Eaton Vance
Tax-Managed Growth Fund 1.0
September 30, 2022 (Unaudited)
Eaton Vance Tax-Managed Growth Fund 1.0 (the Fund), a diversified series of Eaton Vance Series Trust, invests substantially all of its assets in Tax-Managed Growth Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At September 30, 2022, the value of the Fund’s investment in the Portfolio was $1,044,498,356 and the Fund owned 3.6% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
1
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited)
Common Stocks — 99.3% |
Security | Shares | Value | |
Aerospace & Defense — 1.2% | |||
Boeing Co. (The)(1) | 881,395 | $ 106,719,307 | |
General Dynamics Corp. | 117,410 | 24,910,880 | |
Hexcel Corp. | 107,007 | 5,534,402 | |
Howmet Aerospace, Inc. | 5,004 | 154,774 | |
Huntington Ingalls Industries, Inc. | 2,300 | 509,450 | |
L3Harris Technologies, Inc. | 8,540 | 1,774,868 | |
Lockheed Martin Corp. | 136,066 | 52,560,935 | |
Northrop Grumman Corp. | 75,863 | 35,679,886 | |
Raytheon Technologies Corp. | 1,478,175 | 121,003,405 | |
Textron, Inc. | 9,973 | 581,027 | |
TransDigm Group, Inc. | 3,386 | 1,777,041 | |
$ 351,205,975 | |||
Air Freight & Logistics — 0.9% | |||
C.H. Robinson Worldwide, Inc. | 221,153 | $ 21,299,245 | |
Expeditors International of Washington, Inc. | 22,997 | 2,030,865 | |
FedEx Corp. | 352,254 | 52,299,151 | |
GXO Logistics, Inc.(1) | 97,791 | 3,428,553 | |
United Parcel Service, Inc., Class B | 1,180,416 | 190,684,401 | |
$ 269,742,215 | |||
Airlines — 0.0%(2) | |||
American Airlines Group, Inc.(1) | 61,732 | $ 743,253 | |
Delta Air Lines, Inc.(1) | 61,964 | 1,738,710 | |
Southwest Airlines Co.(1) | 28,371 | 874,962 | |
$ 3,356,925 | |||
Auto Components — 0.2% | |||
Adient PLC(1) | 1,760 | $ 48,840 | |
Aptiv PLC(1) | 136,078 | 10,642,660 | |
BorgWarner, Inc. | 800 | 25,120 | |
Dorman Products, Inc.(1) | 20,730 | 1,702,348 | |
Fox Factory Holding Corp.(1) | 800 | 63,264 | |
Garrett Motion, Inc.(1) | 6,726 | 38,002 | |
Gentex Corp. | 1,443,192 | 34,405,697 | |
$ 46,925,931 | |||
Automobiles — 1.0% | |||
Ford Motor Co. | 1,219,179 | $ 13,654,805 | |
General Motors Co. | 96,097 | 3,083,753 | |
Harley-Davidson, Inc. | 800 | 27,904 | |
Mercedes-Benz Group AG | 18,000 | 912,780 |
Security | Shares | Value | |
Automobiles (continued) | |||
Tesla, Inc.(1) | 1,013,298 | $ 268,777,294 | |
Toyota Motor Corp. ADR | 5,100 | 664,479 | |
$ 287,121,015 | |||
Banks — 3.7% | |||
Bank of America Corp. | 4,632,349 | $ 139,896,940 | |
Bank of Hawaii Corp. | 557 | 42,399 | |
Bank of Montreal | 4 | 351 | |
Citigroup, Inc. | 943,639 | 39,321,437 | |
Commerce Bancshares, Inc. | 79,477 | 5,258,198 | |
Community Bank System, Inc. | 31,868 | 1,914,629 | |
Cullen/Frost Bankers, Inc. | 1,069 | 141,343 | |
CVB Financial Corp. | 608,432 | 15,405,498 | |
Fifth Third Bancorp | 1,753,409 | 56,038,952 | |
First Citizens BancShares, Inc., Class A | 92 | 73,364 | |
First Republic Bank | 2,010 | 262,405 | |
Glacier Bancorp, Inc. | 40,000 | 1,965,200 | |
HSBC Holdings PLC | 220,592 | 1,154,116 | |
Huntington Bancshares, Inc. | 144,510 | 1,904,642 | |
JPMorgan Chase & Co. | 4,270,648 | 446,282,716 | |
KeyCorp | 72,748 | 1,165,423 | |
Live Oak Bancshares, Inc. | 15,000 | 459,000 | |
M&T Bank Corp. | 122,687 | 21,632,172 | |
Pinnacle Financial Partners, Inc. | 34,686 | 2,813,035 | |
PNC Financial Services Group, Inc. (The) | 128,442 | 19,191,804 | |
Regions Financial Corp. | 762,628 | 15,305,944 | |
Signature Bank | 3,359 | 507,209 | |
Societe Generale S.A. | 405,793 | 8,025,000 | |
SVB Financial Group(1) | 31,685 | 10,639,189 | |
Synovus Financial Corp. | 1 | 37 | |
Toronto-Dominion Bank (The) | 569 | 34,897 | |
Truist Financial Corp. | 1,743,264 | 75,901,715 | |
U.S. Bancorp | 1,120,019 | 45,159,166 | |
Webster Financial Corp. | 83,390 | 3,769,228 | |
Wells Fargo & Co. | 3,756,768 | 151,097,209 | |
Western Alliance Bancorp | 23,987 | 1,576,905 | |
Zions Bancorp N.A. | 53,870 | 2,739,828 | |
$ 1,069,679,951 | |||
Beverages — 2.3% | |||
Anheuser-Busch InBev SA/NV ADR | 75,379 | $ 3,404,116 | |
Boston Beer Co., Inc. (The), Class A(1) | 4,730 | 1,530,864 | |
Brown-Forman Corp., Class A | 17,399 | 1,175,476 | |
Brown-Forman Corp., Class B | 420,049 | 27,962,662 | |
Coca-Cola Co. (The) | 4,117,268 | 230,649,353 | |
Constellation Brands, Inc., Class A | 130,245 | 29,914,672 |
2
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Beverages (continued) | |||
Diageo PLC ADR | 9,771 | $ 1,659,213 | |
Keurig Dr Pepper, Inc. | 21,979 | 787,288 | |
Molson Coors Beverage Co., Class B | 50,342 | 2,415,913 | |
Monster Beverage Corp.(1) | 135,741 | 11,804,037 | |
PepsiCo, Inc. | 2,133,929 | 348,385,249 | |
$ 659,688,843 | |||
Biotechnology — 2.5% | |||
2seventy bio, Inc.(1) | 166 | $ 2,415 | |
AbbVie, Inc. | 1,255,173 | 168,456,768 | |
Agios Pharmaceuticals, Inc.(1) | 68,447 | 1,935,681 | |
Alkermes PLC(1) | 5,000 | 111,650 | |
Alnylam Pharmaceuticals, Inc.(1) | 9,409 | 1,883,305 | |
Amgen, Inc. | 703,953 | 158,671,006 | |
argenx SE ADR(1) | 308,910 | 109,060,676 | |
Biogen, Inc.(1) | 30,918 | 8,255,106 | |
Bluebird Bio, Inc.(1) | 500 | 3,165 | |
Exact Sciences Corp.(1) | 71,318 | 2,317,122 | |
Gilead Sciences, Inc. | 1,153,394 | 71,152,876 | |
Incyte Corp.(1) | 103,220 | 6,878,581 | |
Moderna, Inc.(1) | 343,592 | 40,629,754 | |
Natera, Inc.(1) | 14,283 | 625,881 | |
Neurocrine Biosciences, Inc.(1) | 219,845 | 23,349,738 | |
Regeneron Pharmaceuticals, Inc.(1) | 34,422 | 23,712,283 | |
Seagen, Inc.(1) | 5,662 | 774,732 | |
Vertex Pharmaceuticals, Inc.(1) | 348,982 | 101,044,248 | |
$ 718,864,987 | |||
Building Products — 0.5% | |||
A.O. Smith Corp. | 32,488 | $ 1,578,267 | |
Allegion PLC | 123 | 11,031 | |
Carlisle Cos., Inc. | 71,809 | 20,135,962 | |
Carrier Global Corp. | 250,906 | 8,922,217 | |
Fortune Brands Home & Security, Inc. | 17,806 | 956,004 | |
Johnson Controls International PLC | 356,904 | 17,566,815 | |
Lennox International, Inc. | 381,979 | 85,055,264 | |
Masco Corp. | 40,088 | 1,871,709 | |
Resideo Technologies, Inc.(1) | 11,209 | 213,643 | |
Trane Technologies PLC | 65,379 | 9,467,533 | |
Trex Co., Inc.(1) | 3,070 | 134,896 | |
$ 145,913,341 | |||
Capital Markets — 4.0% | |||
Affiliated Managers Group, Inc. | 58,916 | $ 6,589,755 | |
Ameriprise Financial, Inc. | 93,679 | 23,602,424 | |
Ares Management Corp., Class A | 44,772 | 2,773,625 |
Security | Shares | Value | |
Capital Markets (continued) | |||
Bank of New York Mellon Corp. (The) | 676,857 | $ 26,072,532 | |
BlackRock, Inc. | 48,955 | 26,938,957 | |
Blackstone, Inc. | 342,444 | 28,662,563 | |
Brookfield Asset Management, Inc., Class A | 272,575 | 11,145,592 | |
Carlyle Group, Inc. (The) | 457,373 | 11,818,518 | |
Cboe Global Markets, Inc. | 194,382 | 22,814,615 | |
Charles Schwab Corp. (The) | 2,690,879 | 193,393,474 | |
CME Group, Inc. | 247,535 | 43,845,874 | |
FactSet Research Systems, Inc. | 97,345 | 38,948,708 | |
Federated Hermes, Inc., Class B | 66,210 | 2,192,875 | |
Franklin Resources, Inc. | 211,191 | 4,544,830 | |
Goldman Sachs Group, Inc. (The) | 1,043,224 | 305,716,793 | |
Intercontinental Exchange, Inc. | 154,759 | 13,982,476 | |
Invesco, Ltd. | 11,064 | 151,577 | |
LPL Financial Holdings, Inc. | 160,206 | 35,001,807 | |
Moody's Corp. | 270,102 | 65,664,497 | |
Morgan Stanley(3) | 1,303,946 | 103,024,773 | |
Morningstar, Inc. | 4,694 | 996,630 | |
MSCI, Inc. | 10,320 | 4,352,873 | |
Nasdaq, Inc. | 237,741 | 13,475,160 | |
Northern Trust Corp. | 383,848 | 32,842,035 | |
Raymond James Financial, Inc. | 110,958 | 10,964,870 | |
S&P Global, Inc. | 233,199 | 71,207,315 | |
SEI Investments Co. | 159,600 | 7,828,380 | |
State Street Corp. | 201,821 | 12,272,735 | |
Stifel Financial Corp. | 1 | 52 | |
T. Rowe Price Group, Inc. | 355,834 | 37,366,128 | |
UBS Group AG(1) | 9 | 131 | |
$ 1,158,192,574 | |||
Chemicals — 1.2% | |||
AdvanSix, Inc. | 968 | $ 31,073 | |
Air Products and Chemicals, Inc. | 25,995 | 6,049,816 | |
Albemarle Corp. | 100,158 | 26,485,781 | |
Balchem Corp. | 24,992 | 3,038,527 | |
Cabot Corp. | 16,510 | 1,054,824 | |
Celanese Corp. | 23,540 | 2,126,604 | |
Chemours Co. (The) | 147 | 3,624 | |
Corteva, Inc. | 240,471 | 13,742,918 | |
Dow, Inc. | 75,898 | 3,334,199 | |
DuPont de Nemours, Inc. | 496,015 | 24,999,156 | |
Eastman Chemical Co. | 1,062 | 75,455 | |
Ecolab, Inc. | 690,911 | 99,781,367 | |
FMC Corp. | 817 | 86,357 | |
International Flavors & Fragrances, Inc. | 5,000 | 454,150 | |
Linde PLC | 240,761 | 64,906,758 |
3
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Chemicals (continued) | |||
LyondellBasell Industries NV, Class A | 4,063 | $ 305,863 | |
NewMarket Corp. | 3,923 | 1,180,156 | |
Nutrien, Ltd. | 11,227 | 936,107 | |
PPG Industries, Inc. | 423,052 | 46,827,626 | |
RPM International, Inc. | 3,433 | 286,003 | |
Scotts Miracle-Gro Co. (The) | 136 | 5,814 | |
Sherwin-Williams Co. (The) | 192,999 | 39,516,545 | |
$ 335,228,723 | |||
Commercial Services & Supplies — 0.4% | |||
Brady Corp., Class A | 258 | $ 10,766 | |
Cintas Corp. | 1,840 | 714,270 | |
Copart, Inc.(1) | 4,771 | 507,634 | |
HNI Corp. | 108,151 | 2,867,083 | |
IAA, Inc.(1) | 310 | 9,874 | |
MSA Safety, Inc. | 83,272 | 9,099,964 | |
Republic Services, Inc. | 4,227 | 575,041 | |
Rollins, Inc. | 60,814 | 2,109,030 | |
Stericycle, Inc.(1) | 8,000 | 336,880 | |
Waste Connections, Inc. | 115,655 | 15,628,460 | |
Waste Management, Inc. | 499,468 | 80,019,768 | |
$ 111,878,770 | |||
Communications Equipment — 2.1% | |||
Arista Networks, Inc.(1) | 3,955,711 | $ 446,560,215 | |
Cisco Systems, Inc. | 3,603,350 | 144,134,000 | |
Juniper Networks, Inc. | 233,712 | 6,104,557 | |
Motorola Solutions, Inc. | 60,439 | 13,536,523 | |
Nokia Oyj ADR | 192 | 820 | |
$ 610,336,115 | |||
Construction & Engineering — 0.0%(2) | |||
Comfort Systems USA, Inc.(1)(4) | 17,894 | $ 1,741,043 | |
Fluor Corp.(1) | 3,250 | 80,893 | |
MasTec, Inc.(1) | 1,500 | 95,250 | |
Quanta Services, Inc. | 2,649 | 337,456 | |
$ 2,254,642 | |||
Construction Materials — 0.0%(2) | |||
Vulcan Materials Co. | 64,614 | $ 10,190,274 | |
$ 10,190,274 | |||
Consumer Finance — 0.7% | |||
American Express Co. | 918,244 | $ 123,880,298 | |
Bread Financial Holdings, Inc. | 686 | 21,575 | |
Capital One Financial Corp. | 70,766 | 6,522,502 |
Security | Shares | Value | |
Consumer Finance (continued) | |||
Discover Financial Services | 807,195 | $ 73,390,169 | |
LendingClub Corp.(1) | 15,938 | 176,115 | |
Synchrony Financial | 78,799 | 2,221,344 | |
$ 206,212,003 | |||
Containers & Packaging — 0.1% | |||
Amcor PLC | 940,774 | $ 10,094,505 | |
AptarGroup, Inc. | 65,000 | 6,176,950 | |
Avery Dennison Corp. | 6,010 | 977,827 | |
Ball Corp. | 63,819 | 3,083,734 | |
Crown Holdings, Inc. | 13,787 | 1,117,160 | |
International Paper Co. | 36,077 | 1,143,641 | |
Packaging Corp. of America | 13,103 | 1,471,336 | |
Sealed Air Corp. | 27,104 | 1,206,399 | |
Sonoco Products Co. | 2,297 | 130,309 | |
WestRock Co. | 22,073 | 681,835 | |
$ 26,083,696 | |||
Distributors — 0.0%(2) | |||
Genuine Parts Co. | 22,932 | $ 3,424,206 | |
LKQ Corp. | 81,118 | 3,824,714 | |
Pool Corp. | 10,691 | 3,401,983 | |
$ 10,650,903 | |||
Diversified Consumer Services — 0.0%(2) | |||
Bright Horizons Family Solutions, Inc.(1) | 6,150 | $ 354,547 | |
H&R Block, Inc. | 18,127 | 771,123 | |
Service Corp. International | 16,140 | 931,924 | |
$ 2,057,594 | |||
Diversified Financial Services — 2.7% | |||
Apollo Global Management, Inc. | 40,164 | $ 1,867,626 | |
Berkshire Hathaway, Inc., Class A(1) | 605 | 245,914,350 | |
Berkshire Hathaway, Inc., Class B(1) | 1,936,047 | 516,963,270 | |
$ 764,745,246 | |||
Diversified Telecommunication Services — 0.2% | |||
AT&T, Inc. | 1,224,364 | $ 18,781,744 | |
Liberty Latin America, Ltd., Class C(1) | 1 | 6 | |
Lumen Technologies, Inc. | 4,871 | 35,461 | |
Verizon Communications, Inc. | 944,653 | 35,868,474 | |
$ 54,685,685 | |||
Electric Utilities — 1.0% | |||
ALLETE, Inc. | 16,987 | $ 850,199 | |
American Electric Power Co., Inc. | 238,415 | 20,610,977 |
4
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Electric Utilities (continued) | |||
Constellation Energy Corp. | 10,429 | $ 867,588 | |
Duke Energy Corp. | 867,408 | 80,686,292 | |
Edison International | 510,006 | 28,856,139 | |
Entergy Corp. | 2,640 | 265,663 | |
Exelon Corp. | 31,911 | 1,195,386 | |
IDACORP, Inc. | 565 | 55,941 | |
NextEra Energy, Inc. | 1,662,855 | 130,384,461 | |
NRG Energy, Inc. | 3,136 | 120,015 | |
Portland General Electric Co. | 20,000 | 869,200 | |
PPL Corp. | 2,700 | 68,445 | |
Southern Co. (The) | 78,747 | 5,354,796 | |
Xcel Energy, Inc. | 266,196 | 17,036,544 | |
$ 287,221,646 | |||
Electrical Equipment — 0.7% | |||
Acuity Brands, Inc. | 9,321 | $ 1,467,778 | |
AMETEK, Inc. | 55,707 | 6,317,731 | |
Eaton Corp. PLC | 100,759 | 13,437,220 | |
Emerson Electric Co. | 1,998,974 | 146,364,876 | |
Generac Holdings, Inc.(1) | 2,476 | 441,075 | |
Hubbell, Inc. | 62,461 | 13,928,803 | |
nVent Electric PLC | 4 | 127 | |
Rockwell Automation, Inc. | 139,557 | 30,020,106 | |
$ 211,977,716 | |||
Electronic Equipment, Instruments & Components — 0.4% | |||
Amphenol Corp., Class A | 24,679 | $ 1,652,506 | |
Badger Meter, Inc. | 4,500 | 415,755 | |
CDW Corp. | 144,442 | 22,544,508 | |
Corning, Inc. | 1,468,801 | 42,624,605 | |
IPG Photonics Corp.(1) | 25,541 | 2,154,383 | |
Keysight Technologies, Inc.(1) | 12,706 | 1,999,416 | |
Knowles Corp.(1) | 1 | 12 | |
Littelfuse, Inc. | 91,856 | 18,250,869 | |
TE Connectivity, Ltd. | 64,747 | 7,145,479 | |
Teledyne Technologies, Inc.(1) | 145 | 48,933 | |
Trimble, Inc.(1) | 198,434 | 10,769,013 | |
Vontier Corp. | 3,985 | 66,589 | |
Zebra Technologies Corp., Class A(1) | 52,044 | 13,636,049 | |
$ 121,308,117 | |||
Energy Equipment & Services — 0.2% | |||
ChampionX Corp. | 6,002 | $ 117,459 | |
Core Laboratories NV | 16,652 | 224,469 | |
Expro Group Holdings N.V.(1) | 250,000 | 3,185,000 | |
Halliburton Co. | 697,982 | 17,184,317 |
Security | Shares | Value | |
Energy Equipment & Services (continued) | |||
NOV, Inc. | 5,400 | $ 87,372 | |
Schlumberger NV | 855,185 | 30,701,141 | |
Transocean, Ltd.(1) | 3,548 | 8,764 | |
$ 51,508,522 | |||
Entertainment — 1.6% | |||
Activision Blizzard, Inc. | 149,964 | $ 11,148,324 | |
Electronic Arts, Inc. | 150,119 | 17,370,270 | |
Live Nation Entertainment, Inc.(1) | 20,744 | 1,577,374 | |
NetEase, Inc., ADR | 510 | 38,556 | |
Netflix, Inc.(1) | 234,398 | 55,186,665 | |
ROBLOX Corp., Class A(1) | 905,777 | 32,463,048 | |
Roku, Inc., Class A(1) | 26,288 | 1,482,643 | |
Spotify Technology S.A.(1) | 92,198 | 7,956,687 | |
Take-Two Interactive Software, Inc.(1) | 23,883 | 2,603,247 | |
Walt Disney Co. (The)(1) | 3,401,980 | 320,908,773 | |
Warner Bros. Discovery, Inc.(1) | 644,836 | 7,415,614 | |
$ 458,151,201 | |||
Equity Real Estate Investment Trusts (REITs) — 0.6% | |||
American Homes 4 Rent, Class A | 166,000 | $ 5,446,460 | |
American Tower Corp. | 97,156 | 20,859,393 | |
AvalonBay Communities, Inc. | 7,000 | 1,289,330 | |
Boston Properties, Inc. | 60 | 4,498 | |
Brixmor Property Group, Inc. | 45,000 | 831,150 | |
Broadstone Net Lease, Inc. | 19,453 | 302,105 | |
Crown Castle, Inc. | 1,609 | 232,581 | |
Digital Realty Trust, Inc. | 75 | 7,439 | |
EastGroup Properties, Inc. | 618,809 | 89,318,891 | |
Equinix, Inc. | 990 | 563,152 | |
Extra Space Storage, Inc. | 1,800 | 310,878 | |
Federal Realty Investment Trust | 1,300 | 117,156 | |
Healthpeak Properties, Inc. | 235,000 | 5,386,200 | |
Host Hotels & Resorts, Inc. | 528,986 | 8,400,298 | |
Mid-America Apartment Communities, Inc. | 457 | 70,867 | |
National Storage Affiliates Trust(4) | 170,000 | 7,068,600 | |
ProLogis, Inc. | 40,987 | 4,164,279 | |
Public Storage | 38,114 | 11,160,160 | |
Realty Income Corp. | 100,779 | 5,865,338 | |
Regency Centers Corp. | 405 | 21,809 | |
SBA Communications Corp. | 6,025 | 1,715,016 | |
Simon Property Group, Inc. | 8,192 | 735,232 | |
Sun Communities, Inc. | 86,445 | 11,698,602 | |
Ventas, Inc. | 98,914 | 3,973,375 | |
$ 179,542,809 |
5
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Food & Staples Retailing — 1.9% | |||
Costco Wholesale Corp. | 945,192 | $ 446,385,826 | |
Kroger Co. (The) | 701,785 | 30,703,094 | |
Sprouts Farmers Market, Inc.(1) | 293,294 | 8,138,909 | |
Sysco Corp. | 655,066 | 46,319,717 | |
Walgreens Boots Alliance, Inc. | 431,731 | 13,556,353 | |
Walmart, Inc. | 66,702 | 8,651,249 | |
$ 553,755,148 | |||
Food Products — 1.4% | |||
Archer-Daniels-Midland Co. | 137,778 | $ 11,084,240 | |
Campbell Soup Co. | 748,065 | 35,248,823 | |
Conagra Brands, Inc. | 699,690 | 22,830,885 | |
Flowers Foods, Inc. | 774,473 | 19,121,738 | |
General Mills, Inc. | 171,296 | 13,122,986 | |
Hain Celestial Group, Inc. (The)(1) | 17,240 | 291,011 | |
Hershey Co. (The) | 246,121 | 54,262,297 | |
Hormel Foods Corp. | 366,066 | 16,634,039 | |
J&J Snack Foods Corp. | 33,410 | 4,325,593 | |
JM Smucker Co. (The) | 19,721 | 2,709,863 | |
Kellogg Co. | 73,321 | 5,107,541 | |
Kraft Heinz Co. (The) | 189,995 | 6,336,333 | |
Lamb Weston Holdings, Inc. | 155,211 | 12,010,227 | |
McCormick & Co., Inc., Non Voting Shares | 168,759 | 12,027,454 | |
Mondelez International, Inc., Class A | 1,235,900 | 67,764,397 | |
Nestle S.A. | 1,118,348 | 120,957,513 | |
Tyson Foods, Inc., Class A(1) | 50,810 | 3,349,904 | |
Tyson Foods, Inc., Class A(1)(4) | 22,540 | 1,486,062 | |
$ 408,670,906 | |||
Health Care Equipment & Supplies — 2.9% | |||
Abbott Laboratories | 2,016,952 | $ 195,160,276 | |
ABIOMED, Inc.(1) | 109,299 | 26,850,392 | |
Alcon, Inc. | 22,924 | 1,333,718 | |
Align Technology, Inc.(1) | 20,794 | 4,306,645 | |
Avanos Medical, Inc.(1) | 542 | 11,805 | |
Baxter International, Inc. | 39,731 | 2,139,912 | |
Becton, Dickinson and Co. | 155,907 | 34,740,757 | |
Boston Scientific Corp.(1) | 680,931 | 26,372,458 | |
DENTSPLY SIRONA, Inc. | 126,017 | 3,572,582 | |
DexCom, Inc.(1) | 654,568 | 52,718,907 | |
Edwards Lifesciences Corp.(1) | 474,798 | 39,232,559 | |
Embecta Corp. | 29,991 | 863,441 | |
IDEXX Laboratories, Inc.(1) | 17,216 | 5,608,973 | |
Inari Medical, Inc.(1) | 488,894 | 35,513,260 | |
Inari Medical, Inc.(1)(4) | 22,222 | 1,614,206 | |
Insulet Corp.(1) | 10,198 | 2,339,421 |
Security | Shares | Value | |
Health Care Equipment & Supplies (continued) | |||
Integra LifeSciences Holdings Corp.(1) | 2,955,898 | $ 125,211,839 | |
Intuitive Surgical, Inc.(1) | 528,489 | 99,059,978 | |
Medtronic PLC | 546,950 | 44,166,212 | |
Penumbra, Inc.(1) | 105,243 | 19,954,073 | |
ResMed, Inc. | 32,670 | 7,131,861 | |
Shockwave Medical, Inc.(1) | 3,432 | 954,336 | |
Smith & Nephew PLC ADR | 5,500 | 127,710 | |
STERIS PLC | 3,190 | 530,433 | |
Stryker Corp. | 343,734 | 69,619,884 | |
Teleflex, Inc. | 14,475 | 2,916,134 | |
Zimmer Biomet Holdings, Inc. | 151,840 | 15,874,872 | |
Zimvie, Inc.(1) | 15,283 | 150,843 | |
$ 818,077,487 | |||
Health Care Providers & Services — 3.3% | |||
Acadia Healthcare Co., Inc.(1) | 32,000 | $ 2,501,760 | |
AmerisourceBergen Corp. | 2,501 | 338,460 | |
Cardinal Health, Inc. | 21,017 | 1,401,414 | |
Centene Corp.(1) | 172,873 | 13,451,248 | |
Cigna Corp. | 48,559 | 13,473,666 | |
Covetrus, Inc.(1) | 5,595 | 116,824 | |
CVS Health Corp. | 1,977,474 | 188,591,695 | |
DaVita, Inc.(1) | 246,671 | 20,416,959 | |
Elevance Health, Inc. | 150,036 | 68,152,353 | |
Ensign Group, Inc. (The) | 51,487 | 4,093,216 | |
Guardant Health, Inc.(1) | 145,805 | 7,848,683 | |
HCA Healthcare, Inc. | 211,352 | 38,844,384 | |
Henry Schein, Inc.(1) | 26,348 | 1,732,908 | |
Humana, Inc. | 4,117 | 1,997,527 | |
Laboratory Corp. of America Holdings | 2,067 | 423,342 | |
McKesson Corp. | 150,389 | 51,112,709 | |
Molina Healthcare, Inc.(1) | 18,585 | 6,130,076 | |
Oak Street Health, Inc.(1) | 734,379 | 18,006,973 | |
Progyny, Inc.(1) | 15,525 | 575,357 | |
Quest Diagnostics, Inc. | 1,115 | 136,799 | |
Tenet Healthcare Corp.(1) | 32,363 | 1,669,284 | |
UnitedHealth Group, Inc. | 996,449 | 503,246,603 | |
$ 944,262,240 | |||
Health Care Technology — 0.0%(2) | |||
Doximity, Inc., Class A(1) | 118,400 | $ 3,578,048 | |
Teladoc Health, Inc.(1) | 93,070 | 2,359,325 | |
Veeva Systems, Inc., Class A(1) | 33,508 | 5,524,799 | |
$ 11,462,172 |
6
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Hotels, Restaurants & Leisure — 3.3% | |||
Airbnb, Inc., Class A(1) | 236,236 | $ 24,814,229 | |
Aramark | 148,020 | 4,618,224 | |
Booking Holdings, Inc.(1) | 52,915 | 86,950,457 | |
Carnival Corp.(1) | 22,069 | 155,145 | |
Chipotle Mexican Grill, Inc.(1) | 120,458 | 181,019,464 | |
Choice Hotels International, Inc. | 49,631 | 5,435,587 | |
Darden Restaurants, Inc. | 77,690 | 9,813,801 | |
Domino's Pizza, Inc. | 3,071 | 952,624 | |
Draftkings, Inc., Class A(1) | 550 | 8,327 | |
Expedia Group, Inc.(1) | 94,945 | 8,895,397 | |
Hilton Worldwide Holdings, Inc. | 106,201 | 12,809,965 | |
Hyatt Hotels Corp., Class A(1) | 1,353,442 | 109,574,664 | |
Marriott International, Inc., Class A | 1,115,753 | 156,361,625 | |
McDonald's Corp. | 155,004 | 35,765,623 | |
MGM Resorts International | 892,202 | 26,516,244 | |
Penn Entertainment, Inc.(1) | 30,956 | 851,600 | |
Royal Caribbean Cruises, Ltd.(1) | 1,900 | 72,010 | |
Starbucks Corp. | 2,552,969 | 215,113,168 | |
Texas Roadhouse, Inc. | 417,127 | 36,398,502 | |
Trip.com Group, Ltd., ADR(1) | 5,200 | 142,012 | |
Yum China Holdings, Inc. | 307,952 | 14,575,368 | |
Yum! Brands, Inc. | 151,990 | 16,162,617 | |
$ 947,006,653 | |||
Household Durables — 0.2% | |||
D.R. Horton, Inc. | 43,075 | $ 2,901,101 | |
Helen of Troy, Ltd.(1) | 645 | 62,204 | |
Leggett & Platt, Inc. | 94,579 | 3,141,914 | |
Lennar Corp., Class A | 48,693 | 3,630,063 | |
Lennar Corp., Class B | 21 | 1,250 | |
Mohawk Industries, Inc.(1) | 20,864 | 1,902,588 | |
Newell Brands, Inc. | 123,465 | 1,714,929 | |
NVR, Inc.(1) | 1,822 | 7,264,460 | |
PulteGroup, Inc. | 222,055 | 8,327,063 | |
Tempur Sealy International, Inc. | 680,430 | 16,425,580 | |
Toll Brothers, Inc. | 4,378 | 183,876 | |
Whirlpool Corp. | 1,646 | 221,897 | |
$ 45,776,925 | |||
Household Products — 1.8% | |||
Church & Dwight Co., Inc. | 217,268 | $ 15,521,626 | |
Clorox Co. (The) | 21,183 | 2,719,685 | |
Colgate-Palmolive Co. | 2,827,568 | 198,636,652 | |
Energizer Holdings, Inc. | 10,496 | 263,870 |
Security | Shares | Value | |
Household Products (continued) | |||
Kimberly-Clark Corp. | 108,917 | $ 12,257,519 | |
Procter & Gamble Co. (The) | 2,175,145 | 274,612,056 | |
$ 504,011,408 | |||
Industrial Conglomerates — 0.6% | |||
3M Co. | 607,038 | $ 67,077,699 | |
General Electric Co. | 708,784 | 43,880,817 | |
Honeywell International, Inc. | 405,779 | 67,752,920 | |
$ 178,711,436 | |||
Insurance — 1.8% | |||
Aegon NV ADR | 5 | $ 20 | |
Aflac, Inc. | 921,090 | 51,765,258 | |
Alleghany Corp.(1) | 3,985 | 3,344,890 | |
Allstate Corp. (The) | 23,233 | 2,893,206 | |
American International Group, Inc. | 139,191 | 6,608,789 | |
Aon PLC, Class A | 177,456 | 47,535,139 | |
Arch Capital Group, Ltd.(1) | 286,437 | 13,044,341 | |
Arthur J. Gallagher & Co. | 540,259 | 92,503,146 | |
Assurant, Inc. | 19,372 | 2,814,170 | |
Brighthouse Financial, Inc.(1) | 936 | 40,641 | |
Brookfield Asset Management Reinsurance Partners, Ltd., Class A | 1,615 | 66,054 | |
Brown & Brown, Inc. | 407 | 24,615 | |
Chubb, Ltd. | 61,972 | 11,271,467 | |
Cincinnati Financial Corp. | 117,210 | 10,498,500 | |
Fidelity National Financial, Inc. | 58,987 | 2,135,329 | |
First American Financial Corp. | 1,227 | 56,565 | |
Globe Life, Inc. | 176,316 | 17,578,705 | |
Hartford Financial Services Group, Inc. | 218,798 | 13,552,348 | |
Lincoln National Corp. | 73,007 | 3,205,737 | |
Markel Corp.(1) | 27,395 | 29,702,207 | |
Marsh & McLennan Cos., Inc. | 286,904 | 42,831,898 | |
MetLife, Inc. | 19,398 | 1,179,010 | |
Old Republic International Corp. | 57,300 | 1,199,289 | |
Principal Financial Group, Inc. | 90,336 | 6,517,742 | |
Progressive Corp. (The) | 983,264 | 114,265,109 | |
Prudential Financial, Inc. | 22,159 | 1,900,799 | |
Reinsurance Group of America, Inc. | 6,425 | 808,329 | |
Ryan Specialty Holdings, Inc.(1)(4) | 28,103 | 1,141,125 | |
Travelers Cos., Inc. (The) | 146,351 | 22,420,973 | |
Trisura Group, Ltd.(1) | 496 | 12,018 | |
W.R. Berkley Corp. | 43,875 | 2,833,448 | |
Willis Towers Watson PLC | 70 | 14,066 | |
$ 503,764,933 |
7
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Interactive Media & Services — 6.4% | |||
Alphabet, Inc., Class A(1) | 6,254,930 | $ 598,284,054 | |
Alphabet, Inc., Class C(1) | 7,956,958 | 765,061,512 | |
Baidu, Inc., ADR(1) | 136,627 | 16,052,306 | |
CarGurus, Inc.(1) | 37,803 | 535,669 | |
IAC, Inc.(1) | 13,536 | 749,624 | |
Match Group, Inc.(1) | 527,012 | 25,164,823 | |
Meta Platforms, Inc., Class A(1) | 2,646,952 | 359,138,447 | |
Pinterest, Inc., Class A(1) | 2,540,426 | 59,191,926 | |
Snap, Inc., Class A(1) | 629,323 | 6,179,952 | |
Twitter, Inc.(1) | 108,483 | 4,755,895 | |
Vimeo, Inc.(1) | 97,055 | 388,220 | |
Yelp, Inc.(1) | 149,508 | 5,069,816 | |
ZipRecruiter, Inc., Class A(1) | 332,657 | 5,488,840 | |
$ 1,846,061,084 | |||
Internet & Direct Marketing Retail — 3.6% | |||
Alibaba Group Holding, Ltd., ADR(1) | 304,712 | $ 24,373,913 | |
Altaba, Inc.(5) | 114,070 | 433,466 | |
Amazon.com, Inc.(1) | 8,635,789 | 975,844,157 | |
DoorDash, Inc., Class A(1) | 133,033 | 6,578,482 | |
eBay, Inc. | 330,900 | 12,180,429 | |
Etsy, Inc.(1) | 10,937 | 1,095,122 | |
Qurate Retail, Inc., Series A | 99,802 | 200,602 | |
Wayfair, Inc., Class A(1) | 60,022 | 1,953,716 | |
$ 1,022,659,887 | |||
IT Services — 3.6% | |||
Accenture PLC, Class A | 1,075,382 | $ 276,695,789 | |
Affirm Holdings, Inc.(1) | 379,636 | 7,121,971 | |
Akamai Technologies, Inc.(1) | 257,635 | 20,693,243 | |
Amdocs, Ltd. | 43,944 | 3,491,351 | |
Automatic Data Processing, Inc. | 310,374 | 70,203,495 | |
Block, Inc., Class A(1) | 434,159 | 23,874,403 | |
Broadridge Financial Solutions, Inc. | 108,827 | 15,705,913 | |
CGI, Inc.(1) | 200 | 15,048 | |
Cognizant Technology Solutions Corp., Class A | 55,060 | 3,162,646 | |
Fidelity National Information Services, Inc. | 22,757 | 1,719,746 | |
Fiserv, Inc.(1) | 863,094 | 80,759,706 | |
Gartner, Inc.(1) | 7,866 | 2,176,444 | |
Global Payments, Inc. | 65,353 | 7,061,392 | |
International Business Machines Corp. | 581,591 | 69,098,827 | |
Jack Henry & Associates, Inc. | 76,657 | 13,972,271 | |
Kyndryl Holdings, Inc.(1) | 68,109 | 563,261 | |
Mastercard, Inc., Class A | 219,713 | 62,473,194 | |
Okta, Inc.(1) | 319,829 | 18,188,675 | |
Paychex, Inc. | 51,475 | 5,776,010 |
Security | Shares | Value | |
IT Services (continued) | |||
PayPal Holdings, Inc.(1) | 239,414 | $ 20,606,363 | |
Sabre Corp.(1) | 207,290 | 1,067,543 | |
Shopify, Inc., Class A(1) | 125,240 | 3,373,966 | |
Snowflake, Inc., Class A(1) | 125,608 | 21,348,336 | |
Twilio, Inc., Class A(1) | 555,411 | 38,401,117 | |
VeriSign, Inc.(1) | 5,954 | 1,034,210 | |
Visa, Inc., Class A | 1,459,706 | 259,316,771 | |
Western Union Co. (The) | 21,882 | 295,407 | |
$ 1,028,197,098 | |||
Leisure Products — 0.1% | |||
Hasbro, Inc. | 8,057 | $ 543,203 | |
Mattel, Inc.(1) | 10,936 | 207,128 | |
Polaris, Inc. | 79,672 | 7,620,627 | |
Topgolf Callaway Brands Corp.(1) | 1,165,163 | 22,441,039 | |
$ 30,811,997 | |||
Life Sciences Tools & Services — 1.5% | |||
10X Genomics, Inc., Class A(1) | 467,079 | $ 13,302,410 | |
Agilent Technologies, Inc. | 681,925 | 82,887,984 | |
Avantor, Inc.(1) | 120,000 | 2,352,000 | |
Bio-Rad Laboratories, Inc., Class A(1) | 52 | 21,691 | |
Bio-Techne Corp. | 8,597 | 2,441,548 | |
Charles River Laboratories International, Inc.(1) | 239 | 47,035 | |
Danaher Corp. | 215,306 | 55,611,387 | |
Illumina, Inc.(1) | 51,324 | 9,792,106 | |
IQVIA Holdings, Inc.(1) | 74,076 | 13,418,127 | |
Mettler-Toledo International, Inc.(1) | 1,000 | 1,084,120 | |
NeoGenomics, Inc.(1) | 197,625 | 1,701,551 | |
PerkinElmer, Inc. | 182,718 | 21,986,457 | |
Thermo Fisher Scientific, Inc. | 392,012 | 198,824,566 | |
Waters Corp.(1) | 730 | 196,757 | |
West Pharmaceutical Services, Inc. | 69,161 | 17,019,139 | |
$ 420,686,878 | |||
Machinery — 1.8% | |||
Caterpillar, Inc. | 411,931 | $ 67,589,639 | |
Cummins, Inc. | 1,688 | 343,525 | |
Daimler Truck Holding AG ADR(1) | 18,000 | 202,122 | |
Deere & Co. | 236,079 | 78,824,417 | |
Donaldson Co., Inc. | 184,029 | 9,019,261 | |
Dover Corp. | 376,904 | 43,939,468 | |
Fortive Corp. | 33,376 | 1,945,821 | |
Illinois Tool Works, Inc. | 1,283,404 | 231,846,933 | |
Ingersoll Rand, Inc. | 171,795 | 7,431,852 | |
Lincoln Electric Holdings, Inc. | 53,660 | 6,746,135 |
8
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Machinery (continued) | |||
Middleby Corp.(1) | 2,000 | $ 256,340 | |
Nordson Corp. | 4,500 | 955,215 | |
Otis Worldwide Corp. | 438,031 | 27,946,378 | |
PACCAR, Inc. | 186,094 | 15,574,207 | |
Parker-Hannifin Corp. | 27,492 | 6,661,587 | |
Pentair PLC | 75 | 3,047 | |
Snap-on, Inc. | 29,674 | 5,974,860 | |
Stanley Black & Decker, Inc. | 288 | 21,660 | |
Toro Co. (The) | 14,128 | 1,221,789 | |
Trinity Industries, Inc. | 11,100 | 236,985 | |
Westinghouse Air Brake Technologies Corp. | 173,886 | 14,145,626 | |
Xylem, Inc. | 112,897 | 9,862,682 | |
$ 530,749,549 | |||
Media — 0.2% | |||
Charter Communications, Inc., Class A(1) | 5,983 | $ 1,814,943 | |
Comcast Corp., Class A | 1,350,022 | 39,596,145 | |
Fox Corp., Class A | 50,412 | 1,546,640 | |
Interpublic Group of Cos., Inc. (The) | 976 | 24,985 | |
Liberty Broadband Corp., Series A(1) | 1 | 75 | |
Liberty Broadband Corp., Series C(1) | 1 | 74 | |
Loyalty Ventures, Inc.(1) | 274 | 331 | |
News Corp., Class A | 32,024 | 483,883 | |
Omnicom Group, Inc. | 16,403 | 1,034,865 | |
Paramount Global, Class B | 612,221 | 11,656,688 | |
Sirius XM Holdings, Inc. | 1 | 6 | |
Trade Desk, Inc. (The), Class A(1) | 1,000 | 59,750 | |
$ 56,218,385 | |||
Metals & Mining — 0.2% | |||
Alcoa Corp. | 4,214 | $ 141,843 | |
Arconic Corp.(1) | 1 | 17 | |
BHP Group, Ltd. ADR | 800 | 40,032 | |
Cleveland-Cliffs, Inc.(1) | 278,121 | 3,746,290 | |
Freeport-McMoRan, Inc. | 113,111 | 3,091,324 | |
Glencore PLC | 598,405 | 3,144,626 | |
Newmont Corp. | 103 | 4,329 | |
Nucor Corp. | 242,762 | 25,973,106 | |
Steel Dynamics, Inc. | 232,124 | 16,469,198 | |
$ 52,610,765 | |||
Multiline Retail — 0.1% | |||
Dollar General Corp. | 520 | $ 124,727 | |
Dollar Tree, Inc.(1) | 147,240 | 20,039,364 |
Security | Shares | Value | |
Multiline Retail (continued) | |||
Nordstrom, Inc. | 3,192 | $ 53,402 | |
Target Corp. | 48,083 | 7,135,037 | |
$ 27,352,530 | |||
Multi-Utilities — 0.4% | |||
Ameren Corp. | 1,400 | $ 112,770 | |
Black Hills Corp. | 783 | 53,033 | |
Consolidated Edison, Inc. | 525,151 | 45,036,950 | |
Dominion Energy, Inc. | 899,105 | 62,137,146 | |
DTE Energy Co. | 77,124 | 8,873,116 | |
NiSource, Inc. | 828 | 20,857 | |
Public Service Enterprise Group, Inc. | 6,921 | 389,168 | |
Sempra Energy | 67,907 | 10,181,975 | |
WEC Energy Group, Inc. | 15,006 | 1,341,987 | |
$ ��128,147,002 | |||
Oil, Gas & Consumable Fuels — 3.5% | |||
Antero Resources Corp.(1) | 1,341,986 | $ 40,970,832 | |
Cheniere Energy, Inc. | 646,170 | 107,206,065 | |
Chevron Corp. | 1,082,725 | 155,555,101 | |
ConocoPhillips | 708,232 | 72,480,463 | |
Devon Energy Corp. | 55,390 | 3,330,601 | |
Diamondback Energy, Inc. | 126,319 | 15,216,387 | |
DT Midstream, Inc.(1) | 38,562 | 2,000,982 | |
Enbridge, Inc. | 4,983 | 184,869 | |
EOG Resources, Inc. | 1,161,268 | 129,748,474 | |
EQT Corp. | 172,074 | 7,012,015 | |
Equitrans Midstream Corp. | 144,379 | 1,079,955 | |
Exxon Mobil Corp. | 3,931,363 | 343,247,303 | |
Hess Corp. | 53,310 | 5,810,257 | |
HF Sinclair Corp. | 9,171 | 493,767 | |
Kinder Morgan, Inc. | 120,691 | 2,008,298 | |
Magnolia Oil & Gas Corp., Class A | 245,547 | 4,864,286 | |
Marathon Oil Corp. | 8,775 | 198,139 | |
Marathon Petroleum Corp. | 215,166 | 21,372,439 | |
Murphy Oil Corp. | 44,823 | 1,576,425 | |
Occidental Petroleum Corp. | 435,211 | 26,743,716 | |
ONEOK, Inc. | 57,290 | 2,935,540 | |
Phillips 66 | 202,729 | 16,364,285 | |
Pioneer Natural Resources Co. | 31,687 | 6,861,186 | |
Range Resources Corp. | 664,831 | 16,793,631 | |
Shell PLC | 100 | 4,976 | |
Texas Pacific Land Corp. | 6,565 | 11,667,515 | |
Valero Energy Corp. | 17,838 | 1,905,990 | |
Williams Cos., Inc. (The) | 34,025 | 974,136 | |
$ 998,607,633 |
9
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Paper and Forest Products — 0.0%(2) | |||
Sylvamo Corp. | 3,229 | $ 109,463 | |
$ 109,463 | |||
Personal Products — 0.2% | |||
Estee Lauder Cos., Inc. (The), Class A | 198,338 | $ 42,821,174 | |
Haleon PLC ADR(1) | 11,863 | 72,246 | |
Unilever PLC ADR | 70,897 | 3,108,124 | |
$ 46,001,544 | |||
Pharmaceuticals — 5.8% | |||
AstraZeneca PLC ADR | 1,319,901 | $ 72,383,371 | |
Bausch Health Cos., Inc.(1) | 4,389 | 30,240 | |
Bristol-Myers Squibb Co. | 2,586,848 | 183,899,024 | |
Catalent, Inc.(1) | 45,943 | 3,324,435 | |
Eli Lilly & Co. | 2,047,457 | 662,045,221 | |
GSK PLC ADR | 9,490 | 279,291 | |
Johnson & Johnson | 2,612,352 | 426,753,823 | |
Mallinckrodt PLC(1)(5) | 6 | 0 | |
Merck & Co., Inc. | 1,735,305 | 149,444,467 | |
Novartis AG ADR | 145,139 | 11,032,015 | |
Novo Nordisk A/S ADR | 56,211 | 5,600,302 | |
Organon & Co. | 160,960 | 3,766,464 | |
Pfizer, Inc. | 2,383,276 | 104,292,158 | |
Reata Pharmaceuticals, Inc., Class A(1) | 4,694 | 117,960 | |
Roche Holding AG ADR | 38,814 | 1,576,625 | |
Sanofi ADR | 6,100 | 231,922 | |
Takeda Pharmaceutical Co., Ltd. ADR | 5,036 | 65,317 | |
Teva Pharmaceutical Industries, Ltd. ADR(1) | 5,106 | 41,205 | |
Viatris, Inc. | 141,733 | 1,207,565 | |
Zoetis, Inc. | 207,471 | 30,765,875 | |
$ 1,656,857,280 | |||
Professional Services — 0.4% | |||
ASGN, Inc.(1) | 284,823 | $ 25,739,454 | |
Booz Allen Hamilton Holding Corp., Class A | 162,364 | 14,994,315 | |
CACI International, Inc., Class A(1) | 19,784 | 5,164,811 | |
Equifax, Inc. | 14,485 | 2,483,164 | |
Jacobs Solutions, Inc. | 85,615 | 9,288,371 | |
Nielsen Holdings PLC | 2,000 | 55,440 | |
Thomson Reuters Corp. | 181,943 | 18,670,991 | |
TriNet Group, Inc.(1) | 23,100 | 1,645,182 | |
Verisk Analytics, Inc. | 270,734 | 46,168,269 | |
$ 124,209,997 | |||
Real Estate Management & Development — 0.0%(2) | |||
Zillow Group, Inc., Class A(1) | 10,638 | $ 304,566 |
Security | Shares | Value | |
Real Estate Management & Development (continued) | |||
Zillow Group, Inc., Class C(1) | 21,276 | $ 608,706 | |
$ 913,272 | |||
Road & Rail — 1.3% | |||
Canadian National Railway Co. | 124,084 | $ 13,399,831 | |
Canadian Pacific Railway, Ltd. | 10,807 | 721,043 | |
CSX Corp. | 1,984,382 | 52,863,937 | |
J.B. Hunt Transport Services, Inc. | 17,448 | 2,729,216 | |
Lyft, Inc., Class A(1) | 160,326 | 2,111,493 | |
Norfolk Southern Corp. | 368,222 | 77,197,742 | |
Uber Technologies, Inc.(1) | 3,699,519 | 98,037,254 | |
Union Pacific Corp. | 672,834 | 131,081,520 | |
XPO Logistics, Inc.(1) | 67,458 | 3,003,230 | |
$ 381,145,266 | |||
Semiconductors & Semiconductor Equipment — 4.4% | |||
Advanced Micro Devices, Inc.(1) | 64,937 | $ 4,114,408 | |
Analog Devices, Inc. | 502,851 | 70,067,258 | |
Applied Materials, Inc. | 435,578 | 35,686,906 | |
ASML Holding NV - NY Shares | 12,672 | 5,263,315 | |
Broadcom, Inc. | 119,304 | 52,972,169 | |
Cirrus Logic, Inc.(1) | 50,300 | 3,460,640 | |
Enphase Energy, Inc.(1) | 54,000 | 14,983,380 | |
Intel Corp. | 4,879,431 | 125,742,937 | |
KLA Corp. | 605 | 183,091 | |
Lam Research Corp. | 82,291 | 30,118,506 | |
Marvell Technology, Inc. | 95,691 | 4,106,101 | |
Microchip Technology, Inc. | 1,114,568 | 68,022,085 | |
Micron Technology, Inc.(1) | 703,114 | 35,226,011 | |
Micron Technology, Inc.(1)(4) | 11,829 | 592,633 | |
Monolithic Power Systems, Inc. | 4,000 | 1,453,600 | |
NVIDIA Corp. | 2,558,996 | 310,636,524 | |
NXP Semiconductors NV | 14,754 | 2,176,363 | |
ON Semiconductor Corp.(1) | 229,518 | 14,305,857 | |
Qorvo, Inc.(1) | 13,586 | 1,078,864 | |
QUALCOMM, Inc. | 2,960,621 | 334,490,961 | |
Silicon Laboratories, Inc.(1) | 67,435 | 8,324,176 | |
Skyworks Solutions, Inc. | 1,000 | 85,270 | |
SolarEdge Technologies, Inc.(1) | 1,000 | 231,460 | |
Teradyne, Inc. | 13,157 | 988,749 | |
Texas Instruments, Inc. | 953,711 | 147,615,389 | |
$ 1,271,926,653 | |||
Software — 8.6% | |||
Adobe, Inc.(1) | 430,743 | $ 118,540,474 | |
ANSYS, Inc.(1) | 154,179 | 34,181,484 |
10
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Software (continued) | |||
Autodesk, Inc.(1) | 33,712 | $ 6,297,402 | |
Box, Inc., Class A(1) | 106,049 | 2,586,535 | |
Cadence Design Systems, Inc.(1) | 639,061 | 104,441,739 | |
Cerence, Inc.(1) | 783 | 12,332 | |
Check Point Software Technologies, Ltd.(1) | 82,484 | 9,239,858 | |
Citrix Systems, Inc. | 11,798 | 1,226,992 | |
Coupa Software, Inc.(1) | 54,504 | 3,204,835 | |
Crowdstrike Holdings, Inc., Class A(1) | 433,003 | 71,363,224 | |
DocuSign, Inc.(1) | 1,148,944 | 61,434,036 | |
Dolby Laboratories, Inc., Class A | 1,232 | 80,265 | |
Dropbox, Inc., Class A(1) | 3,191,403 | 66,125,870 | |
Envestnet, Inc.(1) | 87,353 | 3,878,473 | |
Fortinet, Inc.(1) | 148,420 | 7,291,875 | |
Guidewire Software, Inc.(1) | 63,449 | 3,907,189 | |
Hashicorp, Inc.(1) | 29,947 | 963,994 | |
Intuit, Inc. | 129,837 | 50,288,467 | |
Manhattan Associates, Inc.(1) | 77,673 | 10,332,839 | |
Microsoft Corp. | 5,063,862 | 1,179,373,460 | |
nCino, Inc.(1) | 25,000 | 852,750 | |
NCR Corp.(1) | 190 | 3,612 | |
Nice, Ltd. ADR(1) | 900 | 169,416 | |
NortonLifeLock, Inc. | 121,379 | 2,444,573 | |
Nutanix, Inc., Class A(1) | 18,402 | 383,314 | |
Olo, Inc., Class A(1) | 64,200 | 507,180 | |
Oracle Corp. | 442,450 | 27,020,422 | |
Palantir Technologies, Inc., Class A(1) | 3,040,678 | 24,720,712 | |
Palo Alto Networks, Inc.(1) | 832,653 | 136,380,235 | |
Paycom Software, Inc.(1) | 552,844 | 182,432,992 | |
PTC, Inc.(1) | 2,430 | 254,178 | |
Qualys, Inc.(1) | 32,046 | 4,466,892 | |
RingCentral, Inc., Class A(1) | 18,835 | 752,647 | |
Roper Technologies, Inc. | 37,107 | 13,345,161 | |
Salesforce, Inc.(1) | 415,105 | 59,708,703 | |
SAP SE ADR | 2,796 | 227,175 | |
ServiceNow, Inc.(1) | 222,854 | 84,151,899 | |
Smartsheet, Inc., Class A(1) | 227,811 | 7,827,586 | |
Splunk, Inc.(1) | 412,415 | 31,013,608 | |
Synopsys, Inc.(1) | 36,393 | 11,118,425 | |
Teradata Corp.(1) | 318 | 9,877 | |
Tyler Technologies, Inc.(1) | 232,333 | 80,735,717 | |
VMware, Inc., Class A | 9,304 | 990,504 | |
Workday, Inc., Class A(1) | 240,775 | 36,650,770 | |
Zscaler, Inc.(1) | 104,213 | 17,129,491 | |
$ 2,458,069,182 |
Security | Shares | Value | |
Specialty Retail — 2.6% | |||
Advance Auto Parts, Inc. | 16,346 | $ 2,555,534 | |
AutoNation, Inc.(1) | 18,044 | 1,838,142 | |
AutoZone, Inc.(1) | 2,520 | 5,397,664 | |
Bath & Body Works, Inc. | 413,399 | 13,476,807 | |
Bed Bath & Beyond, Inc.(1) | 15,000 | 91,350 | |
Best Buy Co., Inc. | 343,446 | 21,753,870 | |
Burlington Stores, Inc.(1) | 16,288 | 1,822,464 | |
CarMax, Inc.(1) | 34,010 | 2,245,340 | |
Dick's Sporting Goods, Inc. | 61,239 | 6,408,049 | |
Five Below, Inc.(1) | 71,000 | 9,774,570 | |
Gap, Inc. (The) | 75,000 | 615,750 | |
Home Depot, Inc. (The) | 146,972 | 40,555,454 | |
Lithia Motors, Inc. | 80 | 17,164 | |
Lowe's Cos., Inc. | 1,163,329 | 218,484,820 | |
O'Reilly Automotive, Inc.(1) | 250,731 | 176,351,649 | |
Ross Stores, Inc. | 590,159 | 49,732,699 | |
Signet Jewelers, Ltd. | 65,986 | 3,773,739 | |
TJX Cos., Inc. (The) | 1,702,486 | 105,758,430 | |
Tractor Supply Co. | 248,742 | 46,236,163 | |
Ulta Beauty, Inc.(1) | 96,964 | 38,900,987 | |
Victoria's Secret & Co.(1) | 88,445 | 2,575,518 | |
Warby Parker, Inc., Class A(1) | 4,087 | 54,521 | |
$ 748,420,684 | |||
Technology Hardware, Storage & Peripherals — 7.3% | |||
Apple, Inc. | 14,722,932 | $ 2,034,709,202 | |
Dell Technologies, Inc., Class C | 50,698 | 1,732,351 | |
Hewlett Packard Enterprise Co. | 394,670 | 4,728,147 | |
Logitech International S.A. | 2,406 | 110,676 | |
NetApp, Inc. | 78,200 | 4,836,670 | |
Pure Storage, Inc., Class A(1) | 1,300,000 | 35,581,000 | |
Seagate Technology Holdings PLC | 6,406 | 340,991 | |
$ 2,082,039,037 | |||
Textiles, Apparel & Luxury Goods — 0.9% | |||
Columbia Sportswear Co. | 19,096 | $ 1,285,161 | |
Crocs, Inc.(1) | 300 | 20,598 | |
Hanesbrands, Inc. | 172,884 | 1,203,273 | |
Kontoor Brands, Inc. | 32,734 | 1,100,190 | |
Levi Strauss & Co., Class A | 226,005 | 3,270,292 | |
Lululemon Athletica, Inc.(1) | 7,878 | 2,202,374 | |
NIKE, Inc., Class B | 2,824,712 | 234,790,061 | |
PVH Corp. | 16 | 717 | |
Skechers USA, Inc., Class A(1) | 195,345 | 6,196,343 | |
Tapestry, Inc. | 522 | 14,840 |
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Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Textiles, Apparel & Luxury Goods (continued) | |||
Under Armour, Inc., Class C(1) | 500 | $ 2,980 | |
VF Corp. | 309,743 | 9,264,413 | |
$ 259,351,242 | |||
Thrifts & Mortgage Finance — 0.0%(2) | |||
Essent Group, Ltd. | 96,312 | $ 3,358,399 | |
$ 3,358,399 | |||
Tobacco — 0.5% | |||
Altria Group, Inc. | 967,603 | $ 39,071,809 | |
British American Tobacco PLC ADR | 3 | 106 | |
Philip Morris International, Inc. | 1,191,476 | 98,904,423 | |
$ 137,976,338 | |||
Trading Companies & Distributors — 0.4% | |||
Fastenal Co. | 2,056,875 | $ 94,698,525 | |
NOW, Inc.(1) | 944 | 9,487 | |
United Rentals, Inc.(1) | 6,508 | 1,757,941 | |
W.W. Grainger, Inc. | 14,772 | 7,226,315 | |
$ 103,692,268 | |||
Water Utilities — 0.0%(2) | |||
American Water Works Co., Inc. | 23,888 | $ 3,109,262 | |
Essential Utilities, Inc. | 500 | 20,690 | |
$ 3,129,952 | |||
Wireless Telecommunication Services — 0.1% | |||
America Movil SAB de CV, Series L ADR | 13,186 | $ 217,173 | |
Rogers Communications, Inc., Class B | 750 | 28,905 | |
T-Mobile US, Inc.(1) | 168,477 | 22,604,559 | |
Vodafone Group PLC ADR | 5 | 57 | |
$ 22,850,694 | |||
Total Common Stocks (identified cost $17,888,052,992) | $28,512,378,806 |
Preferred Stocks — 0.0%(2) |
Security | Shares | Value | |
Internet & Direct Marketing Retail — 0.0%(2) | |||
Qurate Retail, Inc., Series A, 8.00% | 2,994 | $ 136,347 | |
Total Preferred Stocks (identified cost $168,592) | $ 136,347 |
Warrants — 0.0%(2) |
Security | Shares | Value | |
Oil, Gas & Consumable Fuels — 0.0%(2) | |||
Occidental Petroleum Corp., Exp. 8/3/27(1) | 2,853 | $ 113,036 | |
Total Warrants (identified cost $14,122) | $ 113,036 |
Short-Term Investments — 0.7% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.80%(6) | 193,467,380 | $ 193,467,380 | |
Total Short-Term Investments (identified cost $193,467,380) | $ 193,467,380 | ||
Total Investments — 100.0% (identified cost $18,081,703,086) | $28,706,095,569 | ||
Other Assets, Less Liabilities — (0.0)%(2) | $ (2,748,236) | ||
Net Assets — 100.0% | $28,703,347,333 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Amount is less than 0.05%. |
(3) | Represents an investment in an issuer that is deemed to be an affiliate. |
(4) | Restricted security. |
(5) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2022. |
Abbreviations: | |
ADR | – American Depositary Receipt |
12
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Restricted Securities
At September 30, 2022, the Portfolio owned the following securities (representing less than 0.05% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933. The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued by the investment adviser as the Trustees' valuation designee.
Description | Date(s) of Acquisition | Eligible for Resale | Shares | Cost | Value |
Common Stocks | |||||
Comfort Systems USA, Inc. | 6/16/22 | 6/16/23 | 17,894 | $ 1,500,019 | $ 1,741,043 |
Inari Medical, Inc. | 12/16/21 | 12/16/22 | 22,222 | 1,779,491 | 1,614,206 |
Micron Technology, Inc. | 3/17/22 | 3/17/23 | 11,829 | 941,898 | 592,633 |
National Storage Affiliates Trust | 3/17/22 | 3/17/23 | 170,000 | 10,315,540 | 7,068,600 |
Ryan Specialty Holdings, Inc. | 6/16/22 | 6/16/23 | 28,103 | 996,827 | 1,141,125 |
Tyson Foods, Inc., Class A | 3/17/22 | 3/17/23 | 22,540 | 1,965,349 | 1,486,062 |
Total Restricted Securities | $17,499,124 | $13,643,669 |
Investments in Affiliated Issuers and Funds
At September 30, 2022, the value of the Portfolio's investment in affiliated issuers and funds was $296,492,153, which represents 1.0% of the Portfolio's net assets. Transactions in affiliated issuers and funds by the Portfolio for the fiscal year to date ended September 30, 2022 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 | Units/Shares, end of period |
Common Stocks | ||||||||
Morgan Stanley | $208,377,288 | $ — | $(71,027,856) | $42,746,287 | $(77,070,946) | $103,024,773 | $3,807,701 | 1,303,946 |
Short-Term Investments | ||||||||
Cash Reserve Fund | 97,096,177 | 730,786,970 | (827,879,363) | (6,811) | 3,027 | — | 43,116 | — |
Liquidity Fund | — | 485,685,243 | (292,217,863) | — | — | 193,467,380 | 900,083 | 193,467,380 |
Total | $42,739,476 | $(77,067,919) | $296,492,153 | $4,750,900 |
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.
13
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
At September 30, 2022, 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 | $ 2,437,967,049 | $ — | $ — | $ 2,437,967,049 |
Consumer Discretionary | 3,427,701,895 | — | 433,466 | 3,428,135,361 |
Consumer Staples | 2,189,146,674 | 120,957,513 | — | 2,310,104,187 |
Energy | 1,050,116,155 | — | — | 1,050,116,155 |
Financials | 3,695,632,865 | 10,320,241 | — | 3,705,953,106 |
Health Care | 4,570,211,044 | — | 0 | 4,570,211,044 |
Industrials | 2,413,097,057 | 1,741,043 | — | 2,414,838,100 |
Information Technology | 7,571,876,202 | — | — | 7,571,876,202 |
Materials | 421,078,295 | 3,144,626 | — | 424,222,921 |
Real Estate | 180,456,081 | — | — | 180,456,081 |
Utilities | 418,498,600 | — | — | 418,498,600 |
Total Common Stocks | $28,375,781,917 | $136,163,423** | $433,466 | $28,512,378,806 |
Preferred Stocks | $ 136,347 | $ — | $ — | $ 136,347 |
Warrants | 113,036 | — | — | 113,036 |
Short-Term Investments | 193,467,380 | — | — | 193,467,380 |
Total Investments | $28,569,498,680 | $136,163,423 | $433,466 | $28,706,095,569 |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio. |
** | 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 September 30, 2022 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.
14