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Eaton Vance

Atlanta Capital SMID-Cap Fund

June 30, 2020

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 98.9%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 3.3%

      

HEICO Corp.

      1,289,031      $ 128,451,939  

Hexcel Corp.(1)(2)

      5,392,365        243,842,745  
     

 

 

  
      $ 372,294,684  
     

 

 

  

Banks — 2.4%

      

Prosperity Bancshares, Inc.

      2,369,668      $ 140,710,886  

Umpqua Holdings Corp.(2)

      11,646,747        123,921,388  
     

 

 

  
      $ 264,632,274  
     

 

 

  

Building Products — 2.2%

      

Lennox International, Inc.(1)

      1,054,929      $ 245,787,908  
     

 

 

  
      $ 245,787,908  
     

 

 

  

Capital Markets — 5.6%

      

Affiliated Managers Group, Inc.

      926,442      $ 69,075,515  

FactSet Research Systems, Inc.

      411,799        135,263,617  

Morningstar, Inc.

      1,101,713        155,308,482  

SEI Investments Co.

      4,735,814        260,375,054  
     

 

 

  
      $ 620,022,668  
     

 

 

  

Chemicals — 2.4%

      

RPM International, Inc.

      3,578,715      $ 268,618,348  
     

 

 

  
      $ 268,618,348  
     

 

 

  

Commercial Services & Supplies — 1.6%

      

IAA, Inc.(3)

      4,591,087      $ 177,078,226  
     

 

 

  
      $ 177,078,226  
     

 

 

  

Containers & Packaging — 2.9%

      

AptarGroup, Inc.

      2,935,481      $ 328,715,162  
     

 

 

  
      $ 328,715,162  
     

 

 

  

Distributors — 1.1%

      

Pool Corp.

      458,327      $ 124,605,362  
     

 

 

  
      $ 124,605,362  
     

 

 

  

Diversified Consumer Services — 4.8%

      

Frontdoor, Inc.(3)

      2,712,006      $ 120,223,226  

Service Corporation International

      2,128,575        82,780,282  

ServiceMaster Global Holdings, Inc.(2)(3)

      9,246,268        329,999,305  
     

 

 

  
      $ 533,002,813  
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Electrical Equipment — 1.1%

      

Acuity Brands, Inc.

      1,325,331      $ 126,887,190  
     

 

 

  
      $ 126,887,190  
     

 

 

  

Electronic Equipment, Instruments & Components — 5.1%

      

CDW Corp.

      1,243,277      $ 144,443,922  

Dolby Laboratories, Inc., Class A

      1,964,499        129,401,549  

FLIR Systems, Inc.

      2,843,281        115,351,910  

Trimble, Inc.(3)

      4,160,695        179,700,417  
     

 

 

  
      $ 568,897,798  
     

 

 

  

Health Care Equipment & Supplies — 8.7%

      

DENTSPLY SIRONA, Inc.

      5,755,850      $ 253,602,751  

Envista Holdings Corp.(2)(3)

      11,832,223        249,541,583  

Teleflex, Inc.

      947,622        344,915,455  

Varian Medical Systems, Inc.(3)

      958,709        117,461,027  
     

 

 

  
      $ 965,520,816  
     

 

 

  

Health Care Providers & Services — 0.7%

      

Henry Schein, Inc.(3)

      1,336,213      $ 78,021,477  
     

 

 

  
      $ 78,021,477  
     

 

 

  

Hotels, Restaurants & Leisure — 4.8%

      

Aramark(2)

      14,957,872      $ 337,599,171  

Choice Hotels International, Inc.(1)

      2,572,449        202,966,226  
     

 

 

  
      $ 540,565,397  
     

 

 

  

Industrial Conglomerates — 2.7%

      

Carlisle Cos., Inc.

      2,516,090      $ 301,100,490  
     

 

 

  
      $ 301,100,490  
     

 

 

  

Insurance — 8.3%

      

Brown & Brown, Inc.

      4,948,109      $ 201,684,923  

Markel Corp.(3)

      247,113        228,127,308  

WR Berkley Corp.

      8,587,736        491,991,396  
     

 

 

  
      $ 921,803,627  
     

 

 

  

IT Services — 11.7%

      

Booz Allen Hamilton Holding Corp., Class A

      1,788,230      $ 139,106,412  

Broadridge Financial Solutions, Inc.

      1,711,499        215,974,059  

CACI International, Inc., Class A(3)

      704,128        152,711,281  

Gartner, Inc.(3)

      2,058,316        249,735,480  

Jack Henry & Associates, Inc.

      729,574        134,263,503  

WEX, Inc.(2)(3)

      2,527,456        417,055,514  
     

 

 

  
      $ 1,308,846,249  
     

 

 

  

Life Sciences Tools & Services — 3.4%

      

Bio-Rad Laboratories, Inc., Class A(3)

      372,194      $ 168,041,869  

Bio-Techne Corp.

      788,045        208,099,043  
     

 

 

  
      $ 376,140,912  
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Machinery — 5.8%

      

Donaldson Co., Inc.

      2,241,179      $ 104,259,647  

Graco, Inc.

      2,213,309        106,216,699  

IDEX Corp.

      1,154,614        182,475,197  

Nordson Corp.

      1,310,447        248,604,900  
     

 

 

  
      $ 641,556,443  
     

 

 

  

Marine — 1.5%

      

Kirby Corp.(2)(3)

      3,155,908      $ 169,030,432  
     

 

 

  
      $ 169,030,432  
     

 

 

  

Professional Services — 2.5%

      

TransUnion

      3,191,148      $ 277,757,522  
     

 

 

  
      $ 277,757,522  
     

 

 

  

Real Estate Management & Development — 1.4%

      

Jones Lang LaSalle, Inc.

      1,543,437      $ 159,683,992  
     

 

 

  
      $ 159,683,992  
     

 

 

  

Road & Rail — 4.9%

      

J.B. Hunt Transport Services, Inc.

      2,928,290      $ 352,390,419  

Landstar System, Inc.

      1,678,518        188,514,356  
     

 

 

  
      $ 540,904,775  
     

 

 

  

Software — 4.6%

      

Blackbaud, Inc.(2)

      3,277,226      $ 187,064,060  

Fair Isaac Corp.(3)

      203,476        85,061,107  

Manhattan Associates, Inc.(3)

      2,575,634        242,624,723  
     

 

 

  
      $ 514,749,890  
     

 

 

  

Specialty Retail — 3.5%

      

Burlington Stores, Inc.(3)

      655,152      $ 129,019,084  

Sally Beauty Holdings, Inc.(2)(3)

      9,366,025        117,356,293  

Ulta Beauty, Inc.(3)

      689,757        140,310,369  
     

 

 

  
      $ 386,685,746  
     

 

 

  

Textiles, Apparel & Luxury Goods — 1.9%

      

Columbia Sportswear Co.(1)

      2,578,065      $ 207,740,478  
     

 

 

  
      $ 207,740,478  
     

 

 

  

Total Common Stocks
(identified cost $7,939,827,514)

       $ 11,020,650,679  
     

 

 

  

 

3

 

 

                                                 

Short-Term Investments — 0.8%

      
Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.35%(4)

      93,139,478      $ 93,139,478  
     

 

 

  

Total Short-Term Investments
(identified cost $93,144,954)

       $ 93,139,478  
     

 

 

  

Total Investments — 99.7%
(identified cost $8,032,972,468)

       $ 11,113,790,157  
     

 

 

  

Other Assets, Less Liabilities — 0.3%

       $ 33,250,729  
     

 

 

  

Net Assets — 100.0%

       $ 11,147,040,886  
     

 

 

  

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

 

(1)

All or a portion of this security was on loan at June 30, 2020. The aggregate market value of securities on loan at June 30, 2020 was $37,584,285 and the total market value of the collateral received by the Fund was $38,398,958, comprised of U.S. government and/or agencies securities.

 

(2)

Affiliated company.

 

(3)

Non-income producing security.

 

(4)

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 June 30, 2020.

 

4

 

 

The Fund did not have any open derivative instruments at June 30, 2020.

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At June 30, 2020, the value of the Fund’s investments in affiliated companies and funds was $2,268,549,969, which represents 20.4% of the Fund’s net assets. Transactions in affiliated companies and funds by the Fund for the fiscal year to date ended June 30, 2020 were as follows:

 

                                                                                                                                                                                                       

Name of

affiliated company/fund

    Value,
beginning of
period		      Purchases      Sales
proceeds		     Net
realized
gain (loss)		     Change in
unrealized
appreciation
(depreciation)		     Value, end of
period		     Dividend
income		      Shares/Units, end
of period		  

Common Stocks *

 

   

Aramark

    $     623,960,921      $     33,634,314      $     (21,630,004 )    $     (450,229 )    $     (297,915,831 )    $     337,599,171     $     4,686,543        14,957,872  

Blackbaud, Inc.

      296,064,597        —        —       —       (109,000,537 )      187,064,060       786,534        3,277,226  

Envista Holdings Corp.(1)

      —        273,856,071        —       —       (24,314,488 )      249,541,583       —        11,832,223  

Hexcel Corp.(2)

      131,373,916        123,740,762        —       —       (11,271,933 )      243,842,745       543,859        5,392,365  

Kirby Corp.(1)

      259,289,401        —        —       —       (90,258,969 )      169,030,432       —        3,155,908  

Manhattan Associates, Inc.(1)

      404,768,663        —        (190,598,669 )      56,717,787       (28,263,058 )      — (3)      —        — (3) 

Sally Beauty Holdings, Inc.(1)

      139,460,112        —        —       —       (22,103,819 )      117,356,293       —        9,366,025  

Sensient Technologies Corp.

      156,413,945        —        (100,988,536 )      (61,570,022 )      6,144,613       —       1,956,758        —  

ServiceMaster Global Holdings, Inc.(1)

      531,100,366        —        (9,147,185 )      (2,071,874 )      (189,882,002 )      329,999,305       —        9,246,268  

Umpqua Holdings Corp.

      191,705,455        —        —       —       (67,784,067 )      123,921,388       4,891,634        11,646,747  

Westamerica Bancorporation

      89,104,624        —        (83,517,829 )      20,002,070       (25,588,865 )      —       1,557,560        —  

WEX, Inc.(1)

      377,400,481        77,554,295        —       —       (37,899,262 )      417,055,514       —        2,527,456  

Short-Term Investments

 

   

Eaton Vance Cash Reserves Fund, LLC

      405,740,378        1,435,473,436        (1,748,099,968 )      13,446       12,186       93,139,478       4,228,119        93,139,478  
          

 

 

    

 

 

    

 

 

    

 

 

     

Totals

            $ 12,641,178     $ (898,126,032 )    $ 2,268,549,969     $ 18,651,007     
          

 

 

    

 

 

    

 

 

    

 

 

     

 

*

The related industry is the same as the presentation in the Portfolio of Investments.

 

(1)

Non-income producing security.

 

(2)

All or portion of this security was on loan at June 30, 2020.

 

(3)

Company is no longer an affiliate as of June 30, 2020.

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)

 

5

 

 

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.

 

6

 

 

At June 30, 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

    $     11,020,650,679 *     $ —      $ —      $ 11,020,650,679  

Short-Term Investments

      —            93,139,478        —        93,139,478  

Total Investments

    $ 11,020,650,679      $ 93,139,478      $                 —      $     11,113,790,157  

 

*

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

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.

 

7