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: 811-22336
Stock Portfolio
(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
December 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
Common Stocks — 99.7% |
Security | Shares | Value | |
Auto Components — 0.8% | |||
Aptiv PLC(1) | 48,156 | $ 4,484,768 | |
$ 4,484,768 | |||
Banks — 2.8% | |||
PNC Financial Services Group, Inc. (The) | 43,770 | $ 6,913,034 | |
Wells Fargo & Co. | 201,910 | 8,336,864 | |
$ 15,249,898 | |||
Beverages — 6.0% | |||
Coca-Cola Co. (The) | 257,046 | $ 16,350,696 | |
PepsiCo, Inc. | 93,400 | 16,873,644 | |
$ 33,224,340 | |||
Biotechnology — 2.8% | |||
AbbVie, Inc. | 96,116 | $ 15,533,307 | |
$ 15,533,307 | |||
Capital Markets — 5.6% | |||
Intercontinental Exchange, Inc. | 109,304 | $ 11,213,497 | |
S&P Global, Inc. | 22,736 | 7,615,196 | |
Stifel Financial Corp. | 98,400 | 5,743,608 | |
Tradeweb Markets, Inc., Class A | 95,929 | 6,228,670 | |
$ 30,800,971 | |||
Chemicals — 2.6% | |||
FMC Corp. | 57,700 | $ 7,200,960 | |
Linde PLC | 21,000 | 6,849,780 | |
$ 14,050,740 | |||
Commercial Services & Supplies — 1.3% | |||
Waste Management, Inc. | 45,278 | $ 7,103,213 | |
$ 7,103,213 | |||
Electric Utilities — 3.0% | |||
Constellation Energy Corp. | 81,700 | $ 7,043,357 | |
NextEra Energy, Inc. | 112,640 | 9,416,704 | |
$ 16,460,061 | |||
Electrical Equipment — 1.6% | |||
AMETEK, Inc. | 64,156 | $ 8,963,876 | |
$ 8,963,876 |
Security | Shares | Value | |
Electronic Equipment, Instruments & Components — 1.4% | |||
TE Connectivity, Ltd. | 67,000 | $ 7,691,600 | |
$ 7,691,600 | |||
Entertainment — 2.0% | |||
Electronic Arts, Inc. | 90,800 | $ 11,093,944 | |
$ 11,093,944 | |||
Equity Real Estate Investment Trusts (REITs) — 1.1% | |||
Lamar Advertising Co., Class A | 61,690 | $ 5,823,536 | |
$ 5,823,536 | |||
Food & Staples Retailing — 1.9% | |||
Walmart, Inc. | 74,000 | $ 10,492,460 | |
$ 10,492,460 | |||
Health Care Equipment & Supplies — 4.2% | |||
Boston Scientific Corp.(1) | 210,736 | $ 9,750,755 | |
Intuitive Surgical, Inc.(1) | 27,100 | 7,190,985 | |
Stryker Corp. | 25,000 | 6,112,250 | |
$ 23,053,990 | |||
Health Care Providers & Services — 1.8% | |||
Elevance Health, Inc. | 19,724 | $ 10,117,820 | |
$ 10,117,820 | |||
Hotels, Restaurants & Leisure — 1.6% | |||
Domino's Pizza, Inc. | 15,400 | $ 5,334,560 | |
Marriott International, Inc., Class A | 22,628 | 3,369,083 | |
$ 8,703,643 | |||
Insurance — 3.3% | |||
Allstate Corp. (The) | 91,200 | $ 12,366,720 | |
W.R. Berkley Corp. | 78,600 | 5,704,002 | |
$ 18,070,722 | |||
Interactive Media & Services — 3.5% | |||
Alphabet, Inc., Class C(1) | 214,380 | $ 19,021,938 | |
$ 19,021,938 | |||
Internet & Direct Marketing Retail — 2.7% | |||
Amazon.com, Inc.(1) | 179,820 | $ 15,104,880 | |
$ 15,104,880 | |||
IT Services — 4.7% | |||
Automatic Data Processing, Inc. | 43,996 | $ 10,508,884 |
Security | Shares | Value | |
IT Services (continued) | |||
Visa, Inc., Class A | 73,330 | $ 15,235,041 | |
$ 25,743,925 | |||
Life Sciences Tools & Services — 4.0% | |||
Danaher Corp. | 45,392 | $ 12,047,945 | |
Thermo Fisher Scientific, Inc. | 18,034 | 9,931,143 | |
$ 21,979,088 | |||
Machinery — 1.3% | |||
Westinghouse Air Brake Technologies Corp. | 69,700 | $ 6,956,757 | |
$ 6,956,757 | |||
Media — 1.2% | |||
Comcast Corp., Class A | 185,300 | $ 6,479,941 | |
$ 6,479,941 | |||
Multi-Utilities — 1.3% | |||
Sempra Energy | 46,800 | $ 7,232,472 | |
$ 7,232,472 | |||
Oil, Gas & Consumable Fuels — 1.7% | |||
ConocoPhillips | 80,956 | $ 9,552,808 | |
$ 9,552,808 | |||
Pharmaceuticals — 3.2% | |||
Bristol-Myers Squibb Co. | 105,300 | $ 7,576,335 | |
Eli Lilly & Co. | 27,400 | 10,024,016 | |
$ 17,600,351 | |||
Professional Services — 2.4% | |||
Booz Allen Hamilton Holding Corp. | 56,190 | $ 5,872,979 | |
TransUnion | 128,200 | 7,275,350 | |
$ 13,148,329 | |||
Real Estate Management & Development — 1.5% | |||
FirstService Corp. | 66,000 | $ 8,088,300 | |
$ 8,088,300 | |||
Road & Rail — 1.7% | |||
Union Pacific Corp. | 46,324 | $ 9,592,311 | |
$ 9,592,311 | |||
Semiconductors & Semiconductor Equipment — 4.9% | |||
Analog Devices, Inc. | 66,786 | $ 10,954,908 |
Security | Shares | Value | |
Semiconductors & Semiconductor Equipment (continued) | |||
Lam Research Corp. | 16,000 | $ 6,724,800 | |
Texas Instruments, Inc. | 55,047 | 9,094,865 | |
$ 26,774,573 | |||
Software — 11.2% | |||
Black Knight, Inc.(1) | 89,100 | $ 5,501,925 | |
Fair Isaac Corp.(1) | 8,100 | 4,848,498 | |
Intuit, Inc. | 18,354 | 7,143,744 | |
Microsoft Corp. | 159,398 | 38,226,828 | |
VMware, Inc., Class A(1) | 46,500 | 5,708,340 | |
$ 61,429,335 | |||
Specialty Retail — 2.6% | |||
Home Depot, Inc. (The) | 17,700 | $ 5,590,722 | |
TJX Cos., Inc. (The) | 109,234 | 8,695,026 | |
$ 14,285,748 | |||
Technology Hardware, Storage & Peripherals — 5.4% | |||
Apple, Inc. | 230,384 | $ 29,933,793 | |
$ 29,933,793 | |||
Textiles, Apparel & Luxury Goods — 1.1% | |||
NIKE, Inc., Class B | 51,400 | $ 6,014,314 | |
$ 6,014,314 | |||
Wireless Telecommunication Services — 1.5% | |||
T-Mobile US, Inc.(1) | 59,308 | $ 8,303,120 | |
$ 8,303,120 | |||
Total Common Stocks (identified cost $396,061,663) | $548,160,872 |
Short-Term Investments — 0.0%(2) |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.11%(3) | 4,125 | $ 4,125 | |
Total Short-Term Investments (identified cost $4,125) | $ 4,125 | ||
Total Investments — 99.7% (identified cost $396,065,788) | $548,164,997 | ||
Other Assets, Less Liabilities — 0.3% | $ 1,871,448 | ||
Net Assets — 100.0% | $550,036,445 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Amount is less than 0.05%. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2022. |
December 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $396,061,663) | $ 548,160,872 |
Affiliated investment, at value (identified cost $4,125) | 4,125 |
Dividends receivable | 504,625 |
Dividends receivable from affiliated investment | 4,559 |
Receivable for investments sold | 1,808,632 |
Tax reclaims receivable | 92,357 |
Total assets | $550,575,170 |
Liabilities | |
Demand note payable | $ 100,000 |
Payable to affiliates: | |
Investment adviser fee | 288,123 |
Trustees' fees | 11,385 |
Accrued expenses | 139,217 |
Total liabilities | $ 538,725 |
Net Assets applicable to investors' interest in Portfolio | $550,036,445 |
Year Ended | |
December 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $10,985) | $ 9,389,595 |
Dividend income from affiliated investments | 33,517 |
Total investment income | $ 9,423,112 |
Expenses | |
Investment adviser fee | $ 3,854,942 |
Trustees’ fees and expenses | 44,226 |
Custodian fee | 159,800 |
Legal and accounting services | 56,300 |
Miscellaneous | 21,204 |
Total expenses | $ 4,136,472 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 2,688 |
Total expense reductions | $ 2,688 |
Net expenses | $ 4,133,784 |
Net investment income | $ 5,289,328 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 32,247,368 |
Investment transactions - affiliated investment | 2,363 |
Foreign currency transactions | (1,188) |
Net realized gain | $ 32,248,543 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (166,969,130) |
Foreign currency | (6,299) |
Net change in unrealized appreciation (depreciation) | $(166,975,429) |
Net realized and unrealized loss | $(134,726,886) |
Net decrease in net assets from operations | $(129,437,558) |
Year Ended December 31, | ||
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 5,289,328 | $ 4,613,543 |
Net realized gain | 32,248,543 | 123,837,212 (1) |
Net change in unrealized appreciation (depreciation) | (166,975,429) | 46,443,015 |
Net increase (decrease) in net assets from operations | $(129,437,558) | $ 174,893,770 |
Capital transactions: | ||
Contributions | $ 5,305,309 | $ 23,356,815 |
Withdrawals | (198,020,738) | (131,961,931) |
Portfolio transaction fee | 879,886 | 574,923 |
Net decrease in net assets from capital transactions | $(191,835,543) | $(108,030,193) |
Net increase (decrease) in net assets | $(321,273,101) | $ 66,863,577 |
Net Assets | ||
At beginning of year | $ 871,309,546 | $ 804,445,969 |
At end of year | $ 550,036,445 | $ 871,309,546 |
(1) | Includes $3,096,043 of net realized gains from redemptions in-kind. |
Year Ended December 31, | |||||
Ratios/Supplemental Data | 2022 | 2021 | 2020 | 2019 | 2018 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.64% (1) | 0.63% | 0.64% | 0.63% | 0.64% |
Net investment income | 0.82% | 0.55% | 0.84% | 0.99% | 1.14% |
Portfolio Turnover | 52% | 44% | 70% | 55% | 90% |
Total Return | (16.49)% | 23.21% | 18.61% | 35.47% | (5.57)% |
Net assets, end of year (000’s omitted) | $550,036 | $871,310 | $804,446 | $683,548 | $516,615 |
(1) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended December 31, 2022). |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.600% |
$500 million but less than $1 billion | 0.575% |
$1 billion but less than $2.5 billion | 0.550% |
$2.5 billion but less than $5 billion | 0.530% |
$5 billion and over | 0.515% |
Aggregate cost | $396,668,747 |
Gross unrealized appreciation | $ 160,459,265 |
Gross unrealized depreciation | (8,963,015) |
Net unrealized appreciation | $151,496,250 |
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 | $2,248,476 | $51,152,522 | $(53,403,361) | $ 2,363 | $ — | $ — | $ 588 | — |
Liquidity Fund | — | 80,703,519 | (80,699,394) | — | — | 4,125 | 32,929 | 4,125 |
Total | $2,363 | $ — | $4,125 | $33,517 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 548,160,872* | $ — | $ — | $ 548,160,872 |
Short-Term Investments | 4,125 | — | — | 4,125 |
Total Investments | $548,164,997 | $ — | $ — | $548,164,997 |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Boston, Massachusetts
February 24, 2023
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Thomas E. Faust Jr. 1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Noninterested Trustees | |||
Alan C. Bowser(1) 1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. None. |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser(1) 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President of the Trust | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
R. Kelly Williams, Jr. 1971 | President of the Portfolio | Since 2022 | President and Chief Operating Officer of Atlanta Capital Management Company, LLC. Officer of 21 registered investment companies managed by Eaton Vance or BMR. |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Nicholas Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
(a)-(d)
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended December 31, 2021 and December 31, 2022 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.
Fiscal Years Ended | 12/31/21 | 12/31/22 | ||||||
Audit Fees | $ | 27,100 | $ | 30,600 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 12,758 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 39,858 | $ | 30,600 | ||||
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(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended December 31, 2021 and December 31, 2022; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
Fiscal Years Ended | 12/31/21 | 12/31/22 | ||||||
Registrant | $ | 12,758 | $ | 0 | ||||
Eaton Vance(1) | $ | 51,800 | $ | 52,836 |
(1) | The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Morgan Stanley. |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Stock Portfolio
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. | ||
President |
Date: February 27, 2023
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: February 27, 2023
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. | ||
President |
Date: February 27, 2023