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: 811-04015

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

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

June 30, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Stock Fund

Semiannual Report

June 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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. The adviser is also registered as 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.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report June 30, 2020

Eaton Vance

Stock Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	25
Liquidity Risk Management Program	29
Officers and Trustees	30
Important Notices	31

Eaton Vance

Stock Fund

June 30, 2020

Performance^1,2

Portfolio Manager Charles B. Gaffney

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		11/01/2001		11/01/2001		–1.94	%		8.21	%		9.74	%		12.98	%
Class A with 5.75% Maximum Sales Charge		—		—		–7.59			1.98			8.45			12.31
Class C at NAV		10/01/2009		11/01/2001		–2.31			7.41			8.91			12.15
Class C with 1% Maximum Sales Charge		—		—		–3.29			6.41			8.91			12.15
Class I at NAV		09/03/2008		11/01/2001		–1.78			8.51			10.01			13.27
S&P 500® Index		—		—		–3.08	%		7.51	%		10.72	%		13.98	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.10	%		1.85	%		0.85	%
Net									0.98			1.73			0.73

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Microsoft Corp.	6.9	%
Amazon.com, Inc.	6.0
Apple, Inc.	5.8
Alphabet, Inc., Class C	4.9
Facebook, Inc., Class A	3.4
Visa, Inc., Class A	2.8
Walmart, Inc.	2.5
Danaher Corp.	2.5
PepsiCo, Inc.	2.4
American Tower Corp.	2.4
Total	39.6	%

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. 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.

2

Eaton Vance

Stock Fund

June 30, 2020

Endnotes and Additional Disclosures

¹  S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 4/30/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  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.

⁵ Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

3

Eaton Vance

Stock Fund

June 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); 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 (January 1, 2020 – June 30, 2020).

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) or redemption fees (if applicable). 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.

	Beginning Account Value (1/1/20)		Ending Account Value (6/30/20)		Expenses Paid During Period* (1/1/20 – 6/30/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	980.60	$	4.83	**		0.98	%
Class C	$	1,000.00	$	976.90	$	8.50	**		1.73	%
Class I	$	1,000.00	$	982.20	$	3.60	**		0.73	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.00	$	4.92	**		0.98	%
Class C	$	1,000.00	$	1,016.30	$	8.67	**		1.73	%
Class I	$	1,000.00	$	1,021.20	$	3.67	**		0.73	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (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 December 31, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

** Absent an allocation of certain expenses to an affiliate, expenses would be higher.

4

Eaton Vance

Stock Fund

June 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	June 30, 2020
Investment in Stock Portfolio, at value (identified cost, $62,386,136)	$	93,049,700
Receivable for Fund shares sold		45,300
Receivable from affiliate		9,121
Total assets	$	93,104,121
Liabilities
Payable for Fund shares redeemed	$	129,283
Payable to affiliates:
Distribution and service fees		17,998
Trustees’ fees		125
Accrued expenses		22,338
Total liabilities	$	169,744
Net Assets	$	92,934,377
Sources of Net Assets
Paid-in capital	$	66,600,790
Distributable earnings		26,333,587
Total	$	92,934,377
Class A Shares
Net Assets	$	49,817,189
Shares Outstanding		2,658,659
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	18.74
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	19.88
Class C Shares
Net Assets	$	9,488,150
Shares Outstanding		521,870
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	18.18
Class I Shares
Net Assets	$	33,629,038
Shares Outstanding		1,791,978
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	18.77

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.

5 See Notes to Financial Statements.

Eaton Vance

Stock Fund

June 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended June 30, 2020
Dividends allocated from Portfolio (net of foreign taxes, $12,404)	$	839,108
Expenses allocated from Portfolio		(300,193	)
Total investment income from Portfolio	$	538,915
Expenses
Distribution and service fees
Class A	$	61,413
Class C		49,834
Trustees’ fees and expenses		250
Custodian fee		8,184
Transfer and dividend disbursing agent fees		33,424
Legal and accounting services		14,062
Printing and postage		10,840
Registration fees		29,792
Miscellaneous		4,481
Total expenses	$	212,280
Deduct —
Allocation of expenses to affiliate	$	56,867
Total expense reductions	$	56,867
Net expenses	$	155,413
Net investment income	$	383,502
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions	$	(2,131,643	)
Foreign currency transactions		(1,284	)
Net realized loss	$	(2,132,927	)
Change in unrealized appreciation (depreciation) —
Investments	$	(737,001	)
Foreign currency		111
Net change in unrealized appreciation (depreciation)	$	(736,890	)
Net realized and unrealized loss	$	(2,869,817	)
Net decrease in net assets from operations	$	(2,486,315	)

6 See Notes to Financial Statements.

Eaton Vance

Stock Fund

June 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
From operations —
Net investment income	$	383,502		$	605,950
Net realized gain (loss)		(2,132,927	)		5,540,149
Net change in unrealized appreciation (depreciation)		(736,890	)		21,451,033
Net increase (decrease) in net assets from operations	$	(2,486,315	)	$	27,597,132
Distributions to shareholders —
Class A	$	—		$	(2,001,151	)
Class C		—			(392,938	)
Class I		—			(1,485,075	)
Total distributions to shareholders	$	—		$	(3,879,164	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	3,496,296		$	4,661,998
Class C		599,331			1,277,411
Class I		8,718,194			7,532,472
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		—			1,931,979
Class C		—			389,163
Class I		—			1,483,659
Cost of shares redeemed
Class A		(5,926,247	)		(10,007,314	)
Class C		(2,028,837	)		(2,603,422	)
Class I		(11,383,890	)		(9,618,672	)
Net asset value of shares converted
Class A		195,456			2,126,996
Class C		(195,456	)		(2,126,996	)
Net decrease in net assets from Fund share transactions	$	(6,525,153	)	$	(4,952,726	)
Other capital —
Portfolio transaction fee contributed to Portfolio	$	(27,551	)	$	(34,918	)
Portfolio transaction fee allocated from Portfolio		27,671			47,687
Net increase in net assets from other capital	$	120		$	12,769
Net increase (decrease) in net assets	$	(9,011,348	)	$	18,778,011
Net Assets
At beginning of period	$	101,945,725		$	83,167,714
At end of period	$	92,934,377		$	101,945,725

7 See Notes to Financial Statements.

Eaton Vance

Stock Fund

June 30, 2020

Financial Highlights

	Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	19.110		$	14.720		$	17.490		$	15.740		$	15.160		$	15.680
Income (Loss) From Operations
Net investment income(1)	$	0.071		$	0.114		$	0.144		$	0.178		$	0.193		$	0.129
Net realized and unrealized gain (loss)		(0.441	)		5.023			(1.133	)		2.933			0.834			0.584
Total income (loss) from operations	$	(0.370	)	$	5.137		$	(0.989	)	$	3.111		$	1.027		$	0.713
Less Distributions
From net investment income	$	—		$	(0.096	)	$	(0.145	)	$	(0.168	)	$	(0.140	)	$	(0.107	)
From net realized gain		—			(0.653	)		(1.637	)		(1.191	)		(0.311	)		(1.126	)
Total distributions	$	—		$	(0.749	)	$	(1.782	)	$	(1.359	)	$	(0.451	)	$	(1.233	)
Portfolio transaction fee, net(1)	$	—	(2)	$	0.002		$	0.001		$	(0.002	)	$	0.004		$	—
Net asset value — End of period	$	18.740		$	19.110		$	14.720		$	17.490		$	15.740		$	15.160
Total Return(3)(4)		(1.94	)%(5)		35.01	%		(5.89	)%		19.91	%		6.80	%		4.51	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	49,817		$	53,153		$	42,087		$	51,999		$	58,620		$	55,496
Ratios (as a percentage of average daily net assets):(6)
Expenses(4)		0.98	%(7)		0.98	%		0.98	%		0.98	%		0.98	%		1.05	%
Net investment income		0.80	%(7)		0.65	%		0.80	%		1.05	%		1.26	%		0.81	%
Portfolio Turnover of the Portfolio		38	%(5)		55	%		90	%		101	%		118	%		96	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Amount is less than $0.0005.

⁽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⁾  The administrator waived its fees and/or reimbursed certain operating expenses (equal to 0.12%, 0.12%, 0.12%, 0.13%, 0.12% and 0.14% of average daily net assets for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent the waivers and reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Annualized.

8 See Notes to Financial Statements.

Eaton Vance

Stock Fund

June 30, 2020

Financial Highlights — continued

	Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	18.610		$	14.380		$	17.100		$	15.420		$	14.870		$	15.420
Income (Loss) From Operations
Net investment income (loss)(1)	$	0.004		$	(0.018	)	$	0.008		$	0.050		$	0.076		$	0.009
Net realized and unrealized gain (loss)		(0.434	)		4.899			(1.096	)		2.851			0.813			0.580
Total income (loss) from operations	$	(0.430	)	$	4.881		$	(1.088	)	$	2.901		$	0.889		$	0.589
Less Distributions
From net investment income	$	—		$	—		$	(0.010	)	$	(0.028	)	$	(0.034	)	$	(0.013	)
From net realized gain		—			(0.653	)		(1.623	)		(1.191	)		(0.309	)		(1.126	)
Total distributions	$	—		$	(0.653	)	$	(1.633	)	$	(1.219	)	$	(0.343	)	$	(1.139	)
Portfolio transaction fee, net(1)	$	—	(2)	$	0.002		$	0.001		$	(0.002	)	$	0.004		$	—
Net asset value — End of period	$	18.180		$	18.610		$	14.380		$	17.100		$	15.420		$	14.870
Total Return(3)(4)		(2.31	)%(5)		34.04	%		(6.60	)%		18.94	%		6.00	%		3.77	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,488		$	11,418		$	11,627		$	16,196		$	15,370		$	14,986
Ratios (as a percentage of average daily net assets):(6)
Expenses(4)		1.73	%(7)		1.73	%		1.73	%		1.73	%		1.73	%		1.80	%
Net investment income (loss)		0.05	%(7)		(0.11	)%		0.05	%		0.30	%		0.51	%		0.06	%
Portfolio Turnover of the Portfolio		38	%(5)		55	%		90	%		101	%		118	%		96	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Amount is less than $0.0005.

⁽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⁾  The administrator waived its fees and/or reimbursed certain operating expenses (equal to 0.12%, 0.12%, 0.12%, 0.13%, 0.12% and 0.14% of average daily net assets for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent the waivers and reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Annualized.

9 See Notes to Financial Statements.

Eaton Vance

Stock Fund

June 30, 2020

Financial Highlights — continued

	Class I
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	19.110		$	14.720		$	17.490		$	15.750		$	15.170		$	15.680
Income (Loss) From Operations
Net investment income(1)	$	0.094		$	0.158		$	0.190		$	0.219		$	0.233		$	0.172
Net realized and unrealized gain (loss)		(0.434	)		5.023			(1.132	)		2.931			0.834			0.590
Total income (loss) from operations	$	(0.340	)	$	5.181		$	(0.942	)	$	3.150		$	1.067		$	0.762
Less Distributions
From net investment income	$	—		$	(0.140	)	$	(0.192	)	$	(0.217	)	$	(0.180	)	$	(0.146	)
From net realized gain		—			(0.653	)		(1.637	)		(1.191	)		(0.311	)		(1.126	)
Total distributions	$	—		$	(0.793	)	$	(1.829	)	$	(1.408	)	$	(0.491	)	$	(1.272	)
Portfolio transaction fee, net(1)	$	—	(2)	$	0.002		$	0.001		$	(0.002	)	$	0.004		$	—
Net asset value — End of period	$	18.770		$	19.110		$	14.720		$	17.490		$	15.750		$	15.170
Total Return(3)(4)		(1.78	)%(5)		35.32	%		(5.63	)%		20.14	%		7.05	%		4.83	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	33,629		$	37,375		$	29,455		$	35,068		$	28,121		$	20,457
Ratios (as a percentage of average daily net assets):(6)
Expenses(4)		0.73	%(7)		0.73	%		0.73	%		0.73	%		0.73	%		0.80	%
Net investment income		1.05	%(7)		0.89	%		1.06	%		1.28	%		1.51	%		1.07	%
Portfolio Turnover of the Portfolio		38	%(5)		55	%		90	%		101	%		118	%		96	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Amount is less than $0.0005.

⁽³⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾  The administrator waived its fees and/or reimbursed certain operating expenses (equal to 0.12%, 0.12%, 0.12%, 0.13%, 0.12% and 0.14% of average daily net assets for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent the waivers and reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁷⁾  Annualized.

10 See Notes to Financial Statements.

Eaton Vance

Stock Fund

June 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Stock Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Stock 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 (13.9% at June 30, 2020). 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.

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 June 30, 2020, 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.

H  Interim Financial Statements — The interim financial statements relating to June 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class 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

11

Eaton Vance

Stock Fund

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

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.

3  Transactions with Affiliates

Eaton Vance Management (EVM) serves as the administrator of the Fund, but receives no compensation. EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.98%, 1.73% and 0.73% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after April 30, 2021. Pursuant to this agreement, EVM was allocated $56,867 of the Fund’s operating expenses for the six months ended June 30, 2020. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended June 30, 2020, EVM earned $6,064 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $4,675 as its portion of the sales charge on sales of Class A shares for the six months ended June 30, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended June 30, 2020 amounted to $61,413 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended June 30, 2020, the Fund paid or accrued to EVD $37,375 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended June 30, 2020 amounted to $12,459 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended June 30, 2020, the Fund was informed that EVD received approximately $500 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Investment Transactions

For the six months ended June 30, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $6,941,669 and $13,521,448, respectively. In addition, a Portfolio transaction fee is imposed by the Portfolio on the combined daily inflows or outflows of the Fund and the Portfolio’s other investors as more fully described at Note 1H of the Portfolio’s financial statements included herein. Such fee is allocated to the Fund based on its pro-rata interest in the Portfolio. The amount of the Portfolio transaction fee imposed on the Fund, if any, and the allocation of such fee are presented as Other capital on the Statements of Changes in Net Assets.

12

Eaton Vance

Stock Fund

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  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). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Class A	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Sales		205,014			259,131
Issued to shareholders electing to receive payments of distributions in Fund shares		—			103,094
Redemptions		(338,826	)		(572,212	)
Converted from Class C shares		10,949			131,539
Net decrease		(122,863	)		(78,448	)
Class C	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Sales		35,450			71,557
Issued to shareholders electing to receive payments of distributions in Fund shares		—			21,312
Redemptions		(115,786	)		(152,996	)
Converted to Class A shares		(11,272	)		(134,746	)
Net decrease		(91,608	)		(194,873	)
Class I	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Sales		483,008			420,905
Issued to shareholders electing to receive payments of distributions in Fund shares		—			79,171
Redemptions		(646,330	)		(546,176	)
Net decrease		(163,322	)		(46,100	)

13

Stock Portfolio

June 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks— 99.6%
Security	Shares		Value
Aerospace & Defense — 0.9%
Hexcel Corp.		139,800	$	6,321,756
			$	6,321,756
Banks — 4.2%
Bank of America Corp.		427,940	$	10,163,575
JPMorgan Chase & Co.		110,820		10,423,729
PNC Financial Services Group, Inc. (The)		67,640		7,116,405
			$	27,703,709
Beverages — 2.4%
PepsiCo, Inc.		123,200	$	16,294,432
			$	16,294,432
Biotechnology — 1.7%
AbbVie, Inc.		115,300	$	11,320,154
			$	11,320,154
Capital Markets — 3.6%
Cboe Global Markets, Inc.		74,100	$	6,912,048
Intercontinental Exchange, Inc.		61,400		5,624,240
Tradeweb Markets, Inc., Class A		193,639		11,258,172
			$	23,794,460
Commercial Services & Supplies — 1.1%
Waste Management, Inc.		68,482	$	7,252,929
			$	7,252,929
Communications Equipment — 1.4%
Cisco Systems, Inc.		206,500	$	9,631,160
			$	9,631,160
Diversified Telecommunication Services — 1.6%
Verizon Communications, Inc.		197,590	$	10,893,137
			$	10,893,137
Electric Utilities — 1.2%
NextEra Energy, Inc.		33,796	$	8,116,785
			$	8,116,785
Electrical Equipment — 2.5%
AMETEK, Inc.		131,500	$	11,752,155
Emerson Electric Co.		78,742		4,884,366
			$	16,636,521

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 2.4%
American Tower Corp.		62,900	$	16,262,166
			$	16,262,166
Food & Staples Retailing — 2.5%
Walmart, Inc.		138,800	$	16,625,464
			$	16,625,464
Food Products — 2.0%
Mondelez International, Inc., Class A		259,020	$	13,243,693
			$	13,243,693
Health Care Equipment & Supplies — 6.5%
Abbott Laboratories		136,100	$	12,443,623
Boston Scientific Corp.(1)		195,200		6,853,472
Danaher Corp.		93,366		16,509,910
ICU Medical, Inc.(1)		42,000		7,741,020
			$	43,548,025
Health Care Providers & Services — 2.0%
Anthem, Inc.		51,760	$	13,611,845
			$	13,611,845
Insurance — 2.2%
First American Financial Corp.		126,572	$	6,077,987
Travelers Cos., Inc. (The)		72,600		8,280,030
			$	14,358,017
Interactive Media & Services — 8.3%
Alphabet, Inc., Class C(1)		23,029	$	32,554,025
Facebook, Inc., Class A(1)		99,844		22,671,577
			$	55,225,602
Internet & Direct Marketing Retail — 6.0%
Amazon.com, Inc.(1)		14,622	$	40,339,466
			$	40,339,466
IT Services — 9.3%
Cognizant Technology Solutions Corp., Class A		171,012	$	9,716,902
Fidelity National Information Services, Inc.		92,200		12,363,098
Mastercard, Inc., Class A		22,900		6,771,530
PayPal Holdings, Inc.(1)		76,900		13,398,287
Shift4 Payments, Inc., Class A		44,000		1,562,000
Visa, Inc., Class A		95,400		18,428,418
			$	62,240,235

14 See Notes to Financial Statements.

Stock Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Life Sciences Tools & Services — 2.1%
Thermo Fisher Scientific, Inc.		38,800	$	14,058,792
			$	14,058,792
Machinery — 2.1%
Ingersoll Rand, Inc.(1)		239,520	$	6,735,302
Stanley Black & Decker, Inc.		52,100		7,261,698
			$	13,997,000
Metals & Mining — 2.3%
Franco-Nevada Corp.		54,400	$	7,596,416
Steel Dynamics, Inc.		306,600		7,999,194
			$	15,595,610
Multi-Utilities — 1.9%
CMS Energy Corp.		103,500	$	6,046,470
Sempra Energy		55,642		6,522,912
			$	12,569,382
Multiline Retail — 1.2%
Dollar General Corp.		42,000	$	8,001,420
			$	8,001,420
Oil, Gas & Consumable Fuels — 2.6%
Chevron Corp.		81,700	$	7,290,091
ConocoPhillips		106,886		4,491,350
Phillips 66		78,825		5,667,517
			$	17,448,958
Pharmaceuticals — 2.9%
Sanofi		107,100	$	10,922,546
Zoetis, Inc.		60,400		8,277,216
			$	19,199,762
Road & Rail — 1.0%
Union Pacific Corp.		37,400	$	6,323,218
			$	6,323,218
Semiconductors & Semiconductor Equipment — 2.5%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		115,523	$	6,558,241
Texas Instruments, Inc.		77,279		9,812,114
			$	16,370,355

Security	Shares		Value
Software — 9.2%
Adobe, Inc.(1)		21,578	$	9,393,119
Intuit, Inc.		18,836		5,579,035
Microsoft Corp.		227,820		46,363,648
			$	61,335,802
Specialty Retail — 3.4%
Home Depot, Inc. (The)		59,388	$	14,877,288
TJX Cos., Inc. (The)		160,340		8,106,790
			$	22,984,078
Technology Hardware, Storage & Peripherals — 5.8%
Apple, Inc.		105,897	$	38,631,226
			$	38,631,226
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc.(1)		49,100	$	5,113,765
			$	5,113,765
Total Common Stocks (identified cost $495,824,370)			$	665,048,924
Rights — 0.0%(2)
Security	Shares		Value
Wireless Telecommunication Services — 0.0%(2)
T Mobile US, Inc., Exp. 7/27/20(1)		32,400	$	5,443
Total Rights (identified cost $11,988)			$	5,443
Short-Term Investments — 0.2%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.35%(3)		1,386,725	$	1,386,725
Total Short-Term Investments (identified cost $1,386,725)			$	1,386,725
Total Investments — 99.8% (identified cost $497,223,083)			$	666,441,092
Other Assets, Less Liabilities — 0.2%			$	1,449,705
Net Assets — 100.0%			$	667,890,797

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

15 See Notes to Financial Statements.

Stock Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

⁽¹⁾  Non-income producing security.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2020.

Abbreviations:

ADR – American Depositary Receipt

16 See Notes to Financial Statements.

Stock Portfolio

June 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	June 30, 2020
Unaffiliated investments, at value (identified cost, $495,836,358)	$	665,054,367
Affiliated investment, at value (identified cost, $1,386,725)		1,386,725
Dividends receivable		472,752
Dividends receivable from affiliated investment		2,254
Receivable for investments sold		2,688,349
Tax reclaims receivable		166,926
Total assets	$	669,771,373
Liabilities
Payable for investments purchased	$	1,470,717
Payable to affiliates:
Investment adviser fee		325,495
Trustees’ fees		8,500
Accrued expenses		75,864
Total liabilities	$	1,880,576
Net Assets applicable to investors’ interest in Portfolio	$	667,890,797

17 See Notes to Financial Statements.

Stock Portfolio

June 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended June 30, 2020
Dividends (net of foreign taxes, $84,446)	$	5,693,691
Dividends from affiliated investment		24,804
Total investment income	$	5,718,495
Expenses
Investment adviser fee	$	1,911,770
Trustees’ fees and expenses		25,498
Custodian fee		80,188
Legal and accounting services		25,946
Miscellaneous		3,564
Total expenses	$	2,046,966
Net investment income	$	3,671,529
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(13,822,276	)
Investment transactions — affiliated investment		750
Foreign currency transactions		(8,682	)
Net realized loss	$	(13,830,208	)
Change in unrealized appreciation (depreciation) —
Investments	$	(7,129,983	)
Investments — affiliated investment		(264	)
Foreign currency		768
Net change in unrealized appreciation (depreciation)	$	(7,129,479	)
Net realized and unrealized loss	$	(20,959,687	)
Net decrease in net assets from operations	$	(17,288,158	)

18 See Notes to Financial Statements.

Stock Portfolio

June 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
From operations —
Net investment income	$	3,671,529		$	6,172,602
Net realized gain (loss)		(13,830,208	)		37,236,935
Net change in unrealized appreciation (depreciation)		(7,129,479	)		139,853,795
Net increase (decrease) in net assets from operations	$	(17,288,158	)	$	183,263,332
Capital transactions —
Contributions	$	59,135,247		$	63,196,014
Withdrawals		(57,692,956	)		(79,842,250	)
Portfolio transaction fee		189,146			315,199
Net increase (decrease) in net assets from capital transactions	$	1,631,437		$	(16,331,037	)
Net increase (decrease) in net assets	$	(15,656,721	)	$	166,932,295
Net Assets
At beginning of period	$	683,547,518		$	516,615,223
At end of period	$	667,890,797		$	683,547,518

19 See Notes to Financial Statements.

Stock Portfolio

June 30, 2020

Financial Highlights

	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.64	%(2)		0.63	%		0.64	%		0.64	%		0.65	%		0.70	%
Net investment income		1.14	%(2)		0.99	%		1.14	%		1.38	%		1.60	%		1.16	%
Portfolio Turnover		38	%(3)		55	%		90	%		101	%		118	%		96	%
Total Return		(1.77	)%(3)		35.47	%		(5.57	)%		20.31	%		7.14	%		4.88	%
Net assets, end of period (000’s omitted)	$	667,891		$	683,548		$	516,615		$	647,405		$	640,973		$	395,492

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  Not annualized.

20 See Notes to Financial Statements.

Stock Portfolio

June 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Stock 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 capital appreciation by investing in a diversified portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At June 30, 2020, Eaton Vance Stock Fund, Eaton Vance Stock NextShares and Eaton Vance Balanced Fund held an interest of 13.9%, 1.0% and 85.0%, respectively, in the Portfolio.

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.

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 Global or Global Select Market generally 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.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by
Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects 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.

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.

As of June 30, 2020, 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

21

Stock Portfolio

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

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.

H  Capital Transactions — To seek to protect the Portfolio (and, indirectly, other investors in the Portfolio) against the costs of accommodating investor inflows and outflows, the Portfolio imposes a fee (“Portfolio transaction fee”) on inflows and outflows by Portfolio investors. The Portfolio transaction fee is sized to cover the estimated cost to the Portfolio of, in connection with issuing interests, converting the cash and/or other instruments it receives to the desired composition and, in connection with redeeming its interests, converting Portfolio holdings to cash and/or other instruments to be distributed. Such fee, which may vary over time, is limited to amounts that have been authorized by the Board of Trustees and determined by EVM to be appropriate. The maximum Portfolio transaction fee is 2% of the amount of net contributions or withdrawals. The Portfolio transaction fee is recorded as a component of capital transactions on the Statements of Changes in Net Assets.

I  Interim Financial Statements — The interim financial statements relating to June 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Portfolio and BMR, the fee is computed at an annual rate of 0.60% of the Portfolio’s average daily net assets up to $500 million and 0.575% from $500 million but less than $1 billion, and is payable monthly. On net assets of $1 billion or over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Portfolio who are not interested persons of BMR or the Portfolio and by the vote of a majority of the holders of interest in the Portfolio. For the six months ended June 30, 2020, the Portfolio’s investment adviser fee amounted to $1,911,770 or 0.59% (annualized) of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Trustees and officers 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 six months ended June 30, 2020, 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 $251,715,258 and $243,218,937, respectively, for the six months ended June 30, 2020

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at June 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	498,175,767
Gross unrealized appreciation	$	176,976,603
Gross unrealized depreciation		(8,711,278	)
Net unrealized appreciation	$	168,265,325

22

Stock Portfolio

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

5  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 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 Eurodollar rate 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. 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 six months ended June 30, 2020.

6  Investments in Affiliated Funds

At June 30, 2020, the value of the Portfolio’s investment in affiliated funds was $1,386,725, which represents 0.2% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended June 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	5,512,026	$	89,949,573	$	(94,075,360	)	$	750	$	(264	)	$	1,386,725	$	24,804		1,386,725

7  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.

23

Stock Portfolio

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

At June 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Communication Services	$	71,232,504	$	—		$	—	$	71,232,504
Consumer Discretionary		71,324,964		—			—		71,324,964
Consumer Staples		46,163,589		—			—		46,163,589
Energy		17,448,958		—			—		17,448,958
Financials		65,856,186		—			—		65,856,186
Health Care		90,816,032		10,922,546			—		101,738,578
Industrials		50,531,424		—			—		50,531,424
Information Technology		188,208,778		—			—		188,208,778
Materials		15,595,610		—			—		15,595,610
Real Estate		16,262,166		—			—		16,262,166
Utilities		20,686,167		—			—		20,686,167
Total Common Stocks	$	654,126,378	$	10,922,546	*	$	—	$	665,048,924
Rights	$	5,443	$	—		$	—	$	5,443
Short-Term Investments		—		1,386,725			—		1,386,725
Total Investments	$	654,131,821	$	12,309,271		$	—	$	666,441,092

* 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.

8  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

24

Eaton Vance

Stock Fund

June 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the
“Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements⁽¹⁾ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

⁽¹⁾ Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

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Eaton Vance

Stock Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Stock Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Stock Fund (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board also took into account the resources dedicated to portfolio management and other

26

Eaton Vance

Stock Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also received and considered information about the services offered and the fee rates charged by the Adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser provides to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a

27

Eaton Vance

Stock Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

28

Eaton Vance

Stock Fund

June 30, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

29

Eaton Vance

Stock Fund

June 30, 2020

Officers and Trustees

Officers of Eaton Vance Stock Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Stock Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Stock Fund and Stock Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

30

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds,
Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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.

31

This Page Intentionally Left Blank

Investment Adviser of Stock Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Stock Fund

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* 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.

7724    6.30.20

Parametric

Commodity Strategy Fund

Semiannual Report

June 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/ppafunddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by enrolling at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-260-0761. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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 adviser and Parametric, the sub-adviser to the Fund are registered with the CFTC as commodity pool operators and commodity trading advisors. As the “commodity pool operator” of the Fund, the adviser has claimed relief under the Commodity Exchange Act from certain reporting and recordkeeping requirements.

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.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.

Semiannual Report June 30, 2020

Parametric

Commodity Strategy Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Board of Trustees’ Contract Approval	19
Liquidity Risk Management Program	23
Officers and Trustees	24
Important Notices	25

Parametric

Commodity Strategy Fund

June 30, 2020

Performance^1,2

Portfolio Managers Thomas C. Seto and Gregory J. Liebl, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns

Class Inception Date

Performance Inception Date

Six Months

One Year

Five Years

Since Inception

Investor Class at NAV

01/03/2012

05/25/2011

–12.33

%

–8.59

%

–3.26

%

–6.42

%

Institutional Class at NAV

05/25/2011

05/25/2011

–12.43

–8.50

–3.04

–6.23

Bloomberg Commodity Index Total Return

—

—

–19.40

%

–17.38

%

–7.68

%

–9.06

%

% Total Annual Operating Expense Ratios3

Investor Class

Institutional Class

0.96

%

0.71

%

Fund Profile

Commodity Exposure (% of net assets)⁴

Agriculture	26.28	%	Industrial Metals	24.49	%
Corn	3.79		Aluminum	7.21
Soybean Oil	3.63		New York Copper	3.72
Coffee	3.61		Copper	3.69
Soybean	3.58		Nickel	3.59
Cotton	1.82		Zinc	3.57
Wheat	1.82		Lead	1.78
Sugar	1.81		Tin	0.93
Cocoa	1.77
Soybean Meal	1.74		Precious Metals	18.24	%
Kansas Wheat	0.91		Silver	7.37
White Sugar	0.90		Gold	7.29
Robusta Coffee	0.90		Platinum	1.86
			Palladium	1.72
Energy	24.86	%
RBOB Gasoline	7.05		Livestock	6.33	%
Natural Gas	6.73		Live Cattle	3.64
Gasoil	3.66		Lean Hogs	1.79
Heating Oil	3.63		Feeder Cattle	0.90
WTI Crude Oil	1.91
Brent Crude Oil	1.88

Asset Allocation (% of net assets)⁵

* Short-Term Investments are held as collateral for the Fund’s futures contracts positions.

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. 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.

2

Parametric

Commodity Strategy Fund

June 30, 2020

Endnotes and Additional Disclosures

¹  Bloomberg Commodity Index Total Return is designed to provide diversified commodity exposure, with weightings based on each underlying commodity’s liquidity and economic significance. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Investor Class is linked to Institutional Class. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Commodity Exposure reflects the Fund’s net exposure to commodities through its investment in commodity-linked derivative instruments.

⁵  Other Net Assets represents other assets less liabilities and includes any investment type that represents less than 1% of net assets.

Fund profile subject to change due to active management.

3

Parametric

Commodity Strategy Fund

June 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); 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 (January 1, 2020 – June 30, 2020).

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) or redemption fees (if applicable). 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.

	Beginning Account Value (1/1/20)		Ending Account Value (6/30/20)		Expenses Paid During Period* (1/1/20 – 6/30/20)			Annualized Expense Ratio
Actual
Investor Class	$	1,000.00	$	876.70	$	4.25	**		0.91	%
Institutional Class	$	1,000.00	$	875.70	$	3.08	**		0.66	%
Hypothetical
(5% return per year before expenses)
Investor Class	$	1,000.00	$	1,020.30	$	4.57	**		0.91	%
Institutional Class	$	1,000.00	$	1,021.60	$	3.32	**		0.66	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (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 December 31, 2019.

** Absent an allocation of certain expenses to affiliates, expenses would be higher.

4

Parametric

Commodity Strategy Fund

June 30, 2020

Consolidated Portfolio of Investments (Unaudited)

Short-Term Investments— 98.2%
U.S. Treasury Obligations— 92.4%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 7/16/20	$	21,500	$	21,499,070
U.S. Treasury Bill, 0.00%, 7/30/20		18,000		17,998,296
U.S. Treasury Bill, 0.00%, 8/13/20(1)		42,400		42,393,923
U.S. Treasury Bill, 0.00%, 9/10/20(1)		20,800		20,794,975
U.S. Treasury Bill, 0.00%, 10/8/20		29,500		29,488,845
U.S. Treasury Bill, 0.00%, 11/5/20(1)		38,035		38,015,544
U.S. Treasury Bill, 0.00%, 12/3/20(1)		16,855		16,844,840
U.S. Treasury Bill, 0.00%, 12/31/20(1)		48,400		48,360,635
U.S. Treasury Bill, 0.00%, 3/25/21		12,500		12,486,094
U.S. Treasury Bill, 0.00%, 5/20/21(1)		26,500		26,466,119
Total U.S. Treasury Obligations (identified cost $273,475,023)			$	274,348,341

Other— 5.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.35%(2)		17,154,155	$	17,154,155
Total Other (identified cost $17,154,155)			$	17,154,155
Total Short-Term Investments (identified cost $290,629,178)			$	291,502,496
Total Investments — 98.2% (identified cost $290,629,178)			$	291,502,496
Other Assets, Less Liabilities — 1.8%			$	5,467,745
Net Assets — 100.0%			$	296,970,241

The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets.

⁽¹⁾ Security (or a portion thereof) has been pledged as collateral for open futures contracts.

⁽²⁾ Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2020.

Futures Contracts
Description	Number of Contracts		Position	Expiration Date	Notional Amount		Value/Unrealized Appreciation (Depreciation)
Commodity Futures
Brent Crude Oil		135	Long	8/28/20	$	5,587,650	$	156,310
Cocoa		240	Long	9/15/20		5,246,400		(390,520	)
Coffee		283	Long	9/18/20		10,718,625		(894,180	)
Copper		162	Long	9/28/20		11,050,425		1,558,787
Corn		659	Long	9/14/20		11,252,425		627,925
Cotton No. 2		178	Long	12/8/20		5,418,320		462,210
Feeder Cattle		40	Long	9/24/20		2,667,500		(48,638	)
Gold		119	Long	12/29/20		21,662,760		1,152,268
Hard Red Winter Wheat		123	Long	9/14/20		2,704,463		(279,775	)
Lean Hogs		270	Long	10/14/20		5,329,800		(183,469	)
Live Cattle		271	Long	10/30/20		10,810,190		(23,439	)
LME Copper		79	Long	7/13/20		11,866,294		2,301,863
LME Copper		73	Long	8/17/20		10,975,094		1,558,550
LME Copper		78	Long	9/14/20		11,737,050		956,475
LME Lead		114	Long	7/13/20		5,035,238		309,938
LME Lead		122	Long	8/17/20		5,396,213		412,550
LME Lead		125	Long	9/14/20		5,542,188		153,125

5 See Notes to Consolidated Financial Statements.

Parametric

Commodity Strategy Fund

June 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Futures Contracts (continued)
Description	Number of Contracts		Position	Expiration Date	Notional Amount			Value/Unrealized Appreciation (Depreciation)
Commodity Futures (continued)
LME Nickel		143	Long	7/13/20	$	10,949,796		$	1,299,441
LME Nickel		140	Long	8/17/20		10,736,460			635,304
LME Nickel		139	Long	9/14/20		10,676,034			(63,801	)
LME Primary Aluminum		519	Long	7/13/20		20,678,906			1,433,738
LME Primary Aluminum		518	Long	8/17/20		20,826,838			1,544,750
LME Primary Aluminum		553	Long	9/14/20		22,341,200			597,931
LME Tin		34	Long	7/13/20		2,860,930			459,680
LME Tin		33	Long	8/17/20		2,768,535			257,745
LME Tin		34	Long	9/14/20		2,846,480			126,820
LME Zinc		205	Long	7/13/20		10,446,031			793,094
LME Zinc		213	Long	8/17/20		10,873,650			651,938
LME Zinc		212	Long	9/14/20		10,843,800			127,200
Low Sulphur Gasoil		303	Long	9/10/20		10,877,700			810,074
Natural Gas		693	Long	12/29/20		19,979,190			1,171,559
NY Harbor ULSD		213	Long	8/31/20		10,767,406			688,377
Palladium		26	Long	9/28/20		5,113,940			552,480
Platinum		130	Long	10/28/20		5,532,800			(52,380	)
RBOB Gasoline		420	Long	8/31/20		20,945,736			984,989
Robusta Coffee		224	Long	9/24/20		2,658,880			(68,430	)
Silver		235	Long	9/28/20		21,898,475			4,052,613
Soybean		241	Long	11/13/20		10,631,113			464,775
Soybean Meal		175	Long	12/14/20		5,178,250			46,080
Soybean Oil		623	Long	12/14/20		10,769,178			631,446
Sugar No. 11		402	Long	9/30/20		5,384,870			430,957
Wheat		220	Long	9/14/20		5,409,250			(295,000	)
White Sugar		150	Long	7/16/20		2,667,750			245,990
WTI Crude Oil		144	Long	8/20/20		5,664,960			211,700
LME Copper		79	Short	7/13/20		(11,866,294	)		(1,684,003	)
LME Copper		73	Short	8/17/20		(10,975,094	)		(899,269	)
LME Copper		5	Short	9/14/20		(752,375	)		(35,470	)
LME Lead		114	Short	7/13/20		(5,035,238	)		(394,013	)
LME Lead		122	Short	8/17/20		(5,396,213	)		(147,163	)
LME Lead		6	Short	9/14/20		(266,025	)		3,110
LME Nickel		143	Short	7/13/20		(10,949,796	)		(655,944	)
LME Nickel		140	Short	8/17/20		(10,736,460	)		61,740
LME Primary Aluminum		519	Short	7/13/20		(20,678,906	)		(1,515,625	)
LME Primary Aluminum		518	Short	8/17/20		(20,826,838	)		(556,850	)
LME Primary Aluminum		23	Short	9/14/20		(929,200	)		(9,135	)
LME Tin		34	Short	7/13/20		(2,860,930	)		(271,956	)
LME Tin		33	Short	8/17/20		(2,768,535	)		(124,410	)
LME Tin		1	Short	9/14/20		(83,720	)		780
LME Zinc		205	Short	7/13/20		(10,446,031	)		(624,510	)

6 See Notes to Consolidated Financial Statements.

Parametric

Commodity Strategy Fund

June 30, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Futures Contracts (continued)
Description	Number of Contracts		Position	Expiration Date	Notional Amount			Value/Unrealized Appreciation (Depreciation)
Commodity Futures (continued)
LME Zinc		213	Short	8/17/20	$	(10,873,650	)	$	(119,813	)
LME Zinc		5	Short	9/14/20		(255,750	)		1,713
								$	18,598,232

Abbreviations:

LME	–	London Metal Exchange
RBOB	–	Reformulated Blendstock for Oxygenate Blending
ULSD	–	Ultra-Low Sulfur Diesel
WTI	–	West Texas Intermediate

7 See Notes to Consolidated Financial Statements.

Parametric

Commodity Strategy Fund

June 30, 2020

Consolidated Statement of Assets and Liabilities (Unaudited)

Assets	June 30, 2020
Unaffiliated investments, at value (identified cost, $273,475,023)	$	274,348,341
Affiliated investment, at value (identified cost, $17,154,155)		17,154,155
Dividends receivable from affiliated investment		6,433
Receivable for Fund shares sold		504,885
Receivable for variation margin on open futures contracts		9,549,180
Total assets	$	301,562,994
Liabilities
Payable for Fund shares redeemed	$	4,331,373
Payable to affiliates:
Investment adviser and administration fee		133,018
Distribution and service fees		1,624
Trustees’ fees		4,313
Accrued expenses		122,425
Total liabilities	$	4,592,753
Net Assets	$	296,970,241
Sources of Net Assets
Paid-in capital	$	357,893,789
Accumulated loss		(60,923,548	)
Total	$	296,970,241
Investor Class Shares
Net Assets	$	7,958,267
Shares Outstanding		1,723,160
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	4.62
Institutional Class Shares
Net Assets	$	289,011,974
Shares Outstanding		62,128,641
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	4.65

8 See Notes to Consolidated Financial Statements.

Parametric

Commodity Strategy Fund

June 30, 2020

Consolidated Statement of Operations (Unaudited)

Investment Income	Six Months Ended June 30, 2020
Interest	$	2,303,720
Dividends from affiliated investment		103,036
Total investment income	$	2,406,756
Expenses
Investment adviser and administration fee	$	824,139
Distribution and service fees
Investor Class		10,489
Trustees’ fees and expenses		8,933
Custodian fee		57,126
Transfer and dividend disbursing agent fees		55,955
Legal and accounting services		52,581
Printing and postage		9,667
Registration fees		27,391
Miscellaneous		2,579
Total expenses	$	1,048,860
Deduct —
Allocation of expenses to affiliates	$	50,109
Total expense reductions	$	50,109
Net expenses	$	998,751
Net investment income	$	1,408,005
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	516,044
Investment transactions — affiliated investment		(4,757	)
Futures contracts		(55,564,369	)
Net realized loss	$	(55,053,082	)
Change in unrealized appreciation (depreciation) —
Investments	$	600,918
Investments — affiliated investment		(329	)
Futures contracts		7,957,220
Net change in unrealized appreciation (depreciation)	$	8,557,809
Net realized and unrealized loss	$	(46,495,273	)
Net decrease in net assets from operations	$	(45,087,268	)

9 See Notes to Consolidated Financial Statements.

Parametric

Commodity Strategy Fund

June 30, 2020

Consolidated Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
From operations —
Net investment income	$	1,408,005		$	5,351,117
Net realized loss		(55,053,082	)		(2,242,033	)
Net change in unrealized appreciation (depreciation)		8,557,809			25,278,117
Net increase (decrease) in net assets from operations	$	(45,087,268	)	$	28,387,201
Distributions to shareholders —
Investor Class	$	—		$	(107,065	)
Institutional Class		—			(5,051,252	)
Total distributions to shareholders	$	—		$	(5,158,317	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Investor Class	$	5,471,684		$	8,789,352
Institutional Class		90,454,418			142,780,714
Net asset value of shares issued to shareholders in payment of distributions declared
Investor Class		—			107,065
Institutional Class		—			4,983,406
Cost of shares redeemed
Investor Class		(5,971,598	)		(19,877,810	)
Institutional Class		(89,836,525	)		(106,981,195	)
Net increase in net assets from Fund share transactions	$	117,979		$	29,801,532
Net increase (decrease) in net assets	$	(44,969,289	)	$	53,030,416
Net Assets
At beginning of period	$	341,939,530		$	288,909,114
At end of period	$	296,970,241		$	341,939,530

10 See Notes to Consolidated Financial Statements.

Parametric

Commodity Strategy Fund

June 30, 2020

Consolidated Financial Highlights

	Investor Class
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	5.270		$	4.880		$	5.420		$	5.340		$	5.000		$	6.440
Income (Loss) From Operations
Net investment income (loss)(1)	$	0.016		$	0.077		$	0.043		$	(0.000	)(2)	$	(0.023	)	$	(0.042	)
Net realized and unrealized gain (loss)		(0.666	)		0.372			(0.563	)		0.350			0.710			(1.398	)
Total income (loss) from operations	$	(0.650	)	$	0.449		$	(0.520	)	$	0.350		$	0.687		$	(1.440	)
Less Distributions
From net investment income	$	—		$	(0.059	)	$	(0.020	)	$	(0.270	)	$	(0.347	)	$	—
Total distributions	$	—		$	(0.059	)	$	(0.020	)	$	(0.270	)	$	(0.347	)	$	—
Net asset value — End of period	$	4.620		$	5.270		$	4.880		$	5.420		$	5.340		$	5.000
Total Return(3)(4)		(12.33	)%(5)		9.18	%		(9.60	)%		6.70	%		13.78	%		(22.36	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,958		$	9,700		$	19,709		$	47,621		$	31,373		$	9,579
Ratios (as a percentage of average daily net assets):
Expenses(4)(6)		0.91	%(7)		0.90	%		0.90	%		0.90	%		0.94	%		0.95	%
Net investment income (loss)		0.70	%(7)		1.51	%		0.81	%		(0.01	)%		(0.43	)%		(0.74	)%
Portfolio Turnover		0	%		0	%		0	%		0	%		0	%		573	%(8)

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Amount represents less than $(0.0005) per share.

⁽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, if any.

⁽⁴⁾  The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.03%, 0.06%, 0.08%, 0.09%, 0.19% and 0.29% of average daily net assets for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁷⁾  Annualized.

⁽⁸⁾  Excluding the Fund’s investment in exchange-traded notes, which were used as temporary cash investments but offer commodity exposure, the portfolio turnover would be 0%.

11 See Notes to Consolidated Financial Statements.

Parametric

Commodity Strategy Fund

June 30, 2020

Consolidated Financial Highlights — continued

	Institutional Class
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	5.310		$	4.930		$	5.480		$	5.390		$	5.040		$	6.480
Income (Loss) From Operations
Net investment income (loss)(1)	$	0.022		$	0.088		$	0.064		$	0.013		$	(0.011	)	$	(0.030	)
Net realized and unrealized gain (loss)		(0.682	)		0.374			(0.571	)		0.359			0.716			(1.410	)
Total income (loss) from operations	$	(0.660	)	$	0.462		$	(0.507	)	$	0.372		$	0.705		$	(1.440	)
Less Distributions
From net investment income	$	—		$	(0.082	)	$	(0.043	)	$	(0.282	)	$	(0.355	)	$	—
Total distributions	$	—		$	(0.082	)	$	(0.043	)	$	(0.282	)	$	(0.355	)	$	—
Net asset value — End of period	$	4.650		$	5.310		$	4.930		$	5.480		$	5.390		$	5.040
Total Return(2)(3)		(12.43	)%(4)		9.58	%		(9.44	)%		7.06	%		14.04	%		(22.22	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	289,012		$	332,240		$	269,200		$	205,973		$	123,822		$	97,359
Ratios (as a percentage of average daily net assets):
Expenses(3)(5)		0.66	%(6)		0.65	%		0.65	%		0.65	%		0.69	%		0.70	%
Net investment income (loss)		0.95	%(6)		1.70	%		1.20	%		0.24	%		(0.20	)%		(0.51	)%
Portfolio Turnover		0	%		0	%		0	%		0	%		0	%		573	%(7)

⁽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⁾  The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.03%, 0.06%, 0.08%, 0.09%, 0.19% and 0.29% of average daily net assets for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  Excluding the Fund’s investment in exchange-traded notes, which were used as temporary cash investments but offer commodity exposure, the portfolio turnover would be 0%.

12 See Notes to Consolidated Financial Statements.

Parametric

Commodity Strategy Fund

June 30, 2020

Notes to Consolidated Financial Statements (Unaudited)

1  Significant Accounting Policies

Parametric Commodity Strategy Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek total return. The Fund offers Investor Class and Institutional Class shares, which are offered at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The Fund seeks to gain exposure to the commodity markets, in whole or in part, through investments in PSC Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at June 30, 2020 were $58,732,629 or 19.8% of the Fund’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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.

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

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Derivatives. Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund 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 — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D  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.

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Fund is treated as a U.S. shareholder of the Subsidiary. As a result, the Fund is required to include in gross income for U.S. federal tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Fund.

As of June 30, 2020, 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.

13

Parametric

Commodity Strategy Fund

June 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

E  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.

F  Use of Estimates — The preparation of the consolidated 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 consolidated 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 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.

H  Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day (except for futures contracts traded on the London Metal Exchange, which make payments at contract expiration), depending on the daily fluctuations in the value of the underlying security, commodity or currency, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial or commodities futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I  Interim Consolidated Financial Statements — The interim consolidated financial statements relating to June 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the consolidated financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class 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.

At December 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $69,049 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, 2019, $35,267 are short-term and $33,782 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund, including open derivative contracts and the Fund’s investment in the Subsidiary, at June 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	401,658,108
Gross unrealized appreciation	$	734,721
Gross unrealized depreciation		(101,390,093	)
Net unrealized depreciation	$	(100,655,372	)

14

Parametric

Commodity Strategy Fund

June 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund and the Subsidiary. Pursuant to the investment advisory and administrative agreement and subsequent fee reduction agreement between the Trust and EVM and the investment advisory agreement and subsequent fee reduction agreement between the Subsidiary and EVM, the Fund and Subsidiary pay EVM an aggregate fee at an annual rate of 0.55% of the Fund’s consolidated average daily net assets up to $1 billion and at reduced rates on consolidated net assets of $1 billion and over, and is payable monthly. The fee reductions cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the six months ended June 30, 2020, the investment adviser and administration fee amounted to $824,139 or 0.55% of the Fund’s consolidated average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. Prior to May 1, 2020, EVM and Parametric had agreed to reimburse the Fund’s expenses, including expenses of the Subsidiary, to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceeded 0.90% and 0.65% of the Fund’s consolidated average daily net assets of Investor Class and Institutional Class, respectively. Pursuant to this agreement, EVM and Parametric were allocated $50,109 in total of the Fund’s operating expenses for the six months ended June 30, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended June 30, 2020, EVM earned $1,727 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Consolidated Statement of Operations. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received distribution and service fees from Investor Class (see Note 4).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM 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 six months ended June 30, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of the above organizations.

4  Distribution Plan

The Fund has in effect a distribution plan for Investor Class shares (Investor Class Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Investor Class shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended June 30, 2020 amounted to $10,489 for Investor Class shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Purchases and Sales of Investments

There were no purchases and sales of investments, other than short-term obligations, for the six months ended June 30, 2020.

6  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). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

Investor Class	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Sales		1,193,734			1,710,967
Issued to shareholders electing to receive payments of distributions in Fund shares		—			20,201
Redemptions		(1,309,455	)		(3,927,543	)
Net decrease		(115,721	)		(2,196,375	)

15

Parametric

Commodity Strategy Fund

June 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

Institutional Class	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
Sales		19,887,310			27,642,349
Issued to shareholders electing to receive payments of distributions in Fund shares		—			934,973
Redemptions		(20,361,877	)		(20,632,315	)
Net increase (decrease)		(474,567	)		7,945,007

7  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2020 is included in the Consolidated Portfolio of Investments. At June 30, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to commodity risk in the normal course of pursuing its investment objective. Commodity risk is the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity. The Fund invests primarily in commodities-linked derivative investments, including commodity futures contracts that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is commodity risk at June 30, 2020 was as follows:

	Fair Value
Derivative	Asset Derivative	Liability Derivative
Futures contracts	$27,936,025(1)	$	(9,337,793	)(1)
Total	$27,936,025	$	(9,337,793	)

⁽¹⁾  Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Consolidated Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations and whose primary underlying risk exposure is commodity risk for the six months ended June 30, 2020 was as follows:

Derivative	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in  Income
Futures contracts	$	(55,564,369	)(1)	$	7,957,220	(2)

⁽¹⁾   Consolidated Statement of Operations location: Net realized gain (loss) – Futures contracts.

⁽²⁾  Consolidated Statement of Operations location: Change in unrealized appreciation (depreciation) – Futures contracts.

The average notional cost of futures contracts outstanding during the six months ended June 30, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

Futures Contracts — Long		Futures Contracts — Short
	$447,605,000	$	133,382,000

16

Parametric

Commodity Strategy Fund

June 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate 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. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended June 30, 2020.

9  Investments in Affiliated Funds

At June 30, 2020, the value of the Fund’s investment in affiliated funds was $17,154,155, which represents 5.8% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended June 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	18,055,234	$	352,648,183	$	(353,544,176	)	$	(4,757	)	$	(329	)	$	17,154,155	$	103,036		17,154,155

10  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.

17

Parametric

Commodity Strategy Fund

June 30, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

At June 30, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Short-Term Investments —
U.S. Treasury Obligations	$	—		$	274,348,341	$	—	$	274,348,341
Other		—			17,154,155		—		17,154,155
Total Investments	$	—		$	291,502,496	$	—	$	291,502,496
Futures Contracts	$	27,936,025		$	—	$	—	$	27,936,025
Total	$	27,936,025		$	291,502,496	$	—	$	319,438,521
Liability Description
Futures Contracts	$	(9,337,793	)	$	—	$	—	$	(9,337,793	)
Total	$	(9,337,793	)	$	—	$	—	$	(9,337,793	)

11  Risks and Uncertainities

Risks Associated with Commodities

The commodities which underlie commodity-linked derivatives in which the Fund invests may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject the Fund’s investments to greater volatility than investments in traditional securities.

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Fund’s investments.

18

Parametric

Commodity Strategy Fund

June 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

19

Parametric

Commodity Strategy Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Parametric Commodity Strategy Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Parametric Portfolio Associates LLC (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment

20

Parametric

Commodity Strategy Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

research, and similar services to the Fund, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser. The Board evaluated, where relevant, the abilities and experience of the Sub-adviser’s investment professionals in investing in commodity-linked derivative securities. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board noted that the Fund has established a wholly-owned subsidiary to accommodate the Fund’s commodity-related investments. The subsidiary is managed by the Adviser and the Sub-adviser pursuant to separate investment advisory and sub-advisory agreements, respectively, that are subject to annual approval by the Board. The subsidiary’s fee rates are the same as those charged to the Fund, and the Fund will not pay any additional management fees with respect to its assets invested in the subsidiary. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other types of accounts. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.

21

Parametric

Commodity Strategy Fund

June 30, 2020

Board of Trustees’ Contract Approval — continued

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

22

Parametric

Commodity Strategy Fund

June 30, 2020

Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Fund’s Board of Trustees/Directors, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

23

Parametric

Commodity Strategy Fund

June 30, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

24

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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 1-800-260-0761, 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 1-800-260-0761 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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

25

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 260-0761

Fund Offices

Two International Place

Boston, MA 02110

* 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.

7777    6.30.20

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

Semiannual Report

June 30, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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. Each adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act, with respect to its management of the Fund. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as 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.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report June 30, 2020

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

Table of Contents
Performance
Tax-Managed Growth Fund 1.1	2
Tax-Managed Growth Fund 1.2	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	8
Board of Trustees’ Contract Approval	42
Liquidity Risk Management Program	48
Officers and Trustees	49
Important Notices	51

Eaton Vance

Tax-Managed Growth Fund 1.1

June 30, 2020

Performance^1,2

Portfolio Managers Lewis R. Piantedosi, Michael A. Allison, CFA and Yana S. Barton, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		03/28/1996		03/29/1966		–1.85	%		8.13	%		9.97	%		13.10	%
Class A with 5.75% Maximum Sales Charge		—		—		–7.49			1.91			8.68			12.43
Class C at NAV		08/02/1996		03/29/1966		–2.22			7.33			9.14			12.25
Class C with 1% Maximum Sales Charge		—		—		–3.19			6.33			9.14			12.25
Class I at NAV		07/02/1999		03/29/1966		–1.77			8.34			10.23			13.38
S&P 500® Index		—		—		–3.08	%		7.51	%		10.72	%		13.98	%
% After-Tax Returns			Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A After Taxes on Distributions				03/28/1996		03/29/1966			1.74	%		8.45	%		12.19	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			1.31			7.09			10.68
Class C After Taxes on Distributions				08/02/1996		03/29/1966			6.33			9.08			12.16
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			3.75			7.53			10.57
Class I After Taxes on Distributions				07/02/1999		03/29/1966			8.10			9.92			13.07
Class I After Taxes on Distributions and Sale of Fund Shares				—		—			5.20			8.39			11.53
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.78	%		1.55	%		0.53	%

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. 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.

2

Eaton Vance

Tax-Managed Growth Fund 1.2

June 30, 2020

Performance^1,2

Portfolio Managers Lewis R. Piantedosi, Michael A. Allison, CFA and Yana S. Barton, CFA

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		02/28/2001		03/29/1966		–1.91	%		7.99	%		9.81	%		12.92	%
Class A with 5.75% Maximum Sales Charge		—		—		–7.54			1.78			8.52			12.25
Class C at NAV		02/28/2001		03/29/1966		–2.29			7.18			8.98			12.07
Class C with 1% Maximum Sales Charge		—		—		–3.27			6.18			8.98			12.07
Class I at NAV		02/28/2001		03/29/1966		–1.83			8.21			10.08			13.19
S&P 500® Index		—		—		–3.08	%		7.51	%		10.72	%		13.98	%
% After-Tax Returns			Class Inception Date		Performance Inception Date			One Year			Five Years			Ten Years
Class A After Taxes on Distributions				02/28/2001		03/29/1966			1.64	%		8.33	%		12.05	%
Class A After Taxes on Distributions and Sale of Fund Shares				—		—			1.20			6.97			10.53
Class C After Taxes on Distributions				02/28/2001		03/29/1966			6.18			8.96			12.03
Class C After Taxes on Distributions and Sale of Fund Shares				—		—			3.66			7.41			10.43
Class I After Taxes on Distributions				02/28/2001		03/29/1966			8.01			9.82			12.93
Class I After Taxes on Distributions and Sale of Fund Shares				—		—			5.07			8.28			11.37
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									0.93	%		1.68	%		0.68	%

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. 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.

3

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Amazon.com, Inc.	5.1	%
Apple, Inc.	4.2
Microsoft Corp.	3.7
Facebook, Inc., Class A	3.5
Alphabet, Inc., Class C	2.6
Alphabet, Inc., Class A	2.0
Intel Corp.	2.0
JPMorgan Chase & Co.	1.7
QUALCOMM, Inc.	1.7
Eli Lilly & Co.	1.6
Total	28.1	%

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Endnotes and Additional Disclosures

¹  S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, 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.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  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.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

5

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution 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 (January 1, 2020 – June 30, 2020).

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) or redemption fees (if applicable). 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.

Eaton Vance Tax-Managed Growth Fund 1.1

	Beginning Account Value (1/1/20)		Ending Account Value (6/30/20)		Expenses Paid During Period* (1/1/20 – 6/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	981.50	$	3.79		0.77	%
Class C	$	1,000.00	$	977.80	$	7.47		1.52	%
Class I	$	1,000.00	$	982.30	$	2.56		0.52	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,021.00	$	3.87		0.77	%
Class C	$	1,000.00	$	1,017.30	$	7.62		1.52	%
Class I	$	1,000.00	$	1,022.30	$	2.61		0.52	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (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 December 31, 2019.

6

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Fund Expenses — continued

Eaton Vance Tax-Managed Growth Fund 1.2

	Beginning Account Value (1/1/20)		Ending Account Value (6/30/20)		Expenses Paid During Period* (1/1/20 – 6/30/20)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	980.90	$	4.63		0.94	%
Class C	$	1,000.00	$	977.10	$	8.31		1.69	%
Class I	$	1,000.00	$	981.70	$	3.40		0.69	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,020.20	$	4.72		0.94	%
Class C	$	1,000.00	$	1,016.50	$	8.47		1.69	%
Class I	$	1,000.00	$	1,021.40	$	3.47		0.69	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/366 (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 December 31, 2019.

7

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Statements of Assets and Liabilities (Unaudited)

	June 30, 2020
Assets	Tax-Managed Growth Fund 1.1		Tax-Managed Growth Fund 1.2
Investment in Tax-Managed Growth Portfolio, at value (identified cost, $365,841,654 and $312,993,271, respectively)	$	1,675,870,609	$	860,014,578
Receivable for Fund shares sold		29,752		240,918
Total assets	$	1,675,900,361	$	860,255,496
Liabilities
Payable for Fund shares redeemed	$	4,786,314	$	1,606,997
Payable to affiliates:
Administration fee		—		105,565
Distribution and service fees		313,016		169,094
Trustees’ fees		125		125
Accrued expenses		203,502		129,441
Total liabilities	$	5,302,957	$	2,011,222
Net Assets	$	1,670,597,404	$	858,244,274
Sources of Net Assets
Paid-in capital	$	1,175,910,007	$	786,877,361
Distributable earnings		494,687,397		71,366,913
Total	$	1,670,597,404	$	858,244,274
Class A Shares
Net Assets	$	1,477,329,497	$	597,709,575
Shares Outstanding		24,372,652		21,946,033
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	60.61	$	27.24
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	64.31	$	28.90
Class C Shares
Net Assets	$	11,897,290	$	56,044,481
Shares Outstanding		219,103		2,122,031
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	54.30	$	26.41
Class I Shares
Net Assets	$	181,370,617	$	204,490,218
Shares Outstanding		3,207,062		7,485,327
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	56.55	$	27.32

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.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Statements of Operations (Unaudited)

	Six Months Ended June 30, 2020
Investment Income	Tax-Managed Growth Fund 1.1			Tax-Managed Growth Fund 1.2
Dividends allocated from Portfolio (net of foreign taxes, $124,704 and $64,035, respectively)	$	13,785,213		$	7,085,288
Expenses allocated from Portfolio		(3,590,395	)		(1,846,112	)
Total investment income from Portfolio	$	10,194,818		$	5,239,176
Expenses
Administration fee	$	—		$	621,271
Distribution and service fees
Class A		1,783,119			718,733
Class C		60,379			276,340
Trustees’ fees and expenses		250			252
Custodian fee		25,382			25,852
Transfer and dividend disbursing agent fees		396,552			186,484
Professional fees		23,329			18,201
Printing and postage		34,856			23,377
Registration fees		35,433			42,532
Miscellaneous		103,942			81,498
Total expenses	$	2,463,242		$	1,994,540
Net investment income	$	7,731,576		$	3,244,636
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions(1)	$	17,179,700		$	8,826,510
Foreign currency transactions		(1,239	)		(636	)
Net realized gain	$	17,178,461		$	8,825,874
Change in unrealized appreciation (depreciation) —
Investments	$	(62,156,453	)	$	(32,488,440	)
Foreign currency		2,477			1,254
Net change in unrealized appreciation (depreciation)	$	(62,153,976	)	$	(32,487,186	)
Net realized and unrealized loss	$	(44,975,515	)	$	(23,661,312	)
Net decrease in net assets from operations	$	(37,243,939	)	$	(20,416,676	)

⁽¹⁾  Includes $20,311,210 and $10,437,752, respectively, of net realized gains from redemptions in-kind.

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Statements of Changes in Net Assets

	Six Months Ended June 30, 2020 (Unaudited)
Increase (Decrease) in Net Assets	Tax-Managed Growth Fund 1.1			Tax-Managed Growth Fund 1.2
From operations —
Net investment income	$	7,731,576		$	3,244,636
Net realized gain		17,178,461			8,825,874
Net change in unrealized appreciation (depreciation)		(62,153,976	)		(32,487,186	)
Net decrease in net assets from operations	$	(37,243,939	)	$	(20,416,676	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,437,920		$	11,914,190
Class C		276,976			3,151,107
Class I		62,123,571			53,319,745
Cost of shares redeemed
Class A		(58,933,283	)		(32,054,912	)
Class C		(848,521	)		(4,884,462	)
Class I		(60,442,511	)		(67,483,213	)
Net asset value of shares converted
Class A		874,521			1,937,621
Class C		(874,521	)		(1,937,621	)
Net decrease in net assets from Fund share transactions	$	(55,385,848	)	$	(36,037,545	)
Net decrease in net assets	$	(92,629,787	)	$	(56,454,221	)
Net Assets
At beginning of period	$	1,763,227,191		$	914,698,495
At end of period	$	1,670,597,404		$	858,244,274

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Statements of Changes in Net Assets — continued

	Year Ended December 31, 2019
Increase (Decrease) in Net Assets	Tax-Managed Growth Fund 1.1			Tax-Managed Growth Fund 1.2
From operations —
Net investment income	$	15,884,634		$	6,661,253
Net realized gain		42,571,421			21,558,538
Net change in unrealized appreciation (depreciation)		355,782,177			180,249,655
Net increase in net assets from operations	$	414,238,232		$	208,469,446
Distributions to shareholders —
Class A	$	(12,891,964	)	$	(4,346,325	)
Class I		(2,075,519	)		(2,037,988	)
Total distributions to shareholders	$	(14,967,483	)	$	(6,384,313	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	7,444,769		$	18,357,473
Class B		5			28
Class C		473,288			6,587,230
Class I		166,808,130			74,629,417
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		11,063,702			3,897,004
Class I		1,680,754			1,852,484
Cost of shares redeemed
Class A		(116,662,699	)		(53,203,916	)
Class B		(40,812	)		(53,050	)
Class C		(3,508,546	)		(11,669,202	)
Class I		(160,424,924	)		(52,588,935	)
Net asset value of shares converted(1)
Class A		201,454,316			95,861,467
Class B		(908,387	)		(736,564	)
Class C		(200,545,930	)		(95,124,903	)
Net decrease in net assets from Fund share transactions	$	(93,166,334	)	$	(12,191,467	)
Net increase in net assets	$	306,104,415		$	189,893,666
Net Assets
At beginning of year	$	1,457,122,776		$	724,804,829
At end of year	$	1,763,227,191		$	914,698,495

⁽¹⁾   Includes the conversion of Class B to Class A shares at the close of business on October 15, 2019 upon the termination of Class B.

11 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Financial Highlights

	Tax-Managed Growth Fund 1.1 — Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	61.750		$	48.150		$	51.300		$	42.300		$	39.330		$	38.910
Income (Loss) From Operations
Net investment income(1)	$	0.269		$	0.539		$	0.491		$	0.467		$	0.455		$	0.435
Net realized and unrealized gain (loss)		(1.409	)		13.572			(3.192	)		8.982			2.964			0.402
Total income (loss) from operations	$	(1.140	)	$	14.111		$	(2.701	)	$	9.449		$	3.419		$	0.837
Less Distributions
From net investment income	$	—		$	(0.511	)	$	(0.449	)	$	(0.449	)	$	(0.449	)	$	(0.417	)
Total distributions	$	—		$	(0.511	)	$	(0.449	)	$	(0.449	)	$	(0.449	)	$	(0.417	)
Net asset value — End of period	$	60.610		$	61.750		$	48.150		$	51.300		$	42.300		$	39.330
Total Return(2)		(1.85	)%(3)		29.45	%		(5.36	)%		22.35	%		8.68	%		2.15	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,477,329		$	1,565,795		$	1,116,349		$	1,257,823		$	1,068,182		$	1,055,259
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.77	%(6)		0.78	%		0.79	%		0.79	%		0.81	%		0.82	%
Net investment income		0.94	%(6)		0.96	%		0.92	%		1.00	%		1.14	%		1.10	%
Portfolio Turnover of the Portfolio		0	%(3)(7)(8)		1	%(7)		1	%(7)		0	%(7)(8)		1	%(7)		9	%

⁽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⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  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 3%, 6%, 6%, 5% and 6% for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

⁽⁸⁾  Amount is less than 0.5%.

12 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Financial Highlights — continued

	Tax-Managed Growth Fund 1.1 — Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	55.530		$	43.280		$	46.100		$	38.040		$	35.440		$	35.100
Income (Loss) From Operations
Net investment income (loss)(1)	$	0.049		$	(0.018	)	$	0.082		$	0.114		$	0.140		$	0.125
Net realized and unrealized gain (loss)		(1.279	)		12.268			(2.832	)		8.047			2.645			0.365
Total income (loss) from operations	$	(1.230	)	$	12.250		$	(2.750	)	$	8.161		$	2.785		$	0.490
Less Distributions
From net investment income	$	—		$	—		$	(0.070	)	$	(0.101	)	$	(0.185	)	$	(0.150	)
Total distributions	$	—		$	—		$	(0.070	)	$	(0.101	)	$	(0.185	)	$	(0.150	)
Net asset value — End of period	$	54.300		$	55.530		$	43.280		$	46.100		$	38.040		$	35.440
Total Return(2)		(2.22	)%(3)		28.34	%		(5.99	)%		21.46	%		7.85	%		1.40	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	11,897		$	13,730		$	202,974		$	248,201		$	265,708		$	263,896
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.52	%(6)		1.55	%		1.54	%		1.54	%		1.56	%		1.57	%
Net investment income (loss)		0.19	%(6)		(0.04	)%		0.17	%		0.27	%		0.39	%		0.35	%
Portfolio Turnover of the Portfolio		0	%(3)(7)(8)		1	%(7)		1	%(7)		0	%(7)(8)		1	%(7)		9	%

⁽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⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  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 3%, 6%, 6%, 5% and 6% for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

⁽⁸⁾  Amount is less than 0.5%.

13 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Financial Highlights — continued

	Tax-Managed Growth Fund 1.1 — Class I
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	57.570		$	44.920		$	47.920		$	39.530		$	36.790		$	36.430
Income (Loss) From Operations
Net investment income(1)	$	0.317		$	0.628		$	0.584		$	0.542		$	0.516		$	0.497
Net realized and unrealized gain (loss)		(1.337	)		12.675			(2.996	)		8.414			2.776			0.381
Total income (loss) from operations	$	(1.020	)	$	13.303		$	(2.412	)	$	8.956		$	3.292		$	0.878
Less Distributions
From net investment income	$	—		$	(0.653	)	$	(0.588	)	$	(0.566	)	$	(0.552	)	$	(0.518	)
Total distributions	$	—		$	(0.653	)	$	(0.588	)	$	(0.566	)	$	(0.552	)	$	(0.518	)
Net asset value — End of period	$	56.550		$	57.570		$	44.920		$	47.920		$	39.530		$	36.790
Total Return(2)		(1.77	)%(3)		29.74	%		(5.11	)%		22.67	%		8.93	%		2.41	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	181,371		$	183,702		$	136,976		$	114,276		$	69,864		$	50,278
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.52	%(6)		0.53	%		0.54	%		0.54	%		0.56	%		0.56	%
Net investment income		1.19	%(6)		1.20	%		1.17	%		1.24	%		1.38	%		1.34	%
Portfolio Turnover of the Portfolio		0	%(3)(7)(8)		1	%(7)		1	%(7)		0	%(7)(8)		1	%(7)		9	%

⁽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⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  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 3%, 6%, 6%, 5% and 6% for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

⁽⁸⁾  Amount is less than 0.5%.

14 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Financial Highlights — continued

	Tax-Managed Growth Fund 1.2 — Class A
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	27.770		$	21.650		$	23.060		$	19.020		$	17.690		$	17.500
Income (Loss) From Operations
Net investment income(1)	$	0.100		$	0.205		$	0.184		$	0.177		$	0.176		$	0.168
Net realized and unrealized gain (loss)		(0.630	)		6.108			(1.432	)		4.035			1.326			0.187
Total income (loss) from operations	$	(0.530	)	$	6.313		$	(1.248	)	$	4.212		$	1.502		$	0.355
Less Distributions
From net investment income	$	—		$	(0.193	)	$	(0.162	)	$	(0.172	)	$	(0.172	)	$	(0.165	)
Total distributions	$	—		$	(0.193	)	$	(0.162	)	$	(0.172	)	$	(0.172	)	$	(0.165	)
Net asset value — End of period	$	27.240		$	27.770		$	21.650		$	23.060		$	19.020		$	17.690
Total Return(2)		(1.91	)%(3)		29.28	%		(5.50	)%		22.15	%		8.48	%		2.03	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	597,710		$	629,530		$	427,333		$	472,741		$	403,485		$	379,685
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.94	%(6)		0.93	%		0.94	%		0.95	%		0.97	%		0.97	%
Net investment income		0.77	%(6)		0.81	%		0.77	%		0.84	%		0.98	%		0.95	%
Portfolio Turnover of the Fund(7)		—			—			—			1	%		—			—
Portfolio Turnover of the Portfolio		0	%(3)(8)(9)		1	%(8)		1	%(8)		0	%(8)(9)		1	%(8)		9	%

⁽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⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  Excludes the value of Fund securities contributed or distributed as a result of in-kind transactions. The portfolio turnover of the Fund including in-kind contributions and distributions of securities was 3% for the year ended December 31, 2017.

⁽⁸⁾  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 3%, 6%, 6%, 5% and 6% for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

⁽⁹⁾  Amount is less than 0.5%.

15 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Financial Highlights — continued

	Tax-Managed Growth Fund 1.2 — Class C
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	27.030		$	21.080		$	22.460		$	18.530		$	17.240		$	17.070
Income (Loss) From Operations
Net investment income(1)	$	0.003		$	0.003		$	0.004		$	0.022		$	0.041		$	0.034
Net realized and unrealized gain (loss)		(0.623	)		5.947			(1.384	)		3.912			1.289			0.176
Total income (loss) from operations	$	(0.620	)	$	5.950		$	(1.380	)	$	3.934		$	1.330		$	0.210
Less Distributions
From net investment income	$	—		$	—$			—		$	(0.004	)	$	(0.040	)	$	(0.040	)
Total distributions	$	—		$	—$			—		$	(0.004	)	$	(0.040	)	$	(0.040	)
Net asset value — End of period	$	26.410		$	27.030		$	21.080		$	22.460		$	18.530		$	17.240
Total Return(2)		(2.29	)%(3)		28.22	%		(6.14	)%		21.23	%		7.71	%		1.23	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	56,044		$	61,397		$	142,020		$	173,289		$	175,072		$	173,494
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		1.69	%(6)		1.68	%		1.69	%		1.70	%		1.72	%		1.72	%
Net investment income		0.02	%(6)		0.01	%		0.02	%		0.11	%		0.23	%		0.20	%
Portfolio Turnover of the Fund(7)		—			—			—			1	%		—			—
Portfolio Turnover of the Portfolio		0	%(3)(8)(9)		1	%(8)		1	%(8)		0	%(8)(9)		1	%(8)		9	%

⁽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⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  Excludes the value of Fund securities contributed or distributed as a result of in-kind transactions. The portfolio turnover of the Fund including in-kind contributions and distributions of securities was 3% for the year ended December 31, 2017.

⁽⁸⁾  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 3%, 6%, 6%, 5% and 6% for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

⁽⁹⁾  Amount is less than 0.5%.

16 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Financial Highlights — continued

	Tax-Managed Growth Fund 1.2 — Class I
	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	27.830		$	21.690		$	23.110		$	19.060		$	17.720		$	17.530
Income (Loss) From Operations
Net investment income(1)	$	0.132		$	0.266		$	0.244		$	0.229		$	0.221		$	0.213
Net realized and unrealized gain (loss)		(0.642	)		6.130			(1.439	)		4.046			1.336			0.187
Total income (loss) from operations	$	(0.510	)	$	6.396		$	(1.195	)	$	4.275		$	1.557		$	0.400
Less Distributions
From net investment income	$	—		$	(0.256	)	$	(0.225	)	$	(0.225	)	$	(0.217	)	$	(0.210	)
Total distributions	$	—		$	(0.256	)	$	(0.225	)	$	(0.225	)	$	(0.217	)	$	(0.210	)
Net asset value — End of period	$	27.320		$	27.830		$	21.690		$	23.110		$	19.060		$	17.720
Total Return(2)		(1.83	)%(3)		29.61	%		(5.25	)%		22.44	%		8.77	%		2.28	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	204,490		$	223,771		$	154,772		$	134,355		$	78,948		$	61,538
Ratios (as a percentage of average daily net assets):(4)
Expenses(5)		0.69	%(6)		0.68	%		0.69	%		0.70	%		0.72	%		0.72	%
Net investment income		1.02	%(6)		1.05	%		1.02	%		1.09	%		1.23	%		1.20	%
Portfolio Turnover of the Fund(7)		—			—			—			1	%		—			—
Portfolio Turnover of the Portfolio		0	%(3)(8)(9)		1	%(8)		1	%(8)		0	%(8)(9)		1	%(8)		9	%

⁽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⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁵⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁶⁾  Annualized.

⁽⁷⁾  Excludes the value of Fund securities contributed or distributed as a result of in-kind transactions. The portfolio turnover of the Fund including in-kind contributions and distributions of securities was 3% for the year ended December 31, 2017.

⁽⁸⁾  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 3%, 6%, 6%, 5% and 6% for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

⁽⁹⁾  Amount is less than 0.5%.

17 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Tax-Managed Growth Fund 1.1 (Tax-Managed Growth Fund 1.1) and Eaton Vance Tax-Managed Growth Fund 1.2 (Tax-Managed Growth Fund 1.2) (each a Fund, and collectively the Funds) are diversified series of the Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Each Fund currently offers Class A, Class C and Class I shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Tax-Managed Growth Fund 1.1 is closed to new investors. Each class represents a pro-rata interest in each Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. Each Fund typically 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 Funds. The value of each Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (7.6% and 3.9% for Tax-Managed Growth Fund 1.1 and Tax-Managed Growth Fund 1.2, respectively, at June 30, 2020). The performance of each 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 Funds’ financial statements.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Each 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 — Each 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 — Each 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 June 30, 2020, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each 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 each 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, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

G  Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

H  Interim Financial Statements — The interim financial statements relating to June 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

18

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

2  Distributions to Shareholders and Income Tax Information

It is the present policy of each Fund to make at least one distribution annually (normally in December) 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. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of a 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.

At December 31, 2019, the Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund’s 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 Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the respective Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	Tax-Managed Growth Fund 1.1		Tax-Managed Growth Fund 1.2
Deferred capital losses
Short-term	$	5,010,421	$	1,597,050
Long-term		—		9,638

3  Transactions with Affiliates

Eaton Vance Management (EVM) serves as the administrator to the Funds. EVM receives no compensation from Tax-Managed Growth Fund 1.1 for such services and a fee computed at an annual rate of 0.15% of average daily net assets from Tax-Managed Growth Fund 1.2 for such services. For the six months ended June 30, 2020, the administration fee for Tax-Managed Growth Fund 1.2 amounted to $621,271. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended June 30, 2020 were as follows:

	Tax-Managed Growth Fund 1.1		Tax-Managed Growth Fund 1.2
EVM’s Sub-Transfer Agent Fees	$	108,474	$	38,259
EVD’s Class A Sales Charges	$	7,826	$	31,029

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

19

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

4  Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended June 30, 2020 for Class A shares amounted to the following:

	Tax-Managed Growth Fund 1.1		Tax-Managed Growth Fund 1.2
Class A Distribution and Service Fees	$	1,783,119	$	718,733

Each Fund also has in effect distribution plans for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Fund. For the six months ended June 30, 2020, the Funds paid or accrued to EVD the following distribution fees:

	Tax-Managed Growth Fund 1.1		Tax-Managed Growth Fund 1.2
Class C Distribution Fees	$	45,284	$	207,255

Pursuant to the Class C Plan, each Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended June 30, 2020 amounted to the following:

	Tax-Managed Growth Fund 1.1		Tax-Managed Growth Fund 1.2
Class C Service Fees	$	15,095	$	69,085

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. Class C shares are subject to a 1% CDSC if redeemed within one year of purchase. For the six months ended June 30, 2020, the Funds were informed that EVD received approximately the following amounts of CDSCs paid by Class A and Class C shareholders:

	Tax-Managed Growth Fund 1.1		Tax-Managed Growth Fund 1.2
Class A	$	—	$	2,000
Class C	$	100	$	4,000

6  Investment Transactions

For the six months ended June 30, 2020, increases and decreases in each Fund’s investment in the Portfolio aggregated, as follows:

Fund	Increases		Decreases
Tax-Managed Growth Fund 1.1	$	655,115	$	60,603,360
Tax-Managed Growth Fund 1.2	$	3,999,086	$	42,689,693

20

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

Decreases in each Fund’s investment in the Portfolio include distributions of securities as the result of redemptions in-kind, as follows:

Fund	Redemptions in-kind
Tax-Managed Growth Fund 1.1	$	47,627,237
Tax-Managed Growth Fund 1.2		34,102,099

7  Shares of Beneficial Interest

Each Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Funds) and classes. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares were as follows:

Tax-Managed Growth Fund 1.1
	Six Months Ended June 30, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		42,370			5,218			1,181,554
Redemptions		(1,040,976	)		(16,208	)		(1,165,315	)
Converted from Class C shares		15,402			—			—
Converted to Class A shares		—			(17,164	)		—
Net increase (decrease)		(983,204	)		(28,154	)		16,239
	Year Ended December 31, 2019
	Class A			Class B(1)			Class C			Class I
Sales		131,208			—			9,884			3,202,823
Issued to shareholders electing to receive payments of distributions in Fund shares		180,191			—			—			29,363
Redemptions		(2,089,668	)		(439	)		(71,725	)		(3,090,733	)
Converted from Class B shares		16,311			—			—			—
Converted from Class C shares		3,934,421			—			—			—
Converted to Class A shares		—			(16,908	)		(4,381,065	)		—
Net increase (decrease)		2,172,463			(17,347	)		(4,442,906	)		141,453

⁽¹⁾   At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

21

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

Tax-Managed Growth Fund 1.2
	Six Months Ended June 30, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		460,527			127,854			2,088,557
Redemptions		(1,258,106	)		(201,752	)		(2,645,213	)
Converted from Class C shares		73,396			—			—
Converted to Class A shares		—			(75,558	)		—
Net decrease		(724,183	)		(149,456	)		(556,656	)
	Year Ended December 31, 2019
	Class A			Class B(1)			Class C			Class I
Sales		732,485			1			269,131			2,932,826
Issued to shareholders electing to receive payments of distributions in Fund shares		141,145			—			—			66,973
Redemptions		(2,110,088	)		(2,261	)		(478,274	)		(2,093,275	)
Converted from Class B shares		30,189			—			—			—
Converted from Class C shares		4,139,683			—			—			—
Converted to Class A shares		—			(29,380	)		(4,255,437	)		—
Net increase (decrease)		2,933,414			(31,640	)		(4,464,580	)		906,524

⁽¹⁾   At the close of business on October 15, 2019, Class B shares were converted into Class A and Class B was terminated.

8  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on each Fund’s investments.

22

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited)

Common Stocks— 99.0%
Security	Shares		Value
Aerospace & Defense — 1.4%
Boeing Co. (The)		869,443	$	159,368,902
General Dynamics Corp.		141,621		21,166,675
Howmet Aerospace, Inc.		4		63
Huntington Ingalls Industries, Inc.		1,096		191,241
L3Harris Technologies, Inc.		5,671		962,198
Lockheed Martin Corp.		120,053		43,809,741
Northrop Grumman Corp.		48,050		14,772,492
Raytheon Technologies Corp.		1,207,997		74,436,775
Textron, Inc.		1,025		33,733
TransDigm Group, Inc.		2,016		891,173
			$	315,632,993
Air Freight & Logistics — 1.3%
C.H. Robinson Worldwide, Inc.		1,031,186	$	81,525,565
Expeditors International of Washington, Inc.		1,300		98,852
FedEx Corp.		344,010		48,237,082
United Parcel Service, Inc., Class B		1,396,739		155,289,442
XPO Logistics, Inc.(1)		42,458		3,279,881
			$	288,430,822
Airlines — 0.0%(2)
American Airlines Group, Inc.		66,989	$	875,546
Delta Air Lines, Inc.		56,768		1,592,342
Southwest Airlines Co.		27,758		948,769
			$	3,416,657
Auto Components — 0.5%
Adient PLC(1)		15,055	$	247,203
Aptiv PLC		1,015,200		79,104,384
BorgWarner, Inc.		800		28,240
Dorman Products, Inc.(1)		20,730		1,390,361
Garrett Motion, Inc.(1)		36,184		200,459
Gentex Corp.		1,443,192		37,191,058
			$	118,161,705
Automobiles — 0.1%
Daimler AG		38,000	$	1,546,600
Ford Motor Co.		1,212,584		7,372,511
General Motors Co.		79,498		2,011,299
Harley-Davidson, Inc.		20,162		479,251
Tesla, Inc.(1)		7,397		7,987,354
Toyota Motor Corp. ADR		5,000		628,150
			$	20,025,165

Security	Shares		Value
Banks — 3.8%
Bank of America Corp.		3,532,782	$	83,903,573
Bank of Montreal		4		212
CIT Group, Inc.		1,490		30,888
Citigroup, Inc.		860,867		43,990,304
Commerce Bancshares, Inc.		66,314		3,943,694
CVB Financial Corp.		608,432		11,402,016
Fifth Third Bancorp		1,723,095		33,221,272
First Republic Bank		1,652		175,095
HSBC Holdings PLC		220,592		1,028,218
HSBC Holdings PLC ADR		424		9,892
Huntington Bancshares, Inc.		144,510		1,305,648
ING Groep NV ADR		108,320		747,408
JPMorgan Chase & Co.		3,995,124		375,781,363
KeyCorp		111,480		1,357,826
M&T Bank Corp.		230,611		23,976,626
Pinnacle Financial Partners, Inc.		34,686		1,456,465
PNC Financial Services Group, Inc. (The)		120,637		12,692,219
Regions Financial Corp.		731,394		8,133,101
Societe Generale S.A.(1)		405,793		6,784,728
Sterling Bancorp		103,627		1,214,508
SVB Financial Group(1)		29,245		6,303,175
Synovus Financial Corp.		1,565		32,129
Toronto-Dominion Bank (The)		569		25,383
Truist Financial Corp.		1,891,006		71,007,275
U.S. Bancorp		889,261		32,742,590
Wells Fargo & Co.		4,524,559		115,828,710
Western Alliance Bancorp		23,987		908,388
			$	838,002,706
Beverages — 2.2%
Anheuser-Busch InBev SA/NV ADR		75,379	$	3,716,185
Boston Beer Co., Inc. (The), Class A(1)		4,730		2,538,355
Brown-Forman Corp., Class A		10,699		615,941
Brown-Forman Corp., Class B		366,004		23,299,815
Coca-Cola Co. (The)		3,471,828		155,121,275
Constellation Brands, Inc., Class A		39,872		6,975,606
Diageo PLC ADR		8,721		1,172,015
Keurig Dr Pepper, Inc.		2,700		76,680
Molson Coors Beverage Co., Class B		186,000		6,390,960
Monster Beverage Corp.(1)		171,250		11,871,050
PepsiCo, Inc.		2,052,980		271,527,135
			$	483,305,017
Biotechnology — 3.1%
AbbVie, Inc.		804,491	$	78,984,926
Agios Pharmaceuticals, Inc.(1)		74,972		4,009,503

23 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Biotechnology (continued)
Alexion Pharmaceuticals, Inc.(1)		490,965	$	55,105,912
Alkermes PLC(1)		5,000		97,025
Alnylam Pharmaceuticals, Inc.(1)		188,700		27,948,357
Amgen, Inc.		727,113		171,496,872
argenx SE ADR(1)		308,910		69,575,799
Biogen, Inc.(1)		111,990		29,962,924
Bluebird Bio, Inc.(1)		500		30,520
Blueprint Medicines Corp.(1)		255,000		19,890,000
Exact Sciences Corp.(1)		131,454		11,428,611
Gilead Sciences, Inc.		1,036,413		79,741,616
Incyte Corp.(1)		94,844		9,860,931
Neurocrine Biosciences, Inc.(1)		64,045		7,813,490
Regeneron Pharmaceuticals, Inc.(1)		22,995		14,340,832
Vertex Pharmaceuticals, Inc.(1)		346,315		100,538,708
			$	680,826,026
Building Products — 0.5%
A.O. Smith Corp.		28,185	$	1,328,077
Carrier Global Corp.(1)		842,760		18,726,127
Fortune Brands Home & Security, Inc.		2,923		186,867
Johnson Controls International PLC		356,155		12,159,132
Lennox International, Inc.		263,361		61,360,480
Masco Corp.		25,000		1,255,250
Resideo Technologies, Inc.(1)		60,308		706,810
Trane Technologies PLC		26,539		2,361,440
			$	98,084,183
Capital Markets — 4.0%
Affiliated Managers Group, Inc.		58,716	$	4,377,865
Ameriprise Financial, Inc.		214,951		32,251,248
Bank of New York Mellon Corp. (The)		476,763		18,426,890
BlackRock, Inc.		11,190		6,088,367
Brookfield Asset Management, Inc., Class A		192,123		6,320,847
Cboe Global Markets, Inc.		175,414		16,362,618
Charles Schwab Corp. (The)		3,911,424		131,971,446
CME Group, Inc.		233,101		37,888,237
E*TRADE Financial Corp.		4,593		228,410
FactSet Research Systems, Inc.		11,308		3,714,339
FactSet Research Systems, Inc.(3)		75,000		24,635,250
Federated Hermes, Inc., Class B		549		13,011
Franklin Resources, Inc.		211,191		4,428,675
Goldman Sachs Group, Inc. (The)		827,568		163,543,988
Intercontinental Exchange, Inc.		153,966		14,103,286
Invesco, Ltd.		1,367		14,709
LPL Financial Holdings, Inc.		215,573		16,900,923
Moody’s Corp.		247,360		67,957,213

Security	Shares		Value
Capital Markets (continued)
Morgan Stanley		2,671,663	$	129,041,323
Nasdaq, Inc.		71,203		8,506,622
Northern Trust Corp.		2,500		198,350
Raymond James Financial, Inc.		39,363		2,709,355
S&P Global, Inc.		270,687		89,185,953
SEI Investments Co.		150,000		8,247,000
State Street Corp.		309,297		19,655,824
Stifel Financial Corp.		112,796		5,349,914
T. Rowe Price Group, Inc.		565,593		69,850,736
UBS Group AG(1)		9		104
Waddell & Reed Financial, Inc., Class A		9,248		143,436
			$	882,115,939
Chemicals — 1.2%
AdvanSix, Inc.(1)		1,768	$	20,756
Air Products and Chemicals, Inc.		12,046		2,908,627
Albemarle Corp.		90,157		6,961,022
Balchem Corp.		17,292		1,640,319
Celanese Corp.		16,713		1,443,000
Chemours Co. (The)		151		2,318
Corteva, Inc.(1)		587,591		15,741,563
Dow, Inc.(1)		93,859		3,825,693
DuPont de Nemours, Inc.		493,756		26,233,256
Eastman Chemical Co.		650		45,266
Ecolab, Inc.		582,345		115,857,538
FMC Corp.		817		81,390
International Flavors & Fragrances, Inc.		5,000		612,300
Linde PLC		6,469		1,372,140
LyondellBasell Industries NV, Class A		4,274		280,887
NewMarket Corp.		12,318		4,933,113
PPG Industries, Inc.		410,020		43,486,721
Sherwin-Williams Co. (The)		52,644		30,420,335
Westlake Chemical Corp.		1,000		53,650
			$	255,919,894
Commercial Services & Supplies — 0.2%
Cintas Corp.		395	$	105,212
Copart, Inc.(1)		4,771		397,281
Pitney Bowes, Inc.		14,270		37,102
Republic Services, Inc.		1,750		143,588
Rollins, Inc.		29,293		1,241,730
Stericycle, Inc.(1)		8,000		447,840
Waste Connections, Inc.		115,655		10,847,282
Waste Management, Inc.		206,927		21,915,639
			$	35,135,674

24 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Communications Equipment — 1.5%
Arista Networks, Inc.(1)		802,596	$	168,569,238
Arista Networks, Inc.(1)(3)		88,600		18,598,423
Cisco Systems, Inc.		2,694,436		125,668,495
Juniper Networks, Inc.		285,300		6,521,958
Motorola Solutions, Inc.		38,973		5,461,287
Nokia Oyj ADR		192		845
			$	324,820,246
Construction & Engineering — 0.0%(2)
Fluor Corp.		3,250	$	39,260
Jacobs Engineering Group, Inc.		85,615		7,260,152
Quanta Services, Inc.		2,000		78,460
			$	7,377,872
Construction Materials — 0.0%(2)
Vulcan Materials Co.		38,764	$	4,490,809
			$	4,490,809
Consumer Finance — 1.0%
American Express Co.		1,050,374	$	99,995,605
Capital One Financial Corp.		133,434		8,351,634
Discover Financial Services		1,261,152		63,171,104
LendingClub Corp.(1)		15,938		72,518
Navient Corp.		10,200		71,706
SLM Corp.		10,200		71,706
Synchrony Financial		1,641,171		36,368,349
			$	208,102,622
Containers & Packaging — 0.1%
Amcor PLC(1)		827,229	$	8,446,008
AptarGroup, Inc.		65,000		7,278,700
Avery Dennison Corp.		2,503		285,567
Ball Corp.		53,090		3,689,224
Crown Holdings, Inc.(1)		13,787		897,947
International Paper Co.		704		24,788
Packaging Corp. of America		8,860		884,228
Sealed Air Corp.		27,104		890,366
Sonoco Products Co.		774		40,473
WestRock Co.		39,303		1,110,703
			$	23,548,004
Distributors — 0.1%
Genuine Parts Co.		211,356	$	18,379,518
LKQ Corp.(1)		49,518		1,297,371
			$	19,676,889

Security	Shares		Value
Diversified Consumer Services — 0.0%(2)
H&R Block, Inc.		25,610	$	365,711
Service Corp. International		15,900		618,351
			$	984,062
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class A(1)		470	$	125,631,000
Berkshire Hathaway, Inc., Class B(1)		1,729,425		308,719,657
			$	434,350,657
Diversified Telecommunication Services — 0.4%
AT&T, Inc.		639,553	$	19,333,687
CenturyLink, Inc.		5,086		51,013
Frontier Communications Corp.(1)		894		87
Liberty Global PLC, Class A(1)		8,854		193,549
Liberty Global PLC, Class C(1)		27,614		593,977
Liberty Latin America Ltd., Class A(1)		1,546		15,027
Liberty Latin America Ltd., Class C(1)		4,825		45,548
Verizon Communications, Inc.		1,067,033		58,825,529
Windstream Holdings, Inc.(1)		821		102
			$	79,058,519
Electric Utilities — 0.2%
Duke Energy Corp.		31,500	$	2,516,535
Edison International		1,134		61,588
Entergy Corp.		2,340		219,515
Exelon Corp.		28,310		1,027,370
NextEra Energy, Inc.		135,816		32,618,929
NRG Energy, Inc.		461		15,010
Southern Co. (The)		104,065		5,395,770
			$	41,854,717
Electrical Equipment — 0.8%
Acuity Brands, Inc.		9,321	$	892,392
AMETEK, Inc.		68,343		6,107,814
Eaton Corp. PLC		86,839		7,596,676
Emerson Electric Co.		2,192,191		135,981,608
Hubbell, Inc.		2,267		284,191
nVent Electric PLC		4		75
Rockwell Automation, Inc.		112,165		23,891,145
			$	174,753,901
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		15,644	$	1,498,852
CDW Corp.		142,695		16,578,305

25 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Corning, Inc.		1,555,623	$	40,290,636
FLIR Systems, Inc.		1,750		70,997
Keysight Technologies, Inc.(1)		15,146		1,526,414
Knowles Corp.(1)		8,001		122,095
Littelfuse, Inc.(3)		52,675		8,987,935
TE Connectivity, Ltd.		56,129		4,577,320
Trimble, Inc.(1)		3,200		138,208
Zebra Technologies Corp., Class A(1)		50,277		12,868,398
			$	86,659,160
Energy Equipment & Services — 0.1%
ChampionX Corp.		18,853	$	184,005
Core Laboratories NV		16,652		338,369
Frank’s International NV(1)		1,500,000		3,345,000
Halliburton Co.		538,388		6,988,276
National Oilwell Varco, Inc.		10,391		127,290
Schlumberger, Ltd.		883,883		16,254,608
Transocean, Ltd.(1)		3,626		6,636
			$	27,244,184
Entertainment — 2.2%
Activision Blizzard, Inc.		241,143	$	18,302,754
Electronic Arts, Inc.(1)		140,557		18,560,552
Liberty Braves Group, Series A(1)		1,236		24,819
Liberty Braves Group, Series C(1)		2,473		48,817
Liberty Formula One Group, Series A(1)		3,091		90,195
Liberty Formula One Group, Series C(1)		6,183		196,063
Live Nation Entertainment, Inc.(1)		43,744		1,939,172
Madison Square Garden Co. (The), Class A(1)		1,000		146,890
Madison Square Garden Entertainment Corp.(1)		1,000		75,000
Netflix, Inc.(1)		199,550		90,803,232
Spotify Technology S.A.(1)		81,126		20,945,922
Walt Disney Co. (The)		2,994,234		333,887,033
			$	485,020,449
Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.		56,291	$	14,553,475
AvalonBay Communities, Inc.		7,000		1,082,480
Host Hotels & Resorts, Inc.		222,765		2,403,634
Host Hotels & Resorts, Inc.(3)		306,221		3,304,124
ProLogis, Inc.		28,120		2,624,440
Public Storage		1,949		373,994
Simon Property Group, Inc.		25,563		1,747,998
			$	26,090,145

Security	Shares		Value
Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		904,709	$	274,316,816
Kroger Co. (The)		155,213		5,253,960
Sprouts Farmers Market, Inc.(1)		750,036		19,193,421
Sysco Corp.		441,729		24,144,907
Walgreens Boots Alliance, Inc.		587,420		24,900,734
Walmart, Inc.		15,881		1,902,226
			$	349,712,064
Food Products — 1.7%
Archer-Daniels-Midland Co.		308,191	$	12,296,821
Campbell Soup Co.		749,720		37,208,604
Conagra Brands, Inc.		499,875		17,580,604
Flowers Foods, Inc.		586,273		13,109,064
General Mills, Inc.		111,265		6,859,487
Hain Celestial Group, Inc. (The)(1)		17,240		543,232
Hershey Co. (The)		499,525		64,748,430
Hormel Foods Corp.		310,408		14,983,394
JM Smucker Co. (The)		19,734		2,088,055
Kellogg Co.		67,139		4,435,202
Kraft Heinz Co. (The)		106,315		3,390,385
Lamb Weston Holdings, Inc.		115,333		7,373,239
McCormick & Co., Inc.		75,494		13,544,379
Mondelez International, Inc., Class A		875,444		44,761,452
Nestle S.A.		1,118,348		123,991,942
Tyson Foods, Inc., Class A		27,528		1,643,697
			$	368,557,987
Health Care Equipment & Supplies — 3.1%
Abbott Laboratories		1,963,918	$	179,561,023
ABIOMED, Inc.(1)		80,924		19,548,001
Alcon, Inc.(1)		22,924		1,314,004
Align Technology, Inc.(1)		18,700		5,132,028
Avanos Medical, Inc.(1)		542		15,929
Baxter International, Inc.		34,695		2,987,239
Becton, Dickinson and Co.		77,003		18,424,508
Boston Scientific Corp.(1)		1,214,159		42,629,122
Danaher Corp.		146,922		25,980,217
DexCom, Inc.(1)		95,402		38,675,971
Edwards LifeSciences Corp.(1)		31,284		2,162,037
Haemonetics Corp.(1)		206,500		18,494,140
IDEXX Laboratories, Inc.(1)		8,000		2,641,280
Insulet Corp.(1)		9,898		1,922,785
Integra LifeSciences Holdings Corp.(1)		140		6,579
Integra LifeSciences Holdings Corp.(1)(3)		491,205		23,081,723
Integra LifeSciences Holdings Corp.(1)(3)		520,000		24,434,800

26 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Integra LifeSciences Holdings Corp.(1)(3)		600,000	$	28,175,674
Intuitive Surgical, Inc.(1)		170,197		96,983,357
Medtronic PLC		542,027		49,703,876
Penumbra, Inc.(1)		91,462		16,355,235
ResMed, Inc.		21,305		4,090,560
Smith & Nephew PLC ADR		5,500		209,660
Stryker Corp.		305,404		55,030,747
Teleflex, Inc.		14,325		5,214,013
Varian Medical Systems, Inc.(1)		45,609		5,588,015
West Pharmaceutical Services, Inc.		5,588		1,269,426
Zimmer Biomet Holdings, Inc.		151,852		18,125,055
			$	687,757,004
Health Care Providers & Services — 1.5%
Acadia Healthcare Co., Inc.(1)		32,000	$	803,840
Anthem, Inc.		177,801		46,758,107
Cardinal Health, Inc.		29,103		1,518,886
Centene Corp.(1)		163,239		10,373,838
Cigna Corp.(1)		31,339		5,880,763
Covetrus, Inc.(1)		10,538		188,525
CVS Health Corp.		1,221,567		79,365,208
DaVita, Inc.(1)		157,055		12,429,333
Guardant Health, Inc.(1)		82,055		6,657,122
HCA Healthcare, Inc.		188,518		18,297,557
Henry Schein, Inc.(1)		26,346		1,538,343
Humana, Inc.		1,323		512,993
Laboratory Corp. of America Holdings(1)		745		123,752
McKesson Corp.		152,093		23,334,108
Molina Healthcare, Inc.(1)		18,585		3,307,758
UnitedHealth Group, Inc.		360,490		106,326,526
			$	317,416,659
Health Care Technology — 0.0%(2)
Cerner Corp.		18,346	$	1,257,618
			$	1,257,618
Hotels, Restaurants & Leisure — 3.4%
Aramark		137,669	$	3,107,189
Carnival Corp.		22,069		362,373
Chipotle Mexican Grill, Inc.(1)		121,117		127,458,686
Choice Hotels International, Inc.		30,002		2,367,158
Darden Restaurants, Inc.		66,089		5,007,563
Domino’s Pizza, Inc.		2,815		1,039,974
Dunkin’ Brands Group, Inc.		6,300		410,949
Hilton Worldwide Holdings, Inc.		106,201		7,800,463

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Hyatt Hotels Corp., Class A		653,442	$	32,861,598
Hyatt Hotels Corp., Class A(3)		700,000		35,203,000
Marriott International, Inc., Class A		1,575,495		135,067,186
McDonald’s Corp.		98,811		18,227,665
MGM Resorts International		892,202		14,988,994
Royal Caribbean Cruises, Ltd.		1,900		95,570
Starbucks Corp.		3,968,481		292,040,517
Texas Roadhouse, Inc.		398,116		20,928,958
Texas Roadhouse, Inc.(3)		18,691		982,586
Yum China Holdings, Inc.		367,698		17,675,243
Yum! Brands, Inc.		292,359		25,408,921
			$	741,034,593
Household Durables — 0.2%
D.R. Horton, Inc.		6,235	$	345,731
Leggett & Platt, Inc.		92,079		3,236,577
Lennar Corp., Class A		8,589		529,254
Lennar Corp., Class B		21		968
Mohawk Industries, Inc.(1)		4,820		490,483
Newell Brands, Inc.		479,252		7,610,522
NVR, Inc.(1)		1,822		5,937,442
PulteGroup, Inc.		221,275		7,529,988
Tempur Sealy International, Inc.(1)		135,025		9,715,049
Toll Brothers, Inc.		4,378		142,679
Whirlpool Corp.		1,391		180,176
			$	35,718,869
Household Products — 2.1%
Church & Dwight Co., Inc.		157,789	$	12,197,090
Clorox Co. (The)		16,257		3,566,298
Colgate-Palmolive Co.		2,418,114		177,151,032
Energizer Holdings, Inc.		10,496		498,455
Kimberly-Clark Corp.		80,923		11,438,466
Procter & Gamble Co. (The)		2,113,460		252,706,412
			$	457,557,753
Independent Power and Renewable Electricity Producers — 0.0%(2)
AES Corp. (The)		1,730	$	25,068
			$	25,068
Industrial Conglomerates — 1.0%
3M Co.		742,864	$	115,879,355
Carlisle Cos., Inc.		71,809		8,593,383
General Electric Co.		5,411,554		36,960,914

27 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Industrial Conglomerates (continued)
Honeywell International, Inc.		392,110	$	56,695,185
Roper Technologies, Inc.		20,247		7,861,100
			$	225,989,937
Insurance — 1.4%
Aegon NV ADR		5	$	15
Aflac, Inc.		707,758		25,500,521
Alleghany Corp.		3,985		1,949,223
Allstate Corp. (The)		38,758		3,759,138
American International Group, Inc.		160,299		4,998,123
Aon PLC, Class A		152,908		29,450,081
Arch Capital Group, Ltd.(1)		241,964		6,932,269
Arthur J. Gallagher & Co.		464,814		45,314,717
Assurant, Inc.		11,200		1,156,848
Brighthouse Financial, Inc.(1)		936		26,039
Chubb, Ltd.		36,843		4,665,061
Cincinnati Financial Corp.		56,610		3,624,738
Fidelity National Financial, Inc.		57,521		1,763,594
First American Financial Corp.		1,227		58,920
Globe Life, Inc.		379,087		28,139,628
Hartford Financial Services Group, Inc.		83,487		3,218,424
Lincoln National Corp.		2,950		108,530
Markel Corp.(1)		6,405		5,912,904
Marsh & McLennan Cos., Inc.		225,062		24,164,907
MetLife, Inc.		16,911		617,590
Progressive Corp. (The)		1,213,898		97,245,369
Prudential Financial, Inc.		20,261		1,233,895
Reinsurance Group of America, Inc.		6,425		503,977
Travelers Cos., Inc. (The)		145,065		16,544,663
Trisura Group, Ltd.(1)		124		5,554
Willis Towers Watson PLC		101		19,892
W.R. Berkley Corp.		2,250		128,902
			$	307,043,522
Interactive Media & Services — 8.4%
Alphabet, Inc., Class A(1)		310,297	$	440,016,661
Alphabet, Inc., Class C(1)		393,800		556,679,618
Baidu, Inc. ADR(1)		72,500		8,692,025
CarGurus, Inc.(1)		37,803		958,306
Cars.com, Inc.(1)		400		2,304
Facebook, Inc., Class A(1)		3,396,537		771,251,656
IAC/InterActiveCorp.(1)		6,680		2,160,312
Pinterest, Inc., Class A(1)		1,352,706		29,989,492
Twitter, Inc.(1)		550,134		16,388,492
Yelp, Inc.(1)		149,508		3,458,120
			$	1,829,596,986

Security	Shares		Value
Internet & Direct Marketing Retail — 5.9%
Alibaba Group Holding, Ltd. ADR(1)		258,397	$	55,736,233
Altaba, Inc.(4)		114,070		1,791,355
Amazon.com, Inc.(1)		400,893		1,105,991,626
Booking Holdings, Inc.(1)		52,136		83,018,238
eBay, Inc.		440,008		23,078,420
eBay, Inc.(3)		171,429		8,991,451
Expedia Group, Inc.		2,670		219,474
Qurate Retail, Inc., Series A(1)		99,802		948,119
Trip.com Group, Ltd. ADR(1)		5,200		134,784
Wayfair, Inc., Class A(1)		51,793		10,234,815
			$	1,290,144,515
IT Services — 4.7%
Accenture PLC, Class A		876,639	$	188,231,926
Akamai Technologies, Inc.(1)		227,681		24,382,358
Alliance Data Systems Corp.		686		30,952
Automatic Data Processing, Inc.		265,643		39,551,586
Booz Allen Hamilton Holding Corp., Class A		43,691		3,398,723
Broadridge Financial Solutions, Inc.		90,255		11,389,278
CACI International, Inc., Class A(1)		13,584		2,946,098
Cognizant Technology Solutions Corp., Class A		11,990		681,272
Fidelity National Information Services, Inc.		18,757		2,515,126
Fiserv, Inc.(1)		614,599		59,997,154
Global Payments, Inc.		20,556		3,486,709
International Business Machines Corp.		571,752		69,050,489
Jack Henry & Associates, Inc.		813		149,616
Mastercard, Inc., Class A		89,387		26,431,736
Okta, Inc.(1)		307,329		61,536,486
Paychex, Inc.		14,638		1,108,829
PayPal Holdings, Inc.(1)		963,729		167,910,504
Sabre Corp.		157,290		1,267,757
Shopify, Inc., Class A(1)		12,524		11,887,781
Square, Inc., Class A(1)		244,895		25,699,281
Twilio, Inc., Class A(1)		517,013		113,442,993
VeriSign, Inc.(1)		4,612		953,900
Visa, Inc., Class A		1,046,952		202,239,718
Western Union Co. (The)		28,606		618,462
			$	1,018,908,734
Leisure Products — 0.0%(2)
Hasbro, Inc.		1,383	$	103,656
Mattel, Inc.(1)		3,941		38,110
Polaris, Inc.		52,104		4,822,225
			$	4,963,991

28 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Life Sciences Tools & Services — 0.6%
10X Genomics, Inc., Class A(1)		106,930	$	9,549,918
Agilent Technologies, Inc.		665,215		58,785,050
Illumina, Inc.(1)		115,595		42,810,608
IQVIA Holdings, Inc.(1)		37,124		5,267,153
PerkinElmer, Inc.		1,200		117,708
Thermo Fisher Scientific, Inc.		54,303		19,676,149
Waters Corp.(1)		730		131,692
			$	136,338,278
Machinery — 1.6%
Caterpillar, Inc.		318,743	$	40,320,990
Cummins, Inc.		1,178		204,100
Deere & Co.		184,645		29,016,962
Donaldson Co., Inc.		142,204		6,615,330
Dover Corp.		365,788		35,320,489
Fortive Corp.		30,511		2,064,374
Illinois Tool Works, Inc.		1,060,125		185,362,856
Ingersoll Rand, Inc.(1)		23,418		658,514
Lincoln Electric Holdings, Inc.		53,660		4,520,318
Manitowoc Co., Inc. (The)(1)		11,435		124,413
Middleby Corp.(1)		2,000		157,880
Otis Worldwide Corp.		421,380		23,959,667
PACCAR, Inc.		186,094		13,929,136
Parker-Hannifin Corp.		19,172		3,513,653
Pentair PLC		4		152
Snap-on, Inc.		29,674		4,110,146
Stanley Black & Decker, Inc.		288		40,141
Trinity Industries, Inc.		11,100		236,319
Welbilt, Inc.(1)		45,741		278,563
Westinghouse Air Brake Technologies Corp.		14,082		810,701
Xylem, Inc.		102,091		6,631,831
			$	357,876,535
Media — 0.4%
Comcast Corp., Class A		1,777,845	$	69,300,398
Discovery, Inc., Class A(1)		34,462		727,148
Discovery, Inc., Class C(1)		207		3,987
Fox Corp., Class A		5,412		145,150
Interpublic Group of Cos., Inc. (The)		726		12,458
Liberty Broadband Corp., Series A(1)		3,091		377,689
Liberty Broadband Corp., Series C(1)		6,183		766,445
Liberty SiriusXM Group, Series A(1)		12,367		426,909
Liberty SiriusXM Group, Series C(1)		24,734		852,086
News Corp., Class A		24		285
Omnicom Group, Inc.		31,882		1,740,757

Security	Shares		Value
Media (continued)
Sinclair Broadcast Group, Inc., Class A		2,500	$	46,150
Sirius XM Holdings, Inc.		53,280		312,754
TEGNA, Inc.		1,201		13,379
ViacomCBS, Inc., Class B		621,320		14,489,182
			$	89,214,777
Metals & Mining — 0.1%
Alcoa Corp.(1)		5,862	$	65,889
Arconic Corp.(1)		1		14
Cleveland-Cliffs, Inc.		527,743		2,913,141
Freeport-McMoRan, Inc.		85,564		989,975
Glencore PLC		598,405		1,274,725
Nucor Corp.		236,089		9,776,446
Southern Copper Corp.		12,126		482,251
Steel Dynamics, Inc.		232,124		6,056,115
			$	21,558,556
Multi-Utilities — 0.1%
Consolidated Edison, Inc.		53,125	$	3,821,281
Dominion Energy, Inc.		13,510		1,096,742
DTE Energy Co.		77,124		8,290,830
NiSource, Inc.		828		18,829
Sempra Energy		66,344		7,777,507
WEC Energy Group, Inc.		12,078		1,058,637
			$	22,063,826
Multiline Retail — 0.1%
Dollar General Corp.		329	$	62,678
Dollar Tree, Inc.(1)		142,190		13,178,169
Nordstrom, Inc.		7,429		115,075
Target Corp.		36,405		4,366,052
			$	17,721,974
Oil, Gas & Consumable Fuels — 1.6%
Antero Resources Corp.(1)		1,341,986	$	3,408,644
California Resources Corp.(1)		275		336
Cheniere Energy, Inc.(1)		723,539		34,961,404
Chesapeake Energy Corp.(1)		1		5
Chevron Corp.		1,011,855		90,287,822
Concho Resources, Inc.		40,000		2,060,000
ConocoPhillips		289,175		12,151,133
Devon Energy Corp.		160,900		1,824,606
EOG Resources, Inc.		488,114		24,727,855
EQT Corp.		180,474		2,147,641

29 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Equitrans Midstream Corp.		144,379	$	1,199,789
Exxon Mobil Corp.		3,065,290		137,079,769
Hess Corp.		164,574		8,526,579
HollyFrontier Corp.		8,000		233,600
Kinder Morgan, Inc.		112,401		1,705,123
Marathon Oil Corp.		123,481		755,704
Marathon Petroleum Corp.		171,145		6,397,400
Murphy Oil Corp.		145,312		2,005,306
Occidental Petroleum Corp.		22,827		417,734
Phillips 66		179,347		12,895,049
Pioneer Natural Resources Co.		22,520		2,200,204
Range Resources Corp.		664,831		3,742,999
Southwestern Energy Co.(1)		720		1,843
Valero Energy Corp.		11,551		679,430
Williams Cos., Inc. (The)		20,025		380,876
WPX Energy, Inc.(1)		666		4,249
			$	349,795,100
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		45,992	$	8,677,770
Unilever NV ADR		46,529		2,478,600
Unilever PLC ADR		20,868		1,145,236
			$	12,301,606
Pharmaceuticals — 5.6%
AstraZeneca PLC ADR		217,956	$	11,527,693
Bristol-Myers Squibb Co.		2,335,260		137,313,288
Catalent, Inc.(1)		45,943		3,367,622
Eli Lilly & Co.		2,185,688		358,846,256
GlaxoSmithKline PLC ADR		1,468		59,880
Johnson & Johnson		2,548,122		358,342,397
Mallinckrodt PLC(1)		6		16
Merck & Co., Inc.		2,326,623		179,917,756
Novartis AG ADR		126,232		11,025,103
Novo Nordisk A/S ADR		1,151,390		75,393,017
Pfizer, Inc.		2,307,874		75,467,480
Reata Pharmaceuticals, Inc., Class A(1)		4,694		732,358
Roche Holding AG ADR		35,808		1,553,351
Sanofi ADR		5,100		260,355
Takeda Pharmaceutical Co., Ltd. ADR(1)		31,905		572,056
Teva Pharmaceutical Industries, Ltd. ADR(1)		62,727		773,424
Zoetis, Inc.		1,198		164,174
			$	1,215,316,226

Security	Shares		Value
Professional Services — 0.2%
ASGN, Inc.(1)		228,139	$	15,212,309
ASGN, Inc.(1)(3)		17,000		1,132,880
Equifax, Inc.		8,854		1,521,826
Nielsen Holdings PLC		69,006		1,025,429
Thomson Reuters Corp.		121,293		8,244,285
Verisk Analytics, Inc.		102,837		17,502,857
			$	44,639,586
Road & Rail — 1.4%
Canadian National Railway Co.		526,084	$	46,595,260
Canadian Pacific Railway, Ltd.		942		240,530
CSX Corp.		673,695		46,983,489
J.B. Hunt Transport Services, Inc.		10,000		1,203,400
Kansas City Southern		7,899		1,179,242
Lyft, Inc., Class A(1)		79,899		2,637,466
Norfolk Southern Corp.		252,766		44,378,127
Uber Technologies, Inc.(1)		2,441,945		75,895,651
Union Pacific Corp.		504,149		85,236,471
			$	304,349,636
Semiconductors & Semiconductor Equipment — 6.3%
Analog Devices, Inc.		640,155	$	78,508,609
Applied Materials, Inc.		200,009		12,090,544
ASML Holding NV — NY Shares		12,459		4,585,286
Broadcom, Inc.		97,988		30,925,993
Intel Corp.		7,328,237		438,448,420
Lam Research Corp.		56,304		18,212,092
Lam Research Corp.(3)		21,452		6,938,864
Marvell Technology Group, Ltd.		95,391		3,344,408
Microchip Technology, Inc.		577,298		60,795,252
Micron Technology, Inc.(1)		231,291		11,916,112
NVIDIA Corp.		531,336		201,859,860
NVIDIA Corp.(3)		19,186		7,288,953
NXP Semiconductors NV		619		70,591
Qorvo, Inc.(1)		13,586		1,501,661
QUALCOMM, Inc.		4,023,020		366,939,654
Teradyne, Inc.		1,200		101,412
Texas Instruments, Inc.		1,039,819		132,025,818
Xilinx, Inc.		105,444		10,374,635
			$	1,385,928,164
Software — 10.0%
Adobe, Inc.(1)		401,205	$	174,648,549
ANSYS, Inc.(1)		4,596		1,340,791
Autodesk, Inc.(1)		25,874		6,188,802

30 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Software (continued)
Box, Inc., Class A(1)		176,143	$	3,656,729
Cadence Design Systems, Inc.(1)		698,571		67,034,873
CDK Global, Inc.		3		124
Check Point Software Technologies, Ltd.(1)		151,951		16,324,096
Citrix Systems, Inc.		11,798		1,745,042
Coupa Software, Inc.(1)		28,188		7,809,204
Crowdstrike Holdings, Inc., Class A(1)		400,567		40,172,864
DocuSign, Inc.(1)		1,563,429		269,238,108
Dropbox, Inc., Class A(1)		2,287,688		49,802,968
Envestnet, Inc.(1)		41,786		3,072,942
FireEye, Inc.(1)		91,308		1,111,675
Fortinet, Inc.(1)		22,529		3,092,556
Guidewire Software, Inc.(1)		67,562		7,489,248
Intuit, Inc.		91,152		26,998,311
LogMeIn, Inc.		1,149		97,401
Manhattan Associates, Inc.(1)		63,065		5,940,723
Microsoft Corp.		4,021,304		818,375,577
NortonLifeLock, Inc.		121,379		2,406,946
Nutanix, Inc., Class A(1)		18,402		436,219
Oracle Corp.		380,081		21,007,077
Palo Alto Networks, Inc.(1)		171,706		39,435,717
Paycom Software, Inc.(1)		550,825		170,607,027
Proofpoint, Inc.(1)		60,744		6,749,873
RingCentral, Inc., Class A(1)		9,657		2,752,342
RingCentral, Inc., Class A(1)(3)		9,178		2,614,252
salesforce.com, Inc.(1)		262,856		49,240,814
SAP SE ADR		1,146		160,440
ServiceNow, Inc.(1)		218,664		88,572,040
Slack Technologies, Inc., Class A(1)		2,171,706		67,518,340
Smartsheet, Inc., Class A(1)		207,811		10,581,736
Splunk, Inc.(1)		412,415		81,946,860
Synopsys, Inc.(1)		18,742		3,654,690
Teradata Corp.(1)		318		6,614
Tyler Technologies, Inc.(1)		232,333		80,591,671
Workday, Inc., Class A(1)		189,116		35,432,774
Workday, Inc., Class A(1)(3)		23,896		4,477,155
Zscaler, Inc.(1)		15,000		1,642,500
			$	2,173,975,670
Specialty Retail — 2.1%
Advance Auto Parts, Inc.		47,864	$	6,818,227
AutoNation, Inc.(1)		13,540		508,833
AutoZone, Inc.(1)		2,475		2,792,097
Bed Bath & Beyond, Inc.		22,000		233,200
Best Buy Co., Inc.		311,979		27,226,407
Burlington Stores, Inc.(1)		20,079		3,954,158

Security	Shares		Value
Specialty Retail (continued)
CarMax, Inc.(1)		12,276	$	1,099,316
Dick’s Sporting Goods, Inc.		35,000		1,444,100
Gap, Inc. (The)		135,965		1,715,878
GNC Holdings, Inc., Class A(1)		900		495
Home Depot, Inc. (The)		59,693		14,953,694
L Brands, Inc.		265,335		3,972,065
Lowe’s Cos., Inc.		1,001,168		135,277,820
O’Reilly Automotive, Inc.(1)		158,453		66,814,877
Ross Stores, Inc.		541,660		46,171,098
Ross Stores, Inc.(3)		15,000		1,278,600
Signet Jewelers, Ltd.		65,986		677,676
Tiffany & Co.		13,285		1,619,973
TJX Cos., Inc. (The)		1,691,955		85,545,245
Tractor Supply Co.		247,452		32,611,699
Ulta Beauty, Inc.(1)		110,201		22,417,087
			$	457,132,545
Technology Hardware, Storage & Peripherals — 4.4%
Apple, Inc.		2,529,599	$	922,797,715
Dell Technologies, Inc., Class C(1)		2,415		132,680
Hewlett Packard Enterprise Co.		387,152		3,766,989
NCR Corp.(1)		118		2,044
NetApp, Inc.		238,418		10,578,607
Pure Storage, Inc., Class A(1)		1,300,000		22,529,000
			$	959,807,035
Textiles, Apparel & Luxury Goods — 1.4%
Hanesbrands, Inc.		221,909	$	2,505,353
Kontoor Brands, Inc.(1)		37,542		668,623
Lululemon Athletica, Inc.(1)		1,567		488,920
NIKE, Inc., Class B		2,819,051		276,407,950
Skechers USA, Inc., Class A(1)(3)		100,000		3,138,000
Under Armour, Inc., Class A(1)		2,400		23,376
VF Corp.		274,083		16,702,618
			$	299,934,840
Thrifts & Mortgage Finance — 0.0%(2)
Essent Group, Ltd.		96,312	$	3,493,236
			$	3,493,236
Tobacco — 0.5%
Altria Group, Inc.		870,500	$	34,167,125
British American Tobacco PLC ADR		3,399		131,949
Philip Morris International, Inc.		1,077,399		75,482,574
			$	109,781,648

31 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Trading Companies & Distributors — 0.3%
Fastenal Co.		1,624,678	$	69,601,205
NOW, Inc.(1)		944		8,147
United Rentals, Inc.(1)		6,000		894,240
W.W. Grainger, Inc.		8,210		2,579,254
			$	73,082,846
Water Utilities — 0.0%(2)
American Water Works Co., Inc.		1,900	$	244,454
			$	244,454
Wireless Telecommunication Services — 0.0%(2)
America Movil SAB de CV, Series L ADR		270,852	$	3,437,112
Rogers Communications, Inc., Class B		750		30,142
Vodafone Group PLC ADR		5		80
			$	3,467,334
Total Common Stocks (identified cost $12,013,502,109)			$	21,636,798,189
Rights— 0.0%(2)
Security	Shares		Value
Pharmaceuticals — 0.0%(2)
Bristol-Myers Squibb Co. CVR, Exp. 3/31/21(1)		237,107	$	848,843
Total Rights (identified cost $505,038)			$	848,843
Short-Term Investments— 0.8%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.35%(5)		179,063,986	$	179,063,986
Total Short-Term Investments (identified cost $179,057,029)			$	179,063,986
Total Investments — 99.8% (identified cost $12,193,064,176)			$	21,816,711,018
Other Assets, Less Liabilities — 0.2%			$	37,313,214
Net Assets — 100.0%			$	21,854,024,232

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾ Non-income producing security.

⁽²⁾ Amount is less than 0.05%.

⁽³⁾ Restricted security (see Note 5).

⁽⁴⁾ For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁵⁾ Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of June 30, 2020.

Abbreviations:

ADR	–	American Depositary Receipt
CVR	–	Contingent Value Rights

32 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Statement of Assets and Liabilities (Unaudited)

Assets	June 30, 2020
Unaffiliated investments, at value (identified cost, $12,014,007,147)	$	21,637,647,032
Affiliated investment fund, at value (identified cost, $179,057,029)		179,063,986
Cash		166,532
Dividends and interest receivable		12,087,460
Dividends receivable from affiliated investment		49,060
Receivable for investments sold		30,642,663
Tax reclaims receivable		3,168,589
Total assets	$	21,862,825,322
Liabilities
Payable to affiliates:
Investment adviser fee	$	7,549,693
Trustees’ fees		27,125
Accrued expenses		1,224,272
Total liabilities	$	8,801,090
Commitments and contingencies (Note 9)
Net Assets applicable to investors’ interest in Portfolio	$	21,854,024,232

33 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Statement of Operations (Unaudited)

Investment Income	Six Months Ended June 30, 2020
Dividends (net of foreign taxes, $1,587,847)	$	173,224,970
Dividends from affiliated investment		1,145,239
Total investment income	$	174,370,209
Expenses
Investment adviser fee	$	43,722,054
Trustees’ fees and expenses		54,250
Custodian fee		1,227,369
Professional fees		233,702
Miscellaneous		250,128
Total expenses	$	45,487,503
Net investment income	$	128,882,706
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions(1)	$	218,882,256
Investment transactions — affiliated investment		34,815
Foreign currency transactions		(15,836	)
Net realized gain	$	218,901,235
Change in unrealized appreciation (depreciation) —
Investments	$	(658,555,283	)
Investments — affiliated investment		(3,588	)
Foreign currency		32,521
Net change in unrealized appreciation (depreciation)	$	(658,526,350	)
Net realized and unrealized loss	$	(439,625,115	)
Net decrease in net assets from operations	$	(310,742,409	)

⁽¹⁾ Includes $258,512,281 of net realized gains from redemptions in-kind.

34 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019
From operations —
Net investment income	$	128,882,706		$	242,547,071
Net realized gain		218,901,235			489,448,401
Net change in unrealized appreciation (depreciation)		(658,526,350	)		4,081,066,263
Net increase (decrease) in net assets from operations	$	(310,742,409	)	$	4,813,061,735
Capital transactions —
Contributions	$	764,371,021		$	2,251,431,385
Withdrawals		(612,956,962	)		(1,067,186,292	)
Net increase in net assets from capital transactions	$	151,414,059		$	1,184,245,093
Net increase (decrease) in net assets	$	(159,328,350	)	$	5,997,306,828
Net Assets
At beginning of period	$	22,013,352,582		$	16,016,045,754
At end of period	$	21,854,024,232		$	22,013,352,582

35 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

June 30, 2020

Financial Highlights

	Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31,
Ratios/Supplemental Data				2019			2018			2017			2016			2015
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.45	%(2)		0.45	%		0.46	%		0.46	%		0.47	%		0.47	%
Net investment income		1.26	%(2)		1.28	%		1.25	%		1.33	%		1.48	%		1.44	%
Portfolio Turnover		0	%(3)(4)(5)		1	%(3)		1	%(3)		0	%(3)(4)		1	%(3)		9	%
Total Return		(1.69	)%(5)		29.87	%		(5.02	)%		22.76	%		9.06	%		2.53	%
Net assets, end of period (000’s omitted)	$	21,854,024		$	22,013,353		$	16,016,046		$	16,224,690		$	12,577,024		$	11,055,385

⁽¹⁾   Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽²⁾  Annualized.

⁽³⁾  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 3%, 6%, 6%, 5% and 6% for the six months ended June 30, 2020 and the years ended December 31, 2019, 2018, 2017, 2016, and 2015 respectively.

⁽⁴⁾  Amount is less than 0.5%.

⁽⁵⁾  Not annualized.

36 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Portfolio

June 30, 2020

Notes to Financial Statements (Unaudited)

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 June 30, 2020, 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 4.5%, 7.6%, 3.9%, and 0.8% respectively, in the Portfolio. In addition, an unregistered fund managed by the adviser to the Portfolio held an aggregate interest of 83.2% in the Portfolio.

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 asked prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally 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 asked 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.

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects 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. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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.

37

Eaton Vance

Tax-Managed Growth Portfolio

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

As of June 30, 2020, 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.

H  Interim Financial Statements — The interim financial statements relating to June 30, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a subsidiary of EVM, as compensation for investment advisory services rendered to the Portfolio. Under the investment advisory agreement, BMR receives a monthly advisory fee at a rate of 0.625% annually of the Portfolio’s average daily net assets up to $500 million. The advisory fee on net assets of $500 million or more is reduced as follows:

Average Daily Net Assets	Annual Fee Rate (for each level)
$500 million but less than $1 billion		0.5625	%
$1 billion but less than $1.5 billion		0.5000	%
$1.5 billion but less than $7 billion		0.4375	%
$7 billion but less than $10 billion		0.4250	%
$10 billion but less than $15 billion		0.4125	%
$15 billion but less than $20 billion		0.4000	%
$20 billion but less than $25 billion		0.3900	%
$25 billion and over		0.3800	%

The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. For the six months ended June 30, 2020, the Portfolio’s investment adviser fee amounted to $43,722,054 or 0.43% (annualized) of the Portfolio’s average daily net assets.

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 six months ended June 30, 2020, 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 $320,705,678 and $74,097,362, respectively, for the six months ended June 30, 2020. In addition, investors contributed securities with an aggregate market value of $720,442,694 and investments having an aggregate market value of $529,936,175 were distributed in payment for capital withdrawals during the six months ended June 30, 2020.

38

Eaton Vance

Tax-Managed Growth Portfolio

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at June 30, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	3,445,778,907
Gross unrealized appreciation	$	18,413,169,307
Gross unrealized depreciation		(42,237,196	)
Net unrealized appreciation	$	18,370,932,111

5  Restricted Securities

At June 30, 2020, the Portfolio owned the following securities (representing 0.9% 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.

Common Stocks	Date of Acquisition		Eligible for Resale		Shares		Cost		Value
Arista Networks, Inc.		6/18/20		6/18/21		88,600	$	20,060,404	$	18,598,423
ASGN, Inc.		6/18/20		6/18/21		17,000		1,085,308		1,132,880
eBay, Inc.		12/19/19		12/19/20		171,429		6,105,513		8,991,451
FactSet Research Systems, Inc.		9/19/19		9/19/20		75,000		21,214,388		24,635,250
Host Hotels & Resorts, Inc.		12/19/19		12/19/20		306,221		5,665,033		3,304,124
Hyatt Hotels Corp., Class A		12/19/19		12/19/20		700,000		59,987,991		35,203,000
Integra LifeSciences Holdings Corp.		9/19/19		9/19/20		520,000		31,704,140		24,434,800
Integra LifeSciences Holdings Corp.		12/19/19		12/19/20		491,205		29,169,890		23,081,723
Integra LifeSciences Holdings Corp.		6/18/20		6/18/21		600,000		29,144,044		28,175,674
Lam Research Corp.		12/19/19		12/19/20		21,452		6,173,971		6,938,864
Littelfuse, Inc.		12/19/19		12/19/20		52,675		10,000,112		8,987,935
NVIDIA Corp.		9/19/19		9/19/20		19,186		3,451,370		7,288,953
RingCentral, Inc., Class A		6/18/20		6/18/21		9,178		2,500,146		2,614,252
Ross Stores, Inc.		9/19/19		9/19/20		15,000		1,629,835		1,278,600
Skechers U.S.A., Inc., Class A		9/19/19		9/19/20		100,000		3,453,272		3,138,000
Texas Roadhouse, Inc.		9/19/19		9/19/20		18,691		1,000,029		982,586
Workday, Inc., Class A		12/19/19		12/19/20		23,896		3,856,797		4,477,155
Total Restricted Securities							$	236,202,243	$	203,263,670

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate 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. 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 six months ended June 30, 2020.

39

Eaton Vance

Tax-Managed Growth Portfolio

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

7  Investments in Affiliated Funds

At June 30, 2020, the value of the Portfolio’s investment in affiliated funds was $179,063,986, which represents 0.8% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the six months ended June 30, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	346,625,190	$	184,479,689	$	(352,072,120	)	$	34,815	$	(3,588	)	$	179,063,986	$	1,145,239		179,063,986

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 June 30, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Communication Services	$	2,486,358,065	$	—		$	—	$	2,486,358,065
Consumer Discretionary		3,003,707,793		—			1,791,355		3,005,499,148
Consumer Staples		1,657,224,133		123,991,942			—		1,781,216,075
Energy		377,039,284		—			—		377,039,284
Financials		2,665,295,736		7,812,946			—		2,673,108,682
Health Care		3,010,736,137		28,175,674			—		3,038,911,811
Industrials		1,927,637,762		1,132,880			—		1,928,770,642
Information Technology		5,928,886,334		21,212,675			—		5,950,099,009
Materials		304,242,538		1,274,725			—		305,517,263
Real Estate		26,090,145		—			—		26,090,145
Utilities		64,188,065		—			—		64,188,065
Total Common Stocks	$	21,451,405,992	$	183,600,842	**	$	1,791,355	$	21,636,798,189
Rights	$	848,843	$	—		$	—	$	848,843
Short-Term Investments		—		179,063,986			—		179,063,986
Total Investments	$	21,452,254,835	$	362,664,828		$	1,791,355	$	21,816,711,018

* 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.

40

Eaton Vance

Tax-Managed Growth Portfolio

June 30, 2020

Notes to Financial Statements (Unaudited) — continued

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 six months ended June 30, 2020 is not presented.

9  Legal Proceedings

In November 2010, the Portfolio was named as defendant and a putative member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors (UCC) of the Tribune Company v. FitzSimons, et al. as a result of its ownership of shares in the Tribune Company (Tribune) in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The UCC, which has been replaced by a Litigation Trustee pursuant to Tribune’s plan of reorganization, seeks to recover payments of the proceeds of the LBO. In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the LBO (the “SLFC actions”). The Portfolio has been named as a defendant in one of the SLFC actions filed in United States District Court — District of Massachusetts by Deutsche Bank Trust Co. Americas seeking to recover the proceeds received in connection with the LBO from former shareholders. The FitzSimons action and the SLFC actions are now part of a multi-district litigation proceeding in the Southern District of New York. The value of the proceeds received by the Portfolio is approximately $48,237,000 (equal to 0.2% of net assets at June 30, 2020).

The Portfolio cannot predict the outcome of these proceedings or the effect, if any, on the Portfolio’s net asset value. The attorneys’ fees and costs related to these actions are expensed by the Portfolio as incurred.

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has spread rapidly 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. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and individual companies and can affect the market in general in significant and unforeseen ways. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The near-term impact of this coronavirus has resulted in substantial market volatility, which may have an adverse effect on the Portfolio’s investments.

41

Eaton Vance

Tax-Managed Growth Fund 1.1

June 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements¹ for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

¹  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

42

Eaton Vance

Tax-Managed Growth Fund 1.1

June 30, 2020

Board of Trustees’ Contract Approval — continued

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Tax-Managed Growth Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Tax-Managed Growth Fund 1.1 (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board considered the experience of the Adviser’s investment professionals in managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research,

43

Eaton Vance

Tax-Managed Growth Fund 1.1

June 30, 2020

Board of Trustees’ Contract Approval — continued

advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s custom peer group and consistent with the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

44

Eaton Vance

Tax-Managed Growth Fund 1.2

June 30, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on April 22, 2020 (the “April 2020 Meeting”), the Boards of Trustees/Directors comprised of the same individuals (collectively, the “Board”) that oversees a majority of the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements² for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between February and April 2020. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board;

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;

• Profitability analyses with respect to the adviser and sub-adviser to each of the funds;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser (in the context of a sub-adviser, only those with trading responsibilities) to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

• Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;

• Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;

• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

²  Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.

45

Eaton Vance

Tax-Managed Growth Fund 1.2

June 30, 2020

Board of Trustees’ Contract Approval — continued

• Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by the adviser and/or administrator to each of the funds;

• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices, trading volume data, distribution rates and other relevant matters; and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees throughout the twelve months ended April 2020, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

In voting its approval of the continuation of existing investment advisory agreements and sub-advisory agreements at the April 2020 Meeting, the Board relied on an order issued by the Securities and Exchange Commission on March 25, 2020, which provided temporary relief from the in-person voting requirements under Section 15 of the 1940 Act in response to the impacts of the COVID-19 pandemic.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Tax-Managed Growth Portfolio (the “Portfolio”), the portfolio in which Eaton Vance Tax-Managed Growth Fund 1.2 (the “Fund”) invests, and Boston Management and Research (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement for the Portfolio.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement for the Portfolio, the Board evaluated the nature, extent and quality of services provided to the Portfolio by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Portfolio, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Portfolio. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board considered the experience of the Adviser’s investment professionals in managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research,

46

Eaton Vance

Tax-Managed Growth Fund 1.2

June 30, 2020

Board of Trustees’ Contract Approval — continued

advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Portfolio, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Portfolio.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended September 30, 2019. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s custom peer group and consistent with the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended September 30, 2019, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund, to the Portfolio and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are deemed not to be excessive.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the Portfolio, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Portfolio and other investment advisory clients.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund and the Portfolio, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Portfolio increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

47

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2020

Liquidity Risk Management Program

Each Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Funds’ Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. Each administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, each administrator assesses, manages, and periodically reviews the Funds’ liquidity risk, and are responsible for making certain reports to the Funds’ Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Funds’ investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of each Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.

At a meeting of the Funds’ Board of Trustees/Directors, the Committee provided a written report to the Funds’ Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period December 1, 2018 through December 31, 2019 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Funds met redemption requests on a timely basis.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information regarding the Funds’ exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

48

Eaton Vance

Tax-Managed Growth Fund 1.1

June 30, 2020

Officers and Trustees

Officers of Eaton Vance Tax-Managed Growth Fund 1.1

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Tax-Managed Growth Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Tax-Managed Growth Fund 1.1 and Tax-Managed Growth Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

49

Eaton Vance

Tax-Managed Growth Fund 1.2

June 30, 2020

Officers and Trustees

Officers of Eaton Vance Tax-Managed Growth Fund 1.2

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Officers of Tax-Managed Growth Portfolio

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees of Eaton Vance Tax-Managed Growth Fund 1.2 and Tax-Managed Growth Portfolio

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

50

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

• We reserve the right to change our Privacy Program at any time upon proper notification to you. You may want to review our Privacy Program periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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.

51

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Investment Adviser of Tax-Managed Growth Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Tax-Managed Growth Funds 1.1 and 1.2

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

* 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.

7774    6.30.20

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

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.    

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.    

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.    

Item 10. Submission of Matters to a Vote of Security Holders

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Mutual Funds Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	August 24, 2020

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:	August 24, 2020

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	August 24, 2020