Eaton Vance
Tax-Managed Growth Fund 1.1
September 30, 2023 (Unaudited)
Eaton Vance Tax-Managed Growth Fund 1.1 (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Tax-Managed Growth Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At September 30, 2023, the value of the Fund’s investment in the Portfolio was $2,053,176,033 and the Fund owned 44.4% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
1
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited)
Common Stocks — 98.8% |
Security | Shares | Value | |
Aerospace & Defense — 1.4% | |||
Boeing Co. (The)(1) | 160,196 | $ 30,706,369 | |
General Dynamics Corp. | 37,550 | 8,297,424 | |
Lockheed Martin Corp. | 18,733 | 7,661,048 | |
Northrop Grumman Corp. | 16,117 | 7,094,542 | |
RTX Corp. | 126,984 | 9,139,038 | |
$ 62,898,421 | |||
Air Freight & Logistics — 1.0% | |||
C.H. Robinson Worldwide, Inc. | 80,986 | $ 6,975,324 | |
FedEx Corp. | 76,559 | 20,282,010 | |
United Parcel Service, Inc., Class B | 127,908 | 19,937,020 | |
$ 47,194,354 | |||
Automobile Components — 0.2% | |||
Aptiv PLC(1) | 89,316 | $ 8,805,664 | |
$ 8,805,664 | |||
Automobiles — 0.4% | |||
Tesla, Inc.(1) | 67,031 | $ 16,772,497 | |
$ 16,772,497 | |||
Banks — 2.9% | |||
Bank of America Corp. | 478,599 | $ 13,104,041 | |
Fifth Third Bancorp | 491,355 | 12,446,022 | |
JPMorgan Chase & Co. | 514,622 | 74,630,482 | |
PNC Financial Services Group, Inc. (The) | 15,834 | 1,943,940 | |
Regions Financial Corp. | 261,997 | 4,506,348 | |
Truist Financial Corp. | 311,559 | 8,913,703 | |
U.S. Bancorp | 76,801 | 2,539,041 | |
Wells Fargo & Co. | 446,596 | 18,247,913 | |
$ 136,331,490 | |||
Beverages — 1.9% | |||
Coca-Cola Co. (The) | 455,199 | $ 25,482,040 | |
Constellation Brands, Inc., Class A | 56,905 | 14,301,934 | |
Monster Beverage Corp.(1) | 142,992 | 7,571,426 | |
PepsiCo, Inc. | 228,875 | 38,780,580 | |
$ 86,135,980 | |||
Biotechnology — 2.6% | |||
AbbVie, Inc. | 193,103 | $ 28,783,933 | |
Amgen, Inc. | 97,100 | 26,096,596 |
Security | Shares | Value | |
Biotechnology (continued) | |||
Argenx SE ADR(1) | 43,298 | $ 21,286,596 | |
Biogen, Inc.(1) | 7,070 | 1,817,061 | |
Gilead Sciences, Inc. | 193,738 | 14,518,726 | |
Vertex Pharmaceuticals, Inc.(1) | 78,684 | 27,361,574 | |
$ 119,864,486 | |||
Broadline Retail — 3.8% | |||
Amazon.com, Inc.(1) | 1,372,000 | $ 174,408,640 | |
$ 174,408,640 | |||
Building Products — 0.4% | |||
Carrier Global Corp. | 189,214 | $ 10,444,613 | |
Johnson Controls International PLC | 160,853 | 8,558,988 | |
$ 19,003,601 | |||
Capital Markets — 3.5% | |||
Ameriprise Financial, Inc. | 30,879 | $ 10,180,189 | |
Bank of New York Mellon Corp. (The) | 149,031 | 6,356,172 | |
BlackRock, Inc. | 7,289 | 4,712,266 | |
Cboe Global Markets, Inc. | 75,857 | 11,849,622 | |
Charles Schwab Corp. (The) | 371,381 | 20,388,817 | |
CME Group, Inc. | 36,417 | 7,291,412 | |
Goldman Sachs Group, Inc. (The) | 128,899 | 41,707,849 | |
Intercontinental Exchange, Inc. | 60,970 | 6,707,919 | |
LPL Financial Holdings, Inc. | 33,113 | 7,869,304 | |
Moody's Corp. | 66,944 | 21,165,685 | |
S&P Global, Inc. | 32,008 | 11,696,043 | |
T. Rowe Price Group, Inc. | 105,316 | 11,044,489 | |
$ 160,969,767 | |||
Chemicals — 1.6% | |||
Air Products and Chemicals, Inc. | 2,258 | $ 639,917 | |
Corteva, Inc. | 18,814 | 962,524 | |
Dow, Inc. | 18,955 | 977,320 | |
DuPont de Nemours, Inc. | 142,744 | 10,647,275 | |
Ecolab, Inc. | 110,020 | 18,637,388 | |
Linde PLC | 58,347 | 21,725,506 | |
PPG Industries, Inc. | 89,144 | 11,570,891 | |
Sherwin-Williams Co. (The) | 32,982 | 8,412,059 | |
$ 73,572,880 | |||
Commercial Services & Supplies — 0.5% | |||
Waste Connections, Inc. | 57,850 | $ 7,769,255 | |
Waste Management, Inc. | 108,692 | 16,569,009 | |
$ 24,338,264 |
2
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Communications Equipment — 1.2% | |||
Arista Networks, Inc.(1) | 153,507 | $ 28,234,542 | |
Cisco Systems, Inc. | 517,461 | 27,818,703 | |
Motorola Solutions, Inc. | 2,673 | 727,698 | |
$ 56,780,943 | |||
Consumer Finance — 0.7% | |||
American Express Co. | 121,531 | $ 18,131,210 | |
Capital One Financial Corp. | 15,163 | 1,471,569 | |
Discover Financial Services | 144,856 | 12,548,875 | |
$ 32,151,654 | |||
Consumer Staples Distribution & Retail — 1.8% | |||
Costco Wholesale Corp. | 113,479 | $ 64,111,096 | |
Kroger Co. (The) | 35,353 | 1,582,046 | |
Sprouts Farmers Market, Inc.(1) | 182,261 | 7,800,771 | |
Sysco Corp. | 155,777 | 10,289,071 | |
Walgreens Boots Alliance, Inc. | 66,946 | 1,488,879 | |
$ 85,271,863 | |||
Electric Utilities — 0.6% | |||
Duke Energy Corp. | 152,233 | $ 13,436,084 | |
Edison International | 197,713 | 12,513,256 | |
$ 25,949,340 | |||
Electrical Equipment — 1.0% | |||
AMETEK, Inc. | 23,362 | $ 3,451,969 | |
Eaton Corp. PLC | 8,651 | 1,845,086 | |
Emerson Electric Co. | 269,079 | 25,984,959 | |
Rockwell Automation, Inc. | 50,722 | 14,499,898 | |
$ 45,781,912 | |||
Energy Equipment & Services — 0.4% | |||
Halliburton Co. | 166,374 | $ 6,738,147 | |
Schlumberger NV | 206,344 | 12,029,855 | |
$ 18,768,002 | |||
Entertainment — 1.9% | |||
Activision Blizzard, Inc. | 79,304 | $ 7,425,234 | |
Netflix, Inc.(1) | 102,984 | 38,886,758 | |
Walt Disney Co. (The)(1) | 534,448 | 43,317,010 | |
$ 89,629,002 | |||
Financial Services — 4.2% | |||
Berkshire Hathaway, Inc., Class A(1) | 84 | $ 44,644,068 | |
Berkshire Hathaway, Inc., Class B(1) | 224,230 | 78,547,769 |
Security | Shares | Value | |
Financial Services (continued) | |||
Mastercard, Inc., Class A | 36,635 | $ 14,504,163 | |
PayPal Holdings, Inc.(1) | 146,905 | 8,588,066 | |
Visa, Inc., Class A | 212,810 | 48,948,428 | |
$ 195,232,494 | |||
Food Products — 1.1% | |||
Conagra Brands, Inc. | 127,385 | $ 3,492,897 | |
Flowers Foods, Inc. | 147,169 | 3,264,209 | |
General Mills, Inc. | 15,587 | 997,412 | |
Hershey Co. (The) | 47,710 | 9,545,817 | |
Lamb Weston Holdings, Inc. | 73,135 | 6,762,062 | |
McCormick & Co., Inc., Non Voting Shares | 96,258 | 7,280,955 | |
Mondelez International, Inc., Class A | 142,261 | 9,872,913 | |
Nestle S.A. | 94,686 | 10,718,076 | |
$ 51,934,341 | |||
Ground Transportation — 1.2% | |||
CSX Corp. | 52,770 | $ 1,622,678 | |
Norfolk Southern Corp. | 65,062 | 12,812,660 | |
Uber Technologies, Inc.(1) | 213,498 | 9,818,773 | |
Union Pacific Corp. | 148,572 | 30,253,716 | |
$ 54,507,827 | |||
Health Care Equipment & Supplies — 2.9% | |||
Abbott Laboratories | 260,303 | $ 25,210,346 | |
Becton Dickinson & Co. | 8,470 | 2,189,749 | |
Boston Scientific Corp.(1) | 289,826 | 15,302,813 | |
Dexcom, Inc.(1) | 153,683 | 14,338,624 | |
GE HealthCare Technologies, Inc. | 135,517 | 9,220,577 | |
Intuitive Surgical, Inc.(1) | 101,205 | 29,581,209 | |
Medtronic PLC | 110,455 | 8,655,254 | |
Stryker Corp. | 72,313 | 19,760,973 | |
Zimmer Biomet Holdings, Inc. | 77,057 | 8,647,336 | |
$ 132,906,881 | |||
Health Care Providers & Services — 2.5% | |||
Cardinal Health, Inc. | 14,717 | $ 1,277,730 | |
CVS Health Corp. | 168,934 | 11,794,972 | |
DaVita, Inc.(1) | 135,077 | 12,768,829 | |
Elevance Health, Inc. | 29,512 | 12,850,115 | |
HCA Healthcare, Inc. | 64,083 | 15,763,136 | |
UnitedHealth Group, Inc. | 123,171 | 62,101,587 | |
$ 116,556,369 | |||
Hotels, Restaurants & Leisure — 2.6% | |||
Airbnb, Inc., Class A(1) | 63,500 | $ 8,712,835 |
3
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Hotels, Restaurants & Leisure (continued) | |||
Booking Holdings, Inc.(1) | 15,067 | $ 46,465,875 | |
Chipotle Mexican Grill, Inc.(1) | 3,990 | 7,309,002 | |
Marriott International, Inc., Class A | 46,029 | 9,047,460 | |
McDonald's Corp. | 5,400 | 1,422,576 | |
Starbucks Corp. | 418,945 | 38,237,110 | |
Yum! Brands, Inc. | 79,662 | 9,952,970 | |
$ 121,147,828 | |||
Household Products — 1.4% | |||
Colgate-Palmolive Co. | 397,371 | $ 28,257,052 | |
Kimberly-Clark Corp. | 20,354 | 2,459,781 | |
Procter & Gamble Co. (The) | 220,699 | 32,191,156 | |
$ 62,907,989 | |||
Industrial Conglomerates — 0.5% | |||
General Electric Co. | 163,119 | $ 18,032,805 | |
Honeywell International, Inc. | 22,939 | 4,237,751 | |
$ 22,270,556 | |||
Industrial REITs — 0.1% | |||
EastGroup Properties, Inc. | 25,000 | $ 4,163,250 | |
$ 4,163,250 | |||
Insurance — 1.6% | |||
Aflac, Inc. | 154,400 | $ 11,850,200 | |
Aon PLC, Class A, Class A | 27,135 | 8,797,710 | |
Arthur J. Gallagher & Co. | 47,054 | 10,725,018 | |
Markel Group, Inc.(1) | 6,362 | 9,367,981 | |
Marsh & McLennan Cos., Inc. | 46,353 | 8,820,976 | |
Progressive Corp. (The) | 151,029 | 21,038,340 | |
Travelers Cos., Inc. (The) | 20,353 | 3,323,848 | |
$ 73,924,073 | |||
Interactive Media & Services — 7.8% | |||
Alphabet, Inc., Class A(1) | 897,034 | $ 117,385,869 | |
Alphabet, Inc., Class C(1) | 980,031 | 129,217,088 | |
Meta Platforms, Inc., Class A(1) | 383,462 | 115,119,127 | |
$ 361,722,084 | |||
IT Services — 1.7% | |||
Accenture PLC, Class A | 155,875 | $ 47,870,771 | |
Akamai Technologies, Inc.(1) | 147,626 | 15,728,074 | |
International Business Machines Corp. | 92,900 | 13,033,870 | |
$ 76,632,715 |
Security | Shares | Value | |
Life Sciences Tools & Services — 1.3% | |||
Agilent Technologies, Inc. | 151,400 | $ 16,929,548 | |
Danaher Corp. | 170,507 | 42,302,787 | |
Illumina, Inc.(1) | 10,000 | 1,372,800 | |
$ 60,605,135 | |||
Machinery — 2.3% | |||
Caterpillar, Inc. | 56,089 | $ 15,312,297 | |
Deere & Co. | 32,269 | 12,177,675 | |
Donaldson Co., Inc. | 89,373 | 5,330,206 | |
Dover Corp. | 97,408 | 13,589,390 | |
Illinois Tool Works, Inc. | 143,086 | 32,954,137 | |
Otis Worldwide Corp. | 68,364 | 5,490,313 | |
PACCAR, Inc. | 28,969 | 2,462,944 | |
Parker-Hannifin Corp. | 16,957 | 6,605,090 | |
Snap-on, Inc. | 14,911 | 3,803,200 | |
Westinghouse Air Brake Technologies Corp. | 77,029 | 8,185,872 | |
$ 105,911,124 | |||
Media — 0.2% | |||
Comcast Corp., Class A | 218,452 | $ 9,686,162 | |
$ 9,686,162 | |||
Metals & Mining — 0.1% | |||
Nucor Corp. | 35,624 | $ 5,569,812 | |
$ 5,569,812 | |||
Multi-Utilities — 0.2% | |||
Consolidated Edison, Inc. | 50,472 | $ 4,316,870 | |
Dominion Energy, Inc. | 119,000 | 5,315,730 | |
$ 9,632,600 | |||
Oil, Gas & Consumable Fuels — 3.8% | |||
Antero Resources Corp.(1) | 328,489 | $ 8,337,051 | |
Cheniere Energy, Inc. | 149,498 | 24,810,688 | |
ConocoPhillips | 285,715 | 34,228,657 | |
Devon Energy Corp. | 33,163 | 1,581,875 | |
EOG Resources, Inc. | 16,793 | 2,128,681 | |
Exxon Mobil Corp. | 686,802 | 80,754,179 | |
Hess Corp. | 20,651 | 3,159,603 | |
Marathon Petroleum Corp. | 69,480 | 10,515,103 | |
Murphy Oil Corp. | 41,407 | 1,877,808 | |
Phillips 66 | 51,867 | 6,231,820 | |
$ 173,625,465 | |||
Personal Care Products — 0.2% | |||
Estee Lauder Cos., Inc. (The), Class A | 26,451 | $ 3,823,492 |
4
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Personal Care Products (continued) | |||
Kenvue, Inc. | 327,541 | $ 6,577,023 | |
$ 10,400,515 | |||
Pharmaceuticals — 4.6% | |||
AstraZeneca PLC ADR | 182,272 | $ 12,343,460 | |
Bristol-Myers Squibb Co. | 143,581 | 8,333,441 | |
Catalent, Inc.(1) | 45,943 | 2,091,785 | |
Eli Lilly & Co. | 171,783 | 92,269,803 | |
Johnson & Johnson | 267,485 | 41,660,789 | |
Merck & Co., Inc. | 215,040 | 22,138,368 | |
Pfizer, Inc. | 311,715 | 10,339,586 | |
Zoetis, Inc. | 142,003 | 24,705,682 | |
$ 213,882,914 | |||
Professional Services — 1.0% | |||
ASGN, Inc.(1) | 59,571 | $ 4,865,759 | |
Automatic Data Processing, Inc. | 68,245 | 16,418,382 | |
Jacobs Solutions, Inc. | 56,851 | 7,760,162 | |
Paycom Software, Inc. | 26,230 | 6,800,652 | |
Verisk Analytics, Inc. | 46,792 | 11,054,142 | |
$ 46,899,097 | |||
Residential REITs — 0.1% | |||
Invitation Homes, Inc. | 156,000 | $ 4,943,640 | |
$ 4,943,640 | |||
Semiconductors & Semiconductor Equipment — 7.1% | |||
Analog Devices, Inc. | 133,698 | $ 23,409,183 | |
Applied Materials, Inc. | 187,182 | 25,915,348 | |
Broadcom, Inc. | 24,966 | 20,736,260 | |
Intel Corp. | 691,483 | 24,582,221 | |
Lam Research Corp. | 25,000 | 15,669,250 | |
Marvell Technology, Inc. | 95,391 | 5,163,515 | |
NVIDIA Corp. | 302,592 | 131,624,494 | |
ON Semiconductor Corp.(1) | 203,500 | 18,915,325 | |
QUALCOMM, Inc. | 314,846 | 34,966,797 | |
Texas Instruments, Inc. | 158,452 | 25,195,452 | |
$ 326,177,845 | |||
Software — 10.9% | |||
Adobe, Inc.(1) | 80,840 | $ 41,220,316 | |
Cadence Design Systems, Inc.(1) | 83,984 | 19,677,451 | |
Check Point Software Technologies, Ltd.(1) | 56,152 | 7,483,939 | |
Fortinet, Inc.(1) | 206,000 | 12,088,080 | |
Intuit, Inc. | 46,644 | 23,832,285 | |
Microsoft Corp. | 887,192 | 280,130,874 |
Security | Shares | Value | |
Software (continued) | |||
Oracle Corp. | 80,569 | $ 8,533,869 | |
Palo Alto Networks, Inc.(1) | 153,052 | 35,881,511 | |
Salesforce, Inc.(1) | 112,456 | 22,803,828 | |
ServiceNow, Inc.(1) | 67,266 | 37,599,003 | |
Splunk, Inc.(1) | 22,755 | 3,327,919 | |
Workday, Inc., Class A(1) | 54,405 | 11,688,914 | |
$ 504,267,989 | |||
Specialized REITs — 0.3% | |||
American Tower Corp. | 10,718 | $ 1,762,575 | |
Public Storage | 51,744 | 13,635,579 | |
$ 15,398,154 | |||
Specialty Retail — 2.5% | |||
Best Buy Co., Inc. | 72,849 | $ 5,060,820 | |
Lowe's Cos., Inc. | 212,443 | 44,154,153 | |
O'Reilly Automotive, Inc.(1) | 14,850 | 13,496,571 | |
Ross Stores, Inc. | 141,093 | 15,936,455 | |
TJX Cos., Inc. (The) | 219,657 | 19,523,114 | |
Tractor Supply Co. | 50,157 | 10,184,379 | |
Ulta Beauty, Inc.(1) | 17,591 | 7,026,725 | |
$ 115,382,217 | |||
Technology Hardware, Storage & Peripherals — 7.4% | |||
Apple, Inc. | 1,986,542 | $ 340,115,856 | |
$ 340,115,856 | |||
Textiles, Apparel & Luxury Goods — 0.9% | |||
NIKE, Inc., Class B | 424,913 | $ 40,630,181 | |
$ 40,630,181 | |||
Tobacco — 0.5% | |||
Altria Group, Inc. | 157,274 | $ 6,613,372 | |
Philip Morris International, Inc. | 162,661 | 15,059,155 | |
$ 21,672,527 | |||
Total Common Stocks (identified cost $1,657,976,458) | $4,563,336,400 |
5
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Short-Term Investments — 0.1% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.27%(2) | 6,890,153 | $ 6,890,153 | |
Total Short-Term Investments (identified cost $6,890,153) | $ 6,890,153 | ||
Total Investments — 98.9% (identified cost $1,664,866,611) | $4,570,226,553 | ||
Other Assets, Less Liabilities — 1.1% | $ 49,866,165 | ||
Net Assets — 100.0% | $4,620,092,718 |
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 September 30, 2023. |
Abbreviations: | |
ADR | – American Depositary Receipt |
REITs | – Real Estate Investment Trusts |
Affiliated Investments
At September 30, 2023, the value of the Portfolio's investment in affiliated issuers and funds that may be deemed to be affiliated was $6,890,153, which represents 0.1% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the fiscal year to date ended September 30, 2023 were as follows:
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Common Stocks | ||||||||
Morgan Stanley | $90,143,050 | $ — | $(96,092,054) | $8,727,060 | $(2,778,056) | $ — | $189,077 | — |
Short-Term Investments | ||||||||
Liquidity Fund, Institutional Class(1) | 170,972,940 | 244,220,889 | (408,303,676) | — | — | 6,890,153 | 1,207,286 | 6,890,153 |
Total | $8,727,060 | $(2,778,056) | $6,890,153 | $1,396,363 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At September 30, 2023, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Communication Services | $ 461,037,248 | $ — | $ — | $ 461,037,248 |
6
Tax-Managed Growth Portfolio
September 30, 2023
Portfolio of Investments (Unaudited) — continued
Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
Consumer Discretionary | $ 477,147,027 | $ — | $ — | $ 477,147,027 |
Consumer Staples | 307,605,139 | 10,718,076 | — | 318,323,215 |
Energy | 192,393,467 | — | — | 192,393,467 |
Financials | 598,609,478 | — | — | 598,609,478 |
Health Care | 643,815,785 | — | — | 643,815,785 |
Industrials | 428,805,156 | — | — | 428,805,156 |
Information Technology | 1,303,975,348 | — | — | 1,303,975,348 |
Materials | 79,142,692 | — | — | 79,142,692 |
Real Estate | 24,505,044 | — | — | 24,505,044 |
Utilities | 35,581,940 | — | — | 35,581,940 |
Total Common Stocks | $4,552,618,324 | $10,718,076* | $ — | $4,563,336,400 |
Short-Term Investments | $ 6,890,153 | $ — | $ — | $ 6,890,153 |
Total Investments | $4,559,508,477 | $10,718,076 | $ — | $4,570,226,553 |
* | 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. |
For information on the Portfolio's policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent financial statements included in its semiannual or annual report to shareholders.
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