N-Q 1 d523476dnq.htm EATON VANCE GROWTH TRUST Eaton Vance Growth Trust

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-01241

Investment Company Act File Number

Eaton Vance Growth Trust

(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)

February 28

Date of Fiscal Year End

November 30, 2017

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance Focused Growth Opportunities Fund

Eaton Vance Focused Value Opportunities Fund

Eaton Vance

Focused Growth Opportunities Fund

November 30, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.3%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 2.0%

 

Raytheon Co.

      21,766      $ 4,160,571  
     

 

 

  
      $ 4,160,571  
     

 

 

  

Air Freight & Logistics — 3.0%

 

FedEx Corp.

      26,723      $ 6,185,306  
     

 

 

  
      $ 6,185,306  
     

 

 

  

Auto Components — 3.5%

 

Delphi Automotive PLC

      67,534      $ 7,068,784  
     

 

 

  
      $ 7,068,784  
     

 

 

  

Banks — 2.5%

 

KeyCorp

      270,738      $ 5,138,607  
     

 

 

  
      $ 5,138,607  
     

 

 

  

Beverages — 3.6%

 

Coca-Cola Co. (The)

      88,636      $ 4,056,869  

Constellation Brands, Inc., Class A

      14,642        3,185,953  
     

 

 

  
      $ 7,242,822  
     

 

 

  

Biotechnology — 9.4%

 

Biogen, Inc.(1)

      13,473      $ 4,340,596  

Celgene Corp.(1)

      55,366        5,582,554  

Gilead Sciences, Inc.

      79,435        5,940,149  

Vertex Pharmaceuticals, Inc.(1)

      23,000        3,318,670  
     

 

 

  
      $ 19,181,969  
     

 

 

  

Capital Markets — 2.8%

 

Charles Schwab Corp. (The)

      118,469      $ 5,780,102  
     

 

 

  
      $ 5,780,102  
     

 

 

  

Chemicals — 2.5%

 

Ecolab, Inc.

      36,972      $ 5,025,234  
     

 

 

  
      $ 5,025,234  
     

 

 

  

Communications Equipment — 1.8%

 

Palo Alto Networks, Inc.(1)

      25,069      $ 3,653,807  
     

 

 

  
      $ 3,653,807  
     

 

 

  

Distributors — 1.7%

 

LKQ Corp.(1)

      86,331      $ 3,403,168  
     

 

 

  
      $ 3,403,168  
     

 

 

  

Food Products — 3.5%

 

   

Mondelez International, Inc., Class A

      72,142      $ 3,097,778  

Pinnacle Foods, Inc.

      69,070        4,021,946  
     

 

 

  
      $ 7,119,724  
     

 

 

  

Health Care Providers & Services — 2.0%

 

   

Aetna, Inc.

      22,459      $ 4,046,663  
     

 

 

  
      $ 4,046,663  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Industrial Conglomerates — 1.5%

 

   

3M Co.

      12,896      $ 3,135,533  
     

 

 

  
      $ 3,135,533  
     

 

 

  

Internet & Direct Marketing Retail — 7.4%

 

   

Amazon.com, Inc.(1)

      12,829      $ 15,096,526  
     

 

 

  
      $ 15,096,526  
     

 

 

  

Internet Software & Services — 18.2%

 

   

Alphabet, Inc., Class C(1)

      16,825      $ 17,185,223  

Facebook, Inc., Class A(1)

      79,398        14,067,738  

GoDaddy, Inc., Class A(1)

      71,527        3,479,788  

Twitter, Inc.(1)

      111,541        2,295,514  
     

 

 

  
      $ 37,028,263  
     

 

 

  

IT Services — 5.2%

 

   

Visa, Inc., Class A

      94,493      $ 10,638,967  
     

 

 

  
      $ 10,638,967  
     

 

 

  

Life Sciences Tools & Services — 1.0%

 

   

Agilent Technologies, Inc.

      29,200      $ 2,021,808  
     

 

 

  
      $ 2,021,808  
     

 

 

  

Media — 1.3%

 

   

Walt Disney Co. (The)

      24,709      $ 2,589,997  
     

 

 

  
      $ 2,589,997  
     

 

 

  

Oil, Gas & Consumable Fuels — 1.3%

 

   

Seven Generations Energy, Ltd., Class A(1)

      191,613      $ 2,619,892  
     

 

 

  
      $ 2,619,892  
     

 

 

  

Pharmaceuticals — 1.7%

 

   

Zoetis, Inc.

      47,671      $ 3,446,137  
     

 

 

  
      $ 3,446,137  
     

 

 

  

Road & Rail — 4.9%

 

   

CSX Corp.

      101,568      $ 5,662,416  

J.B. Hunt Transport Services, Inc.

      38,798        4,312,010  
     

 

 

  
      $ 9,974,426  
     

 

 

  

Software — 9.9%

 

   

Activision Blizzard, Inc.

      48,777      $ 3,043,685  

Adobe Systems, Inc.(1)

      22,804        4,138,242  

Microsoft Corp.

      92,714        7,803,737  

salesforce.com, Inc.(1)

      48,693        5,079,654  
     

 

 

  
      $ 20,065,318  
     

 

 

  

Specialty Retail — 1.8%

 

   

Home Depot, Inc. (The)

      20,873      $ 3,753,383  
     

 

 

  
      $ 3,753,383  
     

 

 

  

Technology Hardware, Storage & Peripherals — 2.5%

 

   

Apple, Inc.

      30,006      $ 5,156,531  
     

 

 

  
      $ 5,156,531  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Textiles, Apparel & Luxury Goods — 4.3%

 

   

Lululemon Athletica, Inc.(1)

      74,531      $ 4,990,595  

NIKE, Inc., Class B

      60,921        3,680,847  
     

 

 

  
      $ 8,671,442  
     

 

 

  

Total Common Stocks
(identified cost $148,602,385)

 

    $ 202,204,980  
     

 

 

  

Short-Term Investments — 0.6%

 

   
Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 1.34%(2)

      1,146,863      $ 1,146,978  
     

 

 

  

Total Short-Term Investments
(identified cost $1,146,978)

 

    $ 1,146,978  
     

 

 

  

Total Investments — 99.9%
(identified cost $149,749,363)

 

    $ 203,351,958  
     

 

 

  

Other Assets, Less Liabilities — 0.1%

 

    $ 292,748  
     

 

 

  

Net Assets — 100.0%

 

    $ 203,644,706  
     

 

 

  

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 November 30, 2017. Net income from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended November 30, 2017 was $21,692.

The Fund did not have any open derivative instruments at November 30, 2017.

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.

 

3

 

 

At November 30, 2017, 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

    $ 202,204,980 *     $ —      $ —      $ 202,204,980  

Short-Term Investments

      —        1,146,978        —        1,146,978  

Total Investments

    $     202,204,980      $     1,146,978      $     —      $     203,351,958  

 

* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Fund held no investments or other financial instruments as of February 28, 2017 whose fair value was determined using Level 3 inputs. At November 30, 2017, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

 

 

Eaton Vance

Focused Value Opportunities Fund

November 30, 2017

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.6%

 

                                                 
Security    Shares      Value  

Air Freight & Logistics — 3.7%

 

C.H. Robinson Worldwide, Inc.

      28,414      $ 2,462,073  
     

 

 

  
   $ 2,462,073  
     

 

 

  

Banks — 17.3%

 

Bank of America Corp.

      77,047      $ 2,170,414  

First Republic Bank

      13,214        1,262,465  

JPMorgan Chase & Co.

      38,757        4,050,882  

PNC Financial Services Group, Inc. (The)

      4,885        686,636  

Wells Fargo & Co.

      58,536        3,305,528  
     

 

 

  
   $ 11,475,925  
     

 

 

  

Capital Markets — 5.8%

 

Charles Schwab Corp. (The)

      32,320      $ 1,576,893  

Credit Suisse Group AG

      111,326        1,889,166  

Credit Suisse Group AG(1)

      20,240        343,466  
     

 

 

  
   $ 3,809,525  
     

 

 

  

Consumer Finance — 1.0%

 

Discover Financial Services

      9,683      $ 683,620  
     

 

 

  
   $ 683,620  
     

 

 

  

Diversified Telecommunication Services — 3.6%

 

Verizon Communications, Inc.

      46,886      $ 2,386,029  
     

 

 

  
   $ 2,386,029  
     

 

 

  

Electric Utilities — 4.0%

 

NextEra Energy, Inc.

      16,580      $ 2,620,303  
     

 

 

  
   $ 2,620,303  
     

 

 

  

Electronic Equipment, Instruments & Components — 1.1%

 

FLIR Systems, Inc.

      15,835      $ 737,594  
     

 

 

  
   $ 737,594  
     

 

 

  

Energy Equipment & Services — 2.5%

 

Halliburton Co.

      26,547      $ 1,109,134  

Oceaneering International, Inc.

      27,709        541,434  
     

 

 

  
   $ 1,650,568  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 5.1%

 

Equity Residential

      25,259      $ 1,687,806  

Simon Property Group, Inc.

      10,416        1,684,788  
     

 

 

  
   $ 3,372,594  
     

 

 

  

Food Products — 2.8%

 

McCormick & Co., Inc.

      17,923      $ 1,831,372  
     

 

 

  
   $ 1,831,372  
     

 

 

  

Household Products — 2.3%

 

Colgate-Palmolive Co.

      21,017      $ 1,522,682  
     

 

 

  
   $ 1,522,682  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Insurance — 3.9%

 

American Financial Group, Inc.

      12,328      $ 1,295,180  

Chubb, Ltd.

      8,636        1,313,622  
     

 

 

  
   $ 2,608,802  
     

 

 

  

Internet Software & Services — 5.5%

 

Alphabet, Inc., Class C(2)

      2,220      $ 2,267,530  

eBay, Inc.(2)

      40,530        1,405,175  
     

 

 

  
   $ 3,672,705  
     

 

 

  

Life Sciences Tools & Services — 1.3%

 

Thermo Fisher Scientific, Inc.

      4,376      $ 843,518  
     

 

 

  
   $ 843,518  
     

 

 

  

Machinery — 2.4%

 

Caterpillar, Inc.

      11,356      $ 1,602,899  
     

 

 

  
   $ 1,602,899  
     

 

 

  

Multi-Utilities — 1.8%

 

Sempra Energy

      10,002      $ 1,210,142  
     

 

 

  
   $ 1,210,142  
     

 

 

  

Oil, Gas & Consumable Fuels — 7.6%

 

Chevron Corp.

      21,214      $ 2,524,254  

ConocoPhillips

      24,016        1,221,934  

EOG Resources, Inc.

      12,400        1,268,768  
     

 

 

  
   $ 5,014,956  
     

 

 

  

Personal Products — 3.2%

 

Estee Lauder Cos., Inc. (The), Class A

      16,894      $ 2,108,878  
     

 

 

  
   $ 2,108,878  
     

 

 

  

Pharmaceuticals — 9.4%

 

Eli Lilly & Co.

      11,666      $ 987,410  

Johnson & Johnson

      25,386        3,537,032  

Pfizer, Inc.

      47,197        1,711,363  
     

 

 

  
   $ 6,235,805  
     

 

 

  

Road & Rail — 1.6%

 

CSX Corp.

      19,050      $ 1,062,037  
     

 

 

  
   $ 1,062,037  
     

 

 

  

Semiconductors & Semiconductor Equipment — 1.8%

 

QUALCOMM, Inc.

      18,274      $ 1,212,297  
     

 

 

  
   $ 1,212,297  
     

 

 

  

Specialty Retail — 1.6%

 

Home Depot, Inc. (The)

      5,994      $ 1,077,841  
     

 

 

  
   $ 1,077,841  
     

 

 

  

Technology Hardware, Storage & Peripherals — 1.8%

 

Apple, Inc.

      6,928      $ 1,190,577  
     

 

 

  
   $ 1,190,577  
     

 

 

  

Textiles, Apparel & Luxury Goods — 5.4%

 

Lululemon Athletica, Inc.(2)

      18,251      $ 1,222,087  

NIKE, Inc., Class B

      24,522        1,481,619  

VF Corp.

      11,993        875,009  
     

 

 

  
   $ 3,578,715  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Tobacco — 3.1%

 

Altria Group, Inc.

      29,931      $ 2,030,220  
     

 

 

  
   $ 2,030,220  
     

 

 

  

Total Common Stocks
(identified cost $53,722,923)

 

    $ 66,001,677  
     

 

 

  

Short-Term Investments — 0.3%

 

Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 1.34%(3)

      242,365      $ 242,389  
     

 

 

  

Total Short-Term Investments
(identified cost $242,389)

 

    $ 242,389  
     

 

 

  

Total Investments — 99.9%
(identified cost $53,965,312)

 

    $ 66,244,066  
     

 

 

  

Other Assets, Less Liabilities — 0.1%

 

    $ 37,424  
     

 

 

  

Net Assets — 100.0%

 

    $ 66,281,490  
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

(1) Security was acquired in a private offering and may be resold on a designated offshore securities market pursuant to Regulation S under the Securities Act of 1933.

 

(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 November 30, 2017. Net income from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended November 30, 2017 was $10,152.

The Fund did not have any open derivative instruments at November 30, 2017.

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.

 

3

 

 

At November 30, 2017, 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

            

Consumer Discretionary

    $ 4,656,556      $ —      $ —      $ 4,656,556  

Consumer Staples

      7,493,152        —        —        7,493,152  

Energy

      6,665,524        —        —        6,665,524  

Financials

      16,345,240        2,232,632        —        18,577,872  

Health Care

      7,079,323        —        —        7,079,323  

Industrials

      5,127,009        —        —        5,127,009  

Information Technology

      6,813,173        —        —        6,813,173  

Real Estate

      3,372,594        —        —        3,372,594  

Telecommunication Services

      2,386,029        —        —        2,386,029  

Utilities

      3,830,445        —        —        3,830,445  

Total Common Stocks

    $     63,769,045      $     2,232,632 *     $     —      $     66,001,677  

Short-Term Investments

    $ —      $ 242,389      $ —      $ 242,389  

Total Investments

    $ 63,769,045      $ 2,475,021      $ —      $ 66,244,066  

 

* 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.

The Fund held no investments or other financial instruments as of February 28, 2017 whose fair value was determined using Level 3 inputs. At November 30, 2017, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

 

 

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.

Item 3. Exhibits

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act is attached hereto.

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.

Eaton Vance Growth Trust

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   January 25, 2018

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/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   January 25, 2018

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   January 25, 2018