N-Q 1 b86584a1nvq.htm SMALL-CAP PORTFOLIO Small-Cap Portfolio
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-09915
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, 2011
Date of Reporting Period
 
 

 

 

Item 1. Schedule of Investments

 

 

Small-Cap Portfolio
March 31, 2011
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 96.7%
 
                 
Security   Shares     Value  
Aerospace & Defense — 2.3%
               
Aerovironment, Inc.(1)
    112,960     $ 3,950,211  
KEYW Holding Corp. (The)(1)
    99,913       1,226,932  
                 
            $ 5,177,143  
                 
Auto Components — 2.5%
               
Dana Holding Corp.(1)
    121,680     $ 2,116,015  
Tenneco, Inc.(1)
    83,530       3,545,849  
                 
            $ 5,661,864  
                 
Building Products — 3.8%
               
A.O. Smith Corp. 
    13,370     $ 592,826  
Armstrong World Industries, Inc. 
    76,670       3,547,521  
Trex Co., Inc.(1)
    134,970       4,402,721  
                 
            $ 8,543,068  
                 
Capital Markets — 4.6%
               
Greenhill & Co., Inc. 
    50,690     $ 3,334,895  
Lazard, Ltd., Class A
    81,830       3,402,492  
Stifel Financial Corp.(1)
    48,880       3,509,095  
                 
            $ 10,246,482  
                 
Chemicals — 1.8%
               
Kraton Performance Polymers, Inc.(1)
    105,190     $ 4,023,517  
                 
            $ 4,023,517  
                 
Commercial Banks — 3.5%
               
PrivateBancorp, Inc. 
    71,090     $ 1,086,966  
SVB Financial Group(1)
    62,130       3,537,061  
Texas Capital Bancshares, Inc.(1)
    44,570       1,158,374  
Webster Financial Corp. 
    93,820       2,010,563  
                 
            $ 7,792,964  
                 
Commercial Services & Supplies — 2.0%
               
Team, Inc.(1)
    174,891     $ 4,592,638  
                 
            $ 4,592,638  
                 
Communications Equipment — 2.9%
               
Brocade Communications Systems, Inc.(1)
    574,870     $ 3,535,450  
Sycamore Networks, Inc. 
    126,100       3,080,623  
                 
            $ 6,616,073  
                 
Computers & Peripherals — 1.3%
               
Quantum Corp.(1)
    1,166,640     $ 2,939,933  
                 
            $ 2,939,933  
                 
Construction & Engineering — 1.4%
               
MYR Group, Inc./Delaware(1)
    134,410     $ 3,215,087  
                 
            $ 3,215,087  
                 
Distributors — 1.5%
               
LKQ Corp.(1)
    142,170     $ 3,426,297  
                 
            $ 3,426,297  
                 
 
1

 

                 
Security   Shares     Value  
Electronic Equipment, Instruments & Components — 3.9%
               
Elster Group SE ADR(1)
    98,000     $ 1,592,500  
Itron, Inc.(1)
    59,980       3,385,271  
National Instruments Corp. 
    118,545       3,884,720  
                 
            $ 8,862,491  
                 
Energy Equipment & Services — 2.4%
               
Patterson-UTI Energy, Inc. 
    63,570     $ 1,868,322  
Tidewater, Inc. 
    59,230       3,544,916  
                 
            $ 5,413,238  
                 
Food Products — 2.5%
               
Corn Products International, Inc. 
    70,180     $ 3,636,728  
Mead Johnson Nutrition Co., Class A
    34,254       1,984,334  
                 
            $ 5,621,062  
                 
Health Care Equipment & Supplies — 3.1%
               
Analogic Corp. 
    61,080     $ 3,454,074  
West Pharmaceutical Services, Inc. 
    80,165       3,588,987  
                 
            $ 7,043,061  
                 
Health Care Providers & Services — 6.2%
               
Catalyst Health Solutions, Inc.(1)
    38,897     $ 2,175,509  
MEDNAX, Inc.(1)
    49,900       3,323,839  
Owens & Minor, Inc. 
    109,440       3,554,611  
Team Health Holdings, Inc.(1)
    94,730       1,655,881  
VCA Antech, Inc.(1)
    132,490       3,336,098  
                 
            $ 14,045,938  
                 
Hotels, Restaurants & Leisure — 2.9%
               
Six Flags Entertainment Corp. 
    45,670     $ 3,288,240  
WMS Industries, Inc.(1)
    88,320       3,122,112  
                 
            $ 6,410,352  
                 
Household Durables — 1.7%
               
Tempur-Pedic International, Inc.(1)
    77,300     $ 3,916,018  
                 
            $ 3,916,018  
                 
Household Products — 1.6%
               
Church & Dwight Co., Inc. 
    45,845     $ 3,637,342  
                 
            $ 3,637,342  
                 
Insurance — 1.3%
               
Hanover Insurance Group, Inc. (The)
    65,880     $ 2,981,070  
                 
            $ 2,981,070  
                 
Internet Software & Services — 0.8%
               
SAVVIS, Inc.(1)
    48,060     $ 1,782,545  
                 
            $ 1,782,545  
                 
IT Services — 1.6%
               
Euronet Worldwide, Inc.(1)
    182,585     $ 3,529,368  
                 
            $ 3,529,368  
                 
Life Sciences Tools & Services — 2.0%
               
Bruker Corp.(1)
    210,500     $ 4,388,925  
                 
            $ 4,388,925  
                 
Machinery — 6.1%
               
Astec Industries, Inc.(1)
    85,554     $ 3,190,308  
Kadant, Inc.(1)
    4,600       120,474  
RBC Bearings, Inc.(1)
    81,870       3,129,890  
 
2

 

                 
Security   Shares     Value  
Tennant Co. 
    85,870     $ 3,609,975  
Valmont Industries, Inc. 
    34,870       3,639,382  
                 
            $ 13,690,029  
                 
Media — 3.2%
               
IMAX Corp.(1)
    108,920     $ 3,483,262  
John Wiley & Sons, Inc., Class A
    71,800       3,650,312  
                 
            $ 7,133,574  
                 
Metals & Mining — 1.6%
               
Compass Minerals International, Inc. 
    37,280     $ 3,486,798  
                 
            $ 3,486,798  
                 
Multiline Retail — 1.8%
               
Big Lots, Inc.(1)
    95,660     $ 4,154,514  
                 
            $ 4,154,514  
                 
Oil, Gas & Consumable Fuels — 11.1%
               
Brigham Exploration Co.(1)
    110,780     $ 4,118,801  
Cabot Oil & Gas Corp. 
    84,660       4,484,440  
Carrizo Oil & Gas, Inc.(1)
    114,040       4,211,497  
James River Coal Co.(1)
    166,690       4,028,897  
Rosetta Resources, Inc.(1)
    100,170       4,762,082  
SM Energy Co. 
    44,390       3,293,294  
                 
            $ 24,899,011  
                 
Professional Services — 2.0%
               
Kelly Services, Inc., Class A(1)
    210,422     $ 4,568,262  
                 
            $ 4,568,262  
                 
Real Estate Investment Trusts (REITs) — 1.8%
               
American Campus Communities, Inc. 
    50,360     $ 1,661,880  
PS Business Parks, Inc. 
    42,329       2,452,542  
                 
            $ 4,114,422  
                 
Real Estate Management & Development — 1.5%
               
Forestar Real Estate Group, Inc.(1)
    174,439     $ 3,317,830  
                 
            $ 3,317,830  
                 
Road & Rail — 1.8%
               
Genesee & Wyoming, Inc., Class A(1)
    70,910     $ 4,126,962  
                 
            $ 4,126,962  
                 
Semiconductors & Semiconductor Equipment — 4.2%
               
Cirrus Logic, Inc.(1)
    133,870     $ 2,815,286  
Cypress Semiconductor Corp.(1)
    168,810       3,271,538  
Veeco Instruments, Inc.(1)
    64,810       3,294,940  
                 
            $ 9,381,764  
                 
Software — 3.1%
               
Mentor Graphics Corp.(1)
    258,880     $ 3,787,414  
Parametric Technology Corp.(1)
    144,520       3,250,255  
                 
            $ 7,037,669  
                 
Thrifts & Mortgage Finance — 0.9%
               
BankUnited, Inc. 
    72,280     $ 2,075,159  
                 
            $ 2,075,159  
                 
                 
Total Common Stocks
(identified cost $169,194,766)
          $ 217,852,470  
                 
 
3

 

Short-Term Investments — 3.0%
 
                 
    Interest
 		       
Description   (000’s omitted)     Value  
Eaton Vance Cash Reserves Fund, LLC, 0.17%(2)
  $ 6,741     $ 6,740,663  
                 
                 
Total Short-Term Investments
(identified cost $6,740,663)
          $ 6,740,663  
                 
                 
Total Investments — 99.7%
(identified cost $175,935,429)
          $ 224,593,133  
                 
                 
Other Assets, Less Liabilities — 0.3%
          $ 668,901  
                 
                 
Net Assets — 100.0%
          $ 225,262,034  
                 
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
 
             
ADR
  -   American Depositary Receipt
         
(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, 2011. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended March 31, 2011 was $4,787.
 
The Portfolio did not have any open financial instruments at March 31, 2011.
 
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at March 31, 2011, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 175,958,757  
         
Gross unrealized appreciation
  $ 51,676,011  
Gross unrealized depreciation
    (3,041,635 )
         
Net unrealized appreciation
  $ 48,634,376  
         
 
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 March 31, 2011, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
 
                                 
Asset Description   Level 1     Level 2     Level 3     Total  
   
Common Stocks
  $ 217,852,470     $ —     $ —     $ 217,852,470  
Short-Term Investments
    —       6,740,663       —       6,740,663  
 
 
Total Investments
  $ 217,852,470     $ 6,740,663     $ —     $ 224,593,133  
 
 
 
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, 2010 whose fair value was determined using Level 3 inputs. At March 31, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the fiscal year to date then ended was not significant.
 
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.
 
4

 

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.

 

 

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/ Nancy B. Tooke
 
Nancy B. Tooke 		   
 
  President    
 
        
Date:
  May 25, 2011    
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/ Nancy B. Tooke
 
Nancy B. Tooke 		   
 
  President    
 
        
Date:
  May 25, 2011    
 
        
By:
  /s/ Barbara E. Campbell
 
Barbara E. Campbell 		   
 
  Treasurer    
 
        
Date:
  May 25, 2011