N-Q 1 a08-27038_1nq.htm N-Q

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act File Number

 

811-09915

 

 

 

 

 

 

Small-Cap Portfolio

(Exact Name of Registrant as Specified in Charter)

 

 

 

The Eaton Vance Building,
255 State Street, Boston, Massachusetts

 

02109

(Address of Principal Executive Offices)

 

(Zip code)

 

 

 

Maureen A. Gemma
Eaton Vance Management, 255 State Street, Boston, Massachusetts 02109

(Name and Address of Agent for Service)

 

Registrant’s Telephone Number, Including Area Code:

 

(617) 482-8260

 

 

 

Date of Fiscal Year End:

 

December 31, 2008

 

 

 

Date of Reporting Period:

 

September 30, 2008

 

 

 


 

Item 1. Schedule of Investments

 


 

Small-Cap Portfolio (1)

 

as of September 30, 2008

 

 

 

PORTFOLIO OF INVESTMENTS (Unaudited)

 

 

 

Common Stocks — 93.2%

 

Security

 

Shares

 

Value

 

Aerospace & Defense — 2.8%

 

 

 

 

 

Alliant Techsystems, Inc. (2)

 

13,260

 

$

1,245,644

 

Ceradyne, Inc. (2)

 

27,885

 

1,022,264

 

 

 

 

 

$

2,267,908

 

Capital Markets — 4.4%

 

 

 

 

 

Affiliated Managers Group, Inc. (2)

 

14,000

 

$

1,159,900

 

Greenhill & Co., Inc.

 

15,170

 

1,118,787

 

Lazard, Ltd., Class A

 

31,910

 

1,364,472

 

 

 

 

 

$

3,643,159

 

Chemicals — 3.2%

 

 

 

 

 

Albemarle Corp.

 

18,650

 

$

575,166

 

Terra Industries, Inc.

 

28,085

 

825,699

 

Zoltek Cos., Inc. (2)

 

72,030

 

1,232,433

 

 

 

 

 

$

2,633,298

 

Commercial Banks — 1.7%

 

 

 

 

 

Cullen/Frost Bankers, Inc.

 

23,140

 

$

1,388,400

 

 

 

 

 

$

1,388,400

 

Commercial Services & Supplies — 2.3%

 

 

 

 

 

Clean Harbors, Inc. (2)

 

15,050

 

$

1,016,627

 

EnergySolutions, Inc.

 

88,030

 

880,300

 

 

 

 

 

$

1,896,927

 

Communications Equipment — 0.7%

 

 

 

 

 

Comtech Telecommunications Corp. (2)

 

12,260

 

$

603,682

 

 

 

 

 

$

603,682

 

Computer Peripherals — 1.7%

 

 

 

 

 

Stratasys, Inc. (2)

 

81,895

 

$

1,430,706

 

 

 

 

 

$

1,430,706

 

Construction & Engineering — 1.8%

 

 

 

 

 

Chicago Bridge & Iron Co. NV

 

51,530

 

$

991,437

 

Foster Wheeler, Ltd. (2)

 

12,410

 

448,125

 

 

 

 

 

$

1,439,562

 

Distributors — 1.6%

 

 

 

 

 

LKQ Corp. (2)

 

76,570

 

$

1,299,393

 

 

 

 

 

$

1,299,393

 

Electrical Equipment — 3.3%

 

 

 

 

 

Baldor Electric Co.

 

38,860

 

$

1,119,557

 

Energy Conversion Devices, Inc. (2)

 

11,440

 

666,380

 

Sunpower Corp., Class B (2)

 

13,971

 

964,728

 

 

 

 

 

$

2,750,665

 

Electronic Equipment, Instruments & Components — 3.0%

 

 

 

 

 

FLIR Systems, Inc. (2)

 

33,380

 

$

1,282,460

 

National Instruments Corp.

 

39,250

 

1,179,462

 

 

 

 

 

$

2,461,922

 

Energy Equipment & Services — 6.1%

 

 

 

 

 

CARBO Ceramics, Inc.

 

9,320

 

$

481,005

 

Hornbeck Offshore Services, Inc. (2)

 

24,705

 

954,107

 

ION Geophysical Corp. (2)

 

91,600

 

1,299,804

 

NATCO Group, Inc., Class A (2)

 

31,140

 

1,251,205

 

Willbros Group, Inc. (2)

 

38,301

 

1,014,976

 

 

 

 

 

$

5,001,097

 

Food Products — 1.7%

 

 

 

 

 

Ralcorp Holdings, Inc. (2)

 

20,810

 

$

1,402,802

 

 

 

 

 

$

1,402,802

 

Health Care Equipment & Supplies — 7.1%

 

 

 

 

 

Analogic Corp.

 

24,420

 

$

1,215,139

 

IDEXX Laboratories, Inc. (2)

 

6,770

 

370,996

 

Immucor, Inc. (2)

 

19,910

 

636,324

 

ResMed, Inc. (2)

 

28,320

 

1,217,760

 

 

1


 

West Pharmaceutical Services, Inc.

 

25,775

 

$

1,258,336

 

Wright Medical Group, Inc. (2)

 

39,020

 

1,187,769

 

 

 

 

 

$

5,886,324

 

Health Care Providers & Services — 1.5%

 

 

 

 

 

VCA Antech, Inc. (2)

 

42,130

 

$

1,241,571

 

 

 

 

 

$

1,241,571

 

Hotels, Restaurants & Leisure — 1.6%

 

 

 

 

 

Scientific Games Corp., Class A (2)

 

55,640

 

$

1,280,833

 

 

 

 

 

$

1,280,833

 

Household Products — 1.1%

 

 

 

 

 

Church & Dwight Co., Inc.

 

14,115

 

$

876,400

 

 

 

 

 

$

876,400

 

Insurance — 0.9%

 

 

 

 

 

Markel Corp. (2)

 

2,130

 

$

748,695

 

 

 

 

 

$

748,695

 

IT Services — 1.4%

 

 

 

 

 

Euronet Worldwide, Inc. (2)

 

68,605

 

$

1,147,762

 

 

 

 

 

$

1,147,762

 

Life Sciences Tools & Services — 1.3%

 

 

 

 

 

Bruker BioSciences Corp. (2)

 

79,380

 

$

1,058,135

 

 

 

 

 

$

1,058,135

 

Machinery — 2.2%

 

 

 

 

 

Bucyrus International, Inc., Class A

 

17,600

 

$

786,368

 

Titan International, Inc.

 

48,039

 

1,024,191

 

 

 

 

 

$

1,810,559

 

Media — 1.4%

 

 

 

 

 

Dolan Media Co. (2)

 

112,150

 

$

1,131,594

 

 

 

 

 

$

1,131,594

 

Metals & Mining — 0.8%

 

 

 

 

 

Cleveland-Cliffs, Inc.

 

11,860

 

$

627,868

 

 

 

 

 

$

627,868

 

Multiline Retail — 2.4%

 

 

 

 

 

Big Lots, Inc. (2)

 

28,980

 

$

806,513

 

Dollar Tree, Inc. (2)

 

33,190

 

1,206,788

 

 

 

 

 

$

2,013,301

 

Oil, Gas & Consumable Fuels — 10.8%

 

 

 

 

 

Berry Petroleum Co., Class A

 

10,370

 

$

401,630

 

Bill Barrett Corp. (2)

 

9,610

 

308,577

 

Forest Oil Corp. (2)

 

13,180

 

653,728

 

Foundation Coal Holdings, Inc.

 

33,650

 

1,197,267

 

Goodrich Petroleum Corp. (2)

 

31,790

 

1,385,726

 

Holly Corp.

 

13,940

 

403,145

 

Patriot Coal Corp. (2)

 

27,570

 

800,909

 

Penn Virginia Corp.

 

21,570

 

1,152,701

 

Petrohawk Energy Corp. (2)

 

38,340

 

829,294

 

Range Resources Corp.

 

13,160

 

564,169

 

St. Mary Land & Exploration Co.

 

34,160

 

1,217,804

 

 

 

 

 

$

8,914,950

 

Personal Products — 1.8%

 

 

 

 

 

Chattem, Inc. (2)

 

19,025

 

$

1,487,375

 

 

 

 

 

$

1,487,375

 

Pharmaceuticals — 1.7%

 

 

 

 

 

Perrigo Co.

 

36,620

 

$

1,408,405

 

 

 

 

 

$

1,408,405

 

Professional Service — 1.0%

 

 

 

 

 

Robert Half International, Inc.

 

34,410

 

$

851,648

 

 

 

 

 

$

851,648

 

Road & Rail — 2.4%

 

 

 

 

 

Kansas City Southern (2)

 

17,000

 

$

754,120

 

Landstar System, Inc.

 

28,430

 

1,252,626

 

 

 

 

 

$

2,006,746

 

Semiconductors & Semiconductor Equipment — 8.7%

 

 

 

 

 

Advanced Energy Industries, Inc. (2)

 

64,720

 

$

885,370

 

Atheros Communications, Inc. (2)

 

39,470

 

930,703

 

 

2


 

Cypress Semiconductor Corp. (2)

 

50,940

 

$

265,907

 

Intersil Corp., Class A

 

53,820

 

892,336

 

ON Semiconductor Corp. (2)

 

171,965

 

1,162,483

 

Renesola, Ltd. ADR (2)

 

91,220

 

956,898

 

Varian Semiconductor Equipment Associates, Inc. (2)

 

38,110

 

957,323

 

Verigy, Ltd. (2)

 

68,970

 

1,122,832

 

 

 

 

 

$

7,173,852

 

Software — 5.1%

 

 

 

 

 

Mentor Graphics Corp. (2)

 

111,970

 

$

1,270,860

 

Parametric Technology Corp. (2)

 

70,285

 

1,293,244

 

Sybase, Inc. (2)

 

40,429

 

1,237,936

 

Synopsys, Inc. (2)

 

21,240

 

423,738

 

 

 

 

 

$

4,225,778

 

Specialty Retail — 2.7%

 

 

 

 

 

Advance Auto Parts, Inc.

 

30,870

 

$

1,224,304

 

Collective Brands, Inc. (2)

 

56,740

 

1,038,909

 

 

 

 

 

$

2,263,213

 

Textiles, Apparel & Luxury Goods — 1.5%

 

 

 

 

 

Gildan Activewear, Inc. (2)

 

55,490

 

$

1,264,062

 

 

 

 

 

$

1,264,062

 

Trading Companies & Distributors — 1.5%

 

 

 

 

 

GATX Corp.

 

31,310

 

$

1,238,937

 

 

 

 

 

$

1,238,937

 

Total Common Stocks

 

 

 

 

 

(identified cost $81,063,948)

 

 

 

$

76,877,529

 

 

Short-Term Investments — 9.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest

 

 

 

Description

 

(000’s omitted)

 

Value

 

Cash Management Portfolio, 2.18% (3)

 

$

7,717

 

$

7,717,433

 

Total Short-Term Investments
(identified cost $7,717,433)

 

 

 

$

7,717,433

 

Total Investments — 102.5%
(identified cost $88,781,381)

 

 

 

$

84,594,962

 

Other Assets, Less Liabilities — (2.5)%

 

 

 

$

(2,070,526

)

Net Assets — 100.0%

 

 

 

$

82,524,436

 

 

ADR

—

American Depository Receipt

(1)

 

Effective September 1, 2008, the name of the Small-Cap Portfolio was changed from Small-Cap Growth Portfolio.

(2)

 

Non-income producing security.

(3)

 

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, 2008. Net income allocated from the investment in Cash Management Portfolio for the fiscal year to date ended September 30, 2008 was $74,881.

 

The Portfolio did not have any open financial instruments at September 30, 2008.

 

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at September 30, 2008, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

 

$

88,778,030

 

Gross unrealized appreciation

 

$

5,844,395

 

Gross unrealized depreciation

 

(10,027,463

)

Net unrealized depreciation

 

$

(4,183,068

)

 

The Portfolio adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), “Fair Value Measurements”, effective January 1, 2008.  FAS 157 established a three-tier hierarchy to prioritize the assumptions, referred to as inputs, 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)

 

3


 

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, 2008, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

 

 

 

Valuation Inputs

 

Investments in
Securities

 

Level 1

 

Quoted Prices

 

$

84,594,962

 

Level 2

 

Other Significant Observable Inputs

 

—

 

Level 3

 

Significant Unobservable Inputs

 

—

 

Total

 

 

 

$

84,594,962

 

 

The Portfolio held no investments or other financial instruments as of December 31, 2007 whose fair value was determined using Level 3 inputs.

 

For information on the Portfolio’s policy regarding 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.

 

4


 

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.

 


 

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 21, 2008

 

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 21, 2008

 

 

 

By:

 

/s/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

 

Treasurer

 

 

 

Date:

 

November 21, 2008