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, 2023
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 | 13.64% | 16.56% | 11.21% | 11.91% |
Class A with 5.25% Maximum Sales Charge | — | — | 7.68 | 10.46 | 10.02 | 11.31 |
Class C at NAV | 10/01/2009 | 11/01/2001 | 13.22 | 15.66 | 10.37 | 11.24 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 12.22 | 14.66 | 10.37 | 11.24 |
Class I at NAV | 09/03/2008 | 11/01/2001 | 13.81 | 16.82 | 11.48 | 12.19 |
S&P 500® Index | — | — | 16.89% | 19.59% | 12.30% | 12.86% |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
Gross | 1.11% | 1.86% | 0.86% |
Net | 0.98 | 1.73 | 0.73 |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
Microsoft Corp. | 8.4% |
Apple, Inc. | 7.2 |
Alphabet, Inc., Class C | 4.7 |
Amazon.com, Inc. | 4.5 |
NVIDIA Corp. | 2.9 |
Visa, Inc., Class A | 2.8 |
Eli Lilly & Co. | 2.5 |
PepsiCo, Inc. | 2.4 |
Coca-Cola Co. (The) | 2.3 |
Intercontinental Exchange, Inc. | 2.1 |
Total | 39.8% |
1 | 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 4/30/24. 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 (1/1/23) | Ending Account Value (6/30/23) | Expenses Paid During Period* (1/1/23 – 6/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,136.40 | $5.19** | 0.98% |
Class C | $1,000.00 | $1,132.20 | $9.15** | 1.73% |
Class I | $1,000.00 | $1,138.10 | $3.87** | 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, 2022. The Example reflects the expenses of both the Fund and the Portfolio. |
** | Absent an allocation of certain expenses to an affiliate(s), expenses would be higher. |
June 30, 2023 | |
Assets | |
Investment in Stock Portfolio, at value (identified cost $41,389,372) | $ 77,105,522 |
Receivable for Fund shares sold | 19,526 |
Receivable from affiliates | 6,219 |
Total assets | $77,131,267 |
Liabilities | |
Payable for Fund shares redeemed | $ 19,560 |
Payable to affiliates: | |
Distribution and service fees | 14,358 |
Trustees' fees | 125 |
Accrued expenses | 44,799 |
Total liabilities | $ 78,842 |
Net Assets | $77,052,425 |
Sources of Net Assets | |
Paid-in capital | $ 44,004,791 |
Distributable earnings | 33,047,634 |
Net Assets | $77,052,425 |
Class A Shares | |
Net Assets | $ 49,293,412 |
Shares Outstanding | 2,476,370 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 19.91 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 21.01 |
Class C Shares | |
Net Assets | $ 5,558,573 |
Shares Outstanding | 292,329 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 19.01 |
Class I Shares | |
Net Assets | $ 22,200,440 |
Shares Outstanding | 1,113,306 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 19.94 |
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, 2023 | |
Investment Income | |
Dividend income allocated from Portfolio (net of foreign taxes withheld of $519) | $ 493,972 |
Expenses allocated from Portfolio | (235,058) |
Total investment income from Portfolio | $ 258,914 |
Expenses | |
Distribution and service fees: | |
Class A | $ 57,586 |
Class C | 26,986 |
Trustees’ fees and expenses | 250 |
Custodian fee | 8,979 |
Transfer and dividend disbursing agent fees | 24,335 |
Legal and accounting services | 17,661 |
Printing and postage | 7,310 |
Registration fees | 24,597 |
Miscellaneous | 4,628 |
Total expenses | $ 172,332 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 54,962 |
Total expense reductions | $ 54,962 |
Net expenses | $ 117,370 |
Net investment income | $ 141,544 |
Realized and Unrealized Gain (Loss) from Portfolio | |
Net realized gain (loss): | |
Investment transactions | $ 3,575,514 |
Foreign currency transactions | (849) |
Net realized gain | $3,574,665 |
Change in unrealized appreciation (depreciation): | |
Investments | $ 5,800,477 |
Foreign currency | 1,012 |
Net change in unrealized appreciation (depreciation) | $5,801,489 |
Net realized and unrealized gain | $9,376,154 |
Net increase in net assets from operations | $9,517,698 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 141,544 | $ 423,932 |
Net realized gain | 3,574,665 | 4,149,623 |
Net change in unrealized appreciation (depreciation) | 5,801,489 | (21,219,077) |
Net increase (decrease) in net assets from operations | $ 9,517,698 | $ (16,645,522) |
Distributions to shareholders: | ||
Class A | $ — | $ (6,076,816) |
Class C | — | (696,918) |
Class I | — | (2,898,052) |
Total distributions to shareholders | $ — | $ (9,671,786) |
Transactions in shares of beneficial interest: | ||
Class A | $ (3,198,088) | $ 1,339,943 |
Class C | (703,764) | 138,239 |
Class I | (2,634,075) | (2,388,215) |
Net decrease in net assets from Fund share transactions | $ (6,535,927) | $ (910,033) |
Other capital: | ||
Portfolio transaction fee contributed to Portfolio | $ — | $ (95,021) |
Portfolio transaction fee allocated from Portfolio | — | 112,799 |
Net increase in net assets from other capital | $ — | $ 17,778 |
Net increase (decrease) in net assets | $ 2,981,771 | $ (27,209,563) |
Net Assets | ||
At beginning of period | $ 74,070,654 | $101,280,217 |
At end of period | $77,052,425 | $ 74,070,654 |
Class A | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 17.510 | $ 24.120 | $ 22.120 | $ 19.110 | $ 14.720 | $ 17.490 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.034 | $ 0.102 | $ 0.049 | $ 0.097 | $ 0.114 | $ 0.144 |
Net realized and unrealized gain (loss) | 2.366 | (4.175) | 4.959 | 3.346 | 5.023 | (1.133) |
Total income (loss) from operations | $ 2.400 | $ (4.073) | $ 5.008 | $ 3.443 | $ 5.137 | $ (0.989) |
Less Distributions | ||||||
From net investment income | $ — | $ (0.118) | $ (0.097) | $ (0.041) | $ (0.096) | $ (0.145) |
From net realized gain | — | (2.423) | (2.913) | (0.392) | (0.653) | (1.637) |
Total distributions | $ — | $ (2.541) | $ (3.010) | $ (0.433) | $ (0.749) | $ (1.782) |
Portfolio transaction fee, net(1) | $ — | $ 0.004 | $ 0.002 | $ (0.000)(2) | $ 0.002 | $ 0.001 |
Net asset value — End of period | $19.910 | $17.510 | $24.120 | $22.120 | $19.110 | $14.720 |
Total Return(3)(4) | 13.64% (5) | (16.78)% | 22.78% | 18.22% | 35.01% | (5.89)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 49,293 | $ 46,464 | $ 61,304 | $ 60,148 | $ 53,153 | $ 42,087 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Expenses (3) | 0.98% (7)(8) | 0.98% (7) | 0.98% | 0.98% | 0.98% | 0.98% |
Net investment income | 0.37% (8) | 0.49% | 0.20% | 0.51% | 0.65% | 0.80% |
Portfolio Turnover of the Portfolio | 24% (5) | 52% | 44% | 70% | 55% | 90% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.0005). |
(3) | The administrator reimbursed certain operating expenses (equal to 0.15%, 0.13%, 0.07%, 0.10%, 0.12% and 0.12% of average daily net assets for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | 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. |
(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, 2023 and the year ended December 31, 2022). |
(8) | Annualized. |
Class C | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 16.790 | $ 23.230 | $ 21.400 | $ 18.610 | $ 14.380 | $ 17.100 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.033) | $ (0.054) | $ (0.130) | $ (0.040) | $ (0.018) | $ 0.008 |
Net realized and unrealized gain (loss) | 2.253 | (4.014) | 4.784 | 3.235 | 4.899 | (1.096) |
Total income (loss) from operations | $ 2.220 | $ (4.068) | $ 4.654 | $ 3.195 | $ 4.881 | $ (1.088) |
Less Distributions | ||||||
From net investment income | $ — | $ — | $ — | $ (0.013) | $ — | $ (0.010) |
From net realized gain | — | (2.376) | (2.826) | (0.392) | (0.653) | (1.623) |
Total distributions | $ — | $ (2.376) | $ (2.826) | $ (0.405) | $ (0.653) | $ (1.633) |
Portfolio transaction fee, net(1) | $ — | $ 0.004 | $ 0.002 | $ (0.000)(2) | $ 0.002 | $ 0.001 |
Net asset value — End of period | $19.010 | $16.790 | $23.230 | $21.400 | $18.610 | $14.380 |
Total Return(3)(4) | 13.22% (5) | (17.46)% | 21.88% | 17.36% | 34.04% | (6.60)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 5,559 | $ 5,579 | $ 7,418 | $ 6,728 | $ 11,418 | $ 11,627 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Expenses (3) | 1.73% (7)(8) | 1.73% (7) | 1.73% | 1.73% | 1.73% | 1.73% |
Net investment income (loss) | (0.38)% (8) | (0.27)% | (0.55)% | (0.22)% | (0.11)% | 0.05% |
Portfolio Turnover of the Portfolio | 24% (5) | 52% | 44% | 70% | 55% | 90% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.0005). |
(3) | The administrator reimbursed certain operating expenses (equal to 0.15%, 0.13%, 0.07%, 0.10%, 0.12% and 0.12% of average daily net assets for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | 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. |
(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, 2023 and the year ended December 31, 2022). |
(8) | Annualized. |
Class I | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 17.520 | $ 24.140 | $ 22.130 | $ 19.110 | $ 14.720 | $ 17.490 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.056 | $ 0.154 | $ 0.110 | $ 0.146 | $ 0.158 | $ 0.190 |
Net realized and unrealized gain (loss) | 2.364 | (4.181) | 4.974 | 3.354 | 5.023 | (1.132) |
Total income (loss) from operations | $ 2.420 | $ (4.027) | $ 5.084 | $ 3.500 | $ 5.181 | $ (0.942) |
Less Distributions | ||||||
From net investment income | $ — | $ (0.174) | $ (0.163) | $ (0.088) | $ (0.140) | $ (0.192) |
From net realized gain | — | (2.423) | (2.913) | (0.392) | (0.653) | (1.637) |
Total distributions | $ — | $ (2.597) | $ (3.076) | $ (0.480) | $ (0.793) | $ (1.829) |
Portfolio transaction fee, net(1) | $ — | $ 0.004 | $ 0.002 | $ (0.000)(2) | $ 0.002 | $ 0.001 |
Net asset value — End of period | $19.940 | $17.520 | $24.140 | $22.130 | $19.110 | $14.720 |
Total Return(3)(4) | 13.81% (5) | (16.62)% | 23.12% | 18.52% | 35.32% | (5.63)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 22,200 | $ 22,027 | $ 32,558 | $ 40,943 | $ 37,375 | $ 29,455 |
Ratios (as a percentage of average daily net assets):(6) | ||||||
Expenses (4) | 0.73% (7)(8) | 0.73% (7) | 0.73% | 0.73% | 0.73% | 0.73% |
Net investment income | 0.62% (8) | 0.73% | 0.45% | 0.76% | 0.89% | 1.06% |
Portfolio Turnover of the Portfolio | 24% (5) | 52% | 44% | 70% | 55% | 90% |
(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 reimbursed certain operating expenses (equal to 0.15%, 0.13%, 0.07%, 0.10%, 0.12% and 0.12% of average daily net assets for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this 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, 2023 and the year ended December 31, 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, 2023 (Unaudited) | Year Ended December 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 38,102 | $ 708,527 | 148,144 | $ 3,098,707 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 338,719 | 5,907,268 | |
Redemptions | (214,558) | (3,906,615) | (375,257) | (7,666,032) | |
Net increase (decrease) | (176,456) | $(3,198,088) | 111,606 | $ 1,339,943 | |
Class C | |||||
Sales | 4,003 | $ 72,171 | 54,832 | $ 1,143,010 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 41,657 | 696,918 | |
Redemptions | (43,906) | (775,935) | (83,602) | (1,701,689) | |
Net increase (decrease) | (39,903) | $ (703,764) | 12,887 | $ 138,239 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class I | |||||
Sales | 28,923 | $ 540,267 | 87,274 | $ 1,843,491 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 166,077 | 2,898,052 | |
Redemptions | (172,552) | (3,174,342) | (344,905) | (7,129,758) | |
Net decrease | (143,629) | $(2,634,075) | (91,554) | $(2,388,215) |
Common Stocks — 99.7% |
Security | Shares | Value | |
Aerospace & Defense — 0.5% | |||
HEICO Corp. | 16,300 | $ 2,884,122 | |
$ 2,884,122 | |||
Automobile Components — 0.6% | |||
Aptiv PLC(1) | 32,756 | $ 3,344,060 | |
$ 3,344,060 | |||
Beverages — 4.7% | |||
Coca-Cola Co. (The) | 223,246 | $ 13,443,874 | |
PepsiCo, Inc. | 75,600 | 14,002,632 | |
$ 27,446,506 | |||
Biotechnology — 1.6% | |||
AbbVie, Inc. | 69,716 | $ 9,392,837 | |
$ 9,392,837 | |||
Broadline Retail — 4.5% | |||
Amazon.com, Inc.(1) | 202,720 | $ 26,426,579 | |
$ 26,426,579 | |||
Capital Markets — 6.5% | |||
Intercontinental Exchange, Inc. | 111,304 | $ 12,586,256 | |
S&P Global, Inc. | 25,636 | 10,277,216 | |
Stifel Financial Corp. | 125,500 | 7,488,585 | |
Tradeweb Markets, Inc., Class A | 114,029 | 7,808,706 | |
$ 38,160,763 | |||
Chemicals — 2.8% | |||
Ecolab, Inc. | 35,000 | $ 6,534,150 | |
Linde PLC | 26,100 | 9,946,188 | |
$ 16,480,338 | |||
Commercial Services & Supplies — 1.2% | |||
Waste Management, Inc. | 39,278 | $ 6,811,591 | |
$ 6,811,591 | |||
Consumer Staples Distribution & Retail — 1.9% | |||
Walmart, Inc. | 70,400 | $ 11,065,472 | |
$ 11,065,472 |
Security | Shares | Value | |
Electric Utilities — 1.3% | |||
NextEra Energy, Inc. | 105,340 | $ 7,816,228 | |
$ 7,816,228 | |||
Electrical Equipment — 1.4% | |||
AMETEK, Inc. | 49,856 | $ 8,070,689 | |
$ 8,070,689 | |||
Financial Services — 3.9% | |||
Shift4 Payments, Inc., Class A(1) | 96,200 | $ 6,532,942 | |
Visa, Inc., Class A | 68,130 | 16,179,512 | |
$ 22,712,454 | |||
Ground Transportation — 1.3% | |||
Union Pacific Corp. | 37,524 | $ 7,678,161 | |
$ 7,678,161 | |||
Health Care Equipment & Supplies — 4.8% | |||
Boston Scientific Corp.(1) | 130,536 | $ 7,060,692 | |
Edwards Lifesciences Corp.(1) | 62,900 | 5,933,357 | |
Intuitive Surgical, Inc.(1) | 22,600 | 7,727,844 | |
Stryker Corp. | 24,600 | 7,505,214 | |
$ 28,227,107 | |||
Hotels, Restaurants & Leisure — 1.7% | |||
Domino's Pizza, Inc. | 11,900 | $ 4,010,181 | |
Marriott International, Inc., Class A | 31,928 | 5,864,854 | |
$ 9,875,035 | |||
Insurance — 2.4% | |||
Allstate Corp. (The) | 71,900 | $ 7,839,976 | |
W.R. Berkley Corp. | 104,300 | 6,212,108 | |
$ 14,052,084 | |||
Interactive Media & Services — 4.7% | |||
Alphabet, Inc., Class C(1) | 225,480 | $ 27,276,316 | |
$ 27,276,316 | |||
IT Services — 1.1% | |||
Gartner, Inc.(1) | 18,800 | $ 6,585,828 | |
$ 6,585,828 | |||
Life Sciences Tools & Services — 3.6% | |||
Danaher Corp. | 28,792 | $ 6,910,080 |
Security | Shares | Value | |
Life Sciences Tools & Services (continued) | |||
Illumina, Inc.(1) | 29,900 | $ 5,605,951 | |
Thermo Fisher Scientific, Inc. | 16,534 | 8,626,615 | |
$ 21,142,646 | |||
Machinery — 1.1% | |||
Parker-Hannifin Corp. | 17,100 | $ 6,669,684 | |
$ 6,669,684 | |||
Media — 1.5% | |||
Comcast Corp., Class A | 208,500 | $ 8,663,175 | |
$ 8,663,175 | |||
Multi-Utilities — 1.0% | |||
Sempra Energy | 41,200 | $ 5,998,308 | |
$ 5,998,308 | |||
Oil, Gas & Consumable Fuels — 1.7% | |||
ConocoPhillips | 99,056 | $ 10,263,192 | |
$ 10,263,192 | |||
Pharmaceuticals — 3.9% | |||
Bristol-Myers Squibb Co. | 123,100 | $ 7,872,245 | |
Eli Lilly & Co. | 31,600 | 14,819,768 | |
$ 22,692,013 | |||
Professional Services — 4.8% | |||
Automatic Data Processing, Inc. | 53,496 | $ 11,757,886 | |
Booz Allen Hamilton Holding Corp. | 57,890 | 6,460,524 | |
TransUnion | 129,700 | 10,159,401 | |
$ 28,377,811 | |||
Real Estate Management & Development — 1.5% | |||
FirstService Corp. | 58,200 | $ 8,968,038 | |
$ 8,968,038 | |||
Semiconductors & Semiconductor Equipment — 6.4% | |||
Analog Devices, Inc. | 59,086 | $ 11,510,544 | |
Lam Research Corp. | 14,400 | 9,257,184 | |
NVIDIA Corp. | 40,000 | 16,920,800 | |
$ 37,688,528 | |||
Software — 14.0% | |||
ANSYS, Inc.(1) | 27,900 | $ 9,214,533 | |
Black Knight, Inc.(1) | 78,100 | 4,664,913 | |
Fair Isaac Corp.(1) | 11,200 | 9,063,152 |
Security | Shares | Value | |
Software (continued) | |||
Fortinet, Inc.(1) | 71,000 | $ 5,366,890 | |
Microsoft Corp. | 144,998 | 49,377,619 | |
VMware, Inc., Class A(1) | 27,800 | 3,994,582 | |
$ 81,681,689 | |||
Specialized REITs — 1.0% | |||
Lamar Advertising Co., Class A | 56,590 | $ 5,616,558 | |
$ 5,616,558 | |||
Specialty Retail — 1.5% | |||
TJX Cos., Inc. (The) | 103,134 | $ 8,744,732 | |
$ 8,744,732 | |||
Technology Hardware, Storage & Peripherals — 7.2% | |||
Apple, Inc. | 217,984 | $ 42,282,356 | |
$ 42,282,356 | |||
Textiles, Apparel & Luxury Goods — 2.4% | |||
Lululemon Athletica, Inc.(1) | 16,700 | $ 6,320,950 | |
NIKE, Inc., Class B | 69,100 | 7,626,567 | |
$ 13,947,517 | |||
Wireless Telecommunication Services — 1.2% | |||
T-Mobile US, Inc.(1) | 48,608 | $ 6,751,651 | |
$ 6,751,651 | |||
Total Common Stocks (identified cost $388,153,709) | $583,794,068 |
Short-Term Investments — 0.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.03%(2) | 2,792,239 | $ 2,792,239 | |
Total Short-Term Investments (identified cost $2,792,239) | $ 2,792,239 | ||
Total Investments — 100.2% (identified cost $390,945,948) | $586,586,307 | ||
Other Assets, Less Liabilities — (0.2)% | $ (1,197,047) | ||
Net Assets — 100.0% | $585,389,260 |
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, 2023. |
Abbreviations: | |
REITs | – Real Estate Investment Trusts |
June 30, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $388,153,709) | $ 583,794,068 |
Affiliated investments, at value (identified cost $2,792,239) | 2,792,239 |
Foreign currency, at value (identified cost $60,722) | 60,963 |
Dividends receivable | 401,333 |
Dividends receivable from affiliated investments | 11,768 |
Receivable for investments sold | 1,868,459 |
Tax reclaims receivable | 28,544 |
Total assets | $588,957,374 |
Liabilities | |
Payable for investments purchased | $ 3,063,347 |
Payable to affiliates: | |
Investment adviser fee | 280,560 |
Trustees' fees | 8,087 |
Accrued expenses | 216,120 |
Total liabilities | $ 3,568,114 |
Net Assets applicable to investors' interest in Portfolio | $585,389,260 |
Six Months Ended | |
June 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $3,939) | $ 3,691,313 |
Dividend income from affiliated investments | 50,937 |
Total investment income | $ 3,742,250 |
Expenses | |
Investment adviser fee | $ 1,653,882 |
Trustees’ fees and expenses | 15,115 |
Custodian fee | 65,031 |
Legal and accounting services | 32,098 |
Miscellaneous | 14,333 |
Total expenses | $ 1,780,459 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 1,539 |
Total expense reductions | $ 1,539 |
Net expenses | $ 1,778,920 |
Net investment income | $ 1,963,330 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 27,120,250 |
Foreign currency transactions | (6,447) |
Net realized gain | $27,113,803 |
Change in unrealized appreciation (depreciation): | |
Investments | $ 43,541,150 |
Foreign currency | 7,650 |
Net change in unrealized appreciation (depreciation) | $43,548,800 |
Net realized and unrealized gain | $70,662,603 |
Net increase in net assets from operations | $72,625,933 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 1,963,330 | $ 5,289,328 |
Net realized gain | 27,113,803 | 32,248,543 |
Net change in unrealized appreciation (depreciation) | 43,548,800 | (166,975,429) |
Net increase (decrease) in net assets from operations | $ 72,625,933 | $(129,437,558) |
Capital transactions: | ||
Contributions | $ 6,784,300 | $ 5,305,309 |
Withdrawals | (44,057,418) | (198,020,738) |
Portfolio transaction fee | — | 879,886 |
Net decrease in net assets from capital transactions | $ (37,273,118) | $(191,835,543) |
Net increase (decrease) in net assets | $ 35,352,815 | $(321,273,101) |
Net Assets | ||
At beginning of period | $ 550,036,445 | $ 871,309,546 |
At end of period | $585,389,260 | $ 550,036,445 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
Ratios/Supplemental Data | 2022 | 2021 | 2020 | 2019 | 2018 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.64% (1)(2) | 0.64% (2) | 0.63% | 0.64% | 0.63% | 0.64% |
Net investment income | 0.71% (1) | 0.82% | 0.55% | 0.84% | 0.99% | 1.14% |
Portfolio Turnover | 24% (3) | 52% | 44% | 70% | 55% | 90% |
Total Return | 13.83% (3) | (16.49)% | 23.21% | 18.61% | 35.47% | (5.57)% |
Net assets, end of period (000’s omitted) | $585,389 | $550,036 | $871,310 | $804,446 | $683,548 | $516,615 |
(1) | Annualized. |
(2) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2023 and the year ended December 31, 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 | $397,330,673 |
Gross unrealized appreciation | $ 193,571,333 |
Gross unrealized depreciation | (4,315,699) |
Net unrealized appreciation | $189,255,634 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $4,125 | $39,434,576 | $(36,646,462) | $ — | $ — | $2,792,239 | $50,937 | 2,792,239 |
• | 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 | $ 583,794,068* | $ — | $ — | $ 583,794,068 |
Short-Term Investments | 2,792,239 | — | — | 2,792,239 |
Total Investments | $ 586,586,307 | $ — | $ — | $586,586,307 |
* | 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 | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer | |
Officers of Stock Portfolio | |
R. Kelly Williams, Jr. President | Nicholas S. Di Lorenzo 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 | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley | |
Anchal Pachnanda*(1) |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
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
Stock Fund
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(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 | 17.81% | 21.19% | 11.53% | 12.19% |
Class A with 5.25% Maximum Sales Charge | — | — | 11.62 | 14.82 | 10.33 | 11.59 |
Class C at NAV | 08/02/1996 | 03/29/1966 | 17.37 | 20.28 | 10.69 | 11.51 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 16.37 | 19.28 | 10.69 | 11.51 |
Class I at NAV | 07/02/1999 | 03/29/1966 | 17.95 | 21.49 | 11.80 | 12.46 |
S&P 500® Index | — | — | 16.89% | 19.59% | 12.30% | 12.86% |
% 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 | 21.03% | 11.37% | 11.98% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | 12.67 | 9.55 | 10.45 |
Class C After Taxes on Distributions | 08/02/1996 | 03/29/1966 | 20.28 | 10.68 | 11.43 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | 12.01 | 8.86 | 9.90 |
Class I After Taxes on Distributions | 07/02/1999 | 03/29/1966 | 21.25 | 11.57 | 12.17 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | 12.91 | 9.76 | 10.67 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.74% | 1.49% | 0.49% |
% 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 | 17.73% | 21.03% | 11.36% | 12.02% |
Class A with 5.25% Maximum Sales Charge | — | — | 11.54 | 14.69 | 10.16 | 11.42 |
Class C at NAV | 02/28/2001 | 03/29/1966 | 17.31 | 20.14 | 10.54 | 11.34 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 16.31 | 19.14 | 10.54 | 11.34 |
Class I at NAV | 02/28/2001 | 03/29/1966 | 17.87 | 21.34 | 11.64 | 12.30 |
S&P 500® Index | — | — | 16.89% | 19.59% | 12.30% | 12.86% |
% 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 | 20.92% | 11.25% | 11.84% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | 12.54 | 9.41 | 10.31 |
Class C After Taxes on Distributions | 02/28/2001 | 03/29/1966 | 20.14 | 10.54 | 11.31 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | 11.92 | 8.74 | 9.77 |
Class I After Taxes on Distributions | 02/28/2001 | 03/29/1966 | 21.17 | 11.47 | 12.07 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | 12.78 | 9.64 | 10.54 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.89% | 1.65% | 0.64% |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
Apple, Inc. | 8.1% |
Microsoft Corp. | 5.6 |
Amazon.com, Inc. | 3.6 |
NVIDIA Corp. | 2.7 |
Alphabet, Inc., Class C | 2.6 |
Meta Platforms, Inc., Class A | 2.3 |
Alphabet, Inc., Class A | 2.2 |
Eli Lilly & Co. | 2.0 |
Berkshire Hathaway, Inc., Class B | 1.6 |
JPMorgan Chase & Co. | 1.6 |
Total | 32.3% |
1 | 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 (1/1/23) | Ending Account Value (6/30/23) | Expenses Paid During Period* (1/1/23 – 6/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,178.10 | $4.00 | 0.74% |
Class C | $1,000.00 | $1,173.70 | $8.03 | 1.49% |
Class I | $1,000.00 | $1,179.50 | $2.65 | 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, 2022.The Example reflects the expenses of both the Fund and the Portfolio. |
Beginning Account Value (1/1/23) | Ending Account Value (6/30/23) | Expenses Paid During Period* (1/1/23 – 6/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,177.30 | $4.80 | 0.89% |
Class C | $1,000.00 | $1,173.10 | $8.84 | 1.64% |
Class I | $1,000.00 | $1,178.70 | $3.46 | 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, 2022.The Example reflects the expenses of both the Fund and the Portfolio. |
June 30, 2023 | ||
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Assets | ||
Investment in Tax-Managed Growth Portfolio, at value (identified cost $232,577,030 and $301,637,063, respectively) | $ 2,128,937,442 | $ 1,150,924,214 |
Receivable for Fund shares sold | 577,390 | 287,332 |
Total assets | $2,129,514,832 | $1,151,211,546 |
Liabilities | ||
Payable for Fund shares redeemed | $ 1,471,977 | $ 642,402 |
Payable to affiliates: | ||
Administration fee | — | 138,624 |
Distribution and service fees | 373,445 | 198,367 |
Trustees' fees | 125 | 125 |
Accrued expenses | 257,734 | 185,579 |
Total liabilities | $ 2,103,281 | $ 1,165,097 |
Net Assets | $2,127,411,551 | $1,150,046,449 |
Sources of Net Assets | ||
Paid-in capital | $ 1,160,241,878 | $ 800,918,492 |
Distributable earnings | 967,169,673 | 349,127,957 |
Net Assets | $2,127,411,551 | $1,150,046,449 |
Class A Shares | ||
Net Assets | $ 1,835,512,378 | $ 797,873,754 |
Shares Outstanding | 20,923,868 | 20,230,079 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 87.72 | $ 39.44 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 92.58 | $ 41.63 |
Class C Shares | ||
Net Assets | $ 6,065,260 | $ 47,109,509 |
Shares Outstanding | 77,663 | 1,245,754 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 78.10 | $ 37.82 |
Class I Shares | ||
Net Assets | $ 285,833,913 | $ 305,063,186 |
Shares Outstanding | 3,497,126 | 7,708,122 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 81.73 | $ 39.58 |
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, 2023 | ||
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Investment Income | ||
Dividend income allocated from Portfolio (net of foreign taxes, $205,874 and $111,130, respectively) | $ 14,179,691 | $ 7,662,011 |
Expenses allocated from Portfolio | (4,203,354) | (2,270,963) |
Total investment income from Portfolio | $ 9,976,337 | $ 5,391,048 |
Expenses | ||
Administration fee | $ — | $ 790,418 |
Distribution and service fees: | ||
Class A | 2,109,274 | 915,352 |
Class C | 29,100 | 222,293 |
Trustees’ fees and expenses | 250 | 250 |
Custodian fee | 31,067 | 31,491 |
Transfer and dividend disbursing agent fees | 389,480 | 186,192 |
Professional fees | 22,223 | 26,425 |
Printing and postage | 29,789 | 19,431 |
Registration fees | 24,204 | 27,597 |
Miscellaneous | 76,079 | 41,664 |
Total expenses | $ 2,711,466 | $ 2,261,113 |
Net investment income | $ 7,264,871 | $ 3,129,935 |
Realized and Unrealized Gain (Loss) from Portfolio | ||
Net realized gain (loss): | ||
Investment transactions(1) | $ 6,141,816 | $ 3,329,283 |
Foreign currency transactions | (188) | (101) |
Net realized gain | $ 6,141,628 | $ 3,329,182 |
Change in unrealized appreciation (depreciation): | ||
Investments | $ 311,680,961 | $ 168,340,322 |
Foreign currency | 3,602 | 1,947 |
Net change in unrealized appreciation (depreciation) | $311,684,563 | $168,342,269 |
Net realized and unrealized gain | $317,826,191 | $171,671,451 |
Net increase in net assets from operations | $325,091,062 | $174,801,386 |
(1) | Includes $16,117,861 and $8,714,256, respectively, of net realized gains from redemptions in-kind. |
Tax-Managed Growth Fund 1.1 | ||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 7,264,871 | $ 12,982,974 |
Net realized gain | 6,141,628 | 48,224,998 |
Net change in unrealized appreciation (depreciation) | 311,684,563 | (541,685,345) |
Net increase (decrease) in net assets from operations | $ 325,091,062 | $ (480,477,373) |
Distributions to shareholders: | ||
Class A | $ — | $ (10,236,397) |
Class I | — | (2,363,145) |
Total distributions to shareholders | $ — | $ (12,599,542) |
Transactions in shares of beneficial interest: | ||
Class A | $ (43,929,641) | $ (79,923,549) |
Class C | (541,333) | (1,393,535) |
Class I | 2,230,301 | 4,272,826 |
Net decrease in net assets from Fund share transactions | $ (42,240,673) | $ (77,044,258) |
Net increase (decrease) in net assets | $ 282,850,389 | $ (570,121,173) |
Net Assets | ||
At beginning of period | $ 1,844,561,162 | $ 2,414,682,335 |
At end of period | $2,127,411,551 | $1,844,561,162 |
Tax-Managed Growth Fund 1.2 | ||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 3,129,935 | $ 5,339,249 |
Net realized gain | 3,329,182 | 25,869,296 |
Net change in unrealized appreciation (depreciation) | 168,342,269 | (289,689,625) |
Net increase (decrease) in net assets from operations | $ 174,801,386 | $ (258,481,080) |
Distributions to shareholders: | ||
Class A | $ — | $ (3,205,430) |
Class I | — | (1,929,809) |
Total distributions to shareholders | $ — | $ (5,135,239) |
Transactions in shares of beneficial interest: | ||
Class A | $ (13,313,217) | $ (21,908,458) |
Class C | (3,725,539) | (5,446,627) |
Class I | (2,258,749) | 2,634,963 |
Net decrease in net assets from Fund share transactions | $ (19,297,505) | $ (24,720,122) |
Net increase (decrease) in net assets | $ 155,503,881 | $ (288,336,441) |
Net Assets | ||
At beginning of period | $ 994,542,568 | $1,282,879,009 |
At end of period | $1,150,046,449 | $ 994,542,568 |
Tax-Managed Growth Fund 1.1 — Class A | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 74.460 | $ 93.810 | $ 75.510 | $ 61.750 | $ 48.150 | $ 51.300 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.284 | $ 0.491 | $ 0.338 | $ 0.481 | $ 0.539 | $ 0.491 |
Net realized and unrealized gain (loss) | 12.976 | (19.363) | 18.292 | 13.748 | 13.572 | (3.192) |
Total income (loss) from operations | $ 13.260 | $ (18.872) | $ 18.630 | $ 14.229 | $ 14.111 | $ (2.701) |
Less Distributions | ||||||
From net investment income | $ — | $ (0.478) | $ (0.330) | $ (0.469) | $ (0.511) | $ (0.449) |
Total distributions | $ — | $ (0.478) | $ (0.330) | $ (0.469) | $ (0.511) | $ (0.449) |
Net asset value — End of period | $ 87.720 | $ 74.460 | $ 93.810 | $ 75.510 | $ 61.750 | $ 48.150 |
Total Return(2) | 17.81% (3) | (20.11)% | 24.68% | 23.05% | 29.45% | (5.36)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $1,835,512 | $1,598,685 | $2,108,253 | $1,784,383 | $1,565,795 | $1,116,349 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 0.74% (5)(6) | 0.74% (5) | 0.73% | 0.76% | 0.78% | 0.79% |
Net investment income | 0.71% (6) | 0.62% | 0.40% | 0.77% | 0.96% | 0.92% |
Portfolio Turnover of the Portfolio(7) | 3% (3) | 3% | 1% | 1% | 1% | 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, 2023 and the year ended December 31, 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 4%, 8%, 4%, 6%, 6% and 6% for the six months ended June 30, 2023 and for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Tax-Managed Growth Fund 1.1 — Class C | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 66.540 | $ 83.920 | $ 67.810 | $ 55.530 | $ 43.280 | $ 46.100 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.013) | $ (0.099) | $ (0.268) | $ 0.015 | $ (0.018) | $ 0.082 |
Net realized and unrealized gain (loss) | 11.573 | (17.281) | 16.378 | 12.265 | 12.268 | (2.832) |
Total income (loss) from operations | $11.560 | $(17.380) | $16.110 | $12.280 | $12.250 | $ (2.750) |
Less Distributions | ||||||
From net investment income | $ — | $ — | $ — | $ — | $ — | $ (0.070) |
Total distributions | $ — | $ — | $ — | $ — | $ — | $ (0.070) |
Net asset value — End of period | $78.100 | $ 66.540 | $83.920 | $67.810 | $55.530 | $ 43.280 |
Total Return(2) | 17.37% (3) | (20.71)% | 23.76% | 22.11% | 28.34% | (5.99)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 6,065 | $ 5,665 | $ 8,801 | $ 9,517 | $ 13,730 | $202,974 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 1.49% (5)(6) | 1.49% (5) | 1.48% | 1.51% | 1.55% | 1.54% |
Net investment income (loss) | (0.04)% (6) | (0.14)% | (0.35)% | 0.03% | (0.04)% | 0.17% |
Portfolio Turnover of the Portfolio(7) | 3% (3) | 3% | 1% | 1% | 1% | 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, 2023 and the year ended December 31, 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 4%, 8%, 4%, 6%, 6% and 6% for the six months ended June 30, 2023 and for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Tax-Managed Growth Fund 1.1 — Class I | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 69.290 | $ 87.380 | $ 70.350 | $ 57.570 | $ 44.920 | $ 47.920 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.357 | $ 0.644 | $ 0.514 | $ 0.594 | $ 0.628 | $ 0.584 |
Net realized and unrealized gain (loss) | 12.083 | (18.050) | 17.064 | 12.817 | 12.675 | (2.996) |
Total income (loss) from operations | $ 12.440 | $ (17.406) | $ 17.578 | $ 13.411 | $ 13.303 | $ (2.412) |
Less Distributions | ||||||
From net investment income | $ — | $ (0.684) | $ (0.548) | $ (0.631) | $ (0.653) | $ (0.588) |
Total distributions | $ — | $ (0.684) | $ (0.548) | $ (0.631) | $ (0.653) | $ (0.588) |
Net asset value — End of period | $ 81.730 | $ 69.290 | $ 87.380 | $ 70.350 | $ 57.570 | $ 44.920 |
Total Return(2) | 17.95% (3) | (19.92)% | 25.00% | 23.31% | 29.74% | (5.11)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $285,834 | $240,211 | $297,628 | $227,801 | $183,702 | $136,976 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 0.49% (5)(6) | 0.49% (5) | 0.48% | 0.51% | 0.53% | 0.54% |
Net investment income | 0.96% (6) | 0.87% | 0.64% | 1.01% | 1.20% | 1.17% |
Portfolio Turnover of the Portfolio(7) | 3% (3) | 3% | 1% | 1% | 1% | 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, 2023 and the year ended December 31, 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 4%, 8%, 4%, 6%, 6% and 6% for the six months ended June 30, 2023 and for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Tax-Managed Growth Fund 1.2 — Class A | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 33.500 | $ 42.190 | $ 33.950 | $ 27.770 | $ 21.650 | $ 23.060 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.100 | $ 0.166 | $ 0.093 | $ 0.171 | $ 0.205 | $ 0.184 |
Net realized and unrealized gain (loss) | 5.840 | (8.700) | 8.216 | 6.171 | 6.108 | (1.432) |
Total income (loss) from operations | $ 5.940 | $ (8.534) | $ 8.309 | $ 6.342 | $ 6.313 | $ (1.248) |
Less Distributions | ||||||
From net investment income | $ — | $ (0.156) | $ (0.069) | $ (0.162) | $ (0.193) | $ (0.162) |
Total distributions | $ — | $ (0.156) | $ (0.069) | $ (0.162) | $ (0.193) | $ (0.162) |
Net asset value — End of period | $ 39.440 | $ 33.500 | $ 42.190 | $ 33.950 | $ 27.770 | $ 21.650 |
Total Return(2) | 17.73% (3) | (20.23)% | 24.48% | 22.84% | 29.28% | (5.50)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $797,874 | $689,946 | $894,809 | $736,814 | $629,530 | $427,333 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 0.89% (5)(6) | 0.89% (5) | 0.88% | 0.92% | 0.93% | 0.94% |
Net investment income | 0.56% (6) | 0.46% | 0.24% | 0.61% | 0.81% | 0.77% |
Portfolio Turnover of the Portfolio(7) | 3% (3) | 3% | 1% | 1% | 1% | 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, 2023 and the year ended December 31, 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 4%, 8%, 4%, 6%, 6% and 6% for the six months ended June 30, 2023 and for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Tax-Managed Growth Fund 1.2 — Class C | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 32.240 | $ 40.720 | $ 32.960 | $ 27.030 | $ 21.080 | $ 22.460 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ (0.033) | $ (0.099) | $ (0.188) | $ (0.037) | $ 0.003 | $ 0.004 |
Net realized and unrealized gain (loss) | 5.613 | (8.381) | 7.948 | 5.967 | 5.947 | (1.384) |
Total income (loss) from operations | $ 5.580 | $ (8.480) | $ 7.760 | $ 5.930 | $ 5.950 | $ (1.380) |
Net asset value — End of period | $37.820 | $32.240 | $40.720 | $32.960 | $27.030 | $ 21.080 |
Total Return(2) | 17.31% (3) | (20.83)% | 23.54% | 21.94% | 28.22% | (6.14)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 47,110 | $ 43,673 | $ 61,484 | $ 54,119 | $ 61,397 | $142,020 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 1.64% (5)(6) | 1.65% (5) | 1.63% | 1.67% | 1.68% | 1.69% |
Net investment income (loss) | (0.19)% (6) | (0.29)% | (0.51)% | (0.14)% | 0.01% | 0.02% |
Portfolio Turnover of the Portfolio(7) | 3% (3) | 3% | 1% | 1% | 1% | 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, 2023 and the year ended December 31, 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 4%, 8%, 4%, 6%, 6% and 6% for the six months ended June 30, 2023 and for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Tax-Managed Growth Fund 1.2 — Class I | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 33.580 | $ 42.290 | $ 34.030 | $ 27.830 | $ 21.690 | $ 23.110 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.145 | $ 0.257 | $ 0.190 | $ 0.242 | $ 0.266 | $ 0.244 |
Net realized and unrealized gain (loss) | 5.855 | (8.719) | 8.235 | 6.192 | 6.130 | (1.439) |
Total income (loss) from operations | $ 6.000 | $ (8.462) | $ 8.425 | $ 6.434 | $ 6.396 | $ (1.195) |
Less Distributions | ||||||
From net investment income | $ — | $ (0.248) | $ (0.165) | $ (0.234) | $ (0.256) | $ (0.225) |
Total distributions | $ — | $ (0.248) | $ (0.165) | $ (0.234) | $ (0.256) | $ (0.225) |
Net asset value — End of period | $ 39.580 | $ 33.580 | $ 42.290 | $ 34.030 | $ 27.830 | $ 21.690 |
Total Return(2) | 17.87% (3) | (20.01)% | 24.77% | 23.13% | 29.61% | (5.25)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $305,063 | $260,923 | $326,586 | $256,802 | $223,771 | $154,772 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Expenses | 0.64% (5)(6) | 0.64% (5) | 0.63% | 0.67% | 0.68% | 0.69% |
Net investment income | 0.81% (6) | 0.72% | 0.49% | 0.85% | 1.05% | 1.02% |
Portfolio Turnover of the Portfolio(7) | 3% (3) | 3% | 1% | 1% | 1% | 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, 2023 and the year ended December 31, 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 4%, 8%, 4%, 6%, 6% and 6% for the six months ended June 30, 2023 and for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Deferred capital losses: | ||
Short-term | $330,789 | $151,157 |
Average Daily Net Assets | Annual Fee Rate (Effective January 13, 2023)* | Annual Fee Rate (Prior to January 13, 2023) |
Up to $500 million | 0.5575% | 0.6250% |
$500 million but less than $1 billion | 0.4950% | 0.5625% |
$1 billion but less than $1.5 billion | 0.4325% | 0.5000% |
$1.5 billion but less than $7 billion | 0.3700% | 0.4375% |
$7 billion but less than $10 billion | 0.3575% | 0.4250% |
$10 billion but less than $15 billion | 0.3450% | 0.4125% |
$15 billion but less than $20 billion | 0.3325% | 0.4000% |
$20 billion but less than $25 billion | 0.3225% | 0.3900% |
$25 billion but less than $30 billion | 0.3125% | 0.3800% |
$30 billion but less than $35 billion | 0.3020% | 0.3700% |
$35 billion but less than $45 billion | 0.2970% | 0.3650% |
$45 billion and over | 0.2920% | 0.3600% |
* | Pursuant to an amendment to the investment advisory agreement effective January 13, 2023, EVM contractually agreed to reduce the annual fee rate of the average daily net asset levels as stated above in order to approximately match the effective annualized fee rate in effect prior to the redemption described in Note 1 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
EVM's Sub-Transfer Agent Fees | $118,686 | $40,274 |
EVD's Class A Sales Charges | $ 2,513 | $22,236 |
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ 3,320 | $19,831 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class A Distribution and Service Fees | $2,109,274 | $915,352 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class C Distribution Fees | $21,825 | $166,720 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class C Service Fees | $7,275 | $55,573 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class A | $ — | $ 100 |
Class C | $ 100 | $1,400 |
Fund | Increases | Decreases |
Tax-Managed Growth Fund 1.1 | $ 231,839 | $44,574,462 |
Tax-Managed Growth Fund 1.2 | $2,953,888 | $24,440,492 |
Fund | Redemptions in-kind |
Tax-Managed Growth Fund 1.1 | $35,291,037 |
Tax-Managed Growth Fund 1.2 | $15,379,833 |
Tax-Managed Growth Fund 1.1 | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 41,305 | $ 3,290,086 | 123,797 | $ 9,949,166 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 117,410 | 8,702,407 | ||
Redemptions | (587,901) | (47,219,727) | (1,244,901) | (98,575,122) | ||
Net decrease | (546,596) | $(43,929,641) | (1,003,694) | $ (79,923,549) |
Tax-Managed Growth Fund 1.1 (continued) | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class C | ||||||
Sales | 1,802 | $ 126,471 | 3,385 | $ 236,996 | ||
Redemptions | (9,280) | (667,804) | (23,126) | (1,630,531) | ||
Net decrease | (7,478) | $ (541,333) | (19,741) | $ (1,393,535) | ||
Class I | ||||||
Sales | 639,150 | $ 47,684,480 | 1,411,860 | $ 103,779,131 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 29,105 | 2,007,120 | ||
Redemptions | (608,799) | (45,454,179) | (1,380,511) | (101,513,425) | ||
Net increase | 30,351 | $ 2,230,301 | 60,454 | $ 4,272,826 |
Tax-Managed Growth Fund 1.2 | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 304,683 | $ 11,028,824 | 795,564 | $ 28,654,869 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 85,705 | 2,858,246 | ||
Redemptions | (669,072) | (24,342,041) | (1,495,117) | (53,421,573) | ||
Net decrease | (364,389) | $(13,313,217) | (613,848) | $(21,908,458) | ||
Class C | ||||||
Sales | 64,863 | $ 2,278,503 | 177,706 | $ 6,099,640 | ||
Redemptions | (173,682) | (6,004,042) | (333,067) | (11,546,267) | ||
Net decrease | (108,819) | $ (3,725,539) | (155,361) | $ (5,446,627) | ||
Class I | ||||||
Sales | 834,638 | $ 30,206,509 | 2,025,220 | $ 73,018,705 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 52,848 | 1,766,194 | ||
Redemptions | (897,632) | (32,465,258) | (2,028,730) | (72,149,936) | ||
Net increase (decrease) | (62,994) | $ (2,258,749) | 49,338 | $ 2,634,963 |
Common Stocks — 99.5% |
Security | Shares | Value | |
Aerospace & Defense — 1.7% | |||
Boeing Co. (The)(1) | 142,446 | $ 30,078,897 | |
General Dynamics Corp. | 37,550 | 8,078,882 | |
Lockheed Martin Corp. | 18,733 | 8,624,299 | |
Northrop Grumman Corp. | 16,117 | 7,346,129 | |
Raytheon Technologies Corp. | 254,338 | 24,914,950 | |
$ 79,043,157 | |||
Air Freight & Logistics — 1.0% | |||
C.H. Robinson Worldwide, Inc. | 80,986 | $ 7,641,029 | |
FedEx Corp. | 76,762 | 19,029,300 | |
United Parcel Service, Inc., Class B | 127,908 | 22,927,509 | |
$ 49,597,838 | |||
Automobile Components — 0.2% | |||
Aptiv PLC(1) | 89,316 | $ 9,118,270 | |
$ 9,118,270 | |||
Automobiles — 0.2% | |||
Tesla, Inc.(1) | 35,281 | $ 9,235,507 | |
$ 9,235,507 | |||
Banks — 3.2% | |||
Bank of America Corp. | 478,599 | $ 13,731,005 | |
Citigroup, Inc. | 77,389 | 3,562,990 | |
Fifth Third Bancorp | 491,355 | 12,878,415 | |
JPMorgan Chase & Co. | 514,622 | 74,846,624 | |
PNC Financial Services Group, Inc. (The) | 15,834 | 1,994,292 | |
Regions Financial Corp. | 456,199 | 8,129,466 | |
Societe Generale S.A. | 213,749 | 5,558,810 | |
Truist Financial Corp. | 332,676 | 10,096,717 | |
U.S. Bancorp | 81,258 | 2,684,764 | |
Wells Fargo & Co. | 446,596 | 19,060,717 | |
$ 152,543,800 | |||
Beverages — 1.9% | |||
Coca-Cola Co. (The) | 455,199 | $ 27,412,084 | |
Constellation Brands, Inc., Class A | 56,905 | 14,006,028 | |
Monster Beverage Corp.(1) | 142,992 | 8,213,460 | |
PepsiCo, Inc. | 228,875 | 42,392,227 | |
$ 92,023,799 |
Security | Shares | Value | |
Biotechnology — 2.3% | |||
AbbVie, Inc. | 193,103 | $ 26,016,767 | |
Alnylam Pharmaceuticals, Inc.(1) | 3,409 | 647,506 | |
Amgen, Inc. | 97,100 | 21,558,142 | |
Argenx SE ADR(1) | 57,452 | 22,390,768 | |
Biogen, Inc.(1) | 9,680 | 2,757,348 | |
Gilead Sciences, Inc. | 193,738 | 14,931,388 | |
Vertex Pharmaceuticals, Inc.(1) | 64,684 | 22,762,946 | |
$ 111,064,865 | |||
Broadline Retail — 3.6% | |||
Amazon.com, Inc.(1) | 1,335,500 | $ 174,095,780 | |
$ 174,095,780 | |||
Building Products — 0.4% | |||
Carrier Global Corp. | 189,214 | $ 9,405,828 | |
Johnson Controls International PLC | 160,853 | 10,960,523 | |
$ 20,366,351 | |||
Capital Markets — 3.4% | |||
Ameriprise Financial, Inc. | 30,879 | $ 10,256,769 | |
Bank of New York Mellon Corp. (The) | 149,031 | 6,634,860 | |
BlackRock, Inc. | 7,289 | 5,037,719 | |
Cboe Global Markets, Inc. | 75,857 | 10,469,025 | |
Charles Schwab Corp. (The) | 371,381 | 21,049,875 | |
CME Group, Inc. | 36,417 | 6,747,706 | |
Goldman Sachs Group, Inc. (The) | 128,899 | 41,575,083 | |
Intercontinental Exchange, Inc. | 60,970 | 6,894,488 | |
LPL Financial Holdings, Inc. | 33,326 | 7,246,072 | |
Moody's Corp. | 66,944 | 23,277,768 | |
S&P Global, Inc. | 32,008 | 12,831,687 | |
T. Rowe Price Group, Inc. | 105,316 | 11,797,498 | |
$ 163,818,550 | |||
Chemicals — 1.6% | |||
Air Products and Chemicals, Inc. | 2,258 | $ 676,339 | |
Corteva, Inc. | 18,814 | 1,078,042 | |
Dow, Inc. | 18,955 | 1,009,543 | |
DuPont de Nemours, Inc. | 142,744 | 10,197,631 | |
Ecolab, Inc. | 110,020 | 20,539,634 | |
Linde PLC | 58,347 | 22,234,875 | |
PPG Industries, Inc. | 89,144 | 13,220,055 | |
Sherwin-Williams Co. (The) | 32,982 | 8,757,381 | |
$ 77,713,500 | |||
Commercial Services & Supplies — 0.5% | |||
Waste Connections, Inc. | 57,850 | $ 8,268,500 |
Security | Shares | Value | |
Commercial Services & Supplies (continued) | |||
Waste Management, Inc. | 100,192 | $ 17,375,297 | |
$ 25,643,797 | |||
Communications Equipment — 1.2% | |||
Arista Networks, Inc.(1) | 193,655 | $ 31,383,729 | |
Cisco Systems, Inc. | 517,461 | 26,773,432 | |
Motorola Solutions, Inc. | 2,673 | 783,938 | |
$ 58,941,099 | |||
Consumer Finance — 0.8% | |||
American Express Co. | 121,531 | $ 21,170,700 | |
Capital One Financial Corp. | 15,163 | 1,658,378 | |
Discover Financial Services | 146,305 | 17,095,739 | |
$ 39,924,817 | |||
Consumer Staples Distribution & Retail — 1.9% | |||
Costco Wholesale Corp. | 113,479 | $ 61,094,824 | |
Dollar Tree, Inc.(1) | 44,191 | 6,341,409 | |
Kroger Co. (The) | 35,353 | 1,661,591 | |
Sprouts Farmers Market, Inc.(1) | 185,476 | 6,812,534 | |
Sysco Corp. | 155,777 | 11,558,653 | |
Walgreens Boots Alliance, Inc. | 74,956 | 2,135,496 | |
$ 89,604,507 | |||
Electric Utilities — 0.9% | |||
Edison International | 197,713 | $ 13,731,168 | |
NextEra Energy, Inc. | 316,351 | 23,473,244 | |
Xcel Energy, Inc. | 114,436 | 7,114,486 | |
$ 44,318,898 | |||
Electrical Equipment — 1.0% | |||
AMETEK, Inc. | 23,362 | $ 3,781,840 | |
Eaton Corp. PLC | 8,651 | 1,739,716 | |
Emerson Electric Co. | 269,079 | 24,322,051 | |
Rockwell Automation, Inc. | 50,722 | 16,710,363 | |
$ 46,553,970 | |||
Electronic Equipment, Instruments & Components — 0.2% | |||
Corning, Inc. | 278,843 | $ 9,770,659 | |
$ 9,770,659 | |||
Energy Equipment & Services — 0.3% | |||
Halliburton Co. | 166,374 | $ 5,488,678 | |
Schlumberger NV | 206,344 | 10,135,618 | |
$ 15,624,296 |
Security | Shares | Value | |
Entertainment — 1.9% | |||
Activision Blizzard, Inc.(1) | 79,304 | $ 6,685,327 | |
Netflix, Inc.(1) | 80,353 | 35,394,693 | |
Walt Disney Co. (The)(1) | 534,448 | 47,715,518 | |
$ 89,795,538 | |||
Financial Services — 4.1% | |||
Berkshire Hathaway, Inc., Class A(1) | 84 | $ 43,496,040 | |
Berkshire Hathaway, Inc., Class B(1) | 224,583 | 76,582,803 | |
Fiserv, Inc.(1) | 21,260 | 2,681,949 | |
Mastercard, Inc., Class A | 36,635 | 14,408,545 | |
PayPal Holdings, Inc.(1) | 146,905 | 9,802,971 | |
Visa, Inc., Class A | 212,810 | 50,538,119 | |
$ 197,510,427 | |||
Food Products — 1.4% | |||
Conagra Brands, Inc. | 212,710 | $ 7,172,581 | |
Flowers Foods, Inc. | 147,169 | 3,661,565 | |
General Mills, Inc. | 15,587 | 1,195,523 | |
Hershey Co. (The) | 47,710 | 11,913,187 | |
JM Smucker Co. (The) | 12,283 | 1,813,831 | |
Kellogg Co. | 58,497 | 3,942,698 | |
Lamb Weston Holdings, Inc. | 73,135 | 8,406,868 | |
McCormick & Co., Inc., Non Voting Shares | 96,258 | 8,396,585 | |
Mondelez International, Inc., Class A | 142,261 | 10,376,517 | |
Nestle S.A. | 94,686 | 11,389,923 | |
$ 68,269,278 | |||
Ground Transportation — 1.1% | |||
CSX Corp. | 52,770 | $ 1,799,457 | |
Norfolk Southern Corp. | 65,062 | 14,753,459 | |
Uber Technologies, Inc.(1) | 110,000 | 4,748,700 | |
Union Pacific Corp. | 148,572 | 30,400,803 | |
$ 51,702,419 | |||
Health Care Equipment & Supplies — 3.3% | |||
Abbott Laboratories | 260,303 | $ 28,378,233 | |
Alcon, Inc. | 22,037 | 1,809,458 | |
Becton Dickinson & Co. | 8,470 | 2,236,165 | |
Boston Scientific Corp.(1) | 289,826 | 15,676,688 | |
Dexcom, Inc.(1) | 153,683 | 19,749,802 | |
GE HealthCare Technologies, Inc. | 135,517 | 11,009,401 | |
Intuitive Surgical, Inc.(1) | 101,205 | 34,606,038 | |
Medtronic PLC | 110,455 | 9,731,086 |
Security | Shares | Value | |
Health Care Equipment & Supplies (continued) | |||
Stryker Corp. | 72,313 | $ 22,061,973 | |
Zimmer Biomet Holdings, Inc. | 77,057 | 11,219,499 | |
$ 156,478,343 | |||
Health Care Providers & Services — 2.5% | |||
Cardinal Health, Inc. | 14,717 | $ 1,391,787 | |
CVS Health Corp. | 168,934 | 11,678,407 | |
DaVita, Inc.(1) | 135,607 | 13,624,435 | |
Elevance Health, Inc. | 29,512 | 13,111,887 | |
HCA Healthcare, Inc. | 64,083 | 19,447,909 | |
Henry Schein, Inc.(1) | 22,430 | 1,819,073 | |
UnitedHealth Group, Inc. | 123,171 | 59,200,909 | |
$ 120,274,407 | |||
Hotels, Restaurants & Leisure — 2.6% | |||
Airbnb, Inc., Class A(1) | 63,500 | $ 8,138,160 | |
Booking Holdings, Inc.(1) | 15,067 | 40,685,872 | |
Chipotle Mexican Grill, Inc.(1) | 3,990 | 8,534,610 | |
Marriott International, Inc., Class A | 46,029 | 8,455,067 | |
McDonald's Corp. | 5,400 | 1,611,414 | |
Starbucks Corp. | 477,302 | 47,281,536 | |
Yum! Brands, Inc. | 79,662 | 11,037,170 | |
$ 125,743,829 | |||
Household Products — 1.4% | |||
Colgate-Palmolive Co. | 397,371 | $ 30,613,462 | |
Kimberly-Clark Corp. | 20,354 | 2,810,073 | |
Procter & Gamble Co. (The) | 220,699 | 33,488,866 | |
$ 66,912,401 | |||
Industrial Conglomerates — 0.5% | |||
General Electric Co. | 163,570 | $ 17,968,164 | |
Honeywell International, Inc. | 22,939 | 4,759,843 | |
$ 22,728,007 | |||
Industrial REITs — 0.1% | |||
EastGroup Properties, Inc. | 25,000 | $ 4,340,000 | |
$ 4,340,000 | |||
Insurance — 1.5% | |||
Aflac, Inc. | 154,400 | $ 10,777,120 | |
Aon PLC, Class A | 27,135 | 9,367,002 | |
Arthur J. Gallagher & Co. | 47,054 | 10,331,647 | |
Markel Group, Inc.(1) | 6,362 | 8,799,791 | |
Marsh & McLennan Cos., Inc. | 46,353 | 8,718,072 |
Security | Shares | Value | |
Insurance (continued) | |||
Progressive Corp. (The) | 151,029 | $ 19,991,709 | |
Travelers Cos., Inc. (The) | 20,353 | 3,534,502 | |
$ 71,519,843 | |||
Interactive Media & Services — 7.2% | |||
Alphabet, Inc., Class A(1) | 897,188 | $ 107,393,404 | |
Alphabet, Inc., Class C(1) | 1,038,680 | 125,649,119 | |
Meta Platforms, Inc., Class A(1) | 383,462 | 110,045,925 | |
$ 343,088,448 | |||
IT Services — 1.6% | |||
Accenture PLC, Class A | 165,256 | $ 50,994,696 | |
Akamai Technologies, Inc.(1) | 147,626 | 13,267,149 | |
International Business Machines Corp. | 92,900 | 12,430,949 | |
$ 76,692,794 | |||
Life Sciences Tools & Services — 1.2% | |||
Agilent Technologies, Inc. | 151,400 | $ 18,205,850 | |
Danaher Corp. | 103,257 | 24,781,680 | |
Illumina, Inc.(1) | 10,000 | 1,874,900 | |
Thermo Fisher Scientific, Inc. | 24,874 | 12,978,009 | |
$ 57,840,439 | |||
Machinery — 2.4% | |||
Caterpillar, Inc. | 56,089 | $ 13,800,699 | |
Deere & Co. | 32,269 | 13,075,076 | |
Donaldson Co., Inc. | 89,373 | 5,586,706 | |
Dover Corp. | 97,408 | 14,382,291 | |
Fortive Corp. | 25,736 | 1,924,281 | |
Illinois Tool Works, Inc. | 143,086 | 35,794,394 | |
Otis Worldwide Corp. | 68,364 | 6,085,080 | |
PACCAR, Inc. | 28,969 | 2,423,257 | |
Parker-Hannifin Corp. | 16,957 | 6,613,908 | |
Snap-on, Inc. | 14,911 | 4,297,201 | |
Westinghouse Air Brake Technologies Corp. | 77,029 | 8,447,770 | |
$ 112,430,663 | |||
Media — 0.2% | |||
Comcast Corp., Class A | 218,452 | $ 9,076,681 | |
$ 9,076,681 | |||
Metals & Mining — 0.1% | |||
Nucor Corp. | 35,624 | $ 5,841,624 | |
$ 5,841,624 |
Security | Shares | Value | |
Multi-Utilities — 0.1% | |||
Consolidated Edison, Inc. | 50,472 | $ 4,562,669 | |
$ 4,562,669 | |||
Oil, Gas & Consumable Fuels — 3.1% | |||
Antero Resources Corp.(1) | 328,489 | $ 7,565,102 | |
Cheniere Energy, Inc. | 149,498 | 22,777,515 | |
ConocoPhillips | 250,715 | 25,976,581 | |
Devon Energy Corp. | 33,163 | 1,603,099 | |
EOG Resources, Inc. | 16,793 | 1,921,791 | |
Exxon Mobil Corp. | 647,802 | 69,476,765 | |
Hess Corp. | 20,651 | 2,807,503 | |
Marathon Petroleum Corp. | 69,480 | 8,101,368 | |
Murphy Oil Corp. | 42,538 | 1,629,205 | |
Phillips 66 | 51,867 | 4,947,075 | |
$ 146,806,004 | |||
Personal Care Products — 0.3% | |||
Estee Lauder Cos., Inc. (The), Class A | 78,951 | $ 15,504,397 | |
$ 15,504,397 | |||
Pharmaceuticals — 5.1% | |||
AstraZeneca PLC ADR | 182,272 | $ 13,045,207 | |
Bristol-Myers Squibb Co. | 349,518 | 22,351,676 | |
Catalent, Inc.(1) | 45,943 | 1,992,088 | |
Eli Lilly & Co. | 207,797 | 97,452,637 | |
Johnson & Johnson | 280,251 | 46,387,146 | |
Merck & Co., Inc. | 215,040 | 24,813,466 | |
Organon & Co. | 117,011 | 2,434,999 | |
Pfizer, Inc. | 311,715 | 11,433,706 | |
Zoetis, Inc. | 142,003 | 24,454,337 | |
$ 244,365,262 | |||
Professional Services — 1.1% | |||
ASGN, Inc.(1) | 105,500 | $ 7,978,965 | |
Automatic Data Processing, Inc. | 68,245 | 14,999,569 | |
Equifax, Inc. | 8,854 | 2,083,346 | |
Jacobs Solutions, Inc. | 56,851 | 6,759,015 | |
Paycom Software, Inc. | ���26,230 | 8,426,125 | |
Verisk Analytics, Inc. | 46,792 | 10,576,396 | |
$ 50,823,416 | |||
Residential REITs — 0.2% | |||
Invitation Homes, Inc. | 156,000 | $ 5,366,400 | |
Mid-America Apartment Communities, Inc. | 31,500 | 4,783,590 | |
$ 10,149,990 |
Security | Shares | Value | |
Semiconductors & Semiconductor Equipment — 6.9% | |||
Analog Devices, Inc. | 133,698 | $ 26,045,707 | |
Applied Materials, Inc. | 187,182 | 27,055,286 | |
Broadcom, Inc. | 22,966 | 19,921,397 | |
Intel Corp. | 706,297 | 23,618,572 | |
Lam Research Corp. | 25,000 | 16,071,500 | |
Marvell Technology, Inc. | 95,391 | 5,702,474 | |
NVIDIA Corp. | 302,592 | 128,002,468 | |
ON Semiconductor Corp.(1) | 163,500 | 15,463,830 | |
QUALCOMM, Inc. | 316,219 | 37,642,710 | |
Texas Instruments, Inc. | 158,452 | 28,524,529 | |
$ 328,048,473 | |||
Software — 10.3% | |||
Adobe, Inc.(1) | 80,840 | $ 39,529,952 | |
Cadence Design Systems, Inc.(1) | 83,984 | 19,695,928 | |
Check Point Software Technologies, Ltd.(1) | 56,536 | 7,102,052 | |
Fortinet, Inc.(1) | 158,000 | 11,943,220 | |
Intuit, Inc. | 46,644 | 21,371,814 | |
Microsoft Corp. | 791,626 | 269,580,318 | |
Oracle Corp. | 80,569 | 9,594,962 | |
Palo Alto Networks, Inc.(1) | 153,583 | 39,241,992 | |
Salesforce, Inc.(1) | 90,956 | 19,215,365 | |
ServiceNow, Inc.(1) | 67,266 | 37,801,474 | |
Splunk, Inc.(1) | 55,478 | 5,885,661 | |
Workday, Inc., Class A(1) | 54,405 | 12,289,546 | |
$ 493,252,284 | |||
Specialized REITs — 0.4% | |||
American Tower Corp. | 10,718 | $ 2,078,649 | |
Public Storage | 51,744 | 15,103,039 | |
$ 17,181,688 | |||
Specialty Retail — 3.0% | |||
Best Buy Co., Inc. | 122,742 | $ 10,058,707 | |
Dick's Sporting Goods, Inc. | 23,739 | 3,138,058 | |
Five Below, Inc.(1) | 55,175 | 10,844,094 | |
Lowe's Cos., Inc. | 212,443 | 47,948,385 | |
O'Reilly Automotive, Inc.(1) | 14,850 | 14,186,205 | |
Ross Stores, Inc. | 141,093 | 15,820,758 | |
Signet Jewelers, Ltd. | 51,233 | 3,343,466 | |
TJX Cos., Inc. (The) | 219,657 | 18,624,717 | |
Tractor Supply Co. | 50,157 | 11,089,713 | |
Ulta Beauty, Inc.(1) | 17,591 | 8,278,237 | |
$ 143,332,340 |
Security | Shares | Value | |
Technology Hardware, Storage & Peripherals — 8.1% | |||
Apple, Inc. | 1,986,542 | $ 385,329,552 | |
$ 385,329,552 | |||
Textiles, Apparel & Luxury Goods — 1.0% | |||
NIKE, Inc., Class B | 424,913 | $ 46,897,648 | |
$ 46,897,648 | |||
Tobacco — 0.5% | |||
Altria Group, Inc. | 157,274 | $ 7,124,512 | |
Philip Morris International, Inc. | 162,661 | 15,878,967 | |
$ 23,003,479 | |||
Total Common Stocks (identified cost $1,707,115,685) | $4,758,505,803 |
Short-Term Investments — 0.4% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.03%(2) | 16,765,244 | $ 16,765,244 | |
Total Short-Term Investments (identified cost $16,765,244) | $ 16,765,244 | ||
Total Investments — 99.9% (identified cost $1,723,880,929) | $4,775,271,047 | ||
Other Assets, Less Liabilities — 0.1% | $ 5,206,604 | ||
Net Assets — 100.0% | $4,780,477,651 |
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, 2023. |
Abbreviations: | |
ADR | – American Depositary Receipt |
REITs | – Real Estate Investment Trusts |
June 30, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,707,115,685) | $ 4,758,505,803 |
Affiliated investments, at value (identified cost $16,765,244) | 16,765,244 |
Dividends receivable | 2,544,486 |
Dividends receivable from affiliated investments | 85,860 |
Receivable for investments sold | 6,295,063 |
Tax reclaims receivable | 394,949 |
Receivable from affiliates | 54,579 |
Total assets | $4,784,645,984 |
Liabilities | |
Payable to affiliates: | |
Investment adviser fee | $ 1,571,871 |
Trustees' fees | 27,125 |
Accrued expenses | 2,569,337 |
Total liabilities | $ 4,168,333 |
Net Assets applicable to investors' interest in Portfolio | $4,780,477,651 |
Six Months Ended | |
June 30, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $1,888,001) | $ 43,472,490 |
Dividend income from affiliated investments | 1,176,564 |
Total investment income | $ 44,649,054 |
Expenses | |
Investment adviser fee | $ 12,999,337 |
Trustees’ fees and expenses | 54,250 |
Custodian fee | 519,725 |
Professional fees | 103,766 |
Miscellaneous | 174,364 |
Total expenses | $ 13,851,442 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 331,083 |
Total expense reductions | $ 331,083 |
Net expenses | $ 13,520,359 |
Net investment income | $ 31,128,695 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions(1) | $ (13,898,463) |
Investment transactions - affiliated investments(1) | 8,727,060 |
Foreign currency transactions | (423) |
Net realized loss | $ (5,171,826) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 1,827,092,690 |
Investments - affiliated investments | (2,778,056) |
Foreign currency | 13,508 |
Net change in unrealized appreciation (depreciation) | $1,824,328,142 |
Net realized and unrealized gain | $1,819,156,316 |
Net increase in net assets from operations | $1,850,285,011 |
(1) | Aggregate amount includes $30,628,776 of net realized gains from redemptions in-kind. |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 31,128,695 | $ 300,457,402 |
Net realized gain (loss) | (5,171,826) | 778,434,816 |
Net change in unrealized appreciation (depreciation) | 1,824,328,142 | (8,569,954,185) |
Net increase (decrease) in net assets from operations | $ 1,850,285,011 | $ (7,491,061,967) |
Capital transactions: | ||
Contributions | $ 82,655,859 | $ 2,468,619,619 |
Withdrawals | (27,745,525,628) | (1,697,105,702) |
Net increase (decrease) in net assets from capital transactions | $(27,662,869,769) | $ 771,513,917 |
Net decrease in net assets | $(25,812,584,758) | $ (6,719,548,050) |
Net Assets | ||
At beginning of period | $ 30,593,062,409 | $ 37,312,610,459 |
At end of period | $ 4,780,477,651 | $30,593,062,409 |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
Ratios/Supplemental Data | 2022 | 2021 | 2020 | 2019 | 2018 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.43% (1)(2)(3) | 0.43% (3) | 0.43% | 0.44% | 0.45% | 0.46% |
Net investment income | 0.99% (1) | 0.93% | 0.69% | 1.07% | 1.28% | 1.25% |
Portfolio Turnover(4) | 3% (5) | 3% | 1% | 1% | 1% | 1% |
Total Return | 17.99% (5) | (19.86)% | 25.05% | 23.42% | 29.87% | (5.02)% |
Net assets, end of period (000’s omitted) | $4,780,478 | $30,593,062 | $37,312,610 | $27,986,714 | $22,013,353 | $16,016,046 |
(1) | Annualized. |
(2) | The investment adviser reimbursed certain operating expenses (equal to 0.01% of average daily net assets for the six months ended June 30, 2023). Absent this reimbursement, total return would be lower. |
(3) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2023 and the year ended December 31, 2022). |
(4) | 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 4%, 8%, 4%, 6%, 6% and 6% for the six months ended June 30, 2023 and the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
(5) | Not annualized. |
Average Daily Net Assets | Annual Fee Rate (Effective January 13, 2023)* | Annual Fee Rate (Prior to January 13, 2023) |
Up to $500 million | 0.5575% | 0.6250% |
$500 million but less than $1 billion | 0.4950% | 0.5625% |
$1 billion but less than $1.5 billion | 0.4325% | 0.5000% |
$1.5 billion but less than $7 billion | 0.3700% | 0.4375% |
$7 billion but less than $10 billion | 0.3575% | 0.4250% |
$10 billion but less than $15 billion | 0.3450% | 0.4125% |
$15 billion but less than $20 billion | 0.3325% | 0.4000% |
$20 billion but less than $25 billion | 0.3225% | 0.3900% |
$25 billion but less than $30 billion | 0.3125% | 0.3800% |
$30 billion but less than $35 billion | 0.3020% | 0.3700% |
$35 billion but less than $45 billion | 0.2970% | 0.3650% |
$45 billion and over | 0.2920% | 0.3600% |
* | Pursuant to an amendment to the investment advisory agreement effective January 13, 2023, BMR contractually agreed to reduce the annual fee rate of the average daily net asset levels as stated above in order to approximately match the effective annualized fee rate in effect prior to the redemption described in Note 1. |
Aggregate cost | $1,844,913,626 |
Gross unrealized appreciation | $ 2,935,103,326 |
Gross unrealized depreciation | (4,745,904) |
Net unrealized appreciation | $2,930,357,422 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Common Stocks | ||||||||
Morgan Stanley | $ 90,143,050 | $ — | $ (96,092,054) | $ 8,727,060 | $ (2,778,056) | $ — | $ 189,077 | — |
Short-Term Investments | ||||||||
Liquidity Fund | 170,972,940 | 196,257,149 | (350,464,845) | — | — | 16,765,244 | 987,487 | 16,765,244 |
Total | $8,727,060 | $(2,778,056) | $16,765,244 | $1,176,564 |
• | 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 | $ 441,960,667 | $ — | $ — | $ 441,960,667 |
Consumer Discretionary | 508,423,374 | — | — | 508,423,374 |
Consumer Staples | 343,927,938 | 11,389,923 | — | 355,317,861 |
Energy | 162,430,300 | — | — | 162,430,300 |
Financials | 619,758,627 | 5,558,810 | — | 625,317,437 |
Health Care | 690,023,316 | — | — | 690,023,316 |
Industrials | 458,889,618 | — | — | 458,889,618 |
Information Technology | 1,352,034,861 | — | — | 1,352,034,861 |
Materials | 83,555,124 | — | — | 83,555,124 |
Real Estate | 31,671,678 | — | — | 31,671,678 |
Utilities | 48,881,567 | — | — | 48,881,567 |
Total Common Stocks | $4,741,557,070 | $ 16,948,733* | $ — | $4,758,505,803 |
Short-Term Investments | $ 16,765,244 | $ — | $ — | $ 16,765,244 |
Total Investments | $4,758,322,314 | $ 16,948,733 | $ — | $4,775,271,047 |
* | 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 | Nicholas S. Di Lorenzo 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 | |
R. Kelly Williams, Jr. President | Nicholas S. Di Lorenzo 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 | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley | |
Anchal Pachnanda*(1) |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
Officers of Eaton Vance Tax-Managed Growth Fund 1.2 | |
Eric A. Stein President | Nicholas S. Di Lorenzo 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 | |
R. Kelly Williams, Jr. President | Nicholas S. Di Lorenzo 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 | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley | |
Anchal Pachnanda*(1) |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
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
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(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 | (5.34)% | (2.99)% | 9.07% | 2.21% |
Class A with 3.25% Maximum Sales Charge | — | — | (8.36) | (6.14) | 8.36 | 1.87 |
Class I at NAV | 05/25/2011 | 05/25/2011 | (5.28) | (2.68) | 9.34 | 2.45 |
Bloomberg Commodity Index Total Return | — | — | (7.79)% | (9.61)% | 4.73% | (0.99)% |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
0.90% | 0.65% |
Commodity Exposure (% of net assets)1 |
Agriculture | 25.75% |
Soybean Oil | 3.95 |
Soybeans | 3.77 |
Coffee | 3.09 |
Corn | 3.09 |
Cocoa | 2.04 |
Soybean Meal | 1.93 |
Cotton | 1.82 |
Sugar | 1.71 |
Wheat | 1.70 |
Kansas Wheat | 0.92 |
Robusta Coffee | 0.88 |
White Sugar | 0.85 |
Energy | 25.74% |
Natural Gas | 7.39 |
Unleaded Gas | 7.26 |
Gas Oil | 3.75 |
Heating Oil | 3.68 |
Crude Oil-WTI | 1.84 |
Crude Oil-Brent | 1.82 |
Industrial Metals | 24.25% |
Aluminium | 6.96 |
New York Copper | 3.71 |
Zinc | 3.70 |
Copper | 3.70 |
Nickel | 3.35 |
Lead | 1.88 |
Tin | 0.95 |
Precious Metals | 17.56% |
Gold | 7.32 |
Silver | 6.93 |
Palladium | 1.66 |
Platinum | 1.65 |
Livestock | 6.68% |
Live Cattle | 3.83 |
Lean Hogs | 1.91 |
Feeder Cattle | 0.94 |
Asset Allocation (% of net assets)2,3 |
1 | Commodity Exposure reflects the Fund’s net exposure to commodities through its investment in commodity-linked derivative instruments. |
2 | Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets. |
3 | 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 sale 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. |
Beginning Account Value (1/1/23) | Ending Account Value (6/30/23) | Expenses Paid During Period* (1/1/23 – 6/30/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $ 946.60 | $4.44 | 0.92% |
Class I | $1,000.00 | $ 947.20 | $3.23 | 0.67% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.23 | $4.61 | 0.92% |
Class I | $1,000.00 | $1,021.47 | $3.36 | 0.67% |
* | 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, 2022. |
Exchange-Traded Funds — 4.3% |
Security | Shares | Value | |
Equity Funds — 4.3% | |||
SPDR Gold MiniShares Trust(1) | 1,577,000 | $ 60,067,929 | |
Total Exchange-Traded Funds (identified cost $54,345,417) | $ 60,067,929 |
Short-Term Investments — 88.0% |
Affiliated Fund — 3.9% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.03%(2) | 54,976,165 | $ 54,976,165 | |
Total Affiliated Fund (identified cost $54,976,165) | $ 54,976,165 |
U.S. Treasury Obligations — 84.1% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bill: | |||
0.00%, 7/18/23(3) | $ | 48,000 | $ 47,899,650 |
0.00%, 7/20/23(3) | 13,750 | 13,717,518 | |
0.00%, 8/1/23 | 65,000 | 64,735,183 | |
0.00%, 8/3/23 | 50,000 | 49,780,040 | |
0.00%, 8/10/23 | 36,000 | 35,805,155 | |
0.00%, 8/15/23(3) | 13,750 | 13,665,562 | |
0.00%, 9/7/23 | 72,000 | 71,322,840 | |
0.00%, 9/28/23 | 40,000 | 39,501,683 | |
0.00%, 10/12/23(3) | 13,750 | 13,550,126 | |
0.00%, 11/2/23(3) | 50,000 | 49,119,207 | |
0.00%, 1/25/24 | 100,000 | 97,126,586 | |
0.00%, 3/21/24(3) | 58,750 | 56,563,944 | |
U.S. Treasury Inflation-Protected Note:(4) | |||
0.375%, 7/15/23 | 179,862 | 179,736,431 |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Inflation-Protected Note: (continued) | |||
0.50%, 4/15/24 | $ | 138,301 | $ 134,964,906 |
0.625%, 1/15/24 | 32,498 | 31,948,729 | |
U.S. Treasury Note: | |||
0.125%, 8/31/23 | 40,000 | 39,672,486 | |
0.125%, 1/15/24 | 36,000 | 35,016,534 | |
0.125%, 2/15/24 | 36,000 | 34,849,331 | |
0.25%, 3/15/24 | 10,000 | 9,647,204 | |
0.50%, 11/30/23 | 50,000 | 49,016,608 | |
1.25%, 7/31/23 | 40,000 | 39,877,473 | |
1.375%, 8/31/23 | 30,000 | 29,812,915 | |
2.75%, 8/31/23 | 50,000 | 49,795,534 | |
Total U.S. Treasury Obligations (identified cost $1,189,452,745) | $1,187,125,645 | ||
Total Short-Term Investments (identified cost $1,244,428,910) | $1,242,101,810 | ||
Total Investments — 92.3% (identified cost $1,298,774,327) | $1,302,169,739 | ||
Other Assets, Less Liabilities — 7.7% | $ 108,880,530 | ||
Net Assets — 100.0% | $1,411,050,269 |
The percentage shown for each investment category in the Consolidated 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, 2023. |
(3) | Security (or a portion thereof) has been pledged as collateral for open futures contracts. |
(4) | 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 | 342 | Long | 8/31/23 | $ 25,752,600 | $ (190,940) |
Cocoa | 861 | Long | 9/14/23 | 28,869,330 | 3,903,683 |
Coffee | 732 | Long | 9/19/23 | 43,645,500 | (6,225,505) |
Copper | 557 | Long | 9/27/23 | 52,351,038 | (1,447,307) |
Futures Contracts (continued) | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Commodity Futures (continued) | |||||
Corn | 1,785 | Long | 9/14/23 | $ 43,598,625 | $ (3,712,689) |
Cotton No.2 | 638 | Long | 12/6/23 | 25,638,030 | (2,941) |
Feeder Cattle | 106 | Long | 9/28/23 | 13,293,725 | 287,738 |
Gold | 220 | Long | 12/27/23 | 43,296,000 | (1,057,320) |
Lean Hogs | 861 | Long | 10/13/23 | 26,992,350 | 445,477 |
Live Cattle | 752 | Long | 10/31/23 | 54,008,640 | 659,950 |
LME Copper | 251 | Long | 9/18/23 | 52,189,175 | (126,735) |
LME Copper | 262 | Long | 7/17/23 | 54,520,563 | (3,112,887) |
LME Copper | 258 | Long | 8/14/23 | 53,676,900 | (1,032,645) |
LME Lead | 506 | Long | 9/18/23 | 26,596,625 | 937,769 |
LME Lead | 548 | Long | 7/17/23 | 28,790,550 | 61,650 |
LME Lead | 511 | Long | 8/14/23 | 26,846,663 | (185,662) |
LME Nickel | 424 | Long | 7/17/23 | 51,882,336 | (6,194,640) |
LME Nickel | 396 | Long | 8/14/23 | 48,582,072 | (8,897,712) |
LME Nickel | 402 | Long | 9/18/23 | 49,467,708 | (1,105,068) |
LME Primary Aluminum | 1,975 | Long | 7/17/23 | 104,724,375 | (10,726,719) |
LME Primary Aluminum | 1,870 | Long | 8/14/23 | 99,799,562 | (8,203,848) |
LME Primary Aluminum | 1,831 | Long | 9/18/23 | 98,301,813 | (3,806,020) |
LME Tin | 119 | Long | 7/17/23 | 16,173,290 | 1,696,345 |
LME Tin | 103 | Long | 8/14/23 | 13,885,430 | 414,940 |
LME Tin | 100 | Long | 9/18/23 | 13,413,500 | 656,250 |
LME Zinc | 826 | Long | 7/17/23 | 49,276,063 | (8,094,800) |
LME Zinc | 838 | Long | 8/14/23 | 50,054,788 | (4,976,225) |
LME Zinc | 885 | Long | 9/18/23 | 52,862,156 | 1,882,331 |
Low Sulphur Gasoil | 755 | Long | 9/12/23 | 52,906,625 | 443,242 |
Natural Gas | 2,712 | Long | 12/27/23 | 104,384,880 | (38,601,629) |
NY Harbor ULSD | 506 | Long | 8/31/23 | 51,897,384 | 1,427,392 |
Palladium | 192 | Long | 9/27/23 | 23,462,400 | (4,260,602) |
Platinum | 509 | Long | 10/27/23 | 23,240,940 | (3,287,720) |
RBOB Gasoline | 991 | Long | 8/31/23 | 102,494,175 | 2,420,858 |
Robusta Coffee | 497 | Long | 9/25/23 | 12,380,270 | (436,832) |
Silver | 850 | Long | 9/27/23 | 97,835,000 | (13,470,242) |
Soybean Meal | 687 | Long | 12/14/23 | 27,294,510 | (7,775) |
Soybean Oil | 1,577 | Long | 12/14/23 | 55,797,414 | 7,371,345 |
Soybeans | 792 | Long | 11/14/23 | 53,192,701 | 2,918,522 |
Sugar No. 11 | 944 | Long | 9/29/23 | 24,095,411 | (2,348,716) |
Wheat | 325 | Long | 9/14/23 | 13,000,000 | 239,545 |
Wheat | 738 | Long | 9/14/23 | 24,021,900 | (124,846) |
White Sugar | 378 | Long | 7/14/23 | 11,971,260 | (416,663) |
WTI Crude Oil | 368 | Long | 8/22/23 | 26,047,040 | (377,432) |
LME Copper | (262) | Short | 7/17/23 | (54,520,563) | 1,011,975 |
LME Copper | (258) | Short | 8/14/23 | (53,676,900) | 77,432 |
LME Lead | (511) | Short | 8/14/23 | (26,846,662) | (972,481) |
Futures Contracts (continued) | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Commodity Futures (continued) | |||||
LME Lead | (548) | Short | 7/17/23 | $ (28,790,550) | $ 167,825 |
LME Nickel | (396) | Short | 8/14/23 | (48,582,072) | 1,057,320 |
LME Nickel | (424) | Short | 7/17/23 | (51,882,336) | 10,169,766 |
LME Nickel | (18) | Short | 9/18/23 | (2,214,972) | 249,048 |
LME Primary Aluminum | (1,975) | Short | 7/17/23 | (104,724,375) | 8,806,572 |
LME Primary Aluminum | (1,870) | Short | 8/14/23 | (99,799,562) | 3,827,189 |
LME Tin | (119) | Short | 7/17/23 | (16,173,290) | (502,715) |
LME Tin | (103) | Short | 8/14/23 | (13,885,430) | (667,620) |
LME Zinc | (11) | Short | 9/18/23 | (657,044) | 6,339 |
LME Zinc | (826) | Short | 7/17/23 | (49,276,062) | 4,932,769 |
LME Zinc | (838) | Short | 8/14/23 | (50,054,787) | (1,806,937) |
$ (80,308,601) |
Abbreviations: | |
LME | – London Metal Exchange |
RBOB | – Reformulated Blendstock for Oxygenate Blending |
ULSD | – Ultra-Low Sulfur Diesel |
WTI | – West Texas Intermediate |
June 30, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,243,798,162) | $ 1,247,193,574 |
Affiliated investments, at value (identified cost $54,976,165) | 54,976,165 |
Deposits for derivatives collateral — futures contracts | 119,602,000 |
Interest receivable | 1,439,245 |
Dividends receivable from affiliated investments | 312,366 |
Receivable for Fund shares sold | 5,291,837 |
Total assets | $1,428,815,187 |
Liabilities | |
Payable for Fund shares redeemed | $ 6,296,444 |
Payable for variation margin on open futures contracts | 10,006,168 |
Payable to affiliates: | |
Investment adviser and administration fee | 639,089 |
Distribution and service fees | 25,386 |
Trustees' fees | 27,125 |
Accrued expenses | 770,706 |
Total liabilities | $ 17,764,918 |
Net Assets | $1,411,050,269 |
Sources of Net Assets | |
Paid-in capital | $ 1,952,719,001 |
Accumulated loss | (541,668,732) |
Net Assets | $1,411,050,269 |
Class A Shares | |
Net Assets | $ 120,449,012 |
Shares Outstanding | 19,967,618 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 6.03 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 6.36 |
Class I Shares | |
Net Assets | $ 1,290,601,257 |
Shares Outstanding | 211,564,946 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 6.10 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. |
Six Months Ended | |
June 30, 2023 | |
Investment Income | |
Dividend income from affiliated investments (net of foreign taxes withheld of $107,093) | $ 2,252,549 |
Interest income | 26,726,749 |
Total investment income | $ 28,979,298 |
Expenses | |
Investment adviser and administration fee | $ 4,321,242 |
Distribution and service fees: | |
Class A | 168,424 |
Trustees’ fees and expenses | 54,250 |
Custodian fee | 198,812 |
Transfer and dividend disbursing agent fees | 604,094 |
Legal and accounting services | 56,947 |
Printing and postage | 86,552 |
Registration fees | 80,331 |
Miscellaneous | 40,894 |
Total expenses | $ 5,611,546 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 86,365 |
Total expense reductions | $ 86,365 |
Net expenses | $ 5,525,181 |
Net investment income | $ 23,454,117 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 1,560,190 |
Futures contracts | 21,480,184 |
Net realized gain | $ 23,040,374 |
Change in unrealized appreciation (depreciation): | |
Investments | $ 10,023,215 |
Futures contracts | (147,210,521) |
Net change in unrealized appreciation (depreciation) | $(137,187,306) |
Net realized and unrealized loss | $(114,146,932) |
Net decrease in net assets from operations | $ (90,692,815) |
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 23,454,117 | $ 21,168,781 |
Net realized gain | 23,040,374 | 207,739,483 |
Net change in unrealized appreciation (depreciation) | (137,187,306) | (11,162,268) |
Net increase (decrease) in net assets from operations | $ (90,692,815) | $ 217,745,996 |
Distributions to shareholders: | ||
Class A | $ — | $ (19,249,919) |
Class I | — | (219,962,295) |
Total distributions to shareholders | $ — | $ (239,212,214) |
Transactions in shares of beneficial interest: | ||
Class A | $ (15,518,631) | $ 57,346,413 |
Class I | (251,893,422) | 280,777,143 |
Net increase (decrease) in net assets from Fund share transactions | $ (267,412,053) | $ 338,123,556 |
Net increase (decrease) in net assets | $ (358,104,868) | $ 316,657,338 |
Net Assets | ||
At beginning of period | $ 1,769,155,137 | $ 1,452,497,799 |
At end of period | $1,411,050,269 | $1,769,155,137 |
Class A | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 6.370 | $ 6.260 | $ 5.510 | $ 5.270 | $ 4.880 | $ 5.420 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.084 | $ 0.059 | $ (0.047) | $ (0.002) | $ 0.077 | $ 0.043 |
Net realized and unrealized gain (loss) | (0.424) | 0.994 | 1.657 | 0.408 | 0.372 | (0.563) |
Total income (loss) from operations | $ (0.340) | $ 1.053 | $ 1.610 | $ 0.406 | $ 0.449 | $ (0.520) |
Less Distributions | ||||||
From net investment income | $ — | $ (0.943) | $ (0.860) | $ (0.161) | $ (0.059) | $ (0.020) |
From net realized gain | — | — | — | (0.005) | — | — |
Total distributions | $ — | $ (0.943) | $ (0.860) | $ (0.166) | $(0.059) | $ (0.020) |
Net asset value — End of period | $ 6.030 | $ 6.370 | $ 6.260 | $ 5.510 | $ 5.270 | $ 4.880 |
Total Return(2)(3) | (5.34)% (4) | 17.05% | 29.60% | 7.73% | 9.18% | (9.60)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000's omitted) | $120,449 | $143,687 | $92,413 | $27,473 | $ 9,700 | $19,709 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 0.92% (5)(6) | 0.90% (6) | 0.91% | 0.93% | 0.90% | 0.90% |
Net investment income (loss) | 2.73% (5) | 0.81% | (0.71)% | (0.03)% | 1.51% | 0.81% |
Portfolio Turnover | 0% | 20% | 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 and do not reflect the effect of sales charges, if any. |
(3) | The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.01%, 0.06% and 0.08% of average daily net assets for the years ended December 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | 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 0.01% and less than 0.005% of average daily net assets for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively). |
Class I | ||||||
Six Months Ended June 30, 2023 (Unaudited) | Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 6.440 | $ 6.310 | $ 5.550 | $ 5.310 | $ 4.930 | $ 5.480 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $ 0.092 | $ 0.075 | $ (0.031) | $ 0.018 | $ 0.088 | $ 0.064 |
Net realized and unrealized gain (loss) | (0.432) | 1.017 | 1.664 | 0.394 | 0.374 | (0.571) |
Total income (loss) from operations | $ (0.340) | $ 1.092 | $ 1.633 | $ 0.412 | $ 0.462 | $ (0.507) |
Less Distributions | ||||||
From net investment income | $ — | $ (0.962) | $ (0.873) | $ (0.167) | $ (0.082) | $ (0.043) |
From net realized gain | — | — | — | (0.005) | — | — |
Total distributions | $ — | $ (0.962) | $ (0.873) | $ (0.172) | $ (0.082) | $ (0.043) |
Net asset value — End of period | $ 6.100 | $ 6.440 | $ 6.310 | $ 5.550 | $ 5.310 | $ 4.930 |
Total Return(2)(3) | (5.28)% (4) | 17.56% | 29.80% | 7.79% | 9.58% | (9.44)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $1,290,601 | $1,625,468 | $1,360,085 | $410,539 | $332,240 | $269,200 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 0.67% (5)(6) | 0.65% (6) | 0.66% | 0.68% | 0.65% | 0.65% |
Net investment income (loss) | 2.96% (5) | 1.02% | (0.46)% | 0.37% | 1.70% | 1.20% |
Portfolio Turnover | 0% | 20% | 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% and 0.08% of average daily net assets for the years ended December 31, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | 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 0.01% and less than 0.005% of average daily net assets for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively). |
Aggregate cost | $1,561,926,538 |
Gross unrealized appreciation | $ 36,408 |
Gross unrealized depreciation | (150,151,499) |
Net unrealized depreciation | $ (150,115,091) |
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, 2023 (Unaudited) | Year Ended December 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 3,495,997 | $ 21,868,948 | 25,028,622 | $ 184,940,440 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 3,006,513 | 18,850,834 | |
Redemptions | (6,070,630) | (37,387,579) | (20,262,433) | (146,444,861) | |
Net increase (decrease) | (2,574,633) | $ (15,518,631) | 7,772,702 | $ 57,346,413 | |
Class I | |||||
Sales | 55,166,821 | $ 347,056,117 | 201,140,323 | $ 1,493,955,145 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | — | — | 33,183,117 | 210,049,130 | |
Redemptions | (96,075,374) | (598,949,539) | (197,297,429) | (1,423,227,132) | |
Net increase (decrease) | (40,908,553) | $(251,893,422) | 37,026,011 | $ 280,777,143 |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative |
Futures contracts | $56,073,272 (1) | $(136,381,873) (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 | $21,480,184 (1) | $(147,210,521) (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 |
$2,313,660,000 | $742,815,000 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $127,956,732 | $1,734,984,284 | $(1,807,964,851) | $ — | $ — | $54,976,165 | $2,252,549 | 54,976,165 |
• | 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 |
Exchange-Traded Funds | $ 60,067,929 | $ — | $ — | $ 60,067,929 |
Short-Term Investments: | ||||
Affiliated Fund | 54,976,165 | — | — | 54,976,165 |
U.S. Treasury Obligations | — | 1,187,125,645 | — | 1,187,125,645 |
Total Investments | $ 115,044,094 | $ 1,187,125,645 | $ — | $ 1,302,169,739 |
Futures Contracts | $ 56,073,272 | $ — | $ — | $ 56,073,272 |
Total | $ 171,117,366 | $ 1,187,125,645 | $ — | $ 1,358,243,011 |
Liability Description | ||||
Futures Contracts | $ (136,381,873) | $ — | $ — | $ (136,381,873) |
Total | $ (136,381,873) | $ — | $ — | $ (136,381,873) |
Officers | |
Eric A. Stein President | Nicholas S. Di Lorenzo 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 | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley | |
Anchal Pachnanda*(1) |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
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
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-443
(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, 2023 |
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, 2023 | |
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | August 22, 2023 |