# EDGAR Filing Document

**Accession Number:** 0000102818
**File Stem:** 0001193125-23-053759
**Filing Date:** 2023-2
**Character Count:** 249995
**Document Hash:** e7443b746c86968777361c4ef94a82ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-053759.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001193125-23-053759

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EATON VANCE SERIES TRUST
- **CENTRAL INDEX KEY:** 0000102818
- **IRS NUMBER:** 042577423

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02589
- **FILM NUMBER:** 23684915

**BUSINESS ADDRESS:**
- **STREET 1:** TWO INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** TWO INTERNATIONAL PLACE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANCE SANDERS EXCHANGE FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Eaton Vance Tax-Managed Growth Fund 1.0 (Series ID: S000005210)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000014202 | Eaton Vance Tax-Managed Growth Fund 1.0 | CAPEX           |

------

------

**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** 

------

![](g431122imgaa0bcdc41.gif)

------

## Eaton Vance

## Tax-Managed Growth Fund 1.0

## Annual Report
December 31, 2022

------

![](g431122imga7d98b2c2.gif)

------

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

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

------

#### Annual Report December 31, 2022
Eaton Vance

Tax-Managed Growth Fund 1.0

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_68bb49f1-ab83-4512-981c-41c3ab59811a_1)** |  |
| [Management's Discussion of Fund Performance](#xx_d081dd6d-52e2-4c4a-a670-b5cf9ca85c13_1) | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| [Performance](#xx_d081dd6d-52e2-4c4a-a670-b5cf9ca85c13_3) | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| [Fund Profile](#xx_d081dd6d-52e2-4c4a-a670-b5cf9ca85c13_4) | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| [Endnotes and Additional Disclosures](#xx_535a4648-405e-47c3-90f2-e1fe473c3748_1) | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| [Fund Expenses](#xx_ea8274bd-fa4f-4cab-baea-21f0786c6c77_1) | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| [Financial Statements](#xx_76ab5da4-c7e9-46d2-80c3-a2bc7b284ca7_1) | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| [Report of Independent Registered Public Accounting Firm](#xx_41d5eae5-e8bf-4050-8888-8b903b6ea638_1) | &nbsp;&nbsp;&nbsp;&nbsp;16 and 38 |
| [Federal Tax Information](#xx_63894a66-4521-4b51-b809-e56e8290af88_1) | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| [Management and Organization](#xx_5516db6d-f97f-46d1-86c6-ad154466de73_1) | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| [Privacy Notice](#xx_d995806f-e287-43fc-bb05-92f459b09a25_1) | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| [Important Notices](#xx_8e6f6e1b-7328-4c2e-980d-14cfafb6b68e_1) | &nbsp;&nbsp;&nbsp;&nbsp;44 |

---

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Management's Discussion of Fund Performance<sup>†</sup>

------

Economic and Market Conditions

During the 12-month period starting January 1, 2022, the U.S. equity market was dominated by the ongoing effects of one black swan event -- the COVID-19 pandemic -- and fallout from another -- Russia's invasion of Ukraine.

As the new year began, investors became increasingly concerned about the twin threats of inflation and interest rate hikes. As a result, stock performance turned negative -- a sharp about-face from the all-time highs many U.S. equity indexes had posted in late 2021.

In February, Russia's invasion of Ukraine sent shock waves through U.S. and global markets, exacerbating inflationary pressures on energy and food costs. The U.S. Federal Reserve (the Fed) -- along with other central banks around the world -- initiated its first interest rate hikes in years.

Investors began to expect the Fed would raise interest rates at every policy meeting in 2022 and, in turn, worried that aggressive rate hikes could tip the economy into recession. At its June, July, September, and November 2022 policy meetings, the Fed hiked the federal funds rate 0.75% each time -- its first moves of that magnitude since 1994. Higher interest rates, inflation, and recessionary worries drove stock prices down, with rate-sensitive technology stocks -- star performers earlier in the pandemic -- suffering some of the worst declines.

In October and November 2022, however, U.S. stocks delivered positive performance for the first time in months. The rally was driven by a combination of better-than-expected company earnings, declining inflation, and hope that the Fed would temper the size of future rate hikes.

But while the Fed indeed delivered a smaller 0.50% rate hike in December, it raised its expectation of how high rates might go in 2023. As investors digested the news that rates could stay higher for longer than previously expected, equity prices declined in the final month of 2022.

For the period as a whole, the blue-chip Dow Jones Industrial Average returned -6.86%; the S&P 500®, a broad measure of U.S. stocks, returned -18.11%; and the technology-laden Nasdaq Composite Index returned -32.54%.

Fund Performance

For the 12-month period ended December 31, 2022, Eaton Vance Tax-Managed Growth Fund 1.0 (the Fund) returned -19.92% at net asset value (NAV), underperforming its benchmark, the S&P 500® Index (the Index), which returned -18.11%.

On an individual stock basis, the largest detractors from Fund performance versus the Index during the period were overweight positions in Alphabet, Inc. (Alphabet) and Meta Platforms, Inc. (Meta), as well as an out-of-Index position in Twilio, Inc. (Twilio).

The share price of Google parent company Alphabet declined during the period. While Alphabet's cloud-storage business reported strong results, decelerating growth in digital advertising revenue during the period led to disappointing earnings that weighed on the company's stock performance.

Twilio develops software that enables customers to integrate voice, text messaging, and chat functions into their own websites. Twilio's stock appreciated as demand accelerated early in the pandemic, but declined significantly during the period as sales growth slowed, the company experienced internal execution challenges, and rising interest rates depressed the valuations of technology stocks in general.

Facebook parent company Meta's share price declined as a result of investor concerns about softening user engagement with Facebook, and the 2021 announcement of a shift in the company's direction toward the "metaverse" -- a virtual-reality environment -- which will require significant capital investment.

On a sector basis, stock selections and an overweight position in the communication services sector; stock selections in the information technology sector; and an underweight position in the energy sector -- the best-performing sector within the Index during the period -- detracted from Fund performance versus the Index.

In contrast, the largest individual stock contributors to Fund performance relative to the Index were an underweight position in Tesla, Inc. (Tesla) and an overweight position in Eli Lilly & Co. (Eli Lilly).

Underweighting Tesla helped relative returns as the electric car maker's stock price sank during the period. Lower consumer demand for automobiles, price cuts in response to increased competition, and the exceedingly high valuation the stock had reached previously all weighed on Tesla's share price. Investors were also concerned that Tesla CEO Elon Musk's attention was being diverted by his purchase of social media firm Twitter.

Shares of Eli Lilly -- a global drug maker specializing in diabetes, oncology, and immunology therapies – increased in price during the period, driven by strong results and a favorable growth outlook for its key diabetes and obesity franchises. Investor optimism over its development pipeline, including a promising medicine for Alzheimer's disease, was an additional tailwind for Eli Lilly's stock price.

*See Endnotes and Additional Disclosures in this report.*

<br> *Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Management's Discussion of Fund Performance<sup>†</sup> — continued

------

On a sector basis, contributors to the Fund's performance versus the Index during the period included stock selections in the consumer discretionary sector and stock selections and overweight positions in both the financials and health care sectors.

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Performance

------

#### Portfolio Manager(s) Yana S. Barton, CFA and Kenneth D. Zinner, CFA

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% Average Annual Total Returns<sup>1,2</sup>** | **Fund <br> Inception Date** | **Performance <br> Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;Fund at NAV | 03/29/1966 | 03/29/1966 | (19.92)% | 8.79% | 12.03% |
| &nbsp;&nbsp;S&P 500® Index |  |  | (18.11)% | 9.42% | 12.56% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **% After-Tax Returns** | **Inception Date** | **Performance <br> Inception Date** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;After Taxes on Distributions | 03/29/1966 | 03/29/1966 | (20.07)% | 8.57% | 11.73% |
| &nbsp;&nbsp;After Taxes on Distributions and Sale of Fund Shares |  |  | (11.63) | 7.22 | 10.29 |

---

Growth of $10,000

------

This graph shows the change in value of a hypothetical investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.

![](g431122imgf7c5729b3.jpg)

*See Endnotes and Additional Disclosures in this report.*

*Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Fund Profile

------

Sector Allocation (% of net assets)<sup>1</sup>

![](g431122img0f9d83c34.jpg)

---

| | |
|:---|:---|
| Top 10 Holdings (% of net assets)<sup>1</sup> | Top 10 Holdings (% of net assets)<sup>1</sup> |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6.2% |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4.3 |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.4 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Berkshire Hathaway, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| **Total** | &nbsp;&nbsp;**26.2%** |

---

Footnotes:

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

<sup>1</sup> Excludes cash and cash equivalents.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Endnotes and Additional Disclosures

------

† 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.

<sup>1</sup> 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.

<sup>2</sup> 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. |

---

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Fund Expenses

------

#### Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2022 to December 31, 2022).

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Beginning <br> Account Value<br> (7/1/22)** | &nbsp;&nbsp;&nbsp;&nbsp;**Ending <br> Account Value<br> (12/31/22)** | &nbsp;&nbsp;&nbsp;&nbsp;**Expenses Paid<br> During Period\*<br> (7/1/22 – 12/31/22)** | &nbsp;&nbsp;&nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** |
| **Actual** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1029.80 | &nbsp;&nbsp;&nbsp;&nbsp;$2.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| **Hypothetical** |  |  |  |  |
| (5% return per year before expenses) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1022.89 | &nbsp;&nbsp;&nbsp;&nbsp;$2.35 | &nbsp;&nbsp;&nbsp;&nbsp;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.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2022** |
| Assets |  |
| Investment in Tax-Managed Growth Portfolio, at value (identified cost $184,666,177) | &nbsp;&nbsp;$1096536632 |
| **Total assets** | &nbsp;&nbsp;**$1096536632** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1331920 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118970 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1451015** |
| **Net Assets** | &nbsp;&nbsp;**$1095085617** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;$23850521 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;1071235096 |
| **Net Assets** | &nbsp;&nbsp;**$1095085617** |
| Net Asset Value and Redemption Price Per Share |  |
| **($1,095,085,617 ÷ 660,473 shares of beneficial interest outstanding)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$1658.03** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2022** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $110,225) | &nbsp;&nbsp;&nbsp;$16254703 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5138006) |
| **Total investment income from Portfolio** | &nbsp;&nbsp;&nbsp;**$11116697** |
| Expenses |  |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64527 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110497 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48524 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7367 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19585 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$251000** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;**$10865697** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;$29098517 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 |
| **Net realized gain** | &nbsp;&nbsp;&nbsp;**$29099683** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(323047042) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6853) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(323053895)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(293954212)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(283088515)** |

---

<sup>(1)</sup> Includes $32,821,994 of net realized gains from redemptions in-kind.

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$10865697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8995090 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29099683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27647799 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323053895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256428753 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(283088515)** | &nbsp;&nbsp;&nbsp;**$293071642** |
| **Distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;**$(10821313)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$(9096319)** |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;&nbsp;&nbsp;**$(49018179)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(42648813)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(342928007)** | &nbsp;&nbsp;&nbsp;**$241326510** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1438013624 | &nbsp;&nbsp;$1196687114 |
| **At end of year** | &nbsp;&nbsp;**$1095085617** | &nbsp;&nbsp;**$1438013624** |

---

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;**2018** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$2090.220 | &nbsp;&nbsp;$1683.170 | &nbsp;&nbsp;$1378.390 | &nbsp;&nbsp;$1075.910 | &nbsp;&nbsp;$1146.130 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$16.074 | &nbsp;&nbsp;&nbsp;&nbsp;$12.915 | &nbsp;&nbsp;&nbsp;&nbsp;$14.813 | &nbsp;&nbsp;&nbsp;&nbsp;$15.815 | &nbsp;&nbsp;&nbsp;&nbsp;$14.556 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(432.164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407.235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304.817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302.465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70.176) |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(416.090)** | &nbsp;&nbsp;&nbsp;**$420.150** | &nbsp;&nbsp;&nbsp;**$319.630** | &nbsp;&nbsp;&nbsp;**$318.280** | &nbsp;&nbsp;&nbsp;&nbsp;**$(55.620)** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$(16.100) | &nbsp;&nbsp;&nbsp;&nbsp;$(13.100) | &nbsp;&nbsp;&nbsp;&nbsp;$(14.850) | &nbsp;&nbsp;&nbsp;&nbsp;$(15.800) | &nbsp;&nbsp;&nbsp;&nbsp;$(14.180) |
| Tax return of capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.420) |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp;**$(16.100)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(13.100)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(14.850)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(15.800)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(14.600)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$1658.030** | &nbsp;&nbsp;**$2090.220** | &nbsp;&nbsp;**$1683.170** | &nbsp;&nbsp;**$1378.390** | &nbsp;&nbsp;**$1075.910** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19.92)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.04%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.49%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.83%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.04)%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$1095086 | &nbsp;&nbsp;$1438014 | &nbsp;&nbsp;$1196687 | &nbsp;&nbsp;$1033733 | &nbsp;&nbsp;&nbsp;$861445 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% |
| Portfolio Turnover of the Portfolio<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

<sup>(3)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(4)</sup> 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).

<sup>(5)</sup> 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.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance Tax-Managed Growth Fund 1.0 (the Fund) is a diversified series of the Eaton Vance Series Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund invests all of its investable assets in interests in Tax-Managed Growth Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (3.6% at December 31, 2022). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

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

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

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

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

As of December 31, 2022, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

2 Distributions to Shareholders and Income Tax Information

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

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Notes to Financial Statements — continued

------

The tax character of distributions declared for the years ended December 31, 2022 and December 31, 2021 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$10821313 | &nbsp;&nbsp;&nbsp;&nbsp;$9096319 |

---

During the year ended December 31, 2022, distributable earnings was decreased by $47,275,021 and paid-in capital was increased by $47,275,021 due to the Fund's use of equalization accounting and differences between book and tax accounting for the Fund's investment in the Portfolio. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder's portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of December 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$1484 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2308588) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073542200 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$1071235096** |

---

At December 31, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $2,308,588 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2022, $2,308,588 are short-term.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Notes to Financial Statements — continued

------

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The investment adviser fee is computed at an annual rate as a percentage of the Fund's average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee as follows and is payable monthly:

---

| | | |
|:---|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate<br> (Year Ended December 31, 2022)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate<br> (Effective January 13, 2023)\*\*** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.6250% | &nbsp;&nbsp;&nbsp;&nbsp;0.5575% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5625% | &nbsp;&nbsp;&nbsp;&nbsp;0.4950% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% | &nbsp;&nbsp;&nbsp;&nbsp;0.4325% |
| $1.5 billion but less than $7 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4375% | &nbsp;&nbsp;&nbsp;&nbsp;0.3700% |
| $7 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4250% | &nbsp;&nbsp;&nbsp;&nbsp;0.3575% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4125% | &nbsp;&nbsp;&nbsp;&nbsp;0.3450% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4000% | &nbsp;&nbsp;&nbsp;&nbsp;0.3325% |
| $20 billion but less than $25 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3900% | &nbsp;&nbsp;&nbsp;&nbsp;0.3225% |
| $25 billion but less than $30 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3800% | &nbsp;&nbsp;&nbsp;&nbsp;0.3125% |
| $30 billion but less than $35 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3700% | &nbsp;&nbsp;&nbsp;&nbsp;0.3020% |
| $35 billion but less than $45 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3650% | &nbsp;&nbsp;&nbsp;&nbsp;0.2970% |
| $45 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.3600% | &nbsp;&nbsp;&nbsp;&nbsp;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.

For the year ended December 31, 2022, the Fund incurred no investment adviser fee on such assets. To the extent the Fund's assets are invested in the Portfolio, the Fund is allocated its pro rata share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator to the Fund, but receives no compensation.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2022, EVM earned $49,894 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

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

4 Investment Transactions

For the year ended December 31, 2022, increases and decreases in the Fund's investment in the Portfolio aggregated $318,711 and $59,044,227, respectively. Decreases in the Fund's investment in the Portfolio include distributions of securities as the result of redemptions in-kind of $51,327,711.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Notes to Financial Statements — continued

------

5 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2021** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 1648 | &nbsp;&nbsp;&nbsp;&nbsp;$2795159 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp;$2394884 |
| Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(29146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51813338) | &nbsp;&nbsp;&nbsp;&nbsp;(24262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45043697) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(27498)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(49018179)** | &nbsp;&nbsp;&nbsp;&nbsp;**(23002)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(42648813)** |

---

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Report of Independent Registered Public Accounting Firm

------

To the Trustees of Eaton Vance Series Trust and Shareholders of Eaton Vance Tax-Managed Growth Fund 1.0:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Growth Fund 1.0 (the "Fund") (one of the funds constituting Eaton Vance Series Trust), as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP<br> Boston, Massachusetts<br> February 24, 2023

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you received in February 2023 showed the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

**Qualified Dividend Income. For the fiscal year ended December 31, 2022, the Fund designates approximately $15,952,294, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.**

**Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2022 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.**

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments

------

Common Stocks — 99.3%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 1.5% | Aerospace & Defense — 1.5% | Aerospace & Defense — 1.5% |
| Boeing Co. (The)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863906 | &nbsp;&nbsp;$164565455 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117410 | &nbsp;&nbsp;&nbsp;&nbsp; 29130595 |
| Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107007 | &nbsp;&nbsp;&nbsp;&nbsp; 6297362 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004 | &nbsp;&nbsp;&nbsp;&nbsp; 197208 |
| Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;&nbsp;&nbsp; 530333 |
| L3Harris Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8540 | &nbsp;&nbsp;&nbsp;&nbsp; 1778113 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138128 | &nbsp;&nbsp;&nbsp;&nbsp; 67197891 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80149 | &nbsp;&nbsp;&nbsp;&nbsp; 43730096 |
| Raytheon Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1478175 | &nbsp;&nbsp;&nbsp;&nbsp; 149177421 |
| Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9973 | &nbsp;&nbsp;&nbsp;&nbsp; 706088 |
| TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3386 | &nbsp;&nbsp;&nbsp;&nbsp; 2131995 |
|  |  | &nbsp;&nbsp;**$465442557** |
| Air Freight & Logistics — 0.9% | Air Freight & Logistics — 0.9% | Air Freight & Logistics — 0.9% |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220616 | &nbsp;&nbsp;$20199601 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22997 | &nbsp;&nbsp;&nbsp;&nbsp; 2389848 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331022 | &nbsp;&nbsp;&nbsp;&nbsp; 57333011 |
| GXO Logistics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97791 | &nbsp;&nbsp;&nbsp;&nbsp; 4174698 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;1141617 | &nbsp;&nbsp;&nbsp;&nbsp; 198458699 |
|  |  | &nbsp;&nbsp;**$282555857** |
| Airlines — 0.0%<sup>(2)</sup> | Airlines — 0.0%<sup>(2)</sup> | Airlines — 0.0%<sup>(2)</sup> |
| American Airlines Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61732 | &nbsp;&nbsp;$785231 |
| Delta Air Lines, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61964 | &nbsp;&nbsp;&nbsp;&nbsp; 2036137 |
| Southwest Airlines Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28371 | &nbsp;&nbsp;&nbsp;&nbsp; 955252 |
|  |  | &nbsp;&nbsp;**$3776620** |
| Auto Components — 0.2% | Auto Components — 0.2% | Auto Components — 0.2% |
| Adient PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755 | &nbsp;&nbsp;$60881 |
| Aptiv PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136078 | &nbsp;&nbsp;&nbsp;&nbsp; 12672944 |
| BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 32200 |
| Dorman Products, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20730 | &nbsp;&nbsp;&nbsp;&nbsp; 1676435 |
| Fox Factory Holding Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 72984 |
| Garrett Motion, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6726 | &nbsp;&nbsp;&nbsp;&nbsp; 51252 |
| Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1443192 | &nbsp;&nbsp;&nbsp;&nbsp; 39355846 |
|  |  | &nbsp;&nbsp;**$53922542** |
| Automobiles — 0.4% | Automobiles — 0.4% | Automobiles — 0.4% |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;1219179 | &nbsp;&nbsp;$14179052 |
| General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96097 | &nbsp;&nbsp;&nbsp;&nbsp; 3232703 |
| Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 33280 |
| Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 1177200 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Automobiles (continued) | Automobiles (continued) | Automobiles (continued) |
| Tesla, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831819 | &nbsp;&nbsp;$102463464 |
| Toyota Motor Corp. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 696558 |
|  |  | &nbsp;&nbsp;**$121782257** |
| Banks — 4.0% | Banks — 4.0% | Banks — 4.0% |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4639249 | &nbsp;&nbsp;$153651927 |
| Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp; 43201 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943509 | &nbsp;&nbsp;&nbsp;&nbsp; 42674912 |
| Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83450 | &nbsp;&nbsp;&nbsp;&nbsp; 5680441 |
| Community Bank System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31868 | &nbsp;&nbsp;&nbsp;&nbsp; 2006091 |
| Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8717 | &nbsp;&nbsp;&nbsp;&nbsp; 1165463 |
| CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608432 | &nbsp;&nbsp;&nbsp;&nbsp; 15667124 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1746528 | &nbsp;&nbsp;&nbsp;&nbsp; 57303584 |
| First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp; 69769 |
| First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 244999 |
| Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 1976800 |
| HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220592 | &nbsp;&nbsp;&nbsp;&nbsp; 1370820 |
| Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161963 | &nbsp;&nbsp;&nbsp;&nbsp; 2283678 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;4189148 | &nbsp;&nbsp;&nbsp;&nbsp; 561764747 |
| KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72748 | &nbsp;&nbsp;&nbsp;&nbsp; 1267270 |
| Live Oak Bancshares, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 453000 |
| M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122474 | &nbsp;&nbsp;&nbsp;&nbsp; 17766078 |
| Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34686 | &nbsp;&nbsp;&nbsp;&nbsp; 2545952 |
| PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128442 | &nbsp;&nbsp;&nbsp;&nbsp; 20286129 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762628 | &nbsp;&nbsp;&nbsp;&nbsp; 16442260 |
| Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359 | &nbsp;&nbsp;&nbsp;&nbsp; 387024 |
| Societe Generale S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405793 | &nbsp;&nbsp;&nbsp;&nbsp; 10178763 |
| SVB Financial Group<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31685 | &nbsp;&nbsp;&nbsp;&nbsp; 7291986 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 36848 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1748498 | &nbsp;&nbsp;&nbsp;&nbsp; 75237869 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;1120019 | &nbsp;&nbsp;&nbsp;&nbsp; 48844029 |
| Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83390 | &nbsp;&nbsp;&nbsp;&nbsp; 3947683 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;3765488 | &nbsp;&nbsp;&nbsp;&nbsp; 155477000 |
| Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23987 | &nbsp;&nbsp;&nbsp;&nbsp; 1428666 |
| Zions Bancorp N.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53870 | &nbsp;&nbsp;&nbsp;&nbsp; 2648249 |
|  |  | &nbsp;&nbsp;**$1210142362** |
| Beverages — 2.4% | Beverages — 2.4% | Beverages — 2.4% |
| Anheuser-Busch InBev SA/NV ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75379 | &nbsp;&nbsp;$4525755 |
| Boston Beer Co., Inc. (The), Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3130 | &nbsp;&nbsp;&nbsp;&nbsp; 1031398 |
| Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17399 | &nbsp;&nbsp;&nbsp;&nbsp; 1144158 |
| Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420049 | &nbsp;&nbsp;&nbsp;&nbsp; 27588818 |
| Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;4156700 | &nbsp;&nbsp;&nbsp;&nbsp; 264407687 |
| Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130991 | &nbsp;&nbsp;&nbsp;&nbsp; 30357164 |
| Diageo PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9771 | &nbsp;&nbsp;&nbsp;&nbsp; 1741095 |
| Duckhorn Portfolio, Inc. (The)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281374 | &nbsp;&nbsp;&nbsp;&nbsp; 4662367 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Beverages (continued) | Beverages (continued) | Beverages (continued) |
| Keurig Dr Pepper, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21979 | &nbsp;&nbsp;$783771 |
| Monster Beverage Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135741 | &nbsp;&nbsp;&nbsp;&nbsp; 13781784 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2133929 | &nbsp;&nbsp;&nbsp;&nbsp; 385515613 |
|  |  | &nbsp;&nbsp;**$735539610** |
| Biotechnology — 2.9% | Biotechnology — 2.9% | Biotechnology — 2.9% |
| 2seventy bio, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;$1555 |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1446034 | &nbsp;&nbsp;&nbsp;&nbsp; 233693555 |
| Agios Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20092 | &nbsp;&nbsp;&nbsp;&nbsp; 564183 |
| Alkermes PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 130650 |
| Alnylam Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9409 | &nbsp;&nbsp;&nbsp;&nbsp; 2236049 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733953 | &nbsp;&nbsp;&nbsp;&nbsp; 192765416 |
| Argenx SE ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308910 | &nbsp;&nbsp;&nbsp;&nbsp; 117024375 |
| Biogen, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30908 | &nbsp;&nbsp;&nbsp;&nbsp; 8559043 |
| Bluebird Bio, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 3460 |
| Exact Sciences Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71318 | &nbsp;&nbsp;&nbsp;&nbsp; 3530954 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1296952 | &nbsp;&nbsp;&nbsp;&nbsp; 111343329 |
| Incyte Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115317 | &nbsp;&nbsp;&nbsp;&nbsp; 9262262 |
| Moderna, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343592 | &nbsp;&nbsp;&nbsp;&nbsp; 61715995 |
| Natera, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14283 | &nbsp;&nbsp;&nbsp;&nbsp; 573748 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219845 | &nbsp;&nbsp;&nbsp;&nbsp; 26258287 |
| Regeneron Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36848 | &nbsp;&nbsp;&nbsp;&nbsp; 26585464 |
| Seagen, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5662 | &nbsp;&nbsp;&nbsp;&nbsp; 727624 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348982 | &nbsp;&nbsp;&nbsp;&nbsp; 100779022 |
|  |  | &nbsp;&nbsp;**$895754971** |
| Building Products — 0.5% | Building Products — 0.5% | Building Products — 0.5% |
| A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32488 | &nbsp;&nbsp;$1859613 |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17409 | &nbsp;&nbsp;&nbsp;&nbsp; 1427016 |
| Allegion PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 12947 |
| Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71809 | &nbsp;&nbsp;&nbsp;&nbsp; 16921791 |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250906 | &nbsp;&nbsp;&nbsp;&nbsp; 10349872 |
| Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17806 | &nbsp;&nbsp;&nbsp;&nbsp; 1016901 |
| Johnson Controls International PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356904 | &nbsp;&nbsp;&nbsp;&nbsp; 22841856 |
| Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381979 | &nbsp;&nbsp;&nbsp;&nbsp; 91380836 |
| Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40088 | &nbsp;&nbsp;&nbsp;&nbsp; 1870907 |
| Masterbrand, Inc. <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16206 | &nbsp;&nbsp;&nbsp;&nbsp; 122355 |
| Resideo Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11209 | &nbsp;&nbsp;&nbsp;&nbsp; 184388 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65379 | &nbsp;&nbsp;&nbsp;&nbsp; 10989556 |
| Trex Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp; 129953 |
|  |  | &nbsp;&nbsp;**$159107991** |
| Capital Markets — 4.1% | Capital Markets — 4.1% | Capital Markets — 4.1% |
| Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58641 | &nbsp;&nbsp;$9290494 |
| Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93679 | &nbsp;&nbsp;&nbsp;&nbsp; 29168830 |
| Ares Management Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44772 | &nbsp;&nbsp;&nbsp;&nbsp; 3064196 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676857 | &nbsp;&nbsp;$30810531 |
| BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48955 | &nbsp;&nbsp;&nbsp;&nbsp; 34690982 |
| Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192444 | &nbsp;&nbsp;&nbsp;&nbsp; 14277420 |
| Brookfield Asset Management, Ltd., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68546 | &nbsp;&nbsp;&nbsp;&nbsp; 1965214 |
| Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272575 | &nbsp;&nbsp;&nbsp;&nbsp; 8575210 |
| Carlyle Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457373 | &nbsp;&nbsp;&nbsp;&nbsp; 13648010 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194278 | &nbsp;&nbsp;&nbsp;&nbsp; 24376061 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;2536663 | &nbsp;&nbsp;&nbsp;&nbsp; 211202561 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247535 | &nbsp;&nbsp;&nbsp;&nbsp; 41625486 |
| FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97345 | &nbsp;&nbsp;&nbsp;&nbsp; 39055787 |
| Federated Hermes, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66210 | &nbsp;&nbsp;&nbsp;&nbsp; 2404085 |
| Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150264 | &nbsp;&nbsp;&nbsp;&nbsp; 3963964 |
| Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1029079 | &nbsp;&nbsp;&nbsp;&nbsp; 353365147 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154759 | &nbsp;&nbsp;&nbsp;&nbsp; 15876726 |
| Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9697 | &nbsp;&nbsp;&nbsp;&nbsp; 174449 |
| LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160206 | &nbsp;&nbsp;&nbsp;&nbsp; 34631731 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270102 | &nbsp;&nbsp;&nbsp;&nbsp; 75255819 |
| Morgan Stanley<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1060257 | &nbsp;&nbsp;&nbsp;&nbsp; 90143050 |
| Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4694 | &nbsp;&nbsp;&nbsp;&nbsp; 1016674 |
| MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10320 | &nbsp;&nbsp;&nbsp;&nbsp; 4800554 |
| Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237741 | &nbsp;&nbsp;&nbsp;&nbsp; 14585410 |
| Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383848 | &nbsp;&nbsp;&nbsp;&nbsp; 33966710 |
| Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110958 | &nbsp;&nbsp;&nbsp;&nbsp; 11855862 |
| S&P Global, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233199 | &nbsp;&nbsp;&nbsp;&nbsp; 78107673 |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159600 | &nbsp;&nbsp;&nbsp;&nbsp; 9304680 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200705 | &nbsp;&nbsp;&nbsp;&nbsp; 15568687 |
| T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316904 | &nbsp;&nbsp;&nbsp;&nbsp; 34561550 |
| UBS Group AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 168 |
|  |  | &nbsp;&nbsp;**$1241333721** |
| Chemicals — 1.4% | Chemicals — 1.4% | Chemicals — 1.4% |
| AdvanSix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968 | &nbsp;&nbsp;$36803 |
| Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25995 | &nbsp;&nbsp;&nbsp;&nbsp; 8013219 |
| Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100158 | &nbsp;&nbsp;&nbsp;&nbsp; 21720264 |
| Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24992 | &nbsp;&nbsp;&nbsp;&nbsp; 3051773 |
| Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16510 | &nbsp;&nbsp;&nbsp;&nbsp; 1103528 |
| Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23540 | &nbsp;&nbsp;&nbsp;&nbsp; 2406730 |
| Chemours Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 4501 |
| Corteva, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240354 | &nbsp;&nbsp;&nbsp;&nbsp; 14128008 |
| Dow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75781 | &nbsp;&nbsp;&nbsp;&nbsp; 3818605 |
| DuPont de Nemours, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494094 | &nbsp;&nbsp;&nbsp;&nbsp; 33909671 |
| Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp; 86489 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690911 | &nbsp;&nbsp;&nbsp;&nbsp; 100569005 |
| FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 101962 |
| International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 524200 |
| Linde PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385761 | &nbsp;&nbsp;&nbsp;&nbsp; 125827523 |

---

*19*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Chemicals (continued) | Chemicals (continued) | Chemicals (continued) |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063 | &nbsp;&nbsp;$337351 |
| NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923 | &nbsp;&nbsp;&nbsp;&nbsp; 1220485 |
| Nutrien, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11227 | &nbsp;&nbsp;&nbsp;&nbsp; 819908 |
| PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431052 | &nbsp;&nbsp;&nbsp;&nbsp; 54200478 |
| RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3433 | &nbsp;&nbsp;&nbsp;&nbsp; 334546 |
| Scotts Miracle-Gro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 6608 |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192914 | &nbsp;&nbsp;&nbsp;&nbsp; 45784280 |
|  |  | &nbsp;&nbsp;**$418005937** |
| Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% | Commercial Services & Supplies — 0.4% |
| Brady Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;$12152 |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 830981 |
| Copart, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542 | &nbsp;&nbsp;&nbsp;&nbsp; 581012 |
| HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108151 | &nbsp;&nbsp;&nbsp;&nbsp; 3074733 |
| IAA, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 12400 |
| MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83272 | &nbsp;&nbsp;&nbsp;&nbsp; 12006990 |
| Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4227 | &nbsp;&nbsp;&nbsp;&nbsp; 545241 |
| Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60814 | &nbsp;&nbsp;&nbsp;&nbsp; 2222143 |
| Stericycle, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4350 | &nbsp;&nbsp;&nbsp;&nbsp; 217021 |
| Waste Connections, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115655 | &nbsp;&nbsp;&nbsp;&nbsp; 15331227 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499468 | &nbsp;&nbsp;&nbsp;&nbsp; 78356540 |
|  |  | &nbsp;&nbsp;**$113190440** |
| Communications Equipment — 1.8% | Communications Equipment — 1.8% | Communications Equipment — 1.8% |
| Arista Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2900304 | &nbsp;&nbsp;$351951890 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3619050 | &nbsp;&nbsp;&nbsp;&nbsp; 172411542 |
| Juniper Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108445 | &nbsp;&nbsp;&nbsp;&nbsp; 3465902 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60439 | &nbsp;&nbsp;&nbsp;&nbsp; 15575735 |
|  |  | &nbsp;&nbsp;**$543405069** |
| Construction & Engineering — 0.0%<sup>(2)</sup> | Construction & Engineering — 0.0%<sup>(2)</sup> | Construction & Engineering — 0.0%<sup>(2)</sup> |
| Comfort Systems USA, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17894 | &nbsp;&nbsp;$2059241 |
| Fluor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 112645 |
| MasTec, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 127995 |
| Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649 | &nbsp;&nbsp;&nbsp;&nbsp; 377482 |
|  |  | &nbsp;&nbsp;**$2677363** |
| Construction Materials — 0.0%<sup>(2)</sup> | Construction Materials — 0.0%<sup>(2)</sup> | Construction Materials — 0.0%<sup>(2)</sup> |
| Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64614 | &nbsp;&nbsp;$11314557 |
|  |  | &nbsp;&nbsp;**$11314557** |
| Consumer Finance — 0.7% | Consumer Finance — 0.7% | Consumer Finance — 0.7% |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899152 | &nbsp;&nbsp;$132849708 |
| Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686 | &nbsp;&nbsp;&nbsp;&nbsp; 25835 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70766 | &nbsp;&nbsp;&nbsp;&nbsp; 6578407 |
| Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749479 | &nbsp;&nbsp;&nbsp;&nbsp; 73321531 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Consumer Finance (continued) | Consumer Finance (continued) | Consumer Finance (continued) |
| LendingClub Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6665 | &nbsp;&nbsp;$58652 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78799 | &nbsp;&nbsp;&nbsp;&nbsp; 2589335 |
|  |  | &nbsp;&nbsp;**$215423468** |
| Containers & Packaging — 0.1% | Containers & Packaging — 0.1% | Containers & Packaging — 0.1% |
| Amcor PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;940774 | &nbsp;&nbsp;$11204618 |
| AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp; 7148700 |
| Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11774 | &nbsp;&nbsp;&nbsp;&nbsp; 2131094 |
| Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63819 | &nbsp;&nbsp;&nbsp;&nbsp; 3263704 |
| Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13787 | &nbsp;&nbsp;&nbsp;&nbsp; 1133429 |
| International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36077 | &nbsp;&nbsp;&nbsp;&nbsp; 1249346 |
| Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13103 | &nbsp;&nbsp;&nbsp;&nbsp; 1676005 |
| Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27104 | &nbsp;&nbsp;&nbsp;&nbsp; 1351948 |
| Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp; 139451 |
| WestRock Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22073 | &nbsp;&nbsp;&nbsp;&nbsp; 776087 |
|  |  | &nbsp;&nbsp;**$30074382** |
| Distributors — 0.0%<sup>(2)</sup> | Distributors — 0.0%<sup>(2)</sup> | Distributors — 0.0%<sup>(2)</sup> |
| Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22932 | &nbsp;&nbsp;$3978931 |
| LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81118 | &nbsp;&nbsp;&nbsp;&nbsp; 4332513 |
| Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10691 | &nbsp;&nbsp;&nbsp;&nbsp; 3232210 |
|  |  | &nbsp;&nbsp;**$11543654** |
| Diversified Consumer Services — 0.0%<sup>(2)</sup> | Diversified Consumer Services — 0.0%<sup>(2)</sup> | Diversified Consumer Services — 0.0%<sup>(2)</sup> |
| Bright Horizons Family Solutions, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6150 | &nbsp;&nbsp;$388065 |
| H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18127 | &nbsp;&nbsp;&nbsp;&nbsp; 661817 |
| Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16140 | &nbsp;&nbsp;&nbsp;&nbsp; 1115919 |
|  |  | &nbsp;&nbsp;**$2165801** |
| Diversified Financial Services — 2.9% | Diversified Financial Services — 2.9% | Diversified Financial Services — 2.9% |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115830 | &nbsp;&nbsp;$7388796 |
| Berkshire Hathaway, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 283570131 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1935596 | &nbsp;&nbsp;&nbsp;&nbsp; 597905604 |
|  |  | &nbsp;&nbsp;**$888864531** |
| Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1224364 | &nbsp;&nbsp;$22540541 |
| Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944653 | &nbsp;&nbsp;&nbsp;&nbsp; 37219328 |
|  |  | &nbsp;&nbsp;**$59759869** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16987 | &nbsp;&nbsp;$1095831 |
| Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21344 | &nbsp;&nbsp;&nbsp;&nbsp; 1178402 |
| American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238415 | &nbsp;&nbsp;&nbsp;&nbsp; 22637504 |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10429 | &nbsp;&nbsp;&nbsp;&nbsp; 899084 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1004408 | &nbsp;&nbsp;&nbsp;&nbsp; 103443980 |

---

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electric Utilities (continued) | Electric Utilities (continued) | Electric Utilities (continued) |
| Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510006 | &nbsp;&nbsp;$32446582 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2640 | &nbsp;&nbsp;&nbsp;&nbsp; 297000 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31911 | &nbsp;&nbsp;&nbsp;&nbsp; 1379513 |
| IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 60935 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1762855 | &nbsp;&nbsp;&nbsp;&nbsp; 147374678 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3136 | &nbsp;&nbsp;&nbsp;&nbsp; 99788 |
| Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 980000 |
| PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 78894 |
| Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238747 | &nbsp;&nbsp;&nbsp;&nbsp; 17048923 |
| Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266196 | &nbsp;&nbsp;&nbsp;&nbsp; 18663002 |
|  |  | &nbsp;&nbsp;**$347684116** |
| Electrical Equipment — 0.9% | Electrical Equipment — 0.9% | Electrical Equipment — 0.9% |
| Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321 | &nbsp;&nbsp;$881211 |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55707 | &nbsp;&nbsp;&nbsp;&nbsp; 7783382 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100148 | &nbsp;&nbsp;&nbsp;&nbsp; 15718229 |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;1974658 | &nbsp;&nbsp;&nbsp;&nbsp; 189685647 |
| Generac Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp;&nbsp; 249234 |
| Hubbell, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62461 | &nbsp;&nbsp;&nbsp;&nbsp; 14658347 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139557 | &nbsp;&nbsp;&nbsp;&nbsp; 35945697 |
|  |  | &nbsp;&nbsp;**$264921747** |
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24679 | &nbsp;&nbsp;$1879059 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 490635 |
| CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144442 | &nbsp;&nbsp;&nbsp;&nbsp; 25794452 |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1268801 | &nbsp;&nbsp;&nbsp;&nbsp; 40525504 |
| IPG Photonics Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25541 | &nbsp;&nbsp;&nbsp;&nbsp; 2417967 |
| Keysight Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12704 | &nbsp;&nbsp;&nbsp;&nbsp; 2173273 |
| Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91856 | &nbsp;&nbsp;&nbsp;&nbsp; 20226691 |
| Methode Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 1197990 |
| TE Connectivity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64747 | &nbsp;&nbsp;&nbsp;&nbsp; 7432956 |
| Teledyne Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12020 | &nbsp;&nbsp;&nbsp;&nbsp; 4806918 |
| Trimble, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198434 | &nbsp;&nbsp;&nbsp;&nbsp; 10032823 |
| Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3985 | &nbsp;&nbsp;&nbsp;&nbsp; 77030 |
| Zebra Technologies Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52044 | &nbsp;&nbsp;&nbsp;&nbsp; 13344602 |
|  |  | &nbsp;&nbsp;**$130399900** |
| Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% | Energy Equipment & Services — 0.3% |
| ChampionX Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6002 | &nbsp;&nbsp;$173998 |
| Core Laboratories NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16652 | &nbsp;&nbsp;&nbsp;&nbsp; 337536 |
| Expro Group Holdings N.V.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4532500 |
| Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691982 | &nbsp;&nbsp;&nbsp;&nbsp; 27229492 |
| NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp; 112806 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Energy Equipment & Services (continued) | Energy Equipment & Services (continued) | Energy Equipment & Services (continued) |
| Schlumberger, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855185 | &nbsp;&nbsp;$45718190 |
| Transocean, Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 3397 |
|  |  | &nbsp;&nbsp;**$78107919** |
| Entertainment — 1.4% | Entertainment — 1.4% | Entertainment — 1.4% |
| Activision Blizzard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128430 | &nbsp;&nbsp;$9831317 |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150119 | &nbsp;&nbsp;&nbsp;&nbsp; 18341539 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20744 | &nbsp;&nbsp;&nbsp;&nbsp; 1446687 |
| NetEase, Inc., ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 37041 |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234398 | &nbsp;&nbsp;&nbsp;&nbsp; 69119282 |
| ROBLOX Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905777 | &nbsp;&nbsp;&nbsp;&nbsp; 25778414 |
| Roku, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26288 | &nbsp;&nbsp;&nbsp;&nbsp; 1069922 |
| Spotify Technology S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79198 | &nbsp;&nbsp;&nbsp;&nbsp; 6252682 |
| Take-Two Interactive Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23883 | &nbsp;&nbsp;&nbsp;&nbsp; 2486937 |
| Walt Disney Co. (The)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3401980 | &nbsp;&nbsp;&nbsp;&nbsp; 295564022 |
| Warner Bros. Discovery, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644836 | &nbsp;&nbsp;&nbsp;&nbsp; 6113045 |
|  |  | &nbsp;&nbsp;**$436040888** |
| Equity Real Estate Investment Trusts (REITs) — 0.7% | Equity Real Estate Investment Trusts (REITs) — 0.7% | Equity Real Estate Investment Trusts (REITs) — 0.7% |
| American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166000 | &nbsp;&nbsp;$5003240 |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97156 | &nbsp;&nbsp;&nbsp;&nbsp; 20583470 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130640 |
| Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 4055 |
| Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp;&nbsp; 1020150 |
| Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19453 | &nbsp;&nbsp;&nbsp;&nbsp; 315333 |
| Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp; 218245 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 7520 |
| EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618809 | &nbsp;&nbsp;&nbsp;&nbsp; 91620861 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 648480 |
| Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 264924 |
| Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 131352 |
| Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp;&nbsp;&nbsp; 13412450 |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528986 | &nbsp;&nbsp;&nbsp;&nbsp; 8490225 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 71744 |
| National Storage Affiliates Trust<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp; 6140400 |
| PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60000 | &nbsp;&nbsp;&nbsp;&nbsp; 2639400 |
| ProLogis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40987 | &nbsp;&nbsp;&nbsp;&nbsp; 4620464 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86114 | &nbsp;&nbsp;&nbsp;&nbsp; 24128282 |
| Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100779 | &nbsp;&nbsp;&nbsp;&nbsp; 6392412 |
| Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 25312 |
| SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6025 | &nbsp;&nbsp;&nbsp;&nbsp; 1688868 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8192 | &nbsp;&nbsp;&nbsp;&nbsp; 962396 |
| Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86445 | &nbsp;&nbsp;&nbsp;&nbsp; 12361635 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98914 | &nbsp;&nbsp;&nbsp;&nbsp; 4456076 |
|  |  | &nbsp;&nbsp;**$206337934** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Food & Staples Retailing — 1.8% | Food & Staples Retailing — 1.8% | Food & Staples Retailing — 1.8% |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925289 | &nbsp;&nbsp;$422394429 |
| Kroger Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701785 | &nbsp;&nbsp;&nbsp;&nbsp; 31285575 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293294 | &nbsp;&nbsp;&nbsp;&nbsp; 9493927 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654709 | &nbsp;&nbsp;&nbsp;&nbsp; 50052503 |
| Walgreens Boots Alliance, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505440 | &nbsp;&nbsp;&nbsp;&nbsp; 18883238 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86257 | &nbsp;&nbsp;&nbsp;&nbsp; 12230380 |
|  |  | &nbsp;&nbsp;**$544340052** |
| Food Products — 1.5% | Food Products — 1.5% | Food Products — 1.5% |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137778 | &nbsp;&nbsp;$12792687 |
| Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748065 | &nbsp;&nbsp;&nbsp;&nbsp; 42452689 |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699690 | &nbsp;&nbsp;&nbsp;&nbsp; 27078003 |
| Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774473 | &nbsp;&nbsp;&nbsp;&nbsp; 22258354 |
| General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171296 | &nbsp;&nbsp;&nbsp;&nbsp; 14363170 |
| Hain Celestial Group, Inc. (The)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13632 | &nbsp;&nbsp;&nbsp;&nbsp; 220566 |
| Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246121 | &nbsp;&nbsp;&nbsp;&nbsp; 56994240 |
| Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366066 | &nbsp;&nbsp;&nbsp;&nbsp; 16674306 |
| J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33410 | &nbsp;&nbsp;&nbsp;&nbsp; 5001811 |
| JM Smucker Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19721 | &nbsp;&nbsp;&nbsp;&nbsp; 3124990 |
| Kellogg Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73321 | &nbsp;&nbsp;&nbsp;&nbsp; 5223388 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189995 | &nbsp;&nbsp;&nbsp;&nbsp; 7734696 |
| Lamb Weston Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155211 | &nbsp;&nbsp;&nbsp;&nbsp; 13869655 |
| McCormick & Co., Inc., Non Voting Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191943 | &nbsp;&nbsp;&nbsp;&nbsp; 15910155 |
| Mondelez International, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1235900 | &nbsp;&nbsp;&nbsp;&nbsp; 82372735 |
| Nestle S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993348 | &nbsp;&nbsp;&nbsp;&nbsp; 114740985 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50810 | &nbsp;&nbsp;&nbsp;&nbsp; 3162923 |
| Tyson Foods, Inc., Class A<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22540 | &nbsp;&nbsp;&nbsp;&nbsp; 1403115 |
|  |  | &nbsp;&nbsp;**$445378468** |
| Health Care Equipment & Supplies — 3.0% | Health Care Equipment & Supplies — 3.0% | Health Care Equipment & Supplies — 3.0% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;2015874 | &nbsp;&nbsp;$221322807 |
| Alcon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22924 | &nbsp;&nbsp;&nbsp;&nbsp; 1571440 |
| Align Technology, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20794 | &nbsp;&nbsp;&nbsp;&nbsp; 4385455 |
| Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39731 | &nbsp;&nbsp;&nbsp;&nbsp; 2025089 |
| Becton, Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155907 | &nbsp;&nbsp;&nbsp;&nbsp; 39647150 |
| Boston Scientific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680931 | &nbsp;&nbsp;&nbsp;&nbsp; 31506678 |
| DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126017 | &nbsp;&nbsp;&nbsp;&nbsp; 4012381 |
| DexCom, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654568 | &nbsp;&nbsp;&nbsp;&nbsp; 74123280 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31569 | &nbsp;&nbsp;&nbsp;&nbsp; 2355363 |
| Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28297 | &nbsp;&nbsp;&nbsp;&nbsp; 715631 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23216 | &nbsp;&nbsp;&nbsp;&nbsp; 9471199 |
| Inari Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511116 | &nbsp;&nbsp;&nbsp;&nbsp; 32486533 |
| Insulet Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10198 | &nbsp;&nbsp;&nbsp;&nbsp; 3002189 |
| Integra LifeSciences Holdings Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2955898 | &nbsp;&nbsp;&nbsp;&nbsp; 165737201 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528489 | &nbsp;&nbsp;&nbsp;&nbsp; 140234556 |
| Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546950 | &nbsp;&nbsp;&nbsp;&nbsp; 42508954 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) | Health Care Equipment & Supplies (continued) |
| Penumbra, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105243 | &nbsp;&nbsp;$23412358 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32670 | &nbsp;&nbsp;&nbsp;&nbsp; 6799607 |
| Shockwave Medical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432 | &nbsp;&nbsp;&nbsp;&nbsp; 705654 |
| Smith & Nephew PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 147895 |
| STERIS PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190 | &nbsp;&nbsp;&nbsp;&nbsp; 589161 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343734 | &nbsp;&nbsp;&nbsp;&nbsp; 84039526 |
| Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14475 | &nbsp;&nbsp;&nbsp;&nbsp; 3613394 |
| Zimmer Biomet Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151840 | &nbsp;&nbsp;&nbsp;&nbsp; 19359600 |
| Zimvie, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15283 | &nbsp;&nbsp;&nbsp;&nbsp; 142743 |
|  |  | &nbsp;&nbsp;**$913915844** |
| Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% | Health Care Providers & Services — 3.3% |
| Acadia Healthcare Co., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;$2634240 |
| AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501 | &nbsp;&nbsp;&nbsp;&nbsp; 414441 |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21017 | &nbsp;&nbsp;&nbsp;&nbsp; 1615577 |
| Centene Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172873 | &nbsp;&nbsp;&nbsp;&nbsp; 14177315 |
| Cigna Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48559 | &nbsp;&nbsp;&nbsp;&nbsp; 16089539 |
| CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1992133 | &nbsp;&nbsp;&nbsp;&nbsp; 185646874 |
| DaVita, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246671 | &nbsp;&nbsp;&nbsp;&nbsp; 18418923 |
| Elevance Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150036 | &nbsp;&nbsp;&nbsp;&nbsp; 76963967 |
| Ensign Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51487 | &nbsp;&nbsp;&nbsp;&nbsp; 4871185 |
| Guardant Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145805 | &nbsp;&nbsp;&nbsp;&nbsp; 3965896 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336677 | &nbsp;&nbsp;&nbsp;&nbsp; 80789013 |
| Henry Schein, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26348 | &nbsp;&nbsp;&nbsp;&nbsp; 2104415 |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 | &nbsp;&nbsp;&nbsp;&nbsp; 2108686 |
| Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp; 486737 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150389 | &nbsp;&nbsp;&nbsp;&nbsp; 56413922 |
| Molina Healthcare, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18585 | &nbsp;&nbsp;&nbsp;&nbsp; 6137139 |
| Oak Street Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734379 | &nbsp;&nbsp;&nbsp;&nbsp; 15796492 |
| Progyny, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15525 | &nbsp;&nbsp;&nbsp;&nbsp; 483604 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | &nbsp;&nbsp;&nbsp;&nbsp; 174430 |
| Tenet Healthcare Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32363 | &nbsp;&nbsp;&nbsp;&nbsp; 1578991 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996426 | &nbsp;&nbsp;&nbsp;&nbsp; 528285137 |
|  |  | &nbsp;&nbsp;**$1019156523** |
| Health Care Technology — 0.0%<sup>(2)</sup> | Health Care Technology — 0.0%<sup>(2)</sup> | Health Care Technology — 0.0%<sup>(2)</sup> |
| Doximity, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118400 | &nbsp;&nbsp;$3973504 |
| Teladoc Health, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93070 | &nbsp;&nbsp;&nbsp;&nbsp; 2201105 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33508 | &nbsp;&nbsp;&nbsp;&nbsp; 5407521 |
|  |  | &nbsp;&nbsp;**$11582130** |
| Hotels, Restaurants & Leisure — 3.4% | Hotels, Restaurants & Leisure — 3.4% | Hotels, Restaurants & Leisure — 3.4% |
| Airbnb, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236236 | &nbsp;&nbsp;$20198178 |
| Aramark <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148020 | &nbsp;&nbsp;&nbsp;&nbsp; 6119147 |
| Booking Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52915 | &nbsp;&nbsp;&nbsp;&nbsp; 106638541 |
| Carnival Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22069 | &nbsp;&nbsp;&nbsp;&nbsp; 177876 |

---

*22*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) | Hotels, Restaurants & Leisure (continued) |
| Chipotle Mexican Grill, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120458 | &nbsp;&nbsp;$167134271 |
| Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49631 | &nbsp;&nbsp;&nbsp;&nbsp; 5590436 |
| Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77690 | &nbsp;&nbsp;&nbsp;&nbsp; 10746858 |
| Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3071 | &nbsp;&nbsp;&nbsp;&nbsp; 1063794 |
| Draftkings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp;&nbsp;&nbsp; 6265 |
| Expedia Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94945 | &nbsp;&nbsp;&nbsp;&nbsp; 8317182 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106201 | &nbsp;&nbsp;&nbsp;&nbsp; 13419558 |
| Hyatt Hotels Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1353442 | &nbsp;&nbsp;&nbsp;&nbsp; 122418829 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1115753 | &nbsp;&nbsp;&nbsp;&nbsp; 166124464 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155004 | &nbsp;&nbsp;&nbsp;&nbsp; 40848204 |
| MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892202 | &nbsp;&nbsp;&nbsp;&nbsp; 29915533 |
| Penn Entertainment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30956 | &nbsp;&nbsp;&nbsp;&nbsp; 919393 |
| Royal Caribbean Cruises, Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 93917 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2552969 | &nbsp;&nbsp;&nbsp;&nbsp; 253254525 |
| Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417127 | &nbsp;&nbsp;&nbsp;&nbsp; 37937701 |
| Trip.com Group, Ltd., ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;&nbsp;&nbsp; 178880 |
| Yum China Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295802 | &nbsp;&nbsp;&nbsp;&nbsp; 16165579 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151990 | &nbsp;&nbsp;&nbsp;&nbsp; 19466879 |
|  |  | &nbsp;&nbsp;**$1026736010** |
| Household Durables — 0.2% | Household Durables — 0.2% | Household Durables — 0.2% |
| D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43075 | &nbsp;&nbsp;$3839706 |
| Helen of Troy, Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645 | &nbsp;&nbsp;&nbsp;&nbsp; 71537 |
| Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94579 | &nbsp;&nbsp;&nbsp;&nbsp; 3048281 |
| Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48693 | &nbsp;&nbsp;&nbsp;&nbsp; 4406716 |
| Lennar Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| Mohawk Industries, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20864 | &nbsp;&nbsp;&nbsp;&nbsp; 2132718 |
| Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123465 | &nbsp;&nbsp;&nbsp;&nbsp; 1614922 |
| NVR, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp; 8404121 |
| PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222055 | &nbsp;&nbsp;&nbsp;&nbsp; 10110164 |
| Tempur Sealy International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680430 | &nbsp;&nbsp;&nbsp;&nbsp; 23359162 |
| Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4378 | &nbsp;&nbsp;&nbsp;&nbsp; 218550 |
| Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp; 232843 |
|  |  | &nbsp;&nbsp;**$57440290** |
| Household Products — 1.9% | Household Products — 1.9% | Household Products — 1.9% |
| Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217268 | &nbsp;&nbsp;$17513974 |
| Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21183 | &nbsp;&nbsp;&nbsp;&nbsp; 2972610 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;2827142 | &nbsp;&nbsp;&nbsp;&nbsp; 222750518 |
| Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10496 | &nbsp;&nbsp;&nbsp;&nbsp; 352141 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109242 | &nbsp;&nbsp;&nbsp;&nbsp; 14829602 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;2169454 | &nbsp;&nbsp;&nbsp;&nbsp; 328802448 |
|  |  | &nbsp;&nbsp;**$587221293** |
| Industrial Conglomerates — 0.7% | Industrial Conglomerates — 0.7% | Industrial Conglomerates — 0.7% |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606798 | &nbsp;&nbsp;$72767216 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Industrial Conglomerates (continued) | Industrial Conglomerates (continued) | Industrial Conglomerates (continued) |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763595 | &nbsp;&nbsp;$63981625 |
| Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405496 | &nbsp;&nbsp;&nbsp;&nbsp; 86897793 |
|  |  | &nbsp;&nbsp;**$223646634** |
| Insurance — 1.9% | Insurance — 1.9% | Insurance — 1.9% |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920714 | &nbsp;&nbsp;$66236165 |
| Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23233 | &nbsp;&nbsp;&nbsp;&nbsp; 3150395 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140591 | &nbsp;&nbsp;&nbsp;&nbsp; 8890975 |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177456 | &nbsp;&nbsp;&nbsp;&nbsp; 53261644 |
| Arch Capital Group, Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286437 | &nbsp;&nbsp;&nbsp;&nbsp; 17982515 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550616 | &nbsp;&nbsp;&nbsp;&nbsp; 103813141 |
| Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19372 | &nbsp;&nbsp;&nbsp;&nbsp; 2422662 |
| Brighthouse Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp; 47989 |
| Brookfield Reinsurance, Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 50533 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp; 23187 |
| Chubb, Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61972 | &nbsp;&nbsp;&nbsp;&nbsp; 13671023 |
| Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117210 | &nbsp;&nbsp;&nbsp;&nbsp; 12001132 |
| Fidelity National Financial, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58987 | &nbsp;&nbsp;&nbsp;&nbsp; 2219091 |
| First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp; 64221 |
| Globe Life, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208454 | &nbsp;&nbsp;&nbsp;&nbsp; 25129130 |
| Hartford Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218798 | &nbsp;&nbsp;&nbsp;&nbsp; 16591452 |
| Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73007 | &nbsp;&nbsp;&nbsp;&nbsp; 2242775 |
| Markel Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27395 | &nbsp;&nbsp;&nbsp;&nbsp; 36092639 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286604 | &nbsp;&nbsp;&nbsp;&nbsp; 47427230 |
| MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19398 | &nbsp;&nbsp;&nbsp;&nbsp; 1403833 |
| Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57300 | &nbsp;&nbsp;&nbsp;&nbsp; 1383795 |
| Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112528 | &nbsp;&nbsp;&nbsp;&nbsp; 9443350 |
| Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983264 | &nbsp;&nbsp;&nbsp;&nbsp; 127539173 |
| Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22159 | &nbsp;&nbsp;&nbsp;&nbsp; 2203934 |
| Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6425 | &nbsp;&nbsp;&nbsp;&nbsp; 912928 |
| Ryan Specialty Holdings, Inc., Class A<sup>(1)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28103 | &nbsp;&nbsp;&nbsp;&nbsp; 1166555 |
| Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146278 | &nbsp;&nbsp;&nbsp;&nbsp; 27425662 |
| Trisura Group, Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 16604 |
| W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43875 | &nbsp;&nbsp;&nbsp;&nbsp; 3184009 |
| Willis Towers Watson PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 17121 |
|  |  | &nbsp;&nbsp;**$586014863** |
| Interactive Media & Services — 5.4% | Interactive Media & Services — 5.4% | Interactive Media & Services — 5.4% |
| Alphabet, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6254930 | &nbsp;&nbsp;$551872474 |
| Alphabet, Inc., Class C<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;7881052 | &nbsp;&nbsp;&nbsp;&nbsp; 699285744 |
| Baidu, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136627 | &nbsp;&nbsp;&nbsp;&nbsp; 15627396 |
| CarGurus, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37803 | &nbsp;&nbsp;&nbsp;&nbsp; 529620 |
| IAC, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13536 | &nbsp;&nbsp;&nbsp;&nbsp; 600998 |
| Match Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398418 | &nbsp;&nbsp;&nbsp;&nbsp; 16530363 |
| Meta Platforms, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2513474 | &nbsp;&nbsp;&nbsp;&nbsp; 302471461 |
| Pinterest, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2540426 | &nbsp;&nbsp;&nbsp;&nbsp; 61681543 |

---

*23*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Interactive Media & Services (continued) | Interactive Media & Services (continued) | Interactive Media & Services (continued) |
| Snap, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629323 | &nbsp;&nbsp;$5632441 |
| Vimeo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97055 | &nbsp;&nbsp;&nbsp;&nbsp; 332899 |
| Yelp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149508 | &nbsp;&nbsp;&nbsp;&nbsp; 4087549 |
| ZipRecruiter, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332657 | &nbsp;&nbsp;&nbsp;&nbsp; 5462228 |
|  |  | &nbsp;&nbsp;**$1664114716** |
| Internet & Direct Marketing Retail — 2.5% | Internet & Direct Marketing Retail — 2.5% | Internet & Direct Marketing Retail — 2.5% |
| Alibaba Group Holding, Ltd., ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266843 | &nbsp;&nbsp;$23506200 |
| Altaba, Inc.<sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114070 | &nbsp;&nbsp;&nbsp;&nbsp; 431185 |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8642089 | &nbsp;&nbsp;&nbsp;&nbsp; 725935476 |
| DoorDash, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126839 | &nbsp;&nbsp;&nbsp;&nbsp; 6192280 |
| eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330900 | &nbsp;&nbsp;&nbsp;&nbsp; 13722423 |
| Etsy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10937 | &nbsp;&nbsp;&nbsp;&nbsp; 1310034 |
| Qurate Retail, Inc., Series A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99802 | &nbsp;&nbsp;&nbsp;&nbsp; 162677 |
| Wayfair, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60022 | &nbsp;&nbsp;&nbsp;&nbsp; 1974123 |
|  |  | &nbsp;&nbsp;**$773234398** |
| IT Services — 3.6% | IT Services — 3.6% | IT Services — 3.6% |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;1085382 | &nbsp;&nbsp;$289623333 |
| Affirm Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379636 | &nbsp;&nbsp;&nbsp;&nbsp; 3671080 |
| Akamai Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257365 | &nbsp;&nbsp;&nbsp;&nbsp; 21695869 |
| Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43944 | &nbsp;&nbsp;&nbsp;&nbsp; 3994510 |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310374 | &nbsp;&nbsp;&nbsp;&nbsp; 74135934 |
| Block, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434159 | &nbsp;&nbsp;&nbsp;&nbsp; 27282552 |
| Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108827 | &nbsp;&nbsp;&nbsp;&nbsp; 14596966 |
| CGI, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 17226 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55060 | &nbsp;&nbsp;&nbsp;&nbsp; 3148881 |
| Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22757 | &nbsp;&nbsp;&nbsp;&nbsp; 1544062 |
| Fiserv, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863094 | &nbsp;&nbsp;&nbsp;&nbsp; 87232911 |
| Gartner, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7866 | &nbsp;&nbsp;&nbsp;&nbsp; 2644077 |
| Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65353 | &nbsp;&nbsp;&nbsp;&nbsp; 6490860 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512705 | &nbsp;&nbsp;&nbsp;&nbsp; 72235007 |
| Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76657 | &nbsp;&nbsp;&nbsp;&nbsp; 13457903 |
| Kyndryl Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50183 | &nbsp;&nbsp;&nbsp;&nbsp; 558035 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224503 | &nbsp;&nbsp;&nbsp;&nbsp; 78066428 |
| Okta, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319829 | &nbsp;&nbsp;&nbsp;&nbsp; 21853916 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51475 | &nbsp;&nbsp;&nbsp;&nbsp; 5948451 |
| PayPal Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252678 | &nbsp;&nbsp;&nbsp;&nbsp; 17995727 |
| Sabre Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207290 | &nbsp;&nbsp;&nbsp;&nbsp; 1281052 |
| Shopify, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125240 | &nbsp;&nbsp;&nbsp;&nbsp; 4347080 |
| Snowflake, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125608 | &nbsp;&nbsp;&nbsp;&nbsp; 18029772 |
| Twilio, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555411 | &nbsp;&nbsp;&nbsp;&nbsp; 27192923 |
| VeriSign, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954 | &nbsp;&nbsp;&nbsp;&nbsp; 1223190 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1459706 | &nbsp;&nbsp;&nbsp;&nbsp; 303268519 |
| Western Union Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21882 | &nbsp;&nbsp;&nbsp;&nbsp; 301315 |
|  |  | &nbsp;&nbsp;**$1101837579** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Leisure Products — 0.1% | Leisure Products — 0.1% | Leisure Products — 0.1% |
| Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8057 | &nbsp;&nbsp;$491558 |
| Mattel, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10936 | &nbsp;&nbsp;&nbsp;&nbsp; 195098 |
| Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79672 | &nbsp;&nbsp;&nbsp;&nbsp; 8046872 |
| Topgolf Callaway Brands Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1165163 | &nbsp;&nbsp;&nbsp;&nbsp; 23011969 |
|  |  | &nbsp;&nbsp;**$31745497** |
| Life Sciences Tools & Services — 1.6% | Life Sciences Tools & Services — 1.6% | Life Sciences Tools & Services — 1.6% |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467079 | &nbsp;&nbsp;$17020359 |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681925 | &nbsp;&nbsp;&nbsp;&nbsp; 102050076 |
| Avantor, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp;&nbsp;&nbsp; 2530800 |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp; 21865 |
| Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34388 | &nbsp;&nbsp;&nbsp;&nbsp; 2850077 |
| Charles River Laboratories International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 52078 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583645 | &nbsp;&nbsp;&nbsp;&nbsp; 154911056 |
| Illumina, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56324 | &nbsp;&nbsp;&nbsp;&nbsp; 11388713 |
| IQVIA Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74076 | &nbsp;&nbsp;&nbsp;&nbsp; 15177432 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1445450 |
| NeoGenomics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197625 | &nbsp;&nbsp;&nbsp;&nbsp; 1826055 |
| PerkinElmer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193852 | &nbsp;&nbsp;&nbsp;&nbsp; 27181927 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216598 | &nbsp;&nbsp;&nbsp;&nbsp; 119278353 |
| Waters Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4063 | &nbsp;&nbsp;&nbsp;&nbsp; 1391903 |
| West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69161 | &nbsp;&nbsp;&nbsp;&nbsp; 16277041 |
|  |  | &nbsp;&nbsp;**$473403185** |
| Machinery — 2.2% | Machinery — 2.2% | Machinery — 2.2% |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411931 | &nbsp;&nbsp;$98682190 |
| Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp; 408985 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236079 | &nbsp;&nbsp;&nbsp;&nbsp; 101221232 |
| Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184029 | &nbsp;&nbsp;&nbsp;&nbsp; 10833787 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376904 | &nbsp;&nbsp;&nbsp;&nbsp; 51036571 |
| Fortive Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33376 | &nbsp;&nbsp;&nbsp;&nbsp; 2144408 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1283404 | &nbsp;&nbsp;&nbsp;&nbsp; 282733901 |
| Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171795 | &nbsp;&nbsp;&nbsp;&nbsp; 8976289 |
| Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53660 | &nbsp;&nbsp;&nbsp;&nbsp; 7753333 |
| Middleby Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 267800 |
| Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 1069740 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438031 | &nbsp;&nbsp;&nbsp;&nbsp; 34302208 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186094 | &nbsp;&nbsp;&nbsp;&nbsp; 18417723 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27492 | &nbsp;&nbsp;&nbsp;&nbsp; 8000172 |
| Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp; 3373 |
| Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29674 | &nbsp;&nbsp;&nbsp;&nbsp; 6780212 |
| Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 21635 |
| Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14128 | &nbsp;&nbsp;&nbsp;&nbsp; 1599290 |
| Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11100 | &nbsp;&nbsp;&nbsp;&nbsp; 328227 |

---

*24*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Machinery (continued) | Machinery (continued) | Machinery (continued) |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180996 | &nbsp;&nbsp;$18065211 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112894 | &nbsp;&nbsp;&nbsp;&nbsp; 12482690 |
|  |  | &nbsp;&nbsp;**$665128977** |
| Media — 0.2% | Media — 0.2% | Media — 0.2% |
| Charter Communications, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983 | &nbsp;&nbsp;$2028835 |
| Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1350022 | &nbsp;&nbsp;&nbsp;&nbsp; 47210269 |
| Fox Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50412 | &nbsp;&nbsp;&nbsp;&nbsp; 1531012 |
| Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp; 32511 |
| Loyalty Ventures, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 660 |
| News Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000 | &nbsp;&nbsp;&nbsp;&nbsp; 582400 |
| Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16403 | &nbsp;&nbsp;&nbsp;&nbsp; 1337993 |
| Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612221 | &nbsp;&nbsp;&nbsp;&nbsp; 10334291 |
| Trade Desk, Inc. (The), Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 44830 |
|  |  | &nbsp;&nbsp;**$63102801** |
| Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% |
| Alcoa Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4214 | &nbsp;&nbsp;$191610 |
| BHP Group, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 49640 |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278121 | &nbsp;&nbsp;&nbsp;&nbsp; 4480529 |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113111 | &nbsp;&nbsp;&nbsp;&nbsp; 4298218 |
| Glencore PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598405 | &nbsp;&nbsp;&nbsp;&nbsp; 3990550 |
| Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp; 4862 |
| Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242762 | &nbsp;&nbsp;&nbsp;&nbsp; 31998459 |
| Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232124 | &nbsp;&nbsp;&nbsp;&nbsp; 22678515 |
|  |  | &nbsp;&nbsp;**$67692383** |
| Multiline Retail — 0.1% | Multiline Retail — 0.1% | Multiline Retail — 0.1% |
| Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;$128050 |
| Dollar Tree, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207240 | &nbsp;&nbsp;&nbsp;&nbsp; 29312026 |
| Nordstrom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp; 51519 |
| Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48083 | &nbsp;&nbsp;&nbsp;&nbsp; 7166290 |
|  |  | &nbsp;&nbsp;**$36657885** |
| Multi-Utilities — 0.2% | Multi-Utilities — 0.2% | Multi-Utilities — 0.2% |
| Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;$124488 |
| Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp; 55076 |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525151 | &nbsp;&nbsp;&nbsp;&nbsp; 50052142 |
| Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17002 | &nbsp;&nbsp;&nbsp;&nbsp; 1042562 |
| DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77124 | &nbsp;&nbsp;&nbsp;&nbsp; 9064384 |
| NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp; 22704 |
| Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6921 | &nbsp;&nbsp;&nbsp;&nbsp; 424050 |
| Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67907 | &nbsp;&nbsp;&nbsp;&nbsp; 10494348 |
| WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15006 | &nbsp;&nbsp;&nbsp;&nbsp; 1406962 |
|  |  | &nbsp;&nbsp;**$72686716** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Oil, Gas & Consumable Fuels — 4.2% | Oil, Gas & Consumable Fuels — 4.2% | Oil, Gas & Consumable Fuels — 4.2% |
| Antero Resources Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1341986 | &nbsp;&nbsp;$41588146 |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646170 | &nbsp;&nbsp;&nbsp;&nbsp; 96899653 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1346811 | &nbsp;&nbsp;&nbsp;&nbsp; 241739106 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868054 | &nbsp;&nbsp;&nbsp;&nbsp; 102430372 |
| Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55390 | &nbsp;&nbsp;&nbsp;&nbsp; 3407039 |
| Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126319 | &nbsp;&nbsp;&nbsp;&nbsp; 17277913 |
| DT Midstream, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31712 | &nbsp;&nbsp;&nbsp;&nbsp; 1752405 |
| Enbridge, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp; 194835 |
| EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1161268 | &nbsp;&nbsp;&nbsp;&nbsp; 150407431 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172074 | &nbsp;&nbsp;&nbsp;&nbsp; 5821264 |
| Equitrans Midstream Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144379 | &nbsp;&nbsp;&nbsp;&nbsp; 967339 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4228845 | &nbsp;&nbsp;&nbsp;&nbsp; 466441604 |
| Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53310 | &nbsp;&nbsp;&nbsp;&nbsp; 7560424 |
| HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9171 | &nbsp;&nbsp;&nbsp;&nbsp; 475883 |
| Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114876 | &nbsp;&nbsp;&nbsp;&nbsp; 2076958 |
| Magnolia Oil & Gas Corp., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245547 | &nbsp;&nbsp;&nbsp;&nbsp; 5758077 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215166 | &nbsp;&nbsp;&nbsp;&nbsp; 25043171 |
| Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44823 | &nbsp;&nbsp;&nbsp;&nbsp; 1927837 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435211 | &nbsp;&nbsp;&nbsp;&nbsp; 27413941 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147290 | &nbsp;&nbsp;&nbsp;&nbsp; 9676953 |
| Phillips 66<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202729 | &nbsp;&nbsp;&nbsp;&nbsp; 21100034 |
| Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31687 | &nbsp;&nbsp;&nbsp;&nbsp; 7236994 |
| Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664831 | &nbsp;&nbsp;&nbsp;&nbsp; 16634072 |
| Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp; 5695 |
| Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565 | &nbsp;&nbsp;&nbsp;&nbsp; 15389870 |
| Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17838 | &nbsp;&nbsp;&nbsp;&nbsp; 2262929 |
| Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34025 | &nbsp;&nbsp;&nbsp;&nbsp; 1119423 |
|  |  | &nbsp;&nbsp;**$1272609368** |
| Paper and Forest Products — 0.0%<sup>(2)</sup> | Paper and Forest Products — 0.0%<sup>(2)</sup> | Paper and Forest Products — 0.0%<sup>(2)</sup> |
| Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3229 | &nbsp;&nbsp;$156897 |
|  |  | &nbsp;&nbsp;**$156897** |
| Personal Products — 0.2% | Personal Products — 0.2% | Personal Products — 0.2% |
| Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197971 | &nbsp;&nbsp;$49118585 |
| Haleon PLC ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10395 | &nbsp;&nbsp;&nbsp;&nbsp; 83160 |
| Unilever PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70897 | &nbsp;&nbsp;&nbsp;&nbsp; 3569664 |
|  |  | &nbsp;&nbsp;**$52771409** |
| Pharmaceuticals — 5.9% | Pharmaceuticals — 5.9% | Pharmaceuticals — 5.9% |
| AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;1319901 | &nbsp;&nbsp;$89489288 |
| Bausch Health Cos., Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389 | &nbsp;&nbsp;&nbsp;&nbsp; 27563 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;2585047 | &nbsp;&nbsp;&nbsp;&nbsp; 185994132 |
| Catalent, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45943 | &nbsp;&nbsp;&nbsp;&nbsp; 2067894 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1834808 | &nbsp;&nbsp;&nbsp;&nbsp; 671246159 |
| GSK PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9490 | &nbsp;&nbsp;&nbsp;&nbsp; 333478 |

---

*25*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Pharmaceuticals (continued) | Pharmaceuticals (continued) | Pharmaceuticals (continued) |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;2621714 | &nbsp;&nbsp;$463125778 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1738405 | &nbsp;&nbsp;&nbsp;&nbsp; 192876035 |
| Novartis AG ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145139 | &nbsp;&nbsp;&nbsp;&nbsp; 13167010 |
| Novo Nordisk A/S ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56211 | &nbsp;&nbsp;&nbsp;&nbsp; 7607597 |
| Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160960 | &nbsp;&nbsp;&nbsp;&nbsp; 4495613 |
| Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2377976 | &nbsp;&nbsp;&nbsp;&nbsp; 121847490 |
| Reata Pharmaceuticals, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4694 | &nbsp;&nbsp;&nbsp;&nbsp; 178325 |
| Roche Holding AG ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38814 | &nbsp;&nbsp;&nbsp;&nbsp; 1519568 |
| Sanofi ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 295423 |
| Takeda Pharmaceutical Co., Ltd. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5036 | &nbsp;&nbsp;&nbsp;&nbsp; 78561 |
| Teva Pharmaceutical Industries, Ltd., ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106 | &nbsp;&nbsp;&nbsp;&nbsp; 46567 |
| Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141138 | &nbsp;&nbsp;&nbsp;&nbsp; 1570866 |
| Zoetis, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307471 | &nbsp;&nbsp;&nbsp;&nbsp; 45059875 |
|  |  | &nbsp;&nbsp;**$1801027222** |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| ASGN, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284823 | &nbsp;&nbsp;$23207378 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162364 | &nbsp;&nbsp;&nbsp;&nbsp; 16970285 |
| CACI International, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19784 | &nbsp;&nbsp;&nbsp;&nbsp; 5946873 |
| Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14485 | &nbsp;&nbsp;&nbsp;&nbsp; 2815305 |
| Exponent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14326 | &nbsp;&nbsp;&nbsp;&nbsp; 1419563 |
| ICF International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47981 | &nbsp;&nbsp;&nbsp;&nbsp; 4752518 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85615 | &nbsp;&nbsp;&nbsp;&nbsp; 10279793 |
| Thomson Reuters Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184536 | &nbsp;&nbsp;&nbsp;&nbsp; 21050022 |
| TriNet Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23100 | &nbsp;&nbsp;&nbsp;&nbsp; 1566180 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270734 | &nbsp;&nbsp;&nbsp;&nbsp; 47762892 |
|  |  | &nbsp;&nbsp;**$135770809** |
| Real Estate Management & Development — 0.0%<sup>(2)</sup> | Real Estate Management & Development — 0.0%<sup>(2)</sup> | Real Estate Management & Development — 0.0%<sup>(2)</sup> |
| Zillow Group, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10638 | &nbsp;&nbsp;$332012 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21276 | &nbsp;&nbsp;&nbsp;&nbsp; 685300 |
|  |  | &nbsp;&nbsp;**$1017312** |
| Road & Rail — 1.3% | Road & Rail — 1.3% | Road & Rail — 1.3% |
| Canadian National Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124084 | &nbsp;&nbsp;$14751106 |
| Canadian Pacific Railway, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10807 | &nbsp;&nbsp;&nbsp;&nbsp; 806094 |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1984382 | &nbsp;&nbsp;&nbsp;&nbsp; 61476154 |
| J.B. Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17448 | &nbsp;&nbsp;&nbsp;&nbsp; 3042233 |
| Lyft, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160326 | &nbsp;&nbsp;&nbsp;&nbsp; 1766793 |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380263 | &nbsp;&nbsp;&nbsp;&nbsp; 93704408 |
| Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 964852 |
| Rxo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67458 | &nbsp;&nbsp;&nbsp;&nbsp; 1160278 |
| Uber Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3699519 | &nbsp;&nbsp;&nbsp;&nbsp; 91489105 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676566 | &nbsp;&nbsp;&nbsp;&nbsp; 140096522 |
| XPO, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67458 | &nbsp;&nbsp;&nbsp;&nbsp; 2245677 |
|  |  | &nbsp;&nbsp;**$411503222** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Semiconductors & Semiconductor Equipment — 4.4% | Semiconductors & Semiconductor Equipment — 4.4% | Semiconductors & Semiconductor Equipment — 4.4% |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64937 | &nbsp;&nbsp;$4205969 |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502851 | &nbsp;&nbsp;&nbsp;&nbsp; 82482650 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567578 | &nbsp;&nbsp;&nbsp;&nbsp; 55270746 |
| ASML Holding NV - NY Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12672 | &nbsp;&nbsp;&nbsp;&nbsp; 6923981 |
| Broadcom, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119304 | &nbsp;&nbsp;&nbsp;&nbsp; 66706446 |
| Cirrus Logic, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50300 | &nbsp;&nbsp;&nbsp;&nbsp; 3746344 |
| Enphase Energy, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57500 | &nbsp;&nbsp;&nbsp;&nbsp; 15235200 |
| Intel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4425849 | &nbsp;&nbsp;&nbsp;&nbsp; 116975189 |
| KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 228103 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82291 | &nbsp;&nbsp;&nbsp;&nbsp; 34586907 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95691 | &nbsp;&nbsp;&nbsp;&nbsp; 3544395 |
| Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1109179 | &nbsp;&nbsp;&nbsp;&nbsp; 77919825 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636817 | &nbsp;&nbsp;&nbsp;&nbsp; 31828114 |
| Micron Technology, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11829 | &nbsp;&nbsp;&nbsp;&nbsp; 591213 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 1414440 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2558996 | &nbsp;&nbsp;&nbsp;&nbsp; 373971675 |
| NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14754 | &nbsp;&nbsp;&nbsp;&nbsp; 2331575 |
| ON Semiconductor Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229518 | &nbsp;&nbsp;&nbsp;&nbsp; 14315038 |
| Qorvo, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13586 | &nbsp;&nbsp;&nbsp;&nbsp; 1231435 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2594113 | &nbsp;&nbsp;&nbsp;&nbsp; 285196783 |
| Silicon Laboratories, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67435 | &nbsp;&nbsp;&nbsp;&nbsp; 9148906 |
| Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 91130 |
| SolarEdge Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 283270 |
| Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13157 | &nbsp;&nbsp;&nbsp;&nbsp; 1149264 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953711 | &nbsp;&nbsp;&nbsp;&nbsp; 157572131 |
|  |  | &nbsp;&nbsp;**$1346950729** |
| Software — 8.4% | Software — 8.4% | Software — 8.4% |
| Adobe, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430743 | &nbsp;&nbsp;$144957942 |
| ANSYS, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154179 | &nbsp;&nbsp;&nbsp;&nbsp; 37248105 |
| Autodesk, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33712 | &nbsp;&nbsp;&nbsp;&nbsp; 6299761 |
| Box, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106049 | &nbsp;&nbsp;&nbsp;&nbsp; 3301305 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639061 | &nbsp;&nbsp;&nbsp;&nbsp; 102658759 |
| Cerence, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp; 14509 |
| Check Point Software Technologies, Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82484 | &nbsp;&nbsp;&nbsp;&nbsp; 10406181 |
| Coupa Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54504 | &nbsp;&nbsp;&nbsp;&nbsp; 4315082 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433003 | &nbsp;&nbsp;&nbsp;&nbsp; 45590886 |
| DocuSign, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1146298 | &nbsp;&nbsp;&nbsp;&nbsp; 63527835 |
| Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp; 86905 |
| Dropbox, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3191403 | &nbsp;&nbsp;&nbsp;&nbsp; 71423599 |
| Envestnet, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87353 | &nbsp;&nbsp;&nbsp;&nbsp; 5389680 |
| Fortinet, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148420 | &nbsp;&nbsp;&nbsp;&nbsp; 7256254 |
| Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121376 | &nbsp;&nbsp;&nbsp;&nbsp; 2601088 |
| Guidewire Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63449 | &nbsp;&nbsp;&nbsp;&nbsp; 3969369 |
| Hashicorp, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29947 | &nbsp;&nbsp;&nbsp;&nbsp; 818751 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129837 | &nbsp;&nbsp;&nbsp;&nbsp; 50535157 |

---

*26*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Software (continued) | Software (continued) | Software (continued) |
| Manhattan Associates, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77673 | &nbsp;&nbsp;$9429502 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5423454 | &nbsp;&nbsp;&nbsp;&nbsp; 1300652738 |
| nCino, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp;&nbsp;&nbsp; 661000 |
| NCR Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp; 4448 |
| NICE, Ltd. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 173070 |
| Nutanix, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18402 | &nbsp;&nbsp;&nbsp;&nbsp; 479372 |
| Olo, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64200 | &nbsp;&nbsp;&nbsp;&nbsp; 401250 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445550 | &nbsp;&nbsp;&nbsp;&nbsp; 36419257 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3040678 | &nbsp;&nbsp;&nbsp;&nbsp; 19521153 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711853 | &nbsp;&nbsp;&nbsp;&nbsp; 99331968 |
| Paycom Software, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552844 | &nbsp;&nbsp;&nbsp;&nbsp; 171553022 |
| PTC, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp; 291697 |
| Qualys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116090 | &nbsp;&nbsp;&nbsp;&nbsp; 13028781 |
| RingCentral, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18835 | &nbsp;&nbsp;&nbsp;&nbsp; 666759 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37107 | &nbsp;&nbsp;&nbsp;&nbsp; 16033564 |
| Salesforce, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422862 | &nbsp;&nbsp;&nbsp;&nbsp; 56067273 |
| SAP SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp; 288519 |
| ServiceNow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227636 | &nbsp;&nbsp;&nbsp;&nbsp; 88384230 |
| Smartsheet, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227811 | &nbsp;&nbsp;&nbsp;&nbsp; 8966641 |
| Splunk, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388076 | &nbsp;&nbsp;&nbsp;&nbsp; 33409463 |
| Synopsys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36393 | &nbsp;&nbsp;&nbsp;&nbsp; 11619921 |
| Teradata Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp; 10704 |
| Tyler Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232333 | &nbsp;&nbsp;&nbsp;&nbsp; 74906482 |
| VMware, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9304 | &nbsp;&nbsp;&nbsp;&nbsp; 1142159 |
| Workday, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248928 | &nbsp;&nbsp;&nbsp;&nbsp; 41653122 |
| Zscaler, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99213 | &nbsp;&nbsp;&nbsp;&nbsp; 11101935 |
|  |  | &nbsp;&nbsp;**$2556599198** |
| Specialty Retail — 2.9% | Specialty Retail — 2.9% | Specialty Retail — 2.9% |
| Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16346 | &nbsp;&nbsp;$2403352 |
| AutoNation, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17962 | &nbsp;&nbsp;&nbsp;&nbsp; 1927323 |
| AutoZone, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2520 | &nbsp;&nbsp;&nbsp;&nbsp; 6214774 |
| Bath & Body Works, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430499 | &nbsp;&nbsp;&nbsp;&nbsp; 18141228 |
| Bed Bath & Beyond, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp; 37650 |
| Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343446 | &nbsp;&nbsp;&nbsp;&nbsp; 27547804 |
| Burlington Stores, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16288 | &nbsp;&nbsp;&nbsp;&nbsp; 3302555 |
| CarMax, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34010 | &nbsp;&nbsp;&nbsp;&nbsp; 2070869 |
| Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61239 | &nbsp;&nbsp;&nbsp;&nbsp; 7366439 |
| Five Below, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp;&nbsp;&nbsp; 12557770 |
| Gap, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp; 846000 |
| Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169946 | &nbsp;&nbsp;&nbsp;&nbsp; 53679143 |
| Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 16379 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1163176 | &nbsp;&nbsp;&nbsp;&nbsp; 231751186 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250731 | &nbsp;&nbsp;&nbsp;&nbsp; 211624486 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590159 | &nbsp;&nbsp;&nbsp;&nbsp; 68499755 |
| Signet Jewelers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65986 | &nbsp;&nbsp;&nbsp;&nbsp; 4487048 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1702486 | &nbsp;&nbsp;$135517886 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248742 | &nbsp;&nbsp;&nbsp;&nbsp; 55959488 |
| Ulta Beauty, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96964 | &nbsp;&nbsp;&nbsp;&nbsp; 45482903 |
| Victoria's Secret & Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88445 | &nbsp;&nbsp;&nbsp;&nbsp; 3164562 |
| Warby Parker, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4087 | &nbsp;&nbsp;&nbsp;&nbsp; 55134 |
|  |  | &nbsp;&nbsp;**$892653734** |
| Technology Hardware, Storage & Peripherals — 6.4% | Technology Hardware, Storage & Peripherals — 6.4% | Technology Hardware, Storage & Peripherals — 6.4% |
| Apple, Inc. | 14661178 | &nbsp;&nbsp;$1904926858 |
| Dell Technologies, Inc., Class C<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50698 | &nbsp;&nbsp;&nbsp;&nbsp; 2039074 |
| Hewlett Packard Enterprise Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394164 | &nbsp;&nbsp;&nbsp;&nbsp; 6290857 |
| Logitech International S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp;&nbsp; 149773 |
| NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78200 | &nbsp;&nbsp;&nbsp;&nbsp; 4696692 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 34788000 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6406 | &nbsp;&nbsp;&nbsp;&nbsp; 337020 |
|  |  | &nbsp;&nbsp;**$1953228274** |
| Textiles, Apparel & Luxury Goods — 1.2% | Textiles, Apparel & Luxury Goods — 1.2% | Textiles, Apparel & Luxury Goods — 1.2% |
| Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19096 | &nbsp;&nbsp;$1672428 |
| Crocs, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 32529 |
| Hanesbrands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36024 | &nbsp;&nbsp;&nbsp;&nbsp; 229112 |
| Kontoor Brands, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32734 | &nbsp;&nbsp;&nbsp;&nbsp; 1309033 |
| Levi Strauss & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285636 | &nbsp;&nbsp;&nbsp;&nbsp; 4433071 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7878 | &nbsp;&nbsp;&nbsp;&nbsp; 2523953 |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;2818569 | &nbsp;&nbsp;&nbsp;&nbsp; 329800759 |
| PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
| Skechers USA, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195345 | &nbsp;&nbsp;&nbsp;&nbsp; 8194723 |
| Tapestry, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp; 19878 |
| Under Armour, Inc., Class C<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 4460 |
| VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279743 | &nbsp;&nbsp;&nbsp;&nbsp; 7723704 |
|  |  | &nbsp;&nbsp;**$355944779** |
| Thrifts & Mortgage Finance — 0.0%<sup>(2)</sup> | Thrifts & Mortgage Finance — 0.0%<sup>(2)</sup> | Thrifts & Mortgage Finance — 0.0%<sup>(2)</sup> |
| Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96312 | &nbsp;&nbsp;$3744610 |
|  |  | &nbsp;&nbsp;**$3744610** |
| Tobacco — 0.5% | Tobacco — 0.5% | Tobacco — 0.5% |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967603 | &nbsp;&nbsp;$44229133 |
| British American Tobacco PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1191873 | &nbsp;&nbsp;&nbsp;&nbsp; 120629466 |
|  |  | &nbsp;&nbsp;**$164858719** |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;2056421 | &nbsp;&nbsp;$97309842 |
| NOW, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;944 | &nbsp;&nbsp;&nbsp;&nbsp; 11989 |

---

*27*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Trading Companies & Distributors (continued) | Trading Companies & Distributors (continued) | Trading Companies & Distributors (continued) |
| United Rentals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6508 | &nbsp;&nbsp;$2313073 |
| W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14772 | &nbsp;&nbsp;&nbsp;&nbsp; 8216925 |
|  |  | &nbsp;&nbsp;**$107851829** |
| Water Utilities — 0.0%<sup>(2)</sup> | Water Utilities — 0.0%<sup>(2)</sup> | Water Utilities — 0.0%<sup>(2)</sup> |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23888 | &nbsp;&nbsp;$3641009 |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 23865 |
|  |  | &nbsp;&nbsp;**$3664874** |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |
| America Movil SAB de CV, Series L ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;$21840 |
| Rogers Communications, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 35130 |
| T-Mobile US, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168477 | &nbsp;&nbsp;&nbsp;&nbsp; 23586780 |
|  |  | &nbsp;&nbsp;**$23643750** |
| Total Common Stocks<br> (identified cost $17,954,862,757) |  | &nbsp;&nbsp;**$30378309042** |

---

Preferred Stocks — 0.0%<sup>(2)</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Internet & Direct Marketing Retail — 0.0%<sup>(2)</sup> | Internet & Direct Marketing Retail — 0.0%<sup>(2)</sup> | Internet & Direct Marketing Retail — 0.0%<sup>(2)</sup> |
| Qurate Retail, Inc., Series A, 8.00%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2994 | &nbsp;&nbsp;$102575 |
| Total Preferred Stocks<br> (identified cost $168,590) |  | &nbsp;&nbsp;**$102575** |

---

Rights — 0.0%<sup>(2)</sup>

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Health Care Equipment & Supplies — 0.0%<sup>(2)</sup> | Health Care Equipment & Supplies — 0.0%<sup>(2)</sup> | Health Care Equipment & Supplies — 0.0%<sup>(2)</sup> |
| Abiomed, Inc., CVR, <sup>(1)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52449 | &nbsp;&nbsp;$53498 |
| Total Rights<br> (identified cost $53,498) |  | &nbsp;&nbsp;**$53498** |

---

Short-Term Investments — 0.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.11%<sup>(6)</sup> | 170972940 | &nbsp;&nbsp;$170972940 |
| Total Short-Term Investments<br> (identified cost $170,972,940) |  | &nbsp;&nbsp;**$170972940** |
| Total Investments — 99.9%<br> (identified cost $18,126,057,785) |  | &nbsp;&nbsp;**$30549438055** |
| Other Assets, Less Liabilities — 0.1% |  | &nbsp;&nbsp;**$43624354** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$30593062409** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Amount is less than 0.05%. |
| <sup>(3)</sup> | Represents an investment in an issuer that is deemed to be an affiliate (see Note 7). |
| <sup>(4)</sup> | Restricted security (see Note 5). |
| <sup>(5)</sup> | For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8). |
| <sup>(6)</sup> | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of December 31, 2022. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| CVR | – Contingent Value Rights |

---

*28*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**December 31, 2022** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $17,911,976,920) | &nbsp;&nbsp;$30288322065 |
| Affiliated investments, at value (identified cost $214,080,865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261115990 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36626 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19979202 |
| Dividends receivable from affiliated investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502195 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35105730 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1624644 |
| **Total assets** | &nbsp;&nbsp;**$30606686452** |
| Liabilities |  |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10954169 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27125 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2642749 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$13624043** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$30593062409** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**December 31, 2022** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $2,974,285) | &nbsp;&nbsp;&nbsp;&nbsp;$432291619 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7049334 |
| **Total investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**$439340953** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;$133361879 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108500 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4031620 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807294 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724395 |
| **Total expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**$139033688** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150137 |
| **Total expense reductions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$150137** |
| **Net expenses** | &nbsp;&nbsp;&nbsp;&nbsp;**$138883551** |
| **Net investment income** | &nbsp;&nbsp;&nbsp;&nbsp;**$300457402** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$724641572 |
| &nbsp;&nbsp;&nbsp;Investment transactions - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53760994 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32250 |
| **Net realized gain** | &nbsp;&nbsp;&nbsp;&nbsp;**$778434816** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(8489951223) |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79974322) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28640) |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(8569954185)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(7791519369)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(7491061967)** |

---

<sup>(1)</sup> Aggregate amount includes $836,962,829 of net realized gains from redemptions in-kind.

*30*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
|  | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;$300457402 | &nbsp;&nbsp;&nbsp;&nbsp;$225467932 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778434816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674550746 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8569954185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6254806403 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(7491061967)** | &nbsp;&nbsp;**$7154825081** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$2468619619 | &nbsp;&nbsp;$3616316912 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1697105702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1445245658) |
| **Net increase in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp;**$771513917** | &nbsp;&nbsp;**$2171071254** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(6719548050)** | &nbsp;&nbsp;**$9325896335** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$37312610459 | &nbsp;&nbsp;$27986714124 |
| **At end of year** | &nbsp;&nbsp;**$30593062409** | &nbsp;&nbsp;**$37312610459** |

---

*31*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** | &nbsp;&nbsp;&nbsp;**2019** | &nbsp;&nbsp;&nbsp;**2018** |
| Ratios (as a percentage of average daily net assets): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% |
| Portfolio Turnover<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19.86)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.42%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.87%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5.02)%** |
| **Net assets, end of year (000's omitted)** | &nbsp;&nbsp;**$30593062** | &nbsp;&nbsp;**$37312610** | &nbsp;&nbsp;**$27986714** | &nbsp;&nbsp;**$22013353** | &nbsp;&nbsp;**$16016046** |

---

<sup>(1)</sup> 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).

<sup>(2)</sup> 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.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Notes to Financial Statements

------

1 Significant Accounting Policies

Tax-Managed Growth Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to achieve long-term, after-tax returns for interestholders through investing in a diversified portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At December 31, 2022, Eaton Vance Tax-Managed Growth Fund 1.0, Eaton Vance Tax-Managed Growth Fund 1.1, Eaton Vance Tax-Managed Growth Fund 1.2 and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 3.6%, 6.0%, 3.3%, and 0.6% respectively, in the Portfolio. In addition, an unregistered fund managed by the adviser to the Portfolio held an aggregate interest of 86.5% in the Portfolio (See Note 10).

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

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

**Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.**

**Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.**

**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

**Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Portfolio's investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security's "fair value", which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security's disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company's or entity's financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.**

B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such reclaims.

D Federal Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Notes to Financial Statements — continued

------

As of December 31, 2022, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

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

G Indemnifications—Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio's Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR) an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The investment adviser fee is based upon an annual rate of the Portfolio's average daily net assets as follows and is payable monthly:

---

| | | |
|:---|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate<br> (Year Ended December 31, 2022)\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate<br> (Effective January 13, 2023)\*\*** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.6250% | &nbsp;&nbsp;&nbsp;&nbsp;0.5575% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5625% | &nbsp;&nbsp;&nbsp;&nbsp;0.4950% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.5000% | &nbsp;&nbsp;&nbsp;&nbsp;0.4325% |
| $1.5 billion but less than $7 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4375% | &nbsp;&nbsp;&nbsp;&nbsp;0.3700% |
| $7 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4250% | &nbsp;&nbsp;&nbsp;&nbsp;0.3575% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4125% | &nbsp;&nbsp;&nbsp;&nbsp;0.3450% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4000% | &nbsp;&nbsp;&nbsp;&nbsp;0.3325% |
| $20 billion but less than $25 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3900% | &nbsp;&nbsp;&nbsp;&nbsp;0.3225% |
| $25 billion but less than $30 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3800% | &nbsp;&nbsp;&nbsp;&nbsp;0.3125% |
| $30 billion but less than $35 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3700% | &nbsp;&nbsp;&nbsp;&nbsp;0.3020% |
| $35 billion but less than $45 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3650% | &nbsp;&nbsp;&nbsp;&nbsp;0.2970% |
| $45 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.3600% | &nbsp;&nbsp;&nbsp;&nbsp;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.

For the year ended December 31, 2022, the Portfolio's investment adviser fee amounted to $133,361,879 or 0.41% of the Portfolio's average daily net assets.

Effective April 26, 2022, the Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the year ended December 31, 2022, the investment

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Notes to Financial Statements — continued

------

adviser fee paid was reduced by $150,137 relating to the Portfolio's investment in the Liquidity Fund. Prior to April 26, 2022, the Portfolio may have invested its cash in Eaton Vance Cash Reserves Fund (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). EVM did not receive a fee for advisory services provided to Cash Reserves Fund.

Officers and Trustees of the Portfolio who are members of EVM's or BMR's organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended December 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $1,638,240,564 and $936,509,672, respectively, for the year ended December 31, 2022. In addition, investors contributed securities with an aggregate market value of $1,818,762,358 and investments having an aggregate market value of $1,558,654,246 were distributed in payment for capital withdrawals during the year ended December 31, 2022.

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at December 31, 2022, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$5205682469** |
| Gross unrealized appreciation | &nbsp;&nbsp;$25377154346 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33398760) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$25343755586** |

---

5 Restricted Securities

At December 31, 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 at fair value using methods determined in good faith by or at the direction of the Trustees.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Eligible for<br> Resale** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Common Stocks** |  |  |  |  |  |
| Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6/16/2022 | &nbsp;&nbsp;&nbsp;&nbsp;6/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 17894 | &nbsp;&nbsp;&nbsp;&nbsp;$1500019 | &nbsp;&nbsp;&nbsp;&nbsp;$2059241 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3/17/2022 | &nbsp;&nbsp;&nbsp;&nbsp;3/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 11829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591213 |
| National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;3/17/2022 | &nbsp;&nbsp;&nbsp;&nbsp;3/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp;170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10315540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6140400 |
| Ryan Specialty Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6/16/2022 | &nbsp;&nbsp;&nbsp;&nbsp;6/16/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 28103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1166555 |
| Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3/17/2022 | &nbsp;&nbsp;&nbsp;&nbsp;3/17/2023 | &nbsp;&nbsp;&nbsp;&nbsp; 22540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1965349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403115 |
| **Total Restricted Securities** |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$15719633** | &nbsp;&nbsp;&nbsp;&nbsp;**$11360524** |

---

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Notes to Financial Statements — continued

------

6 Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Also in connection with the renewal of the agreement, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended December 31, 2022.

7 Investments in Affiliated Issuers and Funds

At December 31, 2022, the value of the Portfolio's investment in affiliated issuers and funds, including funds that may be deemed to be affiliated, was $261,115,990, which represents 0.9% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the year ended December 31, 2022 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value, <br> beginning<br> of period** | **Purchases** | **Sales <br> proceeds** | **Net <br> realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend <br> income** | **Units/Shares, <br> end of period** |
| **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** | **Common Stocks** |
| Morgan Stanley | $208377288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$(92024694) | $53767805 | $(79977349) | &nbsp;&nbsp;$90143050 | $4779161 | &nbsp;&nbsp;&nbsp;&nbsp;1060257 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Cash Reserves Fund | &nbsp;&nbsp;&nbsp;&nbsp;97096177 | &nbsp;&nbsp;&nbsp;730786970 | &nbsp;&nbsp;&nbsp;(827879363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43116 | &nbsp;&nbsp; — |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;631160173 | &nbsp;&nbsp;&nbsp;(460187233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;170972940 | &nbsp;&nbsp;&nbsp;2227057 | 170972940 |
| **Total** |  |  |  | **$53760994** | **$(79974322)** | **$261115990** | **$7049334** |  |

---

8 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices
in active markets for identical investments

• Level 2 – other
significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3
– significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At December 31, 2022, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;$2246662024 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2246662024 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 3363395662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;431185 | &nbsp;&nbsp;&nbsp;&nbsp; 3363826847 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 2415368566 | &nbsp;&nbsp;&nbsp;&nbsp;114740985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2530109551 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; 1350717287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1350717287 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 4133973972 | &nbsp;&nbsp;&nbsp;&nbsp; 11549583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4145523555 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 5114839875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5114839875 |

---

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;**Level 3\*** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;$2835574046 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2835574046 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 7632420749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7632420749 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; 523253606 | &nbsp;&nbsp;&nbsp;&nbsp; 3990550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 527244156 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp; 207355246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207355246 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 424035706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 424035706 |
| **Total Common Stocks** | &nbsp;&nbsp;**$30247596739** | &nbsp;&nbsp;**$130,281,118\*\*** | &nbsp;&nbsp;**$431185** | &nbsp;&nbsp;**$30378309042** |
| Preferred Stocks | &nbsp;&nbsp;$102575 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$102575 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53498 | &nbsp;&nbsp;&nbsp;&nbsp; 53498 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 170972940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170972940 |
| **Total Investments** | &nbsp;&nbsp;**$30418672254** | &nbsp;&nbsp;**$130281118** | &nbsp;&nbsp;**$484683** | &nbsp;&nbsp;**$30549438055** |

---

\* 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.

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 year ended December 31, 2022 is not presented.

9 Risks and Uncertainties

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

10 Redemption of Unregistered Fund

In October 2022, the Portfolio's Trustees approved the redemption of the unregistered fund's interest in the Portfolio. As of the close of business on January 13, 2023, the unregistered fund redeemed in-kind its entire interest in the Portfolio amounting to $27,556,262,973. The in-kind redemption of the unregistered fund's interest in the Portfolio did not result in the Portfolio's recognition of any gain or loss for federal income tax purposes and is not expected to materially affect the Portfolio's investment strategy, fees and expenses, or tax position. In accordance with GAAP, the Portfolio recognized a net realized gain of approximately $11.3 billion as a result of the redemption in-kind.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Tax-Managed Growth Portfolio

December 31, 2022

Report of Independent Registered Public Accounting Firm

------

To the Trustees and Investors of Tax-Managed Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed Growth Portfolio (the "Portfolio"), including the portfolio of investments, as of December 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio's management. Our responsibility is to express an opinion on the Portfolio's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP<br> Boston, Massachusetts<br> February 24, 2023

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Management and Organization

------

**Fund Management. The Trustees of Eaton Vance Series Trust (the Trust) and Tax-Managed Growth Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust and the Portfolio's affairs. The Board members and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund's and the Portfolio's current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund or Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund or Portfolio to be in compliance therewith. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, "BMR" refers to Boston Management and Research, "EVC" refers to Eaton Vance Corp., "EV" refers to EV LLC, "EVM" refers to Eaton Vance Management and "EVD" refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 130 funds in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).**

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust/Portfolio <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Interested Trustee | Interested Trustee | Interested Trustee | Interested Trustee |
| Thomas E. Faust Jr.<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;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.<br> **Other Directorships.** Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021). |
| Noninterested Trustees | Noninterested Trustees | Noninterested Trustees | Noninterested Trustees |
| Alan C. Bowser<sup>(1)</sup><br> 1962 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;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).<br> **Other Directorships**. None. |
| Mark R. Fetting<br> 1954 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;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).<br> **Other Directorships**. None. |
| Cynthia E. Frost<br> 1961 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;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).<br> **Other Directorships**. None. |
| George J. Gorman<br> 1952 | &nbsp;&nbsp;&nbsp;Chairperson <br> of the Board<br> and Trustee | &nbsp;&nbsp;&nbsp;Since 2021<br> (Chairperson) and<br> 2014 (Trustee) | &nbsp;&nbsp;&nbsp;Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).<br> **Other Directorships**. None. |

---

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Management and Organization — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust/Portfolio <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s) and Other Directorships<br> During Past Five Years and Other Relevant Experience** |
| Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) | Noninterested Trustees (continued) |
| Valerie A. Mosley<br> 1960 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;&nbsp;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).<br> **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<br> 1958 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;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).<br> **Other Directorships**. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
| Marcus L. Smith<br> 1966 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2018 | &nbsp;&nbsp;&nbsp;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).<br> **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<br> 1957 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2015 | &nbsp;&nbsp;&nbsp;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).<br> **Other Directorships**. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (2021-2023). |
| Scott E. Wennerholm<br> 1959 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2016 | &nbsp;&nbsp;&nbsp;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).<br> **Other Directorships**. None. |
| Nancy A. Wiser<sup>(1)</sup><br> 1967 | &nbsp;&nbsp;&nbsp;Trustee | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).<br> **Other Directorships**. None. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust/Portfolio <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees | Principal Officers who are not Trustees |
| Eric A. Stein<br> 1980 | &nbsp;&nbsp;&nbsp;President of the Trust | &nbsp;&nbsp;&nbsp;Since 2020 | &nbsp;&nbsp;&nbsp;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.<br> 1971 | &nbsp;&nbsp;&nbsp;President of the Portfolio | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;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<br> 1971 | &nbsp;&nbsp;&nbsp;Vice President and<br> Chief Legal Officer | &nbsp;&nbsp;&nbsp;Since 2009 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |

---

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance<br>

Tax-Managed Growth Fund 1.0

December 31, 2022

Management and Organization — continued

------

---

| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | &nbsp;&nbsp;**Trust/Portfolio <br> Position(s)** | &nbsp;&nbsp;**Length of Service** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past Five Years** |
| Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) | Principal Officers who are not Trustees (continued) |
| James F. Kirchner<br> 1967 | &nbsp;&nbsp;&nbsp;Treasurer | &nbsp;&nbsp;&nbsp;Since 2007 | &nbsp;&nbsp;&nbsp;Vice President of EVM and BMR. Also Vice President of CRM. |
| Nicholas Di Lorenzo<br> 1987 | &nbsp;&nbsp;&nbsp;Secretary | &nbsp;&nbsp;&nbsp;Since 2022 | &nbsp;&nbsp;&nbsp;Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP. |
| Richard F. Froio<br> 1968 | &nbsp;&nbsp;&nbsp;Chief Compliance<br> Officer | &nbsp;&nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;&nbsp;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). |

---

<sup>(1)</sup> Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance Funds<br>

Privacy Notice April 2021

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;&nbsp;**WHAT DOES EATON VANCE DO WITH YOUR<br> PERSONAL INFORMATION?** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Why?** | &nbsp;&nbsp;&nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br>■ Social Security number and income<br> ■ investment experience and risk tolerance<br> ■ checking account number and wire transfer instructions |
| &nbsp;&nbsp;&nbsp;**How?** | &nbsp;&nbsp;&nbsp;&nbsp;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. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Reasons we can share your<br> personal information** | &nbsp;&nbsp;**Does Eaton Vance<br> share?** | &nbsp;&nbsp;**Can you limit<br> this sharing?** |
| &nbsp;&nbsp;&nbsp;**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** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**For our marketing purposes — to offer our products and services to you** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;&nbsp;**For our investment management affiliates' everyday business purposes — information about your transactions, experiences, and creditworthiness** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes — information about your transactions and experiences** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;No |
| &nbsp;&nbsp;&nbsp;**For our affiliates' everyday business purposes — information about your creditworthiness** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;&nbsp;**For our investment management affiliates to market to you** | &nbsp;&nbsp;Yes | &nbsp;&nbsp;Yes |
| &nbsp;&nbsp;&nbsp;**For our affiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |
| &nbsp;&nbsp;&nbsp;**For nonaffiliates to market to you** | &nbsp;&nbsp;No | &nbsp;&nbsp;We don't share |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**To limit our<br> sharing** | &nbsp;&nbsp;&nbsp;&nbsp;Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com<br>**Please note:**<br>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. |
| &nbsp;&nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;&nbsp;&nbsp;Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |

---

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance Funds<br>

Privacy Notice — continued April 2021

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;&nbsp;**Who is providing this notice?** | &nbsp;&nbsp;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) |
| &nbsp;&nbsp;&nbsp;**What we do** | &nbsp;&nbsp;&nbsp;**What we do** |
| &nbsp;&nbsp;&nbsp;**How does Eaton Vance<br> protect my personal<br> information?** | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;**How does Eaton Vance<br> collect my personal<br> information?** | &nbsp;&nbsp;We collect your personal information, for example, when you<br>■ open an account or make deposits or withdrawals from your account<br> ■ buy securities from us or make a wire transfer<br> ■ give us your contact information<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only<br>■ sharing for affiliates' everyday business purposes — information about your creditworthiness<br> ■ affiliates from using your information to market to you<br> ■ sharing for nonaffiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law. |
| &nbsp;&nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;&nbsp;**Investment Management<br> Affiliates** | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.* |
| &nbsp;&nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>■ *Eaton Vance does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>■ *Eaton Vance doesn't jointly market.* |
| &nbsp;&nbsp;&nbsp;**Other important information** | &nbsp;&nbsp;&nbsp;**Other important information** |
| &nbsp;&nbsp;&nbsp;**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.<br>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.** | &nbsp;&nbsp;&nbsp;**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.<br>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.** |

---

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Eaton Vance Funds<br>

IMPORTANT NOTICES

------

**Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders. *Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.* If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.**

**Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov.**

**Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC's website at www.sec.gov.**

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

Investment Adviser of Tax-Managed Growth Portfolio

#### Boston Management and Research<br> Two International Place<br> Boston, MA 02110
Investment Adviser and Administrator of Eaton Vance<br> Tax-Managed Growth Fund 1.0

#### Eaton Vance Management<br> Two International Place<br> Boston, MA 02110
Principal Underwriter<sup>\*</sup>

#### Eaton Vance Distributors, Inc.<br> Two International Place<br> Boston, MA 02110<br> (617) 482-8260
Custodian

#### State Street Bank and Trust Company<br> State Street Financial Center, One Lincoln Street<br> Boston, MA 02111
Transfer Agent

#### BNY Mellon Investment Servicing (US) Inc.<br> Attn: Eaton Vance Funds<br> P.O. Box 534439<br> Pittsburgh, PA 15253-4439<br> (800) 262-1122
Independent Registered Public Accounting Firm

#### Deloitte & Touche LLP<br> 200 Berkeley Street<br> Boston, MA 02116-5022
Fund Offices

Two International Place<br> Boston, MA 02110

<sup>\*</sup> **FINRA BrokerCheck.** Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

------

[**Table of Contents**](#job_ev_ar_c089e3f2-ff7d-4e0f-a4c7-78e68dbbda7e_toc)

157 12.31.22

------

**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 | $16800 | $19600 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $7252 | $350 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $24052 | $19950 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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** | $7252 | $350 |
|  **Eaton Vance<sup>(1)</sup>** | $51800 | $52836 |

---

<sup>(1)</sup> 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.](d431122dex99cert.htm) |
| (a)(2)(ii) | [President's Section 302 certification.](d431122dex99cert.htm) |
| (b) | [Combined Section 906 certification.](d431122dex99906cert.htm) |

---

------

**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.

---

| | |
|:---|:---|
| <u>Eaton Vance Series Trust</u> | <u>Eaton Vance Series Trust</u> |
| 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 |

---

## Ex-99.Cert

**EATON VANCE SERIES TRUST** 

**FORM N-CSR** 

**Exhibit 13(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 27, 2023 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Treasurer |

---

------

**EATON VANCE SERIES TRUST** 

**FORM N-CSR** 

**Exhibit 13(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Eric A. Stein, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 27, 2023 | /s/ Eric A. Stein |
|  | Eric A. Stein |
|  | President |

---

## Exhibit 99.906

**Form N-CSR Item 13(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Series Trust (the "**Trust**") that:

(a) the Annual Report of the **Trust** on Form N-CSR for the period
ended December 31, 2022 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

Eaton Vance Series Trust

Date: February 27, 2023

---

| |
|:---|
| /s/ James F. Kirchner |
| James F. Kirchner |
| Treasurer |

---

Date: February 27, 2023

---

| |
|:---|
| /s/ Eric A. Stein |
| Eric A. Stein |
| President |

---