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Eaton Vance

Focused Value Opportunities Fund

May 31, 2021

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.3%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 4.5%

 

Hexcel Corp.(1)

      101,407      $ 6,029,660  

Huntington Ingalls Industries, Inc.

      35,850        7,751,129  
     

 

 

  
   $ 13,780,789  
     

 

 

  

Banks — 5.6%

 

KeyCorp.

      304,219      $ 7,009,206  

Wells Fargo & Co.

      217,833        10,177,158  
     

 

 

  
   $ 17,186,364  
     

 

 

  

Beverages — 4.7%

 

Constellation Brands, Inc., Class A

      27,826      $ 6,670,449  

PepsiCo, Inc.

      53,289        7,883,574  
     

 

 

  
   $ 14,554,023  
     

 

 

  

Biotechnology — 2.4%

 

Neurocrine Biosciences, Inc.(1)

      75,564      $ 7,270,768  
     

 

 

  
   $ 7,270,768  
     

 

 

  

Building Products — 2.8%

 

Johnson Controls International PLC

      129,327      $ 8,605,419  
     

 

 

  
   $ 8,605,419  
     

 

 

  

Capital Markets — 5.9%

 

Charles Schwab Corp. (The)

      133,654      $ 9,870,348  

Goldman Sachs Group, Inc. (The)

      22,356        8,316,879  
     

 

 

  
   $ 18,187,227  
     

 

 

  

Chemicals — 2.1%

 

FMC Corp.

      54,123      $ 6,315,613  
     

 

 

  
   $ 6,315,613  
     

 

 

  

Electric Utilities — 2.3%

 

Edison International

      124,975      $ 6,982,353  
     

 

 

  
   $ 6,982,353  
     

 

 

  

Entertainment — 3.7%

 

Walt Disney Co. (The)(1)

      63,075      $ 11,268,349  
     

 

 

  
   $ 11,268,349  
     

 

 

  

Equity Real Estate Investment Trusts (REITs) — 4.7%

 

EastGroup Properties, Inc.

      43,361      $ 6,854,507  

Mid-America Apartment Communities, Inc.

      46,287        7,438,321  
     

 

 

  
   $ 14,292,828  
     

 

 

  

 

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Security    Shares      Value  

Food Products — 2.1%

 

Lamb Weston Holdings, Inc.

      76,480      $ 6,308,835  
     

 

 

  
   $ 6,308,835  
     

 

 

  

Health Care Equipment & Supplies — 3.0%

 

Medtronic PLC

      72,890      $ 9,227,145  
     

 

 

  
   $ 9,227,145  
     

 

 

  

Health Care Providers & Services — 2.6%

 

UnitedHealth Group, Inc.

      19,120      $ 7,875,910  
     

 

 

  
   $ 7,875,910  
     

 

 

  

Household Products — 3.1%

 

Procter & Gamble Co. (The)

      71,323      $ 9,617,907  
     

 

 

  
   $ 9,617,907  
     

 

 

  

Insurance — 9.6%

 

Allstate Corp. (The)

      54,955      $ 7,507,403  

American International Group, Inc.

      142,227        7,515,275  

Arch Capital Group, Ltd.(1)

      195,641        7,804,119  

Reinsurance Group of America, Inc.

      53,417        6,732,144  
     

 

 

  
   $ 29,558,941  
     

 

 

  

Interactive Media & Services — 3.5%

 

Alphabet, Inc., Class A(1)

      4,573      $ 10,777,875  
     

 

 

  
   $ 10,777,875  
     

 

 

  

IT Services — 2.8%

 

Fidelity National Information Services, Inc.

      57,733      $ 8,601,062  
     

 

 

  
   $ 8,601,062  
     

 

 

  

Life Sciences Tools & Services — 2.4%

 

Thermo Fisher Scientific, Inc.

      15,849      $ 7,441,106  
     

 

 

  
   $ 7,441,106  
     

 

 

  

Machinery — 6.8%

 

PACCAR, Inc.

      67,947      $ 6,221,227  

Stanley Black & Decker, Inc.

      36,191        7,846,209  

Westinghouse Air Brake Technologies Corp.

      83,421        6,903,922  
     

 

 

  
   $ 20,971,358  
     

 

 

  

Media — 2.0%

 

Fox Corp., Class A

      163,941      $ 6,123,196  
     

 

 

  
   $ 6,123,196  
     

 

 

  

Multi-Utilities — 2.7%

 

Sempra Energy

      60,829      $ 8,241,721  
     

 

 

  
   $ 8,241,721  
     

 

 

  

Oil, Gas & Consumable Fuels — 4.4%

 

EOG Resources, Inc.

      80,774      $ 6,489,383  

Phillips 66

      81,774        6,887,007  
     

 

 

  
   $ 13,376,390  
     

 

 

  

 

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Security    Shares      Value  

Pharmaceuticals — 6.1%

 

Johnson & Johnson

      68,797      $ 11,643,892  

Sanofi

      65,005        6,955,096  
     

 

 

  
   $ 18,598,988  
     

 

 

  

Software — 2.2%

 

VMware, Inc., Class A(1)

      42,792      $ 6,756,429  
     

 

 

  
   $ 6,756,429  
     

 

 

  

Specialty Retail — 2.3%

 

Best Buy Co., Inc.

      60,559      $ 7,039,378  
     

 

 

  
   $ 7,039,378  
     

 

 

  

Textiles, Apparel & Luxury Goods — 5.0%

 

Capri Holdings, Ltd.(1)

      133,671      $ 7,580,483  

VF Corp.

      96,267        7,674,405  
     

 

 

  
   $ 15,254,888  
     

 

 

  

Total Common Stocks
(identified cost $250,872,532)

 

    $ 304,214,862  
     

 

 

  

Short-Term Investments — 0.9%

 

Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.10%(2)

      2,551,628      $ 2,551,628  
     

 

 

  

Total Short-Term Investments
(identified cost $2,551,628)

 

    $ 2,551,628  
     

 

 

  

Total Investments — 100.2%
(identified cost $253,424,160)

 

    $ 306,766,490  
     

 

 

  

Other Assets, Less Liabilities — (0.2)%

 

    $ (474,329 ) 
     

 

 

  

Net Assets — 100.0%

 

    $ 306,292,161  
     

 

 

  

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 May 31, 2021.

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 $2,551,628, which represents 0.9% 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

    $     5,089,406      $     32,025,809      $ (34,563,587 )    $ —        $ —        $ 2,551,628      $ 527        2,551,628  

 

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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            

Communication Services

    $ 28,169,420      $ —      $ —      $ 28,169,420  

Consumer Discretionary

      22,294,266        —        —        22,294,266  

Consumer Staples

      30,480,765        —        —        30,480,765  

Energy

      13,376,390        —        —        13,376,390  

Financials

      64,932,532        —        —        64,932,532  

Health Care

      43,458,821        6,955,096        —        50,413,917  

Industrials

      43,357,566        —        —        43,357,566  

Information Technology

      15,357,491        —        —        15,357,491  

Materials

      6,315,613        —        —        6,315,613  

Real Estate

      14,292,828        —        —        14,292,828  

Utilities

      15,224,074        —        —        15,224,074  

Total Common Stocks

    $     297,259,766      $ 6,955,096 *     $     —      $ 304,214,862  

Short-Term Investments

    $ —      $ 2,551,628      $ —      $ 2,551,628  

Total Investments

    $ 297,259,766      $     9,506,724      $ —      $     306,766,490  

 

*

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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