Eaton Vance
Stock NextShares
September 30, 2020 (Unaudited)
Eaton Vance Stock NextShares (the Fund), a diversified series of Eaton Vance NextShares Trust, invests substantially all of its investable assets in Stock Portfolio (the Portfolio) and owns a pro-rata interest in the Portfolio’s net assets. At September 30, 2020, the value of the Fund’s investment in the Portfolio was $7,013,027 and the Fund owned 1.0% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
Stock Portfolio
September 30, 2020
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 99.4%
| | | | | | | | |
| Security | | Shares | | | Value | |
Banks — 3.9% | |
Bank of America Corp. | | | 427,940 | | | $ | 10,309,075 | |
JPMorgan Chase & Co. | | | 110,820 | | | | 10,668,641 | |
PNC Financial Services Group, Inc. (The) | | | 67,640 | | | | 7,434,312 | |
| | | | | | | | |
| | | $ | 28,412,028 | |
| | | | | | | | |
Beverages — 2.7% | |
PepsiCo, Inc. | | | 142,700 | | | $ | 19,778,220 | |
| | | | | | | | |
| | | $ | 19,778,220 | |
| | | | | | | | |
Biotechnology — 1.4% | |
AbbVie, Inc. | | | 115,300 | | | $ | 10,099,127 | |
| | | | | | | | |
| | | $ | 10,099,127 | |
| | | | | | | | |
Building Products — 0.8% | |
Trane Technologies PLC | | | 50,400 | | | $ | 6,111,000 | |
| | | | | | | | |
| | | $ | 6,111,000 | |
| | | | | | | | |
Capital Markets — 4.1% | |
Cboe Global Markets, Inc. | | | 43,500 | | | $ | 3,816,690 | |
Intercontinental Exchange, Inc. | | | 135,800 | | | | 13,586,790 | |
Tradeweb Markets, Inc., Class A | | | 206,739 | | | | 11,990,862 | |
| | | | | | | | |
| | | $ | 29,394,342 | |
| | | | | | | | |
Commercial Services & Supplies — 1.2% | |
Waste Management, Inc. | | | 74,182 | | | $ | 8,395,177 | |
| | | | | | | | |
| | | $ | 8,395,177 | |
| | | | | | | | |
Communications Equipment — 1.6% | |
Cisco Systems, Inc. | | | 294,000 | | | $ | 11,580,660 | |
| | | | | | | | |
| | | $ | 11,580,660 | |
| | | | | | | | |
Electric Utilities — 1.3% | |
NextEra Energy, Inc. | | | 33,796 | | | $ | 9,380,418 | |
| | | | | | | | |
| | | $ | 9,380,418 | |
| | | | | | | | |
Electrical Equipment — 2.4% | |
AMETEK, Inc. | | | 125,400 | | | $ | 12,464,760 | |
Emerson Electric Co. | | | 69,842 | | | | 4,579,540 | |
| | | | | | | | |
| | | $ | 17,044,300 | |
| | | | | | | | |
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| | | | | | | | |
| Security | | Shares | | | Value | |
Entertainment — 1.6% | |
Electronic Arts, Inc.(1) | | | 89,400 | | | $ | 11,658,654 | |
| | | | | | | | |
| | | $ | 11,658,654 | |
| | | | | | | | |
Equity Real Estate Investment Trusts (REITs) — 2.4% | |
American Tower Corp. | | | 71,100 | | | $ | 17,187,003 | |
| | | | | | | | |
| | | $ | 17,187,003 | |
| | | | | | | | |
Food & Staples Retailing — 2.0% | |
Walmart, Inc. | | | 102,700 | | | $ | 14,368,757 | |
| | | | | | | | |
| | | $ | 14,368,757 | |
| | | | | | | | |
Food Products — 2.1% | |
Mondelez International, Inc., Class A | | | 270,220 | | | $ | 15,524,139 | |
| | | | | | | | |
| | | $ | 15,524,139 | |
| | | | | | | | |
Health Care Equipment & Supplies — 5.9% | |
Abbott Laboratories | | | 145,500 | | | $ | 15,834,765 | |
Boston Scientific Corp.(1) | | | 195,200 | | | | 7,458,592 | |
Danaher Corp. | | | 81,566 | | | | 17,563,607 | |
ICU Medical, Inc.(1) | | | 10,941 | | | | 1,999,577 | |
| | | | | | | | |
| | | $ | 42,856,541 | |
| | | | | | | | |
Health Care Providers & Services — 1.9% | |
Anthem, Inc. | | | 51,760 | | | $ | 13,902,218 | |
| | | | | | | | |
| | | $ | 13,902,218 | |
| | | | | | | | |
Insurance — 2.0% | |
First American Financial Corp. | | | 126,572 | | | $ | 6,443,781 | |
Travelers Cos., Inc. (The) | | | 72,600 | | | | 7,854,594 | |
| | | | | | | | |
| | | $ | 14,298,375 | |
| | | | | | | | |
Interactive Media & Services — 8.0% | |
Alphabet, Inc., Class C(1) | | | 22,129 | | | $ | 32,520,778 | |
Facebook, Inc., Class A(1) | | | 96,344 | | | | 25,232,494 | |
| | | | | | | | |
| | | $ | 57,753,272 | |
| | | | | | | | |
Internet & Direct Marketing Retail — 6.4% | |
Amazon.com, Inc.(1) | | | 14,622 | | | $ | 46,040,730 | |
| | | | | | | | |
| | | $ | 46,040,730 | |
| | | | | | | | |
IT Services — 9.6% | |
Cognizant Technology Solutions Corp., Class A | | | 181,612 | | | $ | 12,607,505 | |
Fidelity National Information Services, Inc. | | | 90,200 | | | | 13,278,342 | |
Mastercard, Inc., Class A | | | 33,600 | | | | 11,362,512 | |
Nuvei Corp.(1) | | | 50,000 | | | | 2,111,000 | |
PayPal Holdings, Inc.(1) | | | 58,000 | | | | 11,427,740 | |
Shift4 Payments, Inc., Class A(1) | | | 59,800 | | | | 2,891,928 | |
Visa, Inc., Class A | | | 79,100 | | | | 15,817,627 | |
| | | | | | | | |
| | | | $ | 69,496,654 | |
| | | | | | | | |
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| | | | | | | | |
| Security | | Shares | | | Value | |
Life Sciences Tools & Services — 2.2% | |
Thermo Fisher Scientific, Inc. | | | 36,800 | | | $ | 16,247,936 | |
| | | | | | | | |
| | | $ | 16,247,936 | |
| | | | | | | | |
Machinery — 2.4% | |
Ingersoll Rand, Inc.(1) | | | 209,120 | | | $ | 7,444,672 | |
Stanley Black & Decker, Inc. | | | 60,900 | | | | 9,877,980 | |
| | | | | | | | |
| | | $ | 17,322,652 | |
| | | | | | | | |
Metals & Mining — 1.9% | |
Franco-Nevada Corp. | | | 62,000 | | | $ | 8,653,960 | |
Steel Dynamics, Inc. | | | 179,700 | | | | 5,144,811 | |
| | | | | | | | |
| | | $ | 13,798,771 | |
| | | | | | | | |
Multi-Utilities — 1.7% | |
CMS Energy Corp. | | | 95,300 | | | $ | 5,852,373 | |
Sempra Energy | | | 51,542 | | | | 6,100,511 | |
| | | | | | | | |
| | | $ | 11,952,884 | |
| | | | | | | | |
Oil, Gas & Consumable Fuels — 1.4% | |
Chevron Corp. | | | 81,700 | | | $ | 5,882,400 | |
Phillips 66 | | | 78,825 | | | | 4,086,288 | |
| | | | | | | | |
| | | $ | 9,968,688 | |
| | | | | | | | |
Pharmaceuticals — 2.8% | |
Sanofi | | | 107,100 | | | $ | 10,732,685 | |
Zoetis, Inc. | | | 57,200 | | | | 9,459,164 | |
| | | | | | | | |
| | | $ | 20,191,849 | |
| | | | | | | | |
Road & Rail — 1.2% | |
Union Pacific Corp. | | | 45,800 | | | $ | 9,016,646 | |
| | | | | | | | |
| | | $ | 9,016,646 | |
| | | | | | | | |
Semiconductors & Semiconductor Equipment — 2.6% | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | | | 98,323 | | | $ | 7,971,046 | |
Texas Instruments, Inc. | | | 77,279 | | | | 11,034,668 | |
| | | | | | | | |
| | | $ | 19,005,714 | |
| | | | | | | | |
Software — 8.9% | |
Adobe, Inc.(1) | | | 12,378 | | | $ | 6,070,542 | |
Intuit, Inc. | | | 18,836 | | | | 6,144,492 | |
Microsoft Corp. | | | 230,720 | | | | 48,527,338 | |
nCino, Inc.(1) | | | 45,686 | | | | 3,640,260 | |
| | | | | | | | |
| | | | $ | 64,382,632 | |
| | | | | | | | |
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| | | | | | | | |
| Security | | Shares | | | Value | |
Specialty Retail — 5.1% | |
Home Depot, Inc. (The) | | | 59,388 | | | $ | 16,492,642 | |
Lowe’s Cos., Inc. | | | 66,300 | | | | 10,996,518 | |
TJX Cos., Inc. (The) | | | 168,440 | | | | 9,373,686 | |
| | | | | | | | |
| | | $ | 36,862,846 | |
| | | | | | | | |
Technology Hardware, Storage & Peripherals — 6.6% | |
Apple, Inc. | | | 412,688 | | | $ | 47,793,397 | |
| | | | | | | | |
| | | $ | 47,793,397 | |
| | | | | | | | |
Wireless Telecommunication Services — 1.3% | |
T-Mobile US, Inc.(1) | | | 80,720 | | | $ | 9,231,139 | |
| | | | | | | | |
| | | $ | 9,231,139 | |
| | | | | | | | |
| |
Total Common Stocks
(identified cost $501,134,741) | | | $ | 719,056,769 | |
| | | | | | | | |
|
Short-Term Investments — 0.5% | |
| | |
| Description | | Units | | | Value | |
Eaton Vance Cash Reserves Fund, LLC, 0.15%(2) | | | 3,559,221 | | | $ | 3,559,221 | |
| | | | | | | | |
| |
Total Short-Term Investments
(identified cost $3,559,221) | | | $ | 3,559,221 | |
| | | | | | | | |
| |
Total Investments — 99.9%
(identified cost $504,693,962) | | | $ | 722,615,990 | |
| | | | | | | | |
| |
Other Assets, Less Liabilities — 0.1% | | | $ | 1,035,805 | |
| | | | | | | | |
| |
Net Assets — 100.0% | | | $ | 723,651,795 | |
| | | | | | | | |
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 September 30, 2020. |
Abbreviations:
| | | | |
ADR | | - | | American Depositary Receipt |
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The Portfolio did not have any open derivative instruments at September 30, 2020.
At September 30, 2020, the value of the Portfolio’s investment in affiliated funds was $3,559,221, which represents 0.5% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the fiscal year to date ended September 30, 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 | | $ | 5,512,026 | | | $ | 113,514,120 | | | $ | (115,467,382 | ) | | $ | 721 | | | $ | (264 | ) | | $ | 3,559,221 | | | $ | 25,690 | | | | 3,559,221 | |
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | | Level 1 — quoted prices in active markets for identical investments |
| • | | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | | Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At September 30, 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 | | $ | 78,643,065 | | | $ | — | | | $ | — | | | $ | 78,643,065 | |
Consumer Discretionary | | | 82,903,576 | | | | — | | | | — | | | | 82,903,576 | |
Consumer Staples | | | 49,671,116 | | | | — | | | | — | | | | 49,671,116 | |
Energy | | | 9,968,688 | | | | — | | | | — | | | | 9,968,688 | |
Financials | | | 72,104,745 | | | | — | | | | — | | | | 72,104,745 | |
Health Care | | | 92,564,986 | | | | 10,732,685 | | | | — | | | | 103,297,671 | |
Industrials | | | 57,889,775 | | | | — | | | | — | | | | 57,889,775 | |
Information Technology | | | 212,259,057 | | | | — | | | | — | | | | 212,259,057 | |
Materials | | | 13,798,771 | | | | — | | | | — | | | | 13,798,771 | |
Real Estate | | | 17,187,003 | | | | — | | | | — | | | | 17,187,003 | |
Utilities | | | 21,333,302 | | | | — | | | | — | | | | 21,333,302 | |
Total Common Stocks | | $ | 708,324,084 | | | $ | 10,732,685 | * | | $ | — | | | $ | 719,056,769 | |
| Short-Term Investments | | $ | — | | | $ | 3,559,221 | | | $ | — | | | $ | 3,559,221 | |
Total Investments | | $ | 708,324,084 | | | $ | 14,291,906 | | | $ | — | | | $ | 722,615,990 | |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
For information on the 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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