Form N-CSRS EATON VANCE SERIES TRUST For: Jun 30

August 24, 2021 2:31 PM EDT

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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: 811-02589

 

 

Eaton Vance Series Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

June 30, 2021

Date of Reporting Period

 

 

 


Item 1.

Reports to Stockholders


LOGO

 

 

Eaton Vance

Tax-Managed Growth Fund 1.0

Semiannual Report

June 30, 2021

 

 

 

LOGO


 

 

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.


Semiannual Report June 30, 2021

Eaton Vance

Tax-Managed Growth Fund 1.0

 

Table of Contents

  

Performance

     2  

Fund Profile

     2  

Endnotes and Additional Disclosures

     3  

Fund Expenses

     4  

Financial Statements

     5  

Joint Special Meeting of Shareholders

     32  

Liquidity Risk Management Program

     33  

Officers and Trustees

     34  

Privacy Notice

     35  

Important Notices

     37  


Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2021

 

Performance1,2

 

Portfolio Managers Lewis R. Piantedosi, Michael A. Allison, CFA and Yana S. Barton, CFA

 

% Average Annual Total Returns    Inception Date     

Performance

Inception Date

     Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     03/29/1966        03/29/1966        14.89      44.23      18.29      14.75

 

S&P 500® Index

                   15.25      40.79      17.64      14.83
% After-Tax Returns            Inception Date     

Performance

Inception Date

     One Year      Five Years      Ten Years  

After Taxes on Distributions

        03/29/1966        03/29/1966        43.99      17.99      14.43

After Taxes on Distributions and Sale of Fund Shares

                      26.37        15.36        12.74  

Fund Profile3

 

Sector Allocation (% of net assets)4

 

 

LOGO

Top 10 Holdings (% of net assets)4

 

 

Apple, Inc.

     4.4

Amazon.com, Inc.

     4.3  

Microsoft Corp.

     3.6  

Alphabet, Inc., Class C

     3.2  

Facebook, Inc., Class A

     3.1  

Alphabet, Inc., Class A

     2.3  

JPMorgan Chase & Co.

     2.0  

QUALCOMM, Inc.

     1.8  

Walt Disney Co. (The)

     1.7  

Berkshire Hathaway, Inc., Class B

     1.6  

Total

     28.0
 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

 

  2  


Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2021

 

Endnotes and Additional Disclosures

 

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 

Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest individual federal income tax rates in effect at the time of the distributions 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.

 

3 

Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

 

4 

Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Important Notice to Shareholders

The Fund typically meets redemptions of Fund shares by distributing portfolio securities equal in value to the Fund shares being redeemed. The selection of each security to be distributed in a redemption is in the sole discretion of the Fund’s investment adviser. Settlement of redemptions ordinarily will occur within five business days of the processing of a redemption, provided that all requested delivery information has been provided by the redeeming shareholder. Redeeming shareholders will be exposed to the risk of fluctuations in the value of the securities distributed by the Fund upon redemptions until the securities are received and/or sold by the shareholder. If portfolio securities distributed to meet a redemption are sold by the redeeming shareholder, the shareholder will incur brokerage commissions or other transaction costs. Shareholders should consult with their financial intermediary in connection with a redemption request. Questions concerning redemptions may be directed to Eaton Vance Investor Services at 1-866-910-2425.

Effective July 1, 2021, the Fund is managed by Yana S. Barton and Kenneth D. Zinner.

 

 

  3  


Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2021

 

Fund Expenses

 

 

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (January 1, 2021 – June 30, 2021).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

 

     Beginning
Account Value
(1/1/21)
     Ending
Account Value
(6/30/21)
     Expenses Paid
During Period*
(1/1/21 – 6/30/21)
     Annualized
Expense
Ratio
 

Actual

          
  $ 1,000.00      $ 1,148.90      $ 2.40        0.45
         

Hypothetical

          

(5% return per year before expenses)

 

  $ 1,000.00      $ 1,022.60      $ 2.26        0.45

 

*

Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2020. The Example reflects the expenses of both the Fund and the Portfolio.

 

  4  


Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2021

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets    June 30, 2021  

Investment in Tax-Managed Growth Portfolio, at value (identified cost, $202,367,085)

   $ 1,337,054,974  

Total assets

   $ 1,337,054,974  
Liabilities         

Payable for Fund shares redeemed

   $ 45,588  

Payable to affiliates:

  

Trustees’ fees

     125  

Accrued expenses

     76,916  

Total liabilities

   $ 122,629  

Net Assets

   $ 1,336,932,345  
Sources of Net Assets         

Paid-in capital

   $ 24,482,324  

Distributable earnings

     1,312,450,021  

Total

   $ 1,336,932,345  
Net Asset Value and Redemption Price Per Share         

($1,336,932,345 ÷ 693,815 shares of beneficial interest outstanding)

   $ 1,926.93  

 

  5   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2021

 

Statement of Operations (Unaudited)

 

 

Investment Income   

Six Months Ended

June 30, 2021

 

Dividends allocated from Portfolio (net of foreign taxes, $93,871)

   $ 7,294,519  

Expenses allocated from Portfolio

     (2,706,719

Total investment income from Portfolio

   $ 4,587,800  
Expenses         

Trustees’ fees and expenses

   $ 250  

Custodian fee

     32,217  

Transfer and dividend disbursing agent fees

     45,017  

Professional fees

     21,119  

Printing and postage

     2,468  

Miscellaneous

     8,228  

Total expenses

   $ 109,299  

Net investment income

   $ 4,478,501  
Realized and Unrealized Gain (Loss) from Portfolio         

Net realized gain (loss) —

  

Investment transactions(1)

   $ 15,116,101  

Foreign currency transactions

     (174

Net realized gain

   $ 15,115,927  

Change in unrealized appreciation (depreciation) —

  

Investments

   $ 156,195,918  

Foreign currency

     (3,626

Net change in unrealized appreciation (depreciation)

   $ 156,192,292  

Net realized and unrealized gain

   $ 171,308,219  

Net increase in net assets from operations

   $ 175,786,720  

 

(1)  

Includes $15,273,187 of net realized gains from redemptions in-kind.

 

  6   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2021

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets   

Six Months Ended

June 30, 2021
(Unaudited)

    

Year Ended

December 31, 2020

 

From operations —

     

Net investment income

   $ 4,478,501      $ 10,798,713  

Net realized gain

     15,115,927        26,115,697  

Net change in unrealized appreciation (depreciation)

     156,192,292        189,846,732  

Net increase in net assets from operations

   $ 175,786,720      $ 226,761,142  

Distributions to shareholders

   $ (4,549,936    $ (10,770,512

Transactions in shares of beneficial interest —

     

Net asset value of shares issued to shareholders in payment of distributions declared

   $ 1,205,297      $ 2,676,508  

Cost of shares redeemed

     (32,196,850      (55,713,335

Net decrease in net assets from Fund share transactions

   $ (30,991,553    $ (53,036,827

Net increase in net assets

   $ 140,245,231      $ 162,953,803  
Net Assets                  

At beginning of period

   $ 1,196,687,114      $ 1,033,733,311  

At end of period

   $ 1,336,932,345      $ 1,196,687,114  

 

  7   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2021

 

Financial Highlights

 

 

    Six Months Ended
June 30, 2021
(Unaudited)
    Year Ended December 31,  
  2020     2019     2018     2017     2016  
             

Net asset value — Beginning of period

  $ 1,683.170     $ 1,378.390     $ 1,075.910     $ 1,146.130     $ 946.160     $ 880.890  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 6.371     $ 14.813     $ 15.815     $ 14.556     $ 13.613     $ 12.991  

Net realized and unrealized gain (loss)

    243.889       304.817       302.465       (70.176     200.107       65.579  

Total income (loss) from operations

  $ 250.260     $ 319.630     $ 318.280     $ (55.620   $ 213.720     $ 78.570  
Less Distributions                                                

From net investment income

  $ (6.500   $ (14.850   $ (15.800   $ (14.180   $ (13.750   $ (13.300

Tax return of capital

                      (0.420            

Total distributions

  $ (6.500   $ (14.850   $ (15.800   $ (14.600   $ (13.750   $ (13.300

Net asset value — End of period

  $ 1,926.930     $ 1,683.170     $ 1,378.390     $ 1,075.910     $ 1,146.130     $ 946.160  

Total Return(2)

    14.89 %(3)      23.49     29.83     (5.04 )%      22.73     9.00
Ratios/Supplemental Data                                                

Net assets, end of period (000’s omitted)

  $ 1,336,932     $ 1,196,687     $ 1,033,733     $ 861,445     $ 983,065     $ 827,340  

Ratios (as a percentage of average daily net assets):(4)

           

Expenses

    0.45 %(5)      0.46     0.47     0.48     0.48     0.49

Net investment income

    0.71 %(5)      1.06     1.27     1.23     1.31     1.46

Portfolio Turnover of the Portfolio(6)

    0 %(3)(7)      1     1     1     0 %(7)      1

 

(1) 

Computed using average shares outstanding.

 

(2) 

Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

 

(3) 

Not annualized.

 

(4) 

Includes the Fund’s share of the Portfolio’s allocated expenses.

 

(5) 

Annualized.

 

(6) 

Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 2%, 6%, 6%, 6%, 5% and 6% for the six months ended June 30, 2021 and the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively.

 

(7) 

Amount is less than 0.5%.

 

  8   See Notes to Financial Statements.


Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2021

 

Notes to Financial Statements (Unaudited)

 

 

1  Significant Accounting Policies

Eaton Vance Tax-Managed Growth Fund 1.0 (the Fund) is a diversified series of the Eaton Vance Series Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund invests all of its investable assets in interests in Tax-Managed Growth Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (4.0% at June 30, 2021). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services — Investment Companies.”

A  Investment Valuation — Valuation of securities by the Portfolio is discussed in Note 1A of the Portfolio’s Notes to Financial Statements, which are included elsewhere in this report.

B  Income — The Fund’s net investment income or loss consists of the Fund’s pro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

C  Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of June 30, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

D  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

E  Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

F  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis.

H  Interim Financial Statements — The interim financial statements relating to June 30, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make quarterly distributions of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). Distributions to shareholders are recorded on the ex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

At December 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $3,275,486 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the

 

  9  


Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2021

 

Notes to Financial Statements (Unaudited) — continued

 

 

amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2020, $3,275,486 are short-term.

3  Transactions with Affiliates

Effective March 1, 2021, the Fund entered into an investment advisory agreement with Eaton Vance Management (EVM). Pursuant to the agreement, the Fund pays an investment adviser fee on its average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee, at a per annum rate that is the same as that payable by the Portfolio. For the six months ended June 30, 2021, the Fund incurred no investment adviser fee on such assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its pro rata share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator to the Fund, but receives no compensation.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended June 30, 2021, EVM earned $14,773 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Certain officers and Trustees of the Fund and the Portfolio are officers of the above organizations.

4  Investment Transactions

For the six months ended June 30, 2021, decreases in the Fund’s investment in the Portfolio aggregated $35,930,706. Decreases in the Fund’s investment in the Portfolio include distributions of securities as the result of redemptions in-kind with a value of $31,969,582.

5  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows:

 

      Six Months Ended
June 30, 2021
(Unaudited)
     Year Ended
December 31, 2020
 

Issued to shareholders electing to receive payments of distributions in Fund shares

     665        1,957  

Redemptions

     (17,823      (40,943

Net decrease

     (17,158      (38,986

6  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

 

  10  


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited)

 

 

Common Stocks — 99.5%

 

Security   Shares     Value  
Aerospace & Defense — 1.2%  

Boeing Co. (The)(1)

    882,996     $ 211,530,522  

General Dynamics Corp.

    145,853       27,458,286  

Hexcel Corp.(1)

    103,987       6,488,789  

Howmet Aerospace, Inc.(1)

    4       138  

Huntington Ingalls Industries, Inc.

    2,300       484,725  

L3Harris Technologies, Inc.

    5,996       1,296,035  

Lockheed Martin Corp.

    126,511       47,865,437  

Northrop Grumman Corp.

    51,643       18,768,615  

Northrop Grumman Corp.(2)

    2,913       1,058,672  

Raytheon Technologies Corp.

    1,028,183       87,714,291  

Teledyne Technologies, Inc.(1)

    145       60,730  

Textron, Inc.

    9,462       650,702  

TransDigm Group, Inc.(1)

    3,386       2,191,724  
      $ 405,568,666  
Air Freight & Logistics — 1.4%  

C.H. Robinson Worldwide, Inc.

    362,311     $ 33,937,671  

Expeditors International of Washington, Inc.

    12,800       1,620,480  

FedEx Corp.

    351,891       104,979,642  

United Parcel Service, Inc., Class B

    1,481,730       308,155,388  

XPO Logistics, Inc.(1)

    67,458       9,436,700  
      $ 458,129,881  
Airlines — 0.0%(3)  

American Airlines Group, Inc.(1)

    66,989     $ 1,420,837  

Delta Air Lines, Inc.(1)

    60,606       2,621,816  

Southwest Airlines Co.(1)

    28,371       1,506,216  
      $ 5,548,869  
Auto Components — 0.6%  

Adient PLC(1)

    8,500     $ 384,200  

Aptiv PLC(1)

    1,022,078       160,803,532  

BorgWarner, Inc.

    800       38,832  

Dorman Products, Inc.(1)

    20,730       2,149,079  

Garrett Motion, Inc.(1)

    8,726       69,634  

Gentex Corp.

    1,443,192       47,755,223  
      $ 211,200,500  
Automobiles — 0.2%  

Daimler AG

    37,697     $ 3,388,960  

Ford Motor Co.(1)

    1,212,501       18,017,765  

General Motors Co.(1)

    87,163       5,157,435  

Harley-Davidson, Inc.

    800       36,656  
Security   Shares     Value  
Automobiles (continued)  

Tesla, Inc.(1)

    36,985     $ 25,138,704  

Toyota Motor Corp., ADR

    5,100       891,684  
      $ 52,631,204  
Banks — 4.2%  

Bank of America Corp.

    4,470,250     $ 184,308,408  

Bank of Hawaii Corp.

    557       46,911  

Bank of Montreal

    4       410  

CIT Group, Inc.

    1,490       76,869  

Citigroup, Inc.

    884,868       62,604,411  

Commerce Bancshares, Inc.

    75,693       5,643,670  

CVB Financial Corp.

    608,432       12,527,615  

Fifth Third Bancorp

    1,734,749       66,319,454  

First Republic Bank

    2,010       376,212  

HSBC Holdings PLC

    220,592       1,272,148  

HSBC Holdings PLC ADR

    424       12,232  

Huntington Bancshares, Inc.

    144,510       2,062,158  

ING Groep NV ADR

    125       1,655  

JPMorgan Chase & Co.

    4,170,913       648,743,808  

KeyCorp

    112,574       2,324,653  

M&T Bank Corp.

    151,030       21,946,169  

Pinnacle Financial Partners, Inc.

    34,686       3,062,427  

PNC Financial Services Group, Inc. (The)

    106,282       20,274,354  

Regions Financial Corp.

    772,628       15,591,633  

Signature Bank

    3,359       825,138  

Societe Generale S.A.

    405,793       12,003,921  

Sterling Bancorp

    180,109       4,464,902  

SVB Financial Group(1)

    31,251       17,388,994  

Synovus Financial Corp.

    1,565       68,672  

Toronto-Dominion Bank (The)

    569       39,859  

Truist Financial Corp.

    1,591,366       88,320,813  

U.S. Bancorp

    883,625       50,340,116  

Wells Fargo & Co.

    3,659,226       165,726,346  

Western Alliance Bancorp

    23,987       2,227,193  

Zions Bancorp N.A.

    49,558       2,619,636  
      $ 1,391,220,787  
Beverages — 1.8%  

Anheuser-Busch InBev SA/NV ADR

    75,379     $ 5,428,042  

Boston Beer Co., Inc. (The), Class A(1)

    4,730       4,828,384  

Brown-Forman Corp., Class A

    17,399       1,226,629  

Brown-Forman Corp., Class B

    398,621       29,872,658  

Coca-Cola Co. (The)

    3,743,978       202,586,649  

Constellation Brands, Inc., Class A

    118,242       27,655,621  

Diageo PLC ADR

    8,946       1,714,859  
 

 

  11   See Notes to Financial Statements.


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Beverages (continued)  

Keurig Dr Pepper, Inc.

    2,700     $ 95,148  

Molson Coors Beverage Co., Class B(1)

    102,172       5,485,615  

Monster Beverage Corp.(1)

    174,636       15,952,999  

PepsiCo, Inc.

    2,091,317       309,870,440  
      $ 604,717,044  
Biotechnology — 2.6%  

AbbVie, Inc.

    1,108,299     $ 124,838,799  

Agios Pharmaceuticals, Inc.(1)

    74,972       4,131,707  

Alexion Pharmaceuticals, Inc.(1)

    469,856       86,317,246  

Alkermes PLC(1)

    5,000       122,600  

Alnylam Pharmaceuticals, Inc.(1)

    9,409       1,595,014  

Amgen, Inc.

    760,917       185,473,519  

Arena Pharmaceuticals, Inc.(1)

    15,471       1,055,122  

argenx SE ADR(1)

    308,910       93,003,534  

Biogen, Inc.(1)

    100,377       34,757,544  

Bluebird Bio, Inc.(1)

    500       15,990  

Blueprint Medicines Corp.(1)

    211,575       18,610,137  

Exact Sciences Corp.(1)

    241,168       29,979,594  

Exact Sciences Corp.(1)(2)

    8,313       1,032,717  

Gilead Sciences, Inc.

    1,100,323       75,768,242  

Incyte Corp.(1)

    103,220       8,683,899  

Moderna, Inc.(1)

    343,592       80,737,248  

Natera, Inc.(1)

    9,906       1,124,628  

Neurocrine Biosciences, Inc.(1)

    219,845       21,395,315  

Regeneron Pharmaceuticals, Inc.(1)

    22,768       12,716,839  

Seagen, Inc.(1)

    5,662       893,916  

Vertex Pharmaceuticals, Inc.(1)

    346,315       69,827,493  
      $ 852,081,103  
Building Products — 0.5%  

A.O. Smith Corp.

    31,693     $ 2,283,798  

Carrier Global Corp.

    230,039       11,179,895  

Fortune Brands Home & Security, Inc.

    27,542       2,743,459  

Johnson Controls International PLC

    350,715       24,069,571  

Lennox International, Inc.

    378,778       132,875,322  

Masco Corp.

    38,156       2,247,770  

Resideo Technologies, Inc.(1)

    14,542       436,260  

Trane Technologies PLC

    30,738       5,660,095  
      $ 181,496,170  
Capital Markets — 4.8%  

Affiliated Managers Group, Inc.

    58,916     $ 9,085,436  

Ameriprise Financial, Inc.

    197,418       49,133,392  

Bank of New York Mellon Corp. (The)

    709,396       36,342,357  
Security   Shares     Value  
Capital Markets (continued)  

BlackRock, Inc.

    41,188     $ 36,038,264  

Brookfield Asset Management, Inc., Class A

    234,178       11,938,394  

Cboe Global Markets, Inc.

    175,272       20,866,132  

Charles Schwab Corp. (The)

    3,934,418       286,464,974  

CME Group, Inc.

    227,898       48,469,347  

FactSet Research Systems, Inc.

    97,299       32,654,517  

Federated Hermes, Inc., Class B

    37,249       1,263,114  

Franklin Resources, Inc.

    211,191       6,756,000  

Goldman Sachs Group, Inc. (The)

    1,132,549       429,836,322  

Intercontinental Exchange, Inc.

    154,191       18,302,472  

Invesco, Ltd.

    11,064       295,741  

LPL Financial Holdings, Inc.

    202,671       27,356,532  

Moody’s Corp.

    261,226       94,660,466  

Morgan Stanley(4)

    2,448,105       224,466,747  

Morningstar, Inc.

    4,694       1,206,874  

Nasdaq, Inc.

    71,215       12,519,597  

Northern Trust Corp.

    2,500       289,050  

Raymond James Financial, Inc.

    72,220       9,381,378  

S&P Global, Inc.

    300,731       123,435,039  

SEI Investments Co.

    150,000       9,295,500  

State Street Corp.

    215,676       17,745,821  

Stifel Financial Corp.

    169,194       10,973,923  

T. Rowe Price Group, Inc.

    426,078       84,350,662  

UBS Group AG(1)

    9       138  
      $ 1,603,128,189  
Chemicals — 1.2%  

AdvanSix, Inc.(1)

    1,768     $ 52,793  

Air Products and Chemicals, Inc.

    76,444       21,991,410  

Albemarle Corp.

    128,966       21,725,612  

Balchem Corp.

    17,292       2,269,748  

Cabot Corp.

    16,510       939,914  

Celanese Corp.

    23,537       3,568,209  

Chemours Co. (The)

    1       35  

Corteva, Inc.

    242,479       10,753,944  

Dow, Inc.

    80,280       5,080,118  

DuPont de Nemours, Inc.

    500,430       38,738,286  

Eastman Chemical Co.

    770       89,898  

Ecolab, Inc.

    732,613       150,896,300  

FMC Corp.

    817       88,399  

International Flavors & Fragrances, Inc.

    5,000       747,000  

Linde PLC

    8,469       2,448,388  

Linde PLC(2)

    12,068       3,488,859  

LyondellBasell Industries NV, Class A

    4,274       439,666  

NewMarket Corp.

    13,626       4,387,300  

PPG Industries, Inc.

    412,610       70,048,800  
 

 

  12   See Notes to Financial Statements.


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Chemicals (continued)  

RPM International, Inc.

    3,433     $ 304,438  

Sherwin-Williams Co. (The)

    171,809       46,809,362  

Westlake Chemical Corp.

    1,000       90,090  
      $ 384,958,569  
Commercial Services & Supplies — 0.1%  

Brady Corp., Class A

    258     $ 14,458  

Cintas Corp.

    395       150,890  

Copart, Inc.(1)

    4,771       628,961  

Pitney Bowes, Inc.

    1,365       11,971  

Republic Services, Inc.

    1,750       192,518  

Rollins, Inc.

    60,814       2,079,839  

Stericycle, Inc.(1)

    8,000       572,400  

Waste Connections, Inc.

    115,655       13,812,677  

Waste Management, Inc.

    208,549       29,219,800  
      $ 46,683,514  
Communications Equipment — 1.7%  

Arista Networks, Inc.(1)

    910,405     $ 329,848,835  

Arista Networks, Inc.(1)(2)

    72,500       26,260,252  

Arista Networks, Inc.(1)(2)

    105,064       38,065,738  

Cisco Systems, Inc.

    2,936,256       155,621,568  

Juniper Networks, Inc.

    285,300       7,802,955  

Motorola Solutions, Inc.

    47,535       10,307,965  

Nokia Oyj ADR(1)

    192       1,021  
      $ 567,908,334  
Construction & Engineering — 0.0%(3)  

Fluor Corp.(1)

    3,250     $ 57,525  

Quanta Services, Inc.

    2,649       239,920  
      $ 297,445  
Construction Materials — 0.0%(3)  

Vulcan Materials Co.

    62,993     $ 10,965,192  
      $ 10,965,192  
Consumer Finance — 1.1%  

American Express Co.

    1,029,084     $ 170,035,549  

Capital One Financial Corp.

    106,254       16,436,431  

Discover Financial Services

    1,249,137       147,760,416  

LendingClub Corp.(1)

    15,938       288,956  

Navient Corp.

    10,200       197,166  

Synchrony Financial

    929,245       45,086,968  
      $ 379,805,486  
Security   Shares     Value  
Containers & Packaging — 0.1%  

Amcor PLC

    936,184     $ 10,728,669  

AptarGroup, Inc.

    65,000       9,154,600  

Avery Dennison Corp.

    5,508       1,158,002  

Ball Corp.

    53,090       4,301,352  

Crown Holdings, Inc.

    13,787       1,409,169  

International Paper Co.

    35,524       2,177,976  

Packaging Corp. of America

    12,273       1,662,010  

Sealed Air Corp.

    27,104       1,605,912  

Sonoco Products Co.

    774       51,780  

WestRock Co.

    42,750       2,275,155  
      $ 34,524,625  
Distributors — 0.0%(3)  

Genuine Parts Co.

    22,932     $ 2,900,210  

LKQ Corp.(1)

    79,518       3,913,876  
      $ 6,814,086  
Diversified Consumer Services — 0.0%(3)  

Bright Horizons Family Solutions, Inc.(1)

    6,150     $ 904,726  

H&R Block, Inc.

    25,610       601,323  

Service Corp. International

    15,900       852,081  
      $ 2,358,130  
Diversified Financial Services — 2.4%  

Berkshire Hathaway, Inc., Class A(1)

    589     $ 246,555,989  

Berkshire Hathaway, Inc., Class B(1)

    1,959,740       544,650,941  
      $ 791,206,930  
Diversified Telecommunication Services — 0.2%  

AT&T, Inc.

    523,304     $ 15,060,689  

Liberty Global PLC, Class A(1)

    3,330       90,443  

Liberty Latin America, Ltd., Class A(1)

    1,546       21,428  

Liberty Latin America, Ltd., Class C(1)

    4,825       68,032  

Lumen Technologies, Inc.

    4,871       66,197  

Verizon Communications, Inc.

    947,122       53,067,246  
      $ 68,374,035  
Electric Utilities — 0.2%  

Duke Energy Corp.

    31,500     $ 3,109,680  

Edison International

    1,960       113,327  

Entergy Corp.

    2,340       233,298  

Exelon Corp.

    28,788       1,275,596  

NextEra Energy, Inc.

    882,017       64,634,206  

NRG Energy, Inc.

    461       18,579  
 

 

  13   See Notes to Financial Statements.


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Electric Utilities (continued)  

Southern Co. (The)

    103,526     $ 6,264,358  
      $ 75,649,044  
Electrical Equipment — 0.8%  

Acuity Brands, Inc.

    9,321     $ 1,743,307  

AMETEK, Inc.

    68,380       9,128,730  

Eaton Corp. PLC

    91,928       13,621,891  

Emerson Electric Co.

    2,207,508       212,450,570  

Generac Holdings, Inc.(1)

    2,476       1,027,911  

Hubbell, Inc.

    14,950       2,793,258  

nVent Electric PLC

    4       125  

Rockwell Automation, Inc.

    112,211       32,094,590  
      $ 272,860,382  
Electronic Equipment, Instruments & Components — 0.5%  

Amphenol Corp., Class A

    22,356     $ 1,529,374  

CDW Corp.

    143,262       25,020,708  

Corning, Inc.

    1,489,441       60,918,137  

Keysight Technologies, Inc.(1)

    15,146       2,338,694  

Knowles Corp.(1)

    8,001       157,940  

Littelfuse, Inc.

    52,675       13,421,063  

Littelfuse, Inc.(2)

    39,181       9,977,436  

TE Connectivity, Ltd.

    59,321       8,020,793  

Trimble, Inc.(1)

    3,200       261,856  

Vontier Corp.

    3,985       129,831  

Zebra Technologies Corp., Class A(1)

    50,772       26,883,266  
      $ 148,659,098  
Energy Equipment & Services — 0.1%  

ChampionX Corp.(1)

    17,785     $ 456,185  

Core Laboratories NV

    16,652       648,595  

Frank’s International NV(1)

    1,500,000       4,545,000  

Halliburton Co.

    184,763       4,271,721  

NOV, Inc.(1)

    10,391       159,190  

Schlumberger NV

    843,897       27,013,143  

Transocean, Ltd.(1)

    3,548       16,037  
      $ 37,109,871  
Entertainment — 2.5%  

Activision Blizzard, Inc.

    241,143     $ 23,014,688  

Electronic Arts, Inc.

    149,619       21,519,701  

Liberty Braves Group, Series A(1)

    1,236       34,880  

Liberty Braves Group, Series C(1)

    2,473       68,675  

Liberty Formula One Group, Series A(1)

    2,380       101,459  

Live Nation Entertainment, Inc.(1)

    20,744       1,816,967  
Security   Shares     Value  
Entertainment (continued)  

NetEase, Inc. ADR

    510     $ 58,778  

Netflix, Inc.(1)

    212,647       112,322,272  

ROBLOX Corp., Class A(1)

    905,777       81,501,814  

Spotify Technology S.A.(1)

    87,019       23,981,566  

Walt Disney Co. (The)(1)

    3,144,032       552,626,505  

Zynga, Inc., Class A(1)

    193,100       2,052,653  
      $ 819,099,958  
Equity Real Estate Investment Trusts (REITs) — 0.1%  

American Tower Corp.

    56,694     $ 15,315,317  

AvalonBay Communities, Inc.

    7,000       1,460,830  

Boston Properties, Inc.

    60       6,876  

Equinix, Inc.

    700       561,820  

Extra Space Storage, Inc.

    1,800       294,876  

Federal Realty Investment Trust

    1,300       152,321  

Host Hotels & Resorts, Inc.(1)

    528,986       9,040,371  

ProLogis, Inc.

    40,593       4,852,081  

Public Storage

    1,989       598,073  

Regency Centers Corp.

    405       25,948  

Simon Property Group, Inc.

    25,563       3,335,460  
      $ 35,643,973  
Food & Staples Retailing — 1.4%  

Costco Wholesale Corp.

    947,261     $ 374,802,760  

Kroger Co. (The)

    154,886       5,933,683  

Sprouts Farmers Market, Inc.(1)

    750,036       18,638,395  

Sysco Corp.

    645,082       50,155,125  

Walgreens Boots Alliance, Inc.

    395,126       20,787,579  

Walmart, Inc.

    20,815       2,935,331  
      $ 473,252,873  
Food Products — 1.1%  

Archer-Daniels-Midland Co.

    137,778     $ 8,349,347  

Campbell Soup Co.

    748,065       34,104,283  

Conagra Brands, Inc.

    663,390       24,134,128  

Flowers Foods, Inc.

    586,273       14,187,807  

General Mills, Inc.

    136,948       8,344,242  

Hain Celestial Group, Inc. (The)(1)

    17,240       691,669  

Hershey Co. (The)

    219,063       38,156,393  

Hormel Foods Corp.

    358,454       17,116,179  

JM Smucker Co. (The)

    21,346       2,765,801  

Kellogg Co.

    68,039       4,376,949  

Kraft Heinz Co. (The)

    106,315       4,335,526  

Lamb Weston Holdings, Inc.

    126,408       10,196,069  

McCormick & Co., Inc., Non Voting Shares

    167,236       14,770,284  
 

 

  14   See Notes to Financial Statements.


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Food Products (continued)  

Mondelez International, Inc., Class A

    898,094     $ 56,076,989  

Nestle S.A.

    1,118,348       139,398,786  

Tyson Foods, Inc., Class A

    27,528       2,030,465  
      $ 379,034,917  
Health Care Equipment & Supplies — 3.2%  

Abbott Laboratories

    2,027,949     $ 235,100,128  

ABIOMED, Inc.(1)

    100,852       31,476,918  

Alcon, Inc.

    22,924       1,610,640  

Align Technology, Inc.(1)

    18,700       11,425,700  

Avanos Medical, Inc.(1)

    542       19,712  

Baxter International, Inc.

    39,178       3,153,829  

Becton, Dickinson and Co.

    119,149       28,975,845  

Boston Scientific Corp.(1)

    444,159       18,992,239  

Danaher Corp.

    179,596       48,196,383  

DexCom, Inc.(1)

    95,592       40,817,784  

DexCom, Inc.(1)(2)

    30,000       12,810,000  

Edwards Lifesciences Corp.(1)

    31,284       3,240,084  

Hill-Rom Holdings, Inc.

    36,482       4,143,990  

IDEXX Laboratories, Inc.(1)

    15,181       9,587,561  

Inari Medical, Inc.(1)

    315,040       29,386,931  

Insulet Corp.(1)

    9,898       2,717,100  

Integra LifeSciences Holdings Corp.(1)

    1,825,898       124,599,279  

Integra LifeSciences Holdings Corp.(1)(2)

    200,000       13,648,000  

Integra LifeSciences Holdings Corp.(1)(2)

    200,000       13,648,000  

Integra LifeSciences Holdings Corp.(1)(2)

    730,000       49,802,746  

Intuitive Surgical, Inc.(1)

    173,775       159,810,441  

Medtronic PLC

    545,255       67,682,503  

Penumbra, Inc.(1)

    91,462       25,066,076  

ResMed, Inc.

    21,670       5,342,088  

Smith & Nephew PLC ADR

    5,500       238,920  

Stryker Corp.

    317,404       82,439,341  

Teleflex, Inc.

    14,325       5,755,642  

West Pharmaceutical Services, Inc.

    10,633       3,818,310  

Zimmer Biomet Holdings, Inc.

    152,758       24,566,542  
      $ 1,058,072,732  
Health Care Providers & Services — 2.0%  

Acadia Healthcare Co., Inc.(1)

    32,000     $ 2,008,000  

Anthem, Inc.

    145,784       55,660,331  

Cardinal Health, Inc.

    29,103       1,661,490  

Centene Corp.(1)

    167,893       12,244,437  

Cigna Corp.

    39,815       9,438,942  

Cigna Corp.(2)

    7,416       1,758,111  

Covetrus, Inc.(1)

    10,538       284,526  
Security   Shares     Value  
Health Care Providers & Services (continued)  

CVS Health Corp.

    1,284,025     $ 107,139,046  

DaVita, Inc.(1)

    157,055       18,914,134  

Guardant Health, Inc.(1)

    145,805       18,107,523  

HCA Healthcare, Inc.

    188,518       38,974,211  

Henry Schein, Inc.(1)

    26,416       1,959,803  

Humana, Inc.

    2,441       1,080,680  

Laboratory Corp. of America Holdings(1)

    745       205,508  

McKesson Corp.

    150,389       28,760,392  

Molina Healthcare, Inc.(1)

    18,585       4,703,120  

Oak Street Health, Inc.(1)

    744,379       43,598,278  

Progyny, Inc.(1)

    15,525       915,975  

UnitedHealth Group, Inc.

    809,368       324,103,322  
      $ 671,517,829  
Health Care Technology — 0.0%(3)  

Cerner Corp.

    18,346     $ 1,433,923  

Inovalon Holdings, Inc., Class A(1)

    65,580       2,234,966  

Teladoc Health, Inc.(1)

    35,751       5,945,034  

Veeva Systems, Inc., Class A(1)

    10,447       3,248,495  
      $ 12,862,418  
Hotels, Restaurants & Leisure — 3.4%  

Airbnb, Inc., Class A(1)

    236,236     $ 36,177,181  

Aramark

    148,020       5,513,745  

Booking Holdings, Inc.(1)

    51,994       113,767,552  

Carnival Corp.(1)

    22,069       581,739  

Chipotle Mexican Grill, Inc.(1)

    121,117       187,772,530  

Choice Hotels International, Inc.

    49,631       5,899,141  

Darden Restaurants, Inc.

    66,414       9,695,780  

Domino’s Pizza, Inc.

    2,815       1,313,169  

Expedia Group, Inc.(1)

    2,730       446,928  

Hilton Worldwide Holdings, Inc.(1)

    106,201       12,809,965  

Hyatt Hotels Corp., Class A(1)

    1,353,442       105,081,237  

Marriott International, Inc., Class A(1)

    1,575,495       215,086,577  

McDonald’s Corp.

    110,004       25,409,824  

MGM Resorts International

    892,202       38,052,415  

Penn National Gaming, Inc.(1)

    30,956       2,367,824  

Royal Caribbean Cruises, Ltd.(1)

    1,900       162,032  

Starbucks Corp.

    2,600,074       290,714,274  

Texas Roadhouse, Inc.

    416,807       40,096,833  

Yum China Holdings, Inc.

    375,464       24,874,490  

Yum! Brands, Inc.

    131,576       15,135,187  
      $ 1,130,958,423  
 

 

  15   See Notes to Financial Statements.


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Household Durables — 0.2%  

D.R. Horton, Inc.

    19,682     $ 1,778,662  

Leggett & Platt, Inc.

    92,079       4,770,613  

Lennar Corp., Class A

    48,688       4,837,153  

Lennar Corp., Class B

    21       1,710  

Mohawk Industries, Inc.(1)

    15,540       2,986,633  

Newell Brands, Inc.

    123,465       3,391,584  

NVR, Inc.(1)

    1,822       9,061,353  

PulteGroup, Inc.

    222,055       12,117,541  

Tempur Sealy International, Inc.

    540,100       21,166,519  

Toll Brothers, Inc.

    4,378       253,092  

Whirlpool Corp.

    1,646       358,861  
      $ 60,723,721  
Household Products — 1.6%  

Church & Dwight Co., Inc.

    179,764     $ 15,319,488  

Church & Dwight Co., Inc.(2)

    17,504       1,491,691  

Clorox Co. (The)

    20,683       3,721,078  

Colgate-Palmolive Co.

    2,441,991       198,655,968  

Energizer Holdings, Inc.

    10,496       451,118  

Kimberly-Clark Corp.

    91,950       12,301,071  

Procter & Gamble Co. (The)

    2,166,604       292,339,878  
      $ 524,280,292  
Independent Power and Renewable Electricity Producers — 0.0%(3)  

AES Corp. (The)

    1,730     $ 45,101  
      $ 45,101  
Industrial Conglomerates — 1.0%  

3M Co.

    759,503     $ 150,860,081  

Carlisle Cos., Inc.

    71,809       13,742,806  

General Electric Co.

    5,798,038       78,041,592  

Honeywell International, Inc.

    392,682       86,134,797  

Roper Technologies, Inc.

    21,082       9,912,756  
      $ 338,692,032  
Insurance — 1.2%  

Aegon NV ADR

    5     $ 21  

Aflac, Inc.

    845,173       45,351,983  

Alleghany Corp.(1)

    3,985       2,658,274  

Allstate Corp. (The)

    20,676       2,696,977  

American International Group, Inc.

    136,814       6,512,346  

Aon PLC, Class A

    169,932       40,572,964  

Arch Capital Group, Ltd.(1)

    261,017       10,164,002  

Arthur J. Gallagher & Co.

    501,294       70,221,264  

Assurant, Inc.

    13,599       2,123,892  
Security   Shares     Value  
Insurance (continued)  

Brighthouse Financial, Inc.(1)

    936     $ 42,625  

Brookfield Asset Management Reinsurance Partners, Ltd., Class A(1)

    1,615       84,019  

Brown & Brown, Inc.

    407       21,628  

Chubb, Ltd.

    45,057       7,161,360  

Cincinnati Financial Corp.

    65,321       7,617,735  

Fidelity National Financial, Inc.

    57,654       2,505,643  

First American Financial Corp.

    1,227       76,503  

Globe Life, Inc.

    62,917       5,992,844  

Hartford Financial Services Group, Inc.

    186,669       11,567,878  

Lincoln National Corp.

    5,477       344,175  

Markel Corp.(1)

    19,895       23,609,595  

Marsh & McLennan Cos., Inc.

    226,689       31,890,609  

MetLife, Inc.

    18,750       1,122,188  

Progressive Corp. (The)

    983,264       96,566,357  

Prudential Financial, Inc.

    21,659       2,219,398  

Reinsurance Group of America, Inc.

    6,425       732,450  

Travelers Cos., Inc. (The)

    146,715       21,964,703  

Trisura Group, Ltd.(1)

    124       16,348  

W.R. Berkley Corp.

    2,250       167,468  

Willis Towers Watson PLC

    70       16,101  
      $ 394,021,350  
Interactive Media & Services — 9.9%  

Alphabet, Inc., Class A(1)

    316,180     $ 772,045,162  

Alphabet, Inc., Class C(1)

    426,186       1,068,158,495  

Baidu, Inc. ADR(1)

    140,152       28,576,993  

CarGurus, Inc.(1)

    37,803       991,573  

Cars.com, Inc.(1)

    400       5,732  

Facebook, Inc., Class A(1)

    2,991,773       1,040,269,390  

IAC/InterActiveCorp.(1)

    13,258       2,043,986  

Match Group, Inc.(1)

    269,254       43,417,208  

Match Group, Inc.(1)(2)

    260,261       41,967,086  

Pinterest, Inc., Class A(1)

    2,540,426       200,566,633  

Snap, Inc., Class A(1)

    159,924       10,897,221  

Snap, Inc., Class A(1)(2)

    469,399       31,975,252  

Twitter, Inc.(1)

    550,534       37,882,244  

Vimeo, Inc.(1)

    10,844       531,356  

Yelp, Inc.(1)

    149,508       5,974,340  

Zillow Group, Inc., Class A(1)

    10,638       1,303,474  

Zillow Group, Inc., Class C(1)

    21,276       2,600,353  
      $ 3,289,206,498  
Internet & Direct Marketing Retail — 4.7%  

Alibaba Group Holding, Ltd. ADR(1)

    295,757     $ 67,071,773  

Altaba, Inc.(5)

    114,070       1,642,608  

Amazon.com, Inc.(1)

    413,315       1,421,869,730  
 

 

  16   See Notes to Financial Statements.


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Internet & Direct Marketing Retail (continued)  

DoorDash, Inc., Class A(1)

    133,033     $ 23,723,775  

eBay, Inc.

    255,728       17,954,663  

Qurate Retail, Inc., Series A

    99,802       1,306,408  

Trip.com Group, Ltd. ADR(1)

    5,200       184,392  

Wayfair, Inc., Class A(1)

    66,628       21,035,126  
      $ 1,554,788,475  
IT Services — 5.2%  

Accenture PLC, Class A

    1,004,131     $ 296,007,778  

Affirm Holdings, Inc.(1)

    22,252       1,498,672  

Akamai Technologies, Inc.(1)

    239,108       27,879,993  

Alliance Data Systems Corp.

    686       71,474  

Amdocs, Ltd.

    43,944       3,399,508  

Automatic Data Processing, Inc.

    301,636       59,910,942  

Broadridge Financial Solutions, Inc.

    95,902       15,491,050  

CGI, Inc.(1)

    200       18,120  

Cognizant Technology Solutions Corp., Class A

    24,658       1,707,813  

Fidelity National Information Services, Inc.

    18,757       2,657,304  

Fiserv, Inc.(1)

    656,794       70,204,711  

Gartner, Inc.(1)

    1,200       290,640  

Global Payments, Inc.

    40,158       7,531,231  

International Business Machines Corp.

    665,242       97,517,825  

Jack Henry & Associates, Inc.

    2,196       359,068  

Mastercard, Inc., Class A

    203,138       74,163,652  

Okta, Inc.(1)

    319,829       78,255,760  

Paychex, Inc.

    14,638       1,570,657  

PayPal Holdings, Inc.(1)

    1,094,481       319,019,322  

Sabre Corp.(1)

    157,290       1,962,979  

Shopify, Inc., Class A(1)

    12,524       18,297,314  

Snowflake, Inc., Class A(1)

    125,608       30,372,014  

Square, Inc., Class A(1)

    434,159       105,847,964  

Twilio, Inc., Class A(1)

    555,411       218,920,800  

VeriSign, Inc.(1)

    5,654       1,287,359  

Visa, Inc., Class A

    1,195,893       279,623,701  

Visa, Inc., Class A(2)

    29,956       7,002,036  

Western Union Co. (The)

    27,606       634,110  
      $ 1,721,503,797  
Leisure Products — 0.2%  

Callaway Golf Co.(1)

    1,165,163     $ 39,300,948  

Hasbro, Inc.

    1,383       130,721  

Mattel, Inc.(1)

    3,941       79,214  

Polaris, Inc.

    74,398       10,189,550  
      $ 49,700,433  
Security   Shares     Value  
Life Sciences Tools & Services — 0.9%  

10X Genomics, Inc., Class A(1)

    527,021     $ 103,201,252  

Agilent Technologies, Inc.

    675,692       99,874,035  

Avantor, Inc.(1)

    120,000       4,261,200  

Illumina, Inc.(1)

    86,695       41,024,941  

IQVIA Holdings, Inc.(1)

    57,487       13,930,250  

Mettler-Toledo International, Inc.(1)

    1,000       1,385,340  

NeoGenomics, Inc.(1)

    155,234       7,011,920  

PerkinElmer, Inc.

    10,025       1,547,960  

Thermo Fisher Scientific, Inc.

    59,608       30,070,448  

Waters Corp.(1)

    730       252,295  
      $ 302,559,641  
Machinery — 1.7%  

Caterpillar, Inc.

    385,777     $ 83,956,649  

Caterpillar, Inc.(2)

    6,950       1,512,113  

Cummins, Inc.

    1,578       384,732  

Deere & Co.

    199,237       70,272,882  

Donaldson Co., Inc.

    129,828       8,247,973  

Dover Corp.

    387,429       58,346,807  

Fortive Corp.

    30,876       2,153,292  

Illinois Tool Works, Inc.

    1,060,219       237,022,560  

Ingersoll Rand, Inc.(1)

    166,216       8,113,003  

Lincoln Electric Holdings, Inc.

    53,660       7,067,559  

Manitowoc Co., Inc. (The)(1)

    11,435       280,157  

Middleby Corp.(1)

    2,000       346,520  

Otis Worldwide Corp.

    431,486       35,282,610  

PACCAR, Inc.

    186,094       16,608,889  

Parker-Hannifin Corp.

    25,755       7,909,618  

Pentair PLC

    75       5,062  

Snap-on, Inc.

    29,674       6,630,062  

Stanley Black & Decker, Inc.

    288       59,037  

Trinity Industries, Inc.

    11,100       298,479  

Welbilt, Inc.(1)

    45,741       1,058,904  

Westinghouse Air Brake Technologies Corp.

    14,094       1,159,936  

Xylem, Inc.

    99,329       11,915,507  
      $ 558,632,351  
Media — 0.3%  

Comcast Corp., Class A

    1,193,814     $ 68,071,274  

Discovery, Inc., Class A(1)

    103,489       3,175,043  

Discovery, Inc., Class C(1)

    255,207       7,395,899  

Fox Corp., Class A

    50,412       1,871,798  

Interpublic Group of Cos., Inc. (The)

    976       31,710  

Liberty Broadband Corp., Series A(1)

    1       168  

Liberty Broadband Corp., Series C(1)

    1       174  

News Corp., Class A

    32,024       825,258  
 

 

  17   See Notes to Financial Statements.


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Media (continued)  

Omnicom Group, Inc.

    31,882     $ 2,550,241  

Sirius XM Holdings, Inc.

    53,280       348,451  

TEGNA, Inc.

    1,201       22,531  

ViacomCBS, Inc., Class B

    612,221       27,672,389  
      $ 111,964,936  
Metals & Mining — 0.2%  

Alcoa Corp.(1)

    5,862     $ 215,956  

Arconic Corp.(1)

    1       35  

Cleveland-Cliffs, Inc.(1)

    527,743       11,378,139  

Freeport-McMoRan, Inc.

    85,788       3,183,593  

Glencore PLC

    598,405       2,568,408  

Newmont Corp.

    103       6,528  

Nucor Corp.

    236,089       22,648,018  

Steel Dynamics, Inc.

    232,124       13,834,590  
      $ 53,835,267  
Multi-Utilities — 0.1%  

Consolidated Edison, Inc.

    53,943     $ 3,868,792  

Dominion Energy, Inc.

    13,510       993,931  

DTE Energy Co.

    77,124       9,995,270  

NiSource, Inc.

    828       20,286  

Sempra Energy

    66,344       8,789,253  

WEC Energy Group, Inc.

    15,006       1,334,784  
      $ 25,002,316  
Multiline Retail — 0.1%  

Dollar General Corp.

    347     $ 75,087  

Dollar Tree, Inc.(1)

    147,240       14,650,380  

Nordstrom, Inc.(1)

    3,192       116,732  

Target Corp.

    39,291       9,498,206  
      $ 24,340,405  
Oil, Gas & Consumable Fuels — 1.7%  

Antero Resources Corp.(1)

    1,341,986     $ 20,170,050  

Cheniere Energy, Inc.(1)

    584,059       50,661,278  

Chevron Corp.

    998,127       104,543,822  

ConocoPhillips

    365,129       22,236,356  

Devon Energy Corp.

    33,163       968,028  

Enbridge, Inc.

    179       7,167  

EOG Resources, Inc.

    957,359       79,882,035  

EQT Corp.(1)

    180,474       4,017,351  

Equitrans Midstream Corp.

    144,379       1,228,665  

Exxon Mobil Corp.

    3,166,384       199,735,503  

Hess Corp.

    345,646       30,181,809  
Security   Shares     Value  
Oil, Gas & Consumable Fuels (continued)  

HollyFrontier Corp.

    9,171     $ 301,726  

Kinder Morgan, Inc.

    112,401       2,049,070  

Marathon Oil Corp.

    103,737       1,412,898  

Marathon Petroleum Corp.

    193,112       11,667,827  

Murphy Oil Corp.

    84,776       1,973,585  

Occidental Petroleum Corp.

    23,211       725,808  

Phillips 66

    196,620       16,873,928  

Pioneer Natural Resources Co.

    22,600       3,672,952  

Range Resources Corp.(1)

    664,831       11,142,567  

Southwestern Energy Co.(1)

    486       2,756  

Valero Energy Corp.

    14,559       1,136,767  

Williams Cos., Inc. (The)

    20,025       531,664  
      $ 565,123,612  
Personal Products — 0.1%  

Estee Lauder Cos., Inc. (The), Class A

    44,962     $ 14,301,513  

Unilever PLC ADR

    69,397       4,059,724  
      $ 18,361,237  
Pharmaceuticals — 4.2%  

AstraZeneca PLC ADR

    217,956     $ 13,055,564  

Bausch Health Cos., Inc.(1)

    4,389       128,685  

Bristol-Myers Squibb Co.

    2,353,467       157,258,665  

Catalent, Inc.(1)

    45,943       4,967,357  

Eli Lilly & Co.

    2,287,182       524,954,013  

GlaxoSmithKline PLC ADR

    4,710       187,552  

Johnson & Johnson

    2,578,423       424,769,405  

Mallinckrodt PLC(1)

    6       2  

Merck & Co., Inc.

    1,785,137       138,830,105  

Novartis AG ADR

    130,348       11,892,952  

Novo Nordisk A/S ADR

    68,921       5,773,512  

Organon & Co.(1)

    176,682       5,346,397  

Pfizer, Inc.

    2,286,406       89,535,659  

Reata Pharmaceuticals, Inc., Class A(1)

    4,694       664,342  

Roche Holding AG ADR

    35,808       1,682,618  

Sanofi ADR

    5,100       268,566  

Takeda Pharmaceutical Co., Ltd. ADR

    31,905       536,961  

Teva Pharmaceutical Industries, Ltd. ADR(1)

    5,106       50,549  

Viatris, Inc.

    144,537       2,065,434  

Zoetis, Inc.

    1,198       223,259  

Zoetis, Inc.(2)

    54,359       10,122,239  
      $ 1,392,313,836  
Professional Services — 0.3%  

ASGN, Inc.(1)

    265,323     $ 25,717,758  

Booz Allen Hamilton Holding Corp., Class A

    80,054       6,819,000  
 

 

  18   See Notes to Financial Statements.


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Professional Services (continued)  

CACI International, Inc., Class A(1)

    13,584     $ 3,465,550  

CACI International, Inc., Class A(1)(2)

    6,200       1,580,953  

Equifax, Inc.

    8,854       2,120,622  

IHS Markit, Ltd.

    423       47,655  

Jacobs Engineering Group, Inc.

    85,615       11,422,753  

Nielsen Holdings PLC

    56,522       1,394,398  

Thomson Reuters Corp.

    121,293       12,046,821  

Verisk Analytics, Inc.

    109,263       19,090,431  
      $ 83,705,941  
Road & Rail — 1.5%  

Canadian National Railway Co.

    163,374     $ 17,239,224  

Canadian Pacific Railway, Ltd.

    960       73,834  

CSX Corp.

    2,149,428       68,953,650  

J.B. Hunt Transport Services, Inc.

    10,348       1,686,207  

Kansas City Southern

    7,899       2,238,340  

Lyft, Inc., Class A(1)

    160,326       9,696,516  

Norfolk Southern Corp.

    346,504       91,965,627  

Uber Technologies, Inc.(1)

    3,699,519       185,419,892  

Union Pacific Corp.

    585,529       128,775,393  
      $ 506,048,683  
Semiconductors & Semiconductor Equipment — 6.5%  

Advanced Micro Devices, Inc.(1)

    26,990     $ 2,535,171  

Analog Devices, Inc.

    641,948       110,517,768  

Applied Materials, Inc.

    270,251       38,483,742  

ASML Holding NV - NY Shares

    12,572       8,685,240  

Broadcom, Inc.

    101,985       48,630,527  

Broadcom, Inc.(2)

    14,025       6,687,681  

Cirrus Logic, Inc.(1)

    50,300       4,281,536  

Intel Corp.

    7,586,332       425,896,679  

KLA Corp.

    225       72,947  

Lam Research Corp.

    83,655       54,434,309  

Marvell Technology, Inc.

    95,691       5,581,656  

Microchip Technology, Inc.

    563,412       84,365,313  

Micron Technology, Inc.(1)

    386,110       32,811,628  

NVIDIA Corp.

    644,563       515,714,856  

NXP Semiconductors NV

    14,754       3,035,193  

Qorvo, Inc.(1)

    13,586       2,658,101  

QUALCOMM, Inc.

    4,100,852       586,134,776  

Silicon Laboratories, Inc.(1)

    67,435       10,334,414  

Skyworks Solutions, Inc.

    1,000       191,750  

Teradyne, Inc.

    1,200       160,752  

Texas Instruments, Inc.

    1,076,294       206,971,336  

Xilinx, Inc.

    15,258       2,206,917  
      $ 2,150,392,292  
Security   Shares     Value  
Software — 9.5%  

Adobe, Inc.(1)

    409,097     $ 239,583,567  

ANSYS, Inc.(1)

    150,274       52,154,095  

Autodesk, Inc.(1)

    27,787       8,111,025  

Box, Inc., Class A(1)

    106,049       2,709,552  

Cadence Design Systems, Inc.(1)

    706,320       96,638,702  

CDK Global, Inc.

    3       149  

Check Point Software Technologies, Ltd.(1)

    151,951       17,646,070  

Citrix Systems, Inc.

    11,798       1,383,552  

Coupa Software, Inc.(1)

    54,504       14,286,043  

Crowdstrike Holdings, Inc., Class A(1)

    433,003       108,817,984  

DocuSign, Inc.(1)

    1,156,276       323,260,081  

Dropbox, Inc., Class A(1)

    3,191,403       96,731,425  

Envestnet, Inc.(1)

    41,786       3,169,886  

FireEye, Inc.(1)

    331,973       6,712,494  

Fortinet, Inc.(1)

    26,891       6,405,167  

Guidewire Software, Inc.(1)

    67,562       7,615,589  

Intuit, Inc.

    109,794       53,817,725  

Manhattan Associates, Inc.(1)

    67,017       9,706,742  

Microsoft Corp.

    4,364,269       1,182,280,472  

NortonLifeLock, Inc.

    121,379       3,303,936  

Nuance Communications, Inc.(1)

    9,702       528,177  

Nutanix, Inc., Class A(1)

    18,402       703,324  

Oracle Corp.

    374,251       29,131,698  

Palantir Technologies, Inc., Class A(1)

    3,121,678       82,287,432  

Palo Alto Networks, Inc.(1)

    295,799       109,756,219  

Paycom Software, Inc.(1)

    552,844       200,942,209  

Proofpoint, Inc.(1)

    60,744       10,554,877  

RingCentral, Inc., Class A(1)

    18,835       5,473,074  

salesforce.com, inc.(1)

    293,201       71,620,208  

SAP SE ADR

    2,796       392,726  

ServiceNow, Inc.(1)

    227,151       124,830,832  

Slack Technologies, Inc., Class A(1)

    95,422       4,227,195  

Smartsheet, Inc., Class A(1)

    227,811       16,475,292  

Splunk, Inc.(1)

    412,415       59,626,961  

Synopsys, Inc.(1)

    34,898       9,624,519  

Teradata Corp.(1)

    318       15,891  

Tyler Technologies, Inc.(1)

    232,333       105,100,479  

Workday, Inc., Class A(1)

    241,399       57,631,597  

Zscaler, Inc.(1)

    57,211       12,361,009  

Zscaler, Inc.(1)(2)

    10,000       2,159,196  
      $ 3,137,777,171  
Specialty Retail — 2.2%  

Advance Auto Parts, Inc.

    16,346     $ 3,353,219  

AutoNation, Inc.(1)

    18,322       1,737,109  

AutoZone, Inc.(1)

    2,520       3,760,394  
 

 

  19   See Notes to Financial Statements.


Tax-Managed Growth Portfolio

June 30, 2021

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  
Specialty Retail (continued)  

Bed Bath & Beyond, Inc.(1)

    22,000     $ 732,380  

Best Buy Co., Inc.

    343,446       39,489,421  

Burlington Stores, Inc.(1)

    22,038       7,096,016  

CarMax, Inc.(1)

    23,926       3,090,043  

Dick’s Sporting Goods, Inc.

    72,500       7,263,775  

Gap, Inc. (The)

    75,000       2,523,750  

Home Depot, Inc. (The)

    115,335       36,779,178  

L Brands, Inc.

    265,335       19,120,040  

Lowe’s Cos., Inc.

    1,022,349       198,305,036  

O’Reilly Automotive, Inc.(1)

    191,239       108,281,434  

O’Reilly Automotive, Inc.(1)(2)

    59,492       33,669,807  

Ross Stores, Inc.

    580,713       72,008,412  

Signet Jewelers, Ltd.(1)

    65,986       5,331,009  

TJX Cos., Inc. (The)

    1,694,230       114,224,987  

Tractor Supply Co.

    248,739       46,280,378  

Ulta Beauty, Inc.(1)

    96,955       33,524,130  
      $ 736,570,518  
Technology Hardware, Storage & Peripherals — 4.5%  

Apple, Inc.

    10,581,475     $ 1,449,238,816  

Dell Technologies, Inc., Class C(1)

    2,415       240,703  

Hewlett Packard Enterprise Co.

    388,878       5,669,841  

Logitech International S.A.

    2,406       290,934  

NCR Corp.(1)

    118       5,382  

NetApp, Inc.

    78,200       6,398,324  

Pure Storage, Inc., Class A(1)

    1,300,000       25,389,000  
      $ 1,487,233,000  
Textiles, Apparel & Luxury Goods — 1.5%  

Hanesbrands, Inc.

    221,909     $ 4,143,041  

Kontoor Brands, Inc.

    37,542       2,117,744  

Levi Strauss & Co., Class A

    168,000<