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
December 31, 2022
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Fund Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
Fund at NAV | 03/29/1966 | 03/29/1966 | (19.92)% | 8.79% | 12.03% |
S&P 500® Index | — | — | (18.11)% | 9.42% | 12.56% |
% After-Tax Returns | Inception Date | Performance Inception Date | One Year | Five Years | Ten Years |
After Taxes on Distributions | 03/29/1966 | 03/29/1966 | (20.07)% | 8.57% | 11.73% |
After Taxes on Distributions and Sale of Fund Shares | — | — | (11.63) | 7.22 | 10.29 |
Sector Allocation (% of net assets)1 |
Top 10 Holdings (% of net assets)1 | |
Apple, Inc. | 6.2% |
Microsoft Corp. | 4.3 |
Amazon.com, Inc. | 2.4 |
Alphabet, Inc., Class C | 2.3 |
Eli Lilly & Co. | 2.2 |
Berkshire Hathaway, Inc., Class B | 2.0 |
JPMorgan Chase & Co. | 1.8 |
Alphabet, Inc., Class A | 1.8 |
UnitedHealth Group, Inc. | 1.7 |
Exxon Mobil Corp. | 1.5 |
Total | 26.2% |
1 | Excludes cash and cash equivalents. |
† | The views expressed in this report are those of the Fund’s investment adviser and are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
1 | S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | 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. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. After-tax returns are calculated using certain assumptions, including using the highest 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. |
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. |
Beginning Account Value (7/1/22) | Ending Account Value (12/31/22) | Expenses Paid During Period* (7/1/22 – 12/31/22) | Annualized Expense Ratio | |
Actual | ||||
$1,000.00 | $1,029.80 | $2.35 | 0.46% | |
Hypothetical | ||||
(5% return per year before expenses) | ||||
$1,000.00 | $1,022.89 | $2.35 | 0.46% |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2022. The Example reflects the expenses of both the Fund and the Portfolio. |
December 31, 2022 | |
Assets | |
Investment in Tax-Managed Growth Portfolio, at value (identified cost $184,666,177) | $ 1,096,536,632 |
Total assets | $1,096,536,632 |
Liabilities | |
Payable for Fund shares redeemed | $ 1,331,920 |
Payable to affiliates: | |
Trustees' fees | 125 |
Accrued expenses | 118,970 |
Total liabilities | $ 1,451,015 |
Net Assets | $1,095,085,617 |
Sources of Net Assets | |
Paid-in capital | $ 23,850,521 |
Distributable earnings | 1,071,235,096 |
Net Assets | $1,095,085,617 |
Net Asset Value and Redemption Price Per Share | |
($1,095,085,617 ÷ 660,473 shares of beneficial interest outstanding) | $ 1,658.03 |
Year Ended | |
December 31, 2022 | |
Investment Income | |
Dividend income allocated from Portfolio (net of foreign taxes withheld of $110,225) | $ 16,254,703 |
Expenses allocated from Portfolio | (5,138,006) |
Total investment income from Portfolio | $ 11,116,697 |
Expenses | |
Trustees’ fees and expenses | $ 500 |
Custodian fee | 64,527 |
Transfer and dividend disbursing agent fees | 110,497 |
Professional fees | 48,524 |
Printing and postage | 7,367 |
Miscellaneous | 19,585 |
Total expenses | $ 251,000 |
Net investment income | $ 10,865,697 |
Realized and Unrealized Gain (Loss) from Portfolio | |
Net realized gain (loss): | |
Investment transactions(1) | $ 29,098,517 |
Foreign currency transactions | 1,166 |
Net realized gain | $ 29,099,683 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (323,047,042) |
Foreign currency | (6,853) |
Net change in unrealized appreciation (depreciation) | $(323,053,895) |
Net realized and unrealized loss | $(293,954,212) |
Net decrease in net assets from operations | $(283,088,515) |
(1) | Includes $32,821,994 of net realized gains from redemptions in-kind. |
Year Ended December 31, | ||
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 10,865,697 | $ 8,995,090 |
Net realized gain | 29,099,683 | 27,647,799 |
Net change in unrealized appreciation (depreciation) | (323,053,895) | 256,428,753 |
Net increase (decrease) in net assets from operations | $ (283,088,515) | $ 293,071,642 |
Distributions to shareholders | $ (10,821,313) | $ (9,096,319) |
Net decrease in net assets from Fund share transactions | $ (49,018,179) | $ (42,648,813) |
Net increase (decrease) in net assets | $ (342,928,007) | $ 241,326,510 |
Net Assets | ||
At beginning of year | $ 1,438,013,624 | $ 1,196,687,114 |
At end of year | $1,095,085,617 | $1,438,013,624 |
Year Ended December 31, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value — Beginning of year | $ 2,090.220 | $ 1,683.170 | $ 1,378.390 | $ 1,075.910 | $ 1,146.130 |
Income (Loss) From Operations | |||||
Net investment income(1) | $ 16.074 | $ 12.915 | $ 14.813 | $ 15.815 | $ 14.556 |
Net realized and unrealized gain (loss) | (432.164) | 407.235 | 304.817 | 302.465 | (70.176) |
Total income (loss) from operations | $ (416.090) | $ 420.150 | $ 319.630 | $ 318.280 | $ (55.620) |
Less Distributions | |||||
From net investment income | $ (16.100) | $ (13.100) | $ (14.850) | $ (15.800) | $ (14.180) |
Tax return of capital | — | — | — | — | (0.420) |
Total distributions | $ (16.100) | $ (13.100) | $ (14.850) | $ (15.800) | $ (14.600) |
Net asset value — End of year | $1,658.030 | $2,090.220 | $1,683.170 | $1,378.390 | $1,075.910 |
Total Return(2) | (19.92)% | 25.04% | 23.49% | 29.83% | (5.04)% |
Ratios/Supplemental Data | |||||
Net assets, end of year (000’s omitted) | $ 1,095,086 | $ 1,438,014 | $ 1,196,687 | $ 1,033,733 | $ 861,445 |
Ratios (as a percentage of average daily net assets):(3) | |||||
Expenses | 0.45% (4) | 0.45% | 0.46% | 0.47% | 0.48% |
Net investment income | 0.91% | 0.68% | 1.06% | 1.27% | 1.23% |
Portfolio Turnover of the Portfolio(5) | 3% | 1% | 1% | 1% | 1% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | Includes the Fund’s share of the Portfolio’s allocated expenses. |
(4) | Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended December 31, 2022). |
(5) | 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 8%, 4%, 6%, 6% and 6% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Year Ended December 31, | ||
2022 | 2021 | |
Ordinary income | $10,821,313 | $9,096,319 |
Undistributed ordinary income | $ 1,484 |
Deferred capital losses | (2,308,588) |
Net unrealized appreciation | 1,073,542,200 |
Distributable earnings | $1,071,235,096 |
Average Daily Net Assets | Annual Fee Rate (Year Ended December 31, 2022)* | Annual Fee Rate (Effective January 13, 2023)** |
Up to $500 million | 0.6250% | 0.5575% |
$500 million but less than $1 billion | 0.5625% | 0.4950% |
$1 billion but less than $1.5 billion | 0.5000% | 0.4325% |
$1.5 billion but less than $7 billion | 0.4375% | 0.3700% |
$7 billion but less than $10 billion | 0.4250% | 0.3575% |
$10 billion but less than $15 billion | 0.4125% | 0.3450% |
$15 billion but less than $20 billion | 0.4000% | 0.3325% |
$20 billion but less than $25 billion | 0.3900% | 0.3225% |
$25 billion but less than $30 billion | 0.3800% | 0.3125% |
$30 billion but less than $35 billion | 0.3700% | 0.3020% |
$35 billion but less than $45 billion | 0.3650% | 0.2970% |
$45 billion and over | 0.3600% | 0.2920% |
* | Pursuant to an amendment to the investment advisory agreement effective July 1, 2022, EVM contractually agreed to reduce its investment adviser fee rate of the average daily net assets of $30 billion and over to the rates as stated above. |
** | Pursuant to an amendment to the investment advisory agreement effective January 13, 2023, EVM agreed to reduce the annual fee rate of the average daily net asset levels as stated above in order to approximately match the effective annualized fee rate in effect prior the redemption described in Note 10 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Shares | Amount | Shares | Amount | ||
Issued to shareholders electing to receive payments of distributions in Fund shares | 1,648 | $ 2,795,159 | 1,260 | $ 2,394,884 | |
Redemptions | (29,146) | (51,813,338) | (24,262) | (45,043,697) | |
Net decrease | (27,498) | $(49,018,179) | (23,002) | $(42,648,813) |
Boston, Massachusetts
February 24, 2023
Common Stocks — 99.3% |
Security | Shares | Value | |
Aerospace & Defense — 1.5% | |||
Boeing Co. (The)(1) | 863,906 | $ 164,565,455 | |
General Dynamics Corp. | 117,410 | 29,130,595 | |
Hexcel Corp. | 107,007 | 6,297,362 | |
Howmet Aerospace, Inc. | 5,004 | 197,208 | |
Huntington Ingalls Industries, Inc. | 2,299 | 530,333 | |
L3Harris Technologies, Inc.(1) | 8,540 | 1,778,113 | |
Lockheed Martin Corp. | 138,128 | 67,197,891 | |
Northrop Grumman Corp. | 80,149 | 43,730,096 | |
Raytheon Technologies Corp. | 1,478,175 | 149,177,421 | |
Textron, Inc. | 9,973 | 706,088 | |
TransDigm Group, Inc. | 3,386 | 2,131,995 | |
$ 465,442,557 | |||
Air Freight & Logistics — 0.9% | |||
C.H. Robinson Worldwide, Inc. | 220,616 | $ 20,199,601 | |
Expeditors International of Washington, Inc. | 22,997 | 2,389,848 | |
FedEx Corp. | 331,022 | 57,333,011 | |
GXO Logistics, Inc.(1) | 97,791 | 4,174,698 | |
United Parcel Service, Inc., Class B | 1,141,617 | 198,458,699 | |
$ 282,555,857 | |||
Airlines — 0.0%(2) | |||
American Airlines Group, Inc.(1) | 61,732 | $ 785,231 | |
Delta Air Lines, Inc.(1) | 61,964 | 2,036,137 | |
Southwest Airlines Co.(1) | 28,371 | 955,252 | |
$ 3,776,620 | |||
Auto Components — 0.2% | |||
Adient PLC(1) | 1,755 | $ 60,881 | |
Aptiv PLC(1) | 136,078 | 12,672,944 | |
BorgWarner, Inc. | 800 | 32,200 | |
Dorman Products, Inc.(1) | 20,730 | 1,676,435 | |
Fox Factory Holding Corp.(1) | 800 | 72,984 | |
Garrett Motion, Inc.(1) | 6,726 | 51,252 | |
Gentex Corp. | 1,443,192 | 39,355,846 | |
$ 53,922,542 | |||
Automobiles — 0.4% | |||
Ford Motor Co. | 1,219,179 | $ 14,179,052 | |
General Motors Co. | 96,097 | 3,232,703 | |
Harley-Davidson, Inc. | 800 | 33,280 | |
Mercedes-Benz Group AG | 18,000 | 1,177,200 |
Security | Shares | Value | |
Automobiles (continued) | |||
Tesla, Inc.(1) | 831,819 | $ 102,463,464 | |
Toyota Motor Corp. ADR | 5,100 | 696,558 | |
$ 121,782,257 | |||
Banks — 4.0% | |||
Bank of America Corp. | 4,639,249 | $ 153,651,927 | |
Bank of Hawaii Corp. | 557 | 43,201 | |
Citigroup, Inc. | 943,509 | 42,674,912 | |
Commerce Bancshares, Inc. | 83,450 | 5,680,441 | |
Community Bank System, Inc. | 31,868 | 2,006,091 | |
Cullen/Frost Bankers, Inc. | 8,717 | 1,165,463 | |
CVB Financial Corp. | 608,432 | 15,667,124 | |
Fifth Third Bancorp | 1,746,528 | 57,303,584 | |
First Citizens BancShares, Inc., Class A | 92 | 69,769 | |
First Republic Bank | 2,010 | 244,999 | |
Glacier Bancorp, Inc. | 40,000 | 1,976,800 | |
HSBC Holdings PLC | 220,592 | 1,370,820 | |
Huntington Bancshares, Inc. | 161,963 | 2,283,678 | |
JPMorgan Chase & Co. | 4,189,148 | 561,764,747 | |
KeyCorp | 72,748 | 1,267,270 | |
Live Oak Bancshares, Inc.(1) | 15,000 | 453,000 | |
M&T Bank Corp. | 122,474 | 17,766,078 | |
Pinnacle Financial Partners, Inc. | 34,686 | 2,545,952 | |
PNC Financial Services Group, Inc. (The) | 128,442 | 20,286,129 | |
Regions Financial Corp. | 762,628 | 16,442,260 | |
Signature Bank | 3,359 | 387,024 | |
Societe Generale S.A. | 405,793 | 10,178,763 | |
SVB Financial Group(1) | 31,685 | 7,291,986 | |
Toronto-Dominion Bank (The) | 569 | 36,848 | |
Truist Financial Corp. | 1,748,498 | 75,237,869 | |
U.S. Bancorp | 1,120,019 | 48,844,029 | |
Webster Financial Corp. | 83,390 | 3,947,683 | |
Wells Fargo & Co. | 3,765,488 | 155,477,000 | |
Western Alliance Bancorp | 23,987 | 1,428,666 | |
Zions Bancorp N.A. | 53,870 | 2,648,249 | |
$ 1,210,142,362 | |||
Beverages — 2.4% | |||
Anheuser-Busch InBev SA/NV ADR | 75,379 | $ 4,525,755 | |
Boston Beer Co., Inc. (The), Class A(1) | 3,130 | 1,031,398 | |
Brown-Forman Corp., Class A | 17,399 | 1,144,158 | |
Brown-Forman Corp., Class B | 420,049 | 27,588,818 | |
Coca-Cola Co. (The) | 4,156,700 | 264,407,687 | |
Constellation Brands, Inc., Class A | 130,991 | 30,357,164 | |
Diageo PLC ADR | 9,771 | 1,741,095 | |
Duckhorn Portfolio, Inc. (The)(1) | 281,374 | 4,662,367 |
Security | Shares | Value | |
Beverages (continued) | |||
Keurig Dr Pepper, Inc.(1) | 21,979 | $ 783,771 | |
Monster Beverage Corp.(1) | 135,741 | 13,781,784 | |
PepsiCo, Inc. | 2,133,929 | 385,515,613 | |
$ 735,539,610 | |||
Biotechnology — 2.9% | |||
2seventy bio, Inc.(1) | 166 | $ 1,555 | |
AbbVie, Inc. | 1,446,034 | 233,693,555 | |
Agios Pharmaceuticals, Inc.(1) | 20,092 | 564,183 | |
Alkermes PLC(1) | 5,000 | 130,650 | |
Alnylam Pharmaceuticals, Inc.(1) | 9,409 | 2,236,049 | |
Amgen, Inc. | 733,953 | 192,765,416 | |
Argenx SE ADR(1) | 308,910 | 117,024,375 | |
Biogen, Inc.(1) | 30,908 | 8,559,043 | |
Bluebird Bio, Inc.(1) | 500 | 3,460 | |
Exact Sciences Corp.(1) | 71,318 | 3,530,954 | |
Gilead Sciences, Inc. | 1,296,952 | 111,343,329 | |
Incyte Corp.(1) | 115,317 | 9,262,262 | |
Moderna, Inc.(1) | 343,592 | 61,715,995 | |
Natera, Inc.(1) | 14,283 | 573,748 | |
Neurocrine Biosciences, Inc.(1) | 219,845 | 26,258,287 | |
Regeneron Pharmaceuticals, Inc.(1) | 36,848 | 26,585,464 | |
Seagen, Inc.(1) | 5,662 | 727,624 | |
Vertex Pharmaceuticals, Inc.(1) | 348,982 | 100,779,022 | |
$ 895,754,971 | |||
Building Products — 0.5% | |||
A.O. Smith Corp. | 32,488 | $ 1,859,613 | |
Advanced Drainage Systems, Inc. | 17,409 | 1,427,016 | |
Allegion PLC(1) | 123 | 12,947 | |
Carlisle Cos., Inc. | 71,809 | 16,921,791 | |
Carrier Global Corp. | 250,906 | 10,349,872 | |
Fortune Brands Innovations, Inc. | 17,806 | 1,016,901 | |
Johnson Controls International PLC(1) | 356,904 | 22,841,856 | |
Lennox International, Inc. | 381,979 | 91,380,836 | |
Masco Corp. | 40,088 | 1,870,907 | |
Masterbrand, Inc. (1) | 16,206 | 122,355 | |
Resideo Technologies, Inc.(1) | 11,209 | 184,388 | |
Trane Technologies PLC | 65,379 | 10,989,556 | |
Trex Co., Inc.(1) | 3,070 | 129,953 | |
$ 159,107,991 | |||
Capital Markets — 4.1% | |||
Affiliated Managers Group, Inc. | 58,641 | $ 9,290,494 | |
Ameriprise Financial, Inc. | 93,679 | 29,168,830 | |
Ares Management Corp., Class A(1) | 44,772 | 3,064,196 |
Security | Shares | Value | |
Capital Markets (continued) | |||
Bank of New York Mellon Corp. (The) | 676,857 | $ 30,810,531 | |
BlackRock, Inc. | 48,955 | 34,690,982 | |
Blackstone, Inc. | 192,444 | 14,277,420 | |
Brookfield Asset Management, Ltd., Class A(1) | 68,546 | 1,965,214 | |
Brookfield Corp. | 272,575 | 8,575,210 | |
Carlyle Group, Inc. (The) | 457,373 | 13,648,010 | |
Cboe Global Markets, Inc. | 194,278 | 24,376,061 | |
Charles Schwab Corp. (The) | 2,536,663 | 211,202,561 | |
CME Group, Inc. | 247,535 | 41,625,486 | |
FactSet Research Systems, Inc. | 97,345 | 39,055,787 | |
Federated Hermes, Inc., Class B | 66,210 | 2,404,085 | |
Franklin Resources, Inc. | 150,264 | 3,963,964 | |
Goldman Sachs Group, Inc. (The) | 1,029,079 | 353,365,147 | |
Intercontinental Exchange, Inc. | 154,759 | 15,876,726 | |
Invesco, Ltd. | 9,697 | 174,449 | |
LPL Financial Holdings, Inc. | 160,206 | 34,631,731 | |
Moody's Corp. | 270,102 | 75,255,819 | |
Morgan Stanley(3) | 1,060,257 | 90,143,050 | |
Morningstar, Inc. | 4,694 | 1,016,674 | |
MSCI, Inc. | 10,320 | 4,800,554 | |
Nasdaq, Inc. | 237,741 | 14,585,410 | |
Northern Trust Corp. | 383,848 | 33,966,710 | |
Raymond James Financial, Inc. | 110,958 | 11,855,862 | |
S&P Global, Inc.(1) | 233,199 | 78,107,673 | |
SEI Investments Co. | 159,600 | 9,304,680 | |
State Street Corp. | 200,705 | 15,568,687 | |
T. Rowe Price Group, Inc. | 316,904 | 34,561,550 | |
UBS Group AG(1) | 9 | 168 | |
$ 1,241,333,721 | |||
Chemicals — 1.4% | |||
AdvanSix, Inc.(1) | 968 | $ 36,803 | |
Air Products and Chemicals, Inc. | 25,995 | 8,013,219 | |
Albemarle Corp. | 100,158 | 21,720,264 | |
Balchem Corp. | 24,992 | 3,051,773 | |
Cabot Corp. | 16,510 | 1,103,528 | |
Celanese Corp. | 23,540 | 2,406,730 | |
Chemours Co. (The) | 147 | 4,501 | |
Corteva, Inc.(1) | 240,354 | 14,128,008 | |
Dow, Inc.(1) | 75,781 | 3,818,605 | |
DuPont de Nemours, Inc.(1) | 494,094 | 33,909,671 | |
Eastman Chemical Co. | 1,062 | 86,489 | |
Ecolab, Inc. | 690,911 | 100,569,005 | |
FMC Corp. | 817 | 101,962 | |
International Flavors & Fragrances, Inc. | 5,000 | 524,200 | |
Linde PLC(1) | 385,761 | 125,827,523 |
Security | Shares | Value | |
Chemicals (continued) | |||
LyondellBasell Industries NV, Class A | 4,063 | $ 337,351 | |
NewMarket Corp. | 3,923 | 1,220,485 | |
Nutrien, Ltd. | 11,227 | 819,908 | |
PPG Industries, Inc. | 431,052 | 54,200,478 | |
RPM International, Inc. | 3,433 | 334,546 | |
Scotts Miracle-Gro Co. (The) | 136 | 6,608 | |
Sherwin-Williams Co. (The) | 192,914 | 45,784,280 | |
$ 418,005,937 | |||
Commercial Services & Supplies — 0.4% | |||
Brady Corp., Class A | 258 | $ 12,152 | |
Cintas Corp. | 1,840 | 830,981 | |
Copart, Inc.(1) | 9,542 | 581,012 | |
HNI Corp. | 108,151 | 3,074,733 | |
IAA, Inc.(1) | 310 | 12,400 | |
MSA Safety, Inc. | 83,272 | 12,006,990 | |
Republic Services, Inc. | 4,227 | 545,241 | |
Rollins, Inc. | 60,814 | 2,222,143 | |
Stericycle, Inc.(1) | 4,350 | 217,021 | |
Waste Connections, Inc.(1) | 115,655 | 15,331,227 | |
Waste Management, Inc. | 499,468 | 78,356,540 | |
$ 113,190,440 | |||
Communications Equipment — 1.8% | |||
Arista Networks, Inc.(1) | 2,900,304 | $ 351,951,890 | |
Cisco Systems, Inc. | 3,619,050 | 172,411,542 | |
Juniper Networks, Inc. | 108,445 | 3,465,902 | |
Motorola Solutions, Inc. | 60,439 | 15,575,735 | |
$ 543,405,069 | |||
Construction & Engineering — 0.0%(2) | |||
Comfort Systems USA, Inc.(4) | 17,894 | $ 2,059,241 | |
Fluor Corp.(1) | 3,250 | 112,645 | |
MasTec, Inc.(1) | 1,500 | 127,995 | |
Quanta Services, Inc. | 2,649 | 377,482 | |
$ 2,677,363 | |||
Construction Materials — 0.0%(2) | |||
Vulcan Materials Co. | 64,614 | $ 11,314,557 | |
$ 11,314,557 | |||
Consumer Finance — 0.7% | |||
American Express Co. | 899,152 | $ 132,849,708 | |
Bread Financial Holdings, Inc. | 686 | 25,835 | |
Capital One Financial Corp. | 70,766 | 6,578,407 | |
Discover Financial Services | 749,479 | 73,321,531 |
Security | Shares | Value | |
Consumer Finance (continued) | |||
LendingClub Corp.(1) | 6,665 | $ 58,652 | |
Synchrony Financial | 78,799 | 2,589,335 | |
$ 215,423,468 | |||
Containers & Packaging — 0.1% | |||
Amcor PLC(1) | 940,774 | $ 11,204,618 | |
AptarGroup, Inc. | 65,000 | 7,148,700 | |
Avery Dennison Corp. | 11,774 | 2,131,094 | |
Ball Corp. | 63,819 | 3,263,704 | |
Crown Holdings, Inc. | 13,787 | 1,133,429 | |
International Paper Co. | 36,077 | 1,249,346 | |
Packaging Corp. of America | 13,103 | 1,676,005 | |
Sealed Air Corp. | 27,104 | 1,351,948 | |
Sonoco Products Co. | 2,297 | 139,451 | |
WestRock Co.(1) | 22,073 | 776,087 | |
$ 30,074,382 | |||
Distributors — 0.0%(2) | |||
Genuine Parts Co. | 22,932 | $ 3,978,931 | |
LKQ Corp. | 81,118 | 4,332,513 | |
Pool Corp. | 10,691 | 3,232,210 | |
$ 11,543,654 | |||
Diversified Consumer Services — 0.0%(2) | |||
Bright Horizons Family Solutions, Inc.(1) | 6,150 | $ 388,065 | |
H&R Block, Inc. | 18,127 | 661,817 | |
Service Corp. International | 16,140 | 1,115,919 | |
$ 2,165,801 | |||
Diversified Financial Services — 2.9% | |||
Apollo Global Management, Inc. | 115,830 | $ 7,388,796 | |
Berkshire Hathaway, Inc., Class A(1) | 605 | 283,570,131 | |
Berkshire Hathaway, Inc., Class B(1) | 1,935,596 | 597,905,604 | |
$ 888,864,531 | |||
Diversified Telecommunication Services — 0.2% | |||
AT&T, Inc. | 1,224,364 | $ 22,540,541 | |
Verizon Communications, Inc. | 944,653 | 37,219,328 | |
$ 59,759,869 | |||
Electric Utilities — 1.1% | |||
ALLETE, Inc. | 16,987 | $ 1,095,831 | |
Alliant Energy Corp. | 21,344 | 1,178,402 | |
American Electric Power Co., Inc. | 238,415 | 22,637,504 | |
Constellation Energy Corp. | 10,429 | 899,084 | |
Duke Energy Corp. | 1,004,408 | 103,443,980 |
Security | Shares | Value | |
Electric Utilities (continued) | |||
Edison International | 510,006 | $ 32,446,582 | |
Entergy Corp. | 2,640 | 297,000 | |
Exelon Corp. | 31,911 | 1,379,513 | |
IDACORP, Inc. | 565 | 60,935 | |
NextEra Energy, Inc. | 1,762,855 | 147,374,678 | |
NRG Energy, Inc. | 3,136 | 99,788 | |
Portland General Electric Co. | 20,000 | 980,000 | |
PPL Corp. | 2,700 | 78,894 | |
Southern Co. (The) | 238,747 | 17,048,923 | |
Xcel Energy, Inc. | 266,196 | 18,663,002 | |
$ 347,684,116 | |||
Electrical Equipment — 0.9% | |||
Acuity Brands, Inc. | 5,321 | $ 881,211 | |
AMETEK, Inc. | 55,707 | 7,783,382 | |
Eaton Corp. PLC | 100,148 | 15,718,229 | |
Emerson Electric Co. | 1,974,658 | 189,685,647 | |
Generac Holdings, Inc.(1) | 2,476 | 249,234 | |
Hubbell, Inc.(1) | 62,461 | 14,658,347 | |
Rockwell Automation, Inc. | 139,557 | 35,945,697 | |
$ 264,921,747 | |||
Electronic Equipment, Instruments & Components — 0.4% | |||
Amphenol Corp., Class A | 24,679 | $ 1,879,059 | |
Badger Meter, Inc. | 4,500 | 490,635 | |
CDW Corp. | 144,442 | 25,794,452 | |
Corning, Inc. | 1,268,801 | 40,525,504 | |
IPG Photonics Corp.(1) | 25,541 | 2,417,967 | |
Keysight Technologies, Inc.(1) | 12,704 | 2,173,273 | |
Littelfuse, Inc. | 91,856 | 20,226,691 | |
Methode Electronics, Inc. | 27,000 | 1,197,990 | |
TE Connectivity, Ltd. | 64,747 | 7,432,956 | |
Teledyne Technologies, Inc.(1) | 12,020 | 4,806,918 | |
Trimble, Inc.(1) | 198,434 | 10,032,823 | |
Vontier Corp. | 3,985 | 77,030 | |
Zebra Technologies Corp., Class A(1) | 52,044 | 13,344,602 | |
$ 130,399,900 | |||
Energy Equipment & Services — 0.3% | |||
ChampionX Corp.(1) | 6,002 | $ 173,998 | |
Core Laboratories NV | 16,652 | 337,536 | |
Expro Group Holdings N.V.(1) | 250,000 | 4,532,500 | |
Halliburton Co. | 691,982 | 27,229,492 | |
NOV, Inc. | 5,400 | 112,806 |
Security | Shares | Value | |
Energy Equipment & Services (continued) | |||
Schlumberger, Ltd. | 855,185 | $ 45,718,190 | |
Transocean, Ltd.(1) | 745 | 3,397 | |
$ 78,107,919 | |||
Entertainment — 1.4% | |||
Activision Blizzard, Inc. | 128,430 | $ 9,831,317 | |
Electronic Arts, Inc. | 150,119 | 18,341,539 | |
Live Nation Entertainment, Inc.(1) | 20,744 | 1,446,687 | |
NetEase, Inc., ADR | 510 | 37,041 | |
Netflix, Inc.(1) | 234,398 | 69,119,282 | |
ROBLOX Corp., Class A(1) | 905,777 | 25,778,414 | |
Roku, Inc., Class A(1) | 26,288 | 1,069,922 | |
Spotify Technology S.A.(1) | 79,198 | 6,252,682 | |
Take-Two Interactive Software, Inc.(1) | 23,883 | 2,486,937 | |
Walt Disney Co. (The)(1) | 3,401,980 | 295,564,022 | |
Warner Bros. Discovery, Inc.(1) | 644,836 | 6,113,045 | |
$ 436,040,888 | |||
Equity Real Estate Investment Trusts (REITs) — 0.7% | |||
American Homes 4 Rent, Class A | 166,000 | $ 5,003,240 | |
American Tower Corp. | 97,156 | 20,583,470 | |
AvalonBay Communities, Inc. | 7,000 | 1,130,640 | |
Boston Properties, Inc. | 60 | 4,055 | |
Brixmor Property Group, Inc. | 45,000 | 1,020,150 | |
Broadstone Net Lease, Inc. | 19,453 | 315,333 | |
Crown Castle, Inc. | 1,609 | 218,245 | |
Digital Realty Trust, Inc. | 75 | 7,520 | |
EastGroup Properties, Inc. | 618,809 | 91,620,861 | |
Equinix, Inc. | 990 | 648,480 | |
Extra Space Storage, Inc. | 1,800 | 264,924 | |
Federal Realty Investment Trust | 1,300 | 131,352 | |
Healthpeak Properties, Inc. | 535,000 | 13,412,450 | |
Host Hotels & Resorts, Inc. | 528,986 | 8,490,225 | |
Mid-America Apartment Communities, Inc. | 457 | 71,744 | |
National Storage Affiliates Trust(4) | 170,000 | 6,140,400 | |
PotlatchDeltic Corp. | 60,000 | 2,639,400 | |
ProLogis, Inc. | 40,987 | 4,620,464 | |
Public Storage | 86,114 | 24,128,282 | |
Realty Income Corp. | 100,779 | 6,392,412 | |
Regency Centers Corp. | 405 | 25,312 | |
SBA Communications Corp. | 6,025 | 1,688,868 | |
Simon Property Group, Inc. | 8,192 | 962,396 | |
Sun Communities, Inc. | 86,445 | 12,361,635 | |
Ventas, Inc. | 98,914 | 4,456,076 | |
$ 206,337,934 |
Security | Shares | Value | |
Food & Staples Retailing — 1.8% | |||
Costco Wholesale Corp. | 925,289 | $ 422,394,429 | |
Kroger Co. (The) | 701,785 | 31,285,575 | |
Sprouts Farmers Market, Inc.(1) | 293,294 | 9,493,927 | |
Sysco Corp. | 654,709 | 50,052,503 | |
Walgreens Boots Alliance, Inc.(1) | 505,440 | 18,883,238 | |
Walmart, Inc. | 86,257 | 12,230,380 | |
$ 544,340,052 | |||
Food Products — 1.5% | |||
Archer-Daniels-Midland Co. | 137,778 | $ 12,792,687 | |
Campbell Soup Co. | 748,065 | 42,452,689 | |
Conagra Brands, Inc. | 699,690 | 27,078,003 | |
Flowers Foods, Inc. | 774,473 | 22,258,354 | |
General Mills, Inc. | 171,296 | 14,363,170 | |
Hain Celestial Group, Inc. (The)(1) | 13,632 | 220,566 | |
Hershey Co. (The) | 246,121 | 56,994,240 | |
Hormel Foods Corp. | 366,066 | 16,674,306 | |
J&J Snack Foods Corp. | 33,410 | 5,001,811 | |
JM Smucker Co. (The) | 19,721 | 3,124,990 | |
Kellogg Co. | 73,321 | 5,223,388 | |
Kraft Heinz Co. (The) | 189,995 | 7,734,696 | |
Lamb Weston Holdings, Inc.(1) | 155,211 | 13,869,655 | |
McCormick & Co., Inc., Non Voting Shares | 191,943 | 15,910,155 | |
Mondelez International, Inc., Class A(1) | 1,235,900 | 82,372,735 | |
Nestle S.A.(1) | 993,348 | 114,740,985 | |
Tyson Foods, Inc., Class A | 50,810 | 3,162,923 | |
Tyson Foods, Inc., Class A(4) | 22,540 | 1,403,115 | |
$ 445,378,468 | |||
Health Care Equipment & Supplies — 3.0% | |||
Abbott Laboratories | 2,015,874 | $ 221,322,807 | |
Alcon, Inc. | 22,924 | 1,571,440 | |
Align Technology, Inc.(1) | 20,794 | 4,385,455 | |
Baxter International, Inc. | 39,731 | 2,025,089 | |
Becton, Dickinson and Co. | 155,907 | 39,647,150 | |
Boston Scientific Corp.(1) | 680,931 | 31,506,678 | |
DENTSPLY SIRONA, Inc. | 126,017 | 4,012,381 | |
DexCom, Inc.(1) | 654,568 | 74,123,280 | |
Edwards Lifesciences Corp.(1) | 31,569 | 2,355,363 | |
Embecta Corp. | 28,297 | 715,631 | |
IDEXX Laboratories, Inc.(1) | 23,216 | 9,471,199 | |
Inari Medical, Inc.(1) | 511,116 | 32,486,533 | |
Insulet Corp.(1) | 10,198 | 3,002,189 | |
Integra LifeSciences Holdings Corp.(1) | 2,955,898 | 165,737,201 | |
Intuitive Surgical, Inc.(1) | 528,489 | 140,234,556 | |
Medtronic PLC | 546,950 | 42,508,954 |
Security | Shares | Value | |
Health Care Equipment & Supplies (continued) | |||
Penumbra, Inc.(1) | 105,243 | $ 23,412,358 | |
ResMed, Inc. | 32,670 | 6,799,607 | |
Shockwave Medical, Inc.(1) | 3,432 | 705,654 | |
Smith & Nephew PLC ADR | 5,500 | 147,895 | |
STERIS PLC(1) | 3,190 | 589,161 | |
Stryker Corp. | 343,734 | 84,039,526 | |
Teleflex, Inc. | 14,475 | 3,613,394 | |
Zimmer Biomet Holdings, Inc.(1) | 151,840 | 19,359,600 | |
Zimvie, Inc.(1) | 15,283 | 142,743 | |
$ 913,915,844 | |||
Health Care Providers & Services — 3.3% | |||
Acadia Healthcare Co., Inc.(1) | 32,000 | $ 2,634,240 | |
AmerisourceBergen Corp. | 2,501 | 414,441 | |
Cardinal Health, Inc. | 21,017 | 1,615,577 | |
Centene Corp.(1) | 172,873 | 14,177,315 | |
Cigna Corp.(1) | 48,559 | 16,089,539 | |
CVS Health Corp. | 1,992,133 | 185,646,874 | |
DaVita, Inc.(1) | 246,671 | 18,418,923 | |
Elevance Health, Inc.(1) | 150,036 | 76,963,967 | |
Ensign Group, Inc. (The) | 51,487 | 4,871,185 | |
Guardant Health, Inc.(1) | 145,805 | 3,965,896 | |
HCA Healthcare, Inc. | 336,677 | 80,789,013 | |
Henry Schein, Inc.(1) | 26,348 | 2,104,415 | |
Humana, Inc. | 4,117 | 2,108,686 | |
Laboratory Corp. of America Holdings | 2,067 | 486,737 | |
McKesson Corp. | 150,389 | 56,413,922 | |
Molina Healthcare, Inc.(1) | 18,585 | 6,137,139 | |
Oak Street Health, Inc.(1) | 734,379 | 15,796,492 | |
Progyny, Inc.(1) | 15,525 | 483,604 | |
Quest Diagnostics, Inc. | 1,115 | 174,430 | |
Tenet Healthcare Corp.(1) | 32,363 | 1,578,991 | |
UnitedHealth Group, Inc. | 996,426 | 528,285,137 | |
$ 1,019,156,523 | |||
Health Care Technology — 0.0%(2) | |||
Doximity, Inc., Class A(1) | 118,400 | $ 3,973,504 | |
Teladoc Health, Inc.(1) | 93,070 | 2,201,105 | |
Veeva Systems, Inc., Class A(1) | 33,508 | 5,407,521 | |
$ 11,582,130 | |||
Hotels, Restaurants & Leisure — 3.4% | |||
Airbnb, Inc., Class A(1) | 236,236 | $ 20,198,178 | |
Aramark (1) | 148,020 | 6,119,147 | |
Booking Holdings, Inc.(1) | 52,915 | 106,638,541 | |
Carnival Corp.(1) | 22,069 | 177,876 |
Security | Shares | Value | |
Hotels, Restaurants & Leisure (continued) | |||
Chipotle Mexican Grill, Inc.(1) | 120,458 | $ 167,134,271 | |
Choice Hotels International, Inc. | 49,631 | 5,590,436 | |
Darden Restaurants, Inc. | 77,690 | 10,746,858 | |
Domino's Pizza, Inc. | 3,071 | 1,063,794 | |
Draftkings, Inc., Class A(1) | 550 | 6,265 | |
Expedia Group, Inc.(1) | 94,945 | 8,317,182 | |
Hilton Worldwide Holdings, Inc. | 106,201 | 13,419,558 | |
Hyatt Hotels Corp., Class A(1) | 1,353,442 | 122,418,829 | |
Marriott International, Inc., Class A | 1,115,753 | 166,124,464 | |
McDonald's Corp. | 155,004 | 40,848,204 | |
MGM Resorts International | 892,202 | 29,915,533 | |
Penn Entertainment, Inc.(1) | 30,956 | 919,393 | |
Royal Caribbean Cruises, Ltd.(1) | 1,900 | 93,917 | |
Starbucks Corp. | 2,552,969 | 253,254,525 | |
Texas Roadhouse, Inc. | 417,127 | 37,937,701 | |
Trip.com Group, Ltd., ADR(1) | 5,200 | 178,880 | |
Yum China Holdings, Inc.(1) | 295,802 | 16,165,579 | |
Yum! Brands, Inc. | 151,990 | 19,466,879 | |
$ 1,026,736,010 | |||
Household Durables — 0.2% | |||
D.R. Horton, Inc. | 43,075 | $ 3,839,706 | |
Helen of Troy, Ltd.(1) | 645 | 71,537 | |
Leggett & Platt, Inc. | 94,579 | 3,048,281 | |
Lennar Corp., Class A | 48,693 | 4,406,716 | |
Lennar Corp., Class B | 21 | 1,570 | |
Mohawk Industries, Inc.(1) | 20,864 | 2,132,718 | |
Newell Brands, Inc. | 123,465 | 1,614,922 | |
NVR, Inc.(1) | 1,822 | 8,404,121 | |
PulteGroup, Inc. | 222,055 | 10,110,164 | |
Tempur Sealy International, Inc. | 680,430 | 23,359,162 | |
Toll Brothers, Inc. | 4,378 | 218,550 | |
Whirlpool Corp. | 1,646 | 232,843 | |
$ 57,440,290 | |||
Household Products — 1.9% | |||
Church & Dwight Co., Inc. | 217,268 | $ 17,513,974 | |
Clorox Co. (The) | 21,183 | 2,972,610 | |
Colgate-Palmolive Co. | 2,827,142 | 222,750,518 | |
Energizer Holdings, Inc. | 10,496 | 352,141 | |
Kimberly-Clark Corp. | 109,242 | 14,829,602 | |
Procter & Gamble Co. (The) | 2,169,454 | 328,802,448 | |
$ 587,221,293 | |||
Industrial Conglomerates — 0.7% | |||
3M Co. | 606,798 | $ 72,767,216 |
Security | Shares | Value | |
Industrial Conglomerates (continued) | |||
General Electric Co. | 763,595 | $ 63,981,625 | |
Honeywell International, Inc. | 405,496 | 86,897,793 | |
$ 223,646,634 | |||
Insurance — 1.9% | |||
Aflac, Inc. | 920,714 | $ 66,236,165 | |
Allstate Corp. (The) | 23,233 | 3,150,395 | |
American International Group, Inc. | 140,591 | 8,890,975 | |
Aon PLC, Class A | 177,456 | 53,261,644 | |
Arch Capital Group, Ltd.(1) | 286,437 | 17,982,515 | |
Arthur J. Gallagher & Co. | 550,616 | 103,813,141 | |
Assurant, Inc. | 19,372 | 2,422,662 | |
Brighthouse Financial, Inc.(1) | 936 | 47,989 | |
Brookfield Reinsurance, Ltd.(1) | 1,615 | 50,533 | |
Brown & Brown, Inc. | 407 | 23,187 | |
Chubb, Ltd.(1) | 61,972 | 13,671,023 | |
Cincinnati Financial Corp. | 117,210 | 12,001,132 | |
Fidelity National Financial, Inc.(1) | 58,987 | 2,219,091 | |
First American Financial Corp. | 1,227 | 64,221 | |
Globe Life, Inc.(1) | 208,454 | 25,129,130 | |
Hartford Financial Services Group, Inc. | 218,798 | 16,591,452 | |
Lincoln National Corp. | 73,007 | 2,242,775 | |
Markel Corp.(1) | 27,395 | 36,092,639 | |
Marsh & McLennan Cos., Inc. | 286,604 | 47,427,230 | |
MetLife, Inc. | 19,398 | 1,403,833 | |
Old Republic International Corp. | 57,300 | 1,383,795 | |
Principal Financial Group, Inc. | 112,528 | 9,443,350 | |
Progressive Corp. (The) | 983,264 | 127,539,173 | |
Prudential Financial, Inc. | 22,159 | 2,203,934 | |
Reinsurance Group of America, Inc. | 6,425 | 912,928 | |
Ryan Specialty Holdings, Inc., Class A(1)(4) | 28,103 | 1,166,555 | |
Travelers Cos., Inc. (The) | 146,278 | 27,425,662 | |
Trisura Group, Ltd.(1) | 496 | 16,604 | |
W.R. Berkley Corp. | 43,875 | 3,184,009 | |
Willis Towers Watson PLC(1) | 70 | 17,121 | |
$ 586,014,863 | |||
Interactive Media & Services — 5.4% | |||
Alphabet, Inc., Class A(1) | 6,254,930 | $ 551,872,474 | |
Alphabet, Inc., Class C(1) | 7,881,052 | 699,285,744 | |
Baidu, Inc.(1) | 136,627 | 15,627,396 | |
CarGurus, Inc.(1) | 37,803 | 529,620 | |
IAC, Inc.(1) | 13,536 | 600,998 | |
Match Group, Inc.(1) | 398,418 | 16,530,363 | |
Meta Platforms, Inc., Class A(1) | 2,513,474 | 302,471,461 | |
Pinterest, Inc., Class A(1) | 2,540,426 | 61,681,543 |
Security | Shares | Value | |
Interactive Media & Services (continued) | |||
Snap, Inc., Class A(1) | 629,323 | $ 5,632,441 | |
Vimeo, Inc.(1) | 97,055 | 332,899 | |
Yelp, Inc.(1) | 149,508 | 4,087,549 | |
ZipRecruiter, Inc., Class A(1) | 332,657 | 5,462,228 | |
$ 1,664,114,716 | |||
Internet & Direct Marketing Retail — 2.5% | |||
Alibaba Group Holding, Ltd., ADR(1) | 266,843 | $ 23,506,200 | |
Altaba, Inc.(1)(5) | 114,070 | 431,185 | |
Amazon.com, Inc.(1) | 8,642,089 | 725,935,476 | |
DoorDash, Inc., Class A(1) | 126,839 | 6,192,280 | |
eBay, Inc. | 330,900 | 13,722,423 | |
Etsy, Inc.(1) | 10,937 | 1,310,034 | |
Qurate Retail, Inc., Series A(1) | 99,802 | 162,677 | |
Wayfair, Inc., Class A(1) | 60,022 | 1,974,123 | |
$ 773,234,398 | |||
IT Services — 3.6% | |||
Accenture PLC, Class A | 1,085,382 | $ 289,623,333 | |
Affirm Holdings, Inc.(1) | 379,636 | 3,671,080 | |
Akamai Technologies, Inc.(1) | 257,365 | 21,695,869 | |
Amdocs, Ltd. | 43,944 | 3,994,510 | |
Automatic Data Processing, Inc. | 310,374 | 74,135,934 | |
Block, Inc., Class A(1) | 434,159 | 27,282,552 | |
Broadridge Financial Solutions, Inc. | 108,827 | 14,596,966 | |
CGI, Inc.(1) | 200 | 17,226 | |
Cognizant Technology Solutions Corp., Class A | 55,060 | 3,148,881 | |
Fidelity National Information Services, Inc. | 22,757 | 1,544,062 | |
Fiserv, Inc.(1) | 863,094 | 87,232,911 | |
Gartner, Inc.(1) | 7,866 | 2,644,077 | |
Global Payments, Inc. | 65,353 | 6,490,860 | |
International Business Machines Corp. | 512,705 | 72,235,007 | |
Jack Henry & Associates, Inc. | 76,657 | 13,457,903 | |
Kyndryl Holdings, Inc.(1) | 50,183 | 558,035 | |
Mastercard, Inc., Class A | 224,503 | 78,066,428 | |
Okta, Inc.(1) | 319,829 | 21,853,916 | |
Paychex, Inc. | 51,475 | 5,948,451 | |
PayPal Holdings, Inc.(1) | 252,678 | 17,995,727 | |
Sabre Corp.(1) | 207,290 | 1,281,052 | |
Shopify, Inc., Class A(1) | 125,240 | 4,347,080 | |
Snowflake, Inc., Class A(1) | 125,608 | 18,029,772 | |
Twilio, Inc., Class A(1) | 555,411 | 27,192,923 | |
VeriSign, Inc.(1) | 5,954 | 1,223,190 | |
Visa, Inc., Class A | 1,459,706 | 303,268,519 | |
Western Union Co. (The) | 21,882 | 301,315 | |
$ 1,101,837,579 |
Security | Shares | Value | |
Leisure Products — 0.1% | |||
Hasbro, Inc. | 8,057 | $ 491,558 | |
Mattel, Inc.(1) | 10,936 | 195,098 | |
Polaris, Inc. | 79,672 | 8,046,872 | |
Topgolf Callaway Brands Corp.(1) | 1,165,163 | 23,011,969 | |
$ 31,745,497 | |||
Life Sciences Tools & Services — 1.6% | |||
10X Genomics, Inc., Class A(1) | 467,079 | $ 17,020,359 | |
Agilent Technologies, Inc. | 681,925 | 102,050,076 | |
Avantor, Inc.(1) | 120,000 | 2,530,800 | |
Bio-Rad Laboratories, Inc., Class A(1) | 52 | 21,865 | |
Bio-Techne Corp. | 34,388 | 2,850,077 | |
Charles River Laboratories International, Inc.(1) | 239 | 52,078 | |
Danaher Corp. | 583,645 | 154,911,056 | |
Illumina, Inc.(1) | 56,324 | 11,388,713 | |
IQVIA Holdings, Inc.(1) | 74,076 | 15,177,432 | |
Mettler-Toledo International, Inc.(1) | 1,000 | 1,445,450 | |
NeoGenomics, Inc.(1) | 197,625 | 1,826,055 | |
PerkinElmer, Inc. | 193,852 | 27,181,927 | |
Thermo Fisher Scientific, Inc. | 216,598 | 119,278,353 | |
Waters Corp.(1) | 4,063 | 1,391,903 | |
West Pharmaceutical Services, Inc. | 69,161 | 16,277,041 | |
$ 473,403,185 | |||
Machinery — 2.2% | |||
Caterpillar, Inc. | 411,931 | $ 98,682,190 | |
Cummins, Inc. | 1,688 | 408,985 | |
Deere & Co. | 236,079 | 101,221,232 | |
Donaldson Co., Inc. | 184,029 | 10,833,787 | |
Dover Corp. | 376,904 | 51,036,571 | |
Fortive Corp.(1) | 33,376 | 2,144,408 | |
Illinois Tool Works, Inc. | 1,283,404 | 282,733,901 | |
Ingersoll Rand, Inc. | 171,795 | 8,976,289 | |
Lincoln Electric Holdings, Inc. | 53,660 | 7,753,333 | |
Middleby Corp.(1) | 2,000 | 267,800 | |
Nordson Corp. | 4,500 | 1,069,740 | |
Otis Worldwide Corp. | 438,031 | 34,302,208 | |
PACCAR, Inc. | 186,094 | 18,417,723 | |
Parker-Hannifin Corp. | 27,492 | 8,000,172 | |
Pentair PLC | 75 | 3,373 | |
Snap-on, Inc. | 29,674 | 6,780,212 | |
Stanley Black & Decker, Inc. | 288 | 21,635 | |
Toro Co. (The) | 14,128 | 1,599,290 | |
Trinity Industries, Inc. | 11,100 | 328,227 |
Security | Shares | Value | |
Machinery (continued) | |||
Westinghouse Air Brake Technologies Corp. | 180,996 | $ 18,065,211 | |
Xylem, Inc. | 112,894 | 12,482,690 | |
$ 665,128,977 | |||
Media — 0.2% | |||
Charter Communications, Inc., Class A(1) | 5,983 | $ 2,028,835 | |
Comcast Corp., Class A | 1,350,022 | 47,210,269 | |
Fox Corp., Class A(1) | 50,412 | 1,531,012 | |
Interpublic Group of Cos., Inc. (The) | 976 | 32,511 | |
Loyalty Ventures, Inc.(1) | 274 | 660 | |
News Corp., Class A(1) | 32,000 | 582,400 | |
Omnicom Group, Inc. | 16,403 | 1,337,993 | |
Paramount Global, Class B | 612,221 | 10,334,291 | |
Trade Desk, Inc. (The), Class A(1) | 1,000 | 44,830 | |
$ 63,102,801 | |||
Metals & Mining — 0.2% | |||
Alcoa Corp.(1) | 4,214 | $ 191,610 | |
BHP Group, Ltd. ADR | 800 | 49,640 | |
Cleveland-Cliffs, Inc.(1) | 278,121 | 4,480,529 | |
Freeport-McMoRan, Inc. | 113,111 | 4,298,218 | |
Glencore PLC(1) | 598,405 | 3,990,550 | |
Newmont Corp. | 103 | 4,862 | |
Nucor Corp. | 242,762 | 31,998,459 | |
Steel Dynamics, Inc. | 232,124 | 22,678,515 | |
$ 67,692,383 | |||
Multiline Retail — 0.1% | |||
Dollar General Corp. | 520 | $ 128,050 | |
Dollar Tree, Inc.(1) | 207,240 | 29,312,026 | |
Nordstrom, Inc. | 3,192 | 51,519 | |
Target Corp. | 48,083 | 7,166,290 | |
$ 36,657,885 | |||
Multi-Utilities — 0.2% | |||
Ameren Corp. | 1,400 | $ 124,488 | |
Black Hills Corp. | 783 | 55,076 | |
Consolidated Edison, Inc. | 525,151 | 50,052,142 | |
Dominion Energy, Inc. | 17,002 | 1,042,562 | |
DTE Energy Co. | 77,124 | 9,064,384 | |
NiSource, Inc. | 828 | 22,704 | |
Public Service Enterprise Group, Inc. | 6,921 | 424,050 | |
Sempra Energy | 67,907 | 10,494,348 | |
WEC Energy Group, Inc. | 15,006 | 1,406,962 | |
$ 72,686,716 |
Security | Shares | Value | |
Oil, Gas & Consumable Fuels — 4.2% | |||
Antero Resources Corp.(1) | 1,341,986 | $ 41,588,146 | |
Cheniere Energy, Inc. | 646,170 | 96,899,653 | |
Chevron Corp. | 1,346,811 | 241,739,106 | |
ConocoPhillips | 868,054 | 102,430,372 | |
Devon Energy Corp. | 55,390 | 3,407,039 | |
Diamondback Energy, Inc. | 126,319 | 17,277,913 | |
DT Midstream, Inc.(1) | 31,712 | 1,752,405 | |
Enbridge, Inc. | 4,983 | 194,835 | |
EOG Resources, Inc. | 1,161,268 | 150,407,431 | |
EQT Corp. | 172,074 | 5,821,264 | |
Equitrans Midstream Corp.(1) | 144,379 | 967,339 | |
Exxon Mobil Corp. | 4,228,845 | 466,441,604 | |
Hess Corp. | 53,310 | 7,560,424 | |
HF Sinclair Corp. | 9,171 | 475,883 | |
Kinder Morgan, Inc. | 114,876 | 2,076,958 | |
Magnolia Oil & Gas Corp., Class A(1) | 245,547 | 5,758,077 | |
Marathon Petroleum Corp. | 215,166 | 25,043,171 | |
Murphy Oil Corp. | 44,823 | 1,927,837 | |
Occidental Petroleum Corp. | 435,211 | 27,413,941 | |
ONEOK, Inc. | 147,290 | 9,676,953 | |
Phillips 66(1) | 202,729 | 21,100,034 | |
Pioneer Natural Resources Co. | 31,687 | 7,236,994 | |
Range Resources Corp. | 664,831 | 16,634,072 | |
Shell PLC | 100 | 5,695 | |
Texas Pacific Land Corp. | 6,565 | 15,389,870 | |
Valero Energy Corp. | 17,838 | 2,262,929 | |
Williams Cos., Inc. (The) | 34,025 | 1,119,423 | |
$ 1,272,609,368 | |||
Paper and Forest Products — 0.0%(2) | |||
Sylvamo Corp. | 3,229 | $ 156,897 | |
$ 156,897 | |||
Personal Products — 0.2% | |||
Estee Lauder Cos., Inc. (The), Class A | 197,971 | $ 49,118,585 | |
Haleon PLC ADR(1) | 10,395 | 83,160 | |
Unilever PLC ADR | 70,897 | 3,569,664 | |
$ 52,771,409 | |||
Pharmaceuticals — 5.9% | |||
AstraZeneca PLC ADR | 1,319,901 | $ 89,489,288 | |
Bausch Health Cos., Inc.(1) | 4,389 | 27,563 | |
Bristol-Myers Squibb Co. | 2,585,047 | 185,994,132 | |
Catalent, Inc.(1) | 45,943 | 2,067,894 | |
Eli Lilly & Co. | 1,834,808 | 671,246,159 | |
GSK PLC ADR | 9,490 | 333,478 |
Security | Shares | Value | |
Pharmaceuticals (continued) | |||
Johnson & Johnson | 2,621,714 | $ 463,125,778 | |
Merck & Co., Inc. | 1,738,405 | 192,876,035 | |
Novartis AG ADR | 145,139 | 13,167,010 | |
Novo Nordisk A/S ADR | 56,211 | 7,607,597 | |
Organon & Co. | 160,960 | 4,495,613 | |
Pfizer, Inc. | 2,377,976 | 121,847,490 | |
Reata Pharmaceuticals, Inc., Class A(1) | 4,694 | 178,325 | |
Roche Holding AG ADR | 38,814 | 1,519,568 | |
Sanofi ADR | 6,100 | 295,423 | |
Takeda Pharmaceutical Co., Ltd. ADR(1) | 5,036 | 78,561 | |
Teva Pharmaceutical Industries, Ltd., ADR(1) | 5,106 | 46,567 | |
Viatris, Inc. | 141,138 | 1,570,866 | |
Zoetis, Inc.(1) | 307,471 | 45,059,875 | |
$ 1,801,027,222 | |||
Professional Services — 0.4% | |||
ASGN, Inc.(1) | 284,823 | $ 23,207,378 | |
Booz Allen Hamilton Holding Corp. | 162,364 | 16,970,285 | |
CACI International, Inc., Class A(1) | 19,784 | 5,946,873 | |
Equifax, Inc. | 14,485 | 2,815,305 | |
Exponent, Inc. | 14,326 | 1,419,563 | |
ICF International, Inc. | 47,981 | 4,752,518 | |
Jacobs Solutions, Inc. | 85,615 | 10,279,793 | |
Thomson Reuters Corp. | 184,536 | 21,050,022 | |
TriNet Group, Inc.(1) | 23,100 | 1,566,180 | |
Verisk Analytics, Inc. | 270,734 | 47,762,892 | |
$ 135,770,809 | |||
Real Estate Management & Development — 0.0%(2) | |||
Zillow Group, Inc., Class A(1) | 10,638 | $ 332,012 | |
Zillow Group, Inc., Class C(1) | 21,276 | 685,300 | |
$ 1,017,312 | |||
Road & Rail — 1.3% | |||
Canadian National Railway Co. | 124,084 | $ 14,751,106 | |
Canadian Pacific Railway, Ltd. | 10,807 | 806,094 | |
CSX Corp. | 1,984,382 | 61,476,154 | |
J.B. Hunt Transport Services, Inc. | 17,448 | 3,042,233 | |
Lyft, Inc., Class A(1) | 160,326 | 1,766,793 | |
Norfolk Southern Corp. | 380,263 | 93,704,408 | |
Old Dominion Freight Line, Inc. | 3,400 | 964,852 | |
Rxo, Inc.(1) | 67,458 | 1,160,278 | |
Uber Technologies, Inc.(1) | 3,699,519 | 91,489,105 | |
Union Pacific Corp. | 676,566 | 140,096,522 | |
XPO, Inc.(1) | 67,458 | 2,245,677 | |
$ 411,503,222 |
Security | Shares | Value | |
Semiconductors & Semiconductor Equipment — 4.4% | |||
Advanced Micro Devices, Inc.(1) | 64,937 | $ 4,205,969 | |
Analog Devices, Inc. | 502,851 | 82,482,650 | |
Applied Materials, Inc. | 567,578 | 55,270,746 | |
ASML Holding NV - NY Shares | 12,672 | 6,923,981 | |
Broadcom, Inc.(1) | 119,304 | 66,706,446 | |
Cirrus Logic, Inc.(1) | 50,300 | 3,746,344 | |
Enphase Energy, Inc.(1) | 57,500 | 15,235,200 | |
Intel Corp. | 4,425,849 | 116,975,189 | |
KLA Corp. | 605 | 228,103 | |
Lam Research Corp. | 82,291 | 34,586,907 | |
Marvell Technology, Inc. | 95,691 | 3,544,395 | |
Microchip Technology, Inc. | 1,109,179 | 77,919,825 | |
Micron Technology, Inc. | 636,817 | 31,828,114 | |
Micron Technology, Inc.(4) | 11,829 | 591,213 | |
Monolithic Power Systems, Inc. | 4,000 | 1,414,440 | |
NVIDIA Corp. | 2,558,996 | 373,971,675 | |
NXP Semiconductors NV | 14,754 | 2,331,575 | |
ON Semiconductor Corp.(1) | 229,518 | 14,315,038 | |
Qorvo, Inc.(1) | 13,586 | 1,231,435 | |
QUALCOMM, Inc. | 2,594,113 | 285,196,783 | |
Silicon Laboratories, Inc.(1) | 67,435 | 9,148,906 | |
Skyworks Solutions, Inc. | 1,000 | 91,130 | |
SolarEdge Technologies, Inc.(1) | 1,000 | 283,270 | |
Teradyne, Inc. | 13,157 | 1,149,264 | |
Texas Instruments, Inc. | 953,711 | 157,572,131 | |
$ 1,346,950,729 | |||
Software — 8.4% | |||
Adobe, Inc.(1) | 430,743 | $ 144,957,942 | |
ANSYS, Inc.(1) | 154,179 | 37,248,105 | |
Autodesk, Inc.(1) | 33,712 | 6,299,761 | |
Box, Inc., Class A(1) | 106,049 | 3,301,305 | |
Cadence Design Systems, Inc.(1) | 639,061 | 102,658,759 | |
Cerence, Inc.(1) | 783 | 14,509 | |
Check Point Software Technologies, Ltd.(1) | 82,484 | 10,406,181 | |
Coupa Software, Inc.(1) | 54,504 | 4,315,082 | |
Crowdstrike Holdings, Inc., Class A(1) | 433,003 | 45,590,886 | |
DocuSign, Inc.(1) | 1,146,298 | 63,527,835 | |
Dolby Laboratories, Inc., Class A | 1,232 | 86,905 | |
Dropbox, Inc., Class A(1) | 3,191,403 | 71,423,599 | |
Envestnet, Inc.(1) | 87,353 | 5,389,680 | |
Fortinet, Inc.(1) | 148,420 | 7,256,254 | |
Gen Digital, Inc. | 121,376 | 2,601,088 | |
Guidewire Software, Inc.(1) | 63,449 | 3,969,369 | |
Hashicorp, Inc.(1) | 29,947 | 818,751 | |
Intuit, Inc. | 129,837 | 50,535,157 |
Security | Shares | Value | |
Software (continued) | |||
Manhattan Associates, Inc.(1) | 77,673 | $ 9,429,502 | |
Microsoft Corp. | 5,423,454 | 1,300,652,738 | |
nCino, Inc.(1) | 25,000 | 661,000 | |
NCR Corp.(1) | 190 | 4,448 | |
NICE, Ltd. ADR(1) | 900 | 173,070 | |
Nutanix, Inc., Class A(1) | 18,402 | 479,372 | |
Olo, Inc., Class A(1) | 64,200 | 401,250 | |
Oracle Corp. | 445,550 | 36,419,257 | |
Palantir Technologies, Inc., Class A(1) | 3,040,678 | 19,521,153 | |
Palo Alto Networks, Inc.(1) | 711,853 | 99,331,968 | |
Paycom Software, Inc.(1) | 552,844 | 171,553,022 | |
PTC, Inc.(1) | 2,430 | 291,697 | |
Qualys, Inc.(1) | 116,090 | 13,028,781 | |
RingCentral, Inc., Class A(1) | 18,835 | 666,759 | |
Roper Technologies, Inc. | 37,107 | 16,033,564 | |
Salesforce, Inc.(1) | 422,862 | 56,067,273 | |
SAP SE ADR | 2,796 | 288,519 | |
ServiceNow, Inc.(1) | 227,636 | 88,384,230 | |
Smartsheet, Inc., Class A(1) | 227,811 | 8,966,641 | |
Splunk, Inc.(1) | 388,076 | 33,409,463 | |
Synopsys, Inc.(1) | 36,393 | 11,619,921 | |
Teradata Corp.(1) | 318 | 10,704 | |
Tyler Technologies, Inc.(1) | 232,333 | 74,906,482 | |
VMware, Inc., Class A(1) | 9,304 | 1,142,159 | |
Workday, Inc., Class A(1) | 248,928 | 41,653,122 | |
Zscaler, Inc.(1) | 99,213 | 11,101,935 | |
$ 2,556,599,198 | |||
Specialty Retail — 2.9% | |||
Advance Auto Parts, Inc. | 16,346 | $ 2,403,352 | |
AutoNation, Inc.(1) | 17,962 | 1,927,323 | |
AutoZone, Inc.(1) | 2,520 | 6,214,774 | |
Bath & Body Works, Inc.(1) | 430,499 | 18,141,228 | |
Bed Bath & Beyond, Inc.(1) | 15,000 | 37,650 | |
Best Buy Co., Inc. | 343,446 | 27,547,804 | |
Burlington Stores, Inc.(1) | 16,288 | 3,302,555 | |
CarMax, Inc.(1) | 34,010 | 2,070,869 | |
Dick's Sporting Goods, Inc. | 61,239 | 7,366,439 | |
Five Below, Inc.(1) | 71,000 | 12,557,770 | |
Gap, Inc. (The) | 75,000 | 846,000 | |
Home Depot, Inc. (The) | 169,946 | 53,679,143 | |
Lithia Motors, Inc. | 80 | 16,379 | |
Lowe's Cos., Inc. | 1,163,176 | 231,751,186 | |
O'Reilly Automotive, Inc.(1) | 250,731 | 211,624,486 | |
Ross Stores, Inc. | 590,159 | 68,499,755 | |
Signet Jewelers, Ltd. | 65,986 | 4,487,048 |
Security | Shares | Value | |
Specialty Retail (continued) | |||
TJX Cos., Inc. (The) | 1,702,486 | $ 135,517,886 | |
Tractor Supply Co. | 248,742 | 55,959,488 | |
Ulta Beauty, Inc.(1) | 96,964 | 45,482,903 | |
Victoria's Secret & Co.(1) | 88,445 | 3,164,562 | |
Warby Parker, Inc., Class A(1) | 4,087 | 55,134 | |
$ 892,653,734 | |||
Technology Hardware, Storage & Peripherals — 6.4% | |||
Apple, Inc. | 14,661,178 | $ 1,904,926,858 | |
Dell Technologies, Inc., Class C(1) | 50,698 | 2,039,074 | |
Hewlett Packard Enterprise Co.(1) | 394,164 | 6,290,857 | |
Logitech International S.A. | 2,406 | 149,773 | |
NetApp, Inc. | 78,200 | 4,696,692 | |
Pure Storage, Inc., Class A(1) | 1,300,000 | 34,788,000 | |
Seagate Technology Holdings PLC | 6,406 | 337,020 | |
$ 1,953,228,274 | |||
Textiles, Apparel & Luxury Goods — 1.2% | |||
Columbia Sportswear Co. | 19,096 | $ 1,672,428 | |
Crocs, Inc.(1) | 300 | 32,529 | |
Hanesbrands, Inc. | 36,024 | 229,112 | |
Kontoor Brands, Inc.(1) | 32,734 | 1,309,033 | |
Levi Strauss & Co., Class A | 285,636 | 4,433,071 | |
Lululemon Athletica, Inc.(1) | 7,878 | 2,523,953 | |
NIKE, Inc., Class B | 2,818,569 | 329,800,759 | |
PVH Corp. | 16 | 1,129 | |
Skechers USA, Inc., Class A(1) | 195,345 | 8,194,723 | |
Tapestry, Inc.(1) | 522 | 19,878 | |
Under Armour, Inc., Class C(1) | 500 | 4,460 | |
VF Corp. | 279,743 | 7,723,704 | |
$ 355,944,779 | |||
Thrifts & Mortgage Finance — 0.0%(2) | |||
Essent Group, Ltd. | 96,312 | $ 3,744,610 | |
$ 3,744,610 | |||
Tobacco — 0.5% | |||
Altria Group, Inc. | 967,603 | $ 44,229,133 | |
British American Tobacco PLC ADR | 3 | 120 | |
Philip Morris International, Inc. | 1,191,873 | 120,629,466 | |
$ 164,858,719 | |||
Trading Companies & Distributors — 0.4% | |||
Fastenal Co. | 2,056,421 | $ 97,309,842 | |
NOW, Inc.(1) | 944 | 11,989 |
Security | Shares | Value | |
Trading Companies & Distributors (continued) | |||
United Rentals, Inc.(1) | 6,508 | $ 2,313,073 | |
W.W. Grainger, Inc. | 14,772 | 8,216,925 | |
$ 107,851,829 | |||
Water Utilities — 0.0%(2) | |||
American Water Works Co., Inc. | 23,888 | $ 3,641,009 | |
Essential Utilities, Inc. | 500 | 23,865 | |
$ 3,664,874 | |||
Wireless Telecommunication Services — 0.1% | |||
America Movil SAB de CV, Series L ADR | 1,200 | $ 21,840 | |
Rogers Communications, Inc., Class B | 750 | 35,130 | |
T-Mobile US, Inc.(1) | 168,477 | 23,586,780 | |
$ 23,643,750 | |||
Total Common Stocks (identified cost $17,954,862,757) | $30,378,309,042 |
Preferred Stocks — 0.0%(2) |
Security | Shares | Value | |
Internet & Direct Marketing Retail — 0.0%(2) | |||
Qurate Retail, Inc., Series A, 8.00%(1) | 2,994 | $ 102,575 | |
Total Preferred Stocks (identified cost $168,590) | $ 102,575 |
Rights — 0.0%(2) |
Security | Shares | Value | |
Health Care Equipment & Supplies — 0.0%(2) | |||
Abiomed, Inc., CVR, (1)(5) | 52,449 | $ 53,498 | |
Total Rights (identified cost $53,498) | $ 53,498 |
Short-Term Investments — 0.6% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.11%(6) | 170,972,940 | $ 170,972,940 | |
Total Short-Term Investments (identified cost $170,972,940) | $ 170,972,940 | ||
Total Investments — 99.9% (identified cost $18,126,057,785) | $30,549,438,055 | ||
Other Assets, Less Liabilities — 0.1% | $ 43,624,354 | ||
Net Assets — 100.0% | $30,593,062,409 |
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 (see Note 7). |
(4) | Restricted security (see Note 5). |
(5) | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8). |
(6) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2022. |
Abbreviations: | |
ADR | – American Depositary Receipt |
CVR | – Contingent Value Rights |
December 31, 2022 | |
Assets | |
Unaffiliated investments, at value (identified cost $17,911,976,920) | $ 30,288,322,065 |
Affiliated investments, at value (identified cost $214,080,865) | 261,115,990 |
Cash | 36,626 |
Dividends receivable | 19,979,202 |
Dividends receivable from affiliated investment | 502,195 |
Receivable for investments sold | 35,105,730 |
Tax reclaims receivable | 1,624,644 |
Total assets | $30,606,686,452 |
Liabilities | |
Payable to affiliates: | |
Investment adviser fee | $ 10,954,169 |
Trustees' fees | 27,125 |
Accrued expenses | 2,642,749 |
Total liabilities | $ 13,624,043 |
Net Assets applicable to investors' interest in Portfolio | $30,593,062,409 |
Year Ended | |
December 31, 2022 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $2,974,285) | $ 432,291,619 |
Dividend income from affiliated investments | 7,049,334 |
Total investment income | $ 439,340,953 |
Expenses | |
Investment adviser fee | $ 133,361,879 |
Trustees’ fees and expenses | 108,500 |
Custodian fee | 4,031,620 |
Professional fees | 807,294 |
Miscellaneous | 724,395 |
Total expenses | $ 139,033,688 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliate | $ 150,137 |
Total expense reductions | $ 150,137 |
Net expenses | $ 138,883,551 |
Net investment income | $ 300,457,402 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions(1) | $ 724,641,572 |
Investment transactions - affiliated investments | 53,760,994 |
Foreign currency transactions | 32,250 |
Net realized gain | $ 778,434,816 |
Change in unrealized appreciation (depreciation): | |
Investments | $ (8,489,951,223) |
Investments - affiliated investments | (79,974,322) |
Foreign currency | (28,640) |
Net change in unrealized appreciation (depreciation) | $(8,569,954,185) |
Net realized and unrealized loss | $(7,791,519,369) |
Net decrease in net assets from operations | $(7,491,061,967) |
(1) | Aggregate amount includes $836,962,829 of net realized gains from redemptions in-kind. |
Year Ended December 31, | ||
2022 | 2021 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 300,457,402 | $ 225,467,932 |
Net realized gain | 778,434,816 | 674,550,746 |
Net change in unrealized appreciation (depreciation) | (8,569,954,185) | 6,254,806,403 |
Net increase (decrease) in net assets from operations | $ (7,491,061,967) | $ 7,154,825,081 |
Capital transactions: | ||
Contributions | $ 2,468,619,619 | $ 3,616,316,912 |
Withdrawals | (1,697,105,702) | (1,445,245,658) |
Net increase in net assets from capital transactions | $ 771,513,917 | $ 2,171,071,254 |
Net increase (decrease) in net assets | $ (6,719,548,050) | $ 9,325,896,335 |
Net Assets | ||
At beginning of year | $ 37,312,610,459 | $ 27,986,714,124 |
At end of year | $30,593,062,409 | $37,312,610,459 |
Year Ended December 31, | |||||
Ratios/Supplemental Data | 2022 | 2021 | 2020 | 2019 | 2018 |
Ratios (as a percentage of average daily net assets): | |||||
Expenses | 0.43% (1) | 0.43% | 0.44% | 0.45% | 0.46% |
Net investment income | 0.93% | 0.69% | 1.07% | 1.28% | 1.25% |
Portfolio Turnover(2) | 3% | 1% | 1% | 1% | 1% |
Total Return | (19.86)% | 25.05% | 23.42% | 29.87% | (5.02)% |
Net assets, end of year (000’s omitted) | $30,593,062 | $37,312,610 | $27,986,714 | $22,013,353 | $16,016,046 |
(1) | The investment adviser reduced a portion of its adviser fee (equal to less than 0.005% of average daily net assets for the year ended December 31, 2022). |
(2) | 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 8%, 4%, 6%, 6% and 6% for the years ended December 31, 2022, 2021, 2020, 2019 and 2018, respectively. |
Average Daily Net Assets | Annual Fee Rate (Year Ended December 31, 2022)* | Annual Fee Rate (Effective January 13, 2023)** |
Up to $500 million | 0.6250% | 0.5575% |
$500 million but less than $1 billion | 0.5625% | 0.4950% |
$1 billion but less than $1.5 billion | 0.5000% | 0.4325% |
$1.5 billion but less than $7 billion | 0.4375% | 0.3700% |
$7 billion but less than $10 billion | 0.4250% | 0.3575% |
$10 billion but less than $15 billion | 0.4125% | 0.3450% |
$15 billion but less than $20 billion | 0.4000% | 0.3325% |
$20 billion but less than $25 billion | 0.3900% | 0.3225% |
$25 billion but less than $30 billion | 0.3800% | 0.3125% |
$30 billion but less than $35 billion | 0.3700% | 0.3020% |
$35 billion but less than $45 billion | 0.3650% | 0.2970% |
$45 billion and over | 0.3600% | 0.2920% |
* | Pursuant to an amendment to the investment advisory agreement effective July 1, 2022, BMR contractually agreed to reduce its investment adviser fee rate of the average daily net assets of $30 billion and over to the rates as stated above. |
** | Pursuant to an amendment to the investment advisory agreement effective January 13, 2023, BMR agreed to reduce the annual fee rate of the average daily net asset levels as stated above in order to approximately match the effective annualized fee rate in effect prior the redemption described in Note 10. |
Aggregate cost | $ 5,205,682,469 |
Gross unrealized appreciation | $ 25,377,154,346 |
Gross unrealized depreciation | (33,398,760) |
Net unrealized appreciation | $25,343,755,586 |
Description | Date(s) of Acquisition | Eligible for Resale | Shares | Cost | Value |
Common Stocks | |||||
Comfort Systems USA, Inc. | 6/16/2022 | 6/16/2023 | 17,894 | $ 1,500,019 | $ 2,059,241 |
Micron Technology, Inc. | 3/17/2022 | 3/17/2023 | 11,829 | 941,898 | 591,213 |
National Storage Affiliates Trust | 3/17/2022 | 3/17/2023 | 170,000 | 10,315,540 | 6,140,400 |
Ryan Specialty Holdings, Inc., Class A | 6/16/2022 | 6/16/2023 | 28,103 | 996,827 | 1,166,555 |
Tyson Foods, Inc., Class A | 3/17/2022 | 3/17/2023 | 22,540 | 1,965,349 | 1,403,115 |
Total Restricted Securities | $15,719,633 | $11,360,524 |
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 | $ — | $ (92,024,694) | $ 53,767,805 | $ (79,977,349) | $ 90,143,050 | $ 4,779,161 | 1,060,257 |
Short-Term Investments | ||||||||
Cash Reserves Fund | 97,096,177 | 730,786,970 | (827,879,363) | (6,811) | 3,027 | — | 43,116 | — |
Liquidity Fund | — | 631,160,173 | (460,187,233) | — | — | 170,972,940 | 2,227,057 | 170,972,940 |
Total | $53,760,994 | $(79,974,322) | $261,115,990 | $7,049,334 |
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3* | Total |
Common Stocks: | ||||
Communication Services | $ 2,246,662,024 | $ — | $ — | $ 2,246,662,024 |
Consumer Discretionary | 3,363,395,662 | — | 431,185 | 3,363,826,847 |
Consumer Staples | 2,415,368,566 | 114,740,985 | — | 2,530,109,551 |
Energy | 1,350,717,287 | — | — | 1,350,717,287 |
Financials | 4,133,973,972 | 11,549,583 | — | 4,145,523,555 |
Health Care | 5,114,839,875 | — | — | 5,114,839,875 |
Asset Description (continued) | Level 1 | Level 2 | Level 3* | Total |
Industrials | $ 2,835,574,046 | $ — | $ — | $ 2,835,574,046 |
Information Technology | 7,632,420,749 | — | — | 7,632,420,749 |
Materials | 523,253,606 | 3,990,550 | — | 527,244,156 |
Real Estate | 207,355,246 | — | — | 207,355,246 |
Utilities | 424,035,706 | — | — | 424,035,706 |
Total Common Stocks | $30,247,596,739 | $130,281,118** | $431,185 | $30,378,309,042 |
Preferred Stocks | $ 102,575 | $ — | $ — | $ 102,575 |
Rights | — | — | 53,498 | 53,498 |
Short-Term Investments | 170,972,940 | — | — | 170,972,940 |
Total Investments | $30,418,672,254 | $130,281,118 | $484,683 | $30,549,438,055 |
* | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
** | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Boston, Massachusetts
February 24, 2023
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee | |||
Thomas E. Faust Jr. 1958 | Trustee | Since 2007 | Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
Noninterested Trustees | |||
Alan C. Bowser(1) 1962 | Trustee | Since 2022 | Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. None. |
Mark R. Fetting 1954 | Trustee | Since 2016 | Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia E. Frost 1961 | Trustee | Since 2014 | Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships. None. |
George J. Gorman 1952 | Chairperson of the Board and Trustee | Since 2021 (Chairperson) and 2014 (Trustee) | Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees (continued) | |||
Valerie A. Mosley 1960 | Trustee | Since 2014 | Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith Quinton 1958 | Trustee | Since 2018 | Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus L. Smith 1966 | Trustee | Since 2018 | Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan J. Sutherland 1957 | Trustee | Since 2015 | Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
Scott E. Wennerholm 1959 | Trustee | Since 2016 | Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy A. Wiser(1) 1967 | Trustee | Since 2022 | Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees | |||
Eric A. Stein 1980 | President of the Trust | Since 2020 | Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”). |
R. Kelly Williams, Jr. 1971 | President of the Portfolio | Since 2022 | President and Chief Operating Officer of Atlanta Capital Management Company, LLC. Officer of 21 registered investment companies managed by Eaton Vance or BMR. |
Deidre E. Walsh 1971 | Vice President and Chief Legal Officer | Since 2009 | Vice President of EVM and BMR. Also Vice President of CRM. |
Name and Year of Birth | Trust/Portfolio Position(s) | Length of Service | Principal Occupation(s) During Past Five Years |
Principal Officers who are not Trustees (continued) | |||
James F. Kirchner 1967 | Treasurer | Since 2007 | Vice President of EVM and BMR. Also Vice President of CRM. |
Nicholas Di Lorenzo 1987 | Secretary | Since 2022 | Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard F. Froio 1968 | Chief Compliance Officer | Since 2017 | Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012). |
Privacy Notice | April 2021 |
FACTS | WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment experience and risk tolerance ■ checking account number and wire transfer instructions |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does Eaton Vance share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For our marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don’t share |
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness | Yes | Yes |
For our affiliates’ everyday business purposes — information about your transactions and experiences | Yes | No |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don’t share |
For our investment management affiliates to market to you | Yes | Yes |
For our affiliates to market to you | No | We don’t share |
For nonaffiliates to market to you | No | We don’t share |
To limit our sharing | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing. |
Questions? | Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy Notice — continued | April 2021 |
Who we are | |
Who is providing this notice? | Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below) |
What we do | |
How does Eaton Vance protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How does Eaton Vance collect my personal information? | We collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer ■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? | Federal law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
Definitions | |
Investment Management Affiliates | Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to you. |
Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market. |
Other important information | |
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Two International Place
Boston, MA 02110
Tax-Managed Growth Fund 1.0
Two International Place
Boston, MA 02110
Two International Place
Boston, MA 02110
(617) 482-8260
State Street Financial Center, One Lincoln Street
Boston, MA 02111
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
200 Berkeley Street
Boston, MA 02116-5022
Boston, MA 02110
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant Fees and Services
Eaton Vance Tax-Managed Growth Fund 1.0 (the “Fund”) is a series of Eaton Vance Series Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 1 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Fund’s annual report
(a)-(d)
The following tables present the aggregate fees billed to the Fund for the Fund’s fiscal years ended December 31, 2021 and December 31, 2022 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.
Eaton Vance Tax-Managed Growth Fund 1.0
Fiscal Years Ended | 12/31/21 | 12/31/22 | ||||||
Audit Fees | $ | 16,800 | $ | 19,600 | ||||
Audit-Related Fees(1) | $ | 0 | $ | 0 | ||||
Tax Fees(2) | $ | 7,252 | $ | 350 | ||||
All Other Fees(3) | $ | 0 | $ | 0 | ||||
|
|
|
| |||||
Total | $ | 24,052 | $ | 19,950 | ||||
|
|
|
|
(1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
(2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
(3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Fund (the only series of the Trust) by D&T for the last two fiscal years of the Fund; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years.
Fiscal Years Ended | 12/31/21 | 12/31/22 | ||||||
Registrant | $ | 7,252 | $ | 350 | ||||
Eaton Vance(1) | $ | 51,800 | $ | 52,836 |
(1) | The investment adviser to the Fund, as well as any of its affiliates that provide ongoing services to the Fund, are subsidiaries of Morgan Stanley. |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Series Trust | ||
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | February 27, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James F. Kirchner | |
James F. Kirchner | ||
Treasurer | ||
Date: | February 27, 2023 | |
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President | ||
Date: | February 27, 2023 |