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
December 31, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 11/01/2001 | 11/01/2001 | 24.02% | 15.12% | 11.05% |
Class A with 5.25% Maximum Sales Charge | — | — | 17.51 | 13.88 | 10.45 |
Class C at NAV | 10/01/2009 | 11/01/2001 | 23.13 | 14.26 | 10.39 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 22.13 | 14.26 | 10.39 |
Class I at NAV | 09/03/2008 | 11/01/2001 | 24.41 | 15.41 | 11.32 |
S&P 500® Index | — | — | 26.29% | 15.68% | 12.03% |
% 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 |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 12/31/2013 | $26,879 | N.A. |
Class I, at minimum investment | $1,000,000 | 12/31/2013 | $2,925,038 | N.A. |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
Microsoft Corp. | 8.9% |
Apple, Inc. | 7.7 |
Amazon.com, Inc. | 4.8 |
Alphabet, Inc., Class C | 4.8 |
NVIDIA Corp. | 4.2 |
Visa, Inc., Class A | 2.6 |
Meta Platforms, Inc., Class A | 2.6 |
Eli Lilly & Co. | 2.4 |
Walmart, Inc. | 2.3 |
AbbVie, Inc. | 2.2 |
Total | 42.5% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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. |
Additional Information | |
Dow Jones Industrial Average® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000® Index is an unmanaged index of 2,000 U.S. small-cap stocks. |
Beginning Account Value (7/1/23) | Ending Account Value (12/31/23) | Expenses Paid During Period* (7/1/23 – 12/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,091.30 | $5.17** | 0.98% |
Class C | $1,000.00 | $1,087.50 | $9.10** | 1.73% |
Class I | $1,000.00 | $1,093.10 | $3.85** | 0.73% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.27 | $4.99** | 0.98% |
Class C | $1,000.00 | $1,016.48 | $8.79** | 1.73% |
Class I | $1,000.00 | $1,021.53 | $3.72** | 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 184/365 (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 June 30, 2023. The Example reflects the expenses of both the Fund and the Portfolio. |
** | Absent an allocation of certain expenses to affiliate(s), expenses would be higher. |
December 31, 2023 | |
Assets | |
Investment in Stock Portfolio, at value (identified cost $39,515,794) | $ 79,559,485 |
Receivable for Fund shares sold | 19,953 |
Total assets | $79,579,438 |
Liabilities | |
Payable for Fund shares redeemed | $ 28,314 |
Payable to affiliates: | |
Distribution and service fees | 15,346 |
Trustees' fees | 125 |
Other | 489 |
Accrued expenses | 51,347 |
Total liabilities | $ 95,621 |
Net Assets | $79,483,817 |
Sources of Net Assets | |
Paid-in capital | $ 52,710,082 |
Distributable earnings | 26,773,735 |
Net Assets | $79,483,817 |
Class A Shares | |
Net Assets | $ 52,274,183 |
Shares Outstanding | 2,825,746 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.50 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 19.53 |
Class C Shares | |
Net Assets | $ 5,027,473 |
Shares Outstanding | 287,400 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 17.49 |
Class I Shares | |
Net Assets | $ 22,182,161 |
Shares Outstanding | 1,197,922 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 18.52 |
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. |
Year Ended | |
December 31, 2023 | |
Investment Income | |
Dividend income allocated from Portfolio (net of foreign taxes withheld of $2,201) | $ 935,072 |
Expenses allocated from Portfolio | (485,111) |
Total investment income from Portfolio | $ 449,961 |
Expenses | |
Distribution and service fees: | |
Class A | $ 120,490 |
Class C | 53,687 |
Trustees’ fees and expenses | 500 |
Custodian fee | 18,095 |
Transfer and dividend disbursing agent fees | 51,003 |
Legal and accounting services | 21,125 |
Printing and postage | 12,779 |
Registration fees | 47,904 |
Miscellaneous | 10,089 |
Total expenses | $ 335,672 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 95,774 |
Total expense reductions | $ 95,774 |
Net expenses | $ 239,898 |
Net investment income | $ 210,063 |
Realized and Unrealized Gain (Loss) from Portfolio | |
Net realized gain (loss): | |
Investment transactions | $ 6,121,890 |
Foreign currency transactions | (836) |
Net realized gain | $ 6,121,054 |
Change in unrealized appreciation (depreciation): | |
Investments | $ 10,128,035 |
Foreign currency | 995 |
Net change in unrealized appreciation (depreciation) | $10,129,030 |
Net realized and unrealized gain | $16,250,084 |
Net increase in net assets from operations | $16,460,147 |
Year Ended December 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 210,063 | $ 423,932 |
Net realized gain | 6,121,054 | 4,149,623 |
Net change in unrealized appreciation (depreciation) | 10,129,030 | (21,219,077) |
Net increase (decrease) in net assets from operations | $ 16,460,147 | $ (16,645,522) |
Distributions to shareholders: | ||
Class A | $ (8,061,895) | $ (6,076,816) |
Class C | (777,005) | (696,918) |
Class I | (3,368,037) | (2,898,052) |
Total distributions to shareholders | $(12,206,937) | $ (9,671,786) |
Transactions in shares of beneficial interest: | ||
Class A | $ 3,221,556 | $ 1,339,943 |
Class C | (878,150) | 138,239 |
Class I | (1,183,453) | (2,388,215) |
Net increase (decrease) in net assets from Fund share transactions | $ 1,159,953 | $ (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 | $ 5,413,163 | $ (27,209,563) |
Net Assets | ||
At beginning of year | $ 74,070,654 | $101,280,217 |
At end of year | $ 79,483,817 | $ 74,070,654 |
Class A | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 17.510 | $ 24.120 | $ 22.120 | $ 19.110 | $ 14.720 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.050 | $ 0.102 | $ 0.049 | $ 0.097 | $ 0.114 |
Net realized and unrealized gain (loss) | 4.144 | (4.175) | 4.959 | 3.346 | 5.023 |
Total income (loss) from operations | $ 4.194 | $ (4.073) | $ 5.008 | $ 3.443 | $ 5.137 |
Less Distributions | |||||
From net investment income | $ (0.043) | $ (0.118) | $ (0.097) | $ (0.041) | $ (0.096) |
From net realized gain | (3.161) | (2.423) | (2.913) | (0.392) | (0.653) |
Total distributions | $ (3.204) | $ (2.541) | $ (3.010) | $ (0.433) | $ (0.749) |
Portfolio transaction fee, net(1) | $ — | $ 0.004 | $ 0.002 | $ (0.000)(2) | $ 0.002 |
Net asset value — End of year | $18.500 | $17.510 | $24.120 | $22.120 | $19.110 |
Total Return(3)(4) | 24.02% | (16.78)% | 22.78% | 18.22% | 35.01% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 52,274 | $ 46,464 | $ 61,304 | $ 60,148 | $ 53,153 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Expenses (4) | 0.98% (6) | 0.98% (6) | 0.98% | 0.98% | 0.98% |
Net investment income | 0.26% | 0.49% | 0.20% | 0.51% | 0.65% |
Portfolio Turnover of the Portfolio | 44% | 52% | 44% | 70% | 55% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.0005). |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | The administrator reimbursed certain operating expenses (equal to 0.13%, 0.13%, 0.07%, 0.10% and 0.12% of average daily net assets for the years ended December 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(5) | Includes the Fund’s share of the Portfolio's allocated expenses. |
(6) | 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 years ended December 31, 2023 and 2022). |
Class C | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 16.790 | $ 23.230 | $ 21.400 | $ 18.610 | $ 14.380 |
Income (Loss) From Operations | |||||
Net investment loss(1) | $ (0.089) | $ (0.054) | $ (0.130) | $ (0.040) | $ (0.018) |
Net realized and unrealized gain (loss) | 3.950 | (4.014) | 4.784 | 3.235 | 4.899 |
Total income (loss) from operations | $ 3.861 | $ (4.068) | $ 4.654 | $ 3.195 | $ 4.881 |
Less Distributions | |||||
From net investment income | $ — | $ — | $ — | $ (0.013) | $ — |
From net realized gain | (3.161) | (2.376) | (2.826) | (0.392) | (0.653) |
Total distributions | $ (3.161) | $ (2.376) | $ (2.826) | $ (0.405) | $ (0.653) |
Portfolio transaction fee, net(1) | $ — | $ 0.004 | $ 0.002 | $ (0.000)(2) | $ 0.002 |
Net asset value — End of year | $17.490 | $16.790 | $23.230 | $21.400 | $18.610 |
Total Return(3)(4) | 23.13% | (17.46)% | 21.88% | 17.36% | 34.04% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 5,027 | $ 5,579 | $ 7,418 | $ 6,728 | $ 11,418 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Expenses (4) | 1.73% (6) | 1.73% (6) | 1.73% | 1.73% | 1.73% |
Net investment loss | (0.49)% | (0.27)% | (0.55)% | (0.22)% | (0.11)% |
Portfolio Turnover of the Portfolio | 44% | 52% | 44% | 70% | 55% |
(1) | Computed using average shares outstanding. |
(2) | Amount is less than $(0.0005). |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | The administrator reimbursed certain operating expenses (equal to 0.13%, 0.13%, 0.07%, 0.10% and 0.12% of average daily net assets for the years ended December 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(5) | Includes the Fund’s share of the Portfolio's allocated expenses. |
(6) | 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 years ended December 31, 2023 and 2022). |
Class I | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 17.520 | $ 24.140 | $ 22.130 | $ 19.110 | $ 14.720 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.098 | $ 0.154 | $ 0.110 | $ 0.146 | $ 0.158 |
Net realized and unrealized gain (loss) | 4.153 | (4.181) | 4.974 | 3.354 | 5.023 |
Total income (loss) from operations | $ 4.251 | $ (4.027) | $ 5.084 | $ 3.500 | $ 5.181 |
Less Distributions | |||||
From net investment income | $ (0.090) | $ (0.174) | $ (0.163) | $ (0.088) | $ (0.140) |
From net realized gain | (3.161) | (2.423) | (2.913) | (0.392) | (0.653) |
Total distributions | $ (3.251) | $ (2.597) | $ (3.076) | $ (0.480) | $ (0.793) |
Portfolio transaction fee, net(1) | $ — | $ 0.004 | $ 0.002 | $ (0.000)(2) | $ 0.002 |
Net asset value — End of year | $18.520 | $17.520 | $24.140 | $22.130 | $19.110 |
Total Return(3)(4) | 24.41% | (16.62)% | 23.12% | 18.52% | 35.32% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 22,182 | $ 22,027 | $ 32,558 | $ 40,943 | $ 37,375 |
Ratios (as a percentage of average daily net assets):(5) | |||||
Expenses (4) | 0.73% (6) | 0.73% (6) | 0.73% | 0.73% | 0.73% |
Net investment income | 0.51% | 0.73% | 0.45% | 0.76% | 0.89% |
Portfolio Turnover of the Portfolio | 44% | 52% | 44% | 70% | 55% |
(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 0.13%, 0.13%, 0.07%, 0.10% and 0.12% of average daily net assets for the years ended December 31, 2023, 2022, 2021, 2020 and 2019, respectively). Absent this reimbursement, total return would be lower. |
(5) | Includes the Fund’s share of the Portfolio's allocated expenses. |
(6) | 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 years ended December 31, 2023 and 2022). |
Year Ended December 31, | ||
2023 | 2022 | |
Ordinary income | $ 200,302 | $ 652,176 |
Long-term capital gains | $12,006,635 | $9,019,610 |
Undistributed long-term capital gains | $ 5,023,592 |
Net unrealized appreciation | 21,750,143 |
Distributable earnings | $26,773,735 |
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% |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 241,532 | $ 4,759,148 | 148,144 | $ 3,098,707 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 426,500 | 7,830,540 | 338,719 | 5,907,268 | |
Redemptions | (495,112) | (9,368,132) | (375,257) | (7,666,032) | |
Net increase | 172,920 | $ 3,221,556 | 111,606 | $ 1,339,943 | |
Class C | |||||
Sales | 19,000 | $ 359,148 | 54,832 | $ 1,143,010 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 44,733 | 777,005 | 41,657 | 696,918 | |
Redemptions | (108,565) | (2,014,303) | (83,602) | (1,701,689) | |
Net increase (decrease) | (44,832) | $ (878,150) | 12,887 | $ 138,239 | |
Class I | |||||
Sales | 93,175 | $ 1,865,470 | 87,274 | $ 1,843,491 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 183,245 | 3,368,037 | 166,077 | 2,898,052 | |
Redemptions | (335,433) | (6,416,960) | (344,905) | (7,129,758) | |
Net decrease | (59,013) | $(1,183,453) | (91,554) | $(2,388,215) |
Boston, Massachusetts
February 23, 2024
Common Stocks — 99.7% |
Security | Shares | Value | |
Aerospace & Defense — 0.8% | |||
HEICO Corp. | 26,800 | $ 4,793,716 | |
$ 4,793,716 | |||
Biotechnology — 2.2% | |||
AbbVie, Inc. | 84,016 | $ 13,019,959 | |
$ 13,019,959 | |||
Broadline Retail — 4.8% | |||
Amazon.com, Inc.(1) | 189,089 | $ 28,730,183 | |
$ 28,730,183 | |||
Capital Markets — 6.3% | |||
Intercontinental Exchange, Inc. | 89,304 | $ 11,469,313 | |
S&P Global, Inc. | 22,836 | 10,059,715 | |
Stifel Financial Corp. | 114,519 | 7,918,989 | |
Tradeweb Markets, Inc., Class A | 90,429 | 8,218,187 | |
$ 37,666,204 | |||
Chemicals — 1.5% | |||
Linde PLC | 21,306 | $ 8,750,587 | |
$ 8,750,587 | |||
Commercial Services & Supplies — 1.8% | |||
GFL Environmental, Inc. | 120,129 | $ 4,145,652 | |
Waste Management, Inc. | 38,173 | 6,836,784 | |
$ 10,982,436 | |||
Consumer Staples Distribution & Retail — 2.3% | |||
Walmart, Inc. | 85,600 | $ 13,494,840 | |
$ 13,494,840 | |||
Containers & Packaging — 1.4% | |||
AptarGroup, Inc. | 66,580 | $ 8,230,620 | |
$ 8,230,620 | |||
Electric Utilities — 1.3% | |||
NextEra Energy, Inc. | 123,397 | $ 7,495,134 | |
$ 7,495,134 |
Security | Shares | Value | |
Electrical Equipment — 1.4% | |||
AMETEK, Inc. | 50,957 | $ 8,402,300 | |
$ 8,402,300 | |||
Financial Services — 3.7% | |||
Shift4 Payments, Inc., Class A(1) | 89,200 | $ 6,631,128 | |
Visa, Inc., Class A | 59,330 | 15,446,565 | |
$ 22,077,693 | |||
Ground Transportation — 2.2% | |||
Uber Technologies, Inc.(1) | 84,000 | $ 5,171,880 | |
Union Pacific Corp. | 33,224 | 8,160,479 | |
$ 13,332,359 | |||
Health Care Equipment & Supplies — 2.8% | |||
Intuitive Surgical, Inc.(1) | 24,857 | $ 8,385,758 | |
Stryker Corp. | 26,633 | 7,975,518 | |
$ 16,361,276 | |||
Health Care Providers & Services — 1.4% | |||
Humana, Inc. | 18,200 | $ 8,332,142 | |
$ 8,332,142 | |||
Hotels, Restaurants & Leisure — 1.6% | |||
Domino's Pizza, Inc. | 7,989 | $ 3,293,305 | |
Marriott International, Inc., Class A | 28,408 | 6,406,288 | |
$ 9,699,593 | |||
Household Products — 1.8% | |||
Procter & Gamble Co. (The) | 74,400 | $ 10,902,576 | |
$ 10,902,576 | |||
Insurance — 3.7% | |||
Allstate Corp. (The) | 81,270 | $ 11,376,175 | |
W.R. Berkley Corp. | 147,000 | 10,395,840 | |
$ 21,772,015 | |||
Interactive Media & Services — 7.4% | |||
Alphabet, Inc., Class C(1) | 203,497 | $ 28,678,832 | |
Meta Platforms, Inc., Class A(1) | 42,612 | 15,082,944 | |
$ 43,761,776 | |||
IT Services — 1.3% | |||
Gartner, Inc.(1) | 17,755 | $ 8,009,458 | |
$ 8,009,458 |
Security | Shares | Value | |
Life Sciences Tools & Services — 3.4% | |||
Danaher Corp. | 27,520 | $ 6,366,477 | |
Illumina, Inc.(1) | 36,655 | 5,103,842 | |
Thermo Fisher Scientific, Inc. | 15,980 | 8,482,024 | |
$ 19,952,343 | |||
Machinery — 0.9% | |||
Parker-Hannifin Corp. | 12,100 | $ 5,574,470 | |
$ 5,574,470 | |||
Media — 1.6% | |||
Comcast Corp., Class A | 221,105 | $ 9,695,454 | |
$ 9,695,454 | |||
Multi-Utilities — 0.6% | |||
Sempra | 48,826 | $ 3,648,767 | |
$ 3,648,767 | |||
Oil, Gas & Consumable Fuels — 1.9% | |||
ConocoPhillips | 95,256 | $ 11,056,364 | |
$ 11,056,364 | |||
Pharmaceuticals — 2.4% | |||
Eli Lilly & Co. | 24,800 | $ 14,456,416 | |
$ 14,456,416 | |||
Professional Services — 4.6% | |||
Automatic Data Processing, Inc. | 40,836 | $ 9,513,563 | |
Booz Allen Hamilton Holding Corp. | 44,590 | 5,703,507 | |
TransUnion | 173,470 | 11,919,123 | |
$ 27,136,193 | |||
Real Estate Management & Development — 1.5% | |||
FirstService Corp. | 53,264 | $ 8,633,562 | |
$ 8,633,562 | |||
Semiconductors & Semiconductor Equipment — 9.0% | |||
Analog Devices, Inc. | 49,713 | $ 9,871,013 | |
Broadcom, Inc. | 9,707 | 10,835,439 | |
Lam Research Corp. | 9,645 | 7,554,543 | |
NVIDIA Corp. | 50,500 | 25,008,610 | |
$ 53,269,605 | |||
Software — 11.7% | |||
ANSYS, Inc.(1) | 24,201 | $ 8,782,059 |
Security | Shares | Value | |
Software (continued) | |||
Fair Isaac Corp.(1) | 7,000 | $ 8,148,070 | |
Microsoft Corp. | 140,264 | 52,744,874 | |
$ 69,675,003 | |||
Specialty Retail — 2.4% | |||
Burlington Stores, Inc.(1) | 34,081 | $ 6,628,073 | |
TJX Cos., Inc. (The) | 78,122 | 7,328,625 | |
$ 13,956,698 | |||
Technology Hardware, Storage & Peripherals — 7.7% | |||
Apple, Inc. | 237,484 | $ 45,722,794 | |
$ 45,722,794 | |||
Textiles, Apparel & Luxury Goods — 1.1% | |||
NIKE, Inc., Class B | 60,367 | $ 6,554,045 | |
$ 6,554,045 | |||
Wireless Telecommunication Services — 1.2% | |||
T-Mobile US, Inc. | 46,008 | $ 7,376,463 | |
$ 7,376,463 | |||
Total Common Stocks (identified cost $365,929,040) | $592,523,044 |
Short-Term Investments — 0.4% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(2) | 2,428,547 | $ 2,428,547 | |
Total Short-Term Investments (identified cost $2,428,547) | $ 2,428,547 | ||
Total Investments — 100.1% (identified cost $368,357,587) | $594,951,591 | ||
Other Assets, Less Liabilities — (0.1)% | $ (469,556) | ||
Net Assets — 100.0% | $594,482,035 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2023. |
December 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $365,929,040) | $ 592,523,044 |
Affiliated investments, at value (identified cost $2,428,547) | 2,428,547 |
Dividends receivable | 373,160 |
Dividends receivable from affiliated investments | 14,084 |
Tax reclaims receivable | 22,146 |
Trustees' deferred compensation plan | 56,331 |
Total assets | $595,417,312 |
Liabilities | |
Payable for investments purchased | $ 440,920 |
Payable to affiliates: | |
Investment adviser fee | 297,775 |
Trustees' fees | 9,205 |
Trustees' deferred compensation plan | 56,331 |
Accrued expenses | 131,046 |
Total liabilities | $ 935,277 |
Net Assets applicable to investors' interest in Portfolio | $594,482,035 |
Year Ended | |
December 31, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $16,419) | $ 6,918,566 |
Dividend income from affiliated investments | 135,448 |
Total investment income | $ 7,054,014 |
Expenses | |
Investment adviser fee | $ 3,392,163 |
Trustees’ fees and expenses | 25,823 |
Custodian fee | 138,280 |
Legal and accounting services | 71,158 |
Miscellaneous | 35,550 |
Total expenses | $ 3,662,974 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 3,963 |
Total expense reductions | $ 3,963 |
Net expenses | $ 3,659,011 |
Net investment income | $ 3,395,003 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 45,847,288 |
Foreign currency transactions | (6,344) |
Net realized gain | $ 45,840,944 |
Change in unrealized appreciation (depreciation): | |
Investments | $ 74,494,795 |
Foreign currency | 7,523 |
Net change in unrealized appreciation (depreciation) | $ 74,502,318 |
Net realized and unrealized gain | $120,343,262 |
Net increase in net assets from operations | $123,738,265 |
Year Ended December 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 3,395,003 | $ 5,289,328 |
Net realized gain | 45,840,944 | 32,248,543 |
Net change in unrealized appreciation (depreciation) | 74,502,318 | (166,975,429) |
Net increase (decrease) in net assets from operations | $123,738,265 | $(129,437,558) |
Capital transactions: | ||
Contributions | $ 11,099,572 | $ 5,305,309 |
Withdrawals | (90,392,247) | (198,020,738) |
Portfolio transaction fee | — | 879,886 |
Net decrease in net assets from capital transactions | $ (79,292,675) | $(191,835,543) |
Net increase (decrease) in net assets | $ 44,445,590 | $(321,273,101) |
Net Assets | ||
At beginning of year | $ 550,036,445 | $ 871,309,546 |
At end of year | $594,482,035 | $ 550,036,445 |
Year Ended December 31, | |||||
Ratios/Supplemental Data | 2023 | 2022 | 2021 | 2020 | 2019 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.64% (1) | 0.64% (1) | 0.63% | 0.64% | 0.63% |
Net investment income | 0.60% | 0.82% | 0.55% | 0.84% | 0.99% |
Portfolio Turnover | 44% | 52% | 44% | 70% | 55% |
Total Return | 24.43% | (16.49)% | 23.21% | 18.61% | 35.47% |
Net assets, end of year (000’s omitted) | $594,482 | $550,036 | $871,310 | $804,446 | $683,548 |
(1) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022). |
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 | $370,127,195 |
Gross unrealized appreciation | $ 225,968,999 |
Gross unrealized depreciation | (1,144,603) |
Net unrealized appreciation | $224,824,396 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $4,125 | $90,266,983 | $(87,842,561) | $ — | $ — | $2,428,547 | $135,448 | 2,428,547 |
• | 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 | $ 592,523,044* | $ — | $ — | $ 592,523,044 |
Short-Term Investments | 2,428,547 | — | — | 2,428,547 |
Total Investments | $ 594,951,591 | $ — | $ — | $594,951,591 |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Boston, Massachusetts
February 23, 2024
of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund and the Portfolio to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management, “MSIM" refers to Morgan Stanley Investment Management Inc. and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 127 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987- 1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President of the Trust | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management `Classic' (2009-2020). |
R. Kelly Williams, Jr. 1971 | President of the Portfolio | Since 2023 | President and Chief Operating Officer of Atlanta Capital Management Company, LLC. Officer of 21 registered investment companies managed by Eaton Vance or BMR. |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 03/28/1996 | 03/29/1966 | 28.24% | 15.26% | 11.37% |
Class A with 5.25% Maximum Sales Charge | — | — | 21.50 | 14.02 | 10.77 |
Class C at NAV | 08/02/1996 | 03/29/1966 | 27.28 | 14.37 | 10.70 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 26.28 | 14.37 | 10.70 |
Class I at NAV | 07/02/1999 | 03/29/1966 | 28.56 | 15.53 | 11.65 |
S&P 500® Index | — | — | 26.29% | 16.13% | 12.03% |
% 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 | 28.07% | 15.11% | 11.18% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | 16.84 | 12.32 | 9.42 |
Class C After Taxes on Distributions | 08/02/1996 | 03/29/1966 | 27.28 | 14.37 | 10.63 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | 16.15 | 11.57 | 8.87 |
Class I After Taxes on Distributions | 07/02/1999 | 03/29/1966 | 28.30 | 15.31 | 11.37 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | 17.10 | 12.55 | 9.64 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.74% | 1.49% | 0.49% |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 12/31/2023 | $27,659 | N.A. |
Class I, at minimum investment | $1,000,000 | 12/31/2023 | $3,010,880 | N.A. |
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 02/28/2001 | 03/29/1966 | 28.05% | 15.08% | 11.20% |
Class A with 5.25% Maximum Sales Charge | — | — | 21.32 | 13.85 | 10.60 |
Class C at NAV | 02/28/2001 | 03/29/1966 | 27.11 | 14.21 | 10.54 |
Class C with 1% Maximum Deferred Sales Charge | — | — | 26.11 | 14.21 | 10.54 |
Class I at NAV | 02/28/2001 | 03/29/1966 | 28.37 | 15.37 | 11.48 |
S&P 500® Index | — | — | 26.29% | 15.68% | 12.03% |
% 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 | 27.92% | 14.98% | 11.04% |
Class A After Taxes on Distributions and Sale of Fund Shares | — | — | 16.70 | 12.17 | 9.28 |
Class C After Taxes on Distributions | 02/28/2001 | 03/29/1966 | 27.11 | 14.21 | 10.50 |
Class C After Taxes on Distributions and Sale of Fund Shares | — | — | 16.05 | 11.44 | 8.74 |
Class I After Taxes on Distributions | 02/28/2001 | 03/29/1966 | 28.16 | 15.21 | 11.26 |
Class I After Taxes on Distributions and Sale of Fund Shares | — | — | 16.94 | 12.41 | 9.51 |
% Total Annual Operating Expense Ratios3 | Class A | Class C | Class I |
0.89% | 1.65% | 0.64% |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class C | $10,000 | 12/31/2023 | $27,249 | N.A. |
Class I, at minimum investment | $1,000,000 | 12/31/2023 | $2,966,426 | N.A. |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
Apple, Inc. | 7.6% |
Microsoft Corp. | 6.8 |
Amazon.com, Inc. | 4.2 |
NVIDIA Corp. | 3.0 |
Meta Platforms, Inc., Class A | 2.7 |
Alphabet, Inc., Class C | 2.7 |
Alphabet, Inc., Class A | 2.4 |
JPMorgan Chase & Co. | 1.7 |
Eli Lilly & Co. | 1.7 |
Berkshire Hathaway, Inc., Class B | 1.6 |
Total | 34.4% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the Fund’s investment adviser and are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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 (7/1/23) | Ending Account Value (12/31/23) | Expenses Paid During Period* (7/1/23 – 12/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,088.60 | $3.95 | 0.75% |
Class C | $1,000.00 | $1,084.40 | $7.88 | 1.50% |
Class I | $1,000.00 | $1,089.90 | $2.63 | 0.50% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,021.43 | $3.82 | 0.75% |
Class C | $1,000.00 | $1,017.64 | $7.63 | 1.50% |
Class I | $1,000.00 | $1,022.69 | $2.55 | 0.50% |
* | 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 184/365 (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 June 30, 2023.The Example reflects the expenses of both the Fund and the Portfolio. |
Beginning Account Value (7/1/23) | Ending Account Value (12/31/23) | Expenses Paid During Period* (7/1/23 – 12/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,087.70 | $4.68 | 0.89% |
Class C | $1,000.00 | $1,083.60 | $8.56 | 1.63% |
Class I | $1,000.00 | $1,089.10 | $3.37 | 0.64% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.72 | $4.53 | 0.89% |
Class C | $1,000.00 | $1,016.99 | $8.29 | 1.63% |
Class I | $1,000.00 | $1,021.98 | $3.26 | 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 184/365 (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 June 30, 2023.The Example reflects the expenses of both the Fund and the Portfolio. |
December 31, 2023 | ||
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Assets | ||
Investment in Tax-Managed Growth Portfolio, at value | $ 2,260,624,288 | $ 1,238,476,309 |
Receivable for Fund shares sold | 5,383,741 | 4,429,638 |
Total assets | $2,266,008,029 | $1,242,905,947 |
Liabilities | ||
Payable for Fund shares redeemed | $ 6,310,862 | $ 3,052,426 |
Payable to affiliates: | ||
Administration fee | — | 154,841 |
Distribution and service fees | 407,563 | 218,790 |
Trustees' fees | 125 | 125 |
Accrued expenses | 454,492 | 203,165 |
Total liabilities | $ 7,173,042 | $ 3,629,347 |
Net Assets | $2,258,834,987 | $1,239,276,600 |
Sources of Net Assets | ||
Paid-in capital | $ 1,145,641,598 | $ 808,194,680 |
Distributable earnings | 1,113,193,389 | 431,081,920 |
Net Assets | $2,258,834,987 | $1,239,276,600 |
Class A Shares | ||
Net Assets | $ 1,921,882,255 | $ 854,180,603 |
Shares Outstanding | 20,241,713 | 19,996,467 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 94.95 | $ 42.72 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 100.21 | $ 45.09 |
Class C Shares | ||
Net Assets | $ 5,935,222 | $ 47,967,229 |
Shares Outstanding | 70,078 | 1,170,433 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) | $ 84.70 | $ 40.98 |
Class I Shares | ||
Net Assets | $ 331,017,510 | $ 337,128,768 |
Shares Outstanding | 3,748,081 | 7,872,862 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 88.32 | $ 42.82 |
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. |
Year Ended December 31, 2023 | ||
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Investment Income | ||
Dividend income allocated from Portfolio (net of foreign taxes, $282,319 and $152,652, respectively) | $ 28,611,901 | $ 15,512,577 |
Expenses allocated from Portfolio | (8,853,480) | (4,798,487) |
Total investment income from Portfolio | $ 19,758,421 | $ 10,714,090 |
Expenses | ||
Administration fee | $ — | $ 1,666,944 |
Distribution and service fees: | ||
Class A | 4,410,814 | 1,926,395 |
Class C | 58,460 | 457,465 |
Trustees’ fees and expenses | 500 | 500 |
Custodian fee | 62,715 | 62,855 |
Transfer and dividend disbursing agent fees | 923,461 | 375,914 |
Professional fees | 58,043 | 43,278 |
Printing and postage | 60,547 | 36,850 |
Registration fees | 51,858 | 55,154 |
Miscellaneous | 145,833 | 74,867 |
Total expenses | $ 5,772,231 | $ 4,700,222 |
Net investment income | $ 13,986,190 | $ 6,013,868 |
Realized and Unrealized Gain (Loss) from Portfolio | ||
Net realized gain (loss): | ||
Investment transactions(1) | $ 35,154,823 | $ 19,114,330 |
Foreign currency transactions | 300 | 163 |
Net realized gain | $ 35,155,123 | $ 19,114,493 |
Change in unrealized appreciation (depreciation): | ||
Investments | $ 461,194,675 | $ 250,070,876 |
Foreign currency | 11,883 | 6,471 |
Net change in unrealized appreciation (depreciation) | $461,206,558 | $250,077,347 |
Net realized and unrealized gain | $496,361,681 | $269,191,840 |
Net increase in net assets from operations | $510,347,871 | $275,205,708 |
(1) | Includes $55,611,121 and $30,186,327 respectively, of net realized gains from redemptions in-kind. |
Tax-Managed Growth Fund 1.1 | ||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 13,986,190 | $ 12,982,974 |
Net realized gain | 35,155,123 | 48,224,998 |
Net change in unrealized appreciation (depreciation) | 461,206,558 | (541,685,345) |
Net increase (decrease) in net assets from operations | $ 510,347,871 | $ (480,477,373) |
Distributions to shareholders: | ||
Class A | $ (11,070,935) | $ (10,236,397) |
Class I | (2,836,689) | (2,363,145) |
Total distributions to shareholders | $ (13,907,624) | $ (12,599,542) |
Transactions in shares of beneficial interest: | ||
Class A | $ (104,263,620) | $ (79,923,549) |
Class C | (1,141,693) | (1,393,535) |
Class I | 23,238,891 | 4,272,826 |
Net decrease in net assets from Fund share transactions | $ (82,166,422) | $ (77,044,258) |
Net increase (decrease) in net assets | $ 414,273,825 | $ (570,121,173) |
Net Assets | ||
At beginning of year | $ 1,844,561,162 | $ 2,414,682,335 |
At end of year | $2,258,834,987 | $1,844,561,162 |
Tax-Managed Growth Fund 1.2 | ||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 6,013,868 | $ 5,339,249 |
Net realized gain | 19,114,493 | 25,869,296 |
Net change in unrealized appreciation (depreciation) | 250,077,347 | (289,689,625) |
Net increase (decrease) in net assets from operations | $ 275,205,708 | $ (258,481,080) |
Distributions to shareholders: | ||
Class A | $ (3,752,755) | $ (3,205,430) |
Class I | (2,219,213) | (1,929,809) |
Total distributions to shareholders | $ (5,971,968) | $ (5,135,239) |
Transactions in shares of beneficial interest: | ||
Class A | $ (22,436,758) | $ (21,908,458) |
Class C | (6,578,837) | (5,446,627) |
Class I | 4,515,887 | 2,634,963 |
Net decrease in net assets from Fund share transactions | $ (24,499,708) | $ (24,720,122) |
Net increase (decrease) in net assets | $ 244,734,032 | $ (288,336,441) |
Net Assets | ||
At beginning of year | $ 994,542,568 | $1,282,879,009 |
At end of year | $1,239,276,600 | $ 994,542,568 |
Tax-Managed Growth Fund 1.1 — Class A | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 74.460 | $ 93.810 | $ 75.510 | $ 61.750 | $ 48.150 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.550 | $ 0.491 | $ 0.338 | $ 0.481 | $ 0.539 |
Net realized and unrealized gain (loss) | 20.489 | (19.363) | 18.292 | 13.748 | 13.572 |
Total income (loss) from operations | $ 21.039 | $ (18.872) | $ 18.630 | $ 14.229 | $ 14.111 |
Less Distributions | |||||
From net investment income | $ (0.549) | $ (0.478) | $ (0.330) | $ (0.469) | $ (0.511) |
Total distributions | $ (0.549) | $ (0.478) | $ (0.330) | $ (0.469) | $ (0.511) |
Net asset value — End of year | $ 94.950 | $ 74.460 | $ 93.810 | $ 75.510 | $ 61.750 |
Total Return(2) | 28.24% | (20.11)% | 24.68% | 23.05% | 29.45% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $1,921,882 | $1,598,685 | $2,108,253 | $1,784,383 | $1,565,795 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses | 0.74% (4) | 0.74% (4) | 0.73% | 0.76% | 0.78% |
Net investment income | 0.65% | 0.62% | 0.40% | 0.77% | 0.96% |
Portfolio Turnover of the Portfolio(5) | 7% | 3% | 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) | Includes the Fund’s share of the Portfolio's allocated expenses. |
(4) | 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 years ended December 31, 2023 and 2022). |
(5) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. |
Tax-Managed Growth Fund 1.1 — Class C | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 66.540 | $ 83.920 | $ 67.810 | $ 55.530 | $ 43.280 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ (0.074) | $ (0.099) | $ (0.268) | $ 0.015 | $ (0.018) |
Net realized and unrealized gain (loss) | 18.234 | (17.281) | 16.378 | 12.265 | 12.268 |
Total income (loss) from operations | $18.160 | $(17.380) | $16.110 | $12.280 | $12.250 |
Net asset value — End of year | $84.700 | $ 66.540 | $83.920 | $67.810 | $55.530 |
Total Return(2) | 27.28% | (20.71)% | 23.76% | 22.11% | 28.34% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 5,935 | $ 5,665 | $ 8,801 | $ 9,517 | $ 13,730 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses | 1.49% (4) | 1.49% (4) | 1.48% | 1.51% | 1.55% |
Net investment income (loss) | (0.10)% | (0.14)% | (0.35)% | 0.03% | (0.04)% |
Portfolio Turnover of the Portfolio(5) | 7% | 3% | 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) | Includes the Fund’s share of the Portfolio's allocated expenses. |
(4) | 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 years ended December 31, 2023 and 2022). |
(5) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. |
Tax-Managed Growth Fund 1.1 — Class I | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 69.290 | $ 87.380 | $ 70.350 | $ 57.570 | $ 44.920 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.708 | $ 0.644 | $ 0.514 | $ 0.594 | $ 0.628 |
Net realized and unrealized gain (loss) | 19.094 | (18.050) | 17.064 | 12.817 | 12.675 |
Total income (loss) from operations | $ 19.802 | $ (17.406) | $ 17.578 | $ 13.411 | $ 13.303 |
Less Distributions | |||||
From net investment income | $ (0.772) | $ (0.684) | $ (0.548) | $ (0.631) | $ (0.653) |
Total distributions | $ (0.772) | $ (0.684) | $ (0.548) | $ (0.631) | $ (0.653) |
Net asset value — End of year | $ 88.320 | $ 69.290 | $ 87.380 | $ 70.350 | $ 57.570 |
Total Return(2) | 28.56% | (19.92)% | 25.00% | 23.31% | 29.74% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $331,018 | $240,211 | $297,628 | $227,801 | $183,702 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses | 0.50% (4) | 0.49% (4) | 0.48% | 0.51% | 0.53% |
Net investment income | 0.90% | 0.87% | 0.64% | 1.01% | 1.20% |
Portfolio Turnover of the Portfolio(5) | 7% | 3% | 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) | Includes the Fund’s share of the Portfolio's allocated expenses. |
(4) | 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 years ended December 31, 2023 and 2022). |
(5) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. |
Tax-Managed Growth Fund 1.2 — Class A | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 33.500 | $ 42.190 | $ 33.950 | $ 27.770 | $ 21.650 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.192 | $ 0.166 | $ 0.093 | $ 0.171 | $ 0.205 |
Net realized and unrealized gain (loss) | 9.216 | (8.700) | 8.216 | 6.171 | 6.108 |
Total income (loss) from operations | $ 9.408 | $ (8.534) | $ 8.309 | $ 6.342 | $ 6.313 |
Less Distributions | |||||
From net investment income | $ (0.188) | $ (0.156) | $ (0.069) | $ (0.162) | $ (0.193) |
Total distributions | $ (0.188) | $ (0.156) | $ (0.069) | $ (0.162) | $ (0.193) |
Net asset value — End of year | $ 42.720 | $ 33.500 | $ 42.190 | $ 33.950 | $ 27.770 |
Total Return(2) | 28.05% | (20.23)% | 24.48% | 22.84% | 29.28% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $854,181 | $689,946 | $894,809 | $736,814 | $629,530 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses | 0.89% (4) | 0.89% (4) | 0.88% | 0.92% | 0.93% |
Net investment income | 0.51% | 0.46% | 0.24% | 0.61% | 0.81% |
Portfolio Turnover of the Portfolio(5) | 7% | 3% | 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) | Includes the Fund’s share of the Portfolio's allocated expenses. |
(4) | 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 years ended December 31, 2023 and 2022). |
(5) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. |
Tax-Managed Growth Fund 1.2 — Class C | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 32.240 | $ 40.720 | $ 32.960 | $ 27.030 | $ 21.080 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ (0.089) | $ (0.099) | $ (0.188) | $ (0.037) | $ 0.003 |
Net realized and unrealized gain (loss) | 8.829 | (8.381) | 7.948 | 5.967 | 5.947 |
Total income (loss) from operations | $ 8.740 | $ (8.480) | $ 7.760 | $ 5.930 | $ 5.950 |
Net asset value — End of year | $40.980 | $32.240 | $40.720 | $32.960 | $27.030 |
Total Return(2) | 27.11% | (20.83)% | 23.54% | 21.94% | 28.22% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 47,967 | $ 43,673 | $ 61,484 | $ 54,119 | $ 61,397 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses | 1.64% (4) | 1.65% (4) | 1.63% | 1.67% | 1.68% |
Net investment income (loss) | (0.24)% | (0.29)% | (0.51)% | (0.14)% | 0.01% |
Portfolio Turnover of the Portfolio(5) | 7% | 3% | 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) | Includes the Fund’s share of the Portfolio's allocated expenses. |
(4) | 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 years ended December 31, 2023 and 2022). |
(5) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. |
Tax-Managed Growth Fund 1.2 — Class I | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 33.580 | $ 42.290 | $ 34.030 | $ 27.830 | $ 21.690 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 0.288 | $ 0.257 | $ 0.190 | $ 0.242 | $ 0.266 |
Net realized and unrealized gain (loss) | 9.238 | (8.719) | 8.235 | 6.192 | 6.130 |
Total income (loss) from operations | $ 9.526 | $ (8.462) | $ 8.425 | $ 6.434 | $ 6.396 |
Less Distributions | |||||
From net investment income | $ (0.286) | $ (0.248) | $ (0.165) | $ (0.234) | $ (0.256) |
Total distributions | $ (0.286) | $ (0.248) | $ (0.165) | $ (0.234) | $ (0.256) |
Net asset value — End of year | $ 42.820 | $ 33.580 | $ 42.290 | $ 34.030 | $ 27.830 |
Total Return(2) | 28.37% | (20.01)% | 24.77% | 23.13% | 29.61% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $337,129 | $260,923 | $326,586 | $256,802 | $223,771 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses | 0.64% (4) | 0.64% (4) | 0.63% | 0.67% | 0.68% |
Net investment income | 0.75% | 0.72% | 0.49% | 0.85% | 1.05% |
Portfolio Turnover of the Portfolio(5) | 7% | 3% | 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) | Includes the Fund’s share of the Portfolio's allocated expenses. |
(4) | 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 years ended December 31, 2023 and 2022). |
(5) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. |
Year Ended December 31, 2023 | ||
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Distributions declared from: | ||
Ordinary income | $13,907,624 | $5,971,968 |
Year Ended December 31, 2022 | ||
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Distributions declared from: | ||
Ordinary income | $12,599,542 | $5,135,239 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Change in: | ||
Paid-in capital | $ 52,829,386 | $ 24,826,532 |
Distributable earnings | $(52,829,386) | $(24,826,532) |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Undistributed ordinary income | $ — | $ 11,563 |
Deferred capital losses | (621,977) | (349,710) |
Net unrealized appreciation | 1,113,815,366 | 431,420,067 |
Distributable earnings | $1,113,193,389 | $431,081,920 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Deferred capital losses: | ||
Short-term | $621,977 | $349,710 |
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 | $231,947 | $80,993 |
EVD's Class A Sales Charges | $ 4,969 | $48,840 |
Morgan Stanley affiliated broker-dealers’ Class A Sales Charges | $ 1,280 | $13,868 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class A Distribution and Service Fees | $4,410,814 | $1,926,395 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class C Distribution Fees | $43,845 | $343,099 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class C Service Fees | $14,615 | $114,366 |
Tax-Managed Growth Fund 1.1 | Tax-Managed Growth Fund 1.2 | |
Class A | $ — | $1,057 |
Class C | $ 157 | $1,992 |
Fund | Increases | Decreases |
Tax-Managed Growth Fund 1.1 | $ 231,839 | $101,205,191 |
Tax-Managed Growth Fund 1.2 | $7,359,446 | $ 44,137,386 |
Fund | Redemptions in-kind |
Tax-Managed Growth Fund 1.1 | $67,995,612 |
Tax-Managed Growth Fund 1.2 | $28,072,944 |
Tax-Managed Growth Fund 1.1 | ||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 87,027 | $ 7,401,737 | 123,797 | $ 9,949,166 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 99,334 | 9,452,625 | 117,410 | 8,702,407 | ||
Redemptions | (1,415,112) | (121,117,982) | (1,244,901) | (98,575,122) | ||
Net decrease | (1,228,751) | $(104,263,620) | (1,003,694) | $ (79,923,549) |
Tax-Managed Growth Fund 1.1 (continued) | ||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class C | ||||||
Sales | 3,003 | $ 221,476 | 3,385 | $ 236,996 | ||
Redemptions | (18,066) | (1,363,169) | (23,126) | (1,630,531) | ||
Net decrease | (15,063) | $ (1,141,693) | (19,741) | $ (1,393,535) | ||
Class I | ||||||
Sales | 1,466,176 | $ 116,507,251 | 1,411,860 | $ 103,779,131 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 27,698 | 2,451,513 | 29,105 | 2,007,120 | ||
Redemptions | (1,212,568) | (95,719,873) | (1,380,511) | (101,513,425) | ||
Net increase | 281,306 | $ 23,238,891 | 60,454 | $ 4,272,826 |
Tax-Managed Growth Fund 1.2 | ||||||
Year Ended December 31, 2023 | Year Ended December 31, 2022 | |||||
Shares | Amount | Shares | Amount | |||
Class A | ||||||
Sales | 712,652 | $ 27,465,299 | 795,564 | $ 28,654,869 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 78,737 | 3,370,736 | 85,705 | 2,858,246 | ||
Redemptions | (1,389,390) | (53,272,793) | (1,495,117) | (53,421,573) | ||
Net decrease | (598,001) | $(22,436,758) | (613,848) | $(21,908,458) | ||
Class C | ||||||
Sales | 152,687 | $ 5,662,028 | 177,706 | $ 6,099,640 | ||
Redemptions | (336,827) | (12,240,865) | (333,067) | (11,546,267) | ||
Net decrease | (184,140) | $ (6,578,837) | (155,361) | $ (5,446,627) | ||
Class I | ||||||
Sales | 1,623,779 | $ 62,042,021 | 2,025,220 | $ 73,018,705 | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 48,137 | 2,066,034 | 52,848 | 1,766,194 | ||
Redemptions | (1,570,170) | (59,592,168) | (2,028,730) | (72,149,936) | ||
Net increase | 101,746 | $ 4,515,887 | 49,338 | $ 2,634,963 |
Boston, Massachusetts
February 23, 2024
Tax-Managed Growth Fund 1.1 | $ — |
Tax-Managed Growth Fund 1.2 | $46,709 |
Tax-Managed Growth Fund 1.1 | $27,101,193 |
Tax-Managed Growth Fund 1.2 | $14,693,512 |
Tax-Managed Growth Fund 1.1 | 100.00% |
Tax-Managed Growth Fund 1.2 | 96.18% |
Common Stocks — 99.9% |
Security | Shares | Value | |
Aerospace & Defense — 1.5% | |||
Boeing Co. (The)(1) | 142,446 | $ 37,129,974 | |
General Dynamics Corp. | 37,550 | 9,750,609 | |
Lockheed Martin Corp. | 18,733 | 8,490,545 | |
Northrop Grumman Corp. | 16,117 | 7,545,012 | |
RTX Corp. | 126,984 | 10,684,434 | |
$ 73,600,574 | |||
Air Freight & Logistics — 0.9% | |||
C.H. Robinson Worldwide, Inc. | 72,701 | $ 6,280,639 | |
FedEx Corp. | 76,559 | 19,367,130 | |
United Parcel Service, Inc., Class B | 127,908 | 20,110,975 | |
$ 45,758,744 | |||
Automobiles — 0.7% | |||
Tesla, Inc.(1) | 136,281 | $ 33,863,103 | |
$ 33,863,103 | |||
Banks — 3.3% | |||
Bank of America Corp. | 478,599 | $ 16,114,429 | |
Fifth Third Bancorp | 491,355 | 16,946,834 | |
JPMorgan Chase & Co. | 514,622 | 87,537,202 | |
PNC Financial Services Group, Inc. (The) | 15,834 | 2,451,895 | |
Regions Financial Corp. | 261,997 | 5,077,502 | |
Truist Financial Corp. | 311,559 | 11,502,758 | |
U.S. Bancorp | 76,801 | 3,323,947 | |
Wells Fargo & Co. | 446,596 | 21,981,455 | |
$ 164,936,022 | |||
Beverages — 1.2% | |||
Constellation Brands, Inc., Class A | 66,155 | $ 15,992,971 | |
Monster Beverage Corp.(1) | 142,992 | 8,237,769 | |
PepsiCo, Inc. | 228,875 | 38,872,130 | |
$ 63,102,870 | |||
Biotechnology — 2.5% | |||
AbbVie, Inc. | 193,103 | $ 29,925,172 | |
Amgen, Inc. | 97,100 | 27,966,742 | |
Argenx SE ADR(1) | 41,279 | 15,703,770 | |
Biogen, Inc.(1) | 7,070 | 1,829,504 | |
Gilead Sciences, Inc. | 193,738 | 15,694,715 | |
Vertex Pharmaceuticals, Inc.(1) | 83,684 | 34,050,183 | |
$ 125,170,086 |
Security | Shares | Value | |
Broadline Retail — 4.2% | |||
Amazon.com, Inc.(1) | 1,399,500 | $ 212,640,030 | |
$ 212,640,030 | |||
Building Products — 0.2% | |||
Carrier Global Corp. | 189,214 | $ 10,870,344 | |
$ 10,870,344 | |||
Capital Markets — 3.7% | |||
Ameriprise Financial, Inc. | 30,879 | $ 11,728,771 | |
Bank of New York Mellon Corp. (The) | 149,031 | 7,757,063 | |
BlackRock, Inc. | 7,289 | 5,917,210 | |
Cboe Global Markets, Inc. | 75,857 | 13,545,026 | |
Charles Schwab Corp. (The) | 371,381 | 25,551,013 | |
CME Group, Inc. | 36,417 | 7,669,420 | |
Goldman Sachs Group, Inc. (The) | 128,899 | 49,725,367 | |
Intercontinental Exchange, Inc. | 60,970 | 7,830,377 | |
LPL Financial Holdings, Inc. | 33,113 | 7,537,181 | |
Moody's Corp. | 66,944 | 26,145,649 | |
S&P Global, Inc. | 32,008 | 14,100,164 | |
T. Rowe Price Group, Inc. | 105,316 | 11,341,480 | |
$ 188,848,721 | |||
Chemicals — 1.7% | |||
Corteva, Inc. | 18,814 | $ 901,567 | |
Dow, Inc. | 18,955 | 1,039,492 | |
DuPont de Nemours, Inc. | 142,744 | 10,981,296 | |
Ecolab, Inc. | 110,020 | 21,822,467 | |
Linde PLC | 72,347 | 29,713,636 | |
PPG Industries, Inc. | 89,144 | 13,331,485 | |
Sherwin-Williams Co. (The) | 32,982 | 10,287,086 | |
$ 88,077,029 | |||
Commercial Services & Supplies — 0.6% | |||
Waste Connections, Inc. | 57,850 | $ 8,635,270 | |
Waste Management, Inc. | 108,692 | 19,466,737 | |
$ 28,102,007 | |||
Communications Equipment — 1.2% | |||
Arista Networks, Inc.(1) | 143,663 | $ 33,834,073 | |
Cisco Systems, Inc. | 517,461 | 26,142,130 | |
$ 59,976,203 | |||
Consumer Finance — 0.8% | |||
American Express Co. | 121,531 | $ 22,767,618 |
Security | Shares | Value | |
Consumer Finance (continued) | |||
Discover Financial Services | 144,856 | $ 16,281,814 | |
$ 39,049,432 | |||
Consumer Staples Distribution & Retail — 2.7% | |||
Costco Wholesale Corp. | 113,479 | $ 74,905,218 | |
Sprouts Farmers Market, Inc.(1) | 182,261 | 8,768,577 | |
Walmart, Inc. | 322,400 | 50,826,360 | |
$ 134,500,155 | |||
Electric Utilities — 0.7% | |||
Duke Energy Corp. | 234,233 | $ 22,729,970 | |
Edison International | 197,713 | 14,134,503 | |
$ 36,864,473 | |||
Electrical Equipment — 0.9% | |||
AMETEK, Inc. | 23,362 | $ 3,852,160 | |
Eaton Corp. PLC | 8,651 | 2,083,334 | |
Emerson Electric Co. | 269,079 | 26,189,459 | |
Rockwell Automation, Inc. | 50,722 | 15,748,167 | |
$ 47,873,120 | |||
Energy Equipment & Services — 0.3% | |||
Halliburton Co. | 166,374 | $ 6,014,420 | |
Schlumberger NV | 206,344 | 10,738,142 | |
$ 16,752,562 | |||
Entertainment — 2.0% | |||
Netflix, Inc.(1) | 112,484 | $ 54,766,210 | |
Walt Disney Co. (The) | 534,448 | 48,255,310 | |
$ 103,021,520 | |||
Financial Services — 4.1% | |||
Berkshire Hathaway, Inc., Class A(1) | 84 | $ 45,580,503 | |
Berkshire Hathaway, Inc., Class B(1) | 224,230 | 79,973,872 | |
Mastercard, Inc., Class A | 36,635 | 15,625,194 | |
PayPal Holdings, Inc.(1) | 146,905 | 9,021,436 | |
Visa, Inc., Class A | 212,810 | 55,405,083 | |
$ 205,606,088 | |||
Food Products — 0.7% | |||
Flowers Foods, Inc. | 138,111 | $ 3,108,879 | |
Hershey Co. (The) | 47,710 | 8,895,052 | |
Lamb Weston Holdings, Inc. | 73,135 | 7,905,162 |
Security | Shares | Value | |
Food Products (continued) | |||
McCormick & Co., Inc., Non Voting Shares | 96,258 | $ 6,585,972 | |
Nestle S.A. | 94,686 | 10,975,988 | |
$ 37,471,053 | |||
Ground Transportation — 1.5% | |||
CSX Corp. | 52,770 | $ 1,829,536 | |
Norfolk Southern Corp. | 65,062 | 15,379,355 | |
Uber Technologies, Inc.(1) | 331,498 | 20,410,332 | |
Union Pacific Corp. | 148,572 | 36,492,255 | |
$ 74,111,478 | |||
Health Care Equipment & Supplies — 3.0% | |||
Abbott Laboratories | 260,303 | $ 28,651,551 | |
Becton Dickinson & Co. | 8,470 | 2,065,240 | |
Boston Scientific Corp.(1) | 289,826 | 16,754,841 | |
Dexcom, Inc.(1) | 143,376 | 17,791,528 | |
GE HealthCare Technologies, Inc. | 135,517 | 10,478,174 | |
Intuitive Surgical, Inc.(1) | 101,205 | 34,142,519 | |
Medtronic PLC | 110,455 | 9,099,283 | |
Stryker Corp. | 72,313 | 21,654,851 | |
Zimmer Biomet Holdings, Inc. | 77,057 | 9,377,837 | |
$ 150,015,824 | |||
Health Care Providers & Services — 2.2% | |||
Cardinal Health, Inc. | 14,717 | $ 1,483,474 | |
CVS Health Corp. | 168,934 | 13,339,029 | |
Elevance Health, Inc. | 29,512 | 13,916,679 | |
HCA Healthcare, Inc. | 64,083 | 17,345,986 | |
UnitedHealth Group, Inc. | 123,171 | 64,845,836 | |
$ 110,931,004 | |||
Hotels, Restaurants & Leisure — 2.6% | |||
Airbnb, Inc., Class A(1) | 74,000 | $ 10,074,360 | |
Booking Holdings, Inc.(1) | 15,067 | 53,445,964 | |
Chipotle Mexican Grill, Inc.(1) | 3,990 | 9,124,970 | |
Marriott International, Inc., Class A | 46,029 | 10,380,000 | |
McDonald's Corp. | 5,400 | 1,601,154 | |
Starbucks Corp. | 393,521 | 37,781,951 | |
Yum! Brands, Inc. | 79,662 | 10,408,637 | |
$ 132,817,036 | |||
Household Products — 1.3% | |||
Colgate-Palmolive Co. | 397,371 | $ 31,674,442 |
Security | Shares | Value | |
Household Products (continued) | |||
Kimberly-Clark Corp. | 6,282 | $ 763,326 | |
Procter & Gamble Co. (The) | 220,699 | 32,341,232 | |
$ 64,779,000 | |||
Industrial Conglomerates — 0.5% | |||
General Electric Co. | 163,119 | $ 20,818,878 | |
Honeywell International, Inc. | 20,192 | 4,234,464 | |
$ 25,053,342 | |||
Industrial REITs — 0.1% | |||
EastGroup Properties, Inc. | 39,500 | $ 7,249,830 | |
$ 7,249,830 | |||
Insurance — 1.5% | |||
Aflac, Inc. | 154,400 | $ 12,738,000 | |
Aon PLC, Class A | 27,135 | 7,896,828 | |
Arthur J. Gallagher & Co. | 47,054 | 10,581,503 | |
Markel Group, Inc.(1) | 6,362 | 9,033,404 | |
Marsh & McLennan Cos., Inc. | 46,353 | 8,782,503 | |
Progressive Corp. (The) | 151,029 | 24,055,899 | |
Travelers Cos., Inc. (The) | 20,353 | 3,877,043 | |
$ 76,965,180 | |||
Interactive Media & Services — 7.9% | |||
Alphabet, Inc., Class A(1) | 857,372 | $ 119,766,295 | |
Alphabet, Inc., Class C(1) | 980,031 | 138,115,769 | |
Meta Platforms, Inc., Class A(1) | 390,562 | 138,243,325 | |
$ 396,125,389 | |||
IT Services — 1.7% | |||
Accenture PLC, Class A | 147,914 | $ 51,904,502 | |
Akamai Technologies, Inc.(1) | 137,414 | 16,262,947 | |
International Business Machines Corp. | 92,900 | 15,193,795 | |
$ 83,361,244 | |||
Life Sciences Tools & Services — 1.3% | |||
Agilent Technologies, Inc. | 151,400 | $ 21,049,142 | |
Danaher Corp. | 182,007 | 42,105,499 | |
Illumina, Inc.(1) | 10,000 | 1,392,400 | |
$ 64,547,041 | |||
Machinery — 2.1% | |||
Caterpillar, Inc. | 56,089 | $ 16,583,835 | |
Deere & Co. | 32,269 | 12,903,405 | |
Donaldson Co., Inc. | 82,526 | 5,393,074 |
Security | Shares | Value | |
Machinery (continued) | |||
Dover Corp. | 97,408 | $ 14,982,324 | |
Illinois Tool Works, Inc. | 143,086 | 37,479,947 | |
Otis Worldwide Corp. | 68,364 | 6,116,527 | |
PACCAR, Inc. | 28,969 | 2,828,823 | |
Parker-Hannifin Corp. | 16,957 | 7,812,090 | |
Snap-on, Inc. | 14,911 | 4,306,893 | |
$ 108,406,918 | |||
Media — 0.2% | |||
Comcast Corp., Class A | 218,452 | $ 9,579,120 | |
$ 9,579,120 | |||
Metals & Mining — 0.3% | |||
Alcoa Corp. | 195,000 | $ 6,630,000 | |
Nucor Corp. | 35,624 | 6,200,001 | |
$ 12,830,001 | |||
Multi-Utilities — 0.1% | |||
Consolidated Edison, Inc. | 50,472 | $ 4,591,438 | |
$ 4,591,438 | |||
Oil, Gas & Consumable Fuels — 3.3% | |||
Antero Resources Corp.(1) | 328,489 | $ 7,450,130 | |
Cheniere Energy, Inc. | 149,498 | 25,520,804 | |
ConocoPhillips | 285,715 | 33,162,940 | |
Devon Energy Corp. | 33,163 | 1,502,284 | |
EOG Resources, Inc. | 16,793 | 2,031,113 | |
Exxon Mobil Corp. | 752,802 | 75,265,144 | |
Hess Corp. | 20,651 | 2,977,048 | |
Marathon Petroleum Corp. | 69,480 | 10,308,053 | |
Murphy Oil Corp. | 41,407 | 1,766,423 | |
Phillips 66 | 51,867 | 6,905,572 | |
$ 166,889,511 | |||
Personal Care Products — 0.1% | |||
Estee Lauder Cos., Inc. (The), Class A | 26,451 | $ 3,868,459 | |
Kenvue, Inc. | 102,541 | 2,207,707 | |
$ 6,076,166 | |||
Pharmaceuticals — 4.2% | |||
AstraZeneca PLC ADR | 182,272 | $ 12,276,019 | |
Bristol-Myers Squibb Co. | 143,581 | 7,367,141 | |
Catalent, Inc.(1) | 45,943 | 2,064,219 | |
Eli Lilly & Co. | 148,712 | 86,687,199 | |
Johnson & Johnson | 267,485 | 41,925,599 | |
Merck & Co., Inc. | 215,040 | 23,443,661 |
Security | Shares | Value | |
Pharmaceuticals (continued) | |||
Pfizer, Inc. | 311,715 | $ 8,974,275 | |
Zoetis, Inc. | 142,003 | 28,027,132 | |
$ 210,765,245 | |||
Professional Services — 0.7% | |||
ASGN, Inc.(1) | 12,284 | $ 1,181,352 | |
Automatic Data Processing, Inc. | 68,245 | 15,899,038 | |
Jacobs Solutions, Inc. | 55,476 | 7,200,785 | |
Verisk Analytics, Inc. | 46,792 | 11,176,737 | |
$ 35,457,912 | |||
Residential REITs — 0.2% | |||
Invitation Homes, Inc. | 230,000 | $ 7,845,300 | |
$ 7,845,300 | |||
Semiconductors & Semiconductor Equipment — 7.3% | |||
Analog Devices, Inc. | 133,698 | $ 26,547,075 | |
Applied Materials, Inc. | 187,182 | 30,336,587 | |
Broadcom, Inc. | 24,966 | 27,868,297 | |
Intel Corp. | 656,645 | 32,996,411 | |
Lam Research Corp. | 25,000 | 19,581,500 | |
Marvell Technology, Inc. | 91,890 | 5,541,886 | |
NVIDIA Corp. | 302,592 | 149,849,610 | |
QUALCOMM, Inc. | 314,846 | 45,536,177 | |
Texas Instruments, Inc. | 158,452 | 27,009,728 | |
$ 365,267,271 | |||
Software — 12.0% | |||
Adobe, Inc.(1) | 80,840 | $ 48,229,144 | |
Cadence Design Systems, Inc.(1) | 83,984 | 22,874,722 | |
Check Point Software Technologies, Ltd.(1) | 54,716 | 8,360,058 | |
Fortinet, Inc.(1) | 100,000 | 5,853,000 | |
Intuit, Inc. | 46,644 | 29,153,899 | |
Microsoft Corp. | 909,092 | 341,854,956 | |
Oracle Corp. | 80,569 | 8,494,390 | |
Palo Alto Networks, Inc.(1) | 153,052 | 45,131,974 | |
Salesforce, Inc.(1) | 112,456 | 29,591,672 | |
ServiceNow, Inc.(1) | 66,921 | 47,279,017 | |
Workday, Inc., Class A(1) | 54,405 | 15,019,044 | |
$ 601,841,876 | |||
Specialized REITs — 0.4% | |||
American Tower Corp. | 10,718 | $ 2,313,802 | |
Public Storage | 51,744 | 15,781,920 | |
$ 18,095,722 |
Security | Shares | Value | |
Specialty Retail — 2.6% | |||
Best Buy Co., Inc. | 58,781 | $ 4,601,377 | |
Lowe's Cos., Inc. | 212,443 | 47,279,190 | |
O'Reilly Automotive, Inc.(1) | 18,600 | 17,671,488 | |
Ross Stores, Inc. | 141,093 | 19,525,860 | |
TJX Cos., Inc. (The) | 219,657 | 20,606,023 | |
Tractor Supply Co. | 50,157 | 10,785,260 | |
Ulta Beauty, Inc.(1) | 17,591 | 8,619,414 | |
$ 129,088,612 | |||
Technology Hardware, Storage & Peripherals — 7.6% | |||
Apple, Inc. | 1,986,542 | $ 382,468,931 | |
$ 382,468,931 | |||
Textiles, Apparel & Luxury Goods — 0.9% | |||
NIKE, Inc., Class B | 422,533 | $ 45,874,408 | |
$ 45,874,408 | |||
Tobacco — 0.4% | |||
Altria Group, Inc. | 157,274 | $ 6,344,433 | |
Philip Morris International, Inc. | 162,661 | 15,303,147 | |
$ 21,647,580 | |||
Total Common Stocks (identified cost $1,646,715,327) | $5,028,766,515 |
Short-Term Investments — 0.0%(2) |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(3) | 2,564,731 | $ 2,564,731 | |
Total Short-Term Investments (identified cost $2,564,731) | $ 2,564,731 | ||
Total Investments — 99.9% (identified cost $1,649,280,058) | $5,031,331,246 | ||
Other Assets, Less Liabilities — 0.1% | $ 3,540,139 | ||
Net Assets — 100.0% | $5,034,871,385 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Amount is less than 0.05%. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2023. |
Abbreviations: | |
ADR | – American Depositary Receipt |
REITs | – Real Estate Investment Trusts |
December 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,646,715,327) | $ 5,028,766,515 |
Affiliated investments, at value (identified cost $2,564,731) | 2,564,731 |
Dividends receivable | 4,905,951 |
Dividends receivable from affiliated investments | 27,626 |
Receivable for investments sold | 263,164 |
Tax reclaims receivable | 406,333 |
Receivable from affiliates | 614,861 |
Trustees' deferred compensation plan | 255,377 |
Total assets | $5,037,804,558 |
Liabilities | |
Payable to affiliates: | |
Investment adviser fee | $ 1,715,260 |
Trustees' fees | 27,125 |
Trustees' deferred compensation plan | 255,377 |
Accrued expenses | 935,411 |
Total liabilities | $ 2,933,173 |
Net Assets applicable to investors' interest in Portfolio | $5,034,871,385 |
Year Ended | |
December 31, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $2,058,994) | $ 75,338,595 |
Dividend income from affiliated investments | 1,573,276 |
Total investment income | $ 76,911,871 |
Expenses | |
Investment adviser fee | $ 22,844,487 |
Trustees’ fees and expenses | 108,500 |
Custodian fee | 1,476,037 |
Professional fees | 402,763 |
Miscellaneous | 294,110 |
Total expenses | $ 25,125,897 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 1,209,005 |
Total expense reductions | $ 1,209,005 |
Net expenses | $ 23,916,892 |
Net investment income | $ 52,994,979 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions(1) | $ 50,916,817 |
Investment transactions - affiliated investments(1) | 8,727,060 |
Foreign currency transactions | 673 |
Net realized gain | $ 59,644,550 |
Change in unrealized appreciation (depreciation): | |
Investments | $ 2,157,750,748 |
Investments - affiliated investments | (2,778,056) |
Foreign currency | 31,825 |
Net change in unrealized appreciation (depreciation) | $2,155,004,517 |
Net realized and unrealized gain | $2,214,649,067 |
Net increase in net assets from operations | $2,267,644,046 |
(1) | Aggregate amount includes $119,056,116 of net realized gains from redemptions in-kind. |
Year Ended December 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 52,994,979 | $ 300,457,402 |
Net realized gain | 59,644,550 | 778,434,816 |
Net change in unrealized appreciation (depreciation) | 2,155,004,517 | (8,569,954,185) |
Net increase (decrease) in net assets from operations | $ 2,267,644,046 | $ (7,491,061,967) |
Capital transactions: | ||
Contributions | $ 90,713,310 | $ 2,468,619,619 |
Withdrawals | (27,916,548,380) | (1,697,105,702) |
Net increase (decrease) in net assets from capital transactions | $(27,825,835,070) | $ 771,513,917 |
Net decrease in net assets | $(25,558,191,024) | $ (6,719,548,050) |
Net Assets | ||
At beginning of year | $ 30,593,062,409 | $ 37,312,610,459 |
At end of year | $ 5,034,871,385 | $30,593,062,409 |
Year Ended December 31, | |||||
Ratios/Supplemental Data | 2023 | 2022 | 2021 | 2020 | 2019 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.43% (1)(2) | 0.43% (2) | 0.43% | 0.44% | 0.45% |
Net investment income | 0.95% | 0.93% | 0.69% | 1.07% | 1.28% |
Portfolio Turnover(3) | 7% | 3% | 1% | 1% | 1% |
Total Return | 28.67% | (19.86)% | 25.05% | 23.42% | 29.87% |
Net assets, end of year (000’s omitted) | $5,034,871 | $30,593,062 | $37,312,610 | $27,986,714 | $22,013,353 |
(1) | The investment adviser reimbursed certain operating expenses (equal to 0.02% of average daily net assets for the year ended December 31, 2023). Absent this reimbursement, total return would be lower. |
(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 years ended December 31, 2023 and 2022). |
(3) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. |
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 | $1,818,776,681 |
Gross unrealized appreciation | $ 3,213,892,732 |
Gross unrealized depreciation | (1,338,167) |
Net unrealized appreciation | $3,212,554,565 |
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 | 297,770,467 | (466,178,676) | — | — | 2,564,731 | 1,384,199 | 2,564,731 |
Total | $8,727,060 | $(2,778,056) | $2,564,731 | $1,573,276 |
• | 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 | $ 508,726,029 | $ — | $ — | $ 508,726,029 |
Consumer Discretionary | 554,283,189 | — | — | 554,283,189 |
Consumer Staples | 316,600,836 | 10,975,988 | — | 327,576,824 |
Energy | 183,642,073 | — | — | 183,642,073 |
Financials | 675,405,443 | — | — | 675,405,443 |
Health Care | 661,429,200 | — | — | 661,429,200 |
Industrials | 449,234,439 | — | — | 449,234,439 |
Information Technology | 1,492,915,525 | — | — | 1,492,915,525 |
Materials | 100,907,030 | — | — | 100,907,030 |
Real Estate | 33,190,852 | — | — | 33,190,852 |
Utilities | 41,455,911 | — | — | 41,455,911 |
Total Common Stocks | $5,017,790,527 | $ 10,975,988* | $ — | $5,028,766,515 |
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Short-Term Investments | $ 2,564,731 | $ — | $ — | $ 2,564,731 |
Total Investments | $5,020,355,258 | $ 10,975,988 | $ — | $5,031,331,246 |
* | 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. |
Boston, Massachusetts
February 23, 2024
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President of the Trust | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management ‘Classic’ (2009-2020). |
R. Kelly Williams, Jr. 1971 | President of the Portfolio | Since 2023 | President and Chief Operating Officer of Atlanta Capital Management Company, LLC. Officer of 21 registered investment companies managed by Eaton Vance or BMR. |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President of the Trust | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management ‘Classic’ (2009-2020). |
R. Kelly Williams, Jr. 1971 | President of the Portfolio | Since 2023 | President and Chief Operating Officer of Atlanta Capital Management Company, LLC. Officer of 21 registered investment companies managed by Eaton Vance or BMR. |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Class A at NAV | 01/03/2012 | 05/25/2011 | (4.86)% | 11.16% | 2.11% |
Class A with 3.25% Maximum Sales Charge | — | — | (7.90) | 10.45 | 1.78 |
Class I at NAV | 05/25/2011 | 05/25/2011 | (4.69) | 11.42 | 2.35 |
Bloomberg Commodity Index Total Return | — | — | (7.91)% | 7.23% | (1.11)% |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
0.90% | 0.65% |
Growth of Investment | Amount Invested | Period Beginning | At NAV | With Maximum Sales Charge |
Class I, at minimum investment | $1,000,000 | 12/31/2013 | $1,261,309 | N.A. |
Commodity Exposure (% of net assets)1 |
Agriculture | 26.11% |
Corn | 3.68 |
Soybeans | 3.64 |
Soybean Oil | 3.61 |
Coffee | 3.50 |
Wheat | 1.89 |
Cotton | 1.88 |
Soybean Meal | 1.82 |
Cocoa | 1.78 |
Sugar | 1.61 |
Kansas Wheat | 0.96 |
Robusta Coffee | 0.91 |
White Sugar | 0.83 |
Energy | 24.86% |
Unleaded Gas | 7.16 |
Natural Gas | 7.10 |
Heating Oil | 3.52 |
Gas Oil | 3.51 |
Crude Oil-Brent | 1.79 |
Crude Oil-WTI | 1.78 |
Industrial Metals | 24.73% |
Aluminum | 7.29 |
Copper | 7.28 |
Zinc | 3.69 |
Nickel | 3.67 |
Lead | 1.86 |
Tin | 0.94 |
Precious Metals | 18.05% |
Gold | 7.31 |
Silver | 7.20 |
Platinum | 1.86 |
Palladium | 1.68 |
Livestock | 6.36% |
Live Cattle | 3.68 |
Lean Hogs | 1.77 |
Feeder Cattle | 0.91 |
Asset Allocation (% of net assets)2,3 |
1 | Commodity Exposure reflects the Fund’s net exposure to commodities through its investment in commodity futures contracts and commodity exchange-traded funds. |
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. |
† | The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
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. |
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 (7/1/23) | Ending Account Value (12/31/23) | Expenses Paid During Period* (7/1/23 – 12/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,005.00 | $4.70 | 0.93% |
Class I | $1,000.00 | $1,006.20 | $3.44 | 0.68% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,020.52 | $4.74 | 0.93% |
Class I | $1,000.00 | $1,021.78 | $3.47 | 0.68% |
* | 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 184/365 (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 June 30, 2023. |
Exchange-Traded Funds — 5.4% |
Security | Shares | Value | |
Equity Funds — 5.4% | |||
SPDR Gold MiniShares Trust(1) | 1,577,000 | $ 64,515,071 | |
Total Exchange-Traded Funds (identified cost $54,345,419) | $ 64,515,071 |
Short-Term Investments — 95.2% |
Affiliated Fund — 5.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(2) | 66,269,993 | $ 66,269,993 | |
Total Affiliated Fund (identified cost $66,269,993) | $ 66,269,993 |
U.S. Treasury Obligations — 89.7% |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Bills: | |||
0.00%, 1/2/24 | $ | 13,750 | $ 13,750,000 |
0.00%, 1/4/24 | 18,000 | 17,994,774 | |
0.00%, 1/11/24(3) | 103,000 | 102,865,537 | |
0.00%, 1/18/24(3) | 60,000 | 59,859,296 | |
0.00%, 1/25/24(3) | 150,000 | 149,495,174 | |
0.00%, 2/15/24 | 13,750 | 13,662,006 | |
0.00%, 2/29/24 | 13,750 | 13,633,493 | |
0.00%, 3/21/24(3) | 58,750 | 58,081,306 | |
0.00%, 5/16/24(3) | 70,000 | 68,659,150 | |
0.00%, 6/13/24 | 63,750 | 62,293,457 | |
0.00%, 7/11/24 | 18,000 | 17,548,046 | |
0.00%, 8/8/24 | 81,750 | 79,400,136 |
Security | Principal Amount (000's omitted) | Value | |
U.S. Treasury Inflation-Indexed Notes:(4) | |||
0.125%, 7/15/24 | $ | 129,577 | $ 127,361,664 |
0.50%, 4/15/24 | 140,291 | 138,524,610 | |
0.625%, 1/15/24 | 32,966 | 32,878,051 | |
U.S. Treasury Notes: | |||
0.125%, 1/15/24 | 36,000 | 35,933,864 | |
0.125%, 2/15/24 | 36,000 | 35,776,714 | |
0.25%, 3/15/24 | 10,000 | 9,900,489 | |
0.375%, 8/15/24 | 13,750 | 13,356,165 | |
1.25%, 8/31/24 | 13,750 | 13,413,663 | |
3.00%, 7/31/24 | 13,750 | 13,588,177 | |
Total U.S. Treasury Obligations (identified cost $1,078,648,227) | $1,077,975,772 | ||
Total Short-Term Investments (identified cost $1,144,918,220) | $1,144,245,765 | ||
Total Investments — 100.6% (identified cost $1,199,263,639) | $1,208,760,836 | ||
Other Assets, Less Liabilities — (0.6)% | $ (7,004,915) | ||
Net Assets — 100.0% | $1,201,755,921 |
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 December 31, 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 | 280 | Long | 2/29/24 | $ 21,534,800 | $ 344,644 |
Cocoa | 510 | Long | 3/13/24 | 21,399,600 | 3,907,738 |
Coffee | 596 | Long | 3/18/24 | 42,085,050 | 9,313,248 |
Copper | 451 | Long | 3/26/24 | 43,865,388 | 3,364,212 |
Corn | 1,875 | Long | 3/14/24 | 44,179,687 | (3,323,425) |
Cotton No. 2 | 558 | Long | 3/6/24 | 22,599,000 | (1,876,581) |
Futures Contracts (continued) | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Commodity Futures (continued) | |||||
Feeder Cattle | 98 | Long | 3/28/24 | $ 10,931,900 | $ (860,882) |
Gold | 112 | Long | 4/26/24 | 23,428,160 | 323,048 |
Kansas Wheat | 360 | Long | 3/14/24 | 11,556,000 | (802,627) |
Lean Hogs | 709 | Long | 4/12/24 | 21,227,460 | (317,612) |
Live Cattle | 642 | Long | 4/30/24 | 44,233,800 | 837,862 |
LME Copper | 246 | Long | 1/15/24 | 52,204,275 | 3,428,900 |
LME Copper | 244 | Long | 2/19/24 | 52,023,851 | 1,894,813 |
LME Copper | 219 | Long | 3/18/24 | 46,841,363 | 1,298,894 |
LME Lead | 465 | Long | 1/15/24 | 23,764,407 | (962,313) |
LME Lead | 464 | Long | 2/19/24 | 23,925,000 | (1,350,975) |
LME Lead | 435 | Long | 3/18/24 | 22,538,438 | 325,570 |
LME Nickel | 437 | Long | 1/15/24 | 43,092,570 | (5,781,675) |
LME Nickel | 458 | Long | 2/19/24 | 45,398,334 | (5,114,154) |
LME Nickel | 457 | Long | 3/18/24 | 45,498,006 | 994,449 |
LME Primary Aluminum | 1,829 | Long | 1/15/24 | 107,522,338 | 5,078,675 |
LME Primary Aluminum | 1,777 | Long | 2/19/24 | 105,242,826 | 4,166,813 |
LME Primary Aluminum | 1,685 | Long | 3/18/24 | 100,299,625 | 9,212,866 |
LME Tin | 103 | Long | 1/15/24 | 12,988,300 | 605,625 |
LME Tin | 103 | Long | 2/19/24 | 13,050,100 | 415,345 |
LME Tin | 94 | Long | 3/18/24 | 11,940,350 | 505,840 |
LME Zinc | 820 | Long | 1/15/24 | 54,181,501 | 3,261,538 |
LME Zinc | 797 | Long | 2/19/24 | 52,990,538 | 2,177,300 |
LME Zinc | 741 | Long | 3/18/24 | 49,341,338 | 4,409,060 |
Low Sulphur Gasoil | 574 | Long | 3/12/24 | 42,174,650 | (504,349) |
Natural Gas | 2,245 | Long | 12/27/24 | 85,310,000 | (5,902,908) |
NY Harbor ULSD | 404 | Long | 2/29/24 | 42,338,553 | (653,971) |
Palladium | 182 | Long | 3/26/24 | 20,189,260 | (314,058) |
Platinum | 443 | Long | 4/26/24 | 22,353,780 | 2,263,302 |
RBOB Gasoline | 964 | Long | 2/29/24 | 86,069,391 | 1,585,863 |
Robusta Coffee | 386 | Long | 3/22/24 | 10,966,260 | 1,201,834 |
Silver | 719 | Long | 3/26/24 | 86,589,170 | 9,707,374 |
Soybean Meal | 566 | Long | 3/14/24 | 21,847,600 | (2,113,295) |
Soybean Oil | 1,500 | Long | 3/14/24 | 43,362,000 | (1,456,294) |
Soybeans | 674 | Long | 3/14/24 | 43,742,600 | (2,549,084) |
Sugar No. 11 | 838 | Long | 2/29/24 | 19,315,565 | (3,216,551) |
Wheat | 722 | Long | 3/14/24 | 22,670,800 | 1,033,849 |
White Sugar | 336 | Long | 2/14/24 | 10,016,160 | (2,583,111) |
WTI Crude Oil | 298 | Long | 2/20/24 | 21,408,320 | 193,250 |
LME Copper | (246) | Short | 1/15/24 | (52,204,275) | (1,788,266) |
LME Copper | (244) | Short | 2/19/24 | (52,023,851) | (1,397,663) |
LME Copper | (15) | Short | 3/18/24 | (3,208,313) | 15,913 |
LME Lead | (465) | Short | 1/15/24 | (23,764,407) | 1,572,181 |
LME Lead | (464) | Short | 2/19/24 | (23,925,000) | (287,042) |
Futures Contracts (continued) | |||||
Description | Number of Contracts | Position | Expiration Date | Notional Amount | Value/Unrealized Appreciation (Depreciation) |
Commodity Futures (continued) | |||||
LME Lead | (5) | Short | 3/18/24 | $ (259,063) | $ (688) |
LME Nickel | (437) | Short | 1/15/24 | (43,092,570) | 4,849,404 |
LME Nickel | (458) | Short | 2/19/24 | (45,398,334) | (1,000,959) |
LME Nickel | (14) | Short | 3/18/24 | (1,393,812) | 19,488 |
LME Primary Aluminum | (1,829) | Short | 1/15/24 | (107,522,337) | (4,058,722) |
LME Primary Aluminum | (1,777) | Short | 2/19/24 | (105,242,825) | (9,591,863) |
LME Primary Aluminum | (213) | Short | 3/18/24 | (12,678,825) | (286,050) |
LME Tin | (103) | Short | 1/15/24 | (12,988,300) | (390,110) |
LME Tin | (103) | Short | 2/19/24 | (13,050,100) | (555,355) |
LME Tin | (5) | Short | 3/18/24 | (635,125) | (8,875) |
LME Zinc | (820) | Short | 1/15/24 | (54,181,500) | (1,985,937) |
LME Zinc | (797) | Short | 2/19/24 | (52,990,538) | (4,668,774) |
LME Zinc | (75) | Short | 3/18/24 | (4,994,063) | (103,388) |
$12,501,341 |
Abbreviations: | |
LME | – London Metal Exchange |
RBOB | – Reformulated Blendstock for Oxygenate Blending |
ULSD | – Ultra-Low Sulfur Diesel |
WTI | – West Texas Intermediate |
December 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,132,993,646) | $ 1,142,490,843 |
Affiliated investments, at value (identified cost $66,269,993) | 66,269,993 |
Interest receivable | 614,873 |
Dividends receivable from affiliated investments | 488,220 |
Receivable for Fund shares sold | 9,820,753 |
Trustees' deferred compensation plan | 19,988 |
Total assets | $1,219,704,670 |
Liabilities | |
Payable for Fund shares redeemed | $ 12,665,298 |
Payable for variation margin on open futures contracts | 4,003,600 |
Payable to affiliates: | |
Investment adviser and administration fee | 570,428 |
Distribution and service fees | 23,004 |
Trustees' fees | 27,125 |
Trustees' deferred compensation plan | 19,988 |
Accrued expenses | 639,306 |
Total liabilities | $ 17,948,749 |
Net Assets | $1,201,755,921 |
Sources of Net Assets | |
Paid-in capital | $ 1,694,632,134 |
Accumulated loss | (492,876,213) |
Net Assets | $1,201,755,921 |
Class A Shares | |
Net Assets | $ 104,221,854 |
Shares Outstanding | 17,771,414 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 5.86 |
Maximum Offering Price Per Share (100 ÷ 96.75 of net asset value per share) | $ 6.06 |
Class I Shares | |
Net Assets | $ 1,097,534,067 |
Shares Outstanding | 185,298,410 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 5.92 |
On sales of $100,000 or more, the offering price of Class A shares is reduced. |
Year Ended | |
December 31, 2023 | |
Investment Income | |
Dividend income from affiliated investments (net of foreign taxes withheld of $397,884) | $ 4,560,602 |
Interest income | 59,778,498 |
Total investment income | $ 64,339,100 |
Expenses | |
Investment adviser and administration fee | $ 8,113,336 |
Distribution and service fees: | |
Class A | 314,146 |
Trustees’ fees and expenses | 99,229 |
Custodian fee | 400,564 |
Transfer and dividend disbursing agent fees | 1,132,955 |
Legal and accounting services | 129,535 |
Printing and postage | 155,647 |
Registration fees | 123,677 |
Miscellaneous | 75,100 |
Total expenses | $ 10,544,189 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 160,006 |
Total expense reductions | $ 160,006 |
Net expenses | $ 10,384,183 |
Net investment income | $ 53,954,917 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 1,526,554 |
Futures contracts | (95,653,981) |
Net realized loss | $ (94,127,427) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 16,125,000 |
Futures contracts | (54,400,579) |
Net change in unrealized appreciation (depreciation) | $ (38,275,579) |
Net realized and unrealized loss | $(132,403,006) |
Net decrease in net assets from operations | $ (78,448,089) |
Year Ended December 31, | ||
2023 | 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 53,954,917 | $ 21,168,781 |
Net realized gain (loss) | (94,127,427) | 207,739,483 |
Net change in unrealized appreciation (depreciation) | (38,275,579) | (11,162,268) |
Net increase (decrease) in net assets from operations | $ (78,448,089) | $ 217,745,996 |
Distributions to shareholders: | ||
Class A | $ (3,611,212) | $ (19,249,919) |
Class I | (40,103,075) | (219,962,295) |
Total distributions to shareholders | $ (43,714,287) | $ (239,212,214) |
Transactions in shares of beneficial interest: | ||
Class A | $ (29,164,244) | $ 57,346,413 |
Class I | (416,072,596) | 280,777,143 |
Net increase (decrease) in net assets from Fund share transactions | $ (445,236,840) | $ 338,123,556 |
Net increase (decrease) in net assets | $ (567,399,216) | $ 316,657,338 |
Net Assets | ||
At beginning of year | $ 1,769,155,137 | $ 1,452,497,799 |
At end of year | $1,201,755,921 | $1,769,155,137 |
Class A | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 6.370 | $ 6.260 | $ 5.510 | $ 5.270 | $ 4.880 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ 0.210 | $ 0.059 | $ (0.047) | $ (0.002) | $ 0.077 |
Net realized and unrealized gain (loss) | (0.519) | 0.994 | 1.657 | 0.408 | 0.372 |
Total income (loss) from operations | $ (0.309) | $ 1.053 | $ 1.610 | $ 0.406 | $ 0.449 |
Less Distributions | |||||
From net investment income | $ (0.201) | $ (0.943) | $ (0.860) | $ (0.161) | $ (0.059) |
From net realized gain | — | — | — | (0.005) | — |
Total distributions | $ (0.201) | $ (0.943) | $ (0.860) | $ (0.166) | $(0.059) |
Net asset value — End of year | $ 5.860 | $ 6.370 | $ 6.260 | $ 5.510 | $ 5.270 |
Total Return(2)(3) | (4.86)% | 17.05% | 29.60% | 7.73% | 9.18% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000's omitted) | $104,222 | $143,687 | $92,413 | $27,473 | $ 9,700 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (3) | 0.92% (4) | 0.90% (4) | 0.91% | 0.93% | 0.90% |
Net investment income (loss) | 3.38% | 0.81% | (0.71)% | (0.03)% | 1.51% |
Portfolio Turnover | 0% | 20% | 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) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% and less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022, respectively.) |
Class I | |||||
Year Ended December 31, | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value — Beginning of year | $ 6.440 | $ 6.310 | $ 5.550 | $ 5.310 | $ 4.930 |
Income (Loss) From Operations | |||||
Net investment income (loss)(1) | $ 0.228 | $ 0.075 | $ (0.031) | $ 0.018 | $ 0.088 |
Net realized and unrealized gain (loss) | (0.529) | 1.017 | 1.664 | 0.394 | 0.374 |
Total income (loss) from operations | $ (0.301) | $ 1.092 | $ 1.633 | $ 0.412 | $ 0.462 |
Less Distributions | |||||
From net investment income | $ (0.219) | $ (0.962) | $ (0.873) | $ (0.167) | $ (0.082) |
From net realized gain | — | — | — | (0.005) | — |
Total distributions | $ (0.219) | $ (0.962) | $ (0.873) | $ (0.172) | $ (0.082) |
Net asset value — End of year | $ 5.920 | $ 6.440 | $ 6.310 | $ 5.550 | $ 5.310 |
Total Return(2)(3) | (4.69)% | 17.56% | 29.80% | 7.79% | 9.58% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $1,097,534 | $1,625,468 | $1,360,085 | $410,539 | $332,240 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses (3) | 0.67% (4) | 0.65% (4) | 0.66% | 0.68% | 0.65% |
Net investment income (loss) | 3.63% | 1.02% | (0.46)% | 0.37% | 1.70% |
Portfolio Turnover | 0% | 20% | 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) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% and less than 0.005% of average daily net assets for the years ended December 31, 2023 and 2022, respectively.) |
Year Ended December 31, | ||
2023 | 2022 | |
Ordinary income | $43,714,287 | $239,212,214 |
Deferred capital losses | $ (36,302,192) |
Net unrealized depreciation | (456,574,021) |
Accumulated loss | $(492,876,213) |
Aggregate cost | $1,365,564,880 |
Gross unrealized appreciation | $ 379,768 |
Gross unrealized depreciation | (161,139,958) |
Net unrealized depreciation | $ (160,760,190) |
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% |
Year Ended December 31, 2023 | Year Ended December 31, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 5,893,400 | $ 36,774,602 | 25,028,622 | $ 184,940,440 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 605,339 | 3,559,393 | 3,006,513 | 18,850,834 | |
Redemptions | (11,269,576) | (69,498,239) | (20,262,433) | (146,444,861) | |
Net increase (decrease) | (4,770,837) | $ (29,164,244) | 7,772,702 | $ 57,346,413 | |
Class I | |||||
Sales | 87,143,649 | $ 547,778,007 | 201,140,323 | $ 1,493,955,145 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 6,566,252 | 39,003,536 | 33,183,117 | 210,049,130 | |
Redemptions | (160,884,990) | (1,002,854,139) | (197,297,429) | (1,423,227,132) | |
Net increase (decrease) | (67,175,089) | $ (416,072,596) | 37,026,011 | $ 280,777,143 |
Fair Value | ||
Derivative | Asset Derivative | Liability Derivative |
Futures contracts | $78,308,898 (1) | $(65,807,557) (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 | $(95,653,981) (1) | $(54,400,579) (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 |
$2,135,534,000 | $672,867,000 |
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 | $3,103,534,316 | $(3,165,221,055) | $ — | $ — | $66,269,993 | $4,560,602 | 66,269,993 |
• | 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 | $ 64,515,071 | $ — | $ — | $ 64,515,071 |
Short-Term Investments: | ||||
Affiliated Fund | 66,269,993 | — | — | 66,269,993 |
U.S. Treasury Obligations | — | 1,077,975,772 | — | 1,077,975,772 |
Total Investments | $ 130,785,064 | $ 1,077,975,772 | $ — | $ 1,208,760,836 |
Futures Contracts | $ 78,308,898 | $ — | $ — | $ 78,308,898 |
Total | $ 209,093,962 | $ 1,077,975,772 | $ — | $ 1,287,069,734 |
Liability Description | ||||
Futures Contracts | $ (65,807,557) | $ — | $ — | $ (65,807,557) |
Total | $ (65,807,557) | $ — | $ — | $ (65,807,557) |
Boston, Massachusetts
February 23, 2024
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Anchal Pachnanda(1) 1980 | Trustee | Since 2023 | Co-Head of Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Trust. Other Directorships. None. |
Noninterested Trustees | |||
Alan C. Bowser 1962 | Trustee | Since 2022 | Private investor. Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011-2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021). |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Kenneth A. Topping 1966 | President | Since 2023 | Vice President and Chief Administrative Officer of EVM and BMR and Chief Operating Officer for Public Markets at MSIM. Also Vice President of Calvert Research and Management (“CRM”) since 2021. Formerly, Chief Operating Officer for Goldman Sachs Asset Management 'Classic’ (2009-2020). |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
Nicholas S. Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Laura T. Donovan 1976 | Chief Compliance Officer | Since 2024 | Vice President of EVM and BMR. |
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 15253-4439
(800) 260-0761
Boston, MA 02110
Item 2. Code of Ethics
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other
mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
Parametric Commodity Strategy Fund, Eaton Vance Stock Fund, Eaton Vance Tax-Managed Growth Fund 1.1 and Eaton Vance Tax-Managed Growth Fund 1.2 (the “Fund(s)”) are series of Eaton Vance Mutual Funds Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 31 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.
(a)-(d)
The following tables present the aggregate fees billed to each Fund for the Fund’s fiscal years ended December 31, 2022 and December 31, 2023 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.
Parametric Commodity Strategy Fund
Fiscal Years Ended | 12/31/22 | 12/31/23 | ||||||
Audit Fees | $ | 68,650 | $ | 79,100 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 9,625 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 78,275 | $ | 79,100 | ||||
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Eaton Vance Stock Fund
Fiscal Years Ended | 12/31/22 | 12/31/23 | ||||||
Audit Fees | $ | 18,650 | $ | 19,100 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 2,175 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 20,825 | $ | 19,100 | ||||
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Eaton Vance Tax-Managed Growth Fund 1.1
Fiscal Years Ended | 12/31/22 | 12/31/23 | ||||||
Audit Fees | $ | 21,650 | $ | 22,100 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 2,175 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 23,825 | $ | 22,100 | ||||
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Eaton Vance Tax-Managed Growth Fund 1.2
Fiscal Years Ended | 12/31/22 | 12/31/23 | ||||||
Audit Fees | $ | 21,650 | $ | 22,100 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 2,175 | $ | 0 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
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Total | $ | 23,825 | $ | 22,100 | ||||
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(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
The various Series comprising the Trust have differing fiscal year ends (January 31, February 28, September 30, October 31, November 30 or December 31). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.
Fiscal Years Ended | 1/31/22 | 2/28/22 | 9/30/22 | 10/31/22 | 11/30/22 | 12/31/22 | 1/31/23 | 2/28/23 | 9/30/23 | 10/31/23 | 12/31/23 | |||||||||||||||||||||||||||||||||
Audit Fees | $ | 198,900 | $ | 24,050 | $ | 104,200 | $ | 816,633 | $ | 41,150 | $ | 130,600 | $ | 172,250 | $ | 27,150 | $ | 117,600 | $ | 828,300 | $ | 142,400 | ||||||||||||||||||||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
Tax Fees(2) | $ | 78,353 | $ | 8,478 | $ | 5,000 | $ | 44,100 | $ | 0 | $ | 16,150 | $ | 14,695 | $ | 1,650 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||||
All Other Fees(3) | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 5,566 | $ | 0 | ||||||||||||||||||||||
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Total | $ | 277,253 | $ | 32,528 | $ | 109,200 | $ | 860,733 | $ | 41,150 | $ | 146,750 | $ | 186,945 | $ | 28,800 | $ | 117,600 | $ | 833,866 | $ | 142,400 | ||||||||||||||||||||||
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(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years of each Series.
Fiscal Years Ended | 1/31/22 | 2/28/22 | 9/30/22 | 10/31/22 | 11/30/22 | 12/31/22 | 1/31/23 | 2/28/23 | 9/30/23 | 10/31/23 | 12/31/23 | |||||||||||||||||||||||||||||||||
Registrant(1) | $ | 78,353 | $ | 8,478 | $ | 5,000 | $ | 44,100 | $ | 0 | $ | 16,150 | $ | 14,695 | $ | 4,350 | $ | 0 | $ | 5,566 | $ | 0 | ||||||||||||||||||||||
Eaton Vance(2) | $ | 51,800 | $ | 51,800 | $ | 52,836 | $ | 52,836 | $ | 52,836 | $ | 0 | $ | 0 | $ | 0 | $ | 52,836 | $ | 0 | $ | 0 |
(1) | Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds. |
(2) | Various subsidiaries of Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable). |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(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/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President | ||
Date: February 27, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: February 27, 2024 |
By: | /s/ Kenneth A. Topping | |
Kenneth A. Topping | ||
President | ||
Date: February 27, 2024 |