Eaton Vance
Special Equities Fund
September 30, 2021
Portfolio of Investments (Unaudited)
Common Stocks — 99.0%
Security | Shares | Value | ||||||
Aerospace & Defense — 1.2% |
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Hexcel Corp.(1) | 10,431 | $ | 619,497 | |||||
Mercury Systems, Inc.(1) | 3,356 | 159,142 | ||||||
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$ | 778,639 | |||||||
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Auto Components — 3.6% |
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Dana, Inc. | 34,180 | $ | 760,163 | |||||
Dorman Products, Inc.(1) | 10,295 | 974,628 | ||||||
Visteon Corp.(1) | 6,350 | 599,376 | ||||||
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$ | 2,334,167 | |||||||
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Automobiles — 0.5% |
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Harley-Davidson, Inc. | 8,615 | $ | 315,395 | |||||
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$ | 315,395 | |||||||
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Banks — 8.8% |
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Commerce Bancshares, Inc. | 16,886 | $ | 1,176,616 | |||||
Community Bank System, Inc. | 13,440 | 919,565 | ||||||
Independent Bank Group, Inc. | 8,030 | 570,451 | ||||||
Pinnacle Financial Partners, Inc. | 11,785 | 1,108,733 | ||||||
SouthState Corp. | 16,455 | 1,228,695 | ||||||
UMB Financial Corp. | 6,990 | 676,003 | ||||||
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$ | 5,680,063 | |||||||
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Biotechnology — 1.0% |
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Neurocrine Biosciences, Inc.(1) | 7,075 | $ | 678,563 | |||||
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$ | 678,563 | |||||||
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Building Products — 3.4% |
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AAON, Inc. | 5,155 | $ | 336,828 | |||||
AZEK Co., Inc. (The)(1) | 28,439 | 1,038,877 | ||||||
Trex Co., Inc.(1) | 8,410 | 857,231 | ||||||
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$ | 2,232,936 | |||||||
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Capital Markets — 2.0% |
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Cohen & Steers, Inc. | 7,434 | $ | 622,746 | |||||
Tradeweb Markets, Inc., Class A | 8,105 | 654,722 | ||||||
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$ | 1,277,468 | |||||||
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Chemicals — 5.3% |
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Balchem Corp. | 6,242 | $ | 905,527 | |||||
Quaker Chemical Corp. | 3,995 | 949,691 | ||||||
Valvoline, Inc. | 50,275 | 1,567,575 | ||||||
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$ | 3,422,793 | |||||||
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Security | Shares | Value | ||||||
Commercial Services & Supplies — 2.2% |
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Herman Miller, Inc. | 24,850 | $ | 935,851 | |||||
Viad Corp.(1) | 10,235 | 464,771 | ||||||
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$ | 1,400,622 | |||||||
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Communications Equipment — 1.4% |
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F5 Networks, Inc.(1) | 4,705 | $ | 935,260 | |||||
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$ | 935,260 | |||||||
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Diversified Consumer Services — 2.0% |
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Terminix Global Holdings, Inc.(1) | 31,850 | $ | 1,327,189 | |||||
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$ | 1,327,189 | |||||||
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Electric Utilities — 1.2% |
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Alliant Energy Corp. | 14,004 | $ | 783,944 | |||||
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$ | 783,944 | |||||||
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Electronic Equipment, Instruments & Components — 1.2% |
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National Instruments Corp. | 19,005 | $ | 745,566 | |||||
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$ | 745,566 | |||||||
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Equity Real Estate Investment Trusts (REITs) — 8.2% |
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CubeSmart | 20,457 | $ | 991,142 | |||||
EastGroup Properties, Inc. | 5,865 | 977,285 | ||||||
Equity LifeStyle Properties, Inc. | 11,045 | 862,614 | ||||||
National Retail Properties, Inc. | 20,180 | 871,574 | ||||||
Rexford Industrial Realty, Inc. | 14,545 | 825,429 | ||||||
STORE Capital Corp. | 25,595 | 819,808 | ||||||
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$ | 5,347,852 | |||||||
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Food & Staples Retailing — 2.4% |
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Performance Food Group Co.(1) | 33,053 | $ | 1,535,642 | |||||
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$ | 1,535,642 | |||||||
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Food Products — 1.6% |
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Lamb Weston Holdings, Inc. | 4,880 | $ | 299,486 | |||||
Nomad Foods, Ltd.(1) | 26,740 | 736,954 | ||||||
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$ | 1,036,440 | |||||||
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Gas Utilities — 1.1% |
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ONE Gas, Inc. | 11,240 | $ | 712,279 | |||||
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$ | 712,279 | |||||||
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Health Care Equipment & Supplies — 5.0% |
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Cooper Cos., Inc. (The) | 1,036 | $ | 428,189 | |||||
Envista Holdings Corp.(1) | 22,095 | 923,792 | ||||||
ICU Medical, Inc.(1) | 2,213 | 516,470 | ||||||
Tandem Diabetes Care, Inc.(1) | 2,645 | 315,760 | ||||||
Teleflex, Inc. | 2,889 | 1,087,853 | ||||||
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$ | 3,272,064 | |||||||
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Security | Shares | Value | ||||||
Health Care Providers & Services — 6.9% |
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Addus HomeCare Corp.(1) | 4,985 | $ | 397,554 | |||||
Agiliti, Inc.(1) | 40,080 | 763,123 | ||||||
Amedisys, Inc.(1) | 1,970 | 293,727 | ||||||
Apria, Inc.(1) | 8,003 | 297,311 | ||||||
Chemed Corp. | 2,265 | 1,053,497 | ||||||
LHC Group, Inc.(1) | 6,045 | 948,521 | ||||||
R1 RCM, Inc.(1) | 33,680 | 741,297 | ||||||
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$ | 4,495,030 | |||||||
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Hotels, Restaurants & Leisure — 2.4% |
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Choice Hotels International, Inc. | 6,840 | $ | 864,371 | |||||
Wyndham Hotels & Resorts, Inc. | 9,175 | 708,218 | ||||||
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$ | 1,572,589 | |||||||
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Household Durables — 0.9% |
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Tempur Sealy International, Inc. | 12,930 | $ | 600,081 | |||||
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$ | 600,081 | |||||||
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Independent Power and Renewable Electricity Producers — 0.4% |
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Sunnova Energy International, Inc.(1) | 7,902 | $ | 260,292 | |||||
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$ | 260,292 | |||||||
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Insurance — 5.8% |
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James River Group Holdings, Ltd. | 1,622 | $ | 61,198 | |||||
Kinsale Capital Group, Inc. | 2,105 | 340,379 | ||||||
RLI Corp. | 7,017 | 703,595 | ||||||
Ryan Specialty Group Holdings, Inc., Class A(1) | 28,606 | 968,885 | ||||||
Selective Insurance Group, Inc. | 10,375 | 783,624 | ||||||
W.R. Berkley Corp. | 12,575 | 920,238 | ||||||
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$ | 3,777,919 | |||||||
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Interactive Media & Services — 1.8% |
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CarGurus, Inc.(1) | 37,005 | $ | 1,162,327 | |||||
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$ | 1,162,327 | |||||||
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IT Services — 1.7% |
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Euronet Worldwide, Inc.(1) | 8,456 | $ | 1,076,280 | |||||
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$ | 1,076,280 | |||||||
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Leisure Products — 0.4% |
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Brunswick Corp. | 2,770 | $ | 263,898 | |||||
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$ | 263,898 | |||||||
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Security | Shares | Value | ||||||
Machinery — 5.2% |
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Allison Transmission Holdings, Inc. | 19,020 | $ | 671,786 | |||||
Graco, Inc. | 7,940 | 555,562 | ||||||
Middleby Corp.(1) | 5,715 | 974,465 | ||||||
Mueller Water Products, Inc., Class A | 36,995 | 563,064 | ||||||
Woodward, Inc. | 5,080 | 575,056 | ||||||
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$ | 3,339,933 | |||||||
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Multi-Utilities — 1.3% |
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CMS Energy Corp. | 13,645 | $ | 815,016 | |||||
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$ | 815,016 | |||||||
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Pharmaceuticals — 0.9% |
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Jazz Pharmaceuticals PLC(1) | 4,665 | $ | 607,430 | |||||
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$ | 607,430 | |||||||
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Professional Services — 1.6% |
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CBIZ, Inc.(1) | 32,015 | $ | 1,035,365 | |||||
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$ | 1,035,365 | |||||||
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Road & Rail — 0.7% |
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Landstar System, Inc. | 2,695 | $ | 425,325 | |||||
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$ | 425,325 | |||||||
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Semiconductors & Semiconductor Equipment — 0.9% |
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Silicon Laboratories, Inc.(1) | 4,275 | $ | 599,184 | |||||
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$ | 599,184 | |||||||
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Software — 7.8% |
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ACI Worldwide, Inc.(1) | 27,328 | $ | 839,790 | |||||
Altair Engineering, Inc., Class A(1) | 11,862 | 817,766 | ||||||
Black Knight, Inc.(1) | 6,772 | 487,584 | ||||||
CDK Global, Inc. | 13,037 | 554,724 | ||||||
Envestnet, Inc.(1) | 11,740 | 942,018 | ||||||
nCino, Inc.(1) | 11,219 | 796,886 | ||||||
Olo, Inc., Class A(1) | 20,647 | 620,029 | ||||||
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$ | 5,058,797 | |||||||
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Specialty Retail — 3.3% |
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Five Below, Inc.(1) | 3,025 | $ | 534,850 | |||||
National Vision Holdings, Inc.(1) | 28,640 | 1,625,893 | ||||||
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$ | 2,160,743 | |||||||
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Textiles, Apparel & Luxury Goods — 2.3% |
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Capri Holdings, Ltd.(1) | 13,580 | $ | 657,408 | |||||
Deckers Outdoor Corp.(1) | 905 | 325,981 | ||||||
Steven Madden, Ltd. | 12,200 | 489,952 | ||||||
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$ | 1,473,341 | |||||||
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Security | Shares | Value | ||||||
Trading Companies & Distributors — 2.6% |
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Applied Industrial Technologies, Inc. | 6,264 | $ | 564,574 | |||||
Herc Holdings, Inc.(1) | 6,735 | 1,100,903 | ||||||
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$ | 1,665,477 | |||||||
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Total Common Stocks | $ | 64,205,909 | ||||||
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Short-Term Investments — 1.2% | ||||||||
Description | Units | Value | ||||||
Eaton Vance Cash Reserves Fund, LLC, 0.05%(2) | 784,547 | $ | 784,547 | |||||
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Total Short-Term Investments | $ | 784,547 | ||||||
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Total Investments — 100.2% | $ | 64,990,456 | ||||||
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Other Assets, Less Liabilities — (0.2)% | $ | (138,285 | ) | |||||
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Net Assets — 100.0% | $ | 64,852,171 | ||||||
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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, 2021. |
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The Fund did not have any open derivative instruments at September 30, 2021.
At September 30, 2021, the value of the Fund’s investment in affiliated funds was $784,547, which represents 1.2% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended September 30, 2021 were as follows:
Name of | 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 |
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Eaton Vance Cash Reserves Fund, LLC | $ | 137,211 | $ | 20,977,794 | $ | (20,330,443 | ) | $ | (15 | ) | $ | — | $ | 784,547 | $ | 416 | 784,547 |
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, 2021, 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 | $ | 64,205,909 | * | $ | — | $ | — | $ | 64,205,909 | |||||||
Short-Term Investments | — | 784,547 | — | 784,547 | ||||||||||||
Total Investments | $ | 64,205,909 | $ | 784,547 | $ | — | $ | 64,990,456 | ||||||||
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
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.
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