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Eaton Vance

Focused Growth Opportunities Fund

May 31, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 100.0%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 1.1%

 

Hexcel Corp.(1)

      60,308      $ 3,585,914  
     

 

 

  
   $ 3,585,914  
     

 

 

  

Auto Components — 3.3%

 

Aptiv PLC(1)

      71,198      $ 10,709,603  
     

 

 

  
   $ 10,709,603  
     

 

 

  

Biotechnology — 5.7%

 

AbbVie, Inc.

      106,033      $ 12,002,936  

Vertex Pharmaceuticals, Inc.(1)

      30,156        6,291,446  
     

 

 

  
   $ 18,294,382  
     

 

 

  

Building Products — 2.2%

 

Trane Technologies PLC

      37,703      $ 7,027,839  
     

 

 

  
   $ 7,027,839  
     

 

 

  

Capital Markets — 2.5%

 

Goldman Sachs Group, Inc. (The)

      21,194      $ 7,884,592  
     

 

 

  
   $ 7,884,592  
     

 

 

  

Commercial Services & Supplies — 1.1%

 

Waste Connections, Inc.

      29,320      $ 3,560,621  
     

 

 

  
   $ 3,560,621  
     

 

 

  

Electrical Equipment — 1.4%

 

AMETEK, Inc.

      32,665      $ 4,413,042  
     

 

 

  
   $ 4,413,042  
     

 

 

  

Electronic Equipment, Instruments & Components — 1.5%

 

Zebra Technologies Corp., Class A(1)

      9,878      $ 4,909,860  
     

 

 

  
   $ 4,909,860  
     

 

 

  

Entertainment — 5.1%

 

Netflix, Inc.(1)

      12,214      $ 6,141,321  

Walt Disney Co. (The)(1)

      57,134        10,206,989  
     

 

 

  
   $ 16,348,310  
     

 

 

  

Food & Staples Retailing — 1.8%

 

Sysco Corp.

      69,168      $ 5,602,608  
     

 

 

  
   $ 5,602,608  
     

 

 

  

 

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Security    Shares      Value  

Food Products — 1.7%

 

Lamb Weston Holdings, Inc.

      64,580      $ 5,327,204  
     

 

 

  
   $ 5,327,204  
     

 

 

  

Health Care Equipment & Supplies — 2.5%

 

Intuitive Surgical, Inc.(1)

      9,385      $ 7,903,859  
     

 

 

  
   $ 7,903,859  
     

 

 

  

Health Care Providers & Services — 4.3%

 

UnitedHealth Group, Inc.

      33,312      $ 13,721,879  
     

 

 

  
   $ 13,721,879  
     

 

 

  

Interactive Media & Services — 5.1%

 

Alphabet, Inc., Class C(1)

      6,800      $ 16,398,608  
     

 

 

  
   $ 16,398,608  
     

 

 

  

Internet & Direct Marketing Retail — 10.2%

 

Amazon.com, Inc.(1)

      10,175      $ 32,794,737  
     

 

 

  
   $ 32,794,737  
     

 

 

  

IT Services — 9.7%

 

PayPal Holdings, Inc.(1)

      54,291      $ 14,116,746  

Visa, Inc., Class A

      75,027        17,053,637  
     

 

 

  
   $ 31,170,383  
     

 

 

  

Life Sciences Tools & Services — 1.9%

 

10X Genomics, Inc., Class A(1)

      34,057      $ 6,130,260  
     

 

 

  
   $ 6,130,260  
     

 

 

  

Metals & Mining — 1.3%

 

BHP Group, Ltd. ADR(2)

      55,114      $ 4,084,499  
     

 

 

  
   $ 4,084,499  
     

 

 

  

Road & Rail — 3.5%

 

CSX Corp.

      50,157      $ 5,021,719  

Uber Technologies, Inc.(1)

      121,728        6,187,434  
     

 

 

  
   $ 11,209,153  
     

 

 

  

Semiconductors & Semiconductor Equipment — 10.2%

 

Intel Corp.

      75,173      $ 4,293,881  

Micron Technology, Inc.(1)

      138,878        11,685,195  

QUALCOMM, Inc.

      64,424        8,667,605  

Texas Instruments, Inc.

      43,140        8,188,835  
     

 

 

  
   $ 32,835,516  
     

 

 

  

 

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Security    Shares      Value  

Software — 16.9%

 

Adobe, Inc.(1)

      20,658      $ 10,423,614  

Intuit, Inc.

      27,478        12,065,315  

Microsoft Corp.

      83,600        20,873,248  

Palantir Technologies, Inc., Class A(1)(2)

      201,653        4,627,936  

Zscaler, Inc.(1)

      32,502        6,311,888  
     

 

 

  
   $ 54,302,001  
     

 

 

  

Specialty Retail — 2.2%

 

TJX Cos., Inc. (The)

      106,376      $ 7,184,635  
     

 

 

  
   $ 7,184,635  
     

 

 

  

Technology Hardware, Storage & Peripherals — 2.8%

 

Apple, Inc.

      71,260      $ 8,879,709  
     

 

 

  
   $ 8,879,709  
     

 

 

  

Textiles, Apparel & Luxury Goods — 2.0%

 

VF Corp.

      81,650      $ 6,509,138  
     

 

 

  
   $ 6,509,138  
     

 

 

  

Total Common Stocks
(identified cost $176,375,259)

 

    $ 320,788,352  
     

 

 

  

Short-Term Investments — 2.9%

 

Description    Units/Shares      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.10%(3)

      827,225      $ 827,225  

State Street Navigator Securities Lending Government Money Market Portfolio, 0.01%(4)

      8,569,288        8,569,288  
     

 

 

  

Total Short-Term Investments
(identified cost $9,396,513)

 

    $ 9,396,513  
     

 

 

  

Total Investments — 102.9%
(identified cost $185,771,772)

 

    $ 330,184,865  
     

 

 

  

Other Assets, Less Liabilities — (2.9)%

 

    $ (9,224,085 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 320,960,780  
     

 

 

  

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, 2021. The aggregate market value of securities on loan at May 31, 2021 was $8,625,236 and the total market value of the collateral received by the Fund was $8,776,708, comprised of cash of $8,569,288 and U.S. government and/or agencies securities of $207,420.

 

(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 May 31, 2021.

 

(4)

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

Abbreviations:

 

ADR

   -   American Depositary Receipt

 

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The Fund did not have any open derivative instruments at May 31, 2021.

At May 31, 2021, the value of the Fund’s investment in affiliated funds was $827,225, which represents 0.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended May 31, 2021 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

    $     977,699      $     13,839,531      $     (13,990,005 )    $ —        $ —        $ 827,225      $ 326        827,225  

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, 2021, 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

    $ 320,788,352 *     $ —      $ —      $ 320,788,352  

Short-Term Investments

      8,569,288        827,225        —        9,396,513  

Total Investments

    $     329,357,640      $     827,225      $     —      $     330,184,865  

 

*

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.

 

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