N-Q 1 b80986a1nvq.htm SMALL-CAP PORTFOLIO Small-Cap Portfolio
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-21121
Investment Company Act File Number
Small-Cap Portfolio
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
December 31
Date of Fiscal Year End
March 31, 2010
Date of Reporting Period
 
 

 

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Small-Cap Portfolio as of March 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 97.6%
 
                 
Security   Shares     Value  
Aerospace & Defense — 3.3%
               
Aerovironment, Inc.(1)
    98,860     $ 2,581,235  
DigitalGlobe, Inc.(1)
    94,190       2,632,610  
                 
            $ 5,213,845  
                 
Air Freight & Logistics — 0.8%
               
HUB Group, Inc., Class A(1)
    43,510     $ 1,217,410  
                 
            $ 1,217,410  
                 
Auto Components — 1.6%
               
Dana Holding Corp.(1)
    212,120     $ 2,519,986  
                 
            $ 2,519,986  
                 
Beverages — 1.6%
               
Central European Distribution Corp.(1)
    75,120     $ 2,629,951  
                 
            $ 2,629,951  
                 
Biotechnology — 3.2%
               
Martek Biosciences Corp.(1)
    122,140     $ 2,749,371  
Myriad Genetics, Inc.(1)
    96,840       2,329,002  
                 
            $ 5,078,373  
                 
Building Products — 1.5%
               
Armstrong World Industries, Inc.(1)
    68,120     $ 2,473,437  
                 
            $ 2,473,437  
                 
Capital Markets — 2.5%
               
Affiliated Managers Group, Inc.(1)
    35,570     $ 2,810,030  
Duff & Phelps Corp., Class A
    67,870       1,136,144  
                 
            $ 3,946,174  
                 
Chemicals — 3.3%
               
Calgon Carbon Corp.(1)
    166,450     $ 2,849,624  
Intrepid Potash, Inc.(1)
    78,640       2,385,151  
                 
            $ 5,234,775  
                 
Commercial Banks — 3.8%
               
Boston Private Financial Holdings, Inc. 
    113,100     $ 833,547  
Iberiabank Corp. 
    20,390       1,223,604  
SVB Financial Group(1)
    26,360       1,229,958  
TCF Financial Corp. 
    52,260       833,024  
Webster Financial Corp. 
    67,210       1,175,503  
Wilmington Trust Corp. 
    50,070       829,660  
                 
            $ 6,125,296  
                 
Commercial Services & Supplies — 2.2%
               
Clean Harbors, Inc.(1)
    42,690     $ 2,371,856  
Team, Inc.(1)
    73,140       1,213,393  
                 
            $ 3,585,249  
                 
Communications Equipment — 1.4%
               
Brocade Communications Systems, Inc.(1)
    402,180     $ 2,296,448  
                 
            $ 2,296,448  
                 
Computers & Peripherals — 0.7%
               
Stratasys, Inc.(1)
    45,415     $ 1,107,218  
                 
            $ 1,107,218  
                 
 
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Security   Shares     Value  
Construction & Engineering — 3.3%
               
Shaw Group, Inc. (The)(1)
    78,070     $ 2,687,169  
Tutor Perini Corp.(1)
    119,340       2,595,645  
                 
            $ 5,282,814  
                 
Containers & Packaging — 2.9%
               
Graham Packaging Co., Inc.(1)
    189,420     $ 2,377,221  
Temple-Inland, Inc. 
    112,550       2,299,396  
                 
            $ 4,676,617  
                 
Distributors — 1.5%
               
LKQ Corp.(1)
    117,740     $ 2,390,122  
                 
            $ 2,390,122  
                 
Electronic Equipment, Instruments & Components — 4.9%
               
FLIR Systems, Inc.(1)
    90,750     $ 2,559,150  
National Instruments Corp. 
    76,810       2,561,613  
Trimble Navigation, Ltd.(1)
    95,890       2,753,961  
                 
            $ 7,874,724  
                 
Energy Equipment & Services — 3.8%
               
CARBO Ceramics, Inc. 
    38,460     $ 2,397,596  
Dril-Quip, Inc.(1)
    40,760       2,479,839  
Hornbeck Offshore Services, Inc.(1)
    63,230       1,174,181  
                 
            $ 6,051,616  
                 
Food Products — 3.4%
               
Corn Products International, Inc. 
    83,530     $ 2,895,150  
Ralcorp Holdings, Inc.(1)
    38,270       2,593,940  
                 
            $ 5,489,090  
                 
Health Care Equipment & Supplies — 3.2%
               
West Pharmaceutical Services, Inc. 
    59,815     $ 2,509,239  
Wright Medical Group, Inc.(1)
    144,480       2,567,410  
                 
            $ 5,076,649  
                 
Health Care Providers & Services — 3.0%
               
Hanger Orthopedic Group, Inc.(1)
    125,820     $ 2,287,408  
VCA Antech, Inc.(1)
    90,070       2,524,662  
                 
            $ 4,812,070  
                 
Hotels, Restaurants & Leisure — 1.4%
               
Bally Technologies, Inc.(1)
    57,050     $ 2,312,807  
                 
            $ 2,312,807  
                 
Household Durables — 1.7%
               
Tempur-Pedic International, Inc.(1)
    90,620     $ 2,733,099  
                 
            $ 2,733,099  
                 
Household Products — 1.6%
               
Church & Dwight Co., Inc. 
    37,245     $ 2,493,553  
                 
            $ 2,493,553  
                 
Insurance — 0.9%
               
HCC Insurance Holdings, Inc. 
    54,700     $ 1,509,720  
                 
            $ 1,509,720  
                 
IT Services — 3.0%
               
Euronet Worldwide, Inc.(1)
    126,805     $ 2,337,016  
ManTech International Corp., Class A(1)
    49,270       2,405,854  
                 
            $ 4,742,870  
                 
 
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Security   Shares     Value  
Life Sciences Tools & Services — 1.6%
               
Bruker Corp.(1)
    178,810     $ 2,619,567  
                 
            $ 2,619,567  
                 
Machinery — 1.9%
               
Astec Industries, Inc.(1)
    38,864     $ 1,125,502  
RBC Bearings, Inc.(1)
    43,420       1,383,795  
Tennant Co. 
    17,460       478,229  
                 
            $ 2,987,526  
                 
Metals & Mining — 1.7%
               
Compass Minerals International, Inc. 
    34,480     $ 2,766,330  
                 
            $ 2,766,330  
                 
Multi-Utilities — 0.8%
               
CMS Energy Corp. 
    83,490     $ 1,290,755  
                 
            $ 1,290,755  
                 
Multiline Retail — 1.7%
               
Big Lots, Inc.(1)
    76,430     $ 2,783,581  
                 
            $ 2,783,581  
                 
Oil, Gas & Consumable Fuels — 6.2%
               
Brigham Exploration Co.(1)
    170,350     $ 2,717,082  
Forest Oil Corp.(1)
    87,090       2,248,664  
James River Coal Co.(1)
    102,040       1,622,436  
Range Resources Corp. 
    13,160       616,809  
Rosetta Resources, Inc.(1)
    113,730       2,678,342  
                 
            $ 9,883,333  
                 
Paper & Forest Products — 1.4%
               
Clearwater Paper Corp.(1)
    45,519     $ 2,241,811  
                 
            $ 2,241,811  
                 
Personal Products — 1.6%
               
Mead Johnson Nutrition Co., Class A
    50,774     $ 2,641,771  
                 
            $ 2,641,771  
                 
Pharmaceuticals — 1.4%
               
King Pharmaceuticals, Inc.(1)
    189,180     $ 2,224,757  
                 
            $ 2,224,757  
                 
Professional Services — 3.3%
               
FTI Consulting, Inc.(1)
    61,430     $ 2,415,428  
Kelly Services, Inc., Class A(1)
    95,012       1,582,900  
Robert Half International, Inc. 
    40,840       1,242,761  
                 
            $ 5,241,089  
                 
Road & Rail — 3.1%
               
Genesee & Wyoming, Inc., Class A(1)
    70,910     $ 2,419,449  
Kansas City Southern(1)
    71,340       2,580,368  
                 
            $ 4,999,817  
                 
Semiconductors & Semiconductor Equipment — 4.2%
               
Cirrus Logic, Inc.(1)
    185,430     $ 1,555,758  
Cypress Semiconductor Corp.(1)
    136,760       1,572,740  
Novellus Systems, Inc.(1)
    51,080       1,277,000  
Varian Semiconductor Equipment Associates, Inc.(1)
    35,830       1,186,690  
Veeco Instruments, Inc.(1)
    26,067       1,133,914  
                 
            $ 6,726,102  
                 
 
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Security   Shares     Value  
Software — 2.8%
               
Mentor Graphics Corp.(1)
    245,340     $ 1,967,627  
Sybase, Inc.(1)
    54,549       2,543,074  
                 
            $ 4,510,701  
                 
Specialty Retail — 3.0%
               
Jo-Ann Stores, Inc.(1)
    52,750     $ 2,214,445  
RadioShack Corp. 
    113,340       2,564,884  
                 
            $ 4,779,329  
                 
Textiles, Apparel & Luxury Goods — 1.7%
               
Hanesbrands, Inc.(1)
    98,724     $ 2,746,502  
                 
            $ 2,746,502  
                 
Thrifts & Mortgage Finance — 0.7%
               
NewAlliance Bancshares, Inc. 
    94,780     $ 1,196,124  
                 
            $ 1,196,124  
                 
                 
Total Common Stocks
(identified cost $134,115,845)
          $ 156,513,008  
                 
 
Short-Term Investments — 2.3%
 
                 
    Interest
 		       
Description   (000’s omitted)     Value  
Eaton Vance Cash Reserves Fund, LLC, 0.17%(2)
  $ 3,629     $ 3,628,996  
                 
                 
Total Short-Term Investments
(identified cost $3,628,996)
          $ 3,628,996  
                 
                 
Total Investments — 99.9%
(identified cost $137,744,841)
          $ 160,142,004  
                 
                 
Other Assets, Less Liabilities — 0.1%
          $ 204,797  
                 
                 
Net Assets — 100.0%
          $ 160,346,801  
                 
 
             
 
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 March 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC and Cash Management Portfolio, another affiliated investment company, for the fiscal year to date ended March 31, 2010 was $1,657 and $0, respectively.
 
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The Portfolio did not have any open financial instruments at March 31, 2010.
 
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at March 31, 2010, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 137,890,054  
         
Gross unrealized appreciation
  $ 23,979,625  
Gross unrealized depreciation
    (1,727,675 )
         
Net unrealized appreciation
  $ 22,251,950  
         
 
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)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At March 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
   
Common Stocks
  $ 156,513,008     $ —     $ —     $ 156,513,008  
Short-Term Investments
    —       3,628,996       —       3,628,996  
 
 
Total Investments
  $ 156,513,008     $ 3,628,996     $ —     $ 160,142,004  
 
 
 
The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
 
The Portfolio held no investments or other financial instruments as of December 31, 2009 whose fair value was determined using Level 3 inputs.
 
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
 
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Item 2. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

 

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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Small -Cap Portfolio
         
By:
  /s/ Duncan W. Richardson
 
Duncan W. Richardson 		   
 
  President    
 
        
Date:
  May 24, 2010    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Duncan W. Richardson
 
Duncan W. Richardson 		   
 
  President    
 
        
Date:
  May 24, 2010    
 
        
By:
  /s/ Barbara E. Campbell
 
Barbara E. Campbell 		   
 
  Treasurer    
 
        
Date:
  May 24, 2010