NPORT-EX 2 FocusedValueOpps.htm html

Eaton Vance

Focused Value Opportunities Fund

November 30, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.7%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 4.8%

      

Hexcel Corp.

      55,431      $ 4,413,971  

Huntington Ingalls Industries, Inc.

      18,747        4,718,057  
     

 

 

  
      $ 9,132,028  
     

 

 

  

Banks — 9.3%

      

Bank of America Corp.

      239,226      $ 7,971,010  

KeyCorp

      239,092        4,635,994  

PNC Financial Services Group, Inc. (The)

      33,303        5,102,353  
     

 

 

  
      $ 17,709,357  
     

 

 

  

Beverages — 2.2%

      

Constellation Brands, Inc., Class A

      22,244      $ 4,138,719  
     

 

 

  
      $ 4,138,719  
     

 

 

  

Biotechnology — 2.5%

      

Gilead Sciences, Inc.

      70,649      $ 4,750,439  
     

 

 

  
      $ 4,750,439  
     

 

 

  

Building Products — 1.6%

      

A.O. Smith Corp.

      62,759      $ 3,037,536  
     

 

 

  
      $ 3,037,536  
     

 

 

  

Capital Markets — 5.7%

      

Goldman Sachs Group, Inc. (The)

      26,021      $ 5,759,749  

Raymond James Financial, Inc.

      57,637        5,176,955  
     

 

 

  
      $ 10,936,704  
     

 

 

  

Chemicals — 1.9%

      

DuPont de Nemours, Inc.

      55,960      $ 3,626,768  
     

 

 

  
      $ 3,626,768  
     

 

 

  

Consumer Finance — 2.4%

      

American Express Co.

      39,032      $ 4,688,524  
     

 

 

  
      $ 4,688,524  
     

 

 

  

Containers & Packaging — 1.7%

      

Packaging Corp. of America

      29,378      $ 3,287,398  
     

 

 

  
      $ 3,287,398  
     

 

 

  

Diversified Telecommunication Services — 3.8%

      

Verizon Communications, Inc.

      120,451      $ 7,255,968  
     

 

 

  
      $ 7,255,968  
     

 

 

  

 

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Security    Shares      Value  

Electric Utilities — 5.7%

      

Edison International

      69,809      $ 4,823,802  

NextEra Energy, Inc.

      26,020        6,083,996  
     

 

 

  
      $ 10,907,798  
     

 

 

  

Energy Equipment & Services — 1.9%

      

Schlumberger, Ltd.

      102,359      $ 3,705,396  
     

 

 

  
      $ 3,705,396  
     

 

 

  

Entertainment — 4.0%

      

Walt Disney Co. (The)

      50,223      $ 7,612,802  
     

 

 

  
      $ 7,612,802  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 4.8%

      

AvalonBay Communities, Inc.

      21,643      $ 4,640,476  

CubeSmart

      147,712        4,555,438  
     

 

 

  
      $ 9,195,914  
     

 

 

  

Food Products — 2.5%

      

Mondelez International, Inc., Class A

      91,912      $ 4,829,056  
     

 

 

  
      $ 4,829,056  
     

 

 

  

Health Care Equipment & Supplies — 4.5%

      

Abbott Laboratories

      55,681      $ 4,757,941  

Baxter International, Inc.

      46,866        3,841,606  
     

 

 

  
      $ 8,599,547  
     

 

 

  

Hotels, Restaurants & Leisure — 2.3%

      

Marriott International, Inc., Class A

      31,756      $ 4,457,272  
     

 

 

  
      $ 4,457,272  
     

 

 

  

Household Products — 1.9%

      

Procter & Gamble Co. (The)

      30,369      $ 3,706,840  
     

 

 

  
      $ 3,706,840  
     

 

 

  

Insurance — 5.1%

      

American International Group, Inc.

      90,541      $ 4,767,889  

Progressive Corp. (The)

      68,075        4,972,879  
     

 

 

  
      $ 9,740,768  
     

 

 

  

IT Services — 4.4%

      

Cognizant Technology Solutions Corp., Class A

      66,312      $ 4,251,262  

Fidelity National Information Services, Inc.

      30,778        4,251,981  
     

 

 

  
      $ 8,503,243  
     

 

 

  

Machinery — 2.2%

      

Gardner Denver Holdings, Inc.(1)

      125,894      $ 4,264,030  
     

 

 

  
      $ 4,264,030  
     

 

 

  

Media — 2.2%

      

Fox Corp., Class A

      115,556      $ 4,132,282  
     

 

 

  
      $ 4,132,282  
     

 

 

  

 

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Security    Shares      Value  

Metals & Mining — 2.3%

      

Steel Dynamics, Inc.

      128,286      $ 4,327,087  
     

 

 

  
      $ 4,327,087  
     

 

 

  

Oil, Gas & Consumable Fuels — 6.8%

      

ConocoPhillips

      87,576      $ 5,249,306  

EOG Resources, Inc.

      59,597        4,225,427  

Phillips 66

      30,357        3,482,555  
     

 

 

  
      $ 12,957,288  
     

 

 

  

Pharmaceuticals — 7.5%

      

Bristol-Myers Squibb Co.

      101,286      $ 5,767,225  

GlaxoSmithKline PLC ADR

      87,157        3,963,900  

Sanofi

      50,223        4,681,299  
     

 

 

  
      $ 14,412,424  
     

 

 

  

Specialty Retail — 4.2%

      

Best Buy Co., Inc.

      57,638      $ 4,647,928  

Lowe’s Cos., Inc.

      29,426        3,451,964  
     

 

 

  
      $ 8,099,892  
     

 

 

  

Tobacco — 1.5%

      

Altria Group, Inc.

      58,057      $ 2,885,433  
     

 

 

  
      $ 2,885,433  
     

 

 

  

Total Common Stocks
(identified cost $174,780,953)

       $ 190,900,513  
     

 

 

  

Short-Term Investments — 0.2%

      
Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 1.82%(2)

      418,569      $ 418,569  
     

 

 

  

Total Short-Term Investments
(identified cost $418,569)

       $ 418,569  
     

 

 

  

Total Investments — 99.9%
(identified cost $175,199,522)

       $ 191,319,082  
     

 

 

  

Other Assets, Less Liabilities — 0.1%

       $ 122,978  
     

 

 

  

Net Assets — 100.0%

       $ 191,442,060  
     

 

 

  

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, 2019.

 

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Abbreviations:

 

ADR

   -   American Depositary Receipt

The Fund did not have any open derivative instruments at November 30, 2019.

At November 30, 2019, the value of the Fund’s investment in affiliated funds was $418,569, which represents 0.2% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended November 30, 2019 were as follows:

 

Name of

affiliated fund

   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

                

Eaton Vance Cash Reserves Fund, LLC, 1.82%

   $ 36,809     $     44,480,746     $     (44,098,966 )    $ (16 )    $ (4 )    $ 418,569     $     10,880       418,569  

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 November 30, 2019, 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

 

Communication Services

    $ 19,001,052      $ —      $ —      $ 19,001,052  

Consumer Discretionary

      12,557,164        —        —        12,557,164  

Consumer Staples

      15,560,048        —        —        15,560,048  

Energy

      16,662,684        —        —        16,662,684  

Financials

      43,075,353        —        —        43,075,353  

Health Care

      23,081,111        4,681,299        —        27,762,410  

Industrials

      16,433,594        —        —        16,433,594  

Information Technology

      8,503,243        —        —        8,503,243  

Materials

      11,241,253        —        —        11,241,253  

Real Estate

      9,195,914        —        —        9,195,914  

Utilities

      10,907,798        —        —        10,907,798  

Total Common Stocks

    $ 186,219,214      $ 4,681,299 *     $ —      $ 190,900,513  

Short-Term Investments

    $ —      $ 418,569      $ —      $ 418,569  

Total Investments

    $     186,219,214      $     5,099,868      $ —      $     191,319,082  

 

*

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.

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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