Eaton Vance
Large-Cap Value Fund
September 30, 2022
Portfolio of Investments (Unaudited)
Common Stocks — 99.7% |
Security | Shares | Value | |
Aerospace & Defense — 3.7% | |||
Hexcel Corp. | 383,611 | $ 19,840,361 | |
Huntington Ingalls Industries, Inc. | 153,908 | 34,090,622 | |
$ 53,930,983 | |||
Air Freight & Logistics — 1.2% | |||
C.H. Robinson Worldwide, Inc. | 175,446 | $ 16,897,204 | |
$ 16,897,204 | |||
Banks — 7.3% | |||
Citizens Financial Group, Inc. | 531,474 | $ 18,261,447 | |
M&T Bank Corp. | 208,132 | 36,697,834 | |
Wells Fargo & Co. | 1,255,324 | 50,489,131 | |
$ 105,448,412 | |||
Beverages — 2.4% | |||
Constellation Brands, Inc., Class A | 149,583 | $ 34,356,223 | |
$ 34,356,223 | |||
Biotechnology — 3.3% | |||
AbbVie, Inc. | 185,131 | $ 24,846,432 | |
Neurocrine Biosciences, Inc.(1) | 222,968 | 23,681,431 | |
$ 48,527,863 | |||
Building Products — 1.8% | |||
Johnson Controls International PLC | 519,413 | $ 25,565,508 | |
$ 25,565,508 | |||
Capital Markets — 7.4% | |||
Charles Schwab Corp. (The) | 586,076 | $ 42,121,282 | |
Goldman Sachs Group, Inc. (The) | 120,330 | 35,262,707 | |
State Street Corp. | 182,525 | 11,099,345 | |
Stifel Financial Corp. | 355,309 | 18,444,090 | |
$ 106,927,424 | |||
Chemicals — 3.6% | |||
FMC Corp. | 195,063 | $ 20,618,159 | |
Linde PLC | 91,612 | 24,697,679 | |
Sherwin-Williams Co. (The) | 33,298 | 6,817,766 | |
$ 52,133,604 |
Security | Shares | Value | |
Communications Equipment — 1.5% | |||
Cisco Systems, Inc. | 557,658 | $ 22,306,320 | |
$ 22,306,320 | |||
Containers & Packaging — 0.9% | |||
Packaging Corp. of America | 114,616 | $ 12,870,231 | |
$ 12,870,231 | |||
Diversified Telecommunication Services — 1.8% | |||
Verizon Communications, Inc. | 670,710 | $ 25,466,859 | |
$ 25,466,859 | |||
Electric Utilities — 3.6% | |||
Edison International | 198,929 | $ 11,255,403 | |
NextEra Energy, Inc. | 519,029 | 40,697,064 | |
$ 51,952,467 | |||
Electrical Equipment — 1.5% | |||
Eaton Corp. PLC | 162,327 | $ 21,647,929 | |
$ 21,647,929 | |||
Energy Equipment & Services — 1.2% | |||
Halliburton Co. | 732,043 | $ 18,022,899 | |
$ 18,022,899 | |||
Entertainment — 2.6% | |||
Walt Disney Co. (The)(1) | 394,588 | $ 37,221,486 | |
$ 37,221,486 | |||
Equity Real Estate Investment Trusts (REITs) — 4.6% | |||
EastGroup Properties, Inc. | 105,454 | $ 15,221,230 | |
Healthpeak Properties, Inc. | 520,640 | 11,933,069 | |
Invitation Homes, Inc. | 558,102 | 18,847,104 | |
Mid-America Apartment Communities, Inc. | 137,524 | 21,325,847 | |
$ 67,327,250 | |||
Food & Staples Retailing — 3.4% | |||
BJ's Wholesale Club Holdings, Inc.(1) | 446,754 | $ 32,528,159 | |
Performance Food Group Co.(1) | 378,241 | 16,245,451 | |
$ 48,773,610 | |||
Food Products — 2.5% | |||
Hershey Co. (The) | 163,516 | $ 36,050,373 | |
$ 36,050,373 |
1
Eaton Vance
Large-Cap Value Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Health Care Equipment & Supplies — 2.3% | |||
Teleflex, Inc. | 54,106 | $ 10,900,195 | |
Zimmer Biomet Holdings, Inc. | 215,132 | 22,492,050 | |
$ 33,392,245 | |||
Hotels, Restaurants & Leisure — 1.0% | |||
Papa John's International, Inc.(2) | 205,645 | $ 14,397,206 | |
$ 14,397,206 | |||
Insurance — 4.0% | |||
American International Group, Inc. | 731,090 | $ 34,712,153 | |
Arch Capital Group, Ltd.(1) | 235,175 | 10,709,869 | |
Reinsurance Group of America, Inc. | 97,459 | 12,261,317 | |
$ 57,683,339 | |||
Interactive Media & Services — 2.2% | |||
Alphabet, Inc., Class A(1) | 337,250 | $ 32,257,963 | |
$ 32,257,963 | |||
IT Services — 1.2% | |||
Fidelity National Information Services, Inc. | 226,076 | $ 17,084,563 | |
$ 17,084,563 | |||
Life Sciences Tools & Services — 4.3% | |||
Thermo Fisher Scientific, Inc. | 72,298 | $ 36,668,823 | |
Waters Corp.(1) | 94,825 | 25,558,182 | |
$ 62,227,005 | |||
Machinery — 3.3% | |||
PACCAR, Inc. | 218,949 | $ 18,323,842 | |
Westinghouse Air Brake Technologies Corp. | 361,415 | 29,401,110 | |
$ 47,724,952 | |||
Multiline Retail — 1.6% | |||
Dollar Tree, Inc.(1) | 171,869 | $ 23,391,371 | |
$ 23,391,371 | |||
Multi-Utilities — 2.5% | |||
CMS Energy Corp. | 259,570 | $ 15,117,357 | |
Sempra Energy | 144,919 | 21,729,155 | |
$ 36,846,512 | |||
Oil, Gas & Consumable Fuels — 8.0% | |||
Chevron Corp. | 288,901 | $ 41,506,407 |
Security | Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
ConocoPhillips | 443,290 | $ 45,366,298 | |
EOG Resources, Inc. | 262,389 | 29,316,723 | |
$ 116,189,428 | |||
Pharmaceuticals — 7.9% | |||
Bristol-Myers Squibb Co. | 508,454 | $ 36,145,995 | |
Johnson & Johnson | 165,704 | 27,069,405 | |
Novo Nordisk A/S ADR | 200,829 | 20,008,593 | |
Royalty Pharma PLC, Class A | 216,575 | 8,701,984 | |
Sanofi | 297,083 | 22,621,824 | |
$ 114,547,801 | |||
Semiconductors & Semiconductor Equipment — 3.4% | |||
Micron Technology, Inc. | 486,744 | $ 24,385,875 | |
Texas Instruments, Inc. | 158,708 | 24,564,824 | |
$ 48,950,699 | |||
Software — 1.7% | |||
VMware, Inc., Class A | 229,568 | $ 24,439,809 | |
$ 24,439,809 | |||
Specialty Retail — 1.0% | |||
Lithia Motors, Inc. | 68,466 | $ 14,689,380 | |
$ 14,689,380 | |||
Wireless Telecommunication Services — 1.0% | |||
T-Mobile US, Inc.(1) | 107,392 | $ 14,408,785 | |
$ 14,408,785 | |||
Total Common Stocks (identified cost $1,350,511,426) | $1,443,657,703 |
Short-Term Investments — 0.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.80%(3) | 6,831,235 | $ 6,831,235 | |
Total Short-Term Investments (identified cost $6,831,235) | $ 6,831,235 | ||
Total Investments — 100.2% (identified cost $1,357,342,661) | $1,450,488,938 | ||
Other Assets, Less Liabilities — (0.2)% | $ (3,437,317) | ||
Net Assets — 100.0% | $1,447,051,621 |
2
Eaton Vance
Large-Cap Value Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | All or a portion of this security was on loan at September 30, 2022. The aggregate market value of securities on loan at September 30, 2022 was $2,183,262 and the total market value of the collateral received by the Fund was $2,294,975, comprised of U.S. government and/or agencies securities. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2022. |
Abbreviations: | |
ADR | – American Depositary Receipt |
The Fund did not have any open derivative instruments at September 30, 2022.
Affiliated Investments
At September 30, 2022, the value of the Fund's investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio (Liquidity Fund) and Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund) was $6,831,235, which represents 0.5% of the Fund's net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended September 30, 2022 were as follows:
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Short-Term Investments | ||||||||
Cash Reserves Fund | $6,681,683 | $73,592,438 | $(80,274,486) | $365 | $ — | $ — | $1,360 | — |
Liquidity Fund | — | 115,840,948 | (109,009,713) | — | — | 6,831,235 | 41,124 | 6,831,235 |
Total | $365 | $ — | $6,831,235 | $42,484 |
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.
At September 30, 2022, the hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Communication Services | $ 109,355,093 | $ — | $ — | $ 109,355,093 |
Consumer Discretionary | 52,477,957 | — | — | 52,477,957 |
Consumer Staples | 119,180,206 | — | — | 119,180,206 |
Energy | 134,212,327 | — | — | 134,212,327 |
Financials | 270,059,175 | — | — | 270,059,175 |
Health Care | 236,073,090 | 22,621,824 | — | 258,694,914 |
Industrials | 165,766,576 | — | — | 165,766,576 |
Information Technology | 112,781,391 | — | — | 112,781,391 |
3
Eaton Vance
Large-Cap Value Fund
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Materials | $ 65,003,835 | $ — | $ — | $ 65,003,835 |
Real Estate | 67,327,250 | — | — | 67,327,250 |
Utilities | 88,798,979 | — | — | 88,798,979 |
Total Common Stocks | $1,421,035,879 | $22,621,824* | $ — | $1,443,657,703 |
Short-Term Investments | $ 6,831,235 | $ — | $ — | $ 6,831,235 |
Total Investments | $1,427,867,114 | $22,621,824 | $ — | $1,450,488,938 |
* | 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 Fund's policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements included in its semiannual or annual report to shareholders.
4