
| | |
At beginning of period | | $ | 7,528,803 | | | $ | 6,602,541 | |
| | |
At end of period | | $ | 8,566,826 | | | $ | 7,528,803 | |
|
| Changes in shares outstanding | |
| | |
Shares outstanding, beginning of period | | | 450,000 | | | | 450,000 | |
| | |
Shares outstanding, end of period | | | 450,000 | | | | 450,000 | |
| | | | |
| | 7 | | See Notes to Financial Statements. |
Eaton Vance
Stock NextShares
June 30, 2021
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| | | Six Months Ended
June 30, 2021
(Unaudited) | | | Year Ended December 31, | | | Period Ended
December 31, 2016(1)(2) | |
| | | 2020 | | | 2019 | | | 2018 | | | 2017(1) | |
| | | | | | | |
Net asset value — Beginning of period | | $ | 16.730 | | | $ | 14.670 | | | $ | 11.670 | | | $ | 13.010 | | | $ | 11.160 | | | $ | 10.000 | |
| | | | |
| Income (Loss) From Operations | | | | | | | | | | | | | | | | | |
| | | | | | |
Net investment income(3) | | $ | 0.055 | | | $ | 0.126 | | | $ | 0.141 | | | $ | 0.153 | | | $ | 0.170 | | | $ | 0.149 | |
| | | | | | |
Net realized and unrealized gain (loss) | | | 2.249 | | | | 2.565 | | | | 4.035 | | | | (0.900 | ) | | | 2.098 | | | | 1.069 | |
| | | | | | |
Total income (loss) from operations | | $ | 2.304 | | | $ | 2.691 | | | $ | 4.176 | | | $ | (0.747 | ) | | $ | 2.268 | | | $ | 1.218 | |
| | | | |
| Less Distributions | | | | | | | | | | | | | | | | | |
| | | | | | |
From net investment income | | $ | — | | | $ | (0.132 | ) | | $ | (0.132 | ) | | $ | (0.269 | ) | | $ | (0.068 | ) | | $ | (0.064 | ) |
| | | | | | |
From net realized gain | | | — | | | | (0.502 | ) | | | (1.050 | ) | | | (0.328 | ) | | | (0.352 | ) | | | — | |
| | | | | | |
Total distributions | | $ | — | | | $ | (0.634 | ) | | $ | (1.182 | ) | | $ | (0.597 | ) | | $ | (0.420 | ) | | $ | (0.064 | ) |
| | | | | | |
Portfolio transaction fee, net(3) | | $ | 0.006 | | | $ | 0.003 | | | $ | 0.006 | | | $ | 0.004 | | | $ | 0.002 | | | $ | 0.006 | |
| | | | | | |
Net asset value — End of period | | $ | 19.040 | | | $ | 16.730 | | | $ | 14.670 | | | $ | 11.670 | | | $ | 13.010 | | | $ | 11.160 | |
| | | | | | |
Total Return on Net Asset Value(4)(5) | | | 13.81 | %(6) | | | 18.68 | % | | | 35.95 | % | | | (5.50 | )% | | | 20.43 | % | | | 12.19 | %(6) |
| | | | |
| Ratios/Supplemental Data | | | | | | | | | | | | | | | | | |
| | | | | | |
Net assets, end of period (000’s omitted) | | $ | 8,567 | | | $ | 7,529 | | | $ | 6,603 | | | $ | 5,250 | | | $ | 12,354 | | | $ | 25,098 | |
| | | | | | |
Ratios (as a percentage of average daily net assets):(7) | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Expenses(5) | | | 0.65 | %(8) | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | % | | | 0.65 | %(8) |
| | | | | | |
Net investment income | | | 0.62 | %(8) | | | 0.85 | % | | | 1.00 | % | | | 1.14 | % | | | 1.42 | % | | | 1.61 | %(8) |
| | | | | | |
Portfolio Turnover of the Portfolio | | | 26 | %(6) | | | 70 | % | | | 55 | % | | | 90 | % | | | 101 | % | | | 118 | %(9) |
| (1) | Per share data reflect a 2-for-1 share split effective March 9, 2018. |
| (2) | For the period from the start of business, February 25, 2016, to December 31, 2016. |
| (3) | Computed using average shares outstanding. |
| (4) | 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 a market-determined premium or discount. Investment returns assume that all distributions have been reinvested at net asset value. |
| (5) | The investment adviser and administrator reimbursed certain operating expenses (equal to 0.98%, 1.43%, 1.45%, 0.95%, 0.61% and 0.84% of average daily net assets for the six months ended June 30, 2021, the years ended December 31, 2020, 2019, 2018 and 2017 and the period ended December 31, 2016, respectively). Absent this reimbursement, total return would be lower. |
| (7) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
| (9) | For the Portfolio’s year ended December 31, 2016. |
| | | | |
| | 8 | | See Notes to Financial Statements. |
Eaton Vance
Stock NextShares
June 30, 2021
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Stock NextShares (the Fund) is a diversified series of Eaton Vance NextShares Trust (the Trust), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act). The Fund is an exchange-traded managed fund operating pursuant to an order issued by the SEC granting an exemption from certain provisions of the 1940 Act. Individual shares of the Fund may be purchased and sold only on a national securities exchange or alternative trading system through a broker-dealer that offers NextShares, and may not be directly purchased or redeemed from the Fund. Market trading prices for the Fund are directly linked to the Fund’s next-computed net asset value per share (NAV) and will vary from NAV by a market-determined premium or discount, which may be zero. The Fund invests all of its investable assets in interests in Stock Portfolio (the Portfolio), a Massachusetts business trust having substantially the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (1.0% at June 30, 2021). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.
B Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.
C Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.
As of June 30, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
D Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.
E Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
F Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
G Other — Investment transactions are accounted for on a trade date basis.
H Interim Financial Statements — The interim financial statements relating to June 30, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions are paid in cash and cannot be automatically reinvested in additional shares of the Fund. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
Eaton Vance
Stock NextShares
June 30, 2021
Notes to Financial Statements (Unaudited) — continued
3 Investment Adviser and Administrative Fee and Other Transactions with Affiliates
The investment adviser and administrative fee is earned by Eaton Vance Management (EVM) as compensation for investment advisory and administrative services rendered to the Fund. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement (the “New Agreement”) with EVM, which took effect on March 1, 2021. Pursuant to the New Agreement (and the Fund’s investment advisory and administrative agreement with EVM in effect prior to March 1, 2021), the investment adviser fee is computed at an annual rate of 0.600% of the Fund’s average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee up to $500 million, 0.575% from $500 million but less than $1 billion, 0.550% from $1 billion but less than $2.5 billion, 0.530% from $2.5 billion but less than $5 billion, and 0.515% of such assets of $5 billion and over, and is payable monthly. For the six months ended June 30, 2021, the Fund incurred no investment adviser and administrative fee on such assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its pro rata share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.
The Trust, on behalf of the Fund, has entered into an operations agreement with EVM pursuant to which EVM provides the Fund with services required for it to operate as a NextShares exchange-traded managed fund in accordance with the exemptive order obtained by EVM and the Trust. Pursuant to the agreement, the Fund pays EVM a monthly fee at an annual rate of 0.05% of the Fund’s average daily net assets provided the average net assets of NextShares funds sponsored by EVM (“Covered Assets”) are less than $10 billion. The annual rate is reduced if Covered Assets are $10 billion and above. For the six months ended June 30, 2021, the operations agreement fee amounted to $1,981 or 0.05% (annualized) of the Fund’s average daily net assets.
EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.65% of the Fund’s average daily net assets through April 30, 2022. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM was allocated $38,922 of the Fund’s operating expenses for the six months ended June 30, 2021.
Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.
4 Investment Transactions
For the six months ended June 30, 2021, increases and decreases in the Fund’s investment in the Portfolio aggregated $138,907 and $42,218, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1H of the Portfolio’s financial statements included herein. Such fee is allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets.
5 Capital Share Transactions
The Trust may issue an unlimited number of shares of capital stock (no par value per share) in one or more series (such as the Fund). The Fund issues and redeems shares only in blocks of 25,000 shares or multiples thereof (“Creation Units”). The Fund issues and redeems Creation Units in return for the securities, other instruments and/or cash (the “Basket”) that the Fund specifies each business day. Creation Units may be purchased or redeemed only by or through Authorized Participants, which are broker-dealers or institutional investors that have entered into agreements with the Fund’s distributor for this purpose. The Fund imposes a transaction fee on Creation Units issued and redeemed to offset the estimated cost to the Fund of processing the transaction, which is paid by the Authorized Participants directly to a third-party administrator. In addition, Authorized Participants pay the Fund a variable charge for converting the Basket to or from the desired portfolio composition. Such variable charges, if any, are reflected as Transaction fees on the Statements of Changes in Net Assets.
At June 30, 2021, EVM owned approximately 96% of the outstanding shares of the Fund.
Stock Portfolio
June 30, 2021
Portfolio of Investments (Unaudited)
| | | | | | | | |
| Common Stocks — 100.0% | |
| Security | | Shares | | | Value | |
|
| Auto Components — 1.6% | |
| | |
Aptiv PLC(1) | | | 86,100 | | | $ | 13,546,113 | |
| |
| | | | $ | 13,546,113 | |
|
| Banks — 4.7% | |
| | |
PNC Financial Services Group, Inc. (The) | | | 98,240 | | | $ | 18,740,262 | |
| | |
Wells Fargo & Co. | | | 470,200 | | | | 21,295,358 | |
| |
| | | | $ | 40,035,620 | |
|
| Beverages — 3.8% | |
| | |
Coca-Cola Co. (The) | | | 299,000 | | | $ | 16,178,890 | |
| | |
Coca-Cola Europacific Partners PLC | | | 271,700 | | | | 16,117,244 | |
| |
| | | | $ | 32,296,134 | |
|
| Biotechnology — 2.2% | |
| | |
AbbVie, Inc. | | | 165,200 | | | $ | 18,608,128 | |
| |
| | | | $ | 18,608,128 | |
|
| Building Products — 2.2% | |
| | |
AZEK Co., Inc. (The)(1) | | | 217,100 | | | $ | 9,218,066 | |
| | |
Trane Technologies PLC | | | 51,000 | | | | 9,391,140 | |
| |
| | | | $ | 18,609,206 | |
|
| Capital Markets — 7.2% | |
| | |
Goldman Sachs Group, Inc. (The) | | | 24,200 | | | $ | 9,184,626 | |
| | |
Intercontinental Exchange, Inc. | | | 136,500 | | | | 16,202,550 | |
| | |
S&P Global, Inc. | | | 46,600 | | | | 19,126,970 | |
| | |
Tradeweb Markets, Inc., Class A | | | 203,739 | | | | 17,228,170 | |
| |
| | | | $ | 61,742,316 | |
|
| Commercial Services & Supplies — 1.2% | |
| | |
Waste Management, Inc. | | | 70,682 | | | $ | 9,903,255 | |
| |
| | | | $ | 9,903,255 | |
|
| Containers & Packaging — 1.2% | |
| | |
AptarGroup, Inc. | | | 71,600 | | | $ | 10,084,144 | |
| |
| | | | $ | 10,084,144 | |
|
| Electric Utilities — 1.4% | |
| | |
NextEra Energy, Inc. | | | 167,684 | | | $ | 12,287,884 | |
| |
| | | | $ | 12,287,884 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
| Electrical Equipment — 1.2% | |
| | |
AMETEK, Inc. | | | 79,700 | | | $ | 10,639,950 | |
| |
| | | | $ | 10,639,950 | |
|
| Electronic Equipment, Instruments & Components — 1.2% | |
| | |
TE Connectivity, Ltd. | | | 76,000 | | | $ | 10,275,960 | |
| |
| | | | $ | 10,275,960 | |
|
| Entertainment — 1.3% | |
| | |
Walt Disney Co. (The)(1) | | | 65,600 | | | $ | 11,530,512 | |
| |
| | | | $ | 11,530,512 | |
|
| Equity Real Estate Investment Trusts (REITs) — 1.6% | |
| | |
Lamar Advertising Co., Class A | | | 132,300 | | | $ | 13,814,766 | |
| |
| | | | $ | 13,814,766 | |
|
| Food & Staples Retailing — 1.9% | |
| | |
Sysco Corp. | | | 206,400 | | | $ | 16,047,600 | |
| |
| | | | $ | 16,047,600 | |
|
| Health Care Equipment & Supplies — 4.2% | |
| | |
Boston Scientific Corp.(1) | | | 384,900 | | | $ | 16,458,324 | |
| | |
Danaher Corp. | | | 71,866 | | | | 19,285,960 | |
| |
| | | | $ | 35,744,284 | |
|
| Health Care Providers & Services — 1.8% | |
| | |
Anthem, Inc. | | | 41,460 | | | $ | 15,829,428 | |
| |
| | | | $ | 15,829,428 | |
|
| Hotels, Restaurants & Leisure — 1.4% | |
| | |
Marriott International, Inc., Class A(1) | | | 86,700 | | | $ | 11,836,284 | |
| |
| | | | $ | 11,836,284 | |
|
| Interactive Media & Services — 10.2% | |
| | |
Alphabet, Inc., Class C(1) | | | 19,729 | | | $ | 49,447,187 | |
| | |
Facebook, Inc., Class A(1) | | | 108,044 | | | | 37,567,979 | |
| |
| | | | $ | 87,015,166 | |
|
| Internet & Direct Marketing Retail — 6.2% | |
| | |
Amazon.com, Inc.(1) | | | 15,522 | | | $ | 53,398,164 | |
| |
| | | | $ | 53,398,164 | |
| | | | |
| | 11 | | See Notes to Financial Statements. |
Stock Portfolio
June 30, 2021
Portfolio of Investments (Unaudited) — continued
| | | | | | | | |
| Security | | Shares | | | Value | |
|
| IT Services — 8.6% | |
| | |
Automatic Data Processing, Inc. | | | 68,000 | | | $ | 13,506,160 | |
| | |
Cognizant Technology Solutions Corp., Class A | | | 117,912 | | | | 8,166,585 | |
| | |
PayPal Holdings, Inc.(1) | | | 59,400 | | | | 17,313,912 | |
| | |
Shift4 Payments, Inc., Class A(1) | | | 96,800 | | | | 9,072,096 | |
| | |
Visa, Inc., Class A | | | 110,700 | | | | 25,883,874 | |
| |
| | | | $ | 73,942,627 | |
|
| Life Sciences Tools & Services — 2.0% | |
| | |
Thermo Fisher Scientific, Inc. | | | 34,100 | | | $ | 17,202,427 | |
| |
| | | | $ | 17,202,427 | |
|
| Machinery — 1.4% | |
| | |
Stanley Black & Decker, Inc. | | | 56,400 | | | $ | 11,561,436 | |
| |
| | | | $ | 11,561,436 | |
|
| Oil, Gas & Consumable Fuels — 2.2% | |
| | |
Chevron Corp. | | | 99,100 | | | $ | 10,379,734 | |
| | |
Phillips 66 | | | 101,025 | | | | 8,669,965 | |
| |
| | | | $ | 19,049,699 | |
|
| Pharmaceuticals — 2.9% | |
| | |
Sanofi | | | 148,000 | | | $ | 15,549,262 | |
| | |
Zoetis, Inc. | | | 48,000 | | | | 8,945,280 | |
| |
| | | | $ | 24,494,542 | |
|
| Professional Services — 2.4% | |
| | |
Booz Allen Hamilton Holding Corp. | | | 114,900 | | | $ | 9,787,182 | |
| | |
Clarivate PLC(1) | | | 382,200 | | | | 10,521,966 | |
| |
| | | | $ | 20,309,148 | |
|
| Road & Rail — 1.4% | |
| | |
Union Pacific Corp. | | | 53,600 | | | $ | 11,788,248 | |
| |
| | | | $ | 11,788,248 | |
|
| Semiconductors & Semiconductor Equipment — 4.5% | |
| | |
Analog Devices, Inc. | | | 78,900 | | | $ | 13,583,424 | |
| | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 98,623 | | | | 11,850,539 | |
| | |
Texas Instruments, Inc. | | | 67,679 | | | | 13,014,672 | |
| |
| | | | $ | 38,448,635 | |
|
| Software — 8.6% | |
| | |
Intuit, Inc. | | | 18,336 | | | $ | 8,987,757 | |
| | |
Microsoft Corp. | | | 238,820 | | | | 64,696,338 | |
| |
| | | | $ | 73,684,095 | |
| | | | | | | | |
| Security | | Shares | | | Value | |
|
| Specialty Retail — 1.6% | |
| | |
TJX Cos., Inc. (The) | | | 205,340 | | | $ | 13,844,023 | |
| |
| | | | $ | 13,844,023 | |
|
| Technology Hardware, Storage & Peripherals — 5.2% | |
| | |
Apple, Inc. | | | 327,788 | | | $ | 44,893,844 | |
| |
| | | | $ | 44,893,844 | |
|
| Textiles, Apparel & Luxury Goods — 1.2% | |
| | |
VF Corp. | | | 126,100 | | | $ | 10,345,244 | |
| |
| | | | $ | 10,345,244 | |
|
| Wireless Telecommunication Services — 1.5% | |
| | |
T-Mobile US, Inc.(1) | | | 86,620 | | | $ | 12,545,175 | |
| |
| | | | $ | 12,545,175 | |
| |
Total Common Stocks
(identified cost $536,852,580) | | | $ | 855,354,057 | |
|
| Short-Term Investments — 0.0%(2) | |
| Description | | Units | | | Value | |
| | |
Eaton Vance Cash Reserves Fund, LLC, 0.05%(3) | | | 200,421 | | | $ | 200,421 | |
| |
Total Short-Term Investments
(identified cost $200,421) | | | $ | 200,421 | |
| |
Total Investments — 100.0%
(identified cost $537,053,001) | | | $ | 855,554,478 | |
| |
Other Assets, Less Liabilities — (0.0)%(2) | | | $ | (120,682 | ) |
| |
Net Assets — 100.0% | | | $ | 855,433,796 | |
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% or (0.05)%, as applicable. |
| (3) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2021. |
Abbreviations:
| | | | |
| | |
| ADR | | – | | American Depositary Receipt |
| | | | |
| | 12 | | See Notes to Financial Statements. |
Stock Portfolio
June 30, 2021
Statement of Assets and Liabilities (Unaudited)
| | | | |
| Assets | | June 30, 2021 | |
| |
Unaffiliated investments, at value (identified cost, $536,852,580) | | $ | 855,354,057 | |
| |
Affiliated investment, at value (identified cost, $200,421) | | | 200,421 | |
| |
Cash | | | 5,597 | |
| |
Dividends receivable | | | 247,937 | |
| |
Dividends receivable from affiliated investment | | | 9 | |
| |
Tax reclaims receivable | | | 171,268 | |
| |
Total assets | | $ | 855,979,289 | |
| |
| Liabilities | | | | |
| |
Payable to affiliates: | | | | |
| |
Investment adviser fee | | $ | 409,291 | |
| |
Trustees’ fees | | | 10,050 | |
| |
Accrued expenses | | | 126,152 | |
| |
Total liabilities | | $ | 545,493 | |
| |
Net Assets applicable to investors’ interest in Portfolio | | $ | 855,433,796 | |
| | | | |
| | 13 | | See Notes to Financial Statements. |
Stock Portfolio
June 30, 2021
Statement of Operations (Unaudited)
| | | | |
| Investment Income | | Six Months Ended June 30, 2021 | |
| |
Dividends (net of foreign taxes, $125,081) | | $ | 5,112,760 | |
| |
Dividends from affiliated investment | | | 915 | |
| |
Total investment income | | $ | 5,113,675 | |
| |
| Expenses | | | | |
| |
Investment adviser fee | | $ | 2,405,573 | |
| |
Trustees’ fees and expenses | | | 21,002 | |
| |
Custodian fee | | | 97,448 | |
| |
Legal and accounting services | | | 27,062 | |
| |
Miscellaneous | | | 10,215 | |
| |
Total expenses | | $ | 2,561,300 | |
| |
Net investment income | | $ | 2,552,375 | |
| |
| Realized and Unrealized Gain (Loss) | | | | |
| |
Net realized gain (loss) — | | | | |
| |
Investment transactions | | $ | 56,550,179 | |
| |
Foreign currency transactions | | | (8,289 | ) |
| |
Net realized gain | | $ | 56,541,890 | |
| |
Change in unrealized appreciation (depreciation) — | | | | |
| |
Investments | | $ | 45,883,844 | |
| |
Foreign currency | | | (2,792 | ) |
| |
Net change in unrealized appreciation (depreciation) | | $ | 45,881,052 | |
| |
Net realized and unrealized gain | | $ | 102,422,942 | |
| |
Net increase in net assets from operations | | $ | 104,975,317 | |
| | | | |
| | 14 | | See Notes to Financial Statements. |
Stock Portfolio
June 30, 2021
Statements of Changes in Net Assets
| | | | | | | | |
| Increase (Decrease) in Net Assets | | Six Months Ended June 30, 2021 (Unaudited) | | | Year Ended December 31, 2020 | |
| | |
From operations — | | | | | | | | |
| | |
Net investment income | | $ | 2,552,375 | | | $ | 5,837,934 | |
| | |
Net realized gain | | | 56,541,890 | | | | 18,275,199 | |
| | |
Net change in unrealized appreciation (depreciation) | | | 45,881,052 | | | | 96,276,139 | |
| | |
Net increase in net assets from operations | | $ | 104,975,317 | | | $ | 120,389,272 | |
| | |
Capital transactions — | | | | | | | | |
| | |
Contributions | | $ | 14,001,283 | | | $ | 78,327,454 | |
| | |
Withdrawals | | | (68,291,325 | ) | | | (78,095,172 | ) |
| | |
Portfolio transaction fee | | | 302,552 | | | | 276,897 | |
| | |
Net increase (decrease) in net assets from capital transactions | | $ | (53,987,490 | ) | | $ | 509,179 | |
| | |
Net increase in net assets | | $ | 50,987,827 | | | $ | 120,898,451 | |
|
| Net Assets | |
| | |
At beginning of period | | $ | 804,445,969 | | | $ | 683,547,518 | |
| | |
At end of period | | $ | 855,433,796 | | | $ | 804,445,969 | |
| | | | |
| | 15 | | See Notes to Financial Statements. |
Stock Portfolio
June 30, 2021
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | Six Months Ended
June 30, 2021
(Unaudited) | | | Year Ended December 31, | |
| Ratios/Supplemental Data | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | |
| | | | | | | |
Ratios (as a percentage of average daily net assets): | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Expenses | | | 0.63 | %(1) | | | 0.64 | % | | | 0.63 | % | | | 0.64 | % | | | 0.64 | % | | | 0.65 | % |
| | | | | | |
Net investment income | | | 0.63 | %(1) | | | 0.84 | % | | | 0.99 | % | | | 1.14 | % | | | 1.38 | % | | | 1.60 | % |
| | | | | | |
Portfolio Turnover | | | 26 | %(2) | | | 70 | % | | | 55 | % | | | 90 | % | | | 101 | % | | | 118 | % |
| | | | | | |
Total Return | | | 13.62 | %(2) | | | 18.61 | % | | | 35.47 | % | | | (5.57 | )% | | | 20.31 | % | | | 7.14 | % |
| | | | | | |
Net assets, end of period (000’s omitted) | | $ | 855,434 | | | $ | 804,446 | | | $ | 683,548 | | | $ | 516,615 | | | $ | 647,405 | | | $ | 640,973 | |
| | | | |
| | 16 | | See Notes to Financial Statements. |
Stock Portfolio
June 30, 2021
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Stock Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At June 30, 2021, Eaton Vance Stock Fund, Eaton Vance Stock NextShares and Eaton Vance Balanced Fund held an interest of 13.1%, 1.0% and 85.9%, respectively, in the Portfolio.
The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.
Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.
D Federal Taxes — The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio’s investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor’s distributive share of the Portfolio’s net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.
As of June 30, 2021, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized
Stock Portfolio
June 30, 2021
Notes to Financial Statements (Unaudited) — continued
gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
F Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
G Indemnifications — Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.
H Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.
I Interim Financial Statements — The interim financial statements relating to June 30, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR) as compensation for investment advisory services rendered to the Portfolio. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio entered into a new investment advisory agreement (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Portfolio’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Portfolio’s investment advisory agreement and related fee reduction agreement with BMR in effect prior to March 1, 2021), the investment adviser fee is computed at an annual rate of 0.600% of the Portfolio’s average daily net assets up to $500 million, 0.575% from $500 million but less than $1 billion, 0.550% from $1 billion but less than $2.5 billion, 0.530% from $2.5 billion but less than $5 billion, and 0.515% of average daily net assets of $5 billion and over, and is payable monthly. For the six months ended June 30, 2021, the Portfolio’s investment adviser fee amounted to $2,405,573 or 0.59% (annualized) of the Portfolio’s average daily net assets. The Portfolio may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.
Trustees and officers of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended June 30, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.
3 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $214,943,626 and $265,766,316, respectively, for the six months ended June 30, 2021.
Stock Portfolio
June 30, 2021
Notes to Financial Statements (Unaudited) — continued
4 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at June 30, 2021, as determined on a federal income tax basis, were as follows:
| | | | |
| |
Aggregate cost | | $ | 540,237,204 | |
| |
Gross unrealized appreciation | | $ | 315,576,005 | |
| |
Gross unrealized depreciation | | | (258,731 | ) |
| |
Net unrealized appreciation | | $ | 315,317,274 | |
5 Line of Credit
The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended June 30, 2021.
6 Investments in Affiliated Funds
At June 30, 2021, the value of the Portfolio’s investment in affiliated funds was $200,421, which represents less than 0.05% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended June 30, 2021 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Name of affiliated fund | | Value,
beginning of
period | | | Purchases | | | Sales
proceeds | | | Net
realized
gain (loss) | | | Change in
unrealized
appreciation
(depreciation) | | | Value, end
of period | | | Dividend
income | | | Units, end
of period | |
|
Short-Term Investments | |
| | | | | | | | |
Eaton Vance Cash Reserves Fund, LLC | | $ | 6,475,259 | | | $ | 73,391,909 | | | $ | (79,666,747 | ) | | $ | — | | | $ | — | | | $ | 200,421 | | | $ | 915 | | | | 200,421 | |
7 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | | Level 1 – quoted prices in active markets for identical investments |
| • | | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | | Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Stock Portfolio
June 30, 2021
Notes to Financial Statements (Unaudited) — continued
At June 30, 2021, 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 | | $ | 111,090,853 | | | $ | — | | | $ | — | | | $ | 111,090,853 | |
| | | | |
Consumer Discretionary | | | 102,969,828 | | | | — | | | | — | | | | 102,969,828 | |
| | | | |
Consumer Staples | | | 48,343,734 | | | | — | | | | — | | | | 48,343,734 | |
| | | | |
Energy | | | 19,049,699 | | | | — | | | | — | | | | 19,049,699 | |
| | | | |
Financials | | | 101,777,936 | | | | — | | | | — | | | | 101,777,936 | |
| | | | |
Health Care | | | 96,329,547 | | | | 15,549,262 | | | | — | | | | 111,878,809 | |
| | | | |
Industrials | | | 82,811,243 | | | | — | | | | — | | | | 82,811,243 | |
| | | | |
Information Technology | | | 241,245,161 | | | | — | | | | — | | | | 241,245,161 | |
| | | | |
Materials | | | 10,084,144 | | | | — | | | | — | | | | 10,084,144 | |
| | | | |
Real Estate | | | 13,814,766 | | | | — | | | | — | | | | 13,814,766 | |
| | | | |
Utilities | | | 12,287,884 | | | | — | | | | — | | | | 12,287,884 | |
| | | | |
Total Common Stocks | | $ | 839,804,795 | | | $ | 15,549,262 | * | | $ | — | | | $ | 855,354,057 | |
| | | | |
Short-Term Investments | | $ | — | | | $ | 200,421 | | | $ | — | | | $ | 200,421 | |
| | | | |
Total Investments | | $ | 839,804,795 | | | $ | 15,749,683 | | | $ | — | | | $ | 855,554,478 | |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
8 Risks and Uncertainties
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.
Eaton Vance
Stock NextShares
June 30, 2021
Joint Special Meeting of Shareholders (Unaudited)
Eaton Vance Stock NextShares (the “Fund”) held a Joint Special Meeting of Shareholders on February 18, 2021 for the following purposes: (1) to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser and administrator (“Proposal 1”); and (2) to provide voting instructions to the Fund, which invests pursuant to a master-feeder arrangement, with respect to the approval of a new investment advisory agreement with Boston Management and Research (“BMR”) to serve as investment adviser to Stock Portfolio (“Proposal 2”). The shareholder meeting results are as follows:
| | | | | | | | | | | | | | | | |
| | | Number of Shares(1) | |
| | | For | | | Against | | | Abstain(2) | | | Broker
Non-Votes(2) | |
| | | | |
Proposal 1 | | | 433,080.000 | | | | 0 | | | | 0 | | | | 0 | |
| | | | |
Proposal 2 | | | 433,080.000 | | | | 0 | | | | 0 | | | | 0 | |
| (1) | Fractional shares were voted proportionately. |
| (2) | Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal. |
Interestholder Meeting
Stock Portfolio (the “Portfolio”) held a Joint Special Meeting of Interestholders on February 19, 2021 in order to approve a new investment advisory agreement with BMR to serve as the Portfolio’s investment adviser (the “Proposal”). The interestholder meeting results are as follows:
| | | | | | | | | | |
| | | For | | Against | | | Abstain(1) | |
| | | |
| | | 91.277% | | | 2.164 | % | | | 6.549 | % |
Results may not total 100% due to rounding.
| (1) | Abstentions were treated as interests that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal. |
Eaton Vance
Stock NextShares
June 30, 2021
Liquidity Risk Management Program
The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on June 8, 2021, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2020 through December 31, 2020 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Eaton Vance
Stock NextShares
June 30, 2021
Officers and Trustees
Officers of Eaton Vance Stock NextShares and Stock Portfolio
Edward J. Perkin
President
Deidre E. Walsh
Vice President and Chief Legal Officer
James F. Kirchner
Treasurer
Kimberly M. Roessiger
Secretary
Richard F. Froio
Chief Compliance Officer
Trustees of Eaton Vance Stock NextShares and Stock Portfolio
George J. Gorman
Chairperson
Thomas E. Faust Jr.*
Mark R. Fetting
Cynthia E. Frost
Valerie A. Mosley
William H. Park
Helen Frame Peters
Keith Quinton
Marcus L. Smith
Susan J. Sutherland
Scott E. Wennerholm
Eaton Vance Funds
| | |
| 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.com Please 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 |
| | |
| | | |
Eaton Vance Funds
| | |
| 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 information We 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 you State 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. |
Eaton Vance Funds
IMPORTANT NOTICES
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
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Investment Adviser of Stock Portfolio
Boston Management and Research
Two International Place
Boston, MA 02110
Investment Adviser and Administrator of Eaton Vance Stock NextShares
Eaton Vance Management
Two International Place
Boston, MA 02110
Distributor*
Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Custodian
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Transfer and Dividend Disbursing Agent
State Street Bank and Trust Company
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Fund Offices
Two International Place
Boston, MA 02110
| * | FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org. |
22456 6.30.21
Not required in this filing.
| Item 3. | Audit Committee Financial Expert |
Not required in this filing.
| Item 4. | Principal Accountant Fees and Services |
Not required in this filing.
| Item 5. | Audit Committee of Listed Registrants |
Not applicable.
| Item 6. | Schedule of Investments |
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not applicable.
| Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not applicable.
| Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not applicable.
| Item 10. | Submission of Matters to a Vote of Security Holders |
No material changes.
| Item 11. | Controls and Procedures |
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not applicable.
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 NextShares Trust |
| |
| By: | | /s/ Edward J. Perkin |
| | Edward J. Perkin |
| | President |
| |
| Date: | | August 19, 2021 |
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: | | August 19, 2021 |
| |
| By: | | /s/ Edward J. Perkin |
| | Edward J. Perkin |
| | President |
| |
| Date: | | August 19, 2021 |
