Eaton Vance
Tax-Managed Growth Fund 1.2
September 30, 2022 (Unaudited)
Eaton Vance Tax-Managed Growth Fund 1.2 (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, 2022, the value of the Fund’s investment in the Portfolio was $939,976,302 and the Fund owned 3.3% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
1
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited)
Common Stocks — 99.3%
Security Shares Value
Aerospace & Defense — 1.2%
Boeing Co. (The)(1)       881,395 $   106,719,307
General Dynamics Corp.       117,410     24,910,880
Hexcel Corp.       107,007      5,534,402
Howmet Aerospace, Inc.         5,004        154,774
Huntington Ingalls Industries, Inc.         2,300        509,450
L3Harris Technologies, Inc.         8,540      1,774,868
Lockheed Martin Corp.       136,066     52,560,935
Northrop Grumman Corp.        75,863     35,679,886
Raytheon Technologies Corp.     1,478,175    121,003,405
Textron, Inc.         9,973        581,027
TransDigm Group, Inc.         3,386      1,777,041
      $   351,205,975
Air Freight & Logistics — 0.9%
C.H. Robinson Worldwide, Inc.       221,153 $    21,299,245
Expeditors International of Washington, Inc.        22,997      2,030,865
FedEx Corp.       352,254     52,299,151
GXO Logistics, Inc.(1)        97,791      3,428,553
United Parcel Service, Inc., Class B     1,180,416    190,684,401
      $   269,742,215
Airlines — 0.0%(2)
American Airlines Group, Inc.(1)        61,732 $       743,253
Delta Air Lines, Inc.(1)        61,964      1,738,710
Southwest Airlines Co.(1)        28,371        874,962
      $     3,356,925
Auto Components — 0.2%
Adient PLC(1)         1,760 $        48,840
Aptiv PLC(1)       136,078     10,642,660
BorgWarner, Inc.           800         25,120
Dorman Products, Inc.(1)        20,730      1,702,348
Fox Factory Holding Corp.(1)           800         63,264
Garrett Motion, Inc.(1)         6,726         38,002
Gentex Corp.     1,443,192     34,405,697
      $    46,925,931
Automobiles — 1.0%
Ford Motor Co.     1,219,179 $    13,654,805
General Motors Co.        96,097      3,083,753
Harley-Davidson, Inc.           800         27,904
Mercedes-Benz Group AG        18,000         912,780
Security Shares Value
Automobiles (continued)
Tesla, Inc.(1)     1,013,298 $   268,777,294
Toyota Motor Corp. ADR         5,100        664,479
      $   287,121,015
Banks — 3.7%
Bank of America Corp.     4,632,349 $   139,896,940
Bank of Hawaii Corp.           557         42,399
Bank of Montreal             4            351
Citigroup, Inc.       943,639     39,321,437
Commerce Bancshares, Inc.        79,477      5,258,198
Community Bank System, Inc.        31,868      1,914,629
Cullen/Frost Bankers, Inc.         1,069        141,343
CVB Financial Corp.       608,432     15,405,498
Fifth Third Bancorp     1,753,409     56,038,952
First Citizens BancShares, Inc., Class A            92         73,364
First Republic Bank         2,010        262,405
Glacier Bancorp, Inc.        40,000      1,965,200
HSBC Holdings PLC       220,592      1,154,116
Huntington Bancshares, Inc.       144,510      1,904,642
JPMorgan Chase & Co.     4,270,648    446,282,716
KeyCorp        72,748      1,165,423
Live Oak Bancshares, Inc.        15,000        459,000
M&T Bank Corp.       122,687     21,632,172
Pinnacle Financial Partners, Inc.        34,686      2,813,035
PNC Financial Services Group, Inc. (The)       128,442     19,191,804
Regions Financial Corp.       762,628     15,305,944
Signature Bank         3,359        507,209
Societe Generale S.A.       405,793      8,025,000
SVB Financial Group(1)        31,685     10,639,189
Synovus Financial Corp.             1             37
Toronto-Dominion Bank (The)           569         34,897
Truist Financial Corp.     1,743,264     75,901,715
U.S. Bancorp     1,120,019     45,159,166
Webster Financial Corp.        83,390      3,769,228
Wells Fargo & Co.     3,756,768    151,097,209
Western Alliance Bancorp        23,987      1,576,905
Zions Bancorp N.A.        53,870      2,739,828
      $ 1,069,679,951
Beverages — 2.3%
Anheuser-Busch InBev SA/NV ADR        75,379 $     3,404,116
Boston Beer Co., Inc. (The), Class A(1)         4,730      1,530,864
Brown-Forman Corp., Class A        17,399      1,175,476
Brown-Forman Corp., Class B       420,049     27,962,662
Coca-Cola Co. (The)     4,117,268    230,649,353
Constellation Brands, Inc., Class A       130,245      29,914,672
 
2
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Beverages (continued)
Diageo PLC ADR         9,771 $     1,659,213
Keurig Dr Pepper, Inc.        21,979        787,288
Molson Coors Beverage Co., Class B        50,342      2,415,913
Monster Beverage Corp.(1)       135,741     11,804,037
PepsiCo, Inc.     2,133,929    348,385,249
      $   659,688,843
Biotechnology — 2.5%
2seventy bio, Inc.(1)           166 $         2,415
AbbVie, Inc.     1,255,173    168,456,768
Agios Pharmaceuticals, Inc.(1)        68,447      1,935,681
Alkermes PLC(1)         5,000        111,650
Alnylam Pharmaceuticals, Inc.(1)         9,409      1,883,305
Amgen, Inc.       703,953    158,671,006
argenx SE ADR(1)       308,910    109,060,676
Biogen, Inc.(1)        30,918      8,255,106
Bluebird Bio, Inc.(1)           500          3,165
Exact Sciences Corp.(1)        71,318      2,317,122
Gilead Sciences, Inc.     1,153,394     71,152,876
Incyte Corp.(1)       103,220      6,878,581
Moderna, Inc.(1)       343,592     40,629,754
Natera, Inc.(1)        14,283        625,881
Neurocrine Biosciences, Inc.(1)       219,845     23,349,738
Regeneron Pharmaceuticals, Inc.(1)        34,422     23,712,283
Seagen, Inc.(1)         5,662        774,732
Vertex Pharmaceuticals, Inc.(1)       348,982    101,044,248
      $   718,864,987
Building Products — 0.5%
A.O. Smith Corp.        32,488 $     1,578,267
Allegion PLC           123         11,031
Carlisle Cos., Inc.        71,809     20,135,962
Carrier Global Corp.       250,906      8,922,217
Fortune Brands Home & Security, Inc.        17,806        956,004
Johnson Controls International PLC       356,904     17,566,815
Lennox International, Inc.       381,979     85,055,264
Masco Corp.        40,088      1,871,709
Resideo Technologies, Inc.(1)        11,209        213,643
Trane Technologies PLC        65,379      9,467,533
Trex Co., Inc.(1)         3,070        134,896
      $   145,913,341
Capital Markets — 4.0%
Affiliated Managers Group, Inc.        58,916 $     6,589,755
Ameriprise Financial, Inc.        93,679     23,602,424
Ares Management Corp., Class A        44,772       2,773,625
Security Shares Value
Capital Markets (continued)
Bank of New York Mellon Corp. (The)       676,857 $    26,072,532
BlackRock, Inc.        48,955     26,938,957
Blackstone, Inc.       342,444     28,662,563
Brookfield Asset Management, Inc., Class A       272,575     11,145,592
Carlyle Group, Inc. (The)       457,373     11,818,518
Cboe Global Markets, Inc.       194,382     22,814,615
Charles Schwab Corp. (The)     2,690,879    193,393,474
CME Group, Inc.       247,535     43,845,874
FactSet Research Systems, Inc.        97,345     38,948,708
Federated Hermes, Inc., Class B        66,210      2,192,875
Franklin Resources, Inc.       211,191      4,544,830
Goldman Sachs Group, Inc. (The)     1,043,224    305,716,793
Intercontinental Exchange, Inc.       154,759     13,982,476
Invesco, Ltd.        11,064        151,577
LPL Financial Holdings, Inc.       160,206     35,001,807
Moody's Corp.       270,102     65,664,497
Morgan Stanley(3)     1,303,946    103,024,773
Morningstar, Inc.         4,694        996,630
MSCI, Inc.        10,320      4,352,873
Nasdaq, Inc.       237,741     13,475,160
Northern Trust Corp.       383,848     32,842,035
Raymond James Financial, Inc.       110,958     10,964,870
S&P Global, Inc.       233,199     71,207,315
SEI Investments Co.       159,600      7,828,380
State Street Corp.       201,821     12,272,735
Stifel Financial Corp.             1             52
T. Rowe Price Group, Inc.       355,834     37,366,128
UBS Group AG(1)             9            131
      $ 1,158,192,574
Chemicals — 1.2%
AdvanSix, Inc.           968 $        31,073
Air Products and Chemicals, Inc.        25,995      6,049,816
Albemarle Corp.       100,158     26,485,781
Balchem Corp.        24,992      3,038,527
Cabot Corp.        16,510      1,054,824
Celanese Corp.        23,540      2,126,604
Chemours Co. (The)           147          3,624
Corteva, Inc.       240,471     13,742,918
Dow, Inc.        75,898      3,334,199
DuPont de Nemours, Inc.       496,015     24,999,156
Eastman Chemical Co.         1,062         75,455
Ecolab, Inc.       690,911     99,781,367
FMC Corp.           817         86,357
International Flavors & Fragrances, Inc.         5,000        454,150
Linde PLC       240,761      64,906,758
 
3
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Chemicals (continued)
LyondellBasell Industries NV, Class A         4,063 $       305,863
NewMarket Corp.         3,923      1,180,156
Nutrien, Ltd.        11,227        936,107
PPG Industries, Inc.       423,052     46,827,626
RPM International, Inc.         3,433        286,003
Scotts Miracle-Gro Co. (The)           136          5,814
Sherwin-Williams Co. (The)       192,999     39,516,545
      $   335,228,723
Commercial Services & Supplies — 0.4%
Brady Corp., Class A           258 $        10,766
Cintas Corp.         1,840        714,270
Copart, Inc.(1)         4,771        507,634
HNI Corp.       108,151      2,867,083
IAA, Inc.(1)           310          9,874
MSA Safety, Inc.        83,272      9,099,964
Republic Services, Inc.         4,227        575,041
Rollins, Inc.        60,814      2,109,030
Stericycle, Inc.(1)         8,000        336,880
Waste Connections, Inc.       115,655     15,628,460
Waste Management, Inc.       499,468     80,019,768
      $   111,878,770
Communications Equipment — 2.1%
Arista Networks, Inc.(1)     3,955,711 $   446,560,215
Cisco Systems, Inc.     3,603,350    144,134,000
Juniper Networks, Inc.       233,712      6,104,557
Motorola Solutions, Inc.        60,439     13,536,523
Nokia Oyj ADR           192            820
      $   610,336,115
Construction & Engineering — 0.0%(2)
Comfort Systems USA, Inc.(1)(4)        17,894 $     1,741,043
Fluor Corp.(1)         3,250         80,893
MasTec, Inc.(1)         1,500         95,250
Quanta Services, Inc.         2,649        337,456
      $     2,254,642
Construction Materials — 0.0%(2)
Vulcan Materials Co.        64,614 $    10,190,274
      $    10,190,274
Consumer Finance — 0.7%
American Express Co.       918,244 $   123,880,298
Bread Financial Holdings, Inc.           686         21,575
Capital One Financial Corp.        70,766       6,522,502
Security Shares Value
Consumer Finance (continued)
Discover Financial Services       807,195 $    73,390,169
LendingClub Corp.(1)        15,938        176,115
Synchrony Financial        78,799      2,221,344
      $   206,212,003
Containers & Packaging — 0.1%
Amcor PLC       940,774 $    10,094,505
AptarGroup, Inc.        65,000      6,176,950
Avery Dennison Corp.         6,010        977,827
Ball Corp.        63,819      3,083,734
Crown Holdings, Inc.        13,787      1,117,160
International Paper Co.        36,077      1,143,641
Packaging Corp. of America        13,103      1,471,336
Sealed Air Corp.        27,104      1,206,399
Sonoco Products Co.         2,297        130,309
WestRock Co.        22,073        681,835
      $    26,083,696
Distributors — 0.0%(2)
Genuine Parts Co.        22,932 $     3,424,206
LKQ Corp.        81,118      3,824,714
Pool Corp.        10,691      3,401,983
      $    10,650,903
Diversified Consumer Services — 0.0%(2)
Bright Horizons Family Solutions, Inc.(1)         6,150 $       354,547
H&R Block, Inc.        18,127        771,123
Service Corp. International        16,140        931,924
      $     2,057,594
Diversified Financial Services — 2.7%
Apollo Global Management, Inc.        40,164 $     1,867,626
Berkshire Hathaway, Inc., Class A(1)           605    245,914,350
Berkshire Hathaway, Inc., Class B(1)     1,936,047    516,963,270
      $   764,745,246
Diversified Telecommunication Services — 0.2%
AT&T, Inc.     1,224,364 $    18,781,744
Liberty Latin America, Ltd., Class C(1)             1              6
Lumen Technologies, Inc.         4,871         35,461
Verizon Communications, Inc.       944,653     35,868,474
      $    54,685,685
Electric Utilities — 1.0%
ALLETE, Inc.        16,987 $       850,199
American Electric Power Co., Inc.       238,415      20,610,977
 
4
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Electric Utilities (continued)
Constellation Energy Corp.        10,429 $       867,588
Duke Energy Corp.       867,408     80,686,292
Edison International       510,006     28,856,139
Entergy Corp.         2,640        265,663
Exelon Corp.        31,911      1,195,386
IDACORP, Inc.           565         55,941
NextEra Energy, Inc.     1,662,855    130,384,461
NRG Energy, Inc.         3,136        120,015
Portland General Electric Co.        20,000        869,200
PPL Corp.         2,700         68,445
Southern Co. (The)        78,747      5,354,796
Xcel Energy, Inc.       266,196     17,036,544
      $   287,221,646
Electrical Equipment — 0.7%
Acuity Brands, Inc.         9,321 $     1,467,778
AMETEK, Inc.        55,707      6,317,731
Eaton Corp. PLC       100,759     13,437,220
Emerson Electric Co.     1,998,974    146,364,876
Generac Holdings, Inc.(1)         2,476        441,075
Hubbell, Inc.        62,461     13,928,803
nVent Electric PLC             4            127
Rockwell Automation, Inc.       139,557     30,020,106
      $   211,977,716
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A        24,679 $     1,652,506
Badger Meter, Inc.         4,500        415,755
CDW Corp.       144,442     22,544,508
Corning, Inc.     1,468,801     42,624,605
IPG Photonics Corp.(1)        25,541      2,154,383
Keysight Technologies, Inc.(1)        12,706      1,999,416
Knowles Corp.(1)             1             12
Littelfuse, Inc.        91,856     18,250,869
TE Connectivity, Ltd.        64,747      7,145,479
Teledyne Technologies, Inc.(1)           145         48,933
Trimble, Inc.(1)       198,434     10,769,013
Vontier Corp.         3,985         66,589
Zebra Technologies Corp., Class A(1)        52,044     13,636,049
      $   121,308,117
Energy Equipment & Services — 0.2%
ChampionX Corp.         6,002 $       117,459
Core Laboratories NV        16,652        224,469
Expro Group Holdings N.V.(1)       250,000      3,185,000
Halliburton Co.       697,982      17,184,317
Security Shares Value
Energy Equipment & Services (continued)
NOV, Inc.         5,400 $        87,372
Schlumberger NV       855,185     30,701,141
Transocean, Ltd.(1)         3,548          8,764
      $    51,508,522
Entertainment — 1.6%
Activision Blizzard, Inc.       149,964 $    11,148,324
Electronic Arts, Inc.       150,119     17,370,270
Live Nation Entertainment, Inc.(1)        20,744      1,577,374
NetEase, Inc., ADR           510         38,556
Netflix, Inc.(1)       234,398     55,186,665
ROBLOX Corp., Class A(1)       905,777     32,463,048
Roku, Inc., Class A(1)        26,288      1,482,643
Spotify Technology S.A.(1)        92,198      7,956,687
Take-Two Interactive Software, Inc.(1)        23,883      2,603,247
Walt Disney Co. (The)(1)     3,401,980    320,908,773
Warner Bros. Discovery, Inc.(1)       644,836      7,415,614
      $   458,151,201
Equity Real Estate Investment Trusts (REITs) — 0.6%
American Homes 4 Rent, Class A       166,000 $     5,446,460
American Tower Corp.        97,156     20,859,393
AvalonBay Communities, Inc.         7,000      1,289,330
Boston Properties, Inc.            60          4,498
Brixmor Property Group, Inc.        45,000        831,150
Broadstone Net Lease, Inc.        19,453        302,105
Crown Castle, Inc.         1,609        232,581
Digital Realty Trust, Inc.            75          7,439
EastGroup Properties, Inc.       618,809     89,318,891
Equinix, Inc.           990        563,152
Extra Space Storage, Inc.         1,800        310,878
Federal Realty Investment Trust         1,300        117,156
Healthpeak Properties, Inc.       235,000      5,386,200
Host Hotels & Resorts, Inc.       528,986      8,400,298
Mid-America Apartment Communities, Inc.           457         70,867
National Storage Affiliates Trust(4)       170,000      7,068,600
ProLogis, Inc.        40,987      4,164,279
Public Storage        38,114     11,160,160
Realty Income Corp.       100,779      5,865,338
Regency Centers Corp.           405         21,809
SBA Communications Corp.         6,025      1,715,016
Simon Property Group, Inc.         8,192        735,232
Sun Communities, Inc.        86,445     11,698,602
Ventas, Inc.        98,914      3,973,375
      $   179,542,809
 
5
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Food & Staples Retailing — 1.9%
Costco Wholesale Corp.       945,192 $   446,385,826
Kroger Co. (The)       701,785     30,703,094
Sprouts Farmers Market, Inc.(1)       293,294      8,138,909
Sysco Corp.       655,066     46,319,717
Walgreens Boots Alliance, Inc.       431,731     13,556,353
Walmart, Inc.        66,702      8,651,249
      $   553,755,148
Food Products — 1.4%
Archer-Daniels-Midland Co.       137,778 $    11,084,240
Campbell Soup Co.       748,065     35,248,823
Conagra Brands, Inc.       699,690     22,830,885
Flowers Foods, Inc.       774,473     19,121,738
General Mills, Inc.       171,296     13,122,986
Hain Celestial Group, Inc. (The)(1)        17,240        291,011
Hershey Co. (The)       246,121     54,262,297
Hormel Foods Corp.       366,066     16,634,039
J&J Snack Foods Corp.        33,410      4,325,593
JM Smucker Co. (The)        19,721      2,709,863
Kellogg Co.        73,321      5,107,541
Kraft Heinz Co. (The)       189,995      6,336,333
Lamb Weston Holdings, Inc.       155,211     12,010,227
McCormick & Co., Inc., Non Voting Shares       168,759     12,027,454
Mondelez International, Inc., Class A     1,235,900     67,764,397
Nestle S.A.     1,118,348    120,957,513
Tyson Foods, Inc., Class A(1)        50,810      3,349,904
Tyson Foods, Inc., Class A(1)(4)        22,540      1,486,062
      $   408,670,906
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories     2,016,952 $   195,160,276
ABIOMED, Inc.(1)       109,299     26,850,392
Alcon, Inc.        22,924      1,333,718
Align Technology, Inc.(1)        20,794      4,306,645
Avanos Medical, Inc.(1)           542         11,805
Baxter International, Inc.        39,731      2,139,912
Becton, Dickinson and Co.       155,907     34,740,757
Boston Scientific Corp.(1)       680,931     26,372,458
DENTSPLY SIRONA, Inc.       126,017      3,572,582
DexCom, Inc.(1)       654,568     52,718,907
Edwards Lifesciences Corp.(1)       474,798     39,232,559
Embecta Corp.        29,991        863,441
IDEXX Laboratories, Inc.(1)        17,216      5,608,973
Inari Medical, Inc.(1)       488,894     35,513,260
Inari Medical, Inc.(1)(4)        22,222      1,614,206
Insulet Corp.(1)        10,198       2,339,421
Security Shares Value
Health Care Equipment & Supplies (continued)
Integra LifeSciences Holdings Corp.(1)     2,955,898 $   125,211,839
Intuitive Surgical, Inc.(1)       528,489     99,059,978
Medtronic PLC       546,950     44,166,212
Penumbra, Inc.(1)       105,243     19,954,073
ResMed, Inc.        32,670      7,131,861
Shockwave Medical, Inc.(1)         3,432        954,336
Smith & Nephew PLC ADR         5,500        127,710
STERIS PLC         3,190        530,433
Stryker Corp.       343,734     69,619,884
Teleflex, Inc.        14,475      2,916,134
Zimmer Biomet Holdings, Inc.       151,840     15,874,872
Zimvie, Inc.(1)        15,283        150,843
      $   818,077,487
Health Care Providers & Services — 3.3%
Acadia Healthcare Co., Inc.(1)        32,000 $     2,501,760
AmerisourceBergen Corp.         2,501        338,460
Cardinal Health, Inc.        21,017      1,401,414
Centene Corp.(1)       172,873     13,451,248
Cigna Corp.        48,559     13,473,666
Covetrus, Inc.(1)         5,595        116,824
CVS Health Corp.     1,977,474    188,591,695
DaVita, Inc.(1)       246,671     20,416,959
Elevance Health, Inc.       150,036     68,152,353
Ensign Group, Inc. (The)        51,487      4,093,216
Guardant Health, Inc.(1)       145,805      7,848,683
HCA Healthcare, Inc.       211,352     38,844,384
Henry Schein, Inc.(1)        26,348      1,732,908
Humana, Inc.         4,117      1,997,527
Laboratory Corp. of America Holdings         2,067        423,342
McKesson Corp.       150,389     51,112,709
Molina Healthcare, Inc.(1)        18,585      6,130,076
Oak Street Health, Inc.(1)       734,379     18,006,973
Progyny, Inc.(1)        15,525        575,357
Quest Diagnostics, Inc.         1,115        136,799
Tenet Healthcare Corp.(1)        32,363      1,669,284
UnitedHealth Group, Inc.       996,449    503,246,603
      $   944,262,240
Health Care Technology — 0.0%(2)
Doximity, Inc., Class A(1)       118,400 $     3,578,048
Teladoc Health, Inc.(1)        93,070      2,359,325
Veeva Systems, Inc., Class A(1)        33,508      5,524,799
      $    11,462,172
 
6
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Hotels, Restaurants & Leisure — 3.3%
Airbnb, Inc., Class A(1)       236,236 $    24,814,229
Aramark       148,020      4,618,224
Booking Holdings, Inc.(1)        52,915     86,950,457
Carnival Corp.(1)        22,069        155,145
Chipotle Mexican Grill, Inc.(1)       120,458    181,019,464
Choice Hotels International, Inc.        49,631      5,435,587
Darden Restaurants, Inc.        77,690      9,813,801
Domino's Pizza, Inc.         3,071        952,624
Draftkings, Inc., Class A(1)           550          8,327
Expedia Group, Inc.(1)        94,945      8,895,397
Hilton Worldwide Holdings, Inc.       106,201     12,809,965
Hyatt Hotels Corp., Class A(1)     1,353,442    109,574,664
Marriott International, Inc., Class A     1,115,753    156,361,625
McDonald's Corp.       155,004     35,765,623
MGM Resorts International       892,202     26,516,244
Penn Entertainment, Inc.(1)        30,956        851,600
Royal Caribbean Cruises, Ltd.(1)         1,900         72,010
Starbucks Corp.     2,552,969    215,113,168
Texas Roadhouse, Inc.       417,127     36,398,502
Trip.com Group, Ltd., ADR(1)         5,200        142,012
Yum China Holdings, Inc.       307,952     14,575,368
Yum! Brands, Inc.       151,990     16,162,617
      $   947,006,653
Household Durables — 0.2%
D.R. Horton, Inc.        43,075 $     2,901,101
Helen of Troy, Ltd.(1)           645         62,204
Leggett & Platt, Inc.        94,579      3,141,914
Lennar Corp., Class A        48,693      3,630,063
Lennar Corp., Class B            21          1,250
Mohawk Industries, Inc.(1)        20,864      1,902,588
Newell Brands, Inc.       123,465      1,714,929
NVR, Inc.(1)         1,822      7,264,460
PulteGroup, Inc.       222,055      8,327,063
Tempur Sealy International, Inc.       680,430     16,425,580
Toll Brothers, Inc.         4,378        183,876
Whirlpool Corp.         1,646        221,897
      $    45,776,925
Household Products — 1.8%
Church & Dwight Co., Inc.       217,268 $    15,521,626
Clorox Co. (The)        21,183      2,719,685
Colgate-Palmolive Co.     2,827,568    198,636,652
Energizer Holdings, Inc.        10,496         263,870
Security Shares Value
Household Products (continued)
Kimberly-Clark Corp.       108,917 $    12,257,519
Procter & Gamble Co. (The)     2,175,145    274,612,056
      $   504,011,408
Industrial Conglomerates — 0.6%
3M Co.       607,038 $    67,077,699
General Electric Co.       708,784     43,880,817
Honeywell International, Inc.       405,779     67,752,920
      $   178,711,436
Insurance — 1.8%
Aegon NV ADR             5 $            20
Aflac, Inc.       921,090     51,765,258
Alleghany Corp.(1)         3,985      3,344,890
Allstate Corp. (The)        23,233      2,893,206
American International Group, Inc.       139,191      6,608,789
Aon PLC, Class A       177,456     47,535,139
Arch Capital Group, Ltd.(1)       286,437     13,044,341
Arthur J. Gallagher & Co.       540,259     92,503,146
Assurant, Inc.        19,372      2,814,170
Brighthouse Financial, Inc.(1)           936         40,641
Brookfield Asset Management Reinsurance Partners, Ltd., Class A         1,615         66,054
Brown & Brown, Inc.           407         24,615
Chubb, Ltd.        61,972     11,271,467
Cincinnati Financial Corp.       117,210     10,498,500
Fidelity National Financial, Inc.        58,987      2,135,329
First American Financial Corp.         1,227         56,565
Globe Life, Inc.       176,316     17,578,705
Hartford Financial Services Group, Inc.       218,798     13,552,348
Lincoln National Corp.        73,007      3,205,737
Markel Corp.(1)        27,395     29,702,207
Marsh & McLennan Cos., Inc.       286,904     42,831,898
MetLife, Inc.        19,398      1,179,010
Old Republic International Corp.        57,300      1,199,289
Principal Financial Group, Inc.        90,336      6,517,742
Progressive Corp. (The)       983,264    114,265,109
Prudential Financial, Inc.        22,159      1,900,799
Reinsurance Group of America, Inc.         6,425        808,329
Ryan Specialty Holdings, Inc.(1)(4)        28,103      1,141,125
Travelers Cos., Inc. (The)       146,351     22,420,973
Trisura Group, Ltd.(1)           496         12,018
W.R. Berkley Corp.        43,875      2,833,448
Willis Towers Watson PLC            70         14,066
      $   503,764,933
 
7
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Interactive Media & Services — 6.4%
Alphabet, Inc., Class A(1)     6,254,930 $   598,284,054
Alphabet, Inc., Class C(1)     7,956,958    765,061,512
Baidu, Inc., ADR(1)       136,627     16,052,306
CarGurus, Inc.(1)        37,803        535,669
IAC, Inc.(1)        13,536        749,624
Match Group, Inc.(1)       527,012     25,164,823
Meta Platforms, Inc., Class A(1)     2,646,952    359,138,447
Pinterest, Inc., Class A(1)     2,540,426     59,191,926
Snap, Inc., Class A(1)       629,323      6,179,952
Twitter, Inc.(1)       108,483      4,755,895
Vimeo, Inc.(1)        97,055        388,220
Yelp, Inc.(1)       149,508      5,069,816
ZipRecruiter, Inc., Class A(1)       332,657      5,488,840
      $ 1,846,061,084
Internet & Direct Marketing Retail — 3.6%
Alibaba Group Holding, Ltd., ADR(1)       304,712 $    24,373,913
Altaba, Inc.(5)       114,070        433,466
Amazon.com, Inc.(1)     8,635,789    975,844,157
DoorDash, Inc., Class A(1)       133,033      6,578,482
eBay, Inc.       330,900     12,180,429
Etsy, Inc.(1)        10,937      1,095,122
Qurate Retail, Inc., Series A        99,802        200,602
Wayfair, Inc., Class A(1)        60,022      1,953,716
      $ 1,022,659,887
IT Services — 3.6%
Accenture PLC, Class A     1,075,382 $   276,695,789
Affirm Holdings, Inc.(1)       379,636      7,121,971
Akamai Technologies, Inc.(1)       257,635     20,693,243
Amdocs, Ltd.        43,944      3,491,351
Automatic Data Processing, Inc.       310,374     70,203,495
Block, Inc., Class A(1)       434,159     23,874,403
Broadridge Financial Solutions, Inc.       108,827     15,705,913
CGI, Inc.(1)           200         15,048
Cognizant Technology Solutions Corp., Class A        55,060      3,162,646
Fidelity National Information Services, Inc.        22,757      1,719,746
Fiserv, Inc.(1)       863,094     80,759,706
Gartner, Inc.(1)         7,866      2,176,444
Global Payments, Inc.        65,353      7,061,392
International Business Machines Corp.       581,591     69,098,827
Jack Henry & Associates, Inc.        76,657     13,972,271
Kyndryl Holdings, Inc.(1)        68,109        563,261
Mastercard, Inc., Class A       219,713     62,473,194
Okta, Inc.(1)       319,829     18,188,675
Paychex, Inc.        51,475       5,776,010
Security Shares Value
IT Services (continued)
PayPal Holdings, Inc.(1)       239,414 $    20,606,363
Sabre Corp.(1)       207,290      1,067,543
Shopify, Inc., Class A(1)       125,240      3,373,966
Snowflake, Inc., Class A(1)       125,608     21,348,336
Twilio, Inc., Class A(1)       555,411     38,401,117
VeriSign, Inc.(1)         5,954      1,034,210
Visa, Inc., Class A     1,459,706    259,316,771
Western Union Co. (The)        21,882        295,407
      $ 1,028,197,098
Leisure Products — 0.1%
Hasbro, Inc.         8,057 $       543,203
Mattel, Inc.(1)        10,936        207,128
Polaris, Inc.        79,672      7,620,627
Topgolf Callaway Brands Corp.(1)     1,165,163     22,441,039
      $    30,811,997
Life Sciences Tools & Services — 1.5%
10X Genomics, Inc., Class A(1)       467,079 $    13,302,410
Agilent Technologies, Inc.       681,925     82,887,984
Avantor, Inc.(1)       120,000      2,352,000
Bio-Rad Laboratories, Inc., Class A(1)            52         21,691
Bio-Techne Corp.         8,597      2,441,548
Charles River Laboratories International, Inc.(1)           239         47,035
Danaher Corp.       215,306     55,611,387
Illumina, Inc.(1)        51,324      9,792,106
IQVIA Holdings, Inc.(1)        74,076     13,418,127
Mettler-Toledo International, Inc.(1)         1,000      1,084,120
NeoGenomics, Inc.(1)       197,625      1,701,551
PerkinElmer, Inc.       182,718     21,986,457
Thermo Fisher Scientific, Inc.       392,012    198,824,566
Waters Corp.(1)           730        196,757
West Pharmaceutical Services, Inc.        69,161     17,019,139
      $   420,686,878
Machinery — 1.8%
Caterpillar, Inc.       411,931 $    67,589,639
Cummins, Inc.         1,688        343,525
Daimler Truck Holding AG ADR(1)        18,000        202,122
Deere & Co.       236,079     78,824,417
Donaldson Co., Inc.       184,029      9,019,261
Dover Corp.       376,904     43,939,468
Fortive Corp.        33,376      1,945,821
Illinois Tool Works, Inc.     1,283,404    231,846,933
Ingersoll Rand, Inc.       171,795      7,431,852
Lincoln Electric Holdings, Inc.        53,660       6,746,135
 
8
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Machinery (continued)
Middleby Corp.(1)         2,000 $       256,340
Nordson Corp.         4,500        955,215
Otis Worldwide Corp.       438,031     27,946,378
PACCAR, Inc.       186,094     15,574,207
Parker-Hannifin Corp.        27,492      6,661,587
Pentair PLC            75          3,047
Snap-on, Inc.        29,674      5,974,860
Stanley Black & Decker, Inc.           288         21,660
Toro Co. (The)        14,128      1,221,789
Trinity Industries, Inc.        11,100        236,985
Westinghouse Air Brake Technologies Corp.       173,886     14,145,626
Xylem, Inc.       112,897      9,862,682
      $   530,749,549
Media — 0.2%
Charter Communications, Inc., Class A(1)         5,983 $     1,814,943
Comcast Corp., Class A     1,350,022     39,596,145
Fox Corp., Class A        50,412      1,546,640
Interpublic Group of Cos., Inc. (The)           976         24,985
Liberty Broadband Corp., Series A(1)             1             75
Liberty Broadband Corp., Series C(1)             1             74
Loyalty Ventures, Inc.(1)           274            331
News Corp., Class A        32,024        483,883
Omnicom Group, Inc.        16,403      1,034,865
Paramount Global, Class B       612,221     11,656,688
Sirius XM Holdings, Inc.             1              6
Trade Desk, Inc. (The), Class A(1)         1,000         59,750
      $    56,218,385
Metals & Mining — 0.2%
Alcoa Corp.         4,214 $       141,843
Arconic Corp.(1)             1             17
BHP Group, Ltd. ADR           800         40,032
Cleveland-Cliffs, Inc.(1)       278,121      3,746,290
Freeport-McMoRan, Inc.       113,111      3,091,324
Glencore PLC       598,405      3,144,626
Newmont Corp.           103          4,329
Nucor Corp.       242,762     25,973,106
Steel Dynamics, Inc.       232,124     16,469,198
      $    52,610,765
Multiline Retail — 0.1%
Dollar General Corp.           520 $       124,727
Dollar Tree, Inc.(1)       147,240      20,039,364
Security Shares Value
Multiline Retail (continued)
Nordstrom, Inc.         3,192 $        53,402
Target Corp.        48,083      7,135,037
      $    27,352,530
Multi-Utilities — 0.4%
Ameren Corp.         1,400 $       112,770
Black Hills Corp.           783         53,033
Consolidated Edison, Inc.       525,151     45,036,950
Dominion Energy, Inc.       899,105     62,137,146
DTE Energy Co.        77,124      8,873,116
NiSource, Inc.           828         20,857
Public Service Enterprise Group, Inc.         6,921        389,168
Sempra Energy        67,907     10,181,975
WEC Energy Group, Inc.        15,006      1,341,987
      $   128,147,002
Oil, Gas & Consumable Fuels — 3.5%
Antero Resources Corp.(1)     1,341,986 $    40,970,832
Cheniere Energy, Inc.       646,170    107,206,065
Chevron Corp.     1,082,725    155,555,101
ConocoPhillips       708,232     72,480,463
Devon Energy Corp.        55,390      3,330,601
Diamondback Energy, Inc.       126,319     15,216,387
DT Midstream, Inc.(1)        38,562      2,000,982
Enbridge, Inc.         4,983        184,869
EOG Resources, Inc.     1,161,268    129,748,474
EQT Corp.       172,074      7,012,015
Equitrans Midstream Corp.       144,379      1,079,955
Exxon Mobil Corp.     3,931,363    343,247,303
Hess Corp.        53,310      5,810,257
HF Sinclair Corp.         9,171        493,767
Kinder Morgan, Inc.       120,691      2,008,298
Magnolia Oil & Gas Corp., Class A       245,547      4,864,286
Marathon Oil Corp.         8,775        198,139
Marathon Petroleum Corp.       215,166     21,372,439
Murphy Oil Corp.        44,823      1,576,425
Occidental Petroleum Corp.       435,211     26,743,716
ONEOK, Inc.        57,290      2,935,540
Phillips 66       202,729     16,364,285
Pioneer Natural Resources Co.        31,687      6,861,186
Range Resources Corp.       664,831     16,793,631
Shell PLC           100          4,976
Texas Pacific Land Corp.         6,565     11,667,515
Valero Energy Corp.        17,838      1,905,990
Williams Cos., Inc. (The)        34,025        974,136
      $   998,607,633
 
9
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Paper and Forest Products — 0.0%(2)
Sylvamo Corp.         3,229 $       109,463
      $       109,463
Personal Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A       198,338 $    42,821,174
Haleon PLC ADR(1)        11,863         72,246
Unilever PLC ADR        70,897      3,108,124
      $    46,001,544
Pharmaceuticals — 5.8%
AstraZeneca PLC ADR     1,319,901 $    72,383,371
Bausch Health Cos., Inc.(1)         4,389         30,240
Bristol-Myers Squibb Co.     2,586,848    183,899,024
Catalent, Inc.(1)        45,943      3,324,435
Eli Lilly & Co.     2,047,457    662,045,221
GSK PLC ADR         9,490        279,291
Johnson & Johnson     2,612,352    426,753,823
Mallinckrodt PLC(1)(5)             6              0
Merck & Co., Inc.     1,735,305    149,444,467
Novartis AG ADR       145,139     11,032,015
Novo Nordisk A/S ADR        56,211      5,600,302
Organon & Co.       160,960      3,766,464
Pfizer, Inc.     2,383,276    104,292,158
Reata Pharmaceuticals, Inc., Class A(1)         4,694        117,960
Roche Holding AG ADR        38,814      1,576,625
Sanofi ADR         6,100        231,922
Takeda Pharmaceutical Co., Ltd. ADR         5,036         65,317
Teva Pharmaceutical Industries, Ltd. ADR(1)         5,106         41,205
Viatris, Inc.       141,733      1,207,565
Zoetis, Inc.       207,471     30,765,875
      $ 1,656,857,280
Professional Services — 0.4%
ASGN, Inc.(1)       284,823 $    25,739,454
Booz Allen Hamilton Holding Corp., Class A       162,364     14,994,315
CACI International, Inc., Class A(1)        19,784      5,164,811
Equifax, Inc.        14,485      2,483,164
Jacobs Solutions, Inc.        85,615      9,288,371
Nielsen Holdings PLC         2,000         55,440
Thomson Reuters Corp.       181,943     18,670,991
TriNet Group, Inc.(1)        23,100      1,645,182
Verisk Analytics, Inc.       270,734     46,168,269
      $   124,209,997
Real Estate Management & Development — 0.0%(2)
Zillow Group, Inc., Class A(1)        10,638 $       304,566
Security Shares Value
Real Estate Management & Development (continued)
Zillow Group, Inc., Class C(1)        21,276 $       608,706
      $       913,272
Road & Rail — 1.3%
Canadian National Railway Co.       124,084 $    13,399,831
Canadian Pacific Railway, Ltd.        10,807        721,043
CSX Corp.     1,984,382     52,863,937
J.B. Hunt Transport Services, Inc.        17,448      2,729,216
Lyft, Inc., Class A(1)       160,326      2,111,493
Norfolk Southern Corp.       368,222     77,197,742
Uber Technologies, Inc.(1)     3,699,519     98,037,254
Union Pacific Corp.       672,834    131,081,520
XPO Logistics, Inc.(1)        67,458      3,003,230
      $   381,145,266
Semiconductors & Semiconductor Equipment — 4.4%
Advanced Micro Devices, Inc.(1)        64,937 $     4,114,408
Analog Devices, Inc.       502,851     70,067,258
Applied Materials, Inc.       435,578     35,686,906
ASML Holding NV - NY Shares        12,672      5,263,315
Broadcom, Inc.       119,304     52,972,169
Cirrus Logic, Inc.(1)        50,300      3,460,640
Enphase Energy, Inc.(1)        54,000     14,983,380
Intel Corp.     4,879,431    125,742,937
KLA Corp.           605        183,091
Lam Research Corp.        82,291     30,118,506
Marvell Technology, Inc.        95,691      4,106,101
Microchip Technology, Inc.     1,114,568     68,022,085
Micron Technology, Inc.(1)       703,114     35,226,011
Micron Technology, Inc.(1)(4)        11,829        592,633
Monolithic Power Systems, Inc.         4,000      1,453,600
NVIDIA Corp.     2,558,996    310,636,524
NXP Semiconductors NV        14,754      2,176,363
ON Semiconductor Corp.(1)       229,518     14,305,857
Qorvo, Inc.(1)        13,586      1,078,864
QUALCOMM, Inc.     2,960,621    334,490,961
Silicon Laboratories, Inc.(1)        67,435      8,324,176
Skyworks Solutions, Inc.         1,000         85,270
SolarEdge Technologies, Inc.(1)         1,000        231,460
Teradyne, Inc.        13,157        988,749
Texas Instruments, Inc.       953,711    147,615,389
      $ 1,271,926,653
Software — 8.6%
Adobe, Inc.(1)       430,743 $   118,540,474
ANSYS, Inc.(1)       154,179      34,181,484
 
10
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Software (continued)
Autodesk, Inc.(1)        33,712 $     6,297,402
Box, Inc., Class A(1)       106,049      2,586,535
Cadence Design Systems, Inc.(1)       639,061    104,441,739
Cerence, Inc.(1)           783         12,332
Check Point Software Technologies, Ltd.(1)        82,484      9,239,858
Citrix Systems, Inc.        11,798      1,226,992
Coupa Software, Inc.(1)        54,504      3,204,835
Crowdstrike Holdings, Inc., Class A(1)       433,003     71,363,224
DocuSign, Inc.(1)     1,148,944     61,434,036
Dolby Laboratories, Inc., Class A         1,232         80,265
Dropbox, Inc., Class A(1)     3,191,403     66,125,870
Envestnet, Inc.(1)        87,353      3,878,473
Fortinet, Inc.(1)       148,420      7,291,875
Guidewire Software, Inc.(1)        63,449      3,907,189
Hashicorp, Inc.(1)        29,947        963,994
Intuit, Inc.       129,837     50,288,467
Manhattan Associates, Inc.(1)        77,673     10,332,839
Microsoft Corp.     5,063,862  1,179,373,460
nCino, Inc.(1)        25,000        852,750
NCR Corp.(1)           190          3,612
Nice, Ltd. ADR(1)           900        169,416
NortonLifeLock, Inc.       121,379      2,444,573
Nutanix, Inc., Class A(1)        18,402        383,314
Olo, Inc., Class A(1)        64,200        507,180
Oracle Corp.       442,450     27,020,422
Palantir Technologies, Inc., Class A(1)     3,040,678     24,720,712
Palo Alto Networks, Inc.(1)       832,653    136,380,235
Paycom Software, Inc.(1)       552,844    182,432,992
PTC, Inc.(1)         2,430        254,178
Qualys, Inc.(1)        32,046      4,466,892
RingCentral, Inc., Class A(1)        18,835        752,647
Roper Technologies, Inc.        37,107     13,345,161
Salesforce, Inc.(1)       415,105     59,708,703
SAP SE ADR         2,796        227,175
ServiceNow, Inc.(1)       222,854     84,151,899
Smartsheet, Inc., Class A(1)       227,811      7,827,586
Splunk, Inc.(1)       412,415     31,013,608
Synopsys, Inc.(1)        36,393     11,118,425
Teradata Corp.(1)           318          9,877
Tyler Technologies, Inc.(1)       232,333     80,735,717
VMware, Inc., Class A         9,304        990,504
Workday, Inc., Class A(1)       240,775     36,650,770
Zscaler, Inc.(1)       104,213     17,129,491
      $ 2,458,069,182
Security Shares Value
Specialty Retail — 2.6%
Advance Auto Parts, Inc.        16,346 $     2,555,534
AutoNation, Inc.(1)        18,044      1,838,142
AutoZone, Inc.(1)         2,520      5,397,664
Bath & Body Works, Inc.       413,399     13,476,807
Bed Bath & Beyond, Inc.(1)        15,000         91,350
Best Buy Co., Inc.       343,446     21,753,870
Burlington Stores, Inc.(1)        16,288      1,822,464
CarMax, Inc.(1)        34,010      2,245,340
Dick's Sporting Goods, Inc.        61,239      6,408,049
Five Below, Inc.(1)        71,000      9,774,570
Gap, Inc. (The)        75,000        615,750
Home Depot, Inc. (The)       146,972     40,555,454
Lithia Motors, Inc.            80         17,164
Lowe's Cos., Inc.     1,163,329    218,484,820
O'Reilly Automotive, Inc.(1)       250,731    176,351,649
Ross Stores, Inc.       590,159     49,732,699
Signet Jewelers, Ltd.        65,986      3,773,739
TJX Cos., Inc. (The)     1,702,486    105,758,430
Tractor Supply Co.       248,742     46,236,163
Ulta Beauty, Inc.(1)        96,964     38,900,987
Victoria's Secret & Co.(1)        88,445      2,575,518
Warby Parker, Inc., Class A(1)         4,087         54,521
      $   748,420,684
Technology Hardware, Storage & Peripherals — 7.3%
Apple, Inc.    14,722,932 $ 2,034,709,202
Dell Technologies, Inc., Class C        50,698      1,732,351
Hewlett Packard Enterprise Co.       394,670      4,728,147
Logitech International S.A.         2,406        110,676
NetApp, Inc.        78,200      4,836,670
Pure Storage, Inc., Class A(1)     1,300,000     35,581,000
Seagate Technology Holdings PLC         6,406        340,991
      $ 2,082,039,037
Textiles, Apparel & Luxury Goods — 0.9%
Columbia Sportswear Co.        19,096 $     1,285,161
Crocs, Inc.(1)           300         20,598
Hanesbrands, Inc.       172,884      1,203,273
Kontoor Brands, Inc.        32,734      1,100,190
Levi Strauss & Co., Class A       226,005      3,270,292
Lululemon Athletica, Inc.(1)         7,878      2,202,374
NIKE, Inc., Class B     2,824,712    234,790,061
PVH Corp.            16            717
Skechers USA, Inc., Class A(1)       195,345      6,196,343
Tapestry, Inc.           522          14,840
 
11
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Security Shares Value
Textiles, Apparel & Luxury Goods (continued)
Under Armour, Inc., Class C(1)           500 $         2,980
VF Corp.       309,743      9,264,413
      $   259,351,242
Thrifts & Mortgage Finance — 0.0%(2)
Essent Group, Ltd.        96,312 $     3,358,399
      $     3,358,399
Tobacco — 0.5%
Altria Group, Inc.       967,603 $    39,071,809
British American Tobacco PLC ADR             3            106
Philip Morris International, Inc.     1,191,476     98,904,423
      $   137,976,338
Trading Companies & Distributors — 0.4%
Fastenal Co.     2,056,875 $    94,698,525
NOW, Inc.(1)           944          9,487
United Rentals, Inc.(1)         6,508      1,757,941
W.W. Grainger, Inc.        14,772      7,226,315
      $   103,692,268
Water Utilities — 0.0%(2)
American Water Works Co., Inc.        23,888 $     3,109,262
Essential Utilities, Inc.           500         20,690
      $     3,129,952
Wireless Telecommunication Services — 0.1%
America Movil SAB de CV, Series L ADR        13,186 $       217,173
Rogers Communications, Inc., Class B           750         28,905
T-Mobile US, Inc.(1)       168,477     22,604,559
Vodafone Group PLC ADR             5             57
      $    22,850,694
Total Common Stocks
(identified cost $17,888,052,992) 		    $28,512,378,806
    
Preferred Stocks — 0.0%(2)
Security Shares Value
Internet & Direct Marketing Retail — 0.0%(2)
Qurate Retail, Inc., Series A, 8.00%         2,994 $       136,347
Total Preferred Stocks
(identified cost $168,592) 		    $       136,347
Warrants — 0.0%(2)
Security Shares Value
Oil, Gas & Consumable Fuels — 0.0%(2)
Occidental Petroleum Corp., Exp. 8/3/27(1)         2,853 $       113,036
Total Warrants
(identified cost $14,122) 		    $       113,036
    
Short-Term Investments — 0.7%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.80%(6)   193,467,380 $   193,467,380
Total Short-Term Investments
(identified cost $193,467,380) 		    $   193,467,380
Total Investments — 100.0%
(identified cost $18,081,703,086) 		    $28,706,095,569
Other Assets, Less Liabilities — (0.0)%(2)     $    (2,748,236)
Net Assets — 100.0%     $28,703,347,333
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) Non-income producing security.
(2) Amount is less than 0.05%.
(3) Represents an investment in an issuer that is deemed to be an affiliate.
(4) Restricted security.
(5) For fair value measurement disclosure purposes, security is categorized as Level 3.
(6) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of September 30, 2022.
Abbreviations:
ADR – American Depositary Receipt
 
12
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
Restricted Securities
At September 30, 2022, the Portfolio owned the following securities (representing less than 0.05% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933. The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued by the investment adviser as the Trustees' valuation designee.
Description Date(s) of
Acquisition 		Eligible for
Resale 		Shares Cost Value
Common Stocks          
Comfort Systems USA, Inc. 6/16/22  6/16/23  17,894 $ 1,500,019 $ 1,741,043
Inari Medical, Inc. 12/16/21 12/16/22  22,222  1,779,491  1,614,206
Micron Technology, Inc. 3/17/22  3/17/23  11,829    941,898    592,633
National Storage Affiliates Trust 3/17/22  3/17/23 170,000 10,315,540  7,068,600
Ryan Specialty Holdings, Inc. 6/16/22  6/16/23  28,103    996,827  1,141,125
Tyson Foods, Inc., Class A 3/17/22  3/17/23  22,540  1,965,349  1,486,062
Total Restricted Securities       $17,499,124 $13,643,669
Investments in Affiliated Issuers and Funds
At September 30, 2022, the value of the Portfolio's investment in affiliated issuers and funds was $296,492,153, which represents 1.0% of the Portfolio's net assets. Transactions in affiliated issuers and funds by the Portfolio for the fiscal year to date ended September 30, 2022 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 		Units/Shares,
end of period
Common Stocks 
Morgan Stanley $208,377,288 $ — $(71,027,856) $42,746,287 $(77,070,946) $103,024,773 $3,807,701   1,303,946
Short-Term Investments 
Cash Reserve Fund 97,096,177 730,786,970 (827,879,363) (6,811) 3,027  — 43,116         —
Liquidity Fund  — 485,685,243 (292,217,863)  —  — 193,467,380 900,083 193,467,380
Total       $42,739,476 $(77,067,919) $296,492,153 $4,750,900  
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.
13
Tax-Managed Growth Portfolio
September 30, 2022
Portfolio of Investments (Unaudited) — continued
At September 30, 2022, 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 $ 2,437,967,049 $        — $    — $ 2,437,967,049
Consumer Discretionary  3,427,701,895         — 433,466  3,428,135,361
Consumer Staples  2,189,146,674 120,957,513     —  2,310,104,187
Energy  1,050,116,155         —     —  1,050,116,155
Financials  3,695,632,865  10,320,241     —  3,705,953,106
Health Care  4,570,211,044         —       0  4,570,211,044
Industrials  2,413,097,057   1,741,043     —  2,414,838,100
Information Technology  7,571,876,202         —     —  7,571,876,202
Materials    421,078,295   3,144,626     —    424,222,921
Real Estate    180,456,081         —     —    180,456,081
Utilities    418,498,600         —     —    418,498,600
Total Common Stocks $28,375,781,917 $136,163,423** $433,466 $28,512,378,806
Preferred Stocks $       136,347 $        — $    — $       136,347
Warrants        113,036         —     —        113,036
Short-Term Investments    193,467,380         —     —    193,467,380
Total Investments $28,569,498,680 $136,163,423 $433,466 $28,706,095,569
* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.
** Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended September 30, 2022 is not presented.
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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