Tax-managed Growth Portfolio NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07409

Tax-Managed Growth Portfolio

(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

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


		11		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


		12		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


		13		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


		14		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


		15		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


		16		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


		17		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


		18		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


		19		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


		20		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


		21		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.


		22		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


		23		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	Six Months Ended June 30, 2020 (Unaudited)			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.


		24		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.


		25

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.


		26

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.


		27

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.


		28

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.


		29

Eaton Vance

Tax-Managed Growth Fund 1.0

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

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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”);

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

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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;

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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;

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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;

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

Information about Portfolio Management and Trading

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

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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;

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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;

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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”;

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Data relating to the portfolio turnover rate of each fund;

Information about each Adviser and Sub-adviser

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

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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

Tax-Managed Growth Fund 1.0

June 30, 2020

Board of Trustees’ Contract Approval — continued

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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;

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

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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;

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

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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

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

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

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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

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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 1.0 (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


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Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2020

Board of Trustees’ Contract Approval — continued

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, 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.

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.


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Eaton Vance

Tax-Managed Growth Fund 1.0

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.


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Eaton Vance

Tax-Managed Growth Fund 1.0

June 30, 2020

Officers and Trustees

Officers of Eaton Vance Tax-Managed Growth Fund 1.0

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 1.0 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


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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.

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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.

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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.

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

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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.


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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 Fund 1.0

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.

LOGO

7696 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.

Tax-Managed Growth Portfolio


By:		/s/ Edward J. Perkin
		Edward J. Perkin
		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/ Edward J. Perkin
		Edward J. Perkin
		President

Date: August 24, 2020

Tax-managed Growth Portfolio N-CSRSCertified semi-annual shareholder report (management investment company)