Tax-Managed Growth Portfolio
March 31, 2023
Portfolio of Investments (Unaudited)
Common Stocks — 99.2% |
Security | Shares | Value | |
Aerospace & Defense — 1.7% | |||
Boeing Co. (The)(1) | 142,446 | $ 30,259,804 | |
General Dynamics Corp. | 37,550 | 8,569,286 | |
Lockheed Martin Corp. | 18,733 | 8,855,651 | |
Northrop Grumman Corp. | 16,117 | 7,441,541 | |
Raytheon Technologies Corp. | 209,338 | 20,500,470 | |
$ 75,626,752 | |||
Air Freight & Logistics — 1.1% | |||
C.H. Robinson Worldwide, Inc. | 80,986 | $ 8,047,579 | |
FedEx Corp. | 77,112 | 17,619,321 | |
United Parcel Service, Inc., Class B | 127,908 | 24,812,873 | |
$ 50,479,773 | |||
Automobile Components — 0.2% | |||
Aptiv PLC(1) | 89,316 | $ 10,020,362 | |
$ 10,020,362 | |||
Automobiles — 0.6% | |||
Mercedes-Benz Group AG | 10,545 | $ 810,700 | |
Tesla, Inc.(1) | 117,257 | 24,326,137 | |
$ 25,136,837 | |||
Banks — 3.3% | |||
Bank of America Corp. | 478,599 | $ 13,687,931 | |
Citigroup, Inc. | 77,389 | 3,628,770 | |
Commerce Bancshares, Inc. | 32,036 | 1,869,301 | |
Fifth Third Bancorp | 491,355 | 13,089,697 | |
JPMorgan Chase & Co. | 514,622 | 67,060,393 | |
M&T Bank Corp. | 8,684 | 1,038,346 | |
PNC Financial Services Group, Inc. (The) | 15,834 | 2,012,501 | |
Regions Financial Corp. | 456,199 | 8,467,053 | |
Societe Generale S.A. | 213,749 | 4,816,052 | |
Truist Financial Corp. | 332,676 | 11,344,252 | |
U.S. Bancorp | 81,258 | 2,929,351 | |
Wells Fargo & Co. | 446,596 | 16,693,759 | |
$ 146,637,406 | |||
Beverages — 2.1% | |||
Boston Beer Co., Inc. (The), Class A(1) | 2,200 | $ 723,140 | |
Coca-Cola Co. (The) | 455,199 | 28,235,994 | |
Constellation Brands, Inc., Class A | 56,905 | 12,854,270 |
Security | Shares | Value | |
Beverages (continued) | |||
Monster Beverage Corp.(1) | 142,992 | $ 7,722,998 | |
PepsiCo, Inc. | 228,875 | 41,723,913 | |
$ 91,260,315 | |||
Biotechnology — 2.6% | |||
AbbVie, Inc. | 193,103 | $ 30,774,825 | |
Alnylam Pharmaceuticals, Inc.(1) | 3,409 | 682,891 | |
Amgen, Inc. | 97,100 | 23,473,925 | |
Argenx SE ADR(1) | 60,329 | 22,477,379 | |
Biogen, Inc.(1) | 9,680 | 2,691,330 | |
Gilead Sciences, Inc. | 193,738 | 16,074,442 | |
Vertex Pharmaceuticals, Inc.(1) | 64,684 | 20,379,988 | |
$ 116,554,780 | |||
Broadline Retail — 3.0% | |||
Amazon.com, Inc.(1) | 1,279,000 | $ 132,107,910 | |
$ 132,107,910 | |||
Building Products — 0.4% | |||
Carrier Global Corp. | 189,214 | $ 8,656,540 | |
Johnson Controls International PLC | 160,853 | 9,686,568 | |
$ 18,343,108 | |||
Capital Markets — 3.8% | |||
Ameriprise Financial, Inc. | 30,879 | $ 9,464,413 | |
Bank of New York Mellon Corp. (The) | 149,031 | 6,771,969 | |
BlackRock, Inc. | 7,289 | 4,877,216 | |
Cboe Global Markets, Inc. | 75,857 | 10,183,044 | |
Charles Schwab Corp. (The) | 371,381 | 19,452,937 | |
CME Group, Inc. | 36,417 | 6,974,584 | |
Goldman Sachs Group, Inc. (The) | 128,899 | 42,164,152 | |
Intercontinental Exchange, Inc. | 60,970 | 6,358,561 | |
LPL Financial Holdings, Inc. | 33,730 | 6,826,952 | |
Moody's Corp. | 66,944 | 20,486,203 | |
Morgan Stanley(2) | 126,425 | 11,100,115 | |
S&P Global, Inc. | 32,008 | 11,035,398 | |
T. Rowe Price Group, Inc. | 105,316 | 11,890,176 | |
$ 167,585,720 | |||
Chemicals — 1.6% | |||
Air Products and Chemicals, Inc. | 2,258 | $ 648,520 | |
Corteva, Inc. | 18,814 | 1,134,672 | |
Dow, Inc. | 18,955 | 1,039,113 | |
DuPont de Nemours, Inc. | 142,744 | 10,244,737 | |
Ecolab, Inc. | 110,020 | 18,211,611 | |
Linde PLC | 58,347 | 20,738,858 |
1
Tax-Managed Growth Portfolio
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Chemicals (continued) | |||
PPG Industries, Inc. | 89,144 | $ 11,907,855 | |
Sherwin-Williams Co. (The) | 32,982 | 7,413,364 | |
$ 71,338,730 | |||
Commercial Services & Supplies — 0.5% | |||
Waste Connections, Inc. | 57,850 | $ 8,045,199 | |
Waste Management, Inc. | 83,592 | 13,639,707 | |
$ 21,684,906 | |||
Communications Equipment — 1.6% | |||
Arista Networks, Inc.(1) | 237,156 | $ 39,809,006 | |
Cisco Systems, Inc. | 517,461 | 27,050,274 | |
Juniper Networks, Inc. | 58,258 | 2,005,240 | |
Motorola Solutions, Inc. | 2,673 | 764,826 | |
$ 69,629,346 | |||
Consumer Finance — 0.8% | |||
American Express Co. | 121,531 | $ 20,046,539 | |
Capital One Financial Corp. | 15,163 | 1,458,074 | |
Discover Financial Services | 146,305 | 14,460,786 | |
$ 35,965,399 | |||
Consumer Staples Distribution & Retail — 1.9% | |||
Costco Wholesale Corp. | 113,479 | $ 56,384,311 | |
Dollar Tree, Inc.(1) | 44,191 | 6,343,618 | |
Kroger Co. (The) | 35,353 | 1,745,378 | |
Sprouts Farmers Market, Inc.(1) | 199,035 | 6,972,196 | |
Sysco Corp. | 155,777 | 12,030,658 | |
Walgreens Boots Alliance, Inc. | 74,956 | 2,591,978 | |
$ 86,068,139 | |||
Electric Utilities — 1.0% | |||
Duke Energy Corp. | 9,641 | $ 930,067 | |
Edison International | 197,713 | 13,956,561 | |
Exelon Corp. | 8,420 | 352,714 | |
NextEra Energy, Inc. | 292,851 | 22,572,955 | |
Xcel Energy, Inc. | 114,436 | 7,717,564 | |
$ 45,529,861 | |||
Electrical Equipment — 1.0% | |||
AMETEK, Inc. | 23,362 | $ 3,395,200 | |
Eaton Corp. PLC | 8,651 | 1,482,262 | |
Emerson Electric Co. | 269,079 | 23,447,544 | |
Rockwell Automation, Inc. | 50,722 | 14,884,371 | |
$ 43,209,377 |
Security | Shares | Value | |
Electronic Equipment, Instruments & Components — 0.5% | |||
Corning, Inc. | 296,686 | $ 10,467,082 | |
Zebra Technologies Corp., Class A(1) | 41,641 | 13,241,838 | |
$ 23,708,920 | |||
Energy Equipment & Services — 0.4% | |||
Halliburton Co. | 166,374 | $ 5,264,073 | |
Schlumberger NV | 206,344 | 10,131,491 | |
$ 15,395,564 | |||
Entertainment — 1.8% | |||
Activision Blizzard, Inc. | 79,304 | $ 6,787,629 | |
Netflix, Inc.(1) | 52,353 | 18,086,914 | |
Walt Disney Co. (The)(1) | 534,448 | 53,514,278 | |
Warner Bros. Discovery, Inc.(1) | 77,797 | 1,174,735 | |
$ 79,563,556 | |||
Financial Services — 4.2% | |||
Berkshire Hathaway, Inc., Class A(1) | 84 | $ 39,110,400 | |
Berkshire Hathaway, Inc., Class B(1) | 226,805 | 70,030,580 | |
Fiserv, Inc.(1) | 21,260 | 2,403,018 | |
Mastercard, Inc., Class A | 36,635 | 13,313,525 | |
PayPal Holdings, Inc.(1) | 146,905 | 11,155,966 | |
Visa, Inc., Class A | 212,810 | 47,980,142 | |
$ 183,993,631 | |||
Food Products — 1.5% | |||
Campbell Soup Co. | 12,486 | $ 686,480 | |
Conagra Brands, Inc. | 212,710 | 7,989,388 | |
Flowers Foods, Inc. | 147,169 | 4,033,902 | |
General Mills, Inc. | 15,587 | 1,332,065 | |
Hershey Co. (The) | 47,710 | 12,137,901 | |
JM Smucker Co. (The) | 12,283 | 1,932,976 | |
Kellogg Co. | 58,497 | 3,916,959 | |
Lamb Weston Holdings, Inc. | 73,135 | 7,644,070 | |
McCormick & Co., Inc., Non Voting Shares | 96,258 | 8,009,628 | |
Mondelez International, Inc., Class A | 90,261 | 6,292,997 | |
Nestle S.A. | 94,686 | 11,545,112 | |
$ 65,521,478 | |||
Ground Transportation — 1.0% | |||
CSX Corp. | 52,770 | $ 1,579,934 | |
Norfolk Southern Corp. | 65,062 | 13,793,144 | |
Union Pacific Corp. | 148,572 | 29,901,600 | |
$ 45,274,678 |
2
Tax-Managed Growth Portfolio
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Health Care Equipment & Supplies — 3.3% | |||
Abbott Laboratories | 260,303 | $ 26,358,282 | |
Alcon, Inc. | 22,037 | 1,554,490 | |
Becton Dickinson & Co. | 8,470 | 2,096,664 | |
Boston Scientific Corp.(1) | 289,826 | 14,499,995 | |
DexCom, Inc.(1) | 153,683 | 17,854,891 | |
GE HealthCare Technologies, Inc.(1) | 135,517 | 11,116,460 | |
Integra LifeSciences Holdings Corp.(1) | 107,200 | 6,154,352 | |
Intuitive Surgical, Inc.(1) | 101,205 | 25,854,841 | |
Medtronic PLC | 110,455 | 8,904,882 | |
Stryker Corp. | 72,313 | 20,643,192 | |
Zimmer Biomet Holdings, Inc. | 77,057 | 9,955,764 | |
$ 144,993,813 | |||
Health Care Providers & Services — 2.6% | |||
Cardinal Health, Inc. | 14,717 | $ 1,111,134 | |
CVS Health Corp. | 180,353 | 13,402,031 | |
DaVita, Inc.(1) | 136,458 | 11,068,108 | |
Elevance Health, Inc. | 29,512 | 13,569,913 | |
HCA Healthcare, Inc. | 64,083 | 16,897,406 | |
Henry Schein, Inc.(1) | 22,430 | 1,828,942 | |
UnitedHealth Group, Inc. | 123,171 | 58,209,383 | |
$ 116,086,917 | |||
Health Care REITs — 0.3% | |||
Healthpeak Properties, Inc. | 535,000 | $ 11,753,950 | |
$ 11,753,950 | |||
Hotels, Restaurants & Leisure — 2.7% | |||
Booking Holdings, Inc.(1) | 15,067 | $ 39,963,862 | |
Chipotle Mexican Grill, Inc.(1) | 3,990 | 6,816,077 | |
Marriott International, Inc., Class A | 46,029 | 7,642,655 | |
McDonald's Corp. | 5,400 | 1,509,894 | |
Starbucks Corp. | 502,772 | 52,353,648 | |
Yum! Brands, Inc. | 79,662 | 10,521,757 | |
$ 118,807,893 | |||
Household Products — 1.5% | |||
Colgate-Palmolive Co. | 397,371 | $ 29,862,431 | |
Kimberly-Clark Corp. | 20,354 | 2,731,914 | |
Procter & Gamble Co. (The) | 220,699 | 32,815,734 | |
$ 65,410,079 | |||
Industrial Conglomerates — 0.6% | |||
3M Co. | 62,724 | $ 6,592,919 |
Security | Shares | Value | |
Industrial Conglomerates (continued) | |||
General Electric Co. | 164,362 | $ 15,713,007 | |
Honeywell International, Inc. | 22,939 | 4,384,102 | |
$ 26,690,028 | |||
Industrial REITs — 0.1% | |||
EastGroup Properties, Inc. | 25,000 | $ 4,133,000 | |
$ 4,133,000 | |||
Insurance — 1.5% | |||
Aflac, Inc. | 154,400 | $ 9,961,888 | |
Aon PLC, Class A | 27,135 | 8,555,394 | |
Arthur J. Gallagher & Co. | 47,054 | 9,001,901 | |
Markel Corp.(1) | 6,362 | 8,126,882 | |
Marsh & McLennan Cos., Inc. | 46,353 | 7,720,092 | |
Progressive Corp. (The) | 151,029 | 21,606,209 | |
Travelers Cos., Inc. (The) | 20,353 | 3,488,708 | |
$ 68,461,074 | |||
Interactive Media & Services — 6.4% | |||
Alphabet, Inc., Class A(1) | 897,188 | $ 93,065,311 | |
Alphabet, Inc., Class C(1) | 1,068,117 | 111,084,168 | |
Meta Platforms, Inc., Class A(1) | 383,462 | 81,270,936 | |
$ 285,420,415 | |||
IT Services — 1.6% | |||
Accenture PLC, Class A | 166,823 | $ 47,679,681 | |
Akamai Technologies, Inc.(1) | 147,626 | 11,559,116 | |
International Business Machines Corp. | 92,900 | 12,178,261 | |
$ 71,417,058 | |||
Life Sciences Tools & Services — 1.6% | |||
Agilent Technologies, Inc. | 151,400 | $ 20,944,676 | |
Danaher Corp. | 97,257 | 24,512,654 | |
Illumina, Inc.(1) | 10,000 | 2,325,500 | |
Thermo Fisher Scientific, Inc. | 36,807 | 21,214,451 | |
$ 68,997,281 | |||
Machinery — 2.4% | |||
Caterpillar, Inc. | 56,089 | $ 12,835,407 | |
Deere & Co. | 32,269 | 13,323,225 | |
Donaldson Co., Inc. | 89,373 | 5,839,632 | |
Dover Corp. | 97,408 | 14,800,171 | |
Fortive Corp. | 25,736 | 1,754,423 | |
Illinois Tool Works, Inc. | 143,086 | 34,834,287 | |
Otis Worldwide Corp. | 68,364 | 5,769,921 | |
PACCAR, Inc. | 28,969 | 2,120,531 |
3
Tax-Managed Growth Portfolio
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Machinery (continued) | |||
Parker-Hannifin Corp. | 16,957 | $ 5,699,417 | |
Snap-on, Inc. | 14,911 | 3,681,377 | |
Westinghouse Air Brake Technologies Corp. | 77,029 | 7,784,551 | |
$ 108,442,942 | |||
Media — 0.2% | |||
Comcast Corp., Class A | 218,452 | $ 8,281,515 | |
Omnicom Group, Inc. | 14,352 | 1,353,968 | |
$ 9,635,483 | |||
Metals & Mining — 0.2% | |||
Glencore PLC | 262,051 | $ 1,507,898 | |
Nucor Corp. | 35,624 | 5,502,839 | |
$ 7,010,737 | |||
Multi-Utilities — 0.1% | |||
Consolidated Edison, Inc. | 50,472 | $ 4,828,656 | |
$ 4,828,656 | |||
Oil, Gas & Consumable Fuels — 3.3% | |||
Antero Resources Corp.(1) | 328,489 | $ 7,584,811 | |
Cheniere Energy, Inc. | 149,498 | 23,560,885 | |
ConocoPhillips | 238,215 | 23,633,310 | |
Devon Energy Corp. | 33,163 | 1,678,379 | |
EOG Resources, Inc. | 16,793 | 1,924,982 | |
Exxon Mobil Corp. | 647,802 | 71,037,967 | |
Hess Corp. | 20,651 | 2,732,953 | |
Marathon Petroleum Corp. | 69,480 | 9,367,988 | |
Murphy Oil Corp. | 44,823 | 1,657,555 | |
Phillips 66 | 51,867 | 5,258,277 | |
$ 148,437,107 | |||
Personal Care Products — 0.4% | |||
Estee Lauder Cos., Inc. (The), Class A | 63,799 | $ 15,723,902 | |
$ 15,723,902 | |||
Pharmaceuticals — 5.0% | |||
AstraZeneca PLC ADR | 182,272 | $ 12,651,499 | |
Bristol-Myers Squibb Co. | 349,518 | 24,225,093 | |
Catalent, Inc.(1) | 45,943 | 3,018,914 | |
Eli Lilly & Co. | 236,198 | 81,115,117 | |
Johnson & Johnson | 280,251 | 43,438,905 | |
Merck & Co., Inc. | 215,040 | 22,878,106 | |
Organon & Co. | 117,011 | 2,752,099 |
Security | Shares | Value | |
Pharmaceuticals (continued) | |||
Pfizer, Inc. | 311,715 | $ 12,717,972 | |
Zoetis, Inc. | 120,003 | 19,973,299 | |
$ 222,771,004 | |||
Professional Services — 0.9% | |||
ASGN, Inc.(1) | 105,500 | $ 8,721,685 | |
Automatic Data Processing, Inc. | 68,245 | 15,193,384 | |
Equifax, Inc. | 8,854 | 1,795,946 | |
Jacobs Solutions, Inc. | 56,851 | 6,680,561 | |
Verisk Analytics, Inc. | 46,792 | 8,977,513 | |
$ 41,369,089 | |||
Residential REITs — 0.2% | |||
Invitation Homes, Inc. | 156,000 | $ 4,871,880 | |
Mid-America Apartment Communities, Inc. | 31,500 | 4,757,760 | |
$ 9,629,640 | |||
Semiconductors & Semiconductor Equipment — 6.0% | |||
Analog Devices, Inc. | 133,698 | $ 26,367,920 | |
Applied Materials, Inc. | 187,182 | 22,991,565 | |
Broadcom, Inc. | 22,966 | 14,733,608 | |
Intel Corp. | 707,801 | 23,123,859 | |
Lam Research Corp. | 20,500 | 10,867,460 | |
Marvell Technology, Inc. | 95,391 | 4,130,430 | |
NVIDIA Corp. | 302,592 | 84,050,980 | |
ON Semiconductor Corp.(1) | 109,500 | 9,014,040 | |
QUALCOMM, Inc. | 323,702 | 41,297,901 | |
Texas Instruments, Inc. | 158,452 | 29,473,656 | |
$ 266,051,419 | |||
Software — 9.1% | |||
Adobe, Inc.(1) | 80,840 | $ 31,153,311 | |
Cadence Design Systems, Inc.(1) | 83,984 | 17,644,199 | |
Check Point Software Technologies, Ltd.(1) | 56,536 | 7,349,680 | |
Fortinet, Inc.(1) | 100,000 | 6,646,000 | |
Intuit, Inc. | 41,644 | 18,566,145 | |
Manhattan Associates, Inc.(1) | 7,486 | 1,159,207 | |
Microsoft Corp. | 743,473 | 214,343,266 | |
Oracle Corp. | 80,569 | 7,486,471 | |
Palo Alto Networks, Inc.(1) | 156,684 | 31,296,062 | |
Paycom Software, Inc.(1) | 19,230 | 5,846,112 | |
Salesforce, Inc.(1) | 78,854 | 15,753,452 | |
ServiceNow, Inc.(1) | 67,266 | 31,259,855 |
4
Tax-Managed Growth Portfolio
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Software (continued) | |||
Splunk, Inc.(1) | 60,140 | $ 5,766,223 | |
Workday, Inc., Class A(1) | 54,405 | 11,236,809 | |
$ 405,506,792 | |||
Specialized REITs — 0.4% | |||
American Tower Corp. | 10,718 | $ 2,190,116 | |
Public Storage | 51,744 | 15,633,932 | |
$ 17,824,048 | |||
Specialty Retail — 3.1% | |||
Best Buy Co., Inc. | 132,048 | $ 10,335,397 | |
Dick's Sporting Goods, Inc. | 23,739 | 3,368,327 | |
Five Below, Inc.(1) | 55,175 | 11,364,395 | |
Lowe's Cos., Inc. | 212,443 | 42,482,227 | |
O'Reilly Automotive, Inc.(1) | 14,850 | 12,607,353 | |
Ross Stores, Inc. | 141,093 | 14,974,200 | |
Signet Jewelers, Ltd. | 64,128 | 4,987,876 | |
TJX Cos., Inc. (The) | 219,657 | 17,212,322 | |
Tractor Supply Co. | 50,157 | 11,788,901 | |
Ulta Beauty, Inc.(1) | 17,591 | 9,598,881 | |
$ 138,719,879 | |||
Technology Hardware, Storage & Peripherals — 7.4% | |||
Apple, Inc. | 1,986,542 | $ 327,580,776 | |
$ 327,580,776 | |||
Textiles, Apparel & Luxury Goods — 1.2% | |||
NIKE, Inc., Class B | 424,913 | $ 52,111,330 | |
VF Corp. | 32,985 | 755,687 | |
$ 52,867,017 | |||
Tobacco — 0.5% | |||
Altria Group, Inc. | 157,274 | $ 7,017,566 | |
Philip Morris International, Inc. | 162,661 | 15,818,782 | |
$ 22,836,348 |
Security | Shares | Value | |
Trading Companies & Distributors — 0.0%(3) | |||
United Rentals, Inc. | 2,000 | $ 791,520 | |
$ 791,520 | |||
Total Common Stocks (identified cost $1,700,479,300) | $4,402,834,415 |
Short-Term Investments — 0.8% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.73%(4) | 35,120,873 | $ 35,120,873 | |
Total Short-Term Investments (identified cost $35,120,873) | $ 35,120,873 | ||
Total Investments — 100.0% (identified cost $1,735,600,173) | $4,437,955,288 | ||
Other Assets, Less Liabilities — (0.0)%(3) | $ (1,253,692) | ||
Net Assets — 100.0% | $4,436,701,596 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Represents an investment in an issuer that is deemed to be an affiliate. |
(3) | Amount is less than 0.05% or (0.05)%, as applicable. |
(4) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of March 31, 2023. |
Abbreviations: | |
ADR | – American Depositary Receipt |
REITs | – Real Estate Investment Trusts |
5
Tax-Managed Growth Portfolio
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Investments in Affiliated Issuers and Funds
At March 31, 2023, the value of the Portfolio's investment in affiliated issuers and in funds that may be deemed to be affiliated was $46,220,988, which represents 1.0% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended March 31, 2023 were as follows:
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Common Stocks | ||||||||
Morgan Stanley | $90,143,050 | $ — | $(85,549,552) | $47,194,711 | $(40,688,094) | $11,100,115 | $105,822 | 126,425 |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | 170,972,940 | 148,908,733 | (284,760,800) | — | — | 35,120,873 | 601,611 | 35,120,873 |
Total | $47,194,711 | $(40,688,094) | $46,220,988 | $707,433 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
Fair Value Measurements
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, 2023, 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: | ||||
Communication Services | $ 374,619,454 | $ — | $ — | $ 374,619,454 |
Consumer Discretionary | 477,659,898 | — | — | 477,659,898 |
Consumer Staples | 335,275,149 | 11,545,112 | — | 346,820,261 |
Energy | 163,832,671 | — | — | 163,832,671 |
Financials | 597,827,178 | 4,816,052 | — | 602,643,230 |
Health Care | 669,403,795 | — | — | 669,403,795 |
Industrials | 431,912,173 | — | — | 431,912,173 |
Information Technology | 1,163,894,311 | — | — | 1,163,894,311 |
Materials | 76,841,569 | 1,507,898 | — | 78,349,467 |
Real Estate | 43,340,638 | — | — | 43,340,638 |
Utilities | 50,358,517 | — | — | 50,358,517 |
Total Common Stocks | $4,384,965,353 | $17,869,062* | $ — | $4,402,834,415 |
6
Tax-Managed Growth Portfolio
March 31, 2023
Portfolio of Investments (Unaudited) — continued
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Short-Term Investments | $ 35,120,873 | $ — | $ — | $ 35,120,873 |
Total Investments | $4,420,086,226 | $17,869,062 | $ — | $4,437,955,288 |
* | 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. |
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended March 31, 2023 is not presented.
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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