10/23/2024 | Press release | Distributed by Public on 10/23/2024 12:16
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: 811-01241
Eaton Vance Growth Trust
(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)
February 28
Date of Fiscal Year End
August 31, 2024
Date of Reporting Period
Item 1. Reports to Stockholders
(a)
Semi-Annual Shareholder Report August 31, 2024
This semi-annual shareholder report contains important information about the Eaton Vance Focused Growth Opportunities Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class A
|
$56
|
1.05%
|
Total Net Assets
|
$209,202,276
|
# of Portfolio Holdings
|
37
|
Portfolio Turnover Rate
|
13%
|
The following tables reflect what the Fund invested in as of the report date.
Value
|
Value
|
Real Estate
|
0.5%
|
Short-Term Investments
|
1.7%
|
Consumer Staples
|
3.9%
|
Financials
|
5.5%
|
Industrials
|
8.1%
|
Health Care
|
9.9%
|
Consumer Discretionary
|
11.6%
|
Communication Services
|
13.3%
|
Information Technology
|
45.5%
|
NVIDIA Corp.
|
11.8%
|
Microsoft Corp.
|
9.5%
|
Apple, Inc.
|
9.1%
|
Amazon.com, Inc.
|
6.6%
|
Alphabet, Inc., Class C
|
6.1%
|
Meta Platforms, Inc., Class A
|
4.2%
|
Eli Lilly & Co.
|
3.8%
|
TJX Cos., Inc.
|
3.4%
|
Netflix, Inc.
|
3.0%
|
Broadcom, Inc.
|
2.7%
|
Total
|
60.2%
|
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.php. For proxy information, please visit www.eatonvance.com/proxyvoting.
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Semi-Annual Shareholder Report August 31, 2024
EAFGX-TSR-SAR
Semi-Annual Shareholder Report August 31, 2024
This semi-annual shareholder report contains important information about the Eaton Vance Focused Growth Opportunities Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class C
|
$96
|
1.80%
|
Total Net Assets
|
$209,202,276
|
# of Portfolio Holdings
|
37
|
Portfolio Turnover Rate
|
13%
|
The following tables reflect what the Fund invested in as of the report date.
Value
|
Value
|
Real Estate
|
0.5%
|
Short-Term Investments
|
1.7%
|
Consumer Staples
|
3.9%
|
Financials
|
5.5%
|
Industrials
|
8.1%
|
Health Care
|
9.9%
|
Consumer Discretionary
|
11.6%
|
Communication Services
|
13.3%
|
Information Technology
|
45.5%
|
NVIDIA Corp.
|
11.8%
|
Microsoft Corp.
|
9.5%
|
Apple, Inc.
|
9.1%
|
Amazon.com, Inc.
|
6.6%
|
Alphabet, Inc., Class C
|
6.1%
|
Meta Platforms, Inc., Class A
|
4.2%
|
Eli Lilly & Co.
|
3.8%
|
TJX Cos., Inc.
|
3.4%
|
Netflix, Inc.
|
3.0%
|
Broadcom, Inc.
|
2.7%
|
Total
|
60.2%
|
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.php. For proxy information, please visit www.eatonvance.com/proxyvoting.
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Semi-Annual Shareholder Report August 31, 2024
ECFGX-TSR-SAR
Semi-Annual Shareholder Report August 31, 2024
This semi-annual shareholder report contains important information about the Eaton Vance Focused Growth Opportunities Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class I
|
$43
|
0.80%
|
Total Net Assets
|
$209,202,276
|
# of Portfolio Holdings
|
37
|
Portfolio Turnover Rate
|
13%
|
The following tables reflect what the Fund invested in as of the report date.
Value
|
Value
|
Real Estate
|
0.5%
|
Short-Term Investments
|
1.7%
|
Consumer Staples
|
3.9%
|
Financials
|
5.5%
|
Industrials
|
8.1%
|
Health Care
|
9.9%
|
Consumer Discretionary
|
11.6%
|
Communication Services
|
13.3%
|
Information Technology
|
45.5%
|
NVIDIA Corp.
|
11.8%
|
Microsoft Corp.
|
9.5%
|
Apple, Inc.
|
9.1%
|
Amazon.com, Inc.
|
6.6%
|
Alphabet, Inc., Class C
|
6.1%
|
Meta Platforms, Inc., Class A
|
4.2%
|
Eli Lilly & Co.
|
3.8%
|
TJX Cos., Inc.
|
3.4%
|
Netflix, Inc.
|
3.0%
|
Broadcom, Inc.
|
2.7%
|
Total
|
60.2%
|
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.php. For proxy information, please visit www.eatonvance.com/proxyvoting.
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Semi-Annual Shareholder Report August 31, 2024
EIFGX-TSR-SAR
Semi-Annual Shareholder Report August 31, 2024
This semi-annual shareholder report contains important information about the Eaton Vance Focused Value Opportunities Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class A
|
$52
|
0.99%
|
Total Net Assets
|
$278,074,072
|
# of Portfolio Holdings
|
37
|
Portfolio Turnover Rate
|
39%
|
The following tables reflect what the Fund invested in as of the report date.
Value
|
Value
|
Short-Term Investments
|
2.8%
|
Consumer Discretionary
|
3.2%
|
Communication Services
|
4.3%
|
Real Estate
|
5.5%
|
Energy
|
6.1%
|
Materials
|
6.4%
|
Utilities
|
6.9%
|
Consumer Staples
|
7.5%
|
Information Technology
|
7.8%
|
Industrials
|
15.9%
|
Health Care
|
16.7%
|
Financials
|
16.9%
|
NextEra Energy, Inc.
|
4.3%
|
Reinsurance Group of America, Inc.
|
3.9%
|
AbbVie, Inc.
|
3.9%
|
ConocoPhillips
|
3.6%
|
Thermo Fisher Scientific, Inc.
|
3.6%
|
Hasbro, Inc.
|
3.2%
|
Johnson Controls International PLC
|
3.0%
|
Mid-America Apartment Communities, Inc.
|
2.9%
|
3M Co.
|
2.8%
|
Westinghouse Air Brake Technologies Corp.
|
2.8%
|
Total
|
34.0%
|
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.php. For proxy information, please visit www.eatonvance.com/proxyvoting.
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Semi-Annual Shareholder Report August 31, 2024
EAFVX-TSR-SAR
Semi-Annual Shareholder Report August 31, 2024
This semi-annual shareholder report contains important information about the Eaton Vance Focused Value Opportunities Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class C
|
$92
|
1.74%
|
Total Net Assets
|
$278,074,072
|
# of Portfolio Holdings
|
37
|
Portfolio Turnover Rate
|
39%
|
The following tables reflect what the Fund invested in as of the report date.
Value
|
Value
|
Short-Term Investments
|
2.8%
|
Consumer Discretionary
|
3.2%
|
Communication Services
|
4.3%
|
Real Estate
|
5.5%
|
Energy
|
6.1%
|
Materials
|
6.4%
|
Utilities
|
6.9%
|
Consumer Staples
|
7.5%
|
Information Technology
|
7.8%
|
Industrials
|
15.9%
|
Health Care
|
16.7%
|
Financials
|
16.9%
|
NextEra Energy, Inc.
|
4.3%
|
Reinsurance Group of America, Inc.
|
3.9%
|
AbbVie, Inc.
|
3.9%
|
ConocoPhillips
|
3.6%
|
Thermo Fisher Scientific, Inc.
|
3.6%
|
Hasbro, Inc.
|
3.2%
|
Johnson Controls International PLC
|
3.0%
|
Mid-America Apartment Communities, Inc.
|
2.9%
|
3M Co.
|
2.8%
|
Westinghouse Air Brake Technologies Corp.
|
2.8%
|
Total
|
34.0%
|
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.php. For proxy information, please visit www.eatonvance.com/proxyvoting.
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Semi-Annual Shareholder Report August 31, 2024
ECFVX-TSR-SAR
Semi-Annual Shareholder Report August 31, 2024
This semi-annual shareholder report contains important information about the Eaton Vance Focused Value Opportunities Fund for the period of March 1, 2024 to August 31, 2024. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.
(based on a hypothetical $10,000 investment)
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class I
|
$39
|
0.74%
|
Total Net Assets
|
$278,074,072
|
# of Portfolio Holdings
|
37
|
Portfolio Turnover Rate
|
39%
|
The following tables reflect what the Fund invested in as of the report date.
Value
|
Value
|
Short-Term Investments
|
2.8%
|
Consumer Discretionary
|
3.2%
|
Communication Services
|
4.3%
|
Real Estate
|
5.5%
|
Energy
|
6.1%
|
Materials
|
6.4%
|
Utilities
|
6.9%
|
Consumer Staples
|
7.5%
|
Information Technology
|
7.8%
|
Industrials
|
15.9%
|
Health Care
|
16.7%
|
Financials
|
16.9%
|
NextEra Energy, Inc.
|
4.3%
|
Reinsurance Group of America, Inc.
|
3.9%
|
AbbVie, Inc.
|
3.9%
|
ConocoPhillips
|
3.6%
|
Thermo Fisher Scientific, Inc.
|
3.6%
|
Hasbro, Inc.
|
3.2%
|
Johnson Controls International PLC
|
3.0%
|
Mid-America Apartment Communities, Inc.
|
2.9%
|
3M Co.
|
2.8%
|
Westinghouse Air Brake Technologies Corp.
|
2.8%
|
Total
|
34.0%
|
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.php. For proxy information, please visit www.eatonvance.com/proxyvoting.
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.
Not FDIC Insured | May Lose Value | No Bank Guarantee
Semi-Annual Shareholder Report August 31, 2024
EIFVX-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
Table of Contents | |
Portfolio of Investments | 1 |
Statement of Assets and Liabilities | 3 |
Statement of Operations | 4 |
Statements of Changes in Net Assets | 5 |
Financial Highlights | 6 |
Notes to Financial Statements | 9 |
Board of Trustees' Contract Approval | 15 |
Common Stocks - 98.6% |
Security | Shares | Value | |
Biotechnology - 1.3% | |||
AbbVie, Inc. | 13,718 | $ 2,692,981 | |
$ 2,692,981 | |||
Broadline Retail - 6.6% | |||
Amazon.com, Inc.(1) | 77,025 | $ 13,748,963 | |
$ 13,748,963 | |||
Capital Markets - 4.3% | |||
Blue Owl Capital, Inc. | 97,588 | $ 1,721,452 | |
S&P Global, Inc. | 6,752 | 3,465,396 | |
Tradeweb Markets, Inc., Class A | 32,169 | 3,803,663 | |
$ 8,990,511 | |||
Commercial Services & Supplies - 2.5% | |||
Copart, Inc.(1) | 34,150 | $ 1,808,584 | |
Waste Connections, Inc. | 18,188 | 3,392,062 | |
$ 5,200,646 | |||
Consumer Staples Distribution & Retail - 3.9% | |||
BJ's Wholesale Club Holdings, Inc.(1) | 50,996 | $ 4,077,640 | |
Walmart, Inc. | 53,142 | 4,104,157 | |
$ 8,181,797 | |||
Electrical Equipment - 1.7% | |||
AMETEK, Inc. | 21,335 | $ 3,649,352 | |
$ 3,649,352 | |||
Entertainment - 3.0% | |||
Netflix, Inc.(1) | 9,083 | $ 6,370,362 | |
$ 6,370,362 | |||
Financial Services - 1.2% | |||
Shift4 Payments, Inc., Class A(1)(2) | 30,994 | $ 2,575,601 | |
$ 2,575,601 | |||
Ground Transportation - 1.9% | |||
Uber Technologies, Inc.(1) | 55,116 | $ 4,030,633 | |
$ 4,030,633 |
Security | Shares | Value | |
Health Care Equipment & Supplies - 1.5% | |||
Intuitive Surgical, Inc.(1) | 6,169 | $ 3,039,034 | |
$ 3,039,034 | |||
Interactive Media & Services - 10.3% | |||
Alphabet, Inc., Class C | 77,830 | $ 12,850,512 | |
Meta Platforms, Inc., Class A | 16,778 | 8,746,539 | |
$ 21,597,051 | |||
IT Services - 1.7% | |||
Gartner, Inc.(1) | 7,122 | $ 3,503,739 | |
$ 3,503,739 | |||
Life Sciences Tools & Services - 1.6% | |||
Thermo Fisher Scientific, Inc. | 5,325 | $ 3,275,248 | |
$ 3,275,248 | |||
Pharmaceuticals - 5.6% | |||
Eli Lilly & Co. | 8,282 | $ 7,950,885 | |
Merck & Co., Inc. | 31,335 | 3,711,631 | |
$ 11,662,516 | |||
Professional Services - 2.0% | |||
TransUnion | 42,183 | $ 4,083,736 | |
$ 4,083,736 | |||
Real Estate Management & Development - 0.5% | |||
CoStar Group, Inc.(1) | 14,222 | $ 1,099,361 | |
$ 1,099,361 | |||
Semiconductors & Semiconductor Equipment - 17.7% | |||
Analog Devices, Inc. | 12,984 | $ 3,049,162 | |
Broadcom, Inc. | 35,430 | 5,768,713 | |
Lam Research Corp. | 4,197 | 3,445,779 | |
NVIDIA Corp. | 207,732 | 24,796,969 | |
$ 37,060,623 | |||
Software - 17.1% | |||
Adobe, Inc.(1) | 9,085 | $ 5,218,515 | |
Fair Isaac Corp.(1) | 1,988 | 3,439,777 | |
Fortinet, Inc.(1) | 32,151 | 2,466,303 | |
Intuit, Inc. | 7,592 | 4,784,934 | |
Microsoft Corp. | 47,712 | 19,902,583 | |
$ 35,812,112 |
Security | Shares | Value | |
Specialty Retail - 4.6% | |||
Burlington Stores, Inc.(1) | 9,706 | $ 2,603,537 | |
TJX Cos., Inc. | 59,818 | 7,014,857 | |
$ 9,618,394 | |||
Technology Hardware, Storage & Peripherals - 9.2% | |||
Apple, Inc. | 83,853 | $ 19,202,337 | |
$ 19,202,337 | |||
Textiles, Apparel & Luxury Goods - 0.4% | |||
NIKE, Inc., Class B | 11,119 | $ 926,435 | |
$ 926,435 | |||
Total Common Stocks (identified cost $98,102,579) |
$206,321,432 |
Short-Term Investments - 1.7% |
Affiliated Fund - 1.5% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.19%(3) | 3,023,970 | $ 3,023,970 | |
Total Affiliated Fund (identified cost $3,023,970) |
$ 3,023,970 |
Securities Lending Collateral - 0.2% |
Security | Shares | Value | |
State Street Navigator Securities Lending Government Money Market Portfolio, 5.29%(4) | 495,264 | $ 495,264 | |
Total Securities Lending Collateral (identified cost $495,264) |
$ 495,264 | ||
Total Short-Term Investments (identified cost $3,519,234) |
$ 3,519,234 | ||
Total Investments - 100.3% (identified cost $101,621,813) |
$209,840,666 | ||
Other Assets, Less Liabilities - (0.3)% | $ (638,390) | ||
Net Assets - 100.0% | $209,202,276 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | All or a portion of this security was on loan at August 31, 2024. The aggregate market value of securities on loan at August 31, 2024 was $2,549,840. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of August 31, 2024. |
(4) | Represents investment of cash collateral received in connection with securities lending. |
August 31, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $98,597,843) - including $2,549,840 of securities on loan | $206,816,696 |
Affiliated investments, at value (identified cost $3,023,970) | 3,023,970 |
Dividends receivable | 91,068 |
Dividends receivable from affiliated investments | 12,513 |
Receivable for Fund shares sold | 60,206 |
Securities lending income receivable | 503 |
Tax reclaims receivable | 11,655 |
Receivable from affiliates | 1,393 |
Trustees' deferred compensation plan | 16,533 |
Total assets | $210,034,537 |
Liabilities | |
Collateral for securities loaned | $495,264 |
Payable for Fund shares redeemed | 115,806 |
Payable to affiliates: | |
Investment adviser and administration fee | 111,943 |
Distribution and service fees | 14,547 |
Trustees' deferred compensation plan | 16,533 |
Accrued expenses | 78,168 |
Total liabilities | $832,261 |
Net Assets | $209,202,276 |
Sources of Net Assets | |
Paid-in capital | $89,737,327 |
Distributable earnings | 119,464,949 |
Net Assets | $209,202,276 |
Class A Shares | |
Net Assets | $35,330,442 |
Shares Outstanding | 1,315,860 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$26.85 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$28.34 |
Class C Shares | |
Net Assets | $8,731,975 |
Shares Outstanding | 385,596 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$22.65 |
Class I Shares | |
Net Assets | $165,139,859 |
Shares Outstanding | 5,883,254 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$28.07 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended | |
August 31, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $1,557) | $494,509 |
Dividend income from affiliated investments | 82,839 |
Securities lending income, net | 1,751 |
Total investment income | $579,099 |
Expenses | |
Investment adviser and administration fee | $649,529 |
Distribution and service fees: | |
Class A | 41,985 |
Class C | 42,783 |
Trustees' fees and expenses | 6,709 |
Custodian fee | 27,240 |
Transfer and dividend disbursing agent fees | 39,928 |
Legal and accounting services | 26,624 |
Printing and postage | 6,528 |
Registration fees | 25,748 |
ReFlow liquidity program fees | 8,266 |
Miscellaneous | 7,421 |
Total expenses | $882,761 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $3,683 |
Total expense reductions | $3,683 |
Net expenses | $879,078 |
Net investment loss | $(299,979) |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $10,796,063(1) |
Foreign currency transactions | (14) |
Net realized gain | $10,796,049 |
Change in unrealized appreciation (depreciation): | |
Investments | $12,946,639 |
Net change in unrealized appreciation (depreciation) | $12,946,639 |
Net realized and unrealized gain | $23,742,688 |
Net increase in net assets from operations | $23,442,709 |
(1) | Includes $3,394,853 of net realized gains from redemptions in-kind. |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
|
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment loss | $(299,979) | $(369,192) |
Net realized gain | 10,796,049(1) | 16,529,003(2) |
Net change in unrealized appreciation (depreciation) | 12,946,639 | 48,975,346 |
Net increase in net assets from operations | $23,442,709 | $65,135,157 |
Distributions to shareholders: | ||
Class A | $- | $(783,459) |
Class C | - | (275,331) |
Class I | - | (3,615,982) |
Total distributions to shareholders | $- | $(4,674,772) |
Transactions in shares of beneficial interest: | ||
Class A | $(391,601) | $(3,739,430) |
Class C | (619,992) | (2,914,278) |
Class I | (3,310,586) | 16,022,943 |
Net increase (decrease) in net assets from Fund share transactions | $(4,322,179) | $9,369,235 |
Net increase in net assets | $19,120,530 | $69,829,620 |
Net Assets | ||
At beginning of period | $190,081,746 | $120,252,126 |
At end of period | $209,202,276 | $190,081,746 |
(1) | Includes $3,394,853 of net realized gains from redemptions in-kind. |
(2) | Includes $9,318,945 of net realized gains from redemptions in-kind. |
Class A | ||||||
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Year Ended February 28, |
Year Ended February 29, 2020 |
|||
2023 | 2022 | 2021 | ||||
Net asset value - Beginning of period | $23.89 | $16.26 | $26.40 | $31.15 | $21.70 | $21.51 |
Income (Loss) From Operations | ||||||
Net investment loss(1) | $(0.06) | $(0.08) | $(0.04) | $(0.09) | $(0.10) | $(0.05) |
Net realized and unrealized gain (loss) | 3.02 | 8.32 | (4.85) | 0.36 | 12.26 | 1.43 |
Total income (loss) from operations | $2.96 | $8.24 | $(4.89) | $0.27 | $12.16 | $1.38 |
Less Distributions | ||||||
From net realized gain | $- | $(0.61) | $(5.25) | $(5.02) | $(2.71) | $(1.19) |
Total distributions | $- | $(0.61) | $(5.25) | $(5.02) | $(2.71) | $(1.19) |
Net asset value - End of period | $26.85 | $23.89 | $16.26 | $26.40 | $31.15 | $21.70 |
Total Return(2) | 12.39%(3) | 51.23% | (18.71)% | (0.97)% | 57.19% | 6.35% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000's omitted) | $35,330 | $31,801 | $25,228 | $43,385 | $48,290 | $35,678 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.05%(5) | 1.09% | 1.09% | 1.01% | 1.03% | 1.03% |
Net expenses | 1.05%(5)(6) | 1.07%(6) | 1.09%(6) | 1.01% | 1.03% | 1.03% |
Net investment loss | (0.46)%(5) | (0.39)% | (0.21)% | (0.28)% | (0.38)% | (0.23)% |
Portfolio Turnover | 13%(3) | 26% | 30% | 39% | 59% | 73% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(3) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended August 31, 2024 and the years ended February 29, 2024 and February 28, 2023). |
Class C | ||||||
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Year Ended February 28, |
Year Ended February 29, 2020 |
|||
2023 | 2022 | 2021 | ||||
Net asset value - Beginning of period | $20.22 | $13.94 | $23.72 | $28.48 | $20.15 | $20.20 |
Income (Loss) From Operations | ||||||
Net investment loss(1) | $(0.13) | $(0.19) | $(0.18) | $(0.30) | $(0.28) | $(0.20) |
Net realized and unrealized gain (loss) | 2.56 | 7.08 | (4.35) | 0.38 | 11.32 | 1.34 |
Total income (loss) from operations | $2.43 | $6.89 | $(4.53) | $0.08 | $11.04 | $1.14 |
Less Distributions | ||||||
From net realized gain | $- | $(0.61) | $(5.25) | $(4.84) | $(2.71) | $(1.19) |
Total distributions | $- | $(0.61) | $(5.25) | $(4.84) | $(2.71) | $(1.19) |
Net asset value - End of period | $22.65 | $20.22 | $13.94 | $23.72 | $28.48 | $20.15 |
Total Return(2) | 11.96%(3) | 50.14% | (19.34)% | (1.68)% | 56.00% | 5.56% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000's omitted) | $8,732 | $8,410 | $8,250 | $15,700 | $19,242 | $15,532 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 1.80%(5) | 1.84% | 1.84% | 1.76% | 1.78% | 1.78% |
Net expenses | 1.80%(5)(6) | 1.82%(6) | 1.84%(6) | 1.76% | 1.78% | 1.78% |
Net investment loss | (1.21)%(5) | (1.14)% | (0.96)% | (1.03)% | (1.13)% | (0.98)% |
Portfolio Turnover | 13%(3) | 26% | 30% | 39% | 59% | 73% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(3) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended August 31, 2024 and the years ended February 29, 2024 and February 28, 2023). |
Class I | ||||||
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Year Ended February 28, |
Year Ended February 29, 2020 |
|||
2023 | 2022 | 2021 | ||||
Net asset value - Beginning of period | $24.94 | $16.91 | $27.15 | $31.88 | $22.12 | $21.84 |
Income (Loss) From Operations | ||||||
Net investment income (loss)(1) | $(0.03) | $(0.03) | $0.01 | $(0.01) | $(0.03) | $0.01 |
Net realized and unrealized gain (loss) | 3.16 | 8.67 | (5.00) | 0.37 | 12.50 | 1.46 |
Total income (loss) from operations | $3.13 | $8.64 | $(4.99) | $0.36 | $12.47 | $1.47 |
Less Distributions | ||||||
From net investment income | $- | $- | $- | $(0.06) | $- | $- |
From net realized gain | - | (0.61) | (5.25) | (5.03) | (2.71) | (1.19) |
Total distributions | $- | $(0.61) | $(5.25) | $(5.09) | $(2.71) | $(1.19) |
Net asset value - End of period | $28.07 | $24.94 | $16.91 | $27.15 | $31.88 | $22.12 |
Total Return(2) | 12.55%(3) | 51.63% | (18.56)% | (0.68)% | 57.52% | 6.67% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000's omitted) | $165,140 | $149,871 | $86,774 | $144,352 | $258,365 | $200,167 |
Ratios (as a percentage of average daily net assets):(4) | ||||||
Total expenses | 0.80%(5) | 0.84% | 0.84% | 0.76% | 0.78% | 0.78% |
Net expenses | 0.80%(5)(6) | 0.82%(6) | 0.84%(6) | 0.76% | 0.78% | 0.78% |
Net investment income (loss) | (0.22)%(5) | (0.14)% | 0.04% | (0.03)% | (0.13)% | 0.02% |
Portfolio Turnover | 13%(3) | 26% | 30% | 39% | 59% | 73% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | Not annualized. |
(4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended August 31, 2024 and the years ended February 29, 2024 and February 28, 2023). |
Aggregate cost | $101,787,175 |
Gross unrealized appreciation | $109,093,583 |
Gross unrealized depreciation | (1,040,092) |
Net unrealized appreciation | $108,053,491 |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.650% |
$500 million but less than $1 billion | 0.625% |
$1 billion but less than $2.5 billion | 0.600% |
$2.5 billion but less than $5 billion | 0.580% |
$5 billion and over | 0.565% |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 64,432 | $ 1,616,531 | 215,846 | $ 4,288,836 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | - | - | 35,350 | 732,816 | |
Redemptions | (79,768) | (2,008,132) | (471,607) | (8,761,082) | |
Net decrease | (15,336) | $ (391,601) | (220,411) | $(3,739,430) | |
Class C | |||||
Sales | 28,272 | $ 604,938 | 74,127 | $ 1,269,304 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | - | - | 15,601 | 274,266 | |
Redemptions | (58,497) | (1,224,930) | (265,717) | (4,457,848) | |
Net decrease | (30,225) | $ (619,992) | (175,989) | $(2,914,278) | |
Class I | |||||
Sales | 486,504 | $12,771,177 | 2,717,369 | $52,827,394 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | - | - | 165,182 | 3,574,535 | |
Redemptions | (611,897) | (16,081,763) | (2,004,061) | (40,378,986) | |
Net increase (decrease) | (125,393) | $(3,310,586) | 878,490 | $16,022,943 |
Remaining Contractual Maturity of the Transactions | |||||
Overnight and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
Common Stocks | $495,264 | $ - | $ - | $ - | $495,264 |
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 | $2,434,718 | $5,591,218 | $(5,001,966) | $ - | $ - | $3,023,970 | $82,839 | 3,023,970 |
• | 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 | $206,321,432* | $ - | $ - | $206,321,432 |
Short-Term Investments: | ||||
Affiliated Fund | 3,023,970 | - | - | 3,023,970 |
Securities Lending Collateral | 495,264 | - | - | 495,264 |
Total Investments | $ 209,840,666 | $ - | $ - | $209,840,666 |
* | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
Table of Contents | |
Portfolio of Investments | 1 |
Statement of Assets and Liabilities | 3 |
Statement of Operations | 4 |
Statements of Changes in Net Assets | 5 |
Financial Highlights | 6 |
Notes to Financial Statements | 9 |
Board of Trustees' Contract Approval | 14 |
Common Stocks - 96.8% |
Security | Shares | Value | |
Aerospace & Defense - 2.5% | |||
Huntington Ingalls Industries, Inc. | 24,330 | $ 6,879,794 | |
$ 6,879,794 | |||
Banks - 5.4% | |||
M&T Bank Corp. | 42,547 | $ 7,322,764 | |
Wells Fargo & Co. | 131,379 | 7,681,730 | |
$ 15,004,494 | |||
Beverages - 2.5% | |||
Constellation Brands, Inc., Class A | 29,175 | $ 7,022,714 | |
$ 7,022,714 | |||
Biotechnology - 3.8% | |||
AbbVie, Inc. | 54,485 | $ 10,695,950 | |
$ 10,695,950 | |||
Building Products - 3.0% | |||
Johnson Controls International PLC | 113,351 | $ 8,257,620 | |
$ 8,257,620 | |||
Capital Markets - 5.0% | |||
Charles Schwab Corp. | 119,806 | $ 7,799,370 | |
Interactive Brokers Group, Inc., Class A | 48,440 | 6,243,432 | |
$ 14,042,802 | |||
Chemicals - 1.6% | |||
FMC Corp. | 66,762 | $ 4,311,490 | |
$ 4,311,490 | |||
Consumer Staples Distribution & Retail - 2.4% | |||
BJ's Wholesale Club Holdings, Inc.(1) | 81,925 | $ 6,550,723 | |
$ 6,550,723 | |||
Containers & Packaging - 2.6% | |||
Ball Corp. | 112,554 | $ 7,182,071 | |
$ 7,182,071 | |||
Electric Utilities - 4.2% | |||
NextEra Energy, Inc. | 146,391 | $ 11,785,939 | |
$ 11,785,939 |
Security | Shares | Value | |
Electrical Equipment - 2.6% | |||
Emerson Electric Co. | 67,886 | $ 7,154,506 | |
$ 7,154,506 | |||
Electronic Equipment, Instruments & Components - 2.7% | |||
Zebra Technologies Corp., Class A(1) | 21,889 | $ 7,560,023 | |
$ 7,560,023 | |||
Energy Equipment & Services - 2.5% | |||
Schlumberger NV | 159,951 | $ 7,036,245 | |
$ 7,036,245 | |||
Entertainment - 2.7% | |||
Walt Disney Co. | 81,569 | $ 7,372,206 | |
$ 7,372,206 | |||
Household Products - 2.6% | |||
Clorox Co. | 45,920 | $ 7,269,595 | |
$ 7,269,595 | |||
Industrial Conglomerates - 2.8% | |||
3M Co. | 58,422 | $ 7,868,859 | |
$ 7,868,859 | |||
Insurance - 6.4% | |||
American International Group, Inc. | 90,813 | $ 6,997,142 | |
Reinsurance Group of America, Inc. | 48,767 | 10,765,803 | |
$ 17,762,945 | |||
Interactive Media & Services - 1.6% | |||
Alphabet, Inc., Class A | 27,217 | $ 4,446,713 | |
$ 4,446,713 | |||
Leisure Products - 3.2% | |||
Hasbro, Inc. | 128,944 | $ 8,788,823 | |
$ 8,788,823 | |||
Life Sciences Tools & Services - 5.8% | |||
Mettler-Toledo International, Inc.(1) | 4,311 | $ 6,203,874 | |
Thermo Fisher Scientific, Inc. | 15,943 | 9,806,061 | |
$ 16,009,935 | |||
Machinery - 2.8% | |||
Westinghouse Air Brake Technologies Corp. | 46,089 | $ 7,815,312 | |
$ 7,815,312 |
Security | Shares | Value | |
Metals & Mining - 2.2% | |||
Alcoa Corp. | 192,253 | $ 6,171,321 | |
$ 6,171,321 | |||
Multi-Utilities - 2.6% | |||
CMS Energy Corp. | 106,888 | $ 7,253,420 | |
$ 7,253,420 | |||
Oil, Gas & Consumable Fuels - 3.5% | |||
ConocoPhillips | 86,563 | $ 9,850,004 | |
$ 9,850,004 | |||
Pharmaceuticals - 7.1% | |||
Bristol-Myers Squibb Co. | 135,189 | $ 6,752,691 | |
Sanofi SA ADR | 119,446 | 6,720,032 | |
Zoetis, Inc. | 33,804 | 6,202,696 | |
$ 19,675,419 | |||
Professional Services - 2.2% | |||
Robert Half, Inc. | 98,580 | $ 6,178,009 | |
$ 6,178,009 | |||
Residential REITs - 5.5% | |||
Invitation Homes, Inc. | 199,311 | $ 7,342,617 | |
Mid-America Apartment Communities, Inc. | 48,829 | 7,928,365 | |
$ 15,270,982 | |||
Semiconductors & Semiconductor Equipment - 5.0% | |||
Micron Technology, Inc. | 74,848 | $ 7,203,372 | |
ON Semiconductor Corp.(1) | 86,921 | 6,768,538 | |
$ 13,971,910 | |||
Total Common Stocks (identified cost $213,831,099) |
$269,189,824 |
Short-Term Investments - 2.8% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.19%(2) | 7,808,223 | $ 7,808,223 | |
Total Short-Term Investments (identified cost $7,808,223) |
$ 7,808,223 | ||
Total Investments - 99.6% (identified cost $221,639,322) |
$276,998,047 | ||
Other Assets, Less Liabilities - 0.4% | $ 1,076,025 | ||
Net Assets - 100.0% | $278,074,072 |
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 August 31, 2024. |
Abbreviations: | |
ADR | - American Depositary Receipt |
REITs | - Real Estate Investment Trusts |
August 31, 2024 | |
Assets | |
Unaffiliated investments, at value (identified cost $213,831,099) | $269,189,824 |
Affiliated investments, at value (identified cost $7,808,223) | 7,808,223 |
Dividends receivable | 484,749 |
Dividends receivable from affiliated investments | 23,883 |
Receivable for investments sold | 686,042 |
Receivable for Fund shares sold | 249,135 |
Receivable from affiliates | 21,521 |
Trustees' deferred compensation plan | 10,807 |
Total assets | $278,474,184 |
Liabilities | |
Payable for Fund shares redeemed | $119,377 |
Payable to affiliates: | |
Investment adviser and administration fee | 148,623 |
Distribution and service fees | 9,109 |
Trustees' deferred compensation plan | 10,807 |
Payable for custodian fee | 30,547 |
Payable for transfer and dividend disbursing agent fees | 24,750 |
Payable for legal and accounting services | 27,207 |
Accrued expenses | 29,692 |
Total liabilities | $400,112 |
Net Assets | $278,074,072 |
Sources of Net Assets | |
Paid-in capital | $207,447,349 |
Distributable earnings | 70,626,723 |
Net Assets | $278,074,072 |
Class A Shares | |
Net Assets | $16,754,716 |
Shares Outstanding | 798,590 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$20.98 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$22.14 |
Class C Shares | |
Net Assets | $6,813,825 |
Shares Outstanding | 336,828 |
Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$20.23 |
Class I Shares | |
Net Assets | $254,505,531 |
Shares Outstanding | 12,050,123 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$21.12 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. | |
* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |
Six Months Ended | |
August 31, 2024 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $11,630) | $2,698,413 |
Dividend income from affiliated investments | 105,665 |
Total investment income | $2,804,078 |
Expenses | |
Investment adviser and administration fee | $903,115 |
Distribution and service fees: | |
Class A | 20,733 |
Class C | 32,928 |
Trustees' fees and expenses | 8,791 |
Custodian fee | 41,612 |
Transfer and dividend disbursing agent fees | 63,600 |
Legal and accounting services | 28,940 |
Printing and postage | 7,664 |
Registration fees | 25,252 |
ReFlow liquidity program fees | 20,909 |
Miscellaneous | 12,445 |
Total expenses | $1,165,989 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $81,714 |
Total expense reductions | $81,714 |
Net expenses | $1,084,275 |
Net investment income | $1,719,803 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $11,561,801(1) |
Net realized gain | $11,561,801 |
Change in unrealized appreciation (depreciation): | |
Investments | $13,218,686 |
Net change in unrealized appreciation (depreciation) | $13,218,686 |
Net realized and unrealized gain | $24,780,487 |
Net increase in net assets from operations | $26,500,290 |
(1) | Includes $5,616,581 of net realized gains from redemptions in-kind. |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
|
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $1,719,803 | $3,645,318 |
Net realized gain | 11,561,801(1) | 5,118,733 |
Net change in unrealized appreciation (depreciation) | 13,218,686 | 13,862,486 |
Net increase in net assets from operations | $26,500,290 | $22,626,537 |
Distributions to shareholders: | ||
Class A | $- | $(457,473) |
Class C | - | (126,348) |
Class I | - | (7,243,058) |
Total distributions to shareholders | $- | $(7,826,879) |
Transactions in shares of beneficial interest: | ||
Class A | $(742,767) | $(3,504,842) |
Class C | (53,383) | (881,725) |
Class I | (16,965,970) | (26,153,953) |
Net decrease in net assets from Fund share transactions | $(17,762,120) | $(30,540,520) |
Net increase (decrease) in net assets | $8,738,170 | $(15,740,862) |
Net Assets | ||
At beginning of period | $269,335,902 | $285,076,764 |
At end of period | $278,074,072 | $269,335,902 |
(1) | Includes $5,616,581 of net realized gains from redemptions in-kind. |
Class A | ||||||
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Year Ended February 28, |
Year Ended February 29, 2020 |
|||
2023 | 2022 | 2021 | ||||
Net asset value - Beginning of period | $19.06 | $18.08 | $19.40 | $18.07 | $15.22 | $15.14 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.11 | $0.20 | $0.19 | $0.19 | $0.19 | $0.23 |
Net realized and unrealized gain (loss) | 1.81 | 1.28 | (0.82) | 3.01 | 3.15 | 0.49(2) |
Total income (loss) from operations | $1.92 | $1.48 | $(0.63) | $3.20 | $3.34 | $0.72 |
Less Distributions | ||||||
From net investment income | $- | $(0.17) | $(0.13) | $(0.20) | $(0.14) | $(0.14) |
From net realized gain | - | (0.33) | (0.56) | (1.67) | (0.35) | (0.50) |
Total distributions | $- | $(0.50) | $(0.69) | $(1.87) | $(0.49) | $(0.64) |
Net asset value - End of period | $20.98 | $19.06 | $18.08 | $19.40 | $18.07 | $15.22 |
Total Return(3) | 10.07%(4) | 8.38% | (3.30)% | 18.11% | 22.49% | 4.44% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000's omitted) | $16,755 | $15,921 | $18,635 | $22,658 | $12,136 | $12,899 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.05%(6) | 1.04% | 1.06% | 1.07% | 1.11% | 1.14% |
Net expenses | 0.99%(6)(7) | 0.99%(7) | 1.01%(7) | 1.05% | 1.05% | 1.05% |
Net investment income | 1.04%(6) | 1.13% | 1.01% | 0.92% | 1.25% | 1.36% |
Portfolio Turnover | 39%(4) | 97% | 113% | 87% | 120% | 109% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended August 31, 2024 and the years ended February 29, 2024 and February 28, 2023). |
Class C | ||||||
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Year Ended February 28, |
Year Ended February 29, 2020 |
|||
2023 | 2022 | 2021 | ||||
Net asset value - Beginning of period | $18.44 | $17.51 | $18.87 | $17.65 | $14.92 | $14.87 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.03 | $0.07 | $0.04 | $0.03 | $0.07 | $0.10 |
Net realized and unrealized gain (loss) | 1.76 | 1.22 | (0.79) | 2.94 | 3.08 | 0.49(2) |
Total income (loss) from operations | $1.79 | $1.29 | $(0.75) | $2.97 | $3.15 | $0.59 |
Less Distributions | ||||||
From net investment income | $- | $(0.03) | $(0.05) | $(0.08) | $(0.07) | $(0.04) |
From net realized gain | - | (0.33) | (0.56) | (1.67) | (0.35) | (0.50) |
Total distributions | $- | $(0.36) | $(0.61) | $(1.75) | $(0.42) | $(0.54) |
Net asset value - End of period | $20.23 | $18.44 | $17.51 | $18.87 | $17.65 | $14.92 |
Total Return(3) | 9.71%(4) | 7.53% | (4.02)% | 17.21% | 21.60% | 3.70% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000's omitted) | $6,814 | $6,264 | $6,830 | $5,575 | $3,205 | $2,690 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 1.80%(6) | 1.79% | 1.81% | 1.82% | 1.86% | 1.89% |
Net expenses | 1.74%(6)(7) | 1.74%(7) | 1.76%(7) | 1.80% | 1.80% | 1.80% |
Net investment income | 0.30%(6) | 0.38% | 0.20% | 0.18% | 0.44% | 0.59% |
Portfolio Turnover | 39%(4) | 97% | 113% | 87% | 120% | 109% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended August 31, 2024 and the years ended February 29, 2024 and February 28, 2023). |
Class I | ||||||
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
Year Ended February 28, |
Year Ended February 29, 2020 |
|||
2023 | 2022 | 2021 | ||||
Net asset value - Beginning of period | $19.16 | $18.18 | $19.51 | $18.15 | $15.28 | $15.18 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $0.13 | $0.25 | $0.23 | $0.24 | $0.22 | $0.27 |
Net realized and unrealized gain (loss) | 1.83 | 1.28 | (0.82) | 3.03 | 3.17 | 0.50(2) |
Total income (loss) from operations | $1.96 | $1.53 | $(0.59) | $3.27 | $3.39 | $0.77 |
Less Distributions | ||||||
From net investment income | $- | $(0.22) | $(0.18) | $(0.24) | $(0.17) | $(0.17) |
From net realized gain | - | (0.33) | (0.56) | (1.67) | (0.35) | (0.50) |
Total distributions | $- | $(0.55) | $(0.74) | $(1.91) | $(0.52) | $(0.67) |
Net asset value - End of period | $21.12 | $19.16 | $18.18 | $19.51 | $18.15 | $15.28 |
Total Return(3) | 10.23%(4) | 8.67% | (3.12)% | 18.45% | 22.77% | 4.74% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000's omitted) | $254,506 | $247,151 | $259,612 | $247,117 | $246,625 | $157,271 |
Ratios (as a percentage of average daily net assets):(5) | ||||||
Total expenses | 0.80%(6) | 0.79% | 0.81% | 0.82% | 0.86% | 0.89% |
Net expenses | 0.74%(6)(7) | 0.74%(7) | 0.76%(7) | 0.80% | 0.80% | 0.80% |
Net investment income | 1.28%(6) | 1.39% | 1.22% | 1.18% | 1.42% | 1.60% |
Portfolio Turnover | 39%(4) | 97% | 113% | 87% | 120% | 109% |
(1) | Computed using average shares outstanding. |
(2) | The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of Fund share transactions and the amount of the per share realized and unrealized gains and losses at such time. |
(3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(4) | Not annualized. |
(5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser and administrator of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended August 31, 2024 and the years ended February 29, 2024 and February 28, 2023). |
Aggregate cost | $222,879,219 |
Gross unrealized appreciation | $54,992,515 |
Gross unrealized depreciation | (873,687) |
Net unrealized appreciation | $54,118,828 |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.650% |
$500 million but less than $1 billion | 0.625% |
$1 billion but less than $2.5 billion | 0.600% |
$2.5 billion but less than $5 billion | 0.580% |
$5 billion and over | 0.565% |
Six Months Ended August 31, 2024 (Unaudited) |
Year Ended February 29, 2024 |
||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 34,807 | $ 691,976 | 73,096 | $ 1,318,350 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | - | - | 25,518 | 455,740 | |
Redemptions | (71,658) | (1,434,743) | (293,924) | (5,278,932) | |
Net decrease | (36,851) | $ (742,767) | (195,310) | $ (3,504,842) | |
Class C | |||||
Sales | 23,721 | $ 464,023 | 25,747 | $ 449,092 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | - | - | 7,299 | 126,348 | |
Redemptions | (26,491) | (517,406) | (83,532) | (1,457,165) | |
Net decrease | (2,770) | $ (53,383) | (50,486) | $ (881,725) | |
Class I | |||||
Sales | 1,863,393 | $37,807,781 | 4,099,808 | $ 73,312,985 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | - | - | 403,280 | 7,238,879 | |
Redemptions | (2,712,561) | (54,773,751) | (5,887,239) | (106,705,817) | |
Net decrease | (849,168) | $(16,965,970) | (1,384,151) | $(26,153,953) |
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 | $3,227,553 | $51,721,263 | $(47,140,593) | $ - | $ - | $7,808,223 | $105,665 | 7,808,223 |
• | 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 | $269,189,824* | $ - | $ - | $269,189,824 |
Short-Term Investments | 7,808,223 | - | - | 7,808,223 |
Total Investments | $ 276,998,047 | $ - | $ - | $276,998,047 |
* | 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
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.
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.
Eaton Vance Growth Trust | ||
By: |
/s/ Kenneth A. Topping |
|
Kenneth A. Topping | ||
Principal Executive Officer | ||
Date: | October 21, 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: | October 21, 2024 | |
By: |
/s/ Kenneth A. Topping |
|
Kenneth A. Topping | ||
Principal Executive Officer | ||
Date: | October 21, 2024 |