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: 811-04015
Eaton Vance Mutual Funds Trust
(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
June 30, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 11/01/2001 | 11/01/2001 | (18.86)% | (12.17)% | 10.47% | 12.23% |
Class A with 5.25% Maximum Sales Charge | — | — | (23.13) | (16.78) | 9.29 | 11.63 |
Class C at NAV | 10/01/2009 | 11/01/2001 | (19.20) | (12.85) | 9.65 | 11.56 |
Class C with 1% Maximum Sales Charge | — | — | (20.01) | (13.62) | 9.65 | 11.56 |
Class I at NAV | 09/03/2008 | 11/01/2001 | (18.77) | (11.96) | 10.75 | 12.52 |
S&P 500® Index | — | — | (19.96)% | (10.62)% | 11.30% | 12.95% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.05% | 1.80% | 0.80% |
Net | 0.98 | 1.73 | 0.73 |
Sector Allocation (% of net assets)* |
Top 10 Holdings (% of net assets)* | |
Microsoft Corp. | 6.5% |
Apple, Inc. | 6.1 |
Alphabet, Inc., Class C | 5.6 |
Amazon.com, Inc. | 3.8 |
AbbVie, Inc. | 2.8 |
Coca-Cola Co. (The) | 2.8 |
Elevance Health, Inc. | 2.4 |
NextEra Energy, Inc. | 2.3 |
Visa, Inc., Class A | 2.3 |
Bristol-Myers Squibb Co. | 2.2 |
Total | 36.8% |
* | Excludes cash and cash equivalents. |
1 | S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/23. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (1/1/22) | Ending Account Value (6/30/22) | Expenses Paid During Period* (1/1/22 – 6/30/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 811.40 | $4.40** | 0.98% |
Class C | $1,000.00 | $ 808.00 | $7.76** | 1.73% |
Class I | $1,000.00 | $ 812.30 | $3.28** | 0.73% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,019.94 | $4.91** | 0.98% |
Class C | $1,000.00 | $1,016.22 | $8.65** | 1.73% |
Class I | $1,000.00 | $1,021.18 | $3.66** | 0.73% |
* | Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2021. The Example reflects the expenses of both the Fund and the Portfolio. |
** | Absent an allocation of certain expenses to an affiliate, expenses would be higher. |
June 30, 2022 | |
Assets | |
Investment in Stock Portfolio, at value (identified cost $47,471,408) | $ 77,925,701 |
Receivable for Fund shares sold | 45,769 |
Receivable from affiliate | 12,998 |
Total assets | $77,984,468 |
Liabilities | |
Payable for Fund shares redeemed | $ 218,608 |
Payable to affiliates: | |
Distribution and service fees | 14,746 |
Trustees' fees | 125 |
Accrued expenses | 10,664 |
Total liabilities | $ 244,143 |
Net Assets | $77,740,325 |
Sources of Net Assets | |
Paid-in capital | $ 46,013,949 |
Distributable earnings | 31,726,376 |
Net Assets | $77,740,325 |
Class A Shares | |
Net Assets | $ 47,741,717 |
Shares Outstanding | 2,440,017 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 19.57 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 20.65 |
Class C Shares | |
Net Assets | $ 5,548,269 |
Shares Outstanding | 295,576 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 18.77 |
Class I Shares | |
Net Assets | $ 24,450,339 |
Shares Outstanding | 1,247,063 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 19.61 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended | |
June 30, 2022 | |
Investment Income | |
Dividend income allocated from Portfolio (net of foreign taxes withheld of $848) | $ 630,872 |
Expenses allocated from Portfolio | (278,856) |
Total investment income from Portfolio | $ 352,016 |
Expenses | |
Distribution and service fees: | |
Class A | $ 66,876 |
Class C | 32,563 |
Trustees’ fees and expenses | 250 |
Custodian fee | 8,839 |
Transfer and dividend disbursing agent fees | 19,205 |
Legal and accounting services | 13,887 |
Printing and postage | 10,081 |
Registration fees | 25,775 |
Miscellaneous | 1,795 |
Total expenses | $ 179,271 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 38,251 |
Total expense reductions | $ 38,251 |
Net expenses | $ 141,020 |
Net investment income | $ 210,996 |
Realized and Unrealized Gain (Loss) from Portfolio | |
Net realized gain (loss): | |
Investment transactions | $ 1,798,092 |
Foreign currency transactions | (155) |
Net realized gain | $ 1,797,937 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (20,678,490) |
Foreign currency | (955) |
Net change in unrealized appreciation (depreciation) | $(20,679,445) |
Net realized and unrealized loss | $(18,881,508) |
Net decrease in net assets from operations | $(18,670,512) |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 210,996 | $ 270,534 |
Net realized gain | 1,797,937 | 16,202,784 (1) |
Net change in unrealized appreciation (depreciation) | (20,679,445) | 6,247,426 |
Net increase (decrease) in net assets from operations | $ (18,670,512) | $ 22,720,744 |
Distributions to shareholders: | ||
Class A | $ — | $ (6,966,059) |
Class C | — | (798,464) |
Class I | — | (4,902,730) |
Total distributions to shareholders | $ — | $ (12,667,253) |
Transactions in shares of beneficial interest: | ||
Class A | $ (2,217,638) | $ (4,464,898) |
Class C | (461,077) | 79,125 |
Class I | (2,188,924) | (12,213,338) |
Net decrease in net assets from Fund share transactions | $ (4,867,639) | $ (16,599,111) |
Other capital: | ||
Portfolio transaction fee contributed to Portfolio | $ (78,267) | $ (68,869) |
Portfolio transaction fee allocated from Portfolio | 76,526 | 75,872 |
Net increase (decrease) in net assets from other capital | $ (1,741) | $ 7,003 |
Net decrease in net assets | $ (23,539,892) | $ (6,538,617) |
Net Assets | ||
At beginning of period | $101,280,217 | $ 107,818,834 |
At end of period | $ 77,740,325 | $101,280,217 |
(1) | Includes $394,517 of net realized gains from redemptions in-kind. |
Class A | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 24.120 | $ 22.120 | $ 19.110 | $ 14.720 | $ 17.490 | $ 15.740 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.049 | $ 0.049 | $ 0.097 | $ 0.114 | $ 0.144 | $ 0.178 |
Net realized and unrealized gain (loss) | (4.599) | 4.959 | 3.346 | 5.023 | (1.133) | 2.933 |
Total income (loss) from operations | $ (4.550) | $ 5.008 | $ 3.443 | $ 5.137 | $ (0.989) | $ 3.111 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.097) | $ (0.041) | $ (0.096) | $ (0.145) | $ (0.168) |
From net realized gain | — | (2.913) | (0.392) | (0.653) | (1.637) | (1.191) |
Total distributions | $ — | $ (3.010) | $ (0.433) | $ (0.749) | $ (1.782) | $ (1.359) |
Portfolio transaction fee, net(1) | $ (0.000)(2) | $ 0.002 | $ (0.000)(2) | $ 0.002 | $ 0.001 | $ (0.002) |
Net asset value — End of period | $19.570 | $24.120 | $22.120 | $19.110 | $14.720 | $17.490 |
Total Return(3)(4) | (18.86)% (5) | 22.78% | 18.22% | 35.01% | (5.89)% | 19.91% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 47,742 | $ 61,304 | $ 60,148 | $ 53,153 | $ 42,087 | $ 51,999 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Expenses (4) | 0.98% (7)(8) | 0.98% | 0.98% | 0.98% | 0.98% | 0.98% |
Net investment income | 0.46% (8) | 0.20% | 0.51% | 0.65% | 0.80% | 1.05% |
Portfolio Turnover of the Portfolio | 31% (5) | 44% | 70% | 55% | 90% | 101% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.0005). |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | The administrator waived its fees and/or reimbursed certain operating expenses (equal to 0.09%, 0.07%, 0.10%, 0.12%, 0.12% and 0.13% of average daily net assets for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent the waivers and reimbursement, total return would be lower. |
(5) | Not annualized. |
(6) | Includes the Fund's share of the Portfolio's allocated expenses. |
(7) | Includes a reduction by the investment adviser of a portion of the Portfolio's 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 six months ended June 30, 2022). |
(8) | Annualized. |
Class C | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 23.230 | $ 21.400 | $ 18.610 | $ 14.380 | $ 17.100 | $ 15.420 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.031) | $ (0.130) | $ (0.040) | $ (0.018) | $ 0.008 | $ 0.050 |
Net realized and unrealized gain (loss) | (4.429) | 4.784 | 3.235 | 4.899 | (1.096) | 2.851 |
Total income (loss) from operations | $ (4.460) | $ 4.654 | $ 3.195 | $ 4.881 | $ (1.088) | $ 2.901 |
Less Distributions | ||||||
From net investment income | $ — | $ — | $ (0.013) | $ — | $ (0.010) | $ (0.028) |
From net realized gain | — | (2.826) | (0.392) | (0.653) | (1.623) | (1.191) |
Total distributions | $ — | $ (2.826) | $ (0.405) | $ (0.653) | $ (1.633) | $ (1.219) |
Portfolio transaction fee, net(1) | $ (0.000)(2) | $ 0.002 | $ (0.000)(2) | $ 0.002 | $ 0.001 | $ (0.002) |
Net asset value — End of period | $18.770 | $23.230 | $21.400 | $18.610 | $14.380 | $17.100 |
Total Return(3)(4) | (19.20)% (5) | 21.88% | 17.36% | 34.04% | (6.60)% | 18.94% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 5,548 | $ 7,418 | $ 6,728 | $ 11,418 | $ 11,627 | $ 16,196 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Expenses (4) | 1.73% (7)(8) | 1.73% | 1.73% | 1.73% | 1.73% | 1.73% |
Net investment income (loss) | (0.30)% (8) | (0.55)% | (0.22)% | (0.11)% | 0.05% | 0.30% |
Portfolio Turnover of the Portfolio | 31% (5) | 44% | 70% | 55% | 90% | 101% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.0005). |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | The administrator waived its fees and/or reimbursed certain operating expenses (equal to 0.09%, 0.07%, 0.10%, 0.12%, 0.12% and 0.13% of average daily net assets for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent the waivers and reimbursement, total return would be lower. |
(5) | Not annualized. |
(6) | Includes the Fund's share of the Portfolio's allocated expenses. |
(7) | Includes a reduction by the investment adviser of a portion of the Portfolio's 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 six months ended June 30, 2022). |
(8) | Annualized. |
Class I | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 24.140 | $ 22.130 | $ 19.110 | $ 14.720 | $ 17.490 | $ 15.750 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.076 | $ 0.110 | $ 0.146 | $ 0.158 | $ 0.190 | $ 0.219 |
Net realized and unrealized gain (loss) | (4.606) | 4.974 | 3.354 | 5.023 | (1.132) | 2.931 |
Total income (loss) from operations | $ (4.530) | $ 5.084 | $ 3.500 | $ 5.181 | $ (0.942) | $ 3.150 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.163) | $ (0.088) | $ (0.140) | $ (0.192) | $ (0.217) |
From net realized gain | — | (2.913) | (0.392) | (0.653) | (1.637) | (1.191) |
Total distributions | $ — | $ (3.076) | $ (0.480) | $ (0.793) | $ (1.829) | $ (1.408) |
Portfolio transaction fee, net(1) | $ (0.000)(2) | $ 0.002 | $ (0.000)(2) | $ 0.002 | $ 0.001 | $ (0.002) |
Net asset value — End of period | $19.610 | $24.140 | $22.130 | $19.110 | $14.720 | $17.490 |
Total Return(3)(4) | (18.77)% (5) | 23.12% | 18.52% | 35.32% | (5.63)% | 20.14% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 24,450 | $ 32,558 | $ 40,943 | $ 37,375 | $ 29,455 | $ 35,068 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Expenses (4) | 0.73% (7)(8) | (0.73)% | 0.73% | 0.73% | 0.73% | 0.73% |
Net investment income | 0.70% (8) | 0.45% | 0.76% | 0.89% | 1.06% | 1.28% |
Portfolio Turnover of the Portfolio | 31% (5) | 44% | 70% | 55% | 90% | 101% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.0005). |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | The administrator waived its fees and/or reimbursed certain operating expenses (equal to 0.09%, 0.07%, 0.10%, 0.12%, 0.12% and 0.13% of average daily net assets for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively). Absent the waivers and reimbursement, total return would be lower. |
(5) | Not annualized. |
(6) | Includes the Fund's share of the Portfolio's allocated expenses. |
(7) | Includes a reduction by the investment adviser of a portion of the Portfolio's 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 six months ended June 30, 2022). |
(8) | Annualized. |
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% |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 67,926 | $ 1,503,240 | 87,276 | $ 2,087,298 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 283,050 | 6,762,071 | |
Redemptions | (175,299) | (3,853,834) | (561,982) | (13,638,219) | |
Converted from Class C shares | 6,170 | 132,956 | 13,720 | 323,952 | |
Net decrease | (101,203) | $(2,217,638) | (177,936) | $ (4,464,898) | |
Class C | |||||
Sales | 32,019 | $ 709,046 | 33,931 | $ 778,431 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 34,686 | 798,464 | |
Redemptions | (49,366) | (1,037,167) | (49,461) | (1,173,818) | |
Converted to Class A shares | (6,422) | (132,956) | (14,216) | (323,952) | |
Net increase (decrease) | (23,769) | $ (461,077) | 4,940 | $ 79,125 |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Sales | 47,788 | $ 1,056,378 | 177,151 | $ 4,307,668 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 205,049 | 4,902,730 | |
Redemptions | (149,214) | (3,245,302) | (883,434) | (21,423,736) | |
Net decrease | (101,426) | $(2,188,924) | (501,234) | $(12,213,338) |
Common Stocks — 99.0% |
Security | Shares | Value | |
Auto Components — 0.6% | |||
Aptiv PLC(1) | 37,556 | $ 3,345,113 | |
$ 3,345,113 | |||
Banks — 3.4% | |||
PNC Financial Services Group, Inc. (The) | 60,170 | $ 9,493,021 | |
Wells Fargo & Co. | 278,210 | 10,897,486 | |
$ 20,390,507 | |||
Beverages — 4.1% | |||
Coca-Cola Co. (The) | 261,546 | $ 16,453,859 | |
Coca-Cola Europacific Partners PLC | 150,560 | 7,770,401 | |
$ 24,224,260 | |||
Biotechnology — 2.8% | |||
AbbVie, Inc. | 109,716 | $ 16,804,103 | |
$ 16,804,103 | |||
Capital Markets — 4.3% | |||
Intercontinental Exchange, Inc. | 115,304 | $ 10,843,188 | |
S&P Global, Inc. | 24,536 | 8,270,104 | |
Tradeweb Markets, Inc., Class A | 93,229 | 6,362,880 | |
$ 25,476,172 | |||
Chemicals — 2.7% | |||
Ecolab, Inc. | 50,600 | $ 7,780,256 | |
FMC Corp. | 77,500 | 8,293,275 | |
$ 16,073,531 | |||
Commercial Services & Supplies — 1.7% | |||
Waste Management, Inc. | 66,178 | $ 10,123,910 | |
$ 10,123,910 | |||
Diversified Telecommunication Services — 2.1% | |||
Verizon Communications, Inc. | 245,300 | $ 12,448,975 | |
$ 12,448,975 | |||
Electric Utilities — 2.3% | |||
NextEra Energy, Inc. | 179,340 | $ 13,891,676 | |
$ 13,891,676 |
Security | Shares | Value | |
Electrical Equipment — 1.2% | |||
AMETEK, Inc. | 67,656 | $ 7,434,718 | |
$ 7,434,718 | |||
Electronic Equipment, Instruments & Components — 1.3% | |||
TE Connectivity, Ltd. | 70,500 | $ 7,977,075 | |
$ 7,977,075 | |||
Energy Equipment & Services — 1.2% | |||
Baker Hughes Co. | 245,800 | $ 7,096,246 | |
$ 7,096,246 | |||
Entertainment — 0.9% | |||
Electronic Arts, Inc. | 46,000 | $ 5,595,900 | |
$ 5,595,900 | |||
Equity Real Estate Investment Trusts (REITs) — 3.9% | |||
EastGroup Properties, Inc. | 75,322 | $ 11,624,444 | |
Lamar Advertising Co., Class A | 129,590 | 11,400,033 | |
$ 23,024,477 | |||
Food & Staples Retailing — 4.0% | |||
Sysco Corp. | 150,690 | $ 12,764,950 | |
Walmart, Inc. | 88,400 | 10,747,672 | |
$ 23,512,622 | |||
Health Care Equipment & Supplies — 1.9% | |||
Boston Scientific Corp.(1) | 227,036 | $ 8,461,632 | |
Teleflex, Inc. | 11,600 | 2,851,860 | |
$ 11,313,492 | |||
Health Care Providers & Services — 2.4% | |||
Elevance Health, Inc. | 29,024 | $ 14,006,402 | |
$ 14,006,402 | |||
Hotels, Restaurants & Leisure — 0.9% | |||
Marriott International, Inc., Class A | 41,528 | $ 5,648,223 | |
$ 5,648,223 | |||
Insurance — 3.2% | |||
Allstate Corp. (The) | 100,600 | $ 12,749,038 | |
W.R. Berkley Corp. | 88,100 | 6,013,706 | |
$ 18,762,744 |
Security | Shares | Value | |
Interactive Media & Services — 5.6% | |||
Alphabet, Inc., Class C(1) | 15,189 | $ 33,225,178 | |
$ 33,225,178 | |||
Internet & Direct Marketing Retail — 3.8% | |||
Amazon.com, Inc.(1) | 214,720 | $ 22,805,411 | |
$ 22,805,411 | |||
IT Services — 4.1% | |||
Automatic Data Processing, Inc. | 51,096 | $ 10,732,204 | |
Visa, Inc., Class A | 69,730 | 13,729,140 | |
$ 24,461,344 | |||
Life Sciences Tools & Services — 4.0% | |||
Danaher Corp. | 47,992 | $ 12,166,932 | |
Thermo Fisher Scientific, Inc. | 21,734 | 11,807,647 | |
$ 23,974,579 | |||
Machinery — 1.8% | |||
Westinghouse Air Brake Technologies Corp. | 128,000 | $ 10,506,240 | |
$ 10,506,240 | |||
Multi-Utilities — 2.2% | |||
Sempra Energy | 85,500 | $ 12,848,085 | |
$ 12,848,085 | |||
Oil, Gas & Consumable Fuels — 1.6% | |||
ConocoPhillips | 106,456 | $ 9,560,813 | |
$ 9,560,813 | |||
Pharmaceuticals — 4.6% | |||
Bristol-Myers Squibb Co. | 169,900 | $ 13,082,300 | |
Eli Lilly & Co. | 28,900 | 9,370,247 | |
Pfizer, Inc. | 94,100 | 4,933,663 | |
$ 27,386,210 | |||
Professional Services — 1.5% | |||
Booz Allen Hamilton Holding Corp. | 97,290 | $ 8,791,124 | |
$ 8,791,124 | |||
Road & Rail — 1.5% | |||
Union Pacific Corp. | 41,024 | $ 8,749,599 | |
$ 8,749,599 | |||
Semiconductors & Semiconductor Equipment — 4.4% | |||
Analog Devices, Inc. | 70,386 | $ 10,282,691 |
Security | Shares | Value | |
Semiconductors & Semiconductor Equipment (continued) | |||
Lam Research Corp. | 16,000 | $ 6,818,400 | |
Texas Instruments, Inc. | 57,847 | 8,888,191 | |
$ 25,989,282 | |||
Software — 10.4% | |||
Black Knight, Inc.(1) | 94,000 | $ 6,146,660 | |
Fair Isaac Corp.(1) | 15,200 | 6,093,680 | |
Intuit, Inc. | 13,554 | 5,224,254 | |
Microsoft Corp. | 151,398 | 38,883,548 | |
VMware, Inc., Class A | 49,100 | 5,596,418 | |
$ 61,944,560 | |||
Specialty Retail — 1.2% | |||
TJX Cos., Inc. (The) | 126,534 | $ 7,066,924 | |
$ 7,066,924 | |||
Technology Hardware, Storage & Peripherals — 6.1% | |||
Apple, Inc. | 267,084 | $ 36,515,725 | |
$ 36,515,725 | |||
Wireless Telecommunication Services — 1.3% | |||
T-Mobile US, Inc.(1) | 55,908 | $ 7,521,862 | |
$ 7,521,862 | |||
Total Common Stocks (identified cost $432,837,553) | $588,497,082 |
Short-Term Investments — 0.1% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.38%(2) | 452,518 | $ 452,518 | |
Total Short-Term Investments (identified cost $452,518) | $ 452,518 | ||
Total Investments — 99.1% (identified cost $433,290,071) | $588,949,600 | ||
Other Assets, Less Liabilities — 0.9% | $ 5,542,635 | ||
Net Assets — 100.0% | $594,492,235 |
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 June 30, 2022. |
June 30, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $432,837,553) | $ 588,497,082 |
Affiliated investment, at value (identified cost $452,518) | 452,518 |
Dividends receivable | 747,053 |
Dividends receivable from affiliated investment | 1,962 |
Receivable for investments sold | 5,404,184 |
Tax reclaims receivable | 88,523 |
Total assets | $595,191,322 |
Liabilities | |
Payable for investments purchased | $ 304,045 |
Payable to affiliates: | |
Investment adviser fee | 299,050 |
Trustees' fees | 10,185 |
Accrued expenses | 85,807 |
Total liabilities | $ 699,087 |
Net Assets applicable to investors' interest in Portfolio | $594,492,235 |
Six Months Ended | |
June 30, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $7,008) | $ 4,994,859 |
Dividend income from affiliated investments | 5,862 |
Total investment income | $ 5,000,721 |
Expenses | |
Investment adviser fee | $ 2,081,739 |
Trustees’ fees and expenses | 20,256 |
Custodian fee | 86,878 |
Legal and accounting services | 25,713 |
Miscellaneous | 7,443 |
Total expenses | $ 2,222,029 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 948 |
Total expense reductions | $ 948 |
Net expenses | $ 2,221,081 |
Net investment income | $ 2,779,640 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 14,807,244 |
Investment transactions - affiliated investment | 2,363 |
Foreign currency transactions | (1,188) |
Net realized gain | $ 14,808,419 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (163,408,810) |
Foreign currency | (7,646) |
Net change in unrealized appreciation (depreciation) | $(163,416,456) |
Net realized and unrealized loss | $(148,608,037) |
Net decrease in net assets from operations | $(145,828,397) |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 2,779,640 | $ 4,613,543 |
Net realized gain | 14,808,419 | 123,837,212 (1) |
Net change in unrealized appreciation (depreciation) | (163,416,456) | 46,443,015 |
Net increase (decrease) in net assets from operations | $(145,828,397) | $ 174,893,770 |
Capital transactions: | ||
Contributions | $ 2,676,186 | $ 23,356,815 |
Withdrawals | (134,275,537) | (131,961,931) |
Portfolio transaction fee | 610,437 | 574,923 |
Net decrease in net assets from capital transactions | $(130,988,914) | $(108,030,193) |
Net increase (decrease) in net assets | $(276,817,311) | $ 66,863,577 |
Net Assets | ||
At beginning of period | $ 871,309,546 | $ 804,445,969 |
At end of period | $ 594,492,235 | $ 871,309,546 |
(1) | Includes $3,096,043 of net realized gains from redemptions in-kind. |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
Ratios/Supplemental Data | 2021 | 2020 | 2019 | 2018 | 2017 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.63% (1)(2) | 0.63% | 0.64% | 0.63% | 0.64% | 0.64% |
Net investment income | 0.79% (1) | 0.55% | 0.84% | 0.99% | 1.14% | 1.38% |
Portfolio Turnover | 31% (3) | 44% | 70% | 55% | 90% | 101% |
Total Return | (18.72)% (3) | 23.21% | 18.61% | 35.47% | (5.57)% | 20.31% |
Net assets, end of period (000’s omitted) | $594,492 | $871,310 | $804,446 | $683,548 | $516,615 | $647,405 |
(1) | Annualized. |
(2) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2022). |
(3) | Not annualized. |
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% |
Aggregate cost | $ 434,925,680 |
Gross unrealized appreciation | $ 172,737,860 |
Gross unrealized depreciation | (18,713,940) |
Net unrealized appreciation | $ 154,023,920 |
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 |
Short-Term Investments | ||||||||
Cash Reserves Fund | $2,248,476 | $51,152,522 | $(53,403,361) | $ 2,363 | $ — | $ — | $ 588 | — |
Liquidity Fund | — | 20,631,636 | (20,179,118) | — | — | 452,518 | 5,274 | 452,518 |
Total | $2,363 | $ — | $452,518 | $5,862 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $ 588,497,082* | $ — | $ — | $ 588,497,082 |
Short-Term Investments | 452,518 | — | — | 452,518 |
Total Investments | $588,949,600 | $ — | $ — | $588,949,600 |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Officers of Eaton Vance Stock Fund | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer | |
Officers of Stock Portfolio | |
Edward J. Perkin President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees of Eaton Vance Stock Fund and Stock Portfolio |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
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. |
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 03/28/1996 | 03/29/1966 | (22.34)% | (15.60)% | 10.38% | 11.98% |
Class A with 5.25% Maximum Sales Charge | — | — | (26.42) | (20.04) | 9.19 | 11.37 |
Class C at NAV | 08/02/1996 | 03/29/1966 | (22.63) | (16.23) | 9.55 | 11.30 |
Class C with 1% Maximum Sales Charge | — | — | (23.40) | (17.07) | 9.55 | 11.30 |
Class I at NAV | 07/02/1999 | 03/29/1966 | (22.25) | (15.39) | 10.65 | 12.25 |
S&P 500® Index | — | — | (19.96)% | (10.62)% | 11.30% | 12.95% |
% After-Tax Returns with Maximum Sales Charge | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A After Taxes on Distributions | 03/28/1996 | 03/29/1966 | (15.67)% | 10.21% | 11.76% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | (9.15) | 8.57 | 10.27 |
Class C After Taxes on Distributions | 08/02/1996 | 03/29/1966 | (16.23) | 9.53 | 11.21 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | (9.61) | 7.89 | 9.71 |
Class I After Taxes on Distributions | 07/02/1999 | 03/29/1966 | (15.50) | 10.41 | 11.96 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | (8.95) | 8.79 | 10.49 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.73% | 1.48% | 0.48% |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 02/28/2001 | 03/29/1966 | (22.40)% | (15.74)% | 10.21% | 11.80% |
Class A with 5.25% Maximum Sales Charge | — | — | (26.48) | (20.17) | 9.03 | 11.20 |
Class C at NAV | 02/28/2001 | 03/29/1966 | (22.69) | (16.37) | 9.39 | 11.13 |
Class C with 1% Maximum Sales Charge | — | — | (23.46) | (17.20) | 9.39 | 11.13 |
Class I at NAV | 02/28/2001 | 03/29/1966 | (22.30) | (15.52) | 10.48 | 12.08 |
S&P 500® Index | — | — | (19.96)% | (10.62)% | 11.30% | 12.95% |
% After-Tax Returns with Maximum Sales Charge | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A After Taxes on Distributions | 02/28/2001 | 03/29/1966 | (15.77)% | 10.08% | 11.62% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | (9.28) | 8.43 | 10.12 |
Class C After Taxes on Distributions | 02/28/2001 | 03/29/1966 | (16.37) | 9.39 | 11.08 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | (9.69) | 7.76 | 9.57 |
Class I After Taxes on Distributions | 02/28/2001 | 03/29/1966 | (15.58) | 10.29 | 11.84 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | (9.09) | 8.65 | 10.35 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.88% | 1.63% | 0.63% |
Sector Allocation (% of net assets)* |
Top 10 Holdings (% of net assets)* | |
Apple, Inc. | 6.6% |
Microsoft Corp. | 4.3 |
Amazon.com, Inc. | 3.1 |
Alphabet, Inc., Class C | 3.0 |
Alphabet, Inc., Class A | 2.3 |
Eli Lilly & Co. | 2.3 |
Berkshire Hathaway, Inc., Class B | 1.8 |
UnitedHealth Group, Inc. | 1.7 |
JPMorgan Chase & Co. | 1.6 |
Johnson & Johnson | 1.6 |
Total | 28.3% |
* | Excludes cash and cash equivalents. |
1 | S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase. |
3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. |
Fund profile subject to change due to active management. |
Beginning Account Value (1/1/22) | Ending Account Value (6/30/22) | Expenses Paid During Period* (1/1/22 – 6/30/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 776.60 | $3.26 | 0.74% |
Class C | $1,000.00 | $ 773.70 | $6.55 | 1.49% |
Class I | $1,000.00 | $ 777.50 | $2.16 | 0.49% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.13 | $3.71 | 0.74% |
Class C | $1,000.00 | $1,017.41 | $7.45 | 1.49% |
Class I | $1,000.00 | $1,022.37 | $2.46 | 0.49% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2021. The example reflects the expenses of both the Fund and the Portfolio. |
Beginning Account Value (1/1/22) | Ending Account Value (6/30/22) | Expenses Paid During Period* (1/1/22 – 6/30/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 776.00 | $3.92 | 0.89% |
Class C | $1,000.00 | $ 773.10 | $7.21 | 1.64% |
Class I | $1,000.00 | $ 777.00 | $2.82 | 0.64% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.38 | $4.46 | 0.89% |
Class C | $1,000.00 | $1,016.66 | $8.20 | 1.64% |
Class I | $1,000.00 | $1,021.62 | $3.21 | 0.64% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2021. The Example reflects the expenses of both the Fund and the Portfolio. |
June 30, 2022 | ||
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Assets | ||
Investment in Tax-Managed Growth Portfolio, at value (identified cost $276,942,369 and $318,989,229, respectively) | $ 1,839,414,386 | $ 988,256,600 |
Receivable for Fund shares sold | 618,887 | 388,823 |
Total assets | $1,840,033,273 | $988,645,423 |
Liabilities | ||
Payable for Fund shares redeemed | $ 869,894 | $ 429,921 |
Payable to affiliates: | ||
Administration fee | — | 125,569 |
Distribution and service fees | 344,372 | 183,248 |
Trustees' fees | 125 | 125 |
Accrued expenses | 257,056 | 147,877 |
Total liabilities | $ 1,471,447 | $ 886,740 |
Net Assets | $1,838,561,826 | $987,758,683 |
Sources of Net Assets | ||
Paid-in capital | $ 1,168,675,376 | $ 803,828,613 |
Distributable earnings | 669,886,450 | 183,930,070 |
Net Assets | $1,838,561,826 | $987,758,683 |
Class A Shares | ||
Net Assets | $ 1,600,895,510 | $ 686,637,363 |
Shares Outstanding | 21,975,043 | 20,970,406 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 72.85 | $ 32.74 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 76.89 | $ 34.55 |
Class C Shares | ||
Net Assets | $ 6,134,110 | $ 44,616,622 |
Shares Outstanding | 94,479 | 1,417,140 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 64.93 | $ 31.48 |
Class I Shares | ||
Net Assets | $ 231,532,206 | $ 256,504,698 |
Shares Outstanding | 3,407,912 | 7,805,071 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 67.94 | $ 32.86 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended June 30, 2022 | ||
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Investment Income | ||
Dividend income allocated from Portfolio (net of foreign taxes, $121,214 and $64,842, respectively) | $ 13,591,369 | $ 7,272,118 |
Expenses allocated from Portfolio | (4,495,273) | (2,404,249) |
Total investment income from Portfolio | $ 9,096,096 | $ 4,867,869 |
Expenses | ||
Administration fee | $ — | $ 843,544 |
Distribution and service fees: | ||
Class A | 2,291,342 | 978,195 |
Class C | 36,773 | 260,581 |
Trustees’ fees and expenses | 250 | 250 |
Custodian fee | 31,081 | 30,961 |
Transfer and dividend disbursing agent fees | 389,183 | 183,260 |
Professional fees | 27,672 | 21,602 |
Printing and postage | 46,579 | 27,063 |
Registration fees | 26,135 | 28,377 |
Miscellaneous | 83,646 | 45,506 |
Total expenses | $ 2,932,661 | $ 2,419,339 |
Net investment income | $ 6,163,435 | $ 2,448,530 |
Realized and Unrealized Gain (Loss) from Portfolio | ||
Net realized gain (loss): | ||
Investment transactions(1) | $ 23,476,088 | $ 12,539,569 |
Foreign currency transactions | (288) | (154) |
Net realized gain | $ 23,475,800 | $ 12,539,415 |
Change in unrealized appreciation (depreciation): | ||
Investments | $ (563,887,121) | $ (301,366,912) |
Foreign currency | (2,056) | (224) |
Net change in unrealized appreciation (depreciation) | $(563,889,177) | $(301,367,136) |
Net realized and unrealized loss | $(540,413,377) | $(288,827,721) |
Net decrease in net assets from operations | $(534,249,942) | $(286,379,191) |
(1) | Include $26,408,132 and $14,034,740 respectively, of net realized gains from redemptions in-kind. |
Tax-Managed Growth Fund 1.1 | ||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 6,163,435 | $ 9,431,664 |
Net realized gain | 23,475,800 | 46,671,752 |
Net change in unrealized appreciation (depreciation) | (563,889,177) | 433,126,776 |
Net increase (decrease) in net assets from operations | $ (534,249,942) | $ 489,230,192 |
Distributions to shareholders: | ||
Class A | $ — | $ (7,411,870) |
Class I | — | (1,860,413) |
Total distributions to shareholders | $ — | $ (9,272,283) |
Transactions in shares of beneficial interest: | ||
Class A | $ (41,342,984) | $ (97,765,930) |
Class C | (764,124) | (2,693,295) |
Class I | 236,541 | 13,483,099 |
Net decrease in net assets from Fund share transactions | $ (41,870,567) | $ (86,976,126) |
Net increase (decrease) in net assets | $ (576,120,509) | $ 392,981,783 |
Net Assets | ||
At beginning of period | $ 2,414,682,335 | $ 2,021,700,552 |
At end of period | $1,838,561,826 | $2,414,682,335 |
Tax-Managed Growth Fund 1.2 | ||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 2,448,530 | $ 3,131,320 |
Net realized gain | 12,539,415 | 24,381,314 |
Net change in unrealized appreciation (depreciation) | (301,367,136) | 226,164,248 |
Net increase (decrease) in net assets from operations | $ (286,379,191) | $ 253,676,882 |
Distributions to shareholders: | ||
Class A | $ — | $ (1,456,093) |
Class I | — | (1,274,812) |
Total distributions to shareholders | $ — | $ (2,730,905) |
Transactions in shares of beneficial interest: | ||
Class A | $ (8,798,518) | $ (18,053,211) |
Class C | (3,390,350) | (4,777,313) |
Class I | 3,447,733 | 7,028,654 |
Net decrease in net assets from Fund share transactions | $ (8,741,135) | $ (15,801,870) |
Net increase (decrease) in net assets | $ (295,120,326) | $ 235,144,107 |
Net Assets | ||
At beginning of period | $1,282,879,009 | $ 1,047,734,902 |
At end of period | $ 987,758,683 | $1,282,879,009 |
Tax-Managed Growth Fund 1.1 — Class A | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 93.810 | $ 75.510 | $ 61.750 | $ 48.150 | $ 51.300 | $ 42.300 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.230 | $ 0.338 | $ 0.481 | $ 0.539 | $ 0.491 | $ 0.467 |
Net realized and unrealized gain (loss) | (21.190) | 18.292 | 13.748 | 13.572 | (3.192) | 8.982 |
Total income (loss) from operations | $ (20.960) | $ 18.630 | $ 14.229 | $ 14.111 | $ (2.701) | $ 9.449 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.330) | $ (0.469) | $ (0.511) | $ (0.449) | $ (0.449) |
Total distributions | $ — | $ (0.330) | $ (0.469) | $ (0.511) | $ (0.449) | $ (0.449) |
Net asset value — End of period | $ 72.850 | $ 93.810 | $ 75.510 | $ 61.750 | $ 48.150 | $ 51.300 |
Total Return(2) | (22.34)% (3) | 24.68% | 23.05% | 29.45% | (5.36)% | 22.35% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $1,600,896 | $2,108,253 | $1,784,383 | $1,565,795 | $1,116,349 | $1,257,823 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 0.74% (5)(6) | 0.73% | 0.76% | 0.78% | 0.79% | 0.79% |
Net investment income | 0.56% (6) | 0.40% | 0.77% | 0.96% | 0.92% | 1.00% |
Portfolio Turnover of the Portfolio(7) | 1% (3) | 1% | 1% | 1% | 1% | 0% (8) |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(3) | Not annualized. |
(4) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(5) | Includes a reduction by the investment adviser of a portion of the Portfolio's 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 six months ended June 30, 2022). |
(6) | Annualized. |
(7) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 3%, 4%, 6%, 6%, 6% and 5% for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
(8) | Amount is less than 0.5%. |
Tax-Managed Growth Fund 1.1 — Class C | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 83.920 | $ 67.810 | $ 55.530 | $ 43.280 | $ 46.100 | $ 38.040 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.073) | $ (0.268) | $ 0.015 | $ (0.018) | $ 0.082 | $ 0.114 |
Net realized and unrealized gain (loss) | (18.917) | 16.378 | 12.265 | 12.268 | (2.832) | 8.047 |
Total income (loss) from operations | $(18.990) | $16.110 | $12.280 | $12.250 | $ (2.750) | $ 8.161 |
Less Distributions | ||||||
From net investment income | $ — | $ — | $ — | $ — | $ (0.070) | $ (0.101) |
Total distributions | $ — | $ — | $ — | $ — | $ (0.070) | $ (0.101) |
Net asset value — End of period | $ 64.930 | $83.920 | $67.810 | $55.530 | $ 43.280 | $ 46.100 |
Total Return(2) | (22.63)% (3) | 23.76% | 22.11% | 28.34% | (5.99)% | 21.46% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 6,134 | $ 8,801 | $ 9,517 | $ 13,730 | $202,974 | $248,201 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 1.49% (5)(6) | 1.48% | 1.51% | 1.55% | 1.54% | 1.54% |
Net investment income (loss) | (0.20)% (6) | (0.35)% | 0.03% | (0.04)% | 0.17% | 0.27% |
Portfolio Turnover of the Portfolio(7) | 1% (3) | 1% | 1% | 1% | 1% | 0% (8) |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(3) | Not annualized. |
(4) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(5) | Includes a reduction by the investment adviser of a portion of the Portfolio's 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 six months ended June 30, 2022). |
(6) | Annualized. |
(7) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 3%, 4%, 6%, 6%, 6% and 5% for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
(8) | Amount is less than 0.5%. |
Tax-Managed Growth Fund 1.1 — Class I | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 87.380 | $ 70.350 | $ 57.570 | $ 44.920 | $ 47.920 | $ 39.530 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.310 | $ 0.514 | $ 0.594 | $ 0.628 | $ 0.584 | $ 0.542 |
Net realized and unrealized gain (loss) | (19.750) | 17.064 | 12.817 | 12.675 | (2.996) | 8.414 |
Total income (loss) from operations | $ (19.440) | $ 17.578 | $ 13.411 | $ 13.303 | $ (2.412) | $ 8.956 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.548) | $ (0.631) | $ (0.653) | $ (0.588) | $ (0.566) |
Total distributions | $ — | $ (0.548) | $ (0.631) | $ (0.653) | $ (0.588) | $ (0.566) |
Net asset value — End of period | $ 67.940 | $ 87.380 | $ 70.350 | $ 57.570 | $ 44.920 | $ 47.920 |
Total Return(2) | (22.25)% (3) | 25.00% | 23.31% | 29.74% | (5.11)% | 22.67% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $231,532 | $297,628 | $227,801 | $183,702 | $136,976 | $114,276 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 0.49% (5)(6) | 0.48% | 0.51% | 0.53% | 0.54% | 0.54% |
Net investment income | 0.81% (6) | 0.64% | 1.01% | 1.20% | 1.17% | 1.24% |
Portfolio Turnover of the Portfolio(7) | 1% (3) | 1% | 1% | 1% | 1% | 0% (8) |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | Not annualized. |
(4) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(5) | Includes a reduction by the investment adviser of a portion of the Portfolio's 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 six months ended June 30, 2022). |
(6) | Annualized. |
(7) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 3%, 4%, 6%, 6%, 6% and 5% for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
(8) | Amount is less than 0.5%. |
Tax-Managed Growth Fund 1.2 — Class A | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 42.190 | $ 33.950 | $ 27.770 | $ 21.650 | $ 23.060 | $ 19.020 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.075 | $ 0.093 | $ 0.171 | $ 0.205 | $ 0.184 | $ 0.177 |
Net realized and unrealized gain (loss) | (9.525) | 8.216 | 6.171 | 6.108 | (1.432) | 4.035 |
Total income (loss) from operations | $ (9.450) | $ 8.309 | $ 6.342 | $ 6.313 | $ (1.248) | $ 4.212 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.069) | $ (0.162) | $ (0.193) | $ (0.162) | $ (0.172) |
Total distributions | $ — | $ (0.069) | $ (0.162) | $ (0.193) | $ (0.162) | $ (0.172) |
Net asset value — End of period | $ 32.740 | $ 42.190 | $ 33.950 | $ 27.770 | $ 21.650 | $ 23.060 |
Total Return(2) | (22.40)% (3) | 24.48% | 22.84% | 29.28% | (5.50)% | 22.15% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $686,637 | $894,809 | $736,814 | $629,530 | $427,333 | $472,741 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 0.89% (5)(6) | 0.88% | 0.92% | 0.93% | 0.94% | 0.95% |
Net investment income | 0.41% (6) | 0.24% | 0.61% | 0.81% | 0.77% | 0.84% |
Portfolio Turnover of the Portfolio(7) | 1% (3) | 1% | 1% | 1% | 1% | 0% (8) |
Portfolio Turnover of the Fund(9) | — | — | — | — | — | 1% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(3) | Not annualized. |
(4) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(5) | Includes a reduction by the investment adviser of a portion of the Portfolio's 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 six months ended June 30, 2022). |
(6) | Annualized. |
(7) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 3%, 4%, 6%, 6%, 6% and 5% for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
(8) | Amount is less than 0.5%. |
(9) | Excludes the value of Fund securities contributed or distributed as a result of in-kind transactions. The portfolio turnover of the Fund including in-kind contributions and distributions of securities was 3% for the year ended December 31, 2017. |
Tax-Managed Growth Fund 1.2 — Class C | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 40.720 | $ 32.960 | $ 27.030 | $ 21.080 | $ 22.460 | $ 18.530 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.062) | $ (0.188) | $ (0.037) | $ 0.003 | $ 0.004 | $ 0.022 |
Net realized and unrealized gain (loss) | (9.178) | 7.948 | 5.967 | 5.947 | (1.384) | 3.912 |
Total income (loss) from operations | $ (9.240) | $ 7.760 | $ 5.930 | $ 5.950 | $ (1.380) | $ 3.934 |
Less Distributions | ||||||
From net investment income | $ — | $ — | $ — | $ — | $ — | $ (0.004) |
Total distributions | $ — | $ — | $ — | $ — | $ — | $ (0.004) |
Net asset value — End of period | $31.480 | $40.720 | $32.960 | $27.030 | $ 21.080 | $ 22.460 |
Total Return(2) | (22.69)% (3) | 23.54% | 21.94% | 28.22% | (6.14)% | 21.23% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 44,617 | $ 61,484 | $ 54,119 | $ 61,397 | $142,020 | $173,289 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 1.64% (5)(6) | 1.63% | 1.67% | 1.68% | 1.69% | 1.70% |
Net investment income (loss) | (0.35)% (6) | (0.51)% | (0.14)% | 0.01% | 0.02% | 0.11% |
Portfolio Turnover of the Portfolio(7) | 1% (3) | 1% | 1% | 1% | 1% | 0% (8) |
Portfolio Turnover of the Fund(9) | — | — | — | — | — | 1% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(3) | Not annualized. |
(4) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(5) | Includes a reduction by the investment adviser of a portion of the Portfolio's 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 six months ended June 30, 2022). |
(6) | Annualized. |
(7) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 3%, 4%, 6%, 6%, 6% and 5% for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
(8) | Amount is less than 0.5%. |
(9) | Excludes the value of Fund securities contributed or distributed as a result of in-kind transactions. The portfolio turnover of the Fund including in-kind contributions and distributions of securities was 3% for the year ended December 31, 2017. |
Tax-Managed Growth Fund 1.2 — Class I | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 42.290 | $ 34.030 | $ 27.830 | $ 21.690 | $ 23.110 | $ 19.060 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.122 | $ 0.190 | $ 0.242 | $ 0.266 | $ 0.244 | $ 0.229 |
Net realized and unrealized gain (loss) | (9.552) | 8.235 | 6.192 | 6.130 | (1.439) | 4.046 |
Total income (loss) from operations | $ (9.430) | $ 8.425 | $ 6.434 | $ 6.396 | $ (1.195) | $ 4.275 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.165) | $ (0.234) | $ (0.256) | $ (0.225) | $ (0.225) |
Total distributions | $ — | $ (0.165) | $ (0.234) | $ (0.256) | $ (0.225) | $ (0.225) |
Net asset value — End of period | $ 32.860 | $ 42.290 | $ 34.030 | $ 27.830 | $ 21.690 | $ 23.110 |
Total Return(2) | (22.30)% (3) | 24.77% | 23.13% | 29.61% | (5.25)% | 22.44% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $256,505 | $326,586 | $256,802 | $223,771 | $154,772 | $134,355 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 0.64% (5)(6) | 0.63% | 0.67% | 0.68% | 0.69% | 0.70% |
Net investment income | 0.66% (6) | 0.49% | 0.85% | 1.05% | 1.02% | 1.09% |
Portfolio Turnover of the Portfolio(7) | 1% (3) | 1% | 1% | 1% | 1% | 0% (8) |
Portfolio Turnover of the Fund(9) | — | — | — | — | — | 1% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | Not annualized. |
(4) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(5) | Includes a reduction by the investment adviser of a portion of the Portfolio's 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 six months ended June 30, 2022). |
(6) | Annualized. |
(7) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 3%, 4%, 6%, 6%, 6% and 5% for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
(8) | Amount is less than 0.5%. |
(9) | Excludes the value of Fund securities contributed or distributed as a result of in-kind transactions. The portfolio turnover of the Fund including in-kind contributions and distributions of securities was 3% for the year ended December 31, 2017. |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Deferred capital losses: | ||
Short-term | $1,427,986 | $7,133 |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.6250% |
$500 million but less than $1 billion | 0.5625% |
$1 billion but less than $1.5 billion | 0.5000% |
$1.5 billion but less than $7 billion | 0.4375% |
$7 billion but less than $10 billion | 0.4250% |
$10 billion but less than $15 billion | 0.4125% |
$15 billion but less than $20 billion | 0.4000% |
$20 billion but less than $25 billion | 0.3900% |
$25 billion but less than $30 billion | 0.3800% |
$30 billion but less than $35 billion | 0.3700% |
$35 billion but less than $45 billion | 0.3650% |
$45 billion and over | 0.3600% |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
EVM's Sub-Transfer Agent Fees | $110,886 | $40,138 |
EVD's Class A Sales Charges | $ 7,456 | $24,993 |
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ 1,656 | $ 4,881 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class A Distribution and Service Fees | $2,291,342 | $978,195 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class C Distribution Fees | $27,580 | $195,436 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class C Service Fees | $9,193 | $65,145 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class A | $ — | $ 900 |
Class C | $ — | $1,300 |
Fund | Increases | Decreases |
Tax-Managed Growth Fund 1.1 | $ 319,824 | $45,456,311 |
Tax-Managed Growth Fund 1.2 | $10,192,956 | $21,422,562 |
Fund | Redemptions in-kind |
Tax-Managed Growth Fund 1.1 | $36,265,869 |
Tax-Managed Growth Fund 1.2 | $12,214,237 |
Tax-Managed Growth Fund 1.1 | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 64,194 | $ 5,345,321 | 104,923 | $ 9,089,612 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 68,850 | 6,330,080 | ||
Redemptions | (569,079) | (47,173,749) | (1,349,293) | (114,834,731) | ||
Converted from Class C shares | 5,770 | 485,444 | 19,389 | 1,649,109 | ||
Net decrease | (499,115) | $(41,342,984) | (1,156,131) | $ (97,765,930) |
Tax-Managed Growth Fund 1.1 (continued) | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |||||
Shares | Amount | Shares | Amount | |||
Class C | ||||||
Sales | 1,343 | $ 99,485 | 3,103 | $ 235,001 | ||
Redemptions | (5,285) | (378,165) | (16,890) | (1,279,187) | ||
Converted to Class A shares | (6,461) | (485,444) | (21,672) | (1,649,109) | ||
Net decrease | (10,403) | $ (764,124) | (35,459) | $ (2,693,295) | ||
Class I | ||||||
Sales | 604,310 | $ 46,550,922 | 1,383,116 | $ 109,752,215 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 18,295 | 1,566,582 | ||
Redemptions | (602,719) | (46,314,381) | (1,233,101) | (97,835,698) | ||
Net increase | 1,591 | $ 236,541 | 168,310 | $ 13,483,099 |
Tax-Managed Growth Fund 1.2 | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 368,912 | $ 14,026,360 | 773,549 | $ 30,288,718 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 31,337 | 1,295,778 | ||
Redemptions | (658,267) | (24,711,446) | (1,420,350) | (54,225,772) | ||
Converted from Class C shares | 51,445 | 1,886,568 | 121,263 | 4,588,065 | ||
Net decrease | (237,910) | $ (8,798,518) | (494,201) | $(18,053,211) | ||
Class C | ||||||
Sales | 94,701 | $ 3,370,422 | 227,686 | $ 8,513,688 | ||
Redemptions | (134,078) | (4,874,204) | (234,470) | (8,702,936) | ||
Converted to Class A shares | (53,417) | (1,886,568) | (125,337) | (4,588,065) | ||
Net decrease | (92,794) | $ (3,390,350) | (132,121) | $ (4,777,313) | ||
Class I | ||||||
Sales | 996,590 | $ 37,574,375 | 1,738,618 | $ 66,445,259 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 28,099 | 1,164,723 | ||
Redemptions | (913,297) | (34,126,642) | (1,592,099) | (60,581,328) | ||
Net increase | 83,293 | $ 3,447,733 | 174,618 | $ 7,028,654 |
Common Stocks — 99.4% |
Security | Shares | Value | |
Aerospace & Defense — 1.3% | |||
Boeing Co. (The)(1) | 882,797 | $ 120,696,006 | |
General Dynamics Corp. | 117,303 | 25,953,289 | |
Hexcel Corp. | 107,007 | 5,597,536 | |
Howmet Aerospace, Inc. | 4 | 126 | |
Huntington Ingalls Industries, Inc. | 2,300 | 500,986 | |
L3Harris Technologies, Inc. | 8,540 | 2,064,118 | |
Lockheed Martin Corp. | 140,936 | 60,596,842 | |
Northrop Grumman Corp. | 75,863 | 36,305,756 | |
Raytheon Technologies Corp. | 1,478,141 | 142,064,131 | |
Textron, Inc. | 9,462 | 577,844 | |
TransDigm Group, Inc.(1) | 3,386 | 1,817,165 | |
$ 396,173,799 | |||
Air Freight & Logistics — 1.2% | |||
C.H. Robinson Worldwide, Inc. | 221,622 | $ 22,465,822 | |
Expeditors International of Washington, Inc. | 22,997 | 2,241,288 | |
FedEx Corp. | 359,477 | 81,497,031 | |
GXO Logistics, Inc.(1) | 97,791 | 4,231,416 | |
United Parcel Service, Inc., Class B | 1,344,506 | 245,426,125 | |
$ 355,861,682 | |||
Airlines — 0.0%(2) | |||
American Airlines Group, Inc.(1) | 61,732 | $ 782,762 | |
Delta Air Lines, Inc.(1) | 61,964 | 1,795,097 | |
Southwest Airlines Co.(1) | 28,371 | 1,024,760 | |
$ 3,602,619 | |||
Auto Components — 0.5% | |||
Adient PLC(1) | 1,760 | $ 52,149 | |
Aptiv PLC(1) | 1,022,078 | 91,036,488 | |
BorgWarner, Inc. | 800 | 26,696 | |
Dorman Products, Inc.(1) | 20,730 | 2,274,288 | |
Fox Factory Holding Corp.(1) | 800 | 64,432 | |
Garrett Motion, Inc.(1) | 6,726 | 51,992 | |
Gentex Corp. | 1,443,192 | 40,366,080 | |
$ 133,872,125 | |||
Automobiles — 0.5% | |||
Ford Motor Co. | 1,219,179 | $ 13,569,462 | |
General Motors Co.(1) | 96,097 | 3,052,041 | |
Harley-Davidson, Inc. | 800 | 25,328 | |
Mercedes-Benz Group AG | 18,000 | 1,048,500 |
Security | Shares | Value | |
Automobiles (continued) | |||
Tesla, Inc.(1) | 181,741 | $ 122,388,024 | |
Toyota Motor Corp. ADR | 5,100 | 786,267 | |
$ 140,869,622 | |||
Banks — 3.8% | |||
Bank of America Corp. | 4,580,104 | $ 142,578,638 | |
Bank of Hawaii Corp. | 557 | 41,441 | |
Bank of Montreal | 4 | 385 | |
Citigroup, Inc. | 943,639 | 43,397,958 | |
Commerce Bancshares, Inc. | 79,477 | 5,217,665 | |
CVB Financial Corp. | 608,432 | 15,095,198 | |
Fifth Third Bancorp | 1,779,061 | 59,776,450 | |
First Citizens BancShares, Inc., Class A | 92 | 60,148 | |
First Republic Bank | 2,010 | 289,842 | |
Glacier Bancorp, Inc. | 40,000 | 1,896,800 | |
HSBC Holdings PLC | 220,592 | 1,443,240 | |
HSBC Holdings PLC ADR | 424 | 13,852 | |
Huntington Bancshares, Inc. | 144,510 | 1,738,455 | |
ING Groep NV ADR | 125 | 1,240 | |
JPMorgan Chase & Co. | 4,278,108 | 481,757,742 | |
KeyCorp | 72,748 | 1,253,448 | |
Live Oak Bancshares, Inc. | 15,000 | 508,350 | |
M&T Bank Corp. | 122,870 | 19,584,249 | |
Pinnacle Financial Partners, Inc. | 34,686 | 2,508,145 | |
PNC Financial Services Group, Inc. (The) | 128,442 | 20,264,294 | |
Regions Financial Corp. | 762,628 | 14,299,275 | |
Signature Bank | 3,359 | 601,966 | |
Societe Generale S.A. | 405,793 | 8,971,959 | |
SVB Financial Group(1) | 31,685 | 12,515,258 | |
Synovus Financial Corp. | 37 | 1,334 | |
Toronto-Dominion Bank (The) | 569 | 37,315 | |
Truist Financial Corp. | 1,744,481 | 82,740,734 | |
U.S. Bancorp | 1,120,019 | 51,543,274 | |
Webster Financial Corp. | 83,390 | 3,514,888 | |
Wells Fargo & Co. | 3,756,768 | 147,152,603 | |
Western Alliance Bancorp | 23,987 | 1,693,482 | |
Zions Bancorp N.A. | 53,870 | 2,741,983 | |
$ 1,123,241,611 | |||
Beverages — 2.3% | |||
Anheuser-Busch InBev SA/NV ADR | 75,379 | $ 4,066,697 | |
Boston Beer Co., Inc. (The), Class A(1) | 4,730 | 1,433,048 | |
Brown-Forman Corp., Class A | 17,399 | 1,176,868 | |
Brown-Forman Corp., Class B | 420,049 | 29,470,638 | |
Coca-Cola Co. (The) | 3,972,834 | 249,930,987 | |
Constellation Brands, Inc., Class A | 118,245 | 27,558,180 |
Security | Shares | Value | |
Beverages (continued) | |||
Diageo PLC ADR | 9,771 | $ 1,701,327 | |
Keurig Dr Pepper, Inc. | 21,979 | 777,837 | |
Molson Coors Beverage Co., Class B | 55,737 | 3,038,224 | |
Monster Beverage Corp.(1) | 176,096 | 16,324,099 | |
PepsiCo, Inc. | 2,133,943 | 355,642,940 | |
$ 691,120,845 | |||
Biotechnology — 2.5% | |||
2seventy bio, Inc.(1) | 166 | $ 2,191 | |
AbbVie, Inc. | 1,241,411 | 190,134,509 | |
Agios Pharmaceuticals, Inc.(1) | 74,972 | 1,662,129 | |
Alkermes PLC(1) | 5,000 | 148,950 | |
Alnylam Pharmaceuticals, Inc.(1) | 9,409 | 1,372,303 | |
Amgen, Inc. | 703,569 | 171,178,338 | |
argenx SE ADR(1) | 308,910 | 117,039,821 | |
Biogen, Inc.(1) | 30,942 | 6,310,311 | |
Bluebird Bio, Inc.(1) | 500 | 2,070 | |
Exact Sciences Corp.(1) | 71,318 | 2,809,216 | |
Gilead Sciences, Inc. | 1,138,818 | 70,390,341 | |
Incyte Corp.(1) | 103,220 | 7,841,623 | |
Moderna, Inc.(1) | 343,592 | 49,082,117 | |
Natera, Inc.(1) | 14,283 | 506,189 | |
Neurocrine Biosciences, Inc.(1) | 219,845 | 21,430,491 | |
Regeneron Pharmaceuticals, Inc.(1) | 34,422 | 20,347,877 | |
Seagen, Inc.(1) | 5,662 | 1,001,834 | |
Vertex Pharmaceuticals, Inc.(1) | 348,982 | 98,339,638 | |
$ 759,599,948 | |||
Building Products — 0.5% | |||
A.O. Smith Corp. | 32,488 | $ 1,776,444 | |
Allegion PLC | 123 | 12,042 | |
Carlisle Cos., Inc. | 71,809 | 17,134,345 | |
Carrier Global Corp. | 250,872 | 8,946,095 | |
Fortune Brands Home & Security, Inc. | 17,806 | 1,066,223 | |
Johnson Controls International PLC | 355,411 | 17,017,079 | |
Lennox International, Inc. | 381,979 | 78,913,042 | |
Masco Corp. | 38,836 | 1,965,102 | |
Resideo Technologies, Inc.(1) | 11,209 | 217,679 | |
Trane Technologies PLC | 63,367 | 8,229,472 | |
Trex Co., Inc.(1) | 3,070 | 167,069 | |
$ 135,444,592 | |||
Capital Markets — 4.3% | |||
Affiliated Managers Group, Inc. | 58,916 | $ 6,869,606 | |
Ameriprise Financial, Inc. | 93,679 | 22,265,625 | |
Ares Management Corp., Class A | 44,772 | 2,545,736 |
Security | Shares | Value | |
Capital Markets (continued) | |||
Bank of New York Mellon Corp. (The) | 676,857 | $ 28,231,705 | |
BlackRock, Inc. | 49,012 | 29,850,269 | |
Blackstone, Inc. | 342,444 | 31,241,166 | |
Brookfield Asset Management, Inc., Class A | 272,575 | 12,121,410 | |
Carlyle Group, Inc. (The) | 457,373 | 14,480,429 | |
Cboe Global Markets, Inc. | 194,492 | 22,014,549 | |
Charles Schwab Corp. (The) | 3,316,507 | 209,536,912 | |
CME Group, Inc. | 247,535 | 50,670,415 | |
FactSet Research Systems, Inc. | 97,345 | 37,435,967 | |
Federated Hermes, Inc., Class B | 66,210 | 2,104,816 | |
Franklin Resources, Inc. | 211,191 | 4,922,862 | |
Goldman Sachs Group, Inc. (The) | 1,107,983 | 329,093,111 | |
Intercontinental Exchange, Inc. | 154,759 | 14,553,536 | |
Invesco, Ltd. | 11,064 | 178,462 | |
LPL Financial Holdings, Inc. | 160,206 | 29,554,803 | |
Moody's Corp. | 270,102 | 73,459,641 | |
Morgan Stanley(3) | 1,614,712 | 122,814,995 | |
Morningstar, Inc. | 4,694 | 1,135,150 | |
MSCI, Inc. | 10,000 | 4,121,500 | |
Nasdaq, Inc. | 79,247 | 12,088,337 | |
Northern Trust Corp. | 383,848 | 37,033,655 | |
Raymond James Financial, Inc. | 110,958 | 9,920,755 | |
S&P Global, Inc. | 313,058 | 105,519,330 | |
SEI Investments Co. | 159,600 | 8,621,592 | |
State Street Corp. | 211,989 | 13,069,122 | |
Stifel Financial Corp. | 120,010 | 6,722,960 | |
T. Rowe Price Group, Inc. | 381,586 | 43,351,985 | |
UBS Group AG(1) | 9 | 146 | |
$ 1,285,530,547 | |||
Chemicals — 1.1% | |||
AdvanSix, Inc. | 968 | $ 32,370 | |
Air Products and Chemicals, Inc. | 25,995 | 6,251,277 | |
Albemarle Corp. | 100,158 | 20,931,019 | |
Balchem Corp. | 24,992 | 3,242,462 | |
Cabot Corp. | 16,510 | 1,053,173 | |
Celanese Corp. | 23,540 | 2,768,539 | |
Chemours Co. (The) | 147 | 4,707 | |
Corteva, Inc. | 240,471 | 13,019,100 | |
Dow, Inc. | 75,898 | 3,917,096 | |
DuPont de Nemours, Inc. | 497,084 | 27,627,929 | |
Eastman Chemical Co. | 1,062 | 95,336 | |
Ecolab, Inc. | 690,911 | 106,234,475 | |
FMC Corp. | 817 | 87,427 | |
International Flavors & Fragrances, Inc. | 5,000 | 595,600 | |
Linde PLC | 169,925 | 48,858,535 |
Security | Shares | Value | |
Chemicals (continued) | |||
LyondellBasell Industries NV, Class A | 4,274 | $ 373,804 | |
NewMarket Corp. | 3,923 | 1,180,666 | |
Nutrien, Ltd. | 10,927 | 870,773 | |
PPG Industries, Inc. | 415,052 | 47,457,046 | |
RPM International, Inc. | 3,433 | 270,246 | |
Scotts Miracle-Gro Co. (The) | 136 | 10,743 | |
Sherwin-Williams Co. (The) | 193,094 | 43,235,677 | |
Westlake Corp. | 1,000 | 98,020 | |
$ 328,216,020 | |||
Commercial Services & Supplies — 0.3% | |||
Brady Corp., Class A | 258 | $ 12,188 | |
Cintas Corp. | 618 | 230,841 | |
Copart, Inc.(1) | 4,771 | 518,417 | |
HNI Corp. | 108,151 | 3,751,758 | |
IAA, Inc.(1) | 310 | 10,159 | |
Republic Services, Inc. | 4,227 | 553,187 | |
Rollins, Inc. | 60,814 | 2,123,625 | |
Stericycle, Inc.(1) | 8,000 | 350,800 | |
Waste Connections, Inc. | 115,655 | 14,336,594 | |
Waste Management, Inc. | 499,218 | 76,370,370 | |
$ 98,257,939 | |||
Communications Equipment — 1.8% | |||
Arista Networks, Inc.(1) | 4,031,876 | $ 377,948,056 | |
Cisco Systems, Inc. | 3,602,531 | 153,611,922 | |
Juniper Networks, Inc. | 285,300 | 8,131,050 | |
Motorola Solutions, Inc. | 55,714 | 11,677,655 | |
Nokia Oyj ADR | 192 | 885 | |
$ 551,369,568 | |||
Construction & Engineering — 0.0%(2) | |||
Comfort Systems USA, Inc.(4) | 17,894 | $ 1,487,142 | |
Fluor Corp.(1) | 3,250 | 79,105 | |
MasTec, Inc.(1) | 1,500 | 107,490 | |
Quanta Services, Inc. | 2,649 | 332,026 | |
$ 2,005,763 | |||
Construction Materials — 0.0%(2) | |||
Vulcan Materials Co. | 64,614 | $ 9,181,649 | |
$ 9,181,649 | |||
Consumer Finance — 0.8% | |||
American Express Co. | 925,099 | $ 128,237,224 | |
Capital One Financial Corp. | 70,766 | 7,373,110 | |
Discover Financial Services | 981,166 | 92,798,680 |
Security | Shares | Value | |
Consumer Finance (continued) | |||
LendingClub Corp.(1) | 15,938 | $ 186,315 | |
Synchrony Financial | 78,799 | 2,176,428 | |
$ 230,771,757 | |||
Containers & Packaging — 0.1% | |||
Amcor PLC | 940,774 | $ 11,693,821 | |
AptarGroup, Inc. | 65,000 | 6,708,650 | |
Avery Dennison Corp. | 5,508 | 891,580 | |
Ball Corp. | 63,819 | 4,388,833 | |
Crown Holdings, Inc. | 13,787 | 1,270,748 | |
International Paper Co. | 36,077 | 1,509,101 | |
Packaging Corp. of America | 13,103 | 1,801,662 | |
Sealed Air Corp. | 27,104 | 1,564,443 | |
Sonoco Products Co. | 2,297 | 131,021 | |
WestRock Co. | 22,073 | 879,388 | |
$ 30,839,247 | |||
Distributors — 0.0%(2) | |||
Genuine Parts Co. | 22,932 | $ 3,049,956 | |
LKQ Corp. | 81,118 | 3,982,083 | |
Pool Corp. | 10,691 | 3,755,000 | |
$ 10,787,039 | |||
Diversified Consumer Services — 0.0%(2) | |||
Bright Horizons Family Solutions, Inc.(1) | 6,150 | $ 519,798 | |
H&R Block, Inc. | 18,127 | 640,245 | |
Service Corp. International | 16,140 | 1,115,597 | |
$ 2,275,640 | |||
Diversified Financial Services — 2.6% | |||
Apollo Global Management, Inc. | 40,164 | $ 1,947,151 | |
Berkshire Hathaway, Inc., Class A(1) | 605 | 247,414,750 | |
Berkshire Hathaway, Inc., Class B(1) | 1,981,546 | 541,001,689 | |
$ 790,363,590 | |||
Diversified Telecommunication Services — 0.2% | |||
AT&T, Inc. | 1,208,047 | $ 25,320,665 | |
Liberty Latin America, Ltd., Class A(1) | 1,546 | 12,059 | |
Liberty Latin America, Ltd., Class C(1) | 4,825 | 37,587 | |
Lumen Technologies, Inc. | 4,871 | 53,142 | |
Verizon Communications, Inc. | 941,701 | 47,791,326 | |
$ 73,214,779 | |||
Electric Utilities — 0.9% | |||
ALLETE, Inc. | 16,987 | $ 998,496 | |
American Electric Power Co., Inc. | 236,565 | 22,696,046 |
Security | Shares | Value | |
Electric Utilities (continued) | |||
Constellation Energy Corp. | 10,429 | $ 597,164 | |
Duke Energy Corp. | 866,908 | 92,941,207 | |
Edison International | 507,313 | 32,082,474 | |
Entergy Corp. | 2,640 | 297,370 | |
Exelon Corp. | 31,911 | 1,446,206 | |
IDACORP, Inc. | 140 | 14,829 | |
NextEra Energy, Inc. | 1,263,459 | 97,867,534 | |
NRG Energy, Inc. | 3,136 | 119,701 | |
Portland General Electric Co. | 20,000 | 966,600 | |
PPL Corp. | 2,700 | 73,251 | |
Southern Co. (The) | 78,747 | 5,615,449 | |
Xcel Energy, Inc. | 265,196 | 18,765,269 | |
$ 274,481,596 | |||
Electrical Equipment — 0.8% | |||
Acuity Brands, Inc. | 9,321 | $ 1,435,807 | |
AMETEK, Inc. | 55,707 | 6,121,642 | |
Eaton Corp. PLC | 90,983 | 11,462,948 | |
Emerson Electric Co. | 2,075,510 | 165,086,066 | |
Generac Holdings, Inc.(1) | 46,116 | 9,711,107 | |
Hubbell, Inc. | 62,461 | 11,154,285 | |
nVent Electric PLC | 4 | 125 | |
Rockwell Automation, Inc. | 139,557 | 27,815,106 | |
$ 232,787,086 | |||
Electronic Equipment, Instruments & Components — 0.4% | |||
Amphenol Corp., Class A | 24,679 | $ 1,588,834 | |
Badger Meter, Inc. | 4,500 | 364,005 | |
CDW Corp. | 144,442 | 22,758,282 | |
Corning, Inc. | 1,489,441 | 46,932,286 | |
IPG Photonics Corp.(1) | 17,003 | 1,600,493 | |
Keysight Technologies, Inc.(1) | 12,706 | 1,751,522 | |
Knowles Corp.(1) | 1 | 17 | |
Littelfuse, Inc. | 91,856 | 23,335,098 | |
TE Connectivity, Ltd. | 63,879 | 7,227,909 | |
Teledyne Technologies, Inc.(1) | 145 | 54,391 | |
Trimble, Inc.(1) | 15,062 | 877,059 | |
Trimble, Inc.(1)(4) | 183,372 | 10,677,753 | |
Vontier Corp. | 3,985 | 91,615 | |
Zebra Technologies Corp., Class A(1) | 51,239 | 15,061,704 | |
$ 132,320,968 | |||
Energy Equipment & Services — 0.2% | |||
ChampionX Corp. | 10,853 | $ 215,432 | |
Core Laboratories NV | 16,652 | 329,876 | |
Expro Group Holdings N.V.(1) | 250,000 | 2,880,000 |
Security | Shares | Value | |
Energy Equipment & Services (continued) | |||
Halliburton Co. | 697,982 | $ 21,888,716 | |
NOV, Inc. | 5,400 | 91,314 | |
Schlumberger NV | 855,207 | 30,582,202 | |
Transocean, Ltd.(1) | 3,548 | 11,815 | |
$ 55,999,355 | |||
Entertainment — 1.5% | |||
Activision Blizzard, Inc. | 158,823 | $ 12,365,959 | |
Electronic Arts, Inc. | 150,119 | 18,261,976 | |
Liberty Braves Group, Series A(1) | 1,236 | 31,085 | |
Liberty Braves Group, Series C(1) | 2,473 | 59,352 | |
Live Nation Entertainment, Inc.(1) | 20,744 | 1,713,040 | |
NetEase, Inc. ADR | 510 | 47,614 | |
Netflix, Inc.(1) | 233,951 | 40,911,011 | |
ROBLOX Corp., Class A(1) | 905,777 | 29,763,832 | |
Roku, Inc., Class A(1) | 26,288 | 2,159,296 | |
Spotify Technology S.A.(1) | 92,198 | 8,650,938 | |
Take-Two Interactive Software, Inc.(1) | 7,839 | 960,513 | |
Walt Disney Co. (The)(1) | 3,420,691 | 322,913,231 | |
Warner Bros. Discovery, Inc.(1) | 644,305 | 8,646,573 | |
$ 446,484,420 | |||
Equity Real Estate Investment Trusts (REITs) — 0.6% | |||
American Homes 4 Rent, Class A | 166,000 | $ 5,883,040 | |
American Tower Corp. | 62,496 | 15,973,353 | |
American Tower Corp.(4) | 33,660 | 8,603,159 | |
AvalonBay Communities, Inc. | 7,000 | 1,359,750 | |
Boston Properties, Inc. | 60 | 5,339 | |
Brixmor Property Group, Inc. | 45,000 | 909,450 | |
Broadstone Net Lease, Inc. | 19,453 | 398,981 | |
Crown Castle International Corp. | 1,109 | 186,733 | |
Digital Realty Trust, Inc. | 75 | 9,737 | |
EastGroup Properties, Inc. | 618,809 | 95,500,793 | |
Equinix, Inc. | 990 | 650,450 | |
Extra Space Storage, Inc. | 1,800 | 306,216 | |
Federal Realty Investment Trust | 1,300 | 124,462 | |
Host Hotels & Resorts, Inc. | 528,986 | 8,294,500 | |
Mid-America Apartment Communities, Inc. | 457 | 79,824 | |
National Storage Affiliates Trust(4) | 170,000 | 8,509,772 | |
ProLogis, Inc. | 40,687 | 4,786,826 | |
Public Storage | 8,114 | 2,537,004 | |
Realty Income Corp. | 100,779 | 6,879,175 | |
Regency Centers Corp. | 405 | 24,021 | |
SBA Communications Corp. | 6,025 | 1,928,301 | |
Simon Property Group, Inc. | 8,192 | 777,585 |
Security | Shares | Value | |
Equity Real Estate Investment Trusts (REITs) (continued) | |||
Sun Communities, Inc. | 86,445 | $ 13,775,875 | |
Ventas, Inc. | 98,914 | 5,087,147 | |
$ 182,591,493 | |||
Food & Staples Retailing — 1.9% | |||
Costco Wholesale Corp. | 950,278 | $ 455,449,240 | |
Kroger Co. (The) | 701,785 | 33,215,484 | |
Sprouts Farmers Market, Inc.(1) | 405,986 | 10,279,565 | |
Sysco Corp. | 644,935 | 54,632,444 | |
Walgreens Boots Alliance, Inc. | 431,882 | 16,368,328 | |
Walmart, Inc. | 63,807 | 7,757,655 | |
$ 577,702,716 | |||
Food Products — 1.4% | |||
Archer-Daniels-Midland Co. | 137,778 | $ 10,691,573 | |
Campbell Soup Co. | 748,065 | 35,944,523 | |
Conagra Brands, Inc. | 699,690 | 23,957,385 | |
Flowers Foods, Inc. | 774,473 | 20,384,129 | |
General Mills, Inc. | 171,296 | 12,924,283 | |
Hain Celestial Group, Inc. (The)(1) | 17,240 | 409,278 | |
Hershey Co. (The) | 219,063 | 47,133,595 | |
Hormel Foods Corp. | 366,066 | 17,336,886 | |
J&J Snack Foods Corp. | 33,410 | 4,666,041 | |
JM Smucker Co. (The) | 19,721 | 2,524,485 | |
Kellogg Co. | 72,821 | 5,195,050 | |
Kraft Heinz Co. (The) | 189,576 | 7,230,429 | |
Lamb Weston Holdings, Inc. | 139,408 | 9,962,096 | |
McCormick & Co., Inc., Non Voting Shares | 168,759 | 14,049,187 | |
Mondelez International, Inc., Class A | 1,229,870 | 76,362,628 | |
Nestle S.A. | 1,118,348 | 130,704,326 | |
Tyson Foods, Inc., Class A | 50,810 | 4,372,709 | |
Tyson Foods, Inc., Class A(4) | 22,540 | 1,939,501 | |
$ 425,788,104 | |||
Health Care Equipment & Supplies — 3.0% | |||
Abbott Laboratories | 2,016,286 | $ 219,069,474 | |
ABIOMED, Inc.(1) | 109,299 | 27,052,596 | |
Alcon, Inc. | 22,924 | 1,602,158 | |
Align Technology, Inc.(1) | 20,794 | 4,921,316 | |
Avanos Medical, Inc.(1) | 542 | 14,818 | |
Baxter International, Inc. | 39,731 | 2,551,922 | |
Becton, Dickinson and Co. | 155,907 | 38,435,753 | |
Boston Scientific Corp.(1) | 680,931 | 25,378,298 | |
DENTSPLY SIRONA, Inc. | 126,017 | 4,502,587 | |
DexCom, Inc.(1) | 690,468 | 51,460,580 | |
Edwards Lifesciences Corp.(1) | 474,798 | 45,148,542 |
Security | Shares | Value | |
Health Care Equipment & Supplies (continued) | |||
Embecta Corp.(1) | 29,991 | $ 759,372 | |
IDEXX Laboratories, Inc.(1) | 17,216 | 6,038,168 | |
Inari Medical, Inc.(1) | 488,894 | 33,239,903 | |
Inari Medical, Inc.(1)(4) | 22,222 | 1,510,874 | |
Insulet Corp.(1) | 10,198 | 2,222,552 | |
Integra LifeSciences Holdings Corp.(1) | 2,955,898 | 159,707,169 | |
Intuitive Surgical, Inc.(1) | 581,393 | 116,691,389 | |
Medtronic PLC | 547,253 | 49,115,957 | |
Penumbra, Inc.(1) | 105,243 | 13,104,858 | |
ResMed, Inc. | 32,670 | ��� 6,848,612 | |
Smith & Nephew PLC ADR | 5,500 | 153,560 | |
STERIS PLC | 2,168 | 446,933 | |
Stryker Corp. | 343,734 | 68,379,005 | |
Teleflex, Inc. | 14,475 | 3,558,679 | |
Zimmer Biomet Holdings, Inc. | 151,840 | 15,952,310 | |
Zimvie, Inc.(1) | 15,283 | 244,681 | |
$ 898,112,066 | |||
Health Care Providers & Services — 3.1% | |||
Acadia Healthcare Co., Inc.(1) | 32,000 | $ 2,164,160 | |
Cardinal Health, Inc. | 29,103 | 1,521,214 | |
Centene Corp.(1) | 171,673 | 14,525,252 | |
Cigna Corp. | 48,359 | 12,743,564 | |
Covetrus, Inc.(1) | 5,595 | 116,096 | |
CVS Health Corp. | 1,964,045 | 181,988,410 | |
DaVita, Inc.(1) | 246,671 | 19,723,813 | |
Elevance Health, Inc. | 147,908 | 71,377,443 | |
Ensign Group, Inc. (The) | 51,487 | 3,782,750 | |
Guardant Health, Inc.(1) | 145,805 | 5,881,774 | |
HCA Healthcare, Inc. | 211,352 | 35,519,817 | |
Henry Schein, Inc.(1) | 26,348 | 2,021,945 | |
Humana, Inc. | 2,441 | 1,142,559 | |
Laboratory Corp. of America Holdings | 2,067 | 484,422 | |
McKesson Corp. | 150,389 | 49,058,396 | |
Molina Healthcare, Inc.(1) | 18,585 | 5,196,552 | |
Oak Street Health, Inc.(1) | 734,379 | 12,073,191 | |
Progyny, Inc.(1) | 15,525 | 451,001 | |
Quest Diagnostics, Inc. | 1,115 | 148,273 | |
Tenet Healthcare Corp.(1) | 32,363 | 1,700,999 | |
UnitedHealth Group, Inc. | 991,589 | 509,309,858 | |
$ 930,931,489 | |||
Health Care Technology — 0.0%(2) | |||
Teladoc Health, Inc.(1) | 93,070 | $ 3,090,855 | |
Veeva Systems, Inc., Class A(1) | 33,508 | 6,635,924 | |
$ 9,726,779 |
Security | Shares | Value | |
Hotels, Restaurants & Leisure — 3.0% | |||
Airbnb, Inc., Class A(1) | 236,236 | $ 21,043,903 | |
Aramark | 148,020 | 4,533,853 | |
Booking Holdings, Inc.(1) | 52,211 | 91,316,517 | |
Carnival Corp.(1) | 22,069 | 190,897 | |
Chipotle Mexican Grill, Inc.(1) | 120,458 | 157,469,925 | |
Choice Hotels International, Inc. | 49,631 | 5,540,309 | |
Darden Restaurants, Inc. | 77,690 | 8,788,293 | |
Domino's Pizza, Inc. | 3,071 | 1,196,799 | |
Draftkings, Inc., Class A(1) | 550 | 6,418 | |
Expedia Group, Inc.(1) | 94,689 | 8,979,358 | |
Hilton Worldwide Holdings, Inc. | 106,201 | 11,835,039 | |
Hyatt Hotels Corp., Class A(1) | 1,353,442 | 100,032,898 | |
Marriott International, Inc., Class A | 1,201,953 | 163,477,628 | |
McDonald's Corp. | 153,854 | 37,983,475 | |
MGM Resorts International | 892,202 | 25,829,248 | |
Penn National Gaming, Inc.(1) | 30,956 | 941,682 | |
Royal Caribbean Cruises, Ltd.(1) | 1,900 | 66,329 | |
Starbucks Corp. | 2,552,969 | 195,021,302 | |
Texas Roadhouse, Inc. | 417,127 | 30,533,696 | |
Trip.com Group, Ltd. ADR(1) | 5,200 | 142,740 | |
Yum China Holdings, Inc. | 364,213 | 17,664,330 | |
Yum! Brands, Inc. | 151,810 | 17,231,953 | |
$ 899,826,592 | |||
Household Durables — 0.2% | |||
D.R. Horton, Inc. | 43,075 | $ 2,851,134 | |
Helen of Troy, Ltd.(1) | 645 | 104,754 | |
Leggett & Platt, Inc. | 94,579 | 3,270,542 | |
Lennar Corp., Class A | 48,693 | 3,436,265 | |
Lennar Corp., Class B | 21 | 1,233 | |
Mohawk Industries, Inc.(1) | 20,864 | 2,589,014 | |
Newell Brands, Inc. | 123,465 | 2,350,773 | |
NVR, Inc.(1) | 1,822 | 7,295,543 | |
PulteGroup, Inc. | 222,055 | 8,800,040 | |
Tempur Sealy International, Inc. | 680,430 | 14,540,789 | |
Toll Brothers, Inc. | 4,378 | 195,259 | |
Whirlpool Corp. | 1,646 | 254,916 | |
$ 45,690,262 | |||
Household Products — 1.9% | |||
Church & Dwight Co., Inc. | 217,268 | $ 20,132,053 | |
Clorox Co. (The) | 20,683 | 2,915,889 | |
Colgate-Palmolive Co. | 2,828,025 | 226,637,923 | |
Energizer Holdings, Inc. | 10,496 | 297,562 |
Security | Shares | Value | |
Household Products (continued) | |||
Kimberly-Clark Corp. | 108,792 | $ 14,703,239 | |
Procter & Gamble Co. (The) | 2,194,958 | 315,613,011 | |
$ 580,299,677 | |||
Independent Power and Renewable Electricity Producers — 0.0%(2) | |||
AES Corp. (The) | 1,730 | $ 36,347 | |
$ 36,347 | |||
Industrial Conglomerates — 0.7% | |||
3M Co. | 682,837 | $ 88,365,936 | |
General Electric Co. | 711,030 | 45,271,280 | |
Honeywell International, Inc. | 405,133 | 70,416,167 | |
$ 204,053,383 | |||
Insurance — 1.7% | |||
Aegon NV ADR | 5 | $ 22 | |
Aflac, Inc. | 921,532 | 50,988,366 | |
Alleghany Corp.(1) | 3,985 | 3,319,904 | |
Allstate Corp. (The) | 23,233 | 2,944,318 | |
American International Group, Inc. | 139,191 | 7,116,836 | |
Aon PLC, Class A | 177,916 | 47,980,387 | |
Arch Capital Group, Ltd.(1) | 286,437 | 13,030,019 | |
Arthur J. Gallagher & Co. | 540,259 | 88,083,827 | |
Assurant, Inc. | 19,372 | 3,348,450 | |
Brighthouse Financial, Inc.(1) | 936 | 38,395 | |
Brookfield Asset Management Reinsurance Partners, Ltd., Class A | 1,615 | 71,997 | |
Brown & Brown, Inc. | 407 | 23,744 | |
Chubb, Ltd. | 61,692 | 12,127,413 | |
Cincinnati Financial Corp. | 112,860 | 13,428,083 | |
Fidelity National Financial, Inc. | 58,987 | 2,180,160 | |
First American Financial Corp. | 1,227 | 64,933 | |
Globe Life, Inc. | 176,316 | 17,185,521 | |
Hartford Financial Services Group, Inc. | 218,798 | 14,315,953 | |
Lincoln National Corp. | 73,007 | 3,414,537 | |
Markel Corp.(1) | 27,395 | 35,428,584 | |
Marsh & McLennan Cos., Inc. | 286,904 | 44,541,846 | |
MetLife, Inc. | 18,898 | 1,186,605 | |
Old Republic International Corp. | 57,300 | 1,281,228 | |
Principal Financial Group, Inc. | 47,636 | 3,181,608 | |
Progressive Corp. (The) | 983,264 | 114,324,105 | |
Prudential Financial, Inc. | 22,159 | 2,120,173 | |
Reinsurance Group of America, Inc. | 6,425 | 753,588 | |
Ryan Specialty Holdings, Inc.(4) | 28,103 | 1,100,751 | |
Travelers Cos., Inc. (The) | 146,239 | 24,733,402 | |
Trisura Group, Ltd.(1) | 496 | 12,814 |
Security | Shares | Value | |
Insurance (continued) | |||
W.R. Berkley Corp. | 43,875 | $ 2,994,908 | |
Willis Towers Watson PLC | 70 | 13,817 | |
$ 511,336,294 | |||
Interactive Media & Services — 7.1% | |||
Alphabet, Inc., Class A(1) | 313,619 | $ 683,457,342 | |
Alphabet, Inc., Class C(1) | 411,748 | 900,678,163 | |
Baidu, Inc. ADR(1) | 136,627 | 20,320,534 | |
CarGurus, Inc.(1) | 37,803 | 812,387 | |
Cars.com, Inc.(1) | 400 | 3,772 | |
IAC/InterActiveCorp. (1) | 13,536 | 1,028,330 | |
Match Group, Inc.(1) | 527,012 | 36,727,466 | |
Meta Platforms, Inc., Class A(1) | 2,647,489 | 426,907,601 | |
Pinterest, Inc., Class A(1) | 2,540,426 | 46,134,136 | |
Snap, Inc., Class A(1) | 629,323 | 8,263,011 | |
Twitter, Inc.(1) | 108,483 | 4,056,179 | |
Vimeo, Inc.(1) | 97,055 | 584,271 | |
Yelp, Inc.(1) | 149,508 | 4,151,837 | |
ZipRecruiter, Inc., Class A(1) | 332,657 | 4,929,977 | |
$ 2,138,055,006 | |||
Internet & Direct Marketing Retail — 3.3% | |||
Alibaba Group Holding, Ltd. ADR(1) | 334,679 | $ 38,046,309 | |
Altaba, Inc.(5) | 114,070 | 581,757 | |
Amazon.com, Inc.(1) | 8,608,676 | 914,327,478 | |
DoorDash, Inc., Class A(1) | 133,033 | 8,536,727 | |
eBay, Inc. | 330,900 | 13,788,603 | |
Etsy, Inc.(1) | 10,937 | 800,698 | |
Qurate Retail, Inc., Series A | 99,802 | 286,432 | |
Wayfair, Inc., Class A(1) | 60,022 | 2,614,558 | |
$ 978,982,562 | |||
IT Services — 3.7% | |||
Accenture PLC, Class A | 1,056,535 | $ 293,346,943 | |
Affirm Holdings, Inc.(1) | 379,636 | 6,856,226 | |
Akamai Technologies, Inc.(1) | 257,635 | 23,529,805 | |
Amdocs, Ltd. | 43,944 | 3,660,975 | |
Automatic Data Processing, Inc. | 310,374 | 65,190,955 | |
Block, Inc., Class A(1) | 434,159 | 26,683,412 | |
Bread Financial Holdings, Inc. | 686 | 25,423 | |
Broadridge Financial Solutions, Inc. | 108,827 | 15,513,289 | |
CGI, Inc.(1) | 200 | 15,932 | |
Cognizant Technology Solutions Corp., Class A | 55,060 | 3,715,999 | |
Fidelity National Information Services, Inc. | 22,757 | 2,086,134 | |
Fiserv, Inc.(1) | 871,834 | 77,567,071 | |
Gartner, Inc.(1) | 7,866 | 1,902,235 |
Security | Shares | Value | |
IT Services (continued) | |||
Global Payments, Inc. | 63,218 | $ 6,994,439 | |
International Business Machines Corp. | 581,425 | 82,091,396 | |
Jack Henry & Associates, Inc. | 76,657 | 13,799,793 | |
Kyndryl Holdings, Inc.(1) | 95,570 | 934,675 | |
Mastercard, Inc., Class A | 217,765 | 68,700,502 | |
Okta, Inc.(1) | 319,829 | 28,912,542 | |
Paychex, Inc. | 45,650 | 5,198,165 | |
PayPal Holdings, Inc.(1) | 235,463 | 16,444,736 | |
Sabre Corp.(1) | 207,290 | 1,208,501 | |
Shopify, Inc., Class A(1) | 125,240 | 3,912,498 | |
Snowflake, Inc., Class A(1) | 125,608 | 17,467,048 | |
Twilio, Inc., Class A(1) | 555,411 | 46,548,996 | |
VeriSign, Inc.(1) | 5,954 | 996,283 | |
Visa, Inc., Class A | 1,458,956 | 287,253,847 | |
Western Union Co. (The) | 21,882 | 360,396 | |
$ 1,100,918,216 | |||
Leisure Products — 0.1% | |||
Callaway Golf Co.(1) | 1,165,163 | $ 23,769,325 | |
Hasbro, Inc. | 8,235 | 674,282 | |
Mattel, Inc.(1) | 10,936 | 244,201 | |
Polaris, Inc. | 79,672 | 7,909,836 | |
$ 32,597,644 | |||
Life Sciences Tools & Services — 1.5% | |||
10X Genomics, Inc., Class A(1) | 527,021 | $ 23,847,700 | |
Agilent Technologies, Inc. | 681,925 | 80,992,232 | |
Avantor, Inc.(1) | 120,000 | 3,732,000 | |
Bio-Rad Laboratories, Inc., Class A(1) | 52 | 25,740 | |
Bio-Techne Corp. | 5,825 | 2,019,178 | |
Charles River Laboratories International, Inc.(1) | 239 | 51,139 | |
Danaher Corp. | 211,006 | 53,494,241 | |
Illumina, Inc.(1) | 51,324 | 9,462,093 | |
IQVIA Holdings, Inc.(1) | 74,076 | 16,073,751 | |
Mettler-Toledo International, Inc.(1) | 1,000 | 1,148,770 | |
NeoGenomics, Inc.(1) | 197,625 | 1,610,644 | |
PerkinElmer, Inc. | 182,718 | 25,986,154 | |
Thermo Fisher Scientific, Inc. | 392,012 | 212,972,279 | |
Waters Corp.(1) | 730 | 241,615 | |
West Pharmaceutical Services, Inc. | 22,861 | 6,912,481 | |
$ 438,570,017 | |||
Machinery — 1.8% | |||
Caterpillar, Inc. | 411,939 | $ 73,638,216 | |
Cummins, Inc. | 1,688 | 326,679 | |
Daimler Truck Holding AG ADR(1) | 18,000 | 234,180 |
Security | Shares | Value | |
Machinery (continued) | |||
Deere & Co. | 236,079 | $ 70,698,578 | |
Donaldson Co., Inc. | 184,029 | 8,859,156 | |
Dover Corp. | 386,607 | 46,903,161 | |
Fortive Corp. | 33,376 | 1,814,987 | |
Illinois Tool Works, Inc. | 1,283,606 | 233,937,193 | |
Ingersoll Rand, Inc. | 171,795 | 7,229,133 | |
Lincoln Electric Holdings, Inc. | 53,660 | 6,619,498 | |
Middleby Corp.(1) | 2,000 | 250,720 | |
Nordson Corp. | 4,500 | 910,980 | |
Otis Worldwide Corp. | 438,014 | 30,954,449 | |
PACCAR, Inc. | 186,094 | 15,322,980 | |
Parker-Hannifin Corp. | 27,492 | 6,764,407 | |
Pentair PLC | 75 | 3,433 | |
Snap-on, Inc. | 29,674 | 5,846,668 | |
Stanley Black & Decker, Inc. | 288 | 30,200 | |
Toro Co. (The) | 14,128 | 1,070,761 | |
Trinity Industries, Inc. | 11,100 | 268,842 | |
Westinghouse Air Brake Technologies Corp. | 173,886 | 14,272,563 | |
Xylem, Inc. | 112,897 | 8,826,287 | |
$ 534,783,071 | |||
Media — 0.3% | |||
Charter Communications, Inc., Class A(1) | 5,478 | $ 2,566,607 | |
Comcast Corp., Class A | 1,346,824 | 52,849,374 | |
Fox Corp., Class A | 50,412 | 1,621,250 | |
Interpublic Group of Cos., Inc. (The) | 976 | 26,869 | |
Liberty Broadband Corp., Series A(1) | 1 | 114 | |
Liberty Broadband Corp., Series C(1) | 1 | 116 | |
Loyalty Ventures, Inc.(1) | 274 | 978 | |
News Corp., Class A | 32,024 | 498,934 | |
Omnicom Group, Inc. | 16,403 | 1,043,395 | |
Paramount Global, Class B | 612,221 | 15,109,614 | |
Sirius XM Holdings, Inc. | 1 | 6 | |
$ 73,717,257 | |||
Metals & Mining — 0.2% | |||
Alcoa Corp. | 159 | $ 7,247 | |
Arconic Corp.(1) | 1 | 28 | |
BHP Group, Ltd. ADR | 800 | 44,944 | |
Cleveland-Cliffs, Inc.(1) | 278,121 | 4,274,720 | |
Freeport-McMoRan, Inc. | 113,111 | 3,309,628 | |
Glencore PLC | �� 598,405 | 3,241,222 | |
Newmont Corp. | 103 | 6,146 | |
Nucor Corp. | 242,762 | 25,346,780 | |
Steel Dynamics, Inc. | 232,124 | 15,355,003 | |
$ 51,585,718 |
Security | Shares | Value | |
Multiline Retail — 0.1% | |||
Dollar General Corp. | 520 | $ 127,629 | |
Dollar Tree, Inc.(1) | 147,240 | 22,947,354 | |
Nordstrom, Inc. | 3,192 | 67,447 | |
Target Corp. | 46,817 | 6,611,965 | |
$ 29,754,395 | |||
Multi-Utilities — 0.5% | |||
Ameren Corp. | 1,400 | $ 126,504 | |
Black Hills Corp. | 783 | 56,979 | |
Consolidated Edison, Inc. | 524,468 | 49,876,907 | |
Dominion Energy, Inc. | 899,105 | 71,757,570 | |
DTE Energy Co. | 77,124 | 9,775,467 | |
NiSource, Inc. | 828 | 24,417 | |
Public Service Enterprise Group, Inc. | 6,921 | 437,961 | |
Sempra Energy | 66,407 | 9,978,980 | |
WEC Energy Group, Inc. | 15,006 | 1,510,204 | |
$ 143,544,989 | |||
Oil, Gas & Consumable Fuels — 3.1% | |||
Antero Resources Corp.(1) | 1,341,986 | $ 41,131,871 | |
Cheniere Energy, Inc. | 646,186 | 85,962,124 | |
Chevron Corp. | 1,062,473 | 153,824,841 | |
ConocoPhillips | 661,022 | 59,366,386 | |
Devon Energy Corp. | 52,390 | 2,887,213 | |
Diamondback Energy, Inc. | 126,319 | 15,303,547 | |
DT Midstream, Inc.(1) | 38,562 | 1,890,309 | |
Enbridge, Inc. | 4,983 | 210,582 | |
EOG Resources, Inc. | 1,121,814 | 123,893,138 | |
EQT Corp. | 172,074 | 5,919,346 | |
Equitrans Midstream Corp. | 144,379 | 918,250 | |
Exxon Mobil Corp. | 3,736,977 | 320,034,710 | |
Hess Corp. | 53,310 | 5,647,661 | |
HF Sinclair Corp. | 9,171 | 414,162 | |
Kinder Morgan, Inc. | 120,691 | 2,022,781 | |
Magnolia Oil & Gas Corp., Class A | 245,547 | 5,154,032 | |
Marathon Oil Corp. | 8,775 | 197,262 | |
Marathon Petroleum Corp. | 213,031 | 17,513,279 | |
Murphy Oil Corp. | 65,112 | 1,965,731 | |
Occidental Petroleum Corp. | 431,221 | 25,390,292 | |
Phillips 66 | 202,729 | 16,621,751 | |
Pioneer Natural Resources Co. | 30,687 | 6,845,656 | |
Range Resources Corp.(1) | 664,831 | 16,454,567 | |
Shell PLC | 100 | 5,229 | |
Southwestern Energy Co.(1) | 399 | 2,494 | |
Texas Pacific Land Corp. | 6,565 | 9,768,851 |
Security | Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Valero Energy Corp. | 18,109 | $ 1,924,625 | |
Williams Cos., Inc. (The) | 30,025 | 937,080 | |
$ 922,207,770 | |||
Paper and Forest Products — 0.0%(2) | |||
Sylvamo Corp. | 3,229 | $ 105,524 | |
$ 105,524 | |||
Personal Products — 0.2% | |||
Estee Lauder Cos., Inc. (The), Class A | 158,086 | $ 40,259,762 | |
Unilever PLC ADR | 70,897 | 3,249,209 | |
$ 43,508,971 | |||
Pharmaceuticals — 6.0% | |||
AstraZeneca PLC ADR | 1,319,901 | $ 87,205,859 | |
Bausch Health Cos., Inc.(1) | 4,389 | 36,692 | |
Bristol-Myers Squibb Co. | 2,588,350 | 199,302,950 | |
Catalent, Inc.(1) | 45,943 | 4,929,225 | |
Eli Lilly & Co. | 2,091,014 | 677,969,469 | |
GSK PLC ADR | 11,863 | 516,396 | |
Johnson & Johnson | 2,642,824 | 469,127,688 | |
Mallinckrodt PLC(1) | 6 | 149 | |
Merck & Co., Inc. | 1,723,689 | 157,148,726 | |
Novartis AG ADR | 145,139 | 12,268,600 | |
Novo Nordisk A/S ADR | 56,211 | 6,263,592 | |
Organon & Co. | 160,960 | 5,432,400 | |
Pfizer, Inc. | 2,339,439 | 122,656,787 | |
Reata Pharmaceuticals, Inc., Class A(1) | 4,694 | 142,651 | |
Roche Holding AG ADR | 38,814 | 1,618,932 | |
Sanofi ADR | 6,100 | 305,183 | |
Takeda Pharmaceutical Co., Ltd. ADR | 5,036 | 70,705 | |
Teva Pharmaceutical Industries, Ltd. ADR(1) | 5,106 | 38,397 | |
Viatris, Inc. | 141,733 | 1,483,945 | |
Zoetis, Inc. | 207,471 | 35,662,190 | |
$ 1,782,180,536 | |||
Professional Services — 0.3% | |||
ASGN, Inc.(1) | 284,823 | $ 25,705,276 | |
Booz Allen Hamilton Holding Corp., Class A | 102,820 | 9,290,815 | |
CACI International, Inc., Class A(1) | 19,784 | 5,574,735 | |
Equifax, Inc. | 9,164 | 1,674,996 | |
Jacobs Engineering Group, Inc. | 85,615 | 10,884,235 | |
Nielsen Holdings PLC | 2,000 | 46,440 | |
Thomson Reuters Corp. | 181,943 | 18,960,280 |
Security | Shares | Value | |
Professional Services (continued) | |||
TriNet Group, Inc.(1) | 17,000 | $ 1,319,540 | |
Verisk Analytics, Inc. | 109,365 | 18,929,988 | |
$ 92,386,305 | |||
Real Estate Management & Development — 0.0%(2) | |||
Zillow Group, Inc., Class A(1) | 10,638 | $ 338,395 | |
Zillow Group, Inc., Class C(1) | 21,276 | 675,513 | |
$ 1,013,908 | |||
Road & Rail — 1.3% | |||
Canadian National Railway Co. | 124,084 | $ 13,955,727 | |
Canadian Pacific Railway, Ltd. | 10,807 | 754,761 | |
CSX Corp. | 1,941,449 | 56,418,508 | |
J.B. Hunt Transport Services, Inc. | 17,448 | 2,747,537 | |
Lyft, Inc., Class A(1) | 160,326 | 2,129,129 | |
Norfolk Southern Corp. | 362,616 | 82,418,991 | |
Norfolk Southern Corp.(4) | 3,953 | 898,477 | |
Uber Technologies, Inc.(1) | 3,699,519 | 75,692,159 | |
Union Pacific Corp. | 670,968 | 143,104,055 | |
XPO Logistics, Inc.(1) | 67,458 | 3,248,777 | |
$ 381,368,121 | |||
Semiconductors & Semiconductor Equipment — 4.9% | |||
Advanced Micro Devices, Inc.(1) | 64,937 | $ 4,965,732 | |
Analog Devices, Inc. | 495,935 | 72,451,144 | |
Applied Materials, Inc. | 295,200 | 26,857,296 | |
ASML Holding NV - NY Shares | 12,572 | 5,982,763 | |
Broadcom, Inc. | 119,304 | 57,959,076 | |
Cirrus Logic, Inc.(1) | 50,300 | 3,648,762 | |
Enphase Energy, Inc.(1) | 54,000 | 10,542,960 | |
Intel Corp. | 5,900,569 | 220,740,286 | |
KLA Corp. | 305 | 97,319 | |
Lam Research Corp. | 82,291 | 35,068,310 | |
Marvell Technology, Inc. | 95,691 | 4,165,429 | |
Microchip Technology, Inc. | 1,114,568 | 64,734,110 | |
Micron Technology, Inc. | 386,114 | 21,344,382 | |
Micron Technology, Inc.(4) | 11,829 | 653,727 | |
Monolithic Power Systems, Inc. | 4,000 | 1,536,160 | |
NVIDIA Corp. | 2,558,996 | 387,918,204 | |
NXP Semiconductors NV | 14,754 | 2,184,035 | |
ON Semiconductor Corp.(1) | 83,181 | 4,184,836 | |
Qorvo, Inc.(1) | 13,586 | 1,281,432 | |
QUALCOMM, Inc. | 3,015,406 | 385,187,963 | |
Silicon Laboratories, Inc.(1) | 67,435 | 9,455,736 | |
Skyworks Solutions, Inc. | 1,000 | 92,640 |
Security | Shares | Value | |
Semiconductors & Semiconductor Equipment (continued) | |||
Teradyne, Inc. | 1,200 | $ 107,460 | |
Texas Instruments, Inc. | 952,005 | 146,275,568 | |
$ 1,467,435,330 | |||
Software — 8.7% | |||
Adobe, Inc.(1) | 430,743 | $ 157,677,783 | |
ANSYS, Inc.(1) | 154,179 | 36,893,493 | |
Autodesk, Inc.(1) | 33,712 | 5,797,115 | |
Box, Inc., Class A(1) | 106,049 | 2,666,072 | |
Cadence Design Systems, Inc.(1) | 643,346 | 96,521,200 | |
CDK Global, Inc. | 3 | 164 | |
Cerence, Inc.(1) | 783 | 19,755 | |
Check Point Software Technologies, Ltd.(1) | 142,091 | 17,303,842 | |
Citrix Systems, Inc. | 11,798 | 1,146,412 | |
Coupa Software, Inc.(1) | 54,504 | 3,112,178 | |
Crowdstrike Holdings, Inc., Class A(1) | 433,003 | 72,986,986 | |
DocuSign, Inc.(1) | 1,151,122 | 66,051,380 | |
Dolby Laboratories, Inc., Class A | 1,232 | 88,162 | |
Dropbox, Inc., Class A(1) | 3,191,403 | 66,987,549 | |
Envestnet, Inc.(1) | 87,353 | 4,609,618 | |
Fortinet, Inc.(1) | 148,420 | 8,397,604 | |
Guidewire Software, Inc.(1) | 66,045 | 4,688,535 | |
Intuit, Inc. | 127,623 | 49,191,009 | |
Mandiant, Inc.(1) | 331,973 | 7,243,651 | |
Manhattan Associates, Inc.(1) | 77,673 | 8,901,326 | |
Microsoft Corp. | 5,021,629 | 1,289,704,976 | |
nCino, Inc.(1) | 25,000 | 773,000 | |
NCR Corp.(1) | 190 | 5,911 | |
NortonLifeLock, Inc. | 121,379 | 2,665,483 | |
Nutanix, Inc., Class A(1) | 18,402 | 269,221 | |
Olo, Inc., Class A(1) | 64,200 | 633,654 | |
Oracle Corp. | 437,554 | 30,571,898 | |
Palantir Technologies, Inc., Class A(1) | 3,040,678 | 27,578,949 | |
Palo Alto Networks, Inc.(1) | 277,551 | 137,093,541 | |
Paycom Software, Inc.(1) | 552,844 | 154,862,661 | |
RingCentral, Inc., Class A(1) | 18,835 | 984,317 | |
Roper Technologies, Inc. | 36,542 | 14,421,300 | |
Salesforce, Inc.(1) | 340,302 | 56,163,442 | |
SAP SE ADR | 2,796 | 253,653 | |
ServiceNow, Inc.(1) | 222,854 | 105,971,534 | |
Smartsheet, Inc., Class A(1) | 227,811 | 7,160,100 | |
Splunk, Inc.(1) | 412,415 | 36,482,231 | |
Synopsys, Inc.(1) | 34,898 | 10,598,523 | |
Teradata Corp.(1) | 318 | 11,769 | |
Tyler Technologies, Inc.(1) | 232,333 | 77,246,076 | |
VMware, Inc., Class A | 9,304 | 1,060,470 |
Security | Shares | Value | |
Software (continued) | |||
Workday, Inc., Class A(1) | 241,399 | $ 33,694,472 | |
Zscaler, Inc.(1) | 104,213 | 15,580,886 | |
$ 2,614,071,901 | |||
Specialty Retail — 2.3% | |||
Advance Auto Parts, Inc. | 16,346 | $ 2,829,329 | |
AutoNation, Inc.(1) | 18,044 | 2,016,597 | |
AutoZone, Inc.(1) | 2,520 | 5,415,782 | |
Bath & Body Works, Inc. | 413,399 | 11,128,701 | |
Bed Bath & Beyond, Inc.(1) | 15,000 | 74,550 | |
Best Buy Co., Inc. | 343,446 | 22,389,245 | |
Burlington Stores, Inc.(1) | 22,388 | 3,049,917 | |
CarMax, Inc.(1) | 34,010 | 3,077,225 | |
Dick's Sporting Goods, Inc. | 61,239 | 4,615,583 | |
Five Below, Inc.(1) | 71,000 | 8,053,530 | |
Gap, Inc. (The) | 75,000 | 618,000 | |
Home Depot, Inc. (The) | 141,043 | 38,683,864 | |
Lithia Motors, Inc. | 80 | 21,985 | |
Lowe's Cos., Inc. | 1,162,594 | 203,070,294 | |
O'Reilly Automotive, Inc.(1) | 250,731 | 158,401,816 | |
Ross Stores, Inc. | 590,159 | 41,446,867 | |
Signet Jewelers, Ltd. | 65,986 | 3,527,611 | |
TJX Cos., Inc. (The) | 1,702,486 | 95,083,843 | |
Tractor Supply Co. | 248,742 | 48,218,637 | |
Ulta Beauty, Inc.(1) | 96,964 | 37,377,683 | |
Victoria's Secret & Co.(1) | 88,445 | 2,473,807 | |
Warby Parker, Inc., Class A(1) | 4,087 | 46,020 | |
$ 691,620,886 | |||
Technology Hardware, Storage & Peripherals — 6.8% | |||
Apple, Inc. | 14,529,886 | $ 1,986,526,014 | |
Dell Technologies, Inc., Class C | 24,047 | 1,111,212 | |
Hewlett Packard Enterprise Co. | 392,470 | 5,204,152 | |
Logitech International S.A. | 2,406 | 125,256 | |
NetApp, Inc. | 78,200 | 5,101,768 | |
Pure Storage, Inc., Class A(1) | 1,300,000 | 33,423,000 | |
Seagate Technology Holdings PLC | 6,406 | 457,645 | |
$ 2,031,949,047 | |||
Textiles, Apparel & Luxury Goods — 1.1% | |||
Columbia Sportswear Co.(4) | 19,096 | $ 1,366,892 | |
Crocs, Inc.(1) | 300 | 14,601 | |
Hanesbrands, Inc. | 172,884 | 1,778,976 | |
Kontoor Brands, Inc. | 37,542 | 1,252,777 | |
Levi Strauss & Co., Class A | 226,005 | 3,688,402 | |
Lululemon Athletica, Inc.(1) | 7,878 | 2,147,622 |
Security | Shares | Value | |
Textiles, Apparel & Luxury Goods (continued) | |||
NIKE, Inc., Class B | 2,917,766 | $ 298,195,685 | |
PVH Corp. | 16 | 910 | |
Skechers USA, Inc., Class A(1) | 145,345 | 5,171,375 | |
Skechers USA, Inc., Class A(1)(4) | 50,000 | 1,779,000 | |
Tapestry, Inc. | 522 | 15,931 | |
Under Armour, Inc., Class C(1) | 500 | 3,790 | |
VF Corp. | 309,743 | 13,681,348 | |
$ 329,097,309 | |||
Thrifts & Mortgage Finance — 0.0%(2) | |||
Essent Group, Ltd. | 96,312 | $ 3,746,537 | |
$ 3,746,537 | |||
Tobacco — 0.5% | |||
Altria Group, Inc. | 968,068 | $ 40,436,200 | |
British American Tobacco PLC ADR | 3 | 129 | |
Philip Morris International, Inc. | 1,189,549 | 117,456,068 | |
$ 157,892,397 | |||
Trading Companies & Distributors — 0.4% | |||
Fastenal Co. | 2,056,875 | $ 102,679,200 | |
NOW, Inc.(1) | 944 | 9,232 | |
United Rentals, Inc.(1) | 6,508 | 1,580,858 | |
W.W. Grainger, Inc. | 11,866 | 5,392,267 | |
$ 109,661,557 | |||
Water Utilities — 0.0%(2) | |||
American Water Works Co., Inc. | 23,888 | $ 3,553,818 | |
Essential Utilities, Inc. | 500 | 22,925 | |
$ 3,576,743 | |||
Wireless Telecommunication Services — 0.1% | |||
America Movil SAB de CV, Series L ADR | 13,186 | $ 269,390 | |
Rogers Communications, Inc., Class B | 750 | 35,925 | |
T-Mobile US, Inc.(1) | 168,477 | 22,666,895 | |
Vodafone Group PLC ADR | 5 | 78 | |
$ 22,972,288 | |||
Total Common Stocks (identified cost $17,654,279,550) | $29,738,073,013 |
Preferred Stocks — 0.0%(2) |
Security | Shares | Value | |
Internet & Direct Marketing Retail — 0.0%(2) | |||
Qurate Retail, Inc., Series A, 8.00% | 2,994 | $ 174,999 | |
Total Preferred Stocks (identified cost $168,591) | $ 174,999 |
Warrants — 0.0%(2) |
Security | Shares | Value | |
Oil, Gas & Consumable Fuels — 0.0%(2) | |||
Occidental Petroleum Corp., Exp. 8/3/27(1) | 2,853 | $ 105,475 | |
Total Warrants (identified cost $14,122) | $ 105,475 |
Short-Term Investments — 0.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.38%(6) | 157,294,146 | $ 157,294,146 | |
Total Short-Term Investments (identified cost $157,294,146) | $ 157,294,146 | ||
Total Investments — 99.9% (identified cost $17,811,756,409) | $29,895,647,633 | ||
Other Assets, Less Liabilities — 0.1% | $ 33,369,400 | ||
Net Assets — 100.0% | $29,929,017,033 |
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 (see Note 7). |
(4) | Restricted security (see Note 5). |
(5) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 5). |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2022. |
Abbreviations: | |
ADR | – American Depositary Receipt |
June 30, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $17,590,203,868) | $ 29,615,538,492 |
Affiliated investments, at value (identified cost $221,552,541) | 280,109,141 |
Cash | 211,993 |
Dividends receivable | 18,914,993 |
Dividends receivable from affiliated investment | 125,266 |
Receivable for investments sold | 24,732,933 |
Tax reclaims receivable | 1,733,063 |
Total assets | $29,941,365,881 |
Liabilities | |
Payable to affiliates: | |
Investment adviser fee | $ 10,386,942 |
Trustees' fees | 27,125 |
Accrued expenses | 1,934,781 |
Total liabilities | $ 12,348,848 |
Net Assets applicable to investors' interest in Portfolio | $29,929,017,033 |
Six Months Ended | |
June 30, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $1,922,751) | $ 212,244,841 |
Dividend income from affiliated investments | 2,932,990 |
Total investment income | $ 215,177,831 |
Expenses | |
Investment adviser fee | $ 68,447,805 |
Trustees’ fees and expenses | 54,250 |
Custodian fee | 2,042,092 |
Professional fees | 381,322 |
Miscellaneous | 307,474 |
Total expenses | $ 71,232,943 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 34,132 |
Total expense reductions | $ 34,132 |
Net expenses | $ 71,198,811 |
Net investment income | $ 143,979,020 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions(1) | $ 345,054,300 |
Investment transactions - affiliated investments(1) | 27,726,071 |
Foreign currency transactions | (4,530) |
Net realized gain | $ 372,775,841 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (8,840,961,744) |
Investments - affiliated investments | (68,452,847) |
Foreign currency | (69,780) |
Net change in unrealized appreciation (depreciation) | $(8,909,484,371) |
Net realized and unrealized loss | $(8,536,708,530) |
Net decrease in net assets from operations | $(8,392,729,510) |
(1) | Aggregate amount includes $419,390,371 of net realized gains from redemptions in-kind. |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 143,979,020 | $ 225,467,932 |
Net realized gain | 372,775,841 | 674,550,746 |
Net change in unrealized appreciation (depreciation) | (8,909,484,371) | 6,254,806,403 |
Net increase (decrease) in net assets from operations | $ (8,392,729,510) | $ 7,154,825,081 |
Capital transactions: | ||
Contributions | $ 1,812,992,374 | $ 3,616,316,912 |
Withdrawals | (803,856,290) | (1,445,245,658) |
Net increase in net assets from capital transactions | $ 1,009,136,084 | $ 2,171,071,254 |
Net increase (decrease) in net assets | $ (7,383,593,426) | $ 9,325,896,335 |
Net Assets | ||
At beginning of period | $ 37,312,610,459 | $ 27,986,714,124 |
At end of period | $29,929,017,033 | $37,312,610,459 |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
Ratios/Supplemental Data | 2021 | 2020 | 2019 | 2018 | 2017 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.43% (1)(2) | 0.43% | 0.44% | 0.45% | 0.46% | 0.46% |
Net investment income | 0.87% (1) | 0.69% | 1.07% | 1.28% | 1.25% | 1.33% |
Portfolio Turnover(3) | 1% (4) | 1% | 1% | 1% | 1% | 0% (5) |
Total Return | (22.22)% (4) | 25.05% | 23.42% | 29.87% | (5.02)% | 22.76% |
Net assets, end of period (000’s omitted) | $29,929,017 | $37,312,610 | $27,986,714 | $22,013,353 | $16,016,046 | $16,224,690 |
(1) | Annualized. |
(2) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2022). |
(3) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 3%, 4%, 6%, 6%, 6% and 5% for the six months ended June 30, 2022 and the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. |
(4) | Not annualized. |
(5) | Amount is less than 0.5%. |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.6250% |
$500 million but less than $1 billion | 0.5625% |
$1 billion but less than $1.5 billion | 0.5000% |
$1.5 billion but less than $7 billion | 0.4375% |
$7 billion but less than $10 billion | 0.4250% |
$10 billion but less than $15 billion | 0.4125% |
$15 billion but less than $20 billion | 0.4000% |
$20 billion but less than $25 billion | 0.3900% |
$25 billion but less than $30 billion | 0.3800% |
$30 billion but less than $35 billion | 0.3700% |
$35 billion but less than $45 billion | 0.3650% |
$45 billion and over | 0.3600% |
Aggregate cost | $ 4,992,543,422 |
Gross unrealized appreciation | $ 24,931,237,729 |
Gross unrealized depreciation | (28,133,518) |
Net unrealized appreciation | $24,903,104,211 |
Description | Date(s) of Acquisition | Eligible for Resale | Shares | Cost | Value |
Common Stocks | |||||
American Tower Corp. | 9/16/21 | 9/16/22 | 33,660 | $ 10,000,268 | $ 8,603,159 |
Columbia Sportswear Co. | 9/16/21 | 9/16/22 | 19,096 | 1,935,474 | 1,366,892 |
Comfort Systems USA, Inc. | 6/16/22 | 6/16/23 | 17,894 | 1,500,019 | 1,487,142 |
Inari Medical, Inc. | 12/16/21 | 12/16/22 | 22,222 | 1,779,491 | 1,510,874 |
Micron Technology, Inc. | 3/17/22 | 3/17/23 | 11,829 | 941,898 | 653,727 |
National Storage Affiliates Trust | 3/17/22 | 3/17/23 | 170,000 | 10,315,540 | 8,509,772 |
Norfolk Southern Corp. | 9/16/21 | 9/16/22 | 3,953 | 982,303 | 898,477 |
Ryan Specialty Holdings, Inc. | 6/16/22 | 6/16/23 | 28,103 | 996,827 | 1,100,751 |
Skechers USA, Inc., Class A | 9/16/21 | 9/16/22 | 50,000 | 2,269,138 | 1,779,000 |
Trimble, Inc. | 9/16/21 | 9/16/22 | 183,372 | 16,843,461 | 10,677,753 |
Tyson Foods, Inc., Class A | 3/17/22 | 3/17/23 | 22,540 | 1,965,349 | 1,939,501 |
Total Common Stocks | $49,529,768 | $38,527,048 | |||
Total Restricted Securities | $49,529,768 | $38,527,048 |
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 | $ — | $ (44,839,301) | $ 27,732,882 | $ (68,455,874) | $ 122,814,995 | $ 2,674,785 | 1,614,712 |
Short-Term Investments | ||||||||
Cash Reserves Fund | 97,096,177 | 730,786,970 | (827,879,363) | (6,811) | 3,027 | — | 43,116 | — |
Liquidity Fund | — | 279,679,251 | (122,385,105) | — | — | 157,294,146 | 215,089 | 157,294,146 |
Total | $27,726,071 | $(68,452,847) | $280,109,141 | $2,932,990 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3* | Total |
Common Stocks: | ||||
Communication Services | $ 2,754,443,750 | $ — | $ — | $ 2,754,443,750 |
Consumer Discretionary | 3,294,792,319 | — | 581,757 | 3,295,374,076 |
Consumer Staples | 2,343,668,883 | 132,643,827 | — | 2,476,312,710 |
Energy | 978,207,125 | — | — | 978,207,125 |
Financials | 3,933,474,386 | 11,515,950 | — | 3,944,990,336 |
Health Care | 4,819,120,835 | — | — | 4,819,120,835 |
Industrials | 2,544,898,775 | 1,487,142 | — | 2,546,385,917 |
Asset Description (continued) | Level 1 | Level 2 | Level 3* | Total |
Information Technology | $ 7,897,411,303 | $ 653,727 | $ — | $ 7,898,065,030 |
Materials | 416,686,936 | 3,241,222 | — | 419,928,158 |
Real Estate | 175,095,629 | 8,509,772 | — | 183,605,401 |
Utilities | 421,639,675 | — | — | 421,639,675 |
Total Common Stocks | $29,579,439,616 | $158,051,640** | $581,757 | $29,738,073,013 |
Preferred Stocks | $ 174,999 | $ — | $ — | $ 174,999 |
Warrants | 105,475 | — | — | 105,475 |
Short-Term Investments | 157,294,146 | — | — | 157,294,146 |
Total Investments | $29,737,014,236 | $158,051,640 | $581,757 | $29,895,647,633 |
* | 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. |
Officers of Eaton Vance Tax-Managed Growth Fund 1.1 | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer | |
Officers of Tax-Managed Growth Portfolio | |
Edward J. Perkin President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees of Eaton Vance Tax-Managed Growth Fund 1.1 and Tax-Managed Growth Portfolio |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Officers of Eaton Vance Tax-Managed Growth Fund 1.2 | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer | |
Officers of Tax-Managed Growth Portfolio | |
Edward J. Perkin President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees of Eaton Vance Tax-Managed Growth Fund 1.2 and Tax-Managed Growth Portfolio |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
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. |
Two International Place
Boston, MA 02110
Tax-Managed Growth Funds 1.1 and 1.2
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 262-1122
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Ten Years |
Class A at NAV | 01/03/2012 | 05/25/2011 | 14.22% | 22.28% | 11.43% | 1.75% |
Class A with 3.25% Maximum Sales Charge | — | — | 10.51 | 18.38 | 10.68 | 1.42 |
Class I at NAV | 05/25/2011 | 05/25/2011 | 14.42 | 22.48 | 11.70 | 1.99 |
Bloomberg Commodity Index Total Return | — | — | 18.44% | 24.27% | 8.39% | (0.82)% |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
0.91% | 0.66% |
Commodity Exposure (% of net assets)* |
Agriculture | 27.08% |
Soybeans | 3.98 |
Coffee | 3.80 |
Corn | 3.64 |
Soybean Oil | 3.49 |
Sugar | 2.03 |
Cocoa | 1.95 |
Soybean Meal | 1.87 |
Cotton | 1.75 |
Wheat | 1.74 |
Robusta Coffee | 0.99 |
White Sugar | 0.98 |
Kansas Wheat | 0.86 |
Industrial Metals | 24.27% |
Aluminium | 7.48 |
Copper | 3.63 |
Zinc | 3.48 |
New York Copper | 3.47 |
Nickel | 3.37 |
Lead | 1.83 |
Tin | 1.01 |
Energy | 23.79% |
Unleaded Gas | 7.43 |
Natural Gas | 5.37 |
Heating Oil | 3.60 |
Gas Oil | 3.57 |
Crude Oil-Brent | 1.92 |
Crude Oil-WTI | 1.90 |
Precious Metals | 18.55% |
Gold | 7.45 |
Silver | 7.29 |
Palladium | 1.93 |
Platinum | 1.88 |
Livestock | 6.53% |
Live Cattle | 3.72 |
Lean Hogs | 1.87 |
Feeder Cattle | 0.94 |
* | Commodity Exposure reflects the Fund’s net exposure to commodities through its investment in commodity-linked derivative instruments. |
Asset Allocation (% of net assets)*,** |
* | Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets. |
** | Short-Term Investments are held as collateral for the Fund’s futures contracts positions. |
1 | Bloomberg Commodity Index Total Return is designed to provide diversified commodity exposure, with weightings based on each underlying commodity’s liquidity and economic significance. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class A is linked to Class I. Performance presented in the Financial Highlights included in the financial statements is not linked. |
3 | Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. | |
Important Notice to Shareholders | |
Effective April 29, 2022, the Fund’s Investor Class shares were redesignated as Class A shares. Class A shares are subject to a front-end sales charge, subject to certain exceptions. Former Investor Class shareholders, who established their Fund accounts before April 29, 2022, did not pay a sales charge in connection with the redesignation or will not be subject to this sales charge on future purchases of Class A purchases for such accounts. Effective April 29, 2022, the Fund’s Institutional Class shares were redesignated as Class I shares. This share class redesignation did not result in changes to the annual operating expenses of Class I or the Fund. |
Beginning Account Value (1/1/22) | Ending Account Value (6/30/22) | Expenses Paid During Period* (1/1/22 – 6/30/22) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,142.20 | $4.67 | 0.88% |
Class I | $1,000.00 | $1,144.20 | $3.35 | 0.63% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.43 | $4.41 | 0.88% |
Class I | $1,000.00 | $1,021.67 | $3.16 | 0.63% |
* | Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2021. |
Short-Term Investments — 108.2% |
Affiliated Fund — 3.8% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.38%(1) | 89,495,336 | $ 89,495,336 | |
Total Affiliated Fund (identified cost $89,495,336) | $ 89,495,336 |
U.S. Treasury Obligations — 104.4% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bill: | |||
0.00%, 7/7/22(2) | $ | 80,000 | $ 79,990,066 |
0.00%, 7/14/22(2) | 305,819 | 305,701,911 | |
0.00%, 8/11/22(2) | 28,250 | 28,208,737 | |
0.00%, 8/25/22 | 10,000 | 9,978,153 | |
0.00%, 11/3/22(2) | 144,000 | 143,011,749 | |
0.00%, 12/1/22 | 19,000 | 18,822,451 | |
0.00%, 12/29/22(2) | 295,000 | 291,418,086 | |
0.00%, 1/26/23(2) | 231,000 | 227,741,168 | |
0.00%, 2/23/23(2) | 240,000 | 236,233,676 | |
0.00%, 3/23/23(2) | 239,590 | 235,476,290 | |
0.00%, 4/20/23(2) | 75,590 | 74,032,728 | |
0.00%, 5/18/23(2) | 41,330 | 40,375,764 | |
U.S. Treasury Inflation-Protected Note:(3) | |||
0.125%, 7/15/22 | 47,513 | 47,671,959 | |
0.125%, 1/15/23 | 111,203 | 113,086,091 | |
0.625%, 4/15/23 | 195,503 | 198,856,394 | |
U.S. Treasury Note: | |||
0.125%, 2/28/23(2) | 32,000 | 31,457,283 | |
0.125%, 5/15/23(2) | 17,660 | 17,242,696 | |
0.125%, 5/31/23(2) | 20,000 | 19,505,567 | |
0.25%, 4/15/23(2) | 15,590 | 15,276,968 | |
1.50%, 8/15/22 | 24,000 | 24,001,665 | |
1.50%, 2/28/23(2) | 30,800 | 30,545,940 |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Note: (continued) | |||
1.625%, 11/15/22 | $ | 13,000 | $ 12,966,724 |
1.625%, 12/15/22 | 29,370 | 29,266,260 | |
1.625%, 4/30/23 | 5,000 | 4,949,617 | |
1.75%, 7/15/22(2) | 500 | 500,104 | |
1.75%, 1/31/23 | 30,000 | 29,856,718 | |
1.75%, 5/15/23(2) | 25,460 | 25,212,448 | |
1.875%, 7/31/22(2) | 500 | 500,301 | |
1.875%, 8/31/22 | 24,000 | 24,011,952 | |
1.875%, 9/30/22 | 35,000 | 35,005,676 | |
1.875%, 10/31/22 | 36,000 | 35,970,051 | |
2.00%, 11/30/22 | 9,340 | 9,325,598 | |
2.125%, 12/31/22 | 20,000 | 19,958,303 | |
2.50%, 3/31/23 | 40,000 | 39,910,845 | |
Total U.S. Treasury Obligations (identified cost $2,470,947,169) | $2,456,069,939 | ||
Total Short-Term Investments (identified cost $2,560,442,505) | $2,545,565,275 | ||
Total Investments — 108.2% (identified cost $2,560,442,505) | $2,545,565,275 | ||
Other Assets, Less Liabilities — (8.2)% | $ (193,615,116) | ||
Net Assets — 100.0% | $2,351,950,159 |
The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets. | |
(1) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2022. |
(2) | Security (or a portion thereof) has been pledged as collateral for open futures contracts. |
(3) | Inflation-linked security whose principal is adjusted for inflation based on changes in the U.S. Consumer Price Index. Interest is calculated based on the inflation-adjusted principal. |
Futures Contracts | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Commodity Futures | |||||
Brent Crude Oil | 429 | Long | 8/31/22 | $ 45,298,110 | $ (3,805,183) |
Cocoa | 1,960 | Long | 9/15/22 | 45,864,000 | (4,267,387) |
Coffee | 1,036 | Long | 9/20/22 | 89,393,850 | 4,434,991 |
Copper | 880 | Long | 9/28/22 | 81,620,000 | (13,391,012) |
Futures Contracts (continued) | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Commodity Futures (continued) | |||||
Corn | 2,728 | Long | 9/14/22 | $ 85,761,500 | $ (16,446,143) |
Cotton No. 2 | 833 | Long | 12/7/22 | 41,166,860 | (11,931,607) |
Feeder Cattle | 250 | Long | 9/29/22 | 22,028,125 | 116,205 |
Gold | 960 | Long | 12/28/22 | 175,440,000 | (3,485,367) |
Hard Red Winter Wheat | 427 | Long | 9/14/22 | 20,319,863 | (4,288,413) |
Lean Hogs | 1,240 | Long | 10/14/22 | 43,982,800 | (2,395,369) |
Live Cattle | 1,577 | Long | 10/31/22 | 87,539,270 | (417,331) |
LME Copper | 375 | Long | 7/18/22 | 77,475,000 | (19,386,706) |
LME Copper | 396 | Long | 8/15/22 | 81,798,750 | (12,052,963) |
LME Copper | 414 | Long | 9/19/22 | 85,491,000 | (15,382,688) |
LME Lead | 812 | Long | 7/18/22 | 38,844,050 | (10,152,919) |
LME Lead | 910 | Long | 8/15/22 | 43,532,126 | (8,000,773) |
LME Lead | 904 | Long | 9/19/22 | 43,132,100 | (7,000,350) |
LME Nickel | 463 | Long | 7/18/22 | 62,924,478 | (29,656,224) |
LME Nickel | 598 | Long | 8/15/22 | 81,361,488 | (26,050,332) |
LME Nickel | 582 | Long | 9/19/22 | 79,271,892 | (24,520,824) |
LME Primary Aluminum | 2,268 | Long | 7/18/22 | 137,922,750 | (56,597,687) |
LME Primary Aluminum | 2,698 | Long | 8/15/22 | 164,476,825 | (33,072,359) |
LME Primary Aluminum | 2,880 | Long | 9/19/22 | 176,058,000 | (24,516,000) |
LME Tin | 110 | Long | 7/18/22 | 14,678,950 | (9,483,855) |
LME Tin | 141 | Long | 8/15/22 | 18,766,395 | (9,106,861) |
LME Tin | 179 | Long | 9/19/22 | 23,747,930 | (6,507,825) |
LME Zinc | 842 | Long | 7/18/22 | 66,975,838 | (23,265,228) |
LME Zinc | 1,069 | Long | 8/15/22 | 84,738,294 | (19,485,771) |
LME Zinc | 1,037 | Long | 9/19/22 | 81,942,444 | (18,328,944) |
Low Sulphur Gasoil | 762 | Long | 9/12/22 | 83,972,400 | (7,073,681) |
Natural Gas | 2,198 | Long | 12/28/22 | 126,385,000 | 22,425,350 |
NY Harbor ULSD | 536 | Long | 8/31/22 | 84,755,429 | (7,565,400) |
Palladium | 237 | Long | 9/28/22 | 45,411,570 | (6,063,453) |
Platinum | 989 | Long | 10/27/22 | 44,272,585 | (6,325,932) |
RBOB Gasoline | 1,224 | Long | 8/31/22 | 174,884,875 | (20,857,854) |
Robusta Coffee | 1,149 | Long | 9/26/22 | 23,359,170 | (1,234,248) |
Silver | 1,687 | Long | 9/28/22 | 171,669,120 | (17,918,691) |
Soybean Meal | 1,085 | Long | 12/14/22 | 44,126,950 | 961,375 |
Soybean Oil | 2,126 | Long | 12/14/22 | 82,225,176 | (13,334,803) |
Soybeans | 1,287 | Long | 11/14/22 | 93,822,300 | (2,054,861) |
Sugar No. 11 | 2,302 | Long | 9/30/22 | 47,697,440 | (916,448) |
Wheat | 927 | Long | 9/14/22 | 40,973,400 | (9,581,274) |
White Sugar | 831 | Long | 7/15/22 | 23,126,730 | 819,366 |
WTI Crude Oil | 433 | Long | 8/22/22 | 44,642,300 | (4,471,552) |
LME Copper | (375) | Short | 7/18/22 | (77,475,000) | 11,426,075 |
LME Copper | (396) | Short | 8/15/22 | (81,798,750) | 14,689,125 |
LME Lead | (812) | Short | 7/18/22 | (38,844,051) | 7,406,963 |
Futures Contracts (continued) | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Commodity Futures (continued) | |||||
LME Lead | (910) | Short | 8/15/22 | $ (43,532,125) | $ 6,870,500 |
LME Nickel | (463) | Short | 7/18/22 | (62,924,478) | 21,411,264 |
LME Nickel | (598) | Short | 8/15/22 | (81,361,488) | 25,013,232 |
LME Primary Aluminum | (2,268) | Short | 7/18/22 | (137,922,750) | 28,144,179 |
LME Primary Aluminum | (2,698) | Short | 8/15/22 | (164,476,825) | 22,958,315 |
LME Tin | (110) | Short | 7/18/22 | (14,678,951) | 7,666,148 |
LME Tin | (141) | Short | 8/15/22 | (18,766,395) | 6,425,370 |
LME Zinc | (842) | Short | 7/18/22 | (66,975,837) | 15,932,219 |
LME Zinc | (1,069) | Short | 8/15/22 | (84,738,294) | 18,573,356 |
$ (295,120,285) |
Abbreviations: | |
LME | – London Metal Exchange |
RBOB | – Reformulated Blendstock for Oxygenate Blending |
ULSD | – Ultra-Low Sulfur Diesel |
WTI | – West Texas Intermediate |
June 30, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $2,470,947,169) | $ 2,456,069,939 |
Affiliated investment, at value (identified cost $89,495,336) | 89,495,336 |
Interest receivable | 1,707,572 |
Dividends receivable from affiliated investment | 75,219 |
Receivable for investments sold | 49,993,333 |
Receivable for Fund shares sold | 7,418,335 |
Total assets | $2,604,759,734 |
Liabilities | |
Payable for Fund shares redeemed | $ 21,089,860 |
Payable for variation margin on open futures contracts | 230,066,404 |
Payable to affiliate: | |
Investment adviser and administration fee | 1,147,532 |
Distribution and service fees | 41,167 |
Trustees' fees | 18,345 |
Accrued expenses | 446,267 |
Total liabilities | $ 252,809,575 |
Net Assets | $2,351,950,159 |
Sources of Net Assets | |
Paid-in capital | $ 2,337,430,673 |
Distributable earnings | 14,519,486 |
Net Assets | $2,351,950,159 |
Class A Shares | |
Net Assets | $ 183,656,153 |
Shares Outstanding | 25,703,567 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 7.15 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 7.39 |
Class I Shares | |
Net Assets | $ 2,168,294,006 |
Shares Outstanding | 300,404,592 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 7.22 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. |
Six Months Ended | |
June 30, 2022 | |
Investment Income | |
Dividend income from affiliated investments | $ 171,179 |
Interest income | 13,159,760 |
Total investment income | $ 13,330,939 |
Expenses | |
Investment adviser and administration fee | $ 5,885,120 |
Distribution and service fees: | |
Class A | 196,684 |
Trustees’ fees and expenses | 41,468 |
Custodian fee | 257,253 |
Transfer and dividend disbursing agent fees | 554,782 |
Legal and accounting services | 63,055 |
Printing and postage | 53,260 |
Registration fees | 122,487 |
Miscellaneous | 31,510 |
Total expenses | $ 7,205,619 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 24,973 |
Total expense reductions | $ 24,973 |
Net expenses | $ 7,180,646 |
Net investment income | $ 6,150,293 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (474,783) |
Investment transactions - affiliated investments | (6,899) |
Futures contracts | 555,190,198 |
Net realized gain | $ 554,708,516 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (14,764,152) |
Futures contracts | (366,669,748) |
Net change in unrealized appreciation (depreciation) | $(381,433,900) |
Net realized and unrealized gain | $ 173,274,616 |
Net increase in net assets from operations | $ 179,424,909 |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income (loss) | $ 6,150,293 | $ (5,094,269) |
Net realized gain | 554,708,516 | 200,585,729 |
Net change in unrealized appreciation (depreciation) | (381,433,900) | 31,766,580 |
Net increase in net assets from operations | $ 179,424,909 | $ 227,258,040 |
Distributions to shareholders: | ||
Class A | $ — | $ (11,440,100) |
Class I | — | (171,461,858) |
Total distributions to shareholders | $ — | $ (182,901,958) |
Transactions in shares of beneficial interest: | ||
Class A | $ 80,984,367 | $ 61,719,331 |
Class I | 639,043,084 | 908,410,619 |
Net increase in net assets from Fund share transactions | $ 720,027,451 | $ 970,129,950 |
Net increase in net assets | $ 899,452,360 | $1,014,486,032 |
Net Assets | ||
At beginning of period | $ 1,452,497,799 | $ 438,011,767 |
At end of period | $2,351,950,159 | $1,452,497,799 |
Class A | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 6.260 | $ 5.510 | $ 5.270 | $ 4.880 | $ 5.420 | $ 5.340 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.013 | $ (0.047) | $ (0.002) | $ 0.077 | $ 0.043 | $ (0.000)(2) |
Net realized and unrealized gain (loss) | 0.877 | 1.657 | 0.408 | 0.372 | (0.563) | 0.350 |
Total income (loss) from operations | $ 0.890 | $ 1.610 | $ 0.406 | $ 0.449 | $ (0.520) | $ 0.350 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.860) | $ (0.161) | $ (0.059) | $ (0.020) | $ (0.270) |
From net realized gain | — | — | (0.005) | — | — | — |
Total distributions | $ — | $ (0.860) | $ (0.166) | $(0.059) | $ (0.020) | $ (0.270) |
Net asset value — End of period | $ 7.150 | $ 6.260 | $ 5.510 | $ 5.270 | $ 4.880 | $ 5.420 |
Total Return(3)(4) | 14.22% (5) | 29.60% | 7.73% | 9.18% | (9.60)% | 6.70% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000's omitted) | $183,656 | $92,413 | $27,473 | $ 9,700 | $19,709 | $47,621 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (4) | 0.88% (6)(7) | 0.91% | 0.93% | 0.90% | 0.90% | 0.90% |
Net investment income (loss) | 0.35% (7) | (0.71)% | (0.03)% | 1.51% | 0.81% | (0.01)% |
Portfolio Turnover | 0% | 0% | 0% | 0% | 0% | 0% |
(1) | Computed using average shares outstanding. |
(2) | Amount represents less than $(0.0005) per share. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any. |
(4) | The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.01%, 0.06%, 0.08% and 0.09% of average daily net assets for the years ended December 31, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower. |
(5) | Not annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2022). |
(7) | Annualized. |
Class I | ||||||
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, | |||||
2021 | 2020 | 2019 | 2018 | 2017 | ||
Net asset value — Beginning of period | $ 6.310 | $ 5.550 | $ 5.310 | $ 4.930 | $ 5.480 | $ 5.390 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.022 | $ (0.031) | $ 0.018 | $ 0.088 | $ 0.064 | $ 0.013 |
Net realized and unrealized gain (loss) | 0.888 | 1.664 | 0.394 | 0.374 | (0.571) | 0.359 |
Total income (loss) from operations | $ 0.910 | $ 1.633 | $ 0.412 | $ 0.462 | $ (0.507) | $ 0.372 |
Less Distributions | ||||||
From net investment income | $ — | $ (0.873) | $ (0.167) | $ (0.082) | $ (0.043) | $ (0.282) |
From net realized gain | — | — | (0.005) | — | — | — |
Total distributions | $ — | $ (0.873) | $ (0.172) | $ (0.082) | $ (0.043) | $ (0.282) |
Net asset value — End of period | $ 7.220 | $ 6.310 | $ 5.550 | $ 5.310 | $ 4.930 | $ 5.480 |
Total Return(2)(3) | 14.42% (4) | 29.80% | 7.79% | 9.58% | (9.44)% | 7.06% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $2,168,294 | $1,360,085 | $410,539 | $332,240 | $269,200 | $205,973 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 0.63% (5)(6) | 0.66% | 0.68% | 0.65% | 0.65% | 0.65% |
Net investment income (loss) | 0.58% (6) | (0.46)% | 0.37% | 1.70% | 1.20% | 0.24% |
Portfolio Turnover | 0% | 0% | 0% | 0% | 0% | 0% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.01%, 0.06%, 0.08% and 0.09% of average daily net assets for the years ended December 31, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2022). |
(6) | Annualized. |
Aggregate cost | $2,159,637,052 |
Gross unrealized appreciation | $ 234,692,446 |
Gross unrealized depreciation | (18,852,201) |
Net unrealized appreciation | $ 215,840,245 |
Consolidated Average Daily Net Assets | Annual Fee Rate |
Up to $1 billion | 0.550% |
$1 billion but less than $2.5 billion | 0.525% |
$2.5 billion but less than $5 billion | 0.505% |
$5 billion and over | 0.490% |
Six Months Ended June 30, 2022 (Unaudited) | Year Ended December 31, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 20,251,800 | $ 151,119,448 | 14,672,374 | $ 95,370,603 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 1,870,035 | 11,425,911 | |
Redemptions | (9,317,782) | (70,135,081) | (6,757,341) | (45,077,183) | |
Net increase | 10,934,018 | $ 80,984,367 | 9,785,068 | $ 61,719,331 | |
Class I | |||||
Sales | 147,877,547 | $ 1,116,499,476 | 167,248,330 | $ 1,089,161,910 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 25,719,354 | 158,431,221 | |
Redemptions | (62,920,443) | (477,456,392) | (51,477,726) | (339,182,512) | |
Net increase | 84,957,104 | $ 639,043,084 | 141,489,958 | $ 908,410,619 |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative |
Futures contracts | $215,274,033 (1) | $(510,394,318) (1) |
(1) | Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the variation margin on open futures contracts is reported within the Consolidated Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable. |
Derivative | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
Futures contracts | $555,190,198 (1) | $(366,669,748) (2) |
(1) | Consolidated Statement of Operations location: Net realized gain (loss) - Futures contracts. |
(2) | Consolidated Statement of Operations location: Change in unrealized appreciation (depreciation) - Futures contracts. |
Futures Contracts — Long | Futures Contracts — Short |
$2,889,017,000 | $803,477,000 |
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 |
Short-Term Investments | ||||||||
Cash Reserve Fund | $163,577,173 | $1,911,882,613 | $(2,075,452,887) | $ (6,899) | $ — | $ — | $ 40,553 | — |
Liquidity Fund | — | 949,225,478 | (859,730,142) | — | — | 89,495,336 | 130,626 | 89,495,336 |
Total | $(6,899) | $ — | $89,495,336 | $171,179 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Short-Term Investments: | ||||
Affiliated Fund | $ 89,495,336 | $ — | $ — | $ 89,495,336 |
U.S. Treasury Obligations | — | 2,456,069,939 | — | 2,456,069,939 |
Total Investments | $ 89,495,336 | $2,456,069,939 | $ — | $ 2,545,565,275 |
Futures Contracts | $ 215,274,033 | $ — | $ — | $ 215,274,033 |
Total | $ 304,769,369 | $2,456,069,939 | $ — | $ 2,760,839,308 |
Liability Description | ||||
Futures Contracts | $ (510,394,318) | $ — | $ — | $ (510,394,318) |
Total | $ (510,394,318) | $ — | $ — | $ (510,394,318) |
Officers | |
Eric A. Stein President | Jill R. Damon Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser** | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser** |
* | Interested Trustee |
** | Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022. |
Privacy Notice | April 2021 |
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. |
Two International Place
Boston, MA 02110
800 Fifth Avenue, Suite 2800
Seattle, WA 98104
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 9653
Providence, RI 02940-9653
(800) 260-0761
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
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
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
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.
Eaton Vance Mutual Funds Trust
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: August 22, 2022
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: August 22, 2022
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: August 22, 2022