NPORT-EX 2 NPORT_11211548528157418.htm html

Eaton Vance

Richard Bernstein Equity Strategy Fund

May 31, 2020

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 84.8%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 0.1%

 

Thales S.A.

      12,529      $ 959,004  
     

 

 

  
   $ 959,004  
     

 

 

  

Auto Components — 0.2%

 

Cie Generale des Etablissements Michelin SCA

      13,654      $ 1,381,932  
     

 

 

  
   $ 1,381,932  
     

 

 

  

Automobiles — 0.2%

 

Tesla, Inc.(1)

      1,977      $ 1,650,795  
     

 

 

  
   $ 1,650,795  
     

 

 

  

Banks — 1.4%

 

Bank of America Corp.

      81,541      $ 1,966,769  

JPMorgan Chase & Co.

      48,155        4,685,963  

Sumitomo Mitsui Financial Group, Inc.

      56,300        1,633,956  

U.S. Bancorp

      37,916        1,348,293  
     

 

 

  
   $ 9,634,981  
     

 

 

  

Beverages — 2.1%

 

Asahi Group Holdings, Ltd.

      35,500      $ 1,335,858  

Britvic PLC

      136,160        1,213,055  

Brown-Forman Corp., Class B

      35,506        2,340,911  

Coca-Cola Co. (The)

      65,853        3,074,018  

Coca-Cola European Partners PLC

      32,006        1,206,626  

Monster Beverage Corp.(1)

      28,649        2,060,150  

PepsiCo, Inc.

      26,321        3,462,528  
     

 

 

  
   $ 14,693,146  
     

 

 

  

Biotechnology — 1.3%

 

Amgen, Inc.

      13,030      $ 2,992,991  

Biogen, Inc.(1)

      2,561        786,457  

CSL, Ltd.

      22,693        4,202,600  

Gilead Sciences, Inc.

      14,614        1,137,408  
     

 

 

  
   $ 9,119,456  
     

 

 

  

Building Products — 0.4%

 

Daikin Industries, Ltd.

      8,000      $ 1,177,961  

Kingspan Group PLC

      25,698        1,586,657  
     

 

 

  
   $ 2,764,618  
     

 

 

  

Capital Markets — 1.2%

 

BlackRock, Inc.

      1,520      $ 803,533  

FactSet Research Systems, Inc.

      6,828        2,099,678  

Moody’s Corp.

      6,984        1,867,591  

Morgan Stanley

      18,369        811,910  

Northern Trust Corp.

      18,292        1,445,251  

Partners Group Holding AG

      1,400        1,166,304  
     

 

 

  
   $ 8,194,267  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Chemicals — 2.7%

 

Air Liquide S.A.

      10,982      $ 1,493,332  

Air Products and Chemicals, Inc.

      8,502        2,054,508  

Akzo Nobel NV

      14,153        1,162,213  

Ecolab, Inc.

      11,393        2,421,924  

Givaudan S.A.

      1,172        4,220,461  

Linde PLC

      14,715        2,977,433  

Sherwin-Williams Co. (The)

      3,518        2,089,164  

Sika AG

      14,489        2,489,065  
     

 

 

  
   $ 18,908,100  
     

 

 

  

Commercial Services & Supplies — 0.2%

 

Securitas AB, Class B(1)

      123,582      $ 1,649,937  
     

 

 

  
   $ 1,649,937  
     

 

 

  

Communications Equipment — 0.4%

 

Cisco Systems, Inc.

      51,887      $ 2,481,236  
     

 

 

  
   $ 2,481,236  
     

 

 

  

Construction & Engineering — 0.3%

 

Eiffage S.A.(1)

      21,746      $ 1,985,090  
     

 

 

  
   $ 1,985,090  
     

 

 

  

Consumer Finance — 0.4%

 

Aeon Financial Service Co., Ltd.

      101,800      $ 1,148,766  

American Express Co.

      12,901        1,226,498  
     

 

 

  
   $ 2,375,264  
     

 

 

  

Containers & Packaging — 0.5%

 

AptarGroup, Inc.

      9,421      $ 1,049,405  

Ball Corp.

      31,934        2,275,617  
     

 

 

  
   $ 3,325,022  
     

 

 

  

Diversified Consumer Services — 0.6%

 

TAL Education Group ADR(1)

      68,100      $ 3,844,926  
     

 

 

  
   $ 3,844,926  
     

 

 

  

Diversified Financial Services — 0.3%

 

Berkshire Hathaway, Inc., Class B(1)

      11,101      $ 2,060,124  
     

 

 

  
   $ 2,060,124  
     

 

 

  

Diversified Telecommunication Services — 0.6%

 

AT&T, Inc.

      59,453      $ 1,834,720  

Swisscom AG

      1,746        908,620  

Verizon Communications, Inc.

      22,653        1,299,829  
     

 

 

  
   $ 4,043,169  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Electric Utilities — 3.7%

 

Alliant Energy Corp.

      69,582      $ 3,434,568  

Duke Energy Corp.

      19,353        1,657,197  

Eversource Energy

      37,897        3,171,979  

IDACORP, Inc.

      28,901        2,694,440  

NextEra Energy, Inc.

      18,822        4,810,150  

OGE Energy Corp.

      71,007        2,223,939  

Pinnacle West Capital Corp.

      21,265        1,656,544  

Portland General Electric Co.

      47,404        2,233,202  

Southern Co. (The)

      30,738        1,754,218  

Xcel Energy, Inc.

      31,534        2,050,656  
     

 

 

  
   $ 25,686,893  
     

 

 

  

Electrical Equipment — 0.5%

 

AMETEK, Inc.

      13,315      $ 1,221,119  

Eaton Corp. PLC

      13,323        1,131,123  

Emerson Electric Co.

      20,763        1,266,958  
     

 

 

  
   $ 3,619,200  
     

 

 

  

Electronic Equipment, Instruments & Components — 0.7%

 

Amphenol Corp., Class A

      13,874      $ 1,339,673  

Canon Marketing Japan, Inc.

      52,000        1,060,521  

Hexagon AB, Class B(1)

      30,429        1,687,666  

Kyocera Corp.

      17,600        953,385  
     

 

 

  
   $ 5,041,245  
     

 

 

  

Energy Equipment & Services — 1.2%

 

Halliburton Co.

      430,330      $ 5,056,377  

TechnipFMC PLC

      428,385        3,170,049  
     

 

 

  
   $ 8,226,426  
     

 

 

  

Entertainment — 0.4%

 

Activision Blizzard, Inc.

      15,826      $ 1,139,155  

Walt Disney Co. (The)

      13,142        1,541,557  
     

 

 

  
   $ 2,680,712  
     

 

 

  

Food & Staples Retailing — 2.5%

 

Costco Wholesale Corp.

      15,525      $ 4,788,997  

Create SD Holdings Co., Ltd.

      57,600        1,827,245  

George Weston, Ltd.

      27,018        1,951,709  

Kroger Co. (The)

      51,029        1,664,566  

Loblaw Cos., Ltd.(2)

      42,809        2,119,230  

Walgreens Boots Alliance, Inc.

      21,476        922,179  

Walmart, Inc.

      33,594        4,167,672  
     

 

 

  
   $ 17,441,598  
     

 

 

  

 

3

 

 

                                                 
Security    Shares      Value  

Food Products — 4.9%

 

AAK AB(1)

      155,862      $ 2,851,653  

Archer-Daniels-Midland Co.

      51,233        2,013,969  

Associated British Foods PLC

      51,739        1,170,233  

Cranswick PLC

      72,492        3,310,576  

General Mills, Inc.

      46,241        2,915,033  

Hershey Co. (The)

      15,057        2,042,934  

Hormel Foods Corp.

      70,953        3,464,635  

Kerry Group PLC, Class A

      23,015        2,851,575  

McCormick & Co., Inc.

      7,513        1,315,977  

MEIJI Holdings Co., Ltd.

      19,800        1,495,151  

Nestle S.A.

      48,581        5,274,779  

Saputo, Inc.

      88,320        2,170,073  

Tyson Foods, Inc., Class A

      27,149        1,668,034  

Yakult Honsha Co., Ltd.

      21,600        1,326,938  
     

 

 

  
   $ 33,871,560  
     

 

 

  

Gas Utilities — 0.7%

 

Atmos Energy Corp.

      21,755      $ 2,235,979  

Rubis SCA

      25,569        1,225,374  

Southwest Gas Holdings, Inc.

      19,242        1,461,430  
     

 

 

  
   $ 4,922,783  
     

 

 

  

Health Care Equipment & Supplies — 6.6%

 

Abbott Laboratories

      40,038      $ 3,800,407  

Becton, Dickinson and Co.

      10,916        2,695,488  

Cooper Cos., Inc. (The)

      10,567        3,349,528  

Danaher Corp.

      27,790        4,630,092  

DENTSPLY SIRONA, Inc.

      35,878        1,669,045  

Edwards Lifesciences Corp.(1)

      7,704        1,731,243  

Fisher & Paykel Healthcare Corp., Ltd.

      193,104        3,600,335  

IDEXX Laboratories, Inc.(1)

      11,070        3,419,302  

Intuitive Surgical, Inc.(1)

      3,682        2,135,670  

Medtronic PLC

      25,618        2,525,422  

ResMed, Inc.

      11,959        1,923,246  

Sartorius AG, PFC Shares

      8,032        2,994,251  

Siemens Healthineers AG(3)

      46,046        2,390,756  

STERIS PLC

      13,681        2,269,541  

Stryker Corp.

      12,385        2,424,116  

Sysmex Corp.

      17,000        1,364,245  

West Pharmaceutical Services, Inc.

      8,480        1,832,019  

Zimmer Biomet Holdings, Inc.

      9,189        1,160,938  
     

 

 

  
   $ 45,915,644  
     

 

 

  

Health Care Providers & Services — 4.5%

 

Anthem, Inc.

      7,993      $ 2,350,821  

Cardinal Health, Inc.

      36,187        1,979,067  

Centene Corp.(1)

      25,709        1,703,221  

Cigna Corp.(1)

      21,447        4,231,922  

CVS Health Corp.

      61,137        4,008,753  

Humana, Inc.

      6,036        2,478,684  

McKesson Corp.

      8,696        1,379,794  

Quest Diagnostics, Inc.

      8,630        1,020,756  

 

4

 

 

                                                 
Security    Shares      Value  

Ramsay Health Care, Ltd.

      92,919      $ 4,345,490  

UnitedHealth Group, Inc.

      16,809        5,124,224  

Universal Health Services, Inc., Class B

      21,047        2,219,406  
     

 

 

  
   $ 30,842,138  
     

 

 

  

Health Care Technology — 0.3%

 

Cerner Corp.

      31,317      $ 2,283,009  
     

 

 

  
   $ 2,283,009  
     

 

 

  

Hotels, Restaurants & Leisure — 0.9%

 

Evolution Gaming Group AB(1)(3)

      41,738      $ 2,453,845  

McDonald’s Corp.

      11,541        2,150,319  

Starbucks Corp.

      18,191        1,418,716  
     

 

 

  
   $ 6,022,880  
     

 

 

  

Household Products — 3.4%

 

Church & Dwight Co., Inc.

      47,600      $ 3,573,332  

Clorox Co. (The)

      20,648        4,258,650  

Colgate-Palmolive Co.

      60,520        4,377,412  

Henkel AG & Co. KGaA

      43,127        3,468,355  

Kimberly-Clark Corp.

      9,787        1,384,273  

Procter & Gamble Co. (The)

      43,066        4,992,211  

Reckitt Benckiser Group PLC

      18,809        1,684,655  
     

 

 

  
   $ 23,738,888  
     

 

 

  

Industrial Conglomerates — 0.7%

 

3M Co.

      10,984      $ 1,718,337  

Siemens AG

      14,387        1,586,234  

Smiths Group PLC

      73,039        1,190,876  
     

 

 

  
   $ 4,495,447  
     

 

 

  

Insurance — 3.5%

 

Aflac, Inc.

      39,535      $ 1,441,841  

Allianz SE

      15,355        2,782,881  

Allstate Corp. (The)

      9,993        977,415  

Aon PLC, Class A

      7,862        1,548,421  

Arthur J. Gallagher & Co.

      16,854        1,588,995  

AXA S.A.

      103,320        1,895,809  

Dai-ichi Life Holdings, Inc.

      79,700        1,045,559  

Marsh & McLennan Cos., Inc.

      18,563        1,966,193  

Muenchener Rueckversicherungs-Gesellschaft AG

      9,951        2,269,217  

Progressive Corp. (The)

      30,987        2,407,070  

Sampo Oyj, Class A

      30,319        1,089,377  

Swiss Life Holding AG

      10,703        3,793,772  

Travelers Cos., Inc. (The)

      13,951        1,492,478  
     

 

 

  
   $ 24,299,028  
     

 

 

  

Interactive Media & Services — 3.5%

 

Alphabet, Inc., Class A(1)

      4,586      $ 6,574,123  

Alphabet, Inc., Class C(1)

      4,740        6,773,081  

Autohome, Inc. ADR

      33,480        2,575,616  

Facebook, Inc., Class A(1)

      37,149        8,361,868  
     

 

 

  
    

 

    $ 24,284,688  
     

 

 

  

 

5

 

 

                                                 
Security    Shares      Value  

Internet & Direct Marketing Retail — 2.9%

 

Alibaba Group Holding, Ltd. ADR(1)

      13,001      $ 2,696,277  

Amazon.com, Inc.(1)

      6,667        16,283,281  

Booking Holdings, Inc.(1)

      645        1,057,426  
     

 

 

  
   $ 20,036,984  
     

 

 

  

IT Services — 3.4%

 

Amdocs, Ltd.

      17,485      $ 1,088,616  

Atos SE(1)

      17,015        1,294,994  

Automatic Data Processing, Inc.

      21,633        3,169,018  

Bechtle AG

      7,756        1,377,590  

Cognizant Technology Solutions Corp., Class A

      21,873        1,159,269  

Fidelity National Information Services, Inc.

      11,831        1,642,498  

Mastercard, Inc., Class A

      2,700        812,403  

Nexi SpA(1)(3)

      101,631        1,678,939  

Otsuka Corp.

      23,700        1,147,705  

Shopify, Inc., Class A(1)

      2,661        2,019,585  

Sopra Steria Group

      9,501        1,127,533  

TIS, Inc.

      58,900        1,252,000  

Visa, Inc., Class A

      21,878        4,271,461  

Worldline SA(1)(3)

      18,709        1,404,788  
     

 

 

  
   $ 23,446,399  
     

 

 

  

Life Sciences Tools & Services — 2.8%

 

Agilent Technologies, Inc.

      21,312      $ 1,878,440  

Illumina, Inc.(1)

      5,736        2,082,455  

Lonza Group AG

      2,829        1,397,018  

Mettler-Toledo International, Inc.(1)

      3,115        2,476,425  

PerkinElmer, Inc.

      22,442        2,254,748  

Sartorius Stedim Biotech

      12,268        3,339,096  

Thermo Fisher Scientific, Inc.

      17,582        6,139,459  
     

 

 

  
   $ 19,567,641  
     

 

 

  

Machinery — 0.8%

 

Knorr-Bremse AG

      18,315      $ 1,939,787  

PACCAR, Inc.

      20,379        1,505,193  

Stadler Rail AG(2)

      49,361        2,097,112  
     

 

 

  
   $ 5,542,092  
     

 

 

  

Media — 0.4%

 

Comcast Corp., Class A

      43,528      $ 1,723,709  

Fuji Media Holdings, Inc.

      104,200        1,047,173  
     

 

 

  
   $ 2,770,882  
     

 

 

  

Multi-Utilities — 1.7%

 

CMS Energy Corp.

      48,805      $ 2,858,997  

DTE Energy Co.

      28,907        3,109,526  

NorthWestern Corp.

      36,459        2,191,915  

WEC Energy Group, Inc.

      35,126        3,222,108  
     

 

 

  
   $ 11,382,546  
     

 

 

  

 

6

 

 

                                                 
Security    Shares      Value  

Multiline Retail — 0.3%

 

Dollar General Corp.

      5,595      $ 1,071,498  

Dollarama, Inc.(2)

      34,863        1,181,977  
     

 

 

  
   $ 2,253,475  
     

 

 

  

Oil, Gas & Consumable Fuels — 2.3%

 

Hess Corp.

      89,114      $ 4,230,242  

Repsol S.A.

      382,582        3,602,038  

Suncor Energy, Inc.

      212,727        3,657,078  

World Fuel Services Corp.

      169,642        4,322,478  
     

 

 

  
   $ 15,811,836  
     

 

 

  

Personal Products — 1.8%

 

Beiersdorf AG

      27,236      $ 2,860,845  

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

      18,510        3,655,170  

Kose Corp.(2)

      5,400        680,034  

Unilever NV

      73,335        3,789,800  

Unilever PLC

      23,093        1,239,946  
     

 

 

  
   $ 12,225,795  
     

 

 

  

Pharmaceuticals — 5.0%

 

Bayer AG

      28,385      $ 1,940,387  

Bristol-Myers Squibb Co.

      36,600        2,185,752  

Eli Lilly & Co.

      22,012        3,366,735  

Johnson & Johnson

      41,881        6,229,799  

Merck & Co., Inc.

      25,096        2,025,749  

Novartis AG

      16,795        1,462,104  

Novo Nordisk A/S, Class B

      38,198        2,502,146  

Pfizer, Inc.

      165,574        6,323,271  

Roche Holding AG PC

      11,052        3,836,387  

Sanofi

      47,664        4,662,243  
     

 

 

  
   $ 34,534,573  
     

 

 

  

Professional Services — 0.3%

 

Teleperformance

      7,220      $ 1,719,206  
     

 

 

  
   $ 1,719,206  
     

 

 

  

Road & Rail — 0.6%

 

Central Japan Railway Co.

      6,300      $ 1,079,706  

CSX Corp.

      24,149        1,728,585  

Seino Holdings Co., Ltd.

      87,400        1,193,528  
     

 

 

  
   $ 4,001,819  
     

 

 

  

Semiconductors & Semiconductor Equipment — 1.3%

 

Applied Materials, Inc.

      22,452      $ 1,261,353  

ASML Holding NV

      3,858        1,263,803  

Intel Corp.

      34,478        2,169,700  

Micron Technology, Inc.(1)

      23,030        1,103,367  

NVIDIA Corp.

      9,429        3,347,484  
     

 

 

  
   $ 9,145,707  
     

 

 

  

 

7

 

 

                                                 
Security    Shares      Value  

Software — 4.4%

 

Adobe, Inc.(1)

      3,233      $ 1,249,878  

Constellation Software, Inc.

      1,075        1,222,003  

Microsoft Corp.

      113,317        20,765,340  

Oracle Corp.

      33,833        1,819,200  

Pegasystems, Inc.

      18,456        1,755,535  

SAP SE

      10,289        1,313,106  

Tyler Technologies, Inc.(1)

      3,324        1,247,530  

VMware, Inc., Class A(1)(2)

      8,115        1,268,131  
     

 

 

  
   $ 30,640,723  
     

 

 

  

Specialty Retail — 1.0%

 

Home Depot, Inc. (The)

      16,642      $ 4,135,204  

Industria de Diseno Textil S.A.

      70,800        1,972,024  

TJX Cos., Inc. (The)

      18,374        969,413  
     

 

 

  
   $ 7,076,641  
     

 

 

  

Technology Hardware, Storage & Peripherals — 3.1%

 

Apple, Inc.

      67,742      $ 21,537,891  
     

 

 

  
   $ 21,537,891  
     

 

 

  

Textiles, Apparel & Luxury Goods — 0.2%

 

NIKE, Inc., Class B

      14,363      $ 1,415,905  
     

 

 

  
   $ 1,415,905  
     

 

 

  

Tobacco — 0.8%

 

Altria Group, Inc.

      66,113      $ 2,581,713  

British American Tobacco PLC

      45,038        1,786,225  

Philip Morris International, Inc.

      18,363        1,347,110  
     

 

 

  
   $ 5,715,048  
     

 

 

  

Trading Companies & Distributors — 0.6%

 

Brenntag AG

      49,143      $ 2,614,574  

Mitsui & Co., Ltd.

      85,500        1,300,207  
     

 

 

  
   $ 3,914,781  
     

 

 

  

Wireless Telecommunication Services — 0.2%

 

SoftBank Group Corp.

      27,700      $ 1,265,218  
     

 

 

  
   $ 1,265,218  
     

 

 

  

Total Common Stocks
(identified cost $450,881,098)

 

    $ 586,448,368  
     

 

 

  

 

8

 

 

                                                 

Exchange-Traded Funds (4) — 11.6%

 

Security    Shares      Value  

Equity Funds — 11.6%

 

iShares MSCI China ETF(2)

      1,319,266      $ 80,475,226  
     

 

 

  

Total Exchange-Traded Funds
(identified cost $83,571,282)

 

    $ 80,475,226  
     

 

 

  

Short-Term Investments — 6.0%

 

Description    Units/Shares      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.31%(5)

      25,254,375      $ 25,254,375  

State Street Navigator Securities Lending Government Money Market Portfolio, 0.15%(6)

      16,265,696        16,265,696  
     

 

 

  

Total Short-Term Investments
(identified cost $41,513,530)

 

    $ 41,520,071  
     

 

 

  

Total Investments — 102.4%
(identified cost $575,965,910)

 

    $ 708,443,665  
     

 

 

  

Other Assets, Less Liabilities — (2.4)%

 

    $ (16,920,700 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 691,522,965  
     

 

 

  

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

 

(1)

Non-income producing security.

 

(2)

All or a portion of this security was on loan at May 31, 2020. The aggregate market value of securities on loan at May 31, 2020 was $26,215,953 and the total market value of the collateral received by the Fund was $26,030,003, comprised of cash of $16,265,696 and U.S. government and/or agencies securities of $9,764,307.

 

(3)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2020, the aggregate value of these securities is $7,928,328 or 1.1% of the Fund’s net assets.

 

(4)

The Fund is permitted to invest in certain Exchange-Traded Funds (ETFs) in excess of the limits set forth in the Investment Company Act of 1940, as amended, in reliance upon exemptive relief provided to the ETFs by the Securities and Exchange Commission and meeting certain conditions set forth in the exemptive orders.

 

(5)

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 May 31, 2020.

 

(6)

Represents investment of cash collateral received in connection with securities lending.

 

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Country Concentration of Portfolio

 

                                                 
Country    Percentage
of Net Assets		     Value  

United States

      63.9 %    $ 442,151,908  

Germany

      4.0       27,537,983  

Switzerland

      3.9       26,645,622  

Japan

      3.4       23,335,156  

United Kingdom

      3.3       22,739,474  

France

      3.3       22,488,401  

Canada

      2.1       14,321,655  

China

      1.3       9,116,819  

Sweden

      1.2       8,643,101  

Australia

      1.2       8,548,090  

Spain

      0.8       5,574,062  

Ireland

      0.8       5,569,355  

New Zealand

      0.5       3,600,335  

Denmark

      0.4       2,502,146  

Netherlands

      0.3       2,426,016  

Italy

      0.2       1,678,939  

Finland

      0.2       1,089,377  

Exchange-Traded Funds

      11.6       80,475,226  
  

 

 

    

 

 

  

Total Investments

      102.4 %    $ 708,443,665  
  

 

 

    

 

 

  

Abbreviations:

 

ADR

   -   American Depositary Receipt

PC

   -   Participation Certificate

PFC Shares

   -   Preference Shares

 

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The Fund did not have any open derivative instruments at May 31, 2020.

At May 31, 2020, the value of the Fund’s investment in affiliated funds was $25,254,375, which represents 3.7% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended May 31, 2020 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

    $ 48,441      $ 155,884,302      $ (130,678,358 )    $ (6,551 )    $ 6,541      $ 25,254,375      $ 134,343        25,254,375  

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 May 31, 2020, 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

    $ 31,823,658      $ 3,221,011      $ —      $ 35,044,669  

Consumer Discretionary

      37,875,737        5,807,801        —        43,683,538  

Consumer Staples

      69,519,112        38,166,923        —        107,686,035  

Energy

      20,436,224        3,602,038        —        24,038,262  

Financials

      29,738,023        16,825,641        —        46,563,664  

Health Care

      104,225,403        38,037,058        —        142,262,461  

Industrials

      8,571,315        22,079,879        —        30,651,194  

Information Technology

      76,731,171        15,562,030        —        92,293,201  

Materials

      12,868,051        9,365,071        —        22,233,122  

Utilities

      40,766,848        1,225,374        —        41,992,222  

Total Common Stocks

    $     432,555,542      $     153,892,826 *     $ —      $     586,448,368  

Exchange-Traded Funds

    $ 80,475,226      $ —      $ —      $ 80,475,226  

Short-Term Investments

      16,265,696        25,254,375        —        41,520,071  

Total Investments

    $ 529,296,464      $ 179,147,201      $ —      $ 708,443,665  

 

*

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.

 

11

 

 

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.

 

12