UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-22336
Stock Portfolio
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
December 31
Date of Fiscal Year End
December 31, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
Stock Portfolio
December 31, 2023
| Security | Shares | Value |
| Aerospace & Defense — 0.8% |
| HEICO Corp. | | 26,800 | $ 4,793,716 |
| | | | $ 4,793,716 |
| Biotechnology — 2.2% |
| AbbVie, Inc. | | 84,016 | $ 13,019,959 |
| | | | $ 13,019,959 |
| Broadline Retail — 4.8% |
| Amazon.com, Inc.(1) | | 189,089 | $ 28,730,183 |
| | | | $ 28,730,183 |
| Capital Markets — 6.3% |
| Intercontinental Exchange, Inc. | | 89,304 | $ 11,469,313 |
| S&P Global, Inc. | | 22,836 | 10,059,715 |
| Stifel Financial Corp. | | 114,519 | 7,918,989 |
| Tradeweb Markets, Inc., Class A | | 90,429 | 8,218,187 |
| | | | $ 37,666,204 |
| Chemicals — 1.5% |
| Linde PLC | | 21,306 | $ 8,750,587 |
| | | | $ 8,750,587 |
| Commercial Services & Supplies — 1.8% |
| GFL Environmental, Inc. | | 120,129 | $ 4,145,652 |
| Waste Management, Inc. | | 38,173 | 6,836,784 |
| | | | $ 10,982,436 |
| Consumer Staples Distribution & Retail — 2.3% |
| Walmart, Inc. | | 85,600 | $ 13,494,840 |
| | | | $ 13,494,840 |
| Containers & Packaging — 1.4% |
| AptarGroup, Inc. | | 66,580 | $ 8,230,620 |
| | | | $ 8,230,620 |
| Electric Utilities — 1.3% |
| NextEra Energy, Inc. | | 123,397 | $ 7,495,134 |
| | | | $ 7,495,134 |
| Security | Shares | Value |
| Electrical Equipment — 1.4% |
| AMETEK, Inc. | | 50,957 | $ 8,402,300 |
| | | | $ 8,402,300 |
| Financial Services — 3.7% |
| Shift4 Payments, Inc., Class A(1) | | 89,200 | $ 6,631,128 |
| Visa, Inc., Class A | | 59,330 | 15,446,565 |
| | | | $ 22,077,693 |
| Ground Transportation — 2.2% |
| Uber Technologies, Inc.(1) | | 84,000 | $ 5,171,880 |
| Union Pacific Corp. | | 33,224 | 8,160,479 |
| | | | $ 13,332,359 |
| Health Care Equipment & Supplies — 2.8% |
| Intuitive Surgical, Inc.(1) | | 24,857 | $ 8,385,758 |
| Stryker Corp. | | 26,633 | 7,975,518 |
| | | | $ 16,361,276 |
| Health Care Providers & Services — 1.4% |
| Humana, Inc. | | 18,200 | $ 8,332,142 |
| | | | $ 8,332,142 |
| Hotels, Restaurants & Leisure — 1.6% |
| Domino's Pizza, Inc. | | 7,989 | $ 3,293,305 |
| Marriott International, Inc., Class A | | 28,408 | 6,406,288 |
| | | | $ 9,699,593 |
| Household Products — 1.8% |
| Procter & Gamble Co. (The) | | 74,400 | $ 10,902,576 |
| | | | $ 10,902,576 |
| Insurance — 3.7% |
| Allstate Corp. (The) | | 81,270 | $ 11,376,175 |
| W.R. Berkley Corp. | | 147,000 | 10,395,840 |
| | | | $ 21,772,015 |
| Interactive Media & Services — 7.4% |
| Alphabet, Inc., Class C(1) | | 203,497 | $ 28,678,832 |
| Meta Platforms, Inc., Class A(1) | | 42,612 | 15,082,944 |
| | | | $ 43,761,776 |
| IT Services — 1.3% |
| Gartner, Inc.(1) | | 17,755 | $ 8,009,458 |
| | | | $ 8,009,458 |
20
See Notes to Financial Statements.
Stock Portfolio
December 31, 2023
Portfolio of Investments — continued
| Security | Shares | Value |
| Life Sciences Tools & Services — 3.4% |
| Danaher Corp. | | 27,520 | $ 6,366,477 |
| Illumina, Inc.(1) | | 36,655 | 5,103,842 |
| Thermo Fisher Scientific, Inc. | | 15,980 | 8,482,024 |
| | | | $ 19,952,343 |
| Machinery — 0.9% |
| Parker-Hannifin Corp. | | 12,100 | $ 5,574,470 |
| | | | $ 5,574,470 |
| Media — 1.6% |
| Comcast Corp., Class A | | 221,105 | $ 9,695,454 |
| | | | $ 9,695,454 |
| Multi-Utilities — 0.6% |
| Sempra | | 48,826 | $ 3,648,767 |
| | | | $ 3,648,767 |
| Oil, Gas & Consumable Fuels — 1.9% |
| ConocoPhillips | | 95,256 | $ 11,056,364 |
| | | | $ 11,056,364 |
| Pharmaceuticals — 2.4% |
| Eli Lilly & Co. | | 24,800 | $ 14,456,416 |
| | | | $ 14,456,416 |
| Professional Services — 4.6% |
| Automatic Data Processing, Inc. | | 40,836 | $ 9,513,563 |
| Booz Allen Hamilton Holding Corp. | | 44,590 | 5,703,507 |
| TransUnion | | 173,470 | 11,919,123 |
| | | | $ 27,136,193 |
| Real Estate Management & Development — 1.5% |
| FirstService Corp. | | 53,264 | $ 8,633,562 |
| | | | $ 8,633,562 |
| Semiconductors & Semiconductor Equipment — 9.0% |
| Analog Devices, Inc. | | 49,713 | $ 9,871,013 |
| Broadcom, Inc. | | 9,707 | 10,835,439 |
| Lam Research Corp. | | 9,645 | 7,554,543 |
| NVIDIA Corp. | | 50,500 | 25,008,610 |
| | | | $ 53,269,605 |
| Software — 11.7% |
| ANSYS, Inc.(1) | | 24,201 | $ 8,782,059 |
| Security | Shares | Value |
| Software (continued) |
| Fair Isaac Corp.(1) | | 7,000 | $ 8,148,070 |
| Microsoft Corp. | | 140,264 | 52,744,874 |
| | | | $ 69,675,003 |
| Specialty Retail — 2.4% |
| Burlington Stores, Inc.(1) | | 34,081 | $ 6,628,073 |
| TJX Cos., Inc. (The) | | 78,122 | 7,328,625 |
| | | | $ 13,956,698 |
| Technology Hardware, Storage & Peripherals — 7.7% |
| Apple, Inc. | | 237,484 | $ 45,722,794 |
| | | | $ 45,722,794 |
| Textiles, Apparel & Luxury Goods — 1.1% |
| NIKE, Inc., Class B | | 60,367 | $ 6,554,045 |
| | | | $ 6,554,045 |
| Wireless Telecommunication Services — 1.2% |
| T-Mobile US, Inc. | | 46,008 | $ 7,376,463 |
| | | | $ 7,376,463 |
Total Common Stocks
(identified cost $365,929,040) | | | $592,523,044 |
| Short-Term Investments — 0.4% |
| Security | Shares | Value |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(2) | | 2,428,547 | $ 2,428,547 |
Total Short-Term Investments
(identified cost $2,428,547) | | | $ 2,428,547 |
Total Investments — 100.1%
(identified cost $368,357,587) | | | $594,951,591 |
| Other Assets, Less Liabilities — (0.1)% | | | $ (469,556) |
| Net Assets — 100.0% | | | $594,482,035 |
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| (1) | Non-income producing security. |
| (2) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2023. |
21
See Notes to Financial Statements.
Stock Portfolio
December 31, 2023
Statement of Assets and Liabilities
| | December 31, 2023 |
| Assets | |
| Unaffiliated investments, at value (identified cost $365,929,040) | $ 592,523,044 |
| Affiliated investments, at value (identified cost $2,428,547) | 2,428,547 |
| Dividends receivable | 373,160 |
| Dividends receivable from affiliated investments | 14,084 |
| Tax reclaims receivable | 22,146 |
| Trustees' deferred compensation plan | 56,331 |
| Total assets | $595,417,312 |
| Liabilities | |
| Payable for investments purchased | $ 440,920 |
| Payable to affiliates: | |
| Investment adviser fee | 297,775 |
| Trustees' fees | 9,205 |
| Trustees' deferred compensation plan | 56,331 |
| Accrued expenses | 131,046 |
| Total liabilities | $ 935,277 |
| Net Assets applicable to investors' interest in Portfolio | $594,482,035 |
22
See Notes to Financial Statements.
Stock Portfolio
December 31, 2023
| | Year Ended |
| | December 31, 2023 |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $16,419) | $ 6,918,566 |
| Dividend income from affiliated investments | 135,448 |
| Total investment income | $ 7,054,014 |
| Expenses | |
| Investment adviser fee | $ 3,392,163 |
| Trustees’ fees and expenses | 25,823 |
| Custodian fee | 138,280 |
| Legal and accounting services | 71,158 |
| Miscellaneous | 35,550 |
| Total expenses | $ 3,662,974 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $ 3,963 |
| Total expense reductions | $ 3,963 |
| Net expenses | $ 3,659,011 |
| Net investment income | $ 3,395,003 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $ 45,847,288 |
| Foreign currency transactions | (6,344) |
| Net realized gain | $ 45,840,944 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $ 74,494,795 |
| Foreign currency | 7,523 |
| Net change in unrealized appreciation (depreciation) | $ 74,502,318 |
| Net realized and unrealized gain | $120,343,262 |
| Net increase in net assets from operations | $123,738,265 |
23
See Notes to Financial Statements.
Stock Portfolio
December 31, 2023
Statements of Changes in Net Assets
| | Year Ended December 31, |
| | 2023 | 2022 |
| Increase (Decrease) in Net Assets | | |
| From operations: | | |
| Net investment income | $ 3,395,003 | $ 5,289,328 |
| Net realized gain | 45,840,944 | 32,248,543 |
| Net change in unrealized appreciation (depreciation) | 74,502,318 | (166,975,429) |
| Net increase (decrease) in net assets from operations | $123,738,265 | $(129,437,558) |
| Capital transactions: | | |
| Contributions | $ 11,099,572 | $ 5,305,309 |
| Withdrawals | (90,392,247) | (198,020,738) |
| Portfolio transaction fee | — | 879,886 |
| Net decrease in net assets from capital transactions | $ (79,292,675) | $(191,835,543) |
| Net increase (decrease) in net assets | $ 44,445,590 | $(321,273,101) |
| Net Assets | | |
| At beginning of year | $ 550,036,445 | $ 871,309,546 |
| At end of year | $594,482,035 | $ 550,036,445 |
24
See Notes to Financial Statements.
Stock Portfolio
December 31, 2023
| | Year Ended December 31, |
| Ratios/Supplemental Data | 2023 | 2022 | 2021 | 2020 | 2019 |
| Ratios (as a percentage of average daily net assets): | | | | | |
| Expenses | 0.64% (1) | 0.64% (1) | 0.63% | 0.64% | 0.63% |
| Net investment income | 0.60% | 0.82% | 0.55% | 0.84% | 0.99% |
| Portfolio Turnover | 44% | 52% | 44% | 70% | 55% |
| Total Return | 24.43% | (16.49)% | 23.21% | 18.61% | 35.47% |
| Net assets, end of year (000’s omitted) | $594,482 | $550,036 | $871,310 | $804,446 | $683,548 |
| (1) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022). |
25
See Notes to Financial Statements.
Stock Portfolio
December 31, 2023
Notes to Financial Statements
1 Significant Accounting Policies
Stock Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At December 31, 2023, Eaton Vance Stock Fund and Eaton Vance Balanced Fund held an interest of 13.4% and 86.6%, respectively, in the Portfolio.
The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Foreign Currencies. Foreign currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates.
D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.
As of December 31, 2023, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation—Other assets and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions.
F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
Stock Portfolio
December 31, 2023
Notes to Financial Statements — continued
G Indemnifications—Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.
H Capital Transactions—To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, prior to December 24, 2022, the Portfolio imposed a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee was sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it received to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may have varied over time, was limited to amounts that had been authorized by the Board of Trustees and determined by Eaton Vance Management (EVM) to be appropriate. The maximum Portfolio transaction fee was 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee was recorded as a component of capital transactions on the Statements of Changes in Net Assets. Effective after the close of business on December 23, 2022, the Portfolio transaction fee was discontinued.
2 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio’s average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.600% |
| $500 million but less than $1 billion | 0.575% |
| $1 billion but less than $2.5 billion | 0.550% |
| $2.5 billion but less than $5 billion | 0.530% |
| $5 billion and over | 0.515% |
For the year ended December 31, 2023, the Portfolio's investment adviser fee amounted to $3,392,163 or 0.60% of the Portfolio’s average daily net assets.
The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended December 31, 2023, the investment adviser fee paid was reduced by $3,963 relating to the Portfolio's investment in the Liquidity Fund.
Trustees and officers of the Portfolio who are members of BMR’s organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.
3 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $247,069,992 and $323,019,446, respectively, for the year ended December 31, 2023.
Stock Portfolio
December 31, 2023
Notes to Financial Statements — continued
4 Federal Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at December 31, 2023, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $370,127,195 |
| Gross unrealized appreciation | $ 225,968,999 |
| Gross unrealized depreciation | (1,144,603) |
| Net unrealized appreciation | $224,824,396 |
5 Line of Credit
The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 22, 2024. In connection with the renewal of the agreement on October 24, 2023, the borrowing limit was decreased from $725 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2023, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended December 31, 2023.
6 Affiliated Investments
At December 31, 2023, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $2,428,547, which represents 0.4% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended December 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 |
| Short-Term Investments |
| Liquidity Fund | $4,125 | $90,266,983 | $(87,842,561) | $ — | $ — | $2,428,547 | $135,448 | 2,428,547 |
7 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.
Stock Portfolio
December 31, 2023
Notes to Financial Statements — continued
At December 31, 2023, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks | $ 592,523,044* | $ — | $ — | $ 592,523,044 |
| Short-Term Investments | 2,428,547 | — | — | 2,428,547 |
| Total Investments | $ 594,951,591 | $ — | $ — | $594,951,591 |
| * | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Stock Portfolio
December 31, 2023
Report of Independent Registered Public Accounting Firm
To the Trustees and Investors of Stock Portfolio:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Stock Portfolio (the “Portfolio”), including the portfolio of investments, as of December 31, 2023, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2023, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
February 23, 2024
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
Eaton Vance
Stock Fund
December 31, 2023
Management and Organization
Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and Stock Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust's and the Portfolio's affairs. The Board members and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund's and the Portfolio's current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund and the Portfolio to be out of compliance with Section 16
of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund and the Portfolio to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management, “MSIM" refers to Morgan Stanley Investment Management Inc. and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 127 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).
| Name and Year of Birth | Trust/Portfolio
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Interested Trustee |
Anchal Pachnanda(1)
1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust.
Other Directorships. None. |
| Noninterested Trustees |
Alan C. Bowser
1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023).
Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting
1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships. None. |
Cynthia E. Frost
1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987- 1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other Directorships. None. |
George J. Gorman
1952 | Chairperson of the
Board and Trustee | Since 2021
(Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).
Other Directorships. None. |
Eaton Vance
Stock Fund
December 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust/Portfolio
Position(s) | Length of Service | Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience |
| Noninterested Trustees (continued) |
Valerie A. Mosley
1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).
Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton
1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith
1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland
1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm
1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).
Other Directorships. None. |
Nancy A. Wiser
1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).
Other Directorships. None. |
| Name and Year of Birth | Trust/Portfolio
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees |
Kenneth A. Topping
1966 | President of the Trust | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management `Classic' (2009-2020). |
R. Kelly Williams, Jr.
1971 | President of the Portfolio | Since 2023 | President and Chief Operating Officer of Atlanta Capital Management Company, LLC. Officer of 21 registered investment companies managed by Eaton Vance or BMR. |
Deidre E. Walsh
1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
Eaton Vance
Stock Fund
December 31, 2023
Management and Organization — continued
| Name and Year of Birth | Trust/Portfolio
Position(s) | Length of Service | Principal Occupation(s)
During Past Five Years |
| Principal Officers who are not Trustees (continued) |
James F. Kirchner
1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Nicholas S. Di Lorenzo
1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Laura T. Donovan
1976 | Chief Compliance
Officer | Since 2024 | Vice President of EVM and BMR. |
(1) Ms. Pachnanda began serving as Trustee effective April 1, 2023.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.
| FACTS | WHAT DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION? |
| Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income
■ investment experience and risk tolerance
■ checking account number and wire transfer instructions |
| |
| How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your
personal information | Does Eaton Vance
share? | Can you limit
this sharing? |
| For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes — to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | No | We don’t share |
| For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
| For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
| For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
| For our investment management affiliates to market to you | Yes | Yes |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
To limit our
sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
| Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
| Privacy Notice — continued | April 2021 |
| Who we are |
| Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
| What we do |
How does Eaton Vance
protect my personal
information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance
collect my personal
information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account
■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■ affiliates from using your information to market to you
■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| Definitions |
Investment Management
Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
| Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
| Other important information |
| Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.
Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.
Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.
Tailored Shareholder Reports. Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Eaton Vance Funds.
Investment Adviser of Stock Portfolio
Boston Management and Research
Two International Place
Boston, MA 02110
Investment Adviser and Administrator of Eaton Vance
Stock Fund
Eaton Vance Management
Two International Place
Boston, MA 02110
Principal Underwriter*
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
(617) 482-8260
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
* FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other
mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
(a)-(d)
The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended December 31, 2022 and December 31, 2023 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.
| | | | | | | | |
Fiscal Years Ended | | 12/31/22 | | | 12/31/23 | |
Audit Fees | | $ | 30,600 | | | $ | 35,600 | |
Audit-Related Fees(1) | | $ | 0 | | | $ | 0 | |
Tax Fees(2) | | $ | 0 | | | $ | 0 | |
All Other Fees(3) | | $ | 0 | | | $ | 0 | |
| | | | | | | | |
Total | | $ | 30,600 | | | $ | 35,600 | |
| | | | | | | | |
| (1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
| (2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
| (3) | All other fees consist of the aggregate fees billed for products and services provided by the registrant’s principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended December 31, 2022 and December 31, 2023; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
| | | | | | | | |
Fiscal Years Ended | | 12/31/22 | | | 12/31/23 | |
Registrant | | $ | 0 | | | $ | 0 | |
Eaton Vance(1) | | $ | 52,836 | | | $ | 0 | |
| (1) | The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Morgan Stanley. |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. 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 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 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
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.
Stock Portfolio
| | |
| By: | | /s/ R. Kelly Williams, Jr. |
| | R. Kelly Williams, Jr. |
| | President |
| |
| Date: | | February 27, 2024 |
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/ James F. Kirchner |
| | James F. Kirchner |
| | Treasurer |
| |
| Date: | | February 27, 2024 |
| |
| By: | | /s/ R. Kelly Williams, Jr. |
| | R. Kelly Williams, Jr. |
| | President |
| |
| Date: | | February 27, 2024 |
