08/29/2024 | Press release | Distributed by Public on 08/29/2024 08:38
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: 811-07409
Tax-ManagedGrowth Portfolio
(Exact Name of Registrant as Specified in Charter)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant's Telephone Number)
December 31
Date of Fiscal Year End
June 30, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
(a) |
Semi-Annual Shareholder Report June 30, 2024
This semi-annual shareholder report contains important information about the Tax-Managed Growth Portfolio (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.phpand selecting Tax-Managed Growth Fund 1.1. You can also request this information by contacting us at 1-800-262-1122.
(based on a hypothetical $10,000 investment)
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Tax-Managed Growth Portfolio
|
$23
|
0.43%
|
Total Net Assets
|
$5,714,723,829
|
# of Portfolio Holdings
|
161
|
Portfolio Turnover Rate
|
4%
|
The following tables reflect what the Fund invested in as of the report date.
Value
|
Value
|
Short-Term Investments
|
0.2%
|
Real Estate
|
0.7%
|
Utilities
|
1.0%
|
Materials
|
1.8%
|
Energy
|
3.4%
|
Consumer Staples
|
6.2%
|
Industrials
|
8.3%
|
Consumer Discretionary
|
10.1%
|
Health Care
|
11.7%
|
Communication Services
|
11.9%
|
Financials
|
12.4%
|
Information Technology
|
32.3%
|
Apple, Inc.
|
7.1%
|
Microsoft Corp.
|
7.1%
|
NVIDIA Corp.
|
6.5%
|
Amazon.com, Inc.
|
4.8%
|
Meta Platforms, Inc., Class A
|
3.4%
|
Alphabet, Inc., Class C
|
3.2%
|
Alphabet, Inc., Class A
|
2.7%
|
Eli Lilly & Co.
|
2.0%
|
JPMorgan Chase & Co.
|
1.8%
|
Costco Wholesale Corp.
|
1.7%
|
Total
|
40.3%
|
Footnote | Description |
Footnotea
|
Excluding cash equivalents |
If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.phpand select Tax-Managed Growth Fund 1.1.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2024
Tax-Managed Growth Port.-TSR-SAR
(b) |
Not applicable. |
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
(a) |
Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
(b) |
Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-EndManagement Investment Companies
Common Stocks - 99.9% |
Security | Shares | Value | |
Aerospace & Defense - 1.6% | |||
Boeing Co.(1) | 142,446 | $ 25,926,597 | |
General Dynamics Corp. | 37,550 | 10,894,757 | |
General Electric Co. | 163,119 | 25,931,027 | |
Lockheed Martin Corp. | 18,733 | 8,750,184 | |
Northrop Grumman Corp. | 16,117 | 7,026,206 | |
RTX Corp. | 156,984 | 15,759,624 | |
$ 94,288,395 | |||
Air Freight & Logistics - 0.8% | |||
C.H. Robinson Worldwide, Inc. | 71,226 | $ 6,276,435 | |
FedEx Corp. | 76,229 | 22,856,503 | |
United Parcel Service, Inc., Class B | 127,908 | 17,504,210 | |
$ 46,637,148 | |||
Banks - 3.3% | |||
Bank of America Corp. | 478,599 | $ 19,033,882 | |
Fifth Third Bancorp | 491,355 | 17,929,544 | |
JPMorgan Chase & Co. | 514,622 | 104,087,446 | |
PNC Financial Services Group, Inc. | 15,834 | 2,461,870 | |
Regions Financial Corp. | 261,997 | 5,250,420 | |
Truist Financial Corp. | 311,559 | 12,104,067 | |
U.S. Bancorp | 71,160 | 2,825,052 | |
Wells Fargo & Co. | 446,596 | 26,523,337 | |
$ 190,215,618 | |||
Beverages - 1.2% | |||
Constellation Brands, Inc., Class A | 66,155 | $ 17,020,359 | |
Monster Beverage Corp.(1) | 322,992 | 16,133,450 | |
PepsiCo, Inc. | 228,875 | 37,748,354 | |
$ 70,902,163 | |||
Biotechnology - 2.2% | |||
AbbVie, Inc. | 193,103 | $ 33,121,027 | |
Amgen, Inc. | 97,100 | 30,338,895 | |
Argenx SE ADR(1) | 41,279 | 17,751,621 | |
Gilead Sciences, Inc. | 42,704 | 2,929,921 | |
Vertex Pharmaceuticals, Inc.(1) | 83,684 | 39,224,365 | |
$ 123,365,829 | |||
Broadline Retail - 4.8% | |||
Amazon.com, Inc.(1) | 1,419,500 | $ 274,318,375 | |
$ 274,318,375 |
Security | Shares | Value | |
Building Products - 0.2% | |||
Carrier Global Corp. | 189,214 | $ 11,935,619 | |
$ 11,935,619 | |||
Capital Markets - 3.0% | |||
Bank of New York Mellon Corp. | 142,205 | $ 8,516,658 | |
BlackRock, Inc. | 7,289 | 5,738,776 | |
Cboe Global Markets, Inc. | 75,857 | 12,900,241 | |
Charles Schwab Corp. | 371,381 | 27,367,066 | |
CME Group, Inc. | 36,417 | 7,159,582 | |
Goldman Sachs Group, Inc. | 126,078 | 57,027,601 | |
Intercontinental Exchange, Inc. | 60,970 | 8,346,183 | |
Moody's Corp. | 66,944 | 28,178,738 | |
S&P Global, Inc. | 32,008 | 14,275,568 | |
$ 169,510,413 | |||
Chemicals - 1.6% | |||
DuPont de Nemours, Inc. | 142,744 | $ 11,489,465 | |
Ecolab, Inc. | 110,020 | 26,184,760 | |
Linde PLC | 72,347 | 31,746,587 | |
PPG Industries, Inc. | 89,144 | 11,222,338 | |
Sherwin-Williams Co. | 32,982 | 9,842,818 | |
$ 90,485,968 | |||
Commercial Services & Supplies - 0.6% | |||
Waste Connections, Inc. | 57,850 | $ 10,144,576 | |
Waste Management, Inc. | 108,692 | 23,188,351 | |
$ 33,332,927 | |||
Communications Equipment - 1.2% | |||
Arista Networks, Inc.(1) | 129,548 | $ 45,403,983 | |
Cisco Systems, Inc. | 517,461 | 24,584,572 | |
$ 69,988,555 | |||
Consumer Finance - 0.8% | |||
American Express Co. | 120,199 | $ 27,832,079 | |
Discover Financial Services | 144,856 | 18,948,613 | |
$ 46,780,692 | |||
Consumer Staples Distribution & Retail - 2.9% | |||
Costco Wholesale Corp. | 113,479 | $ 96,456,015 | |
Walmart, Inc. | 985,500 | 66,728,205 | |
$ 163,184,220 | |||
Electric Utilities - 0.9% | |||
Duke Energy Corp. | 368,733 | $ 36,958,109 |
Security | Shares | Value | |
Electric Utilities (continued) | |||
Edison International | 197,713 | $ 14,197,770 | |
$ 51,155,879 | |||
Electrical Equipment - 1.0% | |||
AMETEK, Inc. | 54,862 | $ 9,146,044 | |
Emerson Electric Co. | 269,079 | 29,641,743 | |
GE Vernova, Inc.(1) | 27,228 | 4,669,874 | |
Rockwell Automation, Inc. | 50,722 | 13,962,752 | |
$ 57,420,413 | |||
Energy Equipment & Services - 0.3% | |||
Halliburton Co. | 166,374 | $ 5,620,114 | |
Schlumberger NV | 205,631 | 9,701,670 | |
$ 15,321,784 | |||
Entertainment - 2.4% | |||
Netflix, Inc.(1) | 115,984 | $ 78,275,282 | |
Walt Disney Co. | 612,448 | 60,809,962 | |
$ 139,085,244 | |||
Financial Services - 3.8% | |||
Berkshire Hathaway, Inc., Class A(1) | 84 | $ 51,428,244 | |
Berkshire Hathaway, Inc., Class B(1) | 224,230 | 91,216,764 | |
Mastercard, Inc., Class A | 36,635 | 16,161,896 | |
Visa, Inc., Class A | 212,810 | 55,856,241 | |
$ 214,663,145 | |||
Food Products - 0.4% | |||
Hershey Co. | 47,710 | $ 8,770,529 | |
Lamb Weston Holdings, Inc. | 70,384 | 5,917,887 | |
McCormick & Co., Inc., Non Voting Shares | 96,258 | 6,828,543 | |
$ 21,516,959 | |||
Ground Transportation - 1.5% | |||
Norfolk Southern Corp. | 65,062 | $ 13,968,161 | |
Uber Technologies, Inc.(1) | 551,998 | 40,119,214 | |
Union Pacific Corp. | 148,572 | 33,615,901 | |
$ 87,703,276 | |||
Health Care Equipment & Supplies - 2.4% | |||
Abbott Laboratories | 260,303 | $ 27,048,085 | |
Boston Scientific Corp.(1) | 289,826 | 22,319,500 | |
GE HealthCare Technologies, Inc. | 135,517 | 10,559,485 | |
Intuitive Surgical, Inc.(1) | 101,205 | 45,021,044 |
Security | Shares | Value | |
Health Care Equipment & Supplies (continued) | |||
Stryker Corp. | 72,313 | $ 24,604,498 | |
Zimmer Biomet Holdings, Inc. | 77,057 | 8,362,996 | |
$ 137,915,608 | |||
Health Care Providers & Services - 2.0% | |||
Elevance Health, Inc. | 46,712 | $ 25,311,365 | |
HCA Healthcare, Inc. | 64,083 | 20,588,586 | |
UnitedHealth Group, Inc. | 137,254 | 69,897,972 | |
$ 115,797,923 | |||
Hotels, Restaurants & Leisure - 2.2% | |||
Airbnb, Inc., Class A(1) | 74,000 | $ 11,220,620 | |
Booking Holdings, Inc. | 15,827 | 62,698,661 | |
Marriott International, Inc., Class A | 46,029 | 11,128,431 | |
Starbucks Corp. | 374,947 | 29,189,624 | |
Yum! Brands, Inc. | 78,214 | 10,360,226 | |
$ 124,597,562 | |||
Household Products - 1.3% | |||
Colgate-Palmolive Co. | 397,371 | $ 38,560,882 | |
Procter & Gamble Co. | 220,699 | 36,397,679 | |
$ 74,958,561 | |||
Industrial Conglomerates - 0.1% | |||
Honeywell International, Inc. | 15,509 | $ 3,311,792 | |
$ 3,311,792 | |||
Industrial REITs - 0.2% | |||
EastGroup Properties, Inc. | 74,500 | $ 12,672,450 | |
$ 12,672,450 | |||
Insurance - 1.6% | |||
Aflac, Inc. | 154,400 | $ 13,789,464 | |
Aon PLC, Class A | 27,135 | 7,966,293 | |
Arthur J. Gallagher & Co. | 47,054 | 12,201,573 | |
Markel Group, Inc.(1) | 6,362 | 10,024,349 | |
Marsh & McLennan Cos., Inc. | 46,353 | 9,767,504 | |
Progressive Corp. | 151,029 | 31,370,234 | |
Travelers Cos., Inc. | 20,353 | 4,138,579 | |
$ 89,257,996 | |||
Interactive Media & Services - 9.3% | |||
Alphabet, Inc., Class A | 857,372 | $ 156,170,310 |
Security | Shares | Value | |
Interactive Media & Services (continued) | |||
Alphabet, Inc., Class C | 980,031 | $ 179,757,286 | |
Meta Platforms, Inc., Class A | 390,389 | 196,841,941 | |
$ 532,769,537 | |||
IT Services - 0.9% | |||
Accenture PLC, Class A | 147,397 | $ 44,721,724 | |
Akamai Technologies, Inc.(1) | 105,245 | 9,480,469 | |
$ 54,202,193 | |||
Life Sciences Tools & Services - 1.3% | |||
Agilent Technologies, Inc. | 176,400 | $ 22,866,732 | |
Danaher Corp. | 212,007 | 52,969,949 | |
$ 75,836,681 | |||
Machinery - 1.9% | |||
Caterpillar, Inc. | 55,142 | $ 18,367,800 | |
Deere & Co. | 32,269 | 12,056,666 | |
Donaldson Co., Inc. | 73,526 | 5,261,521 | |
Dover Corp. | 96,347 | 17,385,816 | |
Illinois Tool Works, Inc. | 143,086 | 33,905,659 | |
Otis Worldwide Corp. | 68,364 | 6,580,719 | |
Parker-Hannifin Corp. | 24,957 | 12,623,500 | |
$ 106,181,681 | |||
Media - 0.1% | |||
Comcast Corp., Class A | 147,653 | $ 5,782,091 | |
$ 5,782,091 | |||
Metals & Mining - 0.3% | |||
Alcoa Corp. | 240,000 | $ 9,547,200 | |
Nucor Corp. | 35,624 | 5,631,442 | |
$ 15,178,642 | |||
Multi-Utilities - 0.1% | |||
Consolidated Edison, Inc. | 50,472 | $ 4,513,206 | |
$ 4,513,206 | |||
Oil, Gas & Consumable Fuels - 3.2% | |||
Antero Resources Corp.(1) | 328,489 | $ 10,718,596 | |
Cheniere Energy, Inc. | 149,498 | 26,136,735 | |
ConocoPhillips | 285,715 | 32,680,082 | |
EOG Resources, Inc. | 16,793 | 2,113,735 | |
Exxon Mobil Corp. | 789,802 | 90,922,006 |
Security | Shares | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Marathon Petroleum Corp. | 69,480 | $ 12,053,391 | |
Phillips 66 | 51,867 | 7,322,064 | |
$ 181,946,609 | |||
Pharmaceuticals - 3.8% | |||
Bristol-Myers Squibb Co. | 136,371 | $ 5,663,488 | |
Eli Lilly & Co. | 128,949 | 116,747,846 | |
Johnson & Johnson | 267,485 | 39,095,607 | |
Merck & Co., Inc. | 214,406 | 26,543,463 | |
Pfizer, Inc. | 210,749 | 5,896,757 | |
Zoetis, Inc. | 120,003 | 20,803,720 | |
$ 214,750,881 | |||
Professional Services - 0.6% | |||
Automatic Data Processing, Inc. | 68,245 | $ 16,289,399 | |
Jacobs Solutions, Inc. | 54,159 | 7,566,554 | |
Verisk Analytics, Inc. | 46,792 | 12,612,784 | |
$ 36,468,737 | |||
Residential REITs - 0.3% | |||
Invitation Homes, Inc. | 437,000 | $ 15,683,930 | |
$ 15,683,930 | |||
Semiconductors & Semiconductor Equipment - 11.4% | |||
Analog Devices, Inc. | 133,698 | $ 30,517,905 | |
Applied Materials, Inc. | 203,182 | 47,948,920 | |
Broadcom, Inc. | 24,966 | 40,083,662 | |
Intel Corp. | 583,547 | 18,072,451 | |
Lam Research Corp. | 25,000 | 26,621,250 | |
Marvell Technology, Inc. | 70,777 | 4,947,312 | |
NVIDIA Corp. | 3,013,691 | 372,311,386 | |
ON Semiconductor Corp.(1) | 175,000 | 11,996,250 | |
QUALCOMM, Inc. | 332,116 | 66,150,865 | |
Texas Instruments, Inc. | 158,452 | 30,823,668 | |
$ 649,473,669 | |||
Software - 11.6% | |||
Adobe, Inc.(1) | 80,383 | $ 44,655,972 | |
Cadence Design Systems, Inc.(1) | 83,984 | 25,846,076 | |
Fortinet, Inc.(1) | 100,000 | 6,027,000 | |
Intuit, Inc. | 37,210 | 24,454,784 | |
Microsoft Corp. | 909,092 | 406,318,669 | |
Oracle Corp. | 77,826 | 10,989,031 | |
Palo Alto Networks, Inc.(1) | 168,632 | 57,167,934 | |
Salesforce, Inc. | 112,456 | 28,912,438 |
Security | Shares | Value | |
Software (continued) | |||
ServiceNow, Inc.(1) | 63,729 | $ 50,133,693 | |
Workday, Inc., Class A(1) | 35,900 | 8,025,804 | |
$ 662,531,401 | |||
Specialized REITs - 0.2% | |||
CubeSmart | 303,500 | $ 13,709,095 | |
$ 13,709,095 | |||
Specialty Retail - 2.5% | |||
Lowe's Cos., Inc. | 212,443 | $ 46,835,184 | |
O'Reilly Automotive, Inc.(1) | 31,700 | 33,477,102 | |
Ross Stores, Inc. | 139,505 | 20,272,867 | |
TJX Cos., Inc. | 219,657 | 24,184,236 | |
Tractor Supply Co. | 50,157 | 13,542,390 | |
Ulta Beauty, Inc.(1) | 16,927 | 6,531,621 | |
$ 144,843,400 | |||
Technology Hardware, Storage & Peripherals - 7.1% | |||
Apple, Inc. | 1,935,119 | $ 407,574,764 | |
$ 407,574,764 | |||
Textiles, Apparel & Luxury Goods - 0.6% | |||
NIKE, Inc., Class B | 419,131 | $ 31,589,903 | |
$ 31,589,903 | |||
Tobacco - 0.4% | |||
Altria Group, Inc. | 157,274 | $ 7,163,831 | |
Philip Morris International, Inc. | 162,661 | 16,482,439 | |
$ 23,646,270 | |||
Total Common Stocks (identified cost $1,659,213,394) |
$5,707,007,204 |
Short-Term Investments - 0.1% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.22%(2) | 9,391,380 | $ 9,391,380 | |
Total Short-Term Investments (identified cost $9,391,380) |
$ 9,391,380 | ||
Total Investments - 100.0% (identified cost $1,668,604,774) |
$5,716,398,584 | ||
Other Assets, Less Liabilities - (0.0)%(3) | $ (1,674,755) | ||
Net Assets - 100.0% | $5,714,723,829 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of June 30, 2024. |
(3) | Amount is less than (0.05)%. |
Abbreviations: | |
ADR | - American Depositary Receipt |
REITs | - Real Estate Investment Trusts |
June 30, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $1,659,213,394) | $5,707,007,204 |
Affiliated investments, at value (identified cost $9,391,380) | 9,391,380 |
Dividends receivable | 2,038,653 |
Dividends receivable from affiliated investments | 39,422 |
Receivable for investments sold | 4,391,410 |
Tax reclaims receivable | 393,691 |
Receivable from affiliates | 2,895 |
Trustees' deferred compensation plan | 292,138 |
Total assets | $5,723,556,793 |
Liabilities | |
Payable for investments purchased | $5,845,271 |
Payable to affiliates: | |
Investment adviser fee | 1,865,701 |
Trustees' deferred compensation plan | 292,138 |
Accrued expenses | 829,854 |
Total liabilities | $8,832,964 |
Net Assets applicable to investors' interest in Portfolio | $5,714,723,829 |
Six Months Ended | |
June 30, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $226,568) | $30,367,042 |
Dividend income from affiliated investments | 298,009 |
Total investment income | $30,665,051 |
Expenses | |
Investment adviser fee | $10,834,228 |
Trustees' fees and expenses | 27,125 |
Custodian fee | 338,388 |
Professional fees | 265,884 |
Miscellaneous | 135,940 |
Total expenses | $11,601,565 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $117,344 |
Total expense reductions | $117,344 |
Net expenses | $11,484,221 |
Net investment income | $19,180,830 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions(1) | $166,502,630 |
Foreign currency transactions | (3,581) |
Net realized gain | $166,499,049 |
Change in unrealized appreciation (depreciation): | |
Investments | $665,742,622 |
Foreign currency | (18,918) |
Net change in unrealized appreciation (depreciation) | $665,723,704 |
Net realized and unrealized gain | $832,222,753 |
Net increase in net assets from operations | $851,403,583 |
(1) | Aggregate amount includes $98,711,497 of net realized gains from redemptions in-kind. |
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, 2023 |
|
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $19,180,830 | $52,994,979 |
Net realized gain | 166,499,049 | 59,644,550 |
Net change in unrealized appreciation (depreciation) | 665,723,704 | 2,155,004,517 |
Net increase in net assets from operations | $851,403,583 | $2,267,644,046 |
Capital transactions: | ||
Contributions | $9,622,139 | $90,713,310 |
Withdrawals | (181,173,278) | (27,916,548,380) |
Net decrease in net assets from capital transactions | $(171,551,139) | $(27,825,835,070) |
Net increase (decrease) in net assets | $679,852,444 | $(25,558,191,024) |
Net Assets | ||
At beginning of period | $5,034,871,385 | $30,593,062,409 |
At end of period | $5,714,723,829 | $5,034,871,385 |
Six Months Ended June 30, 2024 (Unaudited) |
Year Ended December 31, | |||||
Ratios/Supplemental Data | 2023 | 2022 | 2021 | 2020 | 2019 | |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses | 0.43%(1)(2)(3) | 0.43%(2)(3) | 0.43%(3) | 0.43% | 0.44% | 0.45% |
Net investment income | 0.72%(1) | 0.95% | 0.93% | 0.69% | 1.07% | 1.28% |
Portfolio Turnover(4) | 4%(5) | 7% | 3% | 1% | 1% | 1% |
Total Return | 17.19%(5) | 28.67% | (19.86)% | 25.05% | 23.42% | 29.87% |
Net assets, end of period (000's omitted) | $5,714,724 | $5,034,871 | $30,593,062 | $37,312,610 | $27,986,714 | $22,013,353 |
(1) | Annualized. |
(2) | The investment adviser reimbursed certain operating expenses (equal to less than 0.005% and 0.02% of average daily net assets for the six months ended June 30, 2024 and the year ended December 31, 2023, respectively). Absent this reimbursement, total return would be lower. |
(3) | Includes a reduction by the investment adviser of a portion of its 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 six months ended June 30, 2024 and the years ended December 31, 2023 and 2022). |
(4) | Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. |
(5) | Not annualized. |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.5575% |
$500 million but less than $1 billion | 0.4950% |
$1 billion but less than $1.5 billion | 0.4325% |
$1.5 billion but less than $7 billion | 0.3700% |
$7 billion but less than $10 billion | 0.3575% |
$10 billion but less than $15 billion | 0.3450% |
$15 billion but less than $20 billion | 0.3325% |
$20 billion but less than $25 billion | 0.3225% |
$25 billion but less than $30 billion | 0.3125% |
$30 billion but less than $35 billion | 0.3020% |
$35 billion but less than $45 billion | 0.2970% |
$45 billion and over | 0.2920% |
Aggregate cost | $1,841,361,980 |
Gross unrealized appreciation | $3,875,464,022 |
Gross unrealized depreciation | (427,418) |
Net unrealized appreciation | $3,875,036,604 |
Name |
Value, beginning of period |
Purchases |
Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $2,564,731 | $91,834,104 | $(85,007,455) | $ - | $ - | $9,391,380 | $298,009 | 9,391,380 |
• | Level 1 - quoted prices in active markets for identical investments |
• | Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 - significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $5,707,007,204* | $ - | $ - | $5,707,007,204 |
Short-Term Investments | 9,391,380 | - | - | 9,391,380 |
Total Investments | $ 5,716,398,584 | $ - | $ - | $5,716,398,584 |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Item 8. Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-EndManagement Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 7 of this Form N-CSR.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies
Not applicable.
Item 13. Portfolio Managers of Closed-EndManagement Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
No material changes.
Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-EndManagement Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
(a)(1) |
Registrant's Code of Ethics - Not applicable (please see Item 2). | |
(a)(2)(i) |
Principal Financial Officer's Section 302 certification. | |
(a)(2)(ii) |
Principal Executive Officer's Section 302 certification. | |
(b) |
Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Tax-ManagedGrowth Portfolio |
||
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. |
||
Principal Executive Officer |
||
Date: |
August 23, 2024 |
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 |
||
Principal Financial Officer |
||
Date: |
August 23, 2024 |
|
By: | /s/ R. Kelly Williams, Jr. | |
R. Kelly Williams, Jr. |
||
Principal Executive Officer |
||
Date: |
August 23, 2024 |