N-Q 1 b77980a1nvq.htm EATON VANCE SMALL CAP PORTFOLIO Eaton Vance Small Cap Portfolio
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
811-21121
Investment Company Act File Number
 
Small-Cap Portfolio
(Exact Name of Registrant as Specified in Charter)
 
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
 
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
 
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
 
December 31
Date of Fiscal Year End
 
September 30, 2009
Date of Reporting Period
 



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Small-Cap Portfolio as of September 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 96.2%
 
                 
Security   Shares     Value  
Aerospace & Defense — 2.6%
               
Alliant Techsystems, Inc.(1)
    18,240     $ 1,419,984  
TransDigm Group, Inc.(1)
    20,000       996,200  
                 
            $ 2,416,184  
                 
Air Freight & Logistics — 0.7%
               
HUB Group, Inc., Class A(1)
    28,880     $ 659,908  
                 
            $ 659,908  
                 
Auto Components — 0.9%
               
Dana Holding Corp.(1)
    118,750     $ 808,688  
                 
            $ 808,688  
                 
Beverages — 1.0%
               
Central European Distribution Corp.(1)
    28,120     $ 921,211  
                 
            $ 921,211  
                 
Biotechnology — 0.7%
               
Martek Biosciences Corp.(1)
    29,330     $ 662,565  
                 
            $ 662,565  
                 
Building Products — 1.3%
               
Armstrong World Industries, Inc.(1)
    36,620     $ 1,261,925  
                 
            $ 1,261,925  
                 
Capital Markets — 4.4%
               
Affiliated Managers Group, Inc.(1)
    26,250     $ 1,706,512  
Artio Global Investors, Inc.(1)
    26,390       690,099  
Lazard, Ltd., Class A
    42,080       1,738,325  
                 
            $ 4,134,936  
                 
Chemicals — 3.8%
               
Calgon Carbon Corp.(1)
    87,360     $ 1,295,549  
Rockwood Holdings, Inc.(1)
    34,620       712,133  
Terra Industries, Inc. 
    44,550       1,544,549  
                 
            $ 3,552,231  
                 
Commercial Banks — 0.3%
               
Iberiabank Corp. 
    3,310     $ 150,804  
Sterling Bancshares, Inc. 
    18,490       135,162  
                 
            $ 285,966  
                 
Commercial Services & Supplies — 2.2%
               
Bowne & Co., Inc. 
    96,956     $ 746,561  
Clean Harbors, Inc.(1)
    22,950       1,291,167  
                 
            $ 2,037,728  
                 
Communications Equipment — 1.6%
               
Brocade Communications Systems, Inc.(1)
    187,700     $ 1,475,322  
                 
            $ 1,475,322  
                 
Computers & Peripherals — 2.0%
               
Stratasys, Inc.(1)
    109,245     $ 1,874,644  
                 
            $ 1,874,644  
                 
 
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Security   Shares     Value  
Construction & Engineering — 3.8%
               
Foster Wheeler AG(1)
    44,420     $ 1,417,442  
Shaw Group, Inc. (The)(1)
    28,770       923,229  
Tutor Perini Corp.(1)
    57,220       1,218,786  
                 
            $ 3,559,457  
                 
Distributors — 1.5%
               
LKQ Corp.(1)
    76,780     $ 1,423,501  
                 
            $ 1,423,501  
                 
Diversified Consumer Services — 0.7%
               
American Public Education, Inc.(1)
    19,070     $ 662,492  
                 
            $ 662,492  
                 
Electronic Equipment, Instruments & Components — 4.8%
               
FLIR Systems, Inc.(1)
    59,640     $ 1,668,131  
National Instruments Corp. 
    52,090       1,439,246  
Trimble Navigation, Ltd.(1)
    58,680       1,403,039  
                 
            $ 4,510,416  
                 
Energy Equipment & Services — 3.4%
               
CARBO Ceramics, Inc. 
    31,610     $ 1,629,495  
Dril-Quip, Inc.(1)
    32,800       1,628,192  
                 
            $ 3,257,687  
                 
Food Products — 2.8%
               
Corn Products International, Inc. 
    49,440     $ 1,410,029  
Ralcorp Holdings, Inc.(1)
    20,990       1,227,285  
                 
            $ 2,637,314  
                 
Health Care Equipment & Supplies — 4.3%
               
IDEXX Laboratories, Inc.(1)
    25,970     $ 1,298,500  
West Pharmaceutical Services, Inc. 
    33,935       1,378,100  
Wright Medical Group, Inc.(1)
    78,850       1,408,261  
                 
            $ 4,084,861  
                 
Health Care Providers & Services — 1.5%
               
VCA Antech, Inc.(1)
    54,200     $ 1,457,438  
                 
            $ 1,457,438  
                 
Hotels, Restaurants & Leisure — 3.0%
               
Bally Technologies, Inc.(1)
    36,680     $ 1,407,412  
Scientific Games Corp., Class A(1)
    88,680       1,403,804  
                 
            $ 2,811,216  
                 
Household Products — 1.4%
               
Church & Dwight Co., Inc. 
    22,585     $ 1,281,473  
                 
            $ 1,281,473  
                 
Insurance — 1.5%
               
HCC Insurance Holdings, Inc. 
    51,140     $ 1,398,679  
                 
            $ 1,398,679  
                 
Internet Software & Services — 1.3%
               
Akamai Technologies, Inc.(1)
    60,310     $ 1,186,901  
                 
            $ 1,186,901  
                 
IT Services — 3.4%
               
Euronet Worldwide, Inc.(1)
    74,215     $ 1,783,386  
ManTech International Corp., Class A(1)
    29,300       1,381,788  
                 
            $ 3,165,174  
                 
 
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Security   Shares     Value  
Machinery — 1.0%
               
Bucyrus International, Inc. 
    27,150     $ 967,083  
                 
            $ 967,083  
                 
Media — 1.7%
               
Arbitron, Inc. 
    78,130     $ 1,621,979  
                 
            $ 1,621,979  
                 
Metals & Mining — 3.8%
               
IAMGOLD Corp. 
    130,770     $ 1,849,088  
Walter Energy, Inc. 
    29,680       1,782,581  
                 
            $ 3,631,669  
                 
Multi-Utilities — 1.2%
               
CMS Energy Corp. 
    83,490     $ 1,118,766  
                 
            $ 1,118,766  
                 
Multiline Retail — 1.5%
               
Big Lots, Inc.(1)
    57,440     $ 1,437,149  
                 
            $ 1,437,149  
                 
Oil, Gas & Consumable Fuels — 6.3%
               
Arch Coal, Inc. 
    75,920     $ 1,680,109  
Brigham Exploration Co.(1)
    153,470       1,393,508  
Petrohawk Energy Corp.(1)
    29,110       704,753  
Pioneer Natural Resources Co. 
    21,900       794,751  
Range Resources Corp. 
    13,160       649,578  
SandRidge Energy, Inc.(1)
    57,350       743,256  
                 
            $ 5,965,955  
                 
Personal Products — 3.4%
               
Chattem, Inc.(1)
    22,675     $ 1,505,847  
Mead Johnson Nutrition Co., Class A
    37,854       1,707,594  
                 
            $ 3,213,441  
                 
Pharmaceuticals — 1.6%
               
Perrigo Co. 
    45,880     $ 1,559,461  
                 
            $ 1,559,461  
                 
Professional Services — 2.8%
               
FTI Consulting, Inc.(1)
    31,750     $ 1,352,867  
Robert Half International, Inc. 
    52,930       1,324,309  
                 
            $ 2,677,176  
                 
Road & Rail — 3.4%
               
Genesee & Wyoming, Inc., Class A(1)
    42,740     $ 1,295,877  
Kansas City Southern(1)
    73,280       1,941,187  
                 
            $ 3,237,064  
                 
Semiconductors & Semiconductor Equipment — 6.4%
               
Atheros Communications, Inc.(1)
    24,630     $ 653,434  
Cirrus Logic, Inc.(1)
    116,480       647,629  
Micron Technology, Inc.(1)
    94,930       778,426  
ON Semiconductor Corp.(1)
    142,370       1,174,552  
Teradyne, Inc.(1)
    80,032       740,296  
Tessera Technologies, Inc.(1)
    48,320       1,347,645  
Varian Semiconductor Equipment Associates, Inc.(1)
    20,790       682,744  
                 
            $ 6,024,726  
                 
Software — 3.1%
               
Sybase, Inc.(1)
    40,429     $ 1,572,688  
Synopsys, Inc.(1)
    62,150       1,393,403  
                 
            $ 2,966,091  
                 
 
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Security   Shares     Value  
Specialty Retail — 3.3%
               
Advance Auto Parts, Inc. 
    31,060     $ 1,220,037  
Hibbett Sports, Inc.(1)
    44,240       806,495  
Jo-Ann Stores, Inc.(1)
    42,040       1,127,933  
                 
            $ 3,154,465  
                 
Textiles, Apparel & Luxury Goods — 1.8%
               
Hanesbrands, Inc.(1)
    81,194     $ 1,737,552  
                 
            $ 1,737,552  
                 
                 
Total Common Stocks
(identified cost $75,558,494)
          $ 90,840,494  
                 
 
Short-Term Investments — 3.8%
 
                 
    Interest
       
Description   (000’s omitted)     Value  
Cash Management Portfolio, 0.00%(2)
  $ 3,533     $ 3,532,979  
                 
                 
Total Short-Term Investments
(identified cost $3,532,979)
          $ 3,532,979  
                 
                 
Total Investments — 100.0%
(identified cost $79,091,473)
          $ 94,373,473  
                 
                 
Other Assets, Less Liabilities — 0.0%
          $ 36,207  
                 
                 
Net Assets — 100.0%
          $ 94,409,680  
                 
 
             
 
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, 2009. Net income allocated from the investment in Cash Management Portfolio for the fiscal year to date ended September 30, 2009 was $2,679.
 
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The Portfolio did not have any financial instruments outstanding at September 30, 2009.
 
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at September 30, 2009, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 79,285,059  
         
Gross unrealized appreciation
  $ 16,360,277  
Gross unrealized depreciation
    (1,271,863 )
         
Net unrealized appreciation
  $ 15,088,414  
         
 
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)
 
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, 2009, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
                   
    Active Markets for
    Significant Other
    Significant
       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
 
 
Common Stocks
  $ 90,840,494     $     $     $ 90,840,494  
Short-Term Investments
    3,532,979                   3,532,979  
 
 
Total Investments
  $ 94,373,473     $     $     $ 94,373,473  
 
 
 
The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
 
The Portfolio held no investments or other financial instruments as of December 31, 2008 whose fair value was determined using Level 3 inputs.
 
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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Item 2. 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 on this Form N-Q 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 on this Form N-Q 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 fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.


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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.
 
Small-Cap Portfolio
 
         
By:
  /s/ Duncan W. Richardson    
         
    Duncan W. Richardson    
    President    
         
Date:
  November 23, 2009    
 
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/ Duncan W. Richardson    
         
    Duncan W. Richardson    
    President    
         
Date:
  November 23, 2009    
         
By:
  /s/ Barbara E. Campbell    
         
    Barbara E. Campbell    
    Treasurer    
         
Date:
  November 23, 2009