# EDGAR Filing Document

**Accession Number:** 0000745463
**File Stem:** 0001193125-25-190777
**Filing Date:** 2025-8
**Character Count:** 451084
**Document Hash:** a2cf76e2aa39562c5b6f2639de5ff8b9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-190777.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001193125-25-190777

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Mutual Funds Trust
- **CENTRAL INDEX KEY:** 0000745463

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04015
- **FILM NUMBER:** 251269060

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE MUTUAL FUNDS TRUST
- **DATE OF NAME CHANGE:** 19950711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE GOVERNMENT OBLIGATIONS TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Eaton Vance Stock Fund (Series ID: S000005278)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000014418 | Eaton Vance Stock Fund Class A | EAERX           |
| C000047558 | Eaton Vance Stock Fund Class I | EIERX           |
| C000081632 | Eaton Vance Stock Fund Class C | ECERX           |

### Eaton Vance Tax-Managed Growth Fund 1.2 (Series ID: S000005293)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000014466 | Eaton Vance Tax-Managed Growth Fund 1.2 Class A | EXTGX           |
| C000014468 | Eaton Vance Tax-Managed Growth Fund 1.2 Class C | EZTGX           |
| C000014469 | Eaton Vance Tax-Managed Growth Fund 1.2 Class I | EITGX           |

### Eaton Vance Tax-Managed Growth Fund 1.1 (Series ID: S000005304)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000014485 | Eaton Vance Tax-Managed Growth Fund 1.1 Class A | ETTGX           |
| C000014487 | Eaton Vance Tax-Managed Growth Fund 1.1 Class C | ECTGX           |
| C000014488 | Eaton Vance Tax-Managed Growth Fund 1.1 Class I | EITMX           |

### Parametric Commodity Strategy Fund (Series ID: S000032773)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000101132 | Parametric Commodity Strategy Fund Class I | EIPCX           |
| C000111445 | Parametric Commodity Strategy Fund Class A | EAPCX           |

?xml version='1.0' encoding='ASCII'? EATON VANCE MUTUAL FUNDS TRUST

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### Form N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act File Number: 811-04015

## Eaton Vance Mutual Funds Trust

#### (Exact Name of Registrant as Specified in Charter)

#### One Post Office Square, Boston, Massachusetts 02109

#### (Address of Principal Executive Offices)

#### Deidre E. Walsh

#### One Post Office Square, Boston, Massachusetts 02109

#### (Name and Address of Agent for Services)
(617) 482-8260

#### (Registrant's Telephone Number)

#### December 31

#### Date of Fiscal Year End

#### June 30, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Parametric Commodity Strategy Fund
![Image](g942043i5c2293ec5477b170be52.jpg)

# Class I EIPCX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Parametric Commodity Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $34 | 0.66%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1991957268 |
| # of Portfolio Holdings (including derivatives) | 84 |
| Portfolio Turnover Rate | 0% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g942043i9a2d6282cb468f4d8ab6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 4.9% |
| Short-Term Investments - other | 17.4% |
| Short-Term Investments - U.S. Treasury Obligations | 77.7% |

---

### Commodity Exposure (% of net assets)

---

| | |
|:---|:---|
| Agriculture | 25.7% |
| Industrial Metals | 25.3% |
| Energy | 25.0% |
| Precious Metals | 17.6% |
| Livestock | 6.3% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g942043i17394a2db4b47ab17897.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/parametric-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# EIPCX-TSR-SAR

# Parametric Commodity Strategy Fund
![Image](g942043i5c2293ec5477b170be52.jpg)

# Class A EAPCX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Parametric Commodity Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/parametric-fund-documents.php. You can also request this information by contacting us at 1-800-260-0761.

## What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $47 | 0.91%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1991957268 |
| # of Portfolio Holdings (including derivatives) | 84 |
| Portfolio Turnover Rate | 0% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

### Asset Allocation (% of total investments)
![Group By Asset Type Chart](g942043i6e50927bb91dcf80374b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 4.9% |
| Short-Term Investments - other | 17.4% |
| Short-Term Investments - U.S. Treasury Obligations | 77.7% |

---

### Commodity Exposure (% of net assets)

---

| | |
|:---|:---|
| Agriculture | 25.7% |
| Industrial Metals | 25.3% |
| Energy | 25.0% |
| Precious Metals | 17.6% |
| Livestock | 6.3% |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.eatonvance.com/parametric-fund-documents.php](g942043i17394a2db4b47ab17897.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/parametric-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-260-0761 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

# EAPCX-TSR-SAR

# Eaton Vance Stock Fund
![Image](g942043ib469af71e421cf439553.jpg)

# Class A EAERX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Stock Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $50 | 0.98%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Stock Portfolio, the Portfolio in which it invests. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $102459287 |
| # of Portfolio Holdings (for Stock Portfolio) | 59 |
| Portfolio Turnover Rate (for Stock Portfolio) | 22% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Stock Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Country Chart](g942043ia45ed391f3d6ad2beea0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.2% |
| Materials | 1.0% |
| Real Estate | 1.9% |
| Energy | 2.5% |
| Consumer Staples | 4.4% |
| Industrials | 9.7% |
| Health Care | 10.0% |
| Consumer Discretionary | 10.8% |
| Communication Services | 11.6% |
| Financials | 14.3% |
| Information Technology | 33.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 8.3% |
| NVIDIA Corp. | 8.0% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 5.1% |
| Meta Platforms, Inc., Class A | 3.8% |
| Broadcom, Inc. | 3.6% |
| Alphabet, Inc., Class C | 3.5% |
| Visa, Inc., Class A | 2.5% |
| Netflix, Inc. | 2.0% |
| Mr. Cooper Group, Inc. | 1.9% |
| Total | 44.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g942043ibdd987bb7b51f83f1627.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

EAERX-TSR-SAR

# Eaton Vance Stock Fund
![Image](g942043ib469af71e421cf439553.jpg)

# Class C ECERX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Stock Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $88 | 1.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Stock Portfolio, the Portfolio in which it invests. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $102459287 |
| # of Portfolio Holdings (for Stock Portfolio) | 59 |
| Portfolio Turnover Rate (for Stock Portfolio) | 22% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Stock Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Country Chart](g942043i4face46f6da58907bb67.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.2% |
| Materials | 1.0% |
| Real Estate | 1.9% |
| Energy | 2.5% |
| Consumer Staples | 4.4% |
| Industrials | 9.7% |
| Health Care | 10.0% |
| Consumer Discretionary | 10.8% |
| Communication Services | 11.6% |
| Financials | 14.3% |
| Information Technology | 33.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 8.3% |
| NVIDIA Corp. | 8.0% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 5.1% |
| Meta Platforms, Inc., Class A | 3.8% |
| Broadcom, Inc. | 3.6% |
| Alphabet, Inc., Class C | 3.5% |
| Visa, Inc., Class A | 2.5% |
| Netflix, Inc. | 2.0% |
| Mr. Cooper Group, Inc. | 1.9% |
| Total | 44.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g942043ibdd987bb7b51f83f1627.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

ECERX-TSR-SAR

# Eaton Vance Stock Fund
![Image](g942043ib469af71e421cf439553.jpg)

# Class I EIERX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Stock Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $37 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and Stock Portfolio, the Portfolio in which it invests. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $102459287 |
| # of Portfolio Holdings (for Stock Portfolio) | 59 |
| Portfolio Turnover Rate (for Stock Portfolio) | 22% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of the investments of Stock Portfolio, an affiliated investment company in which the Fund invests substantially all of its assets.

### Sector Allocation (% of total investments)
![Group By Country Chart](g942043i369fc58fb807fb96b9c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.2% |
| Materials | 1.0% |
| Real Estate | 1.9% |
| Energy | 2.5% |
| Consumer Staples | 4.4% |
| Industrials | 9.7% |
| Health Care | 10.0% |
| Consumer Discretionary | 10.8% |
| Communication Services | 11.6% |
| Financials | 14.3% |
| Information Technology | 33.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 8.3% |
| NVIDIA Corp. | 8.0% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 5.1% |
| Meta Platforms, Inc., Class A | 3.8% |
| Broadcom, Inc. | 3.6% |
| Alphabet, Inc., Class C | 3.5% |
| Visa, Inc., Class A | 2.5% |
| Netflix, Inc. | 2.0% |
| Mr. Cooper Group, Inc. | 1.9% |
| Total | 44.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g942043ibdd987bb7b51f83f1627.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

EIERX-TSR-SAR

# Eaton Vance Tax-Managed Growth Fund 1.1
![Image](g942043ib469af71e421cf439553.jpg)

# Class A ETTGX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Tax-Managed Growth Fund 1.1 for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $37 | 0.73%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and the Tax-Managed Growth Portfolio, the Portfolio in which it invests. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2816035496 |
| # of Portfolio Holdings (for Tax-Managed Growth Portfolio) | 129 |
| Portfolio Turnover Rate (for Tax-Managed Growth Portfolio) | 7% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of Tax-Managed Growth Portfolio, an affiliated investment company in which the Fund invests substantially all of its assests.

### Sector Allocation (% of total investments)
![Group By Country Chart](g942043icb6b11b0c8f5afc45795.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Utilities | 0.8% |
| Materials | 2.1% |
| Energy | 2.7% |
| Consumer Staples | 5.1% |
| Health Care | 8.1% |
| Industrials | 9.2% |
| Consumer Discretionary | 11.7% |
| Financials | 14.7% |
| Communication Services | 14.9% |
| Information Technology | 30.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| NVIDIA Corp. | 7.2% |
| Amazon.com, Inc. | 6.0% |
| Apple, Inc. | 5.5% |
| Meta Platforms, Inc., Class A | 5.0% |
| Alphabet, Inc., Class A | 2.8% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Netflix, Inc. | 2.6% |
| JPMorgan Chase & Co. | 2.4% |
| Alphabet, Inc., Class C | 2.4% |
| Total | 43.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g942043ibdd987bb7b51f83f1627.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

ETTGX-TSR-SAR

# Eaton Vance Tax-Managed Growth Fund 1.1
![Image](g942043ib469af71e421cf439553.jpg)

# Class C ECTGX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Tax-Managed Growth Fund 1.1 for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $76 | 1.48%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and the Tax-Managed Growth Portfolio, the Portfolio in which it invests. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2816035496 |
| # of Portfolio Holdings (for Tax-Managed Growth Portfolio) | 129 |
| Portfolio Turnover Rate (for Tax-Managed Growth Portfolio) | 7% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of Tax-Managed Growth Portfolio, an affiliated investment company in which the Fund invests substantially all of its assests.

### Sector Allocation (% of total investments)
![Group By Country Chart](g942043i3fcc9451ae4f6a38fede.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Utilities | 0.8% |
| Materials | 2.1% |
| Energy | 2.7% |
| Consumer Staples | 5.1% |
| Health Care | 8.1% |
| Industrials | 9.2% |
| Consumer Discretionary | 11.7% |
| Financials | 14.7% |
| Communication Services | 14.9% |
| Information Technology | 30.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| NVIDIA Corp. | 7.2% |
| Amazon.com, Inc. | 6.0% |
| Apple, Inc. | 5.5% |
| Meta Platforms, Inc., Class A | 5.0% |
| Alphabet, Inc., Class A | 2.8% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Netflix, Inc. | 2.6% |
| JPMorgan Chase & Co. | 2.4% |
| Alphabet, Inc., Class C | 2.4% |
| Total | 43.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g942043ibdd987bb7b51f83f1627.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

ECTGX-TSR-SAR

# Eaton Vance Tax-Managed Growth Fund 1.1
![Image](g942043ib469af71e421cf439553.jpg)

# Class I EITMX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Tax-Managed Growth Fund 1.1 for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $25 | 0.48%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and the Tax-Managed Growth Portfolio, the Portfolio in which it invests. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $2816035496 |
| # of Portfolio Holdings (for Tax-Managed Growth Portfolio) | 129 |
| Portfolio Turnover Rate (for Tax-Managed Growth Portfolio) | 7% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of Tax-Managed Growth Portfolio, an affiliated investment company in which the Fund invests substantially all of its assests.

### Sector Allocation (% of total investments)
![Group By Country Chart](g942043i56282bd71223fa987c4e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Utilities | 0.8% |
| Materials | 2.1% |
| Energy | 2.7% |
| Consumer Staples | 5.1% |
| Health Care | 8.1% |
| Industrials | 9.2% |
| Consumer Discretionary | 11.7% |
| Financials | 14.7% |
| Communication Services | 14.9% |
| Information Technology | 30.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| NVIDIA Corp. | 7.2% |
| Amazon.com, Inc. | 6.0% |
| Apple, Inc. | 5.5% |
| Meta Platforms, Inc., Class A | 5.0% |
| Alphabet, Inc., Class A | 2.8% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Netflix, Inc. | 2.6% |
| JPMorgan Chase & Co. | 2.4% |
| Alphabet, Inc., Class C | 2.4% |
| Total | 43.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g942043ibdd987bb7b51f83f1627.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

EITMX-TSR-SAR

# Eaton Vance Tax-Managed Growth Fund 1.2
![Image](g942043ib469af71e421cf439553.jpg)

# Class A EXTGX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Tax-Managed Growth Fund 1.2 for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $45 | 0.87%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and the Tax-Managed Growth Portfolio, the Portfolio in which it invests. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1615037102 |
| # of Portfolio Holdings (for Tax-Managed Growth Portfolio) | 129 |
| Portfolio Turnover Rate (for Tax-Managed Growth Portfolio) | 7% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of Tax-Managed Growth Portfolio, an affiliated investment company in which the Fund invests substantially all of its assests.

### Sector Allocation (% of total investments)
![Group By Country Chart](g942043ib6592e77f00b770530b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Utilities | 0.8% |
| Materials | 2.1% |
| Energy | 2.7% |
| Consumer Staples | 5.1% |
| Health Care | 8.1% |
| Industrials | 9.2% |
| Consumer Discretionary | 11.7% |
| Financials | 14.7% |
| Communication Services | 14.9% |
| Information Technology | 30.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| NVIDIA Corp. | 7.2% |
| Amazon.com, Inc. | 6.0% |
| Apple, Inc. | 5.5% |
| Meta Platforms, Inc., Class A | 5.0% |
| Alphabet, Inc., Class A | 2.8% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Netflix, Inc. | 2.6% |
| JPMorgan Chase & Co. | 2.4% |
| Alphabet, Inc., Class C | 2.4% |
| Total | 43.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g942043ibdd987bb7b51f83f1627.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

EXTGX-TSR-SAR

# Eaton Vance Tax-Managed Growth Fund 1.2
![Image](g942043ib469af71e421cf439553.jpg)

# Class C EZTGX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Tax-Managed Growth Fund 1.2 for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $83 | 1.62%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and the Tax-Managed Growth Portfolio, the Portfolio in which it invests. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1615037102 |
| # of Portfolio Holdings (for Tax-Managed Growth Portfolio) | 129 |
| Portfolio Turnover Rate (for Tax-Managed Growth Portfolio) | 7% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of Tax-Managed Growth Portfolio, an affiliated investment company in which the Fund invests substantially all of its assests.

### Sector Allocation (% of total investments)
![Group By Country Chart](g942043i2aa17508bd36df5f4b81.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Utilities | 0.8% |
| Materials | 2.1% |
| Energy | 2.7% |
| Consumer Staples | 5.1% |
| Health Care | 8.1% |
| Industrials | 9.2% |
| Consumer Discretionary | 11.7% |
| Financials | 14.7% |
| Communication Services | 14.9% |
| Information Technology | 30.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| NVIDIA Corp. | 7.2% |
| Amazon.com, Inc. | 6.0% |
| Apple, Inc. | 5.5% |
| Meta Platforms, Inc., Class A | 5.0% |
| Alphabet, Inc., Class A | 2.8% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Netflix, Inc. | 2.6% |
| JPMorgan Chase & Co. | 2.4% |
| Alphabet, Inc., Class C | 2.4% |
| Total | 43.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g942043ibdd987bb7b51f83f1627.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

EZTGX-TSR-SAR

# Eaton Vance Tax-Managed Growth Fund 1.2
![Image](g942043ib469af71e421cf439553.jpg)

# Class I EITGX

#### Semi-Annual Shareholder Report June 30, 2025
This semi-annual shareholder report contains important information about the Eaton Vance Tax-Managed Growth Fund 1.2 for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

## What were the Fund costs for the last six months?<sup>**Footnote Reference \***</sup>
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $32 | 0.62%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Expenses in the table reflect the expenses of both the Fund and the Tax-Managed Growth Portfolio, the Portfolio in which it invests. |

---

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1615037102 |
| # of Portfolio Holdings (for Tax-Managed Growth Portfolio) | 129 |
| Portfolio Turnover Rate (for Tax-Managed Growth Portfolio) | 7% |

---

## What did the Fund invest in?
The following tables reflect what the Fund invested in as of the report date.

References to the Fund's investments are to the Fund's pro rata share of Tax-Managed Growth Portfolio, an affiliated investment company in which the Fund invests substantially all of its assests.

### Sector Allocation (% of total investments)
![Group By Country Chart](g942043i44ae557ecb2c2567b723.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Utilities | 0.8% |
| Materials | 2.1% |
| Energy | 2.7% |
| Consumer Staples | 5.1% |
| Health Care | 8.1% |
| Industrials | 9.2% |
| Consumer Discretionary | 11.7% |
| Financials | 14.7% |
| Communication Services | 14.9% |
| Information Technology | 30.6% |

---

### Top Ten Holdings (% of total investments)<sup>**Footnote Reference a**</sup>

---

| | |
|:---|:---|
| Microsoft Corp. | 7.2% |
| NVIDIA Corp. | 7.2% |
| Amazon.com, Inc. | 6.0% |
| Apple, Inc. | 5.5% |
| Meta Platforms, Inc., Class A | 5.0% |
| Alphabet, Inc., Class A | 2.8% |
| Berkshire Hathaway, Inc., Class B | 2.7% |
| Netflix, Inc. | 2.6% |
| JPMorgan Chase & Co. | 2.4% |
| Alphabet, Inc., Class C | 2.4% |
| Total | 43.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php](g942043ibdd987bb7b51f83f1627.jpg)

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting.

## Householding
The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

#### Not FDIC Insured \| May Lose Value \| No Bank Guarantee
Semi-Annual Shareholder Report June 30, 2025

EITGX-TSR-SAR

------

(b) Not applicable.

#### Item 2. Code of Ethics
Not required in this filing.

#### Item 3. Audit Committee Financial Expert
Not required in this filing.

#### Item 4. Principal Accountant Fees and Services
Not required in this filing.

------

#### Item 5. Audit Committee of Listed Registrants
Not applicable.

#### Item 6. Schedule of Investments
(a) Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

------

## Eaton Vance

## Stock Fund

## Semi-Annual Financial Statements and Additional Information
June 30, 2025

------

![](g942043img3ea07c2e1.gif)

------

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

------

#### Semi-Annual Financial Statements and Additional Information June 30, 2025
Eaton Vance

Stock Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_82f579fe-e9f9-40c2-aaf1-d2dce114b152_1)** |  |
| [Item 7 of Form N-CSR:](#xx_2d905836-ed2d-4522-8437-147fd0b7ea7d_1) | [Item 7 of Form N-CSR:](#xx_2d905836-ed2d-4522-8437-147fd0b7ea7d_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_2d905836-ed2d-4522-8437-147fd0b7ea7d_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_2d905836-ed2d-4522-8437-147fd0b7ea7d_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_2d905836-ed2d-4522-8437-147fd0b7ea7d_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_bf3d1d8a-e2ab-4436-aaa1-f1c449eb9d87_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_74e26dc6-f712-45b1-86fa-53bd29353f0e_1) | 7 |
| [Stock Portfolio](#xx_aeb487cb-2314-4fc0-8100-a95519da1a81_1) | [Stock Portfolio](#xx_aeb487cb-2314-4fc0-8100-a95519da1a81_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_aeb487cb-2314-4fc0-8100-a95519da1a81_1) | [Items 6 and 7 of Form N-CSR:](#xx_aeb487cb-2314-4fc0-8100-a95519da1a81_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_aeb487cb-2314-4fc0-8100-a95519da1a81_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_fda80c2d-bb4b-4c6b-b29e-6c0a08605bb3_1) | 13 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_f1846aae-155d-449d-b88f-323a317d4dc3_1) | 21 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**June 30, 2025** |
| Assets |  |
| Investment in Stock Portfolio, at value (identified cost $44,950,545) | &nbsp;&nbsp;$102710229 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24483 |
| **Total assets** | &nbsp;&nbsp;**$102737308** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$229767 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17208 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2853 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24107 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3961 |
| **Total liabilities** | &nbsp;&nbsp;**$278021** |
| **Net Assets** | &nbsp;&nbsp;**$102459287** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$60689684 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41769603 |
| **Net Assets** | &nbsp;&nbsp;**$102459287** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$69503949 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103790 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$22.39 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$23.63 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$4156665 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200437 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$20.74 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$28798673 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279436 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$22.51 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**June 30, 2025** |
| Investment Income |  |
| Dividend income allocated from Portfolio (net of foreign taxes withheld of $2,785) | &nbsp;&nbsp;$368966 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(307616) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$61657** |
| Expenses |  |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$81525 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20069 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8969 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27265 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24934 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7404 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29705 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7102 |
| **Total expenses** | &nbsp;&nbsp;**$207223** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$61137 |
| **Total expense reductions** | &nbsp;&nbsp;**$61137** |
| **Net expenses** | &nbsp;&nbsp;**$146086** |
| **Net investment loss** | &nbsp;&nbsp;**$(84429)** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$3473927 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| **Net realized gain** | &nbsp;&nbsp;**$3473915** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$2553387 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$2553404** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$6027319** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$5942890** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;$(84429) | &nbsp;&nbsp;$(52687) |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3473915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9334188 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15162589 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$5942890** | &nbsp;&nbsp;**$24444090** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(8836063) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(557293) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3460762) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(12854118)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(2110779) | &nbsp;&nbsp;$8093276 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1405403) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777609 |
| **Net increase (decrease) in net assets from Fund share transactions** | &nbsp;&nbsp;**$(2022874)** | &nbsp;&nbsp;**$7465482** |
| **Net increase in net assets** | &nbsp;&nbsp;**$3920016** | &nbsp;&nbsp;**$19055454** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$98539271 | &nbsp;&nbsp;$79483817 |
| **At end of period** | &nbsp;&nbsp;**$102459287** | &nbsp;&nbsp;**$98539271** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$21.05 | &nbsp;&nbsp;$18.50 | &nbsp;&nbsp;$17.51 | &nbsp;&nbsp;$24.12 | &nbsp;&nbsp;$22.12 | &nbsp;&nbsp;$19.11 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.05 | &nbsp;&nbsp;$0.10 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.34** | &nbsp;&nbsp;**$5.64** | &nbsp;&nbsp;**$4.19** | &nbsp;&nbsp;**$(4.07)** | &nbsp;&nbsp;**$5.01** | &nbsp;&nbsp;**$3.44** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.12) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.04) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(3.09)** | &nbsp;&nbsp;**$(3.20)** | &nbsp;&nbsp;**$(2.54)** | &nbsp;&nbsp;**$(3.01)** | &nbsp;&nbsp;**$(0.43)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$22.39** | &nbsp;&nbsp;**$21.05** | &nbsp;&nbsp;**$18.50** | &nbsp;&nbsp;**$17.51** | &nbsp;&nbsp;**$24.12** | &nbsp;&nbsp;**$22.12** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.37%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.54%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.02%** | &nbsp;&nbsp;&nbsp;&nbsp;**(16.78)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.78%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.22%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$69504 | &nbsp;&nbsp;$67594 | &nbsp;&nbsp;$52274 | &nbsp;&nbsp;$46464 | &nbsp;&nbsp;$61304 | &nbsp;&nbsp;$60148 |
| Ratios (as a percentage of average daily net assets):<sup>(5)(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22)%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(7)</sup> Annualized.

<sup>(8)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$19.57 | &nbsp;&nbsp;$17.49 | &nbsp;&nbsp;$16.79 | &nbsp;&nbsp;$23.23 | &nbsp;&nbsp;$21.40 | &nbsp;&nbsp;$18.61 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.17** | &nbsp;&nbsp;**$5.17** | &nbsp;&nbsp;**$3.86** | &nbsp;&nbsp;**$(4.06)** | &nbsp;&nbsp;**$4.66** | &nbsp;&nbsp;**$3.19** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.01) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3.09) | &nbsp;&nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.38) | &nbsp;&nbsp;&nbsp;&nbsp;(2.83) | &nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(3.09)** | &nbsp;&nbsp;**$(3.16)** | &nbsp;&nbsp;**$(2.38)** | &nbsp;&nbsp;**$(2.83)** | &nbsp;&nbsp;**$(0.40)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$20.74** | &nbsp;&nbsp;**$19.57** | &nbsp;&nbsp;**$17.49** | &nbsp;&nbsp;**$16.79** | &nbsp;&nbsp;**$23.23** | &nbsp;&nbsp;**$21.40** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.98%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**29.61%** | &nbsp;&nbsp;&nbsp;&nbsp;**23.13%** | &nbsp;&nbsp;&nbsp;&nbsp;**(17.46)%** | &nbsp;&nbsp;&nbsp;&nbsp;**21.88%** | &nbsp;&nbsp;&nbsp;&nbsp;**17.36%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$4157 | &nbsp;&nbsp;$4237 | &nbsp;&nbsp;$5027 | &nbsp;&nbsp;$5579 | &nbsp;&nbsp;$7418 | &nbsp;&nbsp;$6728 |
| Ratios (as a percentage of average daily net assets):<sup>(5)(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%<sup>(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;(0.97)%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.85)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.55)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.22)% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(7)</sup> Annualized.

<sup>(8)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$21.14 | &nbsp;&nbsp;$18.52 | &nbsp;&nbsp;$17.52 | &nbsp;&nbsp;$24.14 | &nbsp;&nbsp;$22.13 | &nbsp;&nbsp;$19.11 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0.00<sup>(2)</sup> | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.15 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.37** | &nbsp;&nbsp;**$5.71** | &nbsp;&nbsp;**$4.25** | &nbsp;&nbsp;**$(4.03)** | &nbsp;&nbsp;**$5.08** | &nbsp;&nbsp;**$3.50** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.09) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(3.09)** | &nbsp;&nbsp;**$(3.25)** | &nbsp;&nbsp;**$(2.59)** | &nbsp;&nbsp;**$(3.07)** | &nbsp;&nbsp;**$(0.48)** |
| **Portfolio transaction fee, net<sup>(1)</sup>** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**$0.00<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$22.51** | &nbsp;&nbsp;**$21.14** | &nbsp;&nbsp;**$18.52** | &nbsp;&nbsp;**$17.52** | &nbsp;&nbsp;**$24.14** | &nbsp;&nbsp;**$22.13** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.48%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.89%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.41%** | &nbsp;&nbsp;&nbsp;&nbsp;**(16.62)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.12%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.52%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$28799 | &nbsp;&nbsp;$26708 | &nbsp;&nbsp;$22182 | &nbsp;&nbsp;$22027 | &nbsp;&nbsp;$32558 | &nbsp;&nbsp;$40943 |
| Ratios (as a percentage of average daily net assets):<sup>(5)(6)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| Portfolio Turnover of the Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |

---

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

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

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

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(7)</sup> Annualized.

<sup>(8)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Eaton Vance Stock Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. The Fund invests all of its investable assets in interests in Stock Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (13.4% at June 30, 2025). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

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

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

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

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

As of June 30, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

I Interim Financial Statements—The interim financial statements relating to June 30, 2025 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

------

2 Distributions to Shareholders and Income Tax Information

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

3 Investment Adviser Fee and Other Transactions with Affiliates

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

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.530% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.515% |

---

For the six months ended June 30, 2025, the Fund incurred no investment adviser fee on such assets. To the extent that the Fund's assets are invested in the Portfolio, the Fund is allocated its share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator of the Fund, but receives no compensation.

EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 0.98%, 1.73% and 0.73% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after May 1, 2026. Pursuant to this agreement, EVM waived and/or reimbursed $61,137 of the Fund's operating expenses for the six months ended June 30, 2025.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended June 30, 2025, EVM earned $6,442 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $1,810 as its portion of the sales charge on sales of Class A shares for the six months ended June 30, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended June 30, 2025 amounted to $81,525 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended June 30, 2025, the Fund paid or accrued to EVD $15,052 for Class C shares.

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

------

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended June 30, 2025 amounted to $5,017 for Class C shares.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended June 30, 2025, the Fund was informed that EVD received less than $100 CDSCs paid by Class A shareholders and no CDSCs paid by Class C shareholders.

6 Investment Transactions

For the six months ended June 30, 2025, increases and decreases in the Fund's investment in the Portfolio aggregated $3,180,791 and $5,112,370, respectively.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;113558 | &nbsp;&nbsp;&nbsp;&nbsp;$2346696 | &nbsp;&nbsp;&nbsp;&nbsp;525050 | &nbsp;&nbsp;&nbsp;&nbsp;$11477192 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;408679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8586342 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(220248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4457475) | &nbsp;&nbsp;&nbsp;&nbsp;(548995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11970258) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(106690)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2110779)** | &nbsp;&nbsp;&nbsp;&nbsp;**384734** | &nbsp;&nbsp;&nbsp;&nbsp;**$8093276** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 12896 | &nbsp;&nbsp;&nbsp;&nbsp;$254639 | &nbsp;&nbsp;&nbsp;&nbsp; 44845 | &nbsp;&nbsp;&nbsp;&nbsp;$924343 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555867 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (563678) | &nbsp;&nbsp;&nbsp;&nbsp;(144179) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2885613) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16077)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(309039)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(70886)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1405403)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;157907 | &nbsp;&nbsp;&nbsp;&nbsp;$3356908 | &nbsp;&nbsp;&nbsp;&nbsp;821099 | &nbsp;&nbsp;&nbsp;&nbsp;$17979098 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;164095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3460762 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(142064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2959964) | &nbsp;&nbsp;&nbsp;&nbsp;(919523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20662251) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **15843** | &nbsp;&nbsp;&nbsp;&nbsp;**$396944** | &nbsp;&nbsp;&nbsp;&nbsp; **65671** | &nbsp;&nbsp;&nbsp;&nbsp;**$777609** |

---

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

------

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any borrowings during the six months ended June 30, 2025.

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

Portfolio of Investments (Unaudited)

------

Common Stocks — 99.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% | Aerospace & Defense — 1.0% |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24283 | &nbsp;&nbsp;$7964824 |
|  |  | &nbsp;&nbsp;**$7964824** |
| Beverages — 1.7% | Beverages — 1.7% | Beverages — 1.7% |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;182998 | &nbsp;&nbsp;$12947108 |
|  |  | &nbsp;&nbsp;**$12947108** |
| Biotechnology — 1.6% | Biotechnology — 1.6% | Biotechnology — 1.6% |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65005 | &nbsp;&nbsp;$12066228 |
| Caris Life Sciences, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8124 | &nbsp;&nbsp;&nbsp;&nbsp; 217073 |
|  |  | &nbsp;&nbsp;**$12283301** |
| Broadline Retail — 5.1% | Broadline Retail — 5.1% | Broadline Retail — 5.1% |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;177190 | &nbsp;&nbsp;$38873714 |
|  |  | &nbsp;&nbsp;**$38873714** |
| Building Products — 1.2% | Building Products — 1.2% | Building Products — 1.2% |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;126835 | &nbsp;&nbsp;$9283054 |
|  |  | &nbsp;&nbsp;**$9283054** |
| Capital Markets — 5.2% | Capital Markets — 5.2% | Capital Markets — 5.2% |
| Blue Owl Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;293333 | &nbsp;&nbsp;$5634927 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70973 | &nbsp;&nbsp;&nbsp;&nbsp; 13021416 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19138 | &nbsp;&nbsp;&nbsp;&nbsp; 10091276 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;76284 | &nbsp;&nbsp;&nbsp;&nbsp; 11167978 |
|  |  | &nbsp;&nbsp;**$39915597** |
| Chemicals — 1.1% | Chemicals — 1.1% | Chemicals — 1.1% |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;17256 | &nbsp;&nbsp;$8096170 |
|  |  | &nbsp;&nbsp;**$8096170** |
| Commercial Services & Supplies — 1.0% | Commercial Services & Supplies — 1.0% | Commercial Services & Supplies — 1.0% |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;42047 | &nbsp;&nbsp;$7851016 |
|  |  | &nbsp;&nbsp;**$7851016** |
| Consumer Staples Distribution & Retail — 2.7% | Consumer Staples Distribution & Retail — 2.7% | Consumer Staples Distribution & Retail — 2.7% |
| BJ's Wholesale Club Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;63924 | &nbsp;&nbsp;$6892925 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139788 | &nbsp;&nbsp;&nbsp;&nbsp; 13668471 |
|  |  | &nbsp;&nbsp;**$20561396** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electrical Equipment — 2.2% | Electrical Equipment — 2.2% | Electrical Equipment — 2.2% |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;43193 | &nbsp;&nbsp;$7816205 |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;25380 | &nbsp;&nbsp;&nbsp;&nbsp; 9060406 |
|  |  | &nbsp;&nbsp;**$16876611** |
| Electronic Equipment, Instruments & Components — 1.2% | Electronic Equipment, Instruments & Components — 1.2% | Electronic Equipment, Instruments & Components — 1.2% |
| Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;89486 | &nbsp;&nbsp;$8836743 |
|  |  | &nbsp;&nbsp;**$8836743** |
| Entertainment — 4.3% | Entertainment — 4.3% | Entertainment — 4.3% |
| Liberty Media Corp.-Liberty Formula One, Class C<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;124065 | &nbsp;&nbsp;$12964792 |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11275 | &nbsp;&nbsp;&nbsp;&nbsp; 15098691 |
| Spotify Technology SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223 | &nbsp;&nbsp;&nbsp;&nbsp; 4775157 |
|  |  | &nbsp;&nbsp;**$32838640** |
| Financial Services — 6.1% | Financial Services — 6.1% | Financial Services — 6.1% |
| Mr. Cooper Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;95304 | &nbsp;&nbsp;$14220310 |
| Shift4 Payments, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138900 | &nbsp;&nbsp;&nbsp;&nbsp; 13766379 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;54143 | &nbsp;&nbsp;&nbsp;&nbsp; 19223472 |
|  |  | &nbsp;&nbsp;**$47210161** |
| Health Care Equipment & Supplies — 3.2% | Health Care Equipment & Supplies — 3.2% | Health Care Equipment & Supplies — 3.2% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;77862 | &nbsp;&nbsp;$10590011 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;91171 | &nbsp;&nbsp;&nbsp;&nbsp; 7130484 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12262 | &nbsp;&nbsp;&nbsp;&nbsp; 6663293 |
|  |  | &nbsp;&nbsp;**$24383788** |
| Health Care Providers & Services — 2.6% | Health Care Providers & Services — 2.6% | Health Care Providers & Services — 2.6% |
| Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22295 | &nbsp;&nbsp;$5450682 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10589 | &nbsp;&nbsp;&nbsp;&nbsp; 7759407 |
| Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;39636 | &nbsp;&nbsp;&nbsp;&nbsp; 7119815 |
|  |  | &nbsp;&nbsp;**$20329904** |
| Hotels, Restaurants & Leisure — 3.6% | Hotels, Restaurants & Leisure — 3.6% | Hotels, Restaurants & Leisure — 3.6% |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | &nbsp;&nbsp;$6912353 |
| Flutter Entertainment PLC<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44066 | &nbsp;&nbsp;&nbsp;&nbsp; 12592300 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;30582 | &nbsp;&nbsp;&nbsp;&nbsp; 8355308 |
|  |  | &nbsp;&nbsp;**$27859961** |
| Insurance — 3.0% | Insurance — 3.0% | Insurance — 3.0% |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60860 | &nbsp;&nbsp;$12251727 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;33125 | &nbsp;&nbsp;&nbsp;&nbsp; 10603975 |
|  |  | &nbsp;&nbsp;**$22855702** |
| Interactive Media & Services — 7.3% | Interactive Media & Services — 7.3% | Interactive Media & Services — 7.3% |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;153475 | &nbsp;&nbsp;$27224930 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Interactive Media & Services (continued) | Interactive Media & Services (continued) | Interactive Media & Services (continued) |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;39312 | &nbsp;&nbsp;$29015794 |
|  |  | &nbsp;&nbsp;**$56240724** |
| IT Services — 0.9% | IT Services — 0.9% | IT Services — 0.9% |
| Gartner, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17637 | &nbsp;&nbsp;$7129228 |
|  |  | &nbsp;&nbsp;**$7129228** |
| Machinery — 0.7% | Machinery — 0.7% | Machinery — 0.7% |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7996 | &nbsp;&nbsp;$5584966 |
|  |  | &nbsp;&nbsp;**$5584966** |
| Oil, Gas & Consumable Fuels — 2.5% | Oil, Gas & Consumable Fuels — 2.5% | Oil, Gas & Consumable Fuels — 2.5% |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;114987 | &nbsp;&nbsp;$10318933 |
| EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;153902 | &nbsp;&nbsp;&nbsp;&nbsp; 8975565 |
|  |  | &nbsp;&nbsp;**$19294498** |
| Pharmaceuticals — 2.6% | Pharmaceuticals — 2.6% | Pharmaceuticals — 2.6% |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;15899 | &nbsp;&nbsp;$12393748 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;47957 | &nbsp;&nbsp;&nbsp;&nbsp; 7478894 |
|  |  | &nbsp;&nbsp;**$19872642** |
| Professional Services — 3.5% | Professional Services — 3.5% | Professional Services — 3.5% |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;28439 | &nbsp;&nbsp;$8770588 |
| Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60443 | &nbsp;&nbsp;&nbsp;&nbsp; 6293929 |
| TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;133324 | &nbsp;&nbsp;&nbsp;&nbsp; 11732512 |
|  |  | &nbsp;&nbsp;**$26797029** |
| Real Estate Management & Development — 1.9% | Real Estate Management & Development — 1.9% | Real Estate Management & Development — 1.9% |
| CoStar Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;64601 | &nbsp;&nbsp;$5193920 |
| FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;52321 | &nbsp;&nbsp;&nbsp;&nbsp; 9136293 |
|  |  | &nbsp;&nbsp;**$14330213** |
| Semiconductors & Semiconductor Equipment — 14.4% | Semiconductors & Semiconductor Equipment — 14.4% | Semiconductors & Semiconductor Equipment — 14.4% |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;35513 | &nbsp;&nbsp;$8452804 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;101081 | &nbsp;&nbsp;&nbsp;&nbsp; 27862978 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131304 | &nbsp;&nbsp;&nbsp;&nbsp; 12781131 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;391220 | &nbsp;&nbsp;&nbsp;&nbsp; 61808848 |
|  |  | &nbsp;&nbsp;**$110905761** |
| Software — 11.7% | Software — 11.7% | Software — 11.7% |
| Fair Isaac Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5242 | &nbsp;&nbsp;$9582166 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;128862 | &nbsp;&nbsp;&nbsp;&nbsp; 64097248 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;45085 | &nbsp;&nbsp;&nbsp;&nbsp; 9226194 |
| Synopsys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13454 | &nbsp;&nbsp;&nbsp;&nbsp; 6897597 |
|  |  | &nbsp;&nbsp;**$89803205** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Specialty Retail — 2.1% | Specialty Retail — 2.1% | Specialty Retail — 2.1% |
| Burlington Stores, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32202 | &nbsp;&nbsp;$7491473 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;69381 | &nbsp;&nbsp;&nbsp;&nbsp; 8567860 |
|  |  | &nbsp;&nbsp;**$16059333** |
| Technology Hardware, Storage & Peripherals — 5.4% | Technology Hardware, Storage & Peripherals — 5.4% | Technology Hardware, Storage & Peripherals — 5.4% |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;202358 | &nbsp;&nbsp;$41517791 |
|  |  | &nbsp;&nbsp;**$41517791** |
| Total Common Stocks<br> (identified cost $407,103,340) |  | &nbsp;&nbsp;**$766503080** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.23%<sup>(2)</sup> | 1847148 | &nbsp;&nbsp;$1847148 |
| Total Short-Term Investments<br> (identified cost $1,847,148) |  | &nbsp;&nbsp;**$1847148** |
| Total Investments — 100.0%<br> (identified cost $408,950,488) |  | &nbsp;&nbsp;**$768350228** |
| Other Assets, Less Liabilities — (0.0)%<sup>†</sup> |  | &nbsp;&nbsp;**$(184203)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$768166025** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 6). The rate shown is the annualized seven-day yield as of June 30, 2025. |

---

*12*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**June 30, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $407,103,340) | &nbsp;&nbsp;$766503080 |
| Affiliated investments, at value (identified cost $1,847,148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1847148 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284903 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12210 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6959 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68043 |
| **Total assets** | &nbsp;&nbsp;**$768722343** |
| Liabilities |  |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;$362010 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12043 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68043 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61209 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44292 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8721 |
| **Total liabilities** | &nbsp;&nbsp;**$556318** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$768166025** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**June 30, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $20,826) | &nbsp;&nbsp;$2689785 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63098 |
| **Total investment income** | &nbsp;&nbsp;**$2752883** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$2125359 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25168 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92110 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41560 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15107 |
| **Total expenses** | &nbsp;&nbsp;**$2299304** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$2295 |
| **Total expense reductions** | &nbsp;&nbsp;**$2295** |
| **Net expenses** | &nbsp;&nbsp;**$2297009** |
| **Net investment income** | &nbsp;&nbsp;**$455874** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$25899688 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93) |
| **Net realized gain** | &nbsp;&nbsp;**$25899595** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$20287702 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$20287830** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$46187425** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$46643299** |

---

*14*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$455874 | &nbsp;&nbsp;$1762893 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25899595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68213141 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20287830 | &nbsp;&nbsp;&nbsp;&nbsp;112517896 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$46643299** | &nbsp;&nbsp;**$182493930** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$9237944 | &nbsp;&nbsp;$33145342 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34666160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63170365) |
| **Net decrease in net assets from capital transactions** | &nbsp;&nbsp;**$(25428216)** | &nbsp;&nbsp;**$(30025023)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$21215083** | &nbsp;&nbsp;**$152468907** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$746950942 | &nbsp;&nbsp;$594482035 |
| **At end of period** | &nbsp;&nbsp;**$768166025** | &nbsp;&nbsp;**$746950942** |

---

*15*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.55%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.43%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16.49)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.21%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.61%** |
| **Net assets, end of period (000's omitted)** | &nbsp;&nbsp;**$768166** | &nbsp;&nbsp;**$746951** | &nbsp;&nbsp;**$594482** | &nbsp;&nbsp;**$550036** | &nbsp;&nbsp;**$871310** | &nbsp;&nbsp;**$804446** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Annualized.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

<sup>(4)</sup> Not annualized.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Stock Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio's investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At June 30, 2025, Eaton Vance Stock Fund and Eaton Vance Balanced Fund held an interest of 13.4% and 86.6%, respectively, in the Portfolio.

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

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

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

**Foreign Currencies. Foreign 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.**

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

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

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates.

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

As of June 30, 2025, 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—Other assets and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. 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.

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.

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

------

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 Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

I Interim Financial Statements—The interim financial statements relating to June 30, 2025 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), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio's average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.600% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.575% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.530% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.515% |

---

For the six months ended June 30, 2025, the Portfolio's investment adviser fee amounted to $2,125,359 or 0.59% (annualized) of the Portfolio's average daily net assets.

The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the six months ended June 30, 2025, the investment adviser fee paid was reduced by $2,295 relating to the Portfolio's investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR's organization 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. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $160,476,834 and $185,978,261, respectively, for the six months ended June 30, 2025.

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

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, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$413902956** |
| Gross unrealized appreciation | &nbsp;&nbsp;$356021004 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1573732) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$354447272** |

---

5 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2024, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended June 30, 2025.

6 Affiliated Investments

At June 30, 2025, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $1,847,148, which represents 0.2% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the six months ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $1361413 | $46214622 | $(45728887) | $— | $— | $1847148 | $63098 | 1847148 |

---

7 Fair Value Measurements

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

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

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

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

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

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Stock Portfolio

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

------

At June 30, 2025, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$766,503,080\* | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$766503080 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 1847148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1847148 |
| **Total Investments** | &nbsp;&nbsp;**$768350228** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$768350228** |

---

\* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

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 June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> 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 comprised of all of the 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 meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. 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 (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

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

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

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• 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 funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

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

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Board of Trustees' Contract Approval — continued

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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 funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

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

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each 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 (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

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

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser 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 Board and its committees 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 the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, 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 and Board 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 and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Board of Trustees' Contract Approval — continued

------

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 Eaton Vance Stock Fund (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Stock Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements").

Nature, Extent and Quality of Services

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

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio. The Board specifically noted that each Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and 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 Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio.

The Board considered the compliance programs of each 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, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by 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 EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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

Fund Performance

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the 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 December 31, 2024, 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 each 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 each 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 each Adviser and its affiliates to third parties in respect of distribution or other services.

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[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

Eaton Vance

Stock Fund

June 30, 2025

Board of Trustees' Contract Approval — continued

------

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

The Board also considered direct or indirect fall-out benefits received by each 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 each Adviser as a result of securities transactions effected for the Fund and 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 applicable 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. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. 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 fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_5449a6db-3884-4710-885b-f5f7365140a5_TOC)

EAERX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;6.30.25

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## Eaton Vance

## Tax-Managed Growth Funds 1.1 and 1.2

## Semi-Annual Financial Statements and Additional Information
June 30, 2025

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![](g942043img12e344db1.gif)

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

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#### Semi-Annual Financial Statements and Additional Information June 30, 2025
Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_3e40eef2-d9b1-4818-8807-6622132f9aa4_1)** |  |
| [Item 7 of Form N-CSR:](#xx_5d8ce075-8b27-4c64-93df-2188ec1951fb_1) | [Item 7 of Form N-CSR:](#xx_5d8ce075-8b27-4c64-93df-2188ec1951fb_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_5d8ce075-8b27-4c64-93df-2188ec1951fb_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_5d8ce075-8b27-4c64-93df-2188ec1951fb_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_5d8ce075-8b27-4c64-93df-2188ec1951fb_3) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_15ff9c12-9652-4c9a-a761-169274640844_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_b3c18c2f-620d-4cf4-8e21-ed6ce75637ad_1) | 11 |
| [Tax-Managed Growth Portfolio](#xx_4ff31924-9c0c-4708-9544-449e44e9b80c_1) | [Tax-Managed Growth Portfolio](#xx_4ff31924-9c0c-4708-9544-449e44e9b80c_1) |
| [Items 6 and 7 of Form N-CSR:](#xx_4ff31924-9c0c-4708-9544-449e44e9b80c_1) | [Items 6 and 7 of Form N-CSR:](#xx_4ff31924-9c0c-4708-9544-449e44e9b80c_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_4ff31924-9c0c-4708-9544-449e44e9b80c_1) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements](#xx_710869da-42aa-4d8d-8fa2-8cb9f2899402_1) | 19 |
| Item 11 of Form N-CSR: | Item 11 of Form N-CSR: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_6c75488f-1e79-43a4-9801-c616ad936cc8_1) | 28 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Statements of Assets and Liabilities (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;&nbsp;**June 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.1** | &nbsp;&nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.2** |
| Assets |  |  |
| Investment in Tax-Managed Growth Portfolio, at value | &nbsp;&nbsp;$2816967437 | &nbsp;&nbsp;$1615733421 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152063 |
| **Total assets** | &nbsp;&nbsp;**$2816973897** | &nbsp;&nbsp;**$1615885484** |
| Liabilities |  |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$209801 | &nbsp;&nbsp;$266368 |
| Payable to affiliates: |  |  |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192520 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261803 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14828 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48375 |
| Payable for professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50050 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14313 |
| **Total liabilities** | &nbsp;&nbsp;**$938401** | &nbsp;&nbsp;**$848382** |
| **Net Assets** | &nbsp;&nbsp;**$2816035496** | &nbsp;&nbsp;**$1615037102** |
| Sources of Net Assets |  |  |
| Paid-in capital | &nbsp;&nbsp;$1104933838 | &nbsp;&nbsp;$813927912 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;1711101658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801109190 |
| **Net Assets** | &nbsp;&nbsp;**$2816035496** | &nbsp;&nbsp;**$1615037102** |
| Class A Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$2345103946 | &nbsp;&nbsp;$1099008358 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18821558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19538123 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$124.60 | &nbsp;&nbsp;$56.25 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$131.50 | &nbsp;&nbsp;$59.37 |
| Class C Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$4815790 | &nbsp;&nbsp;$54488475 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019834 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$110.04 | &nbsp;&nbsp;$53.43 |
| Class I Shares |  |  |
| **Net Assets** | &nbsp;&nbsp;$466115760 | &nbsp;&nbsp;$461540269 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4023087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8172613 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$115.86 | &nbsp;&nbsp;$56.47 |

---

---

| | |
|:---|:---|
| On sales of $50,000 or more, the offering price of Class A shares is reduced. | On sales of $50,000 or more, the offering price of Class A shares is reduced. |
| \* | Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge. |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Statements of Operations (Unaudited)

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended June 30, 2025** | &nbsp;&nbsp;&nbsp;**Six Months Ended June 30, 2025** |
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.1** | &nbsp;&nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.2** |
| Investment Income |  |  |
| Dividend income allocated from Portfolio (net of foreign taxes, $57,572 and $32,747, respectively) | &nbsp;&nbsp;$13400000 | &nbsp;&nbsp;$7637891 |
| Expenses allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5628981) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3208376) |
| Waiver and/or reimbursement of expenses by affiliates allocated from Portfolio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5582 |
| **Total investment income from Portfolio** | &nbsp;&nbsp;**$7780810** | &nbsp;&nbsp;**$4435097** |
| Expenses |  |  |
| Administration fee | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1123524 |
| Distribution and service fees: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2749790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279154 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257798 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10151 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181335 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69371 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16472 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30470 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32019 |
| **Total expenses** | &nbsp;&nbsp;**$3396693** | &nbsp;&nbsp;**$3000544** |
| **Net investment income** | &nbsp;&nbsp;**$4384117** | &nbsp;&nbsp;**$1434553** |
| Realized and Unrealized Gain (Loss) from Portfolio |  |  |
| Net realized gain (loss): |  |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$48971221 | &nbsp;&nbsp;$27809159 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1000233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(572144) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591 |
| **Net realized gain** | &nbsp;&nbsp;**$47972029** | &nbsp;&nbsp;**$27237606** |
| Change in unrealized appreciation (depreciation): |  |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$133647849 | &nbsp;&nbsp;$77126096 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9486 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$133664466** | &nbsp;&nbsp;**$77135582** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$181636495** | &nbsp;&nbsp;**$104373188** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$186020612** | &nbsp;&nbsp;**$105807741** |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$4384117 | &nbsp;&nbsp;$10737930 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47972029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126162796 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133664466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420014636 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$186020612** | &nbsp;&nbsp;**$556915362** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(46800135) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103506) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10607440) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(57511081)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(62386692) | &nbsp;&nbsp;$(92952497) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1850039) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9783849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19901132 |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(53322980)** | &nbsp;&nbsp;**$(74901404)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$132697632** | &nbsp;&nbsp;**$424502877** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$2683337864 | &nbsp;&nbsp;$2258834987 |
| **At end of period** | &nbsp;&nbsp;**$2816035496** | &nbsp;&nbsp;**$2683337864** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Statements of Changes in Net Assets — continued

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$1434553 | &nbsp;&nbsp;$3863381 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27237606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70294001 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77135582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233387845 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$105807741** | &nbsp;&nbsp;**$307545227** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(15648923) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(761860) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7343428) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(23754211)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(12808462) | &nbsp;&nbsp;$(9018886) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2919901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4331176) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5154320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10085850 |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(10574043)** | &nbsp;&nbsp;**$(3264212)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$95233698** | &nbsp;&nbsp;**$280526804** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$1519803404 | &nbsp;&nbsp;$1239276600 |
| **At end of period** | &nbsp;&nbsp;**$1615037102** | &nbsp;&nbsp;**$1519803404** |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$116.37 | &nbsp;&nbsp;$94.95 | &nbsp;&nbsp;$74.46 | &nbsp;&nbsp;$93.81 | &nbsp;&nbsp;$75.51 | &nbsp;&nbsp;$61.75 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.42 | &nbsp;&nbsp;$0.55 | &nbsp;&nbsp;$0.49 | &nbsp;&nbsp;$0.34 | &nbsp;&nbsp;$0.48 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.75 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$8.23** | &nbsp;&nbsp;**$23.88** | &nbsp;&nbsp;**$21.04** | &nbsp;&nbsp;**$(18.87)** | &nbsp;&nbsp;**$18.63** | &nbsp;&nbsp;**$14.23** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.41) | &nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;$(0.48) | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.47) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(2.46)** | &nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;**$(0.48)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.47)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$124.60** | &nbsp;&nbsp;**$116.37** | &nbsp;&nbsp;**$94.95** | &nbsp;&nbsp;**$74.46** | &nbsp;&nbsp;**$93.81** | &nbsp;&nbsp;**$75.51** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.07%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.16%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.24%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20.11)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.05%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$2345104 | &nbsp;&nbsp;$2252700 | &nbsp;&nbsp;$1921882 | &nbsp;&nbsp;$1598685 | &nbsp;&nbsp;$2108253 | &nbsp;&nbsp;$1784383 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77% |
| Portfolio Turnover of the Portfolio<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

<sup>(8)</sup> Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$103.16 | &nbsp;&nbsp;$84.70 | &nbsp;&nbsp;$66.54 | &nbsp;&nbsp;$83.92 | &nbsp;&nbsp;$67.81 | &nbsp;&nbsp;$55.53 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.27) | &nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.86 | &nbsp;&nbsp;&nbsp;&nbsp;18.23 | &nbsp;&nbsp;&nbsp;&nbsp;(17.28) | &nbsp;&nbsp;&nbsp;&nbsp;16.38 | &nbsp;&nbsp;&nbsp;&nbsp;12.26 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$6.88** | &nbsp;&nbsp;**$20.51** | &nbsp;&nbsp;**$18.16** | &nbsp;&nbsp;**$(17.38)** | &nbsp;&nbsp;**$16.11** | &nbsp;&nbsp;**$12.28** |
| Less Distributions |  |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2.05) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(2.05)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$110.04** | &nbsp;&nbsp;**$103.16** | &nbsp;&nbsp;**$84.70** | &nbsp;&nbsp;**$66.54** | &nbsp;&nbsp;**$83.92** | &nbsp;&nbsp;**$67.81** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.67%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.23%** | &nbsp;&nbsp;&nbsp;&nbsp;**27.28%** | &nbsp;&nbsp;&nbsp;&nbsp;**(20.71)%** | &nbsp;&nbsp;&nbsp;&nbsp;**23.76%** | &nbsp;&nbsp;&nbsp;&nbsp;**22.11%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$4816 | &nbsp;&nbsp;$5237 | &nbsp;&nbsp;$5935 | &nbsp;&nbsp;$5665 | &nbsp;&nbsp;$8801 | &nbsp;&nbsp;$9517 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46)%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.10)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.35)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% |
| Portfolio Turnover of the Portfolio<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

<sup>(8)</sup> Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions.

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.1 — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$108.08 | &nbsp;&nbsp;$88.32 | &nbsp;&nbsp;$69.29 | &nbsp;&nbsp;$87.38 | &nbsp;&nbsp;$70.35 | &nbsp;&nbsp;$57.57 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.65 | &nbsp;&nbsp;$0.71 | &nbsp;&nbsp;$0.64 | &nbsp;&nbsp;$0.51 | &nbsp;&nbsp;$0.59 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.82 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$7.78** | &nbsp;&nbsp;**$22.49** | &nbsp;&nbsp;**$19.80** | &nbsp;&nbsp;**$(17.41)** | &nbsp;&nbsp;**$17.58** | &nbsp;&nbsp;**$13.41** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.77) | &nbsp;&nbsp;$(0.68) | &nbsp;&nbsp;$(0.55) | &nbsp;&nbsp;$(0.63) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(2.73)** | &nbsp;&nbsp;**$(0.77)** | &nbsp;&nbsp;**$(0.68)** | &nbsp;&nbsp;**$(0.55)** | &nbsp;&nbsp;**$(0.63)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$115.86** | &nbsp;&nbsp;**$108.08** | &nbsp;&nbsp;**$88.32** | &nbsp;&nbsp;**$69.29** | &nbsp;&nbsp;**$87.38** | &nbsp;&nbsp;**$70.35** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.20%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.56%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19.92)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.00%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.31%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$466116 | &nbsp;&nbsp;$425400 | &nbsp;&nbsp;$331018 | &nbsp;&nbsp;$240211 | &nbsp;&nbsp;$297628 | &nbsp;&nbsp;$227801 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% |
| Portfolio Turnover of the Portfolio<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

<sup>(8)</sup> Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions.

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class A** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$52.57 | &nbsp;&nbsp;$42.72 | &nbsp;&nbsp;$33.50 | &nbsp;&nbsp;$42.19 | &nbsp;&nbsp;$33.95 | &nbsp;&nbsp;$27.77 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.68** | &nbsp;&nbsp;**$10.65** | &nbsp;&nbsp;**$9.41** | &nbsp;&nbsp;**$(8.53)** | &nbsp;&nbsp;**$8.31** | &nbsp;&nbsp;**$6.34** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.16) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.80)** | &nbsp;&nbsp;**$(0.19)** | &nbsp;&nbsp;**$(0.16)** | &nbsp;&nbsp;**$(0.07)** | &nbsp;&nbsp;**$(0.16)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$56.25** | &nbsp;&nbsp;**$52.57** | &nbsp;&nbsp;**$42.72** | &nbsp;&nbsp;**$33.50** | &nbsp;&nbsp;**$42.19** | &nbsp;&nbsp;**$33.95** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.00%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.96%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20.23)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.48%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.84%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1099008 | &nbsp;&nbsp;$1040208 | &nbsp;&nbsp;$854181 | &nbsp;&nbsp;$689946 | &nbsp;&nbsp;$894809 | &nbsp;&nbsp;$736814 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% |
| Portfolio Turnover of the Portfolio<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

<sup>(8)</sup> Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions.

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class C** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class C** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$50.12 | &nbsp;&nbsp;$40.98 | &nbsp;&nbsp;$32.24 | &nbsp;&nbsp;$40.72 | &nbsp;&nbsp;$32.96 | &nbsp;&nbsp;$27.03 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.24) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.10) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.04) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.97 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.31** | &nbsp;&nbsp;**$9.84** | &nbsp;&nbsp;**$8.74** | &nbsp;&nbsp;**$(8.48)** | &nbsp;&nbsp;**$7.76** | &nbsp;&nbsp;**$5.93** |
| Less Distributions |  |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.70) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.70)** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$53.43** | &nbsp;&nbsp;**$50.12** | &nbsp;&nbsp;**$40.98** | &nbsp;&nbsp;**$32.24** | &nbsp;&nbsp;**$40.72** | &nbsp;&nbsp;**$32.96** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.60%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.01%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27.11%** | &nbsp;&nbsp;&nbsp;&nbsp;**(20.83)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.54%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.94%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$54488 | &nbsp;&nbsp;$53953 | &nbsp;&nbsp;$47967 | &nbsp;&nbsp;$43673 | &nbsp;&nbsp;$61484 | &nbsp;&nbsp;$54119 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60)%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.51)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14)% |
| Portfolio Turnover of the Portfolio<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

<sup>(2)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

<sup>(8)</sup> Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions.

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class I** | &nbsp;&nbsp;&nbsp;**Tax-Managed Growth Fund 1.2 — Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$52.72 | &nbsp;&nbsp;$42.82 | &nbsp;&nbsp;$33.58 | &nbsp;&nbsp;$42.29 | &nbsp;&nbsp;$34.03 | &nbsp;&nbsp;$27.83 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.10 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.24 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$3.75** | &nbsp;&nbsp;**$10.82** | &nbsp;&nbsp;**$9.53** | &nbsp;&nbsp;**$(8.46)** | &nbsp;&nbsp;**$8.43** | &nbsp;&nbsp;**$6.43** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.29) | &nbsp;&nbsp;$(0.25) | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.23) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.92)** | &nbsp;&nbsp;**$(0.29)** | &nbsp;&nbsp;**$(0.25)** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.23)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$56.47** | &nbsp;&nbsp;**$52.72** | &nbsp;&nbsp;**$42.82** | &nbsp;&nbsp;**$33.58** | &nbsp;&nbsp;**$42.29** | &nbsp;&nbsp;**$34.03** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.27%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.37%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20.01)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.77%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.13%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$461540 | &nbsp;&nbsp;$425642 | &nbsp;&nbsp;$337129 | &nbsp;&nbsp;$260923 | &nbsp;&nbsp;$326586 | &nbsp;&nbsp;$256802 |
| Ratios (as a percentage of average daily net assets):<sup>(4)(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Portfolio Turnover of the Portfolio<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |

---

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

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Includes the Fund's share of the Portfolio's allocated expenses.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of the Portfolio's adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

<sup>(8)</sup> Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions.

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Notes to Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Eaton Vance Tax-Managed Growth Fund 1.1 (Tax-Managed Growth Fund 1.1) and Eaton Vance Tax-Managed Growth Fund 1.2 (Tax-Managed Growth Fund 1.2) (each a Fund, and collectively the Funds) are diversified series of the Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. Each Fund currently offers Class A, Class C and Class I shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund's prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Tax-Managed Growth Fund 1.1 is closed to new investors. Each class represents a pro rata interest in each Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of each Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses. Each Fund typically invests its assets in interests in Tax-Managed Growth Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Funds. The value of each Fund's investment in the Portfolio reflects the Fund's proportionate interest in the net assets of the Portfolio (44.9% and 25.8% for Tax-Managed Growth Fund 1.1 and Tax-Managed Growth Fund 1.2, respectively, at June 30, 2025). The performance of each Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Funds' financial statements.

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

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

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

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

As of June 30, 2025, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

H Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

------

I Interim Financial Statements—The interim financial statements relating to June 30, 2025 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders and Income Tax Information

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

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to each Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.5575% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4950% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4325% |
| $1.5 billion but less than $7 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3700% |
| $7 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3575% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3450% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3325% |
| $20 billion but less than $25 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3225% |
| $25 billion but less than $30 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3125% |
| $30 billion but less than $35 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3020% |
| $35 billion but less than $45 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.2970% |
| $45 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.2920% |

---

For the six months ended June 30, 2025, the Funds incurred no investment adviser fee on such assets. To the extent each Fund's assets are invested in the Portfolio, each Fund is allocated its pro rata share of the Portfolio's investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio's Notes to Financial Statements which are included elsewhere in this report. EVM serves as the administrator of the Funds. EVM receives no compensation from Tax-Managed Growth Fund 1.1 for such services and an administration fee computed at an annual rate of 0.15% of average daily net assets from Tax-Managed Growth Fund 1.2 for such services. For the six months ended June 30, 2025, the administration fee for Tax-Managed Growth Fund 1.2 amounted to $1,123,524.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds' principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of BMR, EVM and EVD, also received a portion of the sales charge on sales of Class A shares. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

------

charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD and Morgan Stanley affiliated broker-dealers for six months ended June 30, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.1** | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.2** |
| EVM's Sub-Transfer Agent Fees | &nbsp;&nbsp;$102908 | &nbsp;&nbsp;$36969 |
| EVD's Class A Sales Charges | &nbsp;&nbsp;$3666 | &nbsp;&nbsp;$29496 |
| Morgan Stanley affiliated broker-dealers' Class A Sales Charges | &nbsp;&nbsp;$2098 | &nbsp;&nbsp;$293 |

---

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

4 Distribution Plans

Each Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, each Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to each Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended June 30, 2025 for Class A shares amounted to the following:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.1** | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.2** |
| Class A Distribution and Service Fees | &nbsp;&nbsp;$2749790 | &nbsp;&nbsp;$1279154 |

---

Each Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan each Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the respective Funds. For the six months ended June 30, 2025, the Funds paid or accrued to EVD the following distribution fees for Class C shares:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.1** | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.2** |
| Class C Distribution Fees | &nbsp;&nbsp;$18062 | &nbsp;&nbsp;$193349 |

---

Pursuant to the Class C Plan, each Fund also make payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of the average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended June 30, 2025 amounted to the following for Class C shares:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.1** | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.2** |
| Class C Service Fees | &nbsp;&nbsp;$6020 | &nbsp;&nbsp;$64449 |

---

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

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

------

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended June 30, 2025, the Funds were informed that EVD received the following amounts of CDSCs paid by Class A and Class C shareholders:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.1** | &nbsp;&nbsp;**Tax-Managed<br> Growth Fund 1.2** |
| Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;$2260 |

---

<sup>(1)</sup> Amount is less than $100.

6 Investment Transactions

For the six months ended June 30, 2025, increases and decreases in each Fund's investments in the Portfolio aggregated, as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Increases** | &nbsp;&nbsp;&nbsp;&nbsp;**Decreases** |
| Tax-Managed Growth Fund 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$58006624 |
| Tax-Managed Growth Fund 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;$6829210 | &nbsp;&nbsp;&nbsp;&nbsp;$22163579 |

---

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

---

| | |
|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Redemptions in-kind** |
| Tax-Managed Growth Fund 1.1 | &nbsp;&nbsp;&nbsp;&nbsp;$32357049 |
| Tax-Managed Growth Fund 1.2 | &nbsp;&nbsp;&nbsp;&nbsp;$7616973 |

---

7 Shares of Beneficial Interest

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax-Managed Growth Fund 1.1** | **Tax-Managed Growth Fund 1.1** | **Tax-Managed Growth Fund 1.1** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 16942 | &nbsp;&nbsp;&nbsp;&nbsp;$1959184 | &nbsp;&nbsp;&nbsp;&nbsp; 136481 | &nbsp;&nbsp;&nbsp;&nbsp;$15040488 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 345190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40111048 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(553302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64345876) | &nbsp;&nbsp;&nbsp;&nbsp;(1365466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148104033) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(536360)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(62386692)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(883795)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(92952497)** |

---

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Funds 1.1 and 1.2

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax-Managed Growth Fund 1.1 (continued)** | **Tax-Managed Growth Fund 1.1 (continued)** | **Tax-Managed Growth Fund 1.1 (continued)** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp;&nbsp;$68456 | &nbsp;&nbsp;&nbsp;&nbsp; 1938 | &nbsp;&nbsp;&nbsp;&nbsp;$185299 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75323 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (788593) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2110661) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(7005)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(720137)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(19308)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1850039)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;505403 | &nbsp;&nbsp;&nbsp;&nbsp;$54614138 | &nbsp;&nbsp;&nbsp;&nbsp;1150527 | &nbsp;&nbsp;&nbsp;&nbsp;$115169386 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9271208 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(418406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44830289) | &nbsp;&nbsp;&nbsp;&nbsp;(1048434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(104539462) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **86997** | &nbsp;&nbsp;&nbsp;&nbsp;**$9783849** | &nbsp;&nbsp;&nbsp;&nbsp; **188009** | &nbsp;&nbsp;&nbsp;&nbsp;**$19901132** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax-Managed Growth Fund 1.2** | **Tax-Managed Growth Fund 1.2** | **Tax-Managed Growth Fund 1.2** |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** |  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;346248 | &nbsp;&nbsp;&nbsp;&nbsp;$18099179 | &nbsp;&nbsp;&nbsp;&nbsp; 762875 | &nbsp;&nbsp;&nbsp;&nbsp;$37742555 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14091465 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(593429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30907641) | &nbsp;&nbsp;&nbsp;&nbsp;(1242447) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60852906) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(247181)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12808462)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(211163)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(9018886)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;111582 | &nbsp;&nbsp;&nbsp;&nbsp;$5460052 | &nbsp;&nbsp;&nbsp;&nbsp; 155808 | &nbsp;&nbsp;&nbsp;&nbsp;$7387394 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712255 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(168122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8379953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12430825) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(56540)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(2919901)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(94059)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4331176)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;584310 | &nbsp;&nbsp;&nbsp;&nbsp;$30530069 | &nbsp;&nbsp;&nbsp;&nbsp;1173021 | &nbsp;&nbsp;&nbsp;&nbsp;$57289344 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6872642 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(485460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25375749) | &nbsp;&nbsp;&nbsp;&nbsp;(1102679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54076136) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **98850** | &nbsp;&nbsp;&nbsp;&nbsp;**$5154320** | &nbsp;&nbsp;&nbsp;&nbsp; **200901** | &nbsp;&nbsp;&nbsp;&nbsp;**$10085850** |

---

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Tax-Managed Growth Portfolio

June 30, 2025

Portfolio of Investments (Unaudited)

------

Common Stocks — 99.9%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% | Aerospace & Defense — 2.3% |
| Boeing Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;283946 | &nbsp;&nbsp;$59495205 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;37550 | &nbsp;&nbsp;&nbsp;&nbsp; 10951833 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;163119 | &nbsp;&nbsp;&nbsp;&nbsp; 41985199 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16117 | &nbsp;&nbsp;&nbsp;&nbsp; 8058178 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;156984 | &nbsp;&nbsp;&nbsp;&nbsp; 22922804 |
|  |  | &nbsp;&nbsp;**$143413219** |
| Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% | Air Freight & Logistics — 0.5% |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70293 | &nbsp;&nbsp;$6744613 |
| FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;75954 | &nbsp;&nbsp;&nbsp;&nbsp; 17265104 |
| United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;54923 | &nbsp;&nbsp;&nbsp;&nbsp; 5543928 |
|  |  | &nbsp;&nbsp;**$29553645** |
| Banks — 3.9% | Banks — 3.9% | Banks — 3.9% |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;473446 | &nbsp;&nbsp;$22403465 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;490849 | &nbsp;&nbsp;&nbsp;&nbsp; 20188619 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;514622 | &nbsp;&nbsp;&nbsp;&nbsp; 149194064 |
| Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;249640 | &nbsp;&nbsp;&nbsp;&nbsp; 5871533 |
| Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;311559 | &nbsp;&nbsp;&nbsp;&nbsp; 13393921 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;446596 | &nbsp;&nbsp;&nbsp;&nbsp; 35781272 |
|  |  | &nbsp;&nbsp;**$246832874** |
| Beverages — 0.6% | Beverages — 0.6% | Beverages — 0.6% |
| Monster Beverage Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;142992 | &nbsp;&nbsp;$8957019 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193657 | &nbsp;&nbsp;&nbsp;&nbsp; 25570470 |
|  |  | &nbsp;&nbsp;**$34527489** |
| Biotechnology — 2.0% | Biotechnology — 2.0% | Biotechnology — 2.0% |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;193103 | &nbsp;&nbsp;$35843779 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;97100 | &nbsp;&nbsp;&nbsp;&nbsp; 27111291 |
| Argenx SE ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41279 | &nbsp;&nbsp;&nbsp;&nbsp; 22753810 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83684 | &nbsp;&nbsp;&nbsp;&nbsp; 37256117 |
|  |  | &nbsp;&nbsp;**$122964997** |
| Broadline Retail — 6.0% | Broadline Retail — 6.0% | Broadline Retail — 6.0% |
| Amazon.com, Inc.<sup>(1)</sup> | 1725700 | &nbsp;&nbsp;$378601323 |
|  |  | &nbsp;&nbsp;**$378601323** |
| Building Products — 0.2% | Building Products — 0.2% | Building Products — 0.2% |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;189214 | &nbsp;&nbsp;$13848573 |
|  |  | &nbsp;&nbsp;**$13848573** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Capital Markets — 3.7% | Capital Markets — 3.7% | Capital Markets — 3.7% |
| Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;125089 | &nbsp;&nbsp;$11396859 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7289 | &nbsp;&nbsp;&nbsp;&nbsp; 7647983 |
| Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;75857 | &nbsp;&nbsp;&nbsp;&nbsp; 17690611 |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;371381 | &nbsp;&nbsp;&nbsp;&nbsp; 33884802 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36417 | &nbsp;&nbsp;&nbsp;&nbsp; 10037254 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;123352 | &nbsp;&nbsp;&nbsp;&nbsp; 87302378 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;60970 | &nbsp;&nbsp;&nbsp;&nbsp; 11186166 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;66944 | &nbsp;&nbsp;&nbsp;&nbsp; 33578441 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32008 | &nbsp;&nbsp;&nbsp;&nbsp; 16877498 |
|  |  | &nbsp;&nbsp;**$229601992** |
| Chemicals — 2.1% | Chemicals — 2.1% | Chemicals — 2.1% |
| DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;136353 | &nbsp;&nbsp;$9352452 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;110020 | &nbsp;&nbsp;&nbsp;&nbsp; 29643789 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;72347 | &nbsp;&nbsp;&nbsp;&nbsp; 33943765 |
| Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;172482 | &nbsp;&nbsp;&nbsp;&nbsp; 59223420 |
|  |  | &nbsp;&nbsp;**$132163426** |
| Commercial Services & Supplies — 0.6% | Commercial Services & Supplies — 0.6% | Commercial Services & Supplies — 0.6% |
| Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;57850 | &nbsp;&nbsp;$10801752 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;108692 | &nbsp;&nbsp;&nbsp;&nbsp; 24870903 |
|  |  | &nbsp;&nbsp;**$35672655** |
| Communications Equipment — 1.6% | Communications Equipment — 1.6% | Communications Equipment — 1.6% |
| Arista Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;661476 | &nbsp;&nbsp;$67675610 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;502988 | &nbsp;&nbsp;&nbsp;&nbsp; 34897307 |
|  |  | &nbsp;&nbsp;**$102572917** |
| Consumer Finance — 1.1% | Consumer Finance — 1.1% | Consumer Finance — 1.1% |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;120073 | &nbsp;&nbsp;$38300886 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;147637 | &nbsp;&nbsp;&nbsp;&nbsp; 31411248 |
|  |  | &nbsp;&nbsp;**$69712134** |
| Consumer Staples Distribution & Retail — 2.9% | Consumer Staples Distribution & Retail — 2.9% | Consumer Staples Distribution & Retail — 2.9% |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;81331 | &nbsp;&nbsp;$80512810 |
| Walmart, Inc. | 1029000 | &nbsp;&nbsp;&nbsp;&nbsp; 100615620 |
|  |  | &nbsp;&nbsp;**$181128430** |
| Electric Utilities — 0.8% | Electric Utilities — 0.8% | Electric Utilities — 0.8% |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;423733 | &nbsp;&nbsp;$50000494 |
|  |  | &nbsp;&nbsp;**$50000494** |
| Electrical Equipment — 1.0% | Electrical Equipment — 1.0% | Electrical Equipment — 1.0% |
| AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;54862 | &nbsp;&nbsp;$9927827 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Tax-Managed Growth Portfolio

June 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electrical Equipment (continued) | Electrical Equipment (continued) | Electrical Equipment (continued) |
| Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;269079 | &nbsp;&nbsp;$35876303 |
| Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;50722 | &nbsp;&nbsp;&nbsp;&nbsp; 16848327 |
|  |  | &nbsp;&nbsp;**$62652457** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;202846 | &nbsp;&nbsp;$6856195 |
|  |  | &nbsp;&nbsp;**$6856195** |
| Entertainment — 4.7% | Entertainment — 4.7% | Entertainment — 4.7% |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;185000 | &nbsp;&nbsp;$27986800 |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;123884 | &nbsp;&nbsp;&nbsp;&nbsp; 165896781 |
| Spotify Technology SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;42600 | &nbsp;&nbsp;&nbsp;&nbsp; 32688684 |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;534448 | &nbsp;&nbsp;&nbsp;&nbsp; 66276896 |
|  |  | &nbsp;&nbsp;**$292849161** |
| Financial Services — 4.2% | Financial Services — 4.2% | Financial Services — 4.2% |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;350230 | &nbsp;&nbsp;$170131227 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;36635 | &nbsp;&nbsp;&nbsp;&nbsp; 20586672 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;212810 | &nbsp;&nbsp;&nbsp;&nbsp; 75558190 |
|  |  | &nbsp;&nbsp;**$266276089** |
| Food Products — 0.1% | Food Products — 0.1% | Food Products — 0.1% |
| McCormick & Co., Inc., Non Voting Shares | &nbsp;&nbsp;&nbsp;&nbsp;95983 | &nbsp;&nbsp;$7277431 |
|  |  | &nbsp;&nbsp;**$7277431** |
| Ground Transportation — 2.2% | Ground Transportation — 2.2% | Ground Transportation — 2.2% |
| Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;64980 | &nbsp;&nbsp;$16632931 |
| Uber Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;902498 | &nbsp;&nbsp;&nbsp;&nbsp; 84203063 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148572 | &nbsp;&nbsp;&nbsp;&nbsp; 34183446 |
|  |  | &nbsp;&nbsp;**$135019440** |
| Health Care Equipment & Supplies — 2.9% | Health Care Equipment & Supplies — 2.9% | Health Care Equipment & Supplies — 2.9% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;387803 | &nbsp;&nbsp;$52745086 |
| Boston Scientific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;289826 | &nbsp;&nbsp;&nbsp;&nbsp; 31130211 |
| GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;135517 | &nbsp;&nbsp;&nbsp;&nbsp; 10037744 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101205 | &nbsp;&nbsp;&nbsp;&nbsp; 54995809 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72313 | &nbsp;&nbsp;&nbsp;&nbsp; 28609192 |
| Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76827 | &nbsp;&nbsp;&nbsp;&nbsp; 7007391 |
|  |  | &nbsp;&nbsp;**$184525433** |
| Health Care Providers & Services — 0.4% | Health Care Providers & Services — 0.4% | Health Care Providers & Services — 0.4% |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64083 | &nbsp;&nbsp;$24550197 |
|  |  | &nbsp;&nbsp;**$24550197** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Hotels, Restaurants & Leisure — 2.8% | Hotels, Restaurants & Leisure — 2.8% | Hotels, Restaurants & Leisure — 2.8% |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15827 | &nbsp;&nbsp;$91626302 |
| Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;140779 | &nbsp;&nbsp;&nbsp;&nbsp; 38462231 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;361156 | &nbsp;&nbsp;&nbsp;&nbsp; 33092724 |
| Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;70529 | &nbsp;&nbsp;&nbsp;&nbsp; 10450987 |
|  |  | &nbsp;&nbsp;**$173632244** |
| Household Products — 1.1% | Household Products — 1.1% | Household Products — 1.1% |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;397371 | &nbsp;&nbsp;$36121024 |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;220699 | &nbsp;&nbsp;&nbsp;&nbsp; 35161765 |
|  |  | &nbsp;&nbsp;**$71282789** |
| Insurance — 1.7% | Insurance — 1.7% | Insurance — 1.7% |
| Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153900 | &nbsp;&nbsp;$16230294 |
| Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;27135 | &nbsp;&nbsp;&nbsp;&nbsp; 9680683 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;47054 | &nbsp;&nbsp;&nbsp;&nbsp; 15062926 |
| Markel Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6362 | &nbsp;&nbsp;&nbsp;&nbsp; 12707204 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46111 | &nbsp;&nbsp;&nbsp;&nbsp; 10081709 |
| Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;151029 | &nbsp;&nbsp;&nbsp;&nbsp; 40303599 |
| Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20353 | &nbsp;&nbsp;&nbsp;&nbsp; 5445242 |
|  |  | &nbsp;&nbsp;**$109511657** |
| Interactive Media & Services — 10.2% | Interactive Media & Services — 10.2% | Interactive Media & Services — 10.2% |
| Alphabet, Inc., Class A | 1006872 | &nbsp;&nbsp;$177441053 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;838031 | &nbsp;&nbsp;&nbsp;&nbsp; 148658319 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;427889 | &nbsp;&nbsp;&nbsp;&nbsp; 315820592 |
|  |  | &nbsp;&nbsp;**$641919964** |
| IT Services — 0.7% | IT Services — 0.7% | IT Services — 0.7% |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;147397 | &nbsp;&nbsp;$44055489 |
|  |  | &nbsp;&nbsp;**$44055489** |
| Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% |
| Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;151400 | &nbsp;&nbsp;$17866714 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30361 | &nbsp;&nbsp;&nbsp;&nbsp; 5997512 |
|  |  | &nbsp;&nbsp;**$23864226** |
| Machinery — 1.8% | Machinery — 1.8% | Machinery — 1.8% |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;55050 | &nbsp;&nbsp;$21370960 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;32269 | &nbsp;&nbsp;&nbsp;&nbsp; 16408464 |
| Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;91220 | &nbsp;&nbsp;&nbsp;&nbsp; 16714241 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;143086 | &nbsp;&nbsp;&nbsp;&nbsp; 35378013 |
| Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31857 | &nbsp;&nbsp;&nbsp;&nbsp; 22251159 |
|  |  | &nbsp;&nbsp;**$112122837** |

---

*17*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Tax-Managed Growth Portfolio

June 30, 2025

Portfolio of Investments (Unaudited) — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Oil, Gas & Consumable Fuels — 2.6% | Oil, Gas & Consumable Fuels — 2.6% | Oil, Gas & Consumable Fuels — 2.6% |
| Antero Resources Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;328489 | &nbsp;&nbsp;$13231537 |
| Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;149498 | &nbsp;&nbsp;&nbsp;&nbsp; 36405753 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;194215 | &nbsp;&nbsp;&nbsp;&nbsp; 17428854 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;744802 | &nbsp;&nbsp;&nbsp;&nbsp; 80289655 |
| Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69217 | &nbsp;&nbsp;&nbsp;&nbsp; 11497636 |
| Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;51867 | &nbsp;&nbsp;&nbsp;&nbsp; 6187733 |
|  |  | &nbsp;&nbsp;**$165041168** |
| Pharmaceuticals — 2.4% | Pharmaceuticals — 2.4% | Pharmaceuticals — 2.4% |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;136351 | &nbsp;&nbsp;$6311688 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;119190 | &nbsp;&nbsp;&nbsp;&nbsp; 92912181 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;245520 | &nbsp;&nbsp;&nbsp;&nbsp; 37503180 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;203091 | &nbsp;&nbsp;&nbsp;&nbsp; 16076683 |
|  |  | &nbsp;&nbsp;**$152803732** |
| Professional Services — 0.7% | Professional Services — 0.7% | Professional Services — 0.7% |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;68245 | &nbsp;&nbsp;$21046758 |
| Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;52224 | &nbsp;&nbsp;&nbsp;&nbsp; 6864845 |
| Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;46792 | &nbsp;&nbsp;&nbsp;&nbsp; 14575708 |
|  |  | &nbsp;&nbsp;**$42487311** |
| Semiconductors & Semiconductor Equipment — 10.9% | Semiconductors & Semiconductor Equipment — 10.9% | Semiconductors & Semiconductor Equipment — 10.9% |
| Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;133698 | &nbsp;&nbsp;$31822798 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;187182 | &nbsp;&nbsp;&nbsp;&nbsp; 34267409 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;249660 | &nbsp;&nbsp;&nbsp;&nbsp; 68818779 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 24335000 |
| NVIDIA Corp. | 2854055 | &nbsp;&nbsp;&nbsp;&nbsp; 450912149 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;243937 | &nbsp;&nbsp;&nbsp;&nbsp; 38849407 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;158452 | &nbsp;&nbsp;&nbsp;&nbsp; 32897804 |
|  |  | &nbsp;&nbsp;**$681903346** |
| Software — 11.9% | Software — 11.9% | Software — 11.9% |
| Adobe, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80383 | &nbsp;&nbsp;$31098575 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;83984 | &nbsp;&nbsp;&nbsp;&nbsp; 25879669 |
| Fortinet, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 10572000 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;909092 | &nbsp;&nbsp;&nbsp;&nbsp; 452191452 |
| Nutanix, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;693000 | &nbsp;&nbsp;&nbsp;&nbsp; 52972920 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;60974 | &nbsp;&nbsp;&nbsp;&nbsp; 13330746 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;370264 | &nbsp;&nbsp;&nbsp;&nbsp; 75770825 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;78854 | &nbsp;&nbsp;&nbsp;&nbsp; 21502697 |
| ServiceNow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;55258 | &nbsp;&nbsp;&nbsp;&nbsp; 56809645 |
| Workday, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25833 | &nbsp;&nbsp;&nbsp;&nbsp; 6199920 |
|  |  | &nbsp;&nbsp;**$746328449** |
| Specialty Retail — 2.4% | Specialty Retail — 2.4% | Specialty Retail — 2.4% |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;212443 | &nbsp;&nbsp;$47134728 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;531000 | &nbsp;&nbsp;$47859030 |
| Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139505 | &nbsp;&nbsp;&nbsp;&nbsp; 17798048 |
| TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;219657 | &nbsp;&nbsp;&nbsp;&nbsp; 27125443 |
| Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;250785 | &nbsp;&nbsp;&nbsp;&nbsp; 13233925 |
|  |  | &nbsp;&nbsp;**$153151174** |
| Technology Hardware, Storage & Peripherals — 5.5% | Technology Hardware, Storage & Peripherals — 5.5% | Technology Hardware, Storage & Peripherals — 5.5% |
| Apple, Inc. | 1674600 | &nbsp;&nbsp;$343577682 |
|  |  | &nbsp;&nbsp;**$343577682** |
| Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;418717 | &nbsp;&nbsp;$29745656 |
|  |  | &nbsp;&nbsp;**$29745656** |
| Tobacco — 0.4% | Tobacco — 0.4% | Tobacco — 0.4% |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;127653 | &nbsp;&nbsp;$23249441 |
|  |  | &nbsp;&nbsp;**$23249441** |
| Total Common Stocks<br> (identified cost $1,650,307,406) |  | &nbsp;&nbsp;**$6265277736** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.23%<sup>(2)</sup> | 7047348 | &nbsp;&nbsp;$7047348 |
| Total Short-Term Investments<br> (identified cost $7,047,348) |  | &nbsp;&nbsp;**$7047348** |
| Total Investments — 100.0%<br> (identified cost $1,657,354,754) |  | &nbsp;&nbsp;**$6272325084** |
| Other Assets, Less Liabilities — 0.0%<sup>†</sup> |  | &nbsp;&nbsp;**$1099354** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$6273424438** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>†</sup> | Amount is less than 0.05% or (0.05)%, as applicable. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of June 30, 2025. |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |

---

*18*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Tax-Managed Growth Portfolio

June 30, 2025

Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**June 30, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $1,650,307,406) | &nbsp;&nbsp;$6265277736 |
| Affiliated investments, at value (identified cost $7,047,348) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7047348 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1880447 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118857 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1506644 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316533 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305594 |
| **Total assets** | &nbsp;&nbsp;**$6276453159** |
| Liabilities |  |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;$1998366 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27125 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305594 |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9919 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316783 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370934 |
| **Total liabilities** | &nbsp;&nbsp;**$3028721** |
| **Net Assets applicable to investors' interest in Portfolio** | &nbsp;&nbsp;**$6273424438** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Tax-Managed Growth Portfolio

June 30, 2025

Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**June 30, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $128,111) | &nbsp;&nbsp;$29193500 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647269 |
| **Total investment income** | &nbsp;&nbsp;**$29840769** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$11761052 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54250 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478241 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220227 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20406 |
| **Total expenses** | &nbsp;&nbsp;**$12534176** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$21799 |
| **Total expense reductions** | &nbsp;&nbsp;**$21799** |
| **Net expenses** | &nbsp;&nbsp;**$12512377** |
| **Net investment income** | &nbsp;&nbsp;**$17328392** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions<sup>(1)</sup> | &nbsp;&nbsp;$108929148 |
| &nbsp;&nbsp;&nbsp;Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2230388) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2316 |
| **Net realized gain** | &nbsp;&nbsp;**$106701076** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$298373268 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37004 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$298410272** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$405111348** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$422439740** |

---

<sup>(1)</sup> Aggregate amount includes $43,106,269 of net realized gains from redemptions in-kind.

*20*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Tax-Managed Growth Portfolio

June 30, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$17328392 | &nbsp;&nbsp;$38008094 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106701076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280824298 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298410272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934522353 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$422439740** | &nbsp;&nbsp;**$1253354745** |
| Capital transactions: |  |  |
| &nbsp;&nbsp;&nbsp;Contributions | &nbsp;&nbsp;$6829210 | &nbsp;&nbsp;$17933624 |
| &nbsp;&nbsp;&nbsp;Withdrawals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124846178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337158088) |
| **Net decrease in net assets from capital transactions** | &nbsp;&nbsp;**$(118016968)** | &nbsp;&nbsp;**$(319224464)** |
| **Net increase in net assets** | &nbsp;&nbsp;**$304422772** | &nbsp;&nbsp;**$934130281** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$5969001666 | &nbsp;&nbsp;$5034871385 |
| **At end of period** | &nbsp;&nbsp;**$6273424438** | &nbsp;&nbsp;**$5969001666** |

---

*21*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Tax-Managed Growth Portfolio

June 30, 2025

Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| <br>Ratios/Supplemental Data | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Ratios (as a percentage of average daily net assets):<sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07% |
| Portfolio Turnover<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1% |
| **Total Return** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.23%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.51%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(19.86)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.42%** |
| **Net assets, end of period (000's omitted)** | &nbsp;&nbsp;**$6273424** | &nbsp;&nbsp;**$5969002** | &nbsp;&nbsp;**$5034871** | &nbsp;&nbsp;**$30593062** | &nbsp;&nbsp;**$37312610** | &nbsp;&nbsp;**$27986714** |

---

<sup>(1)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.

<sup>(2)</sup> Annualized.

<sup>(3)</sup> Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022).

<sup>(4)</sup> Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions.

<sup>(5)</sup> Not annualized.

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Tax-Managed Growth Portfolio

June 30, 2025

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, 2025, 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 24.6%, 44.9%, 25.8%, and 4.7% respectively, in the Portfolio.

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

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

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

**Derivatives. U.S. exchange-traded options are valued at the mean between the bid and ask prices at valuation time as reported by the Options Price Reporting Authority. Non-U.S. exchange-traded options and over-the-counter options are valued by a third party pricing service using techniques that consider factors including the value of the underlying instrument, the volatility of the underlying instrument and the period of time until option expiration.**

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

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

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

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries' tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries (the "EU reclaims"). 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 EU reclaims, and the potential timing of payment, the EU reclaims are recorded as income only when the likelihood of their receipt becomes certain.

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

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Tax-Managed Growth Portfolio

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

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its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of June 30, 2025, 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 Written Options—Upon the writing of a call or a put option, the premium received by the Portfolio is included in the Statement of Assets and Liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option written, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or are closed are added to or offset against the proceeds or amount paid on the transaction to determine the realized gain or loss. When an index option is exercised, the Portfolio is required to deliver an amount of cash determined by the excess of the exercise price of the option over the value of the index (in the case of a put) or the excess of the value of the index over the exercise price of the option (in the case of a call) at contract termination. If a put option on a security is exercised, the premium reduces the cost basis of the securities purchased by the Portfolio. The Portfolio, as a writer of an option, may have no control over whether the underlying securities or other assets may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the securities or other assets underlying the written option. The Portfolio may also bear the risk of not being able to enter into a closing transaction if a liquid secondary market does not exist.

I Purchased Options—Upon the purchase of a call or put option, the premium paid by the Portfolio is included in the Statement of Assets and Liabilities as an investment. The amount of the investment is subsequently marked-to-market to reflect the current market value of the option purchased, in accordance with the Portfolio's policies on investment valuations discussed above. Premiums paid for purchasing options that expire are treated as realized losses. Premiums paid for purchasing options that are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain or loss. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the exercise price of the option (in the case of a put) or equal to any appreciation in the value of the index over the exercise price of the option (in the case of a call) as of the valuation date of the option. The risk associated with purchasing options is limited to the premium originally paid. Purchased options traded over-the-counter involve risk that the issuer or counterparty will fail to perform its contractual obligations.

J Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Portfolio's President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Portfolio's financial statements.

K Interim Financial Statements—The interim financial statements relating to June 30, 2025 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.

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Tax-Managed Growth Portfolio

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

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2 Investment Adviser Fee and Other Transactions with Affiliates

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

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| | |
|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.5575% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4950% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.4325% |
| $1.5 billion but less than $7 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3700% |
| $7 billion but less than $10 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3575% |
| $10 billion but less than $15 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3450% |
| $15 billion but less than $20 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3325% |
| $20 billion but less than $25 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3225% |
| $25 billion but less than $30 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3125% |
| $30 billion but less than $35 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.3020% |
| $35 billion but less than $45 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.2970% |
| $45 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.2920% |

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For the six months ended June 30, 2025, the Portfolio's investment adviser fee amounted to $11,761,052 or 0.40% (annualized) of the Portfolio's average daily net assets. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the six months ended June 30, 2025, the investment adviser fee paid was reduced by $21,799 relating to the Portfolio's investment in the Liquidity Fund.

BMR has agreed to waive its advisory fee and/or reimburse the Portfolio's operating expenses to the extent that total annual operating expenses (excluding expenses such as brokerage commissions, borrowing costs, taxes or litigation expenses, indemnification expenses, and other expenses not incurred in the ordinary course of the Portfolio's business) exceed 0.43% of Portfolio's average daily net assets. The expense reimbursement agreement with BMR may be changed or terminated after January 13, 2026. Pursuant to this agreement, no operating expenses were waived and/or reimbursed by BMR for the six months ended June 30, 2025.

Officers and Trustees of the Portfolio who are members of Eaton Vance Management's (EVM) 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. 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 $409,993,892 and $507,547,798, respectively, for the six months ended June 30, 2025. In addition, investments having an aggregate market value of $54,173,713 were distributed in payment for capital withdrawals during the six months ended June 30, 2025.

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Tax-Managed Growth Portfolio

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

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4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at June 30, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$1834655703** |
| Gross unrealized appreciation | &nbsp;&nbsp;$4437669381 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$4437669381** |

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5 Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2024, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended June 30, 2025.

6 Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include written options and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At June 30, 2025, there were no obligations outstanding under these financial instruments.

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. During the six months ended June 30, 2025, the Portfolio entered into purchased and written option contracts as a substitute for purchasing or selling securities.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended June 30, 2025 was as follows:

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| | | |
|:---|:---|:---|
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized Gain (Loss)<br> on Derivatives Recognized<br> in Income<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Change in Unrealized<br> Appreciation (Depreciation) on<br> Derivatives Recognized in Income** |
| Purchased options | &nbsp;&nbsp;&nbsp;&nbsp;$7363448 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Written options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2230388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$5133060** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** |

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<sup>(1)</sup> Statement of Operations location: Net realized gain (loss) - Investment transactions and Written options, respectively.

The average number of purchased and written options contracts outstanding during the six months ended June 30, 2025, which are indicative of the volume of these derivative types, were 171 and 343 contracts, respectively.

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Tax-Managed Growth Portfolio

June 30, 2025

Notes to Financial Statements (Unaudited) — continued

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7 Affiliated Investments

At June 30, 2025, the value of the Portfolio's investments in funds that may be deemed to be affiliated was $7,047,348, which represents 0.1% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the six months ended June 30, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $2531254 | $171378405 | $(166862311) | $— | $— | $7047348 | $647269 | 7047348 |

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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, 2025, the hierarchy of inputs used in valuing the Portfolio's investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks | &nbsp;&nbsp;$6,265,277,736\* | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6265277736 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 7047348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7047348 |
| **Total Investments** | &nbsp;&nbsp;**$6272325084** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$6272325084** |

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\* The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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Eaton Vance

Tax-Managed Growth Fund 1.1

June 30, 2025

Board of Trustees' Contract Approval

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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 June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> 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 comprised of all of the 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 meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. 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 (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

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

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

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• 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 funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

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

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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Eaton Vance

Tax-Managed Growth Fund 1.1

June 30, 2025

Board of Trustees' Contract Approval — continued

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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 funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

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

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each 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 (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

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

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser 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 Board and its committees 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 the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, 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 and Board 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 and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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Eaton Vance

Tax-Managed Growth Fund 1.1

June 30, 2025

Board of Trustees' Contract Approval — continued

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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 Eaton Vance Tax-Managed Growth Fund 1.1 (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Tax-Managed Growth Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements").

Nature, Extent and Quality of Services

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

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio. The Board specifically noted that each 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 each Adviser's investment professionals in managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and 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 Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio. The Board considered the potential benefits to the Fund of the ability to make direct investments, such as an improved ability to manage the Fund's general market exposures, either by investing in specific securities or through the use of certain derivatives.

The Board considered the compliance programs of each 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, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by 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 EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, 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 each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Fund 1.1

June 30, 2025

Board of Trustees' Contract Approval — continued

------

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each 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 each 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 each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each 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 each Adviser as a result of securities transactions effected for the Fund and 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 applicable 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. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. 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 fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Fund 1.2

June 30, 2025

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 June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> 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 comprised of all of the 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 meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. 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 (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

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

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

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• 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 funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

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

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Fund 1.2

June 30, 2025

Board of Trustees' Contract Approval — continued

------

• 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 funds and investment accounts, as applicable;

• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

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

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each 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 (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

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

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser 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 Board and its committees 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 the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, 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 and Board 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 and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Fund 1.2

June 30, 2025

Board of Trustees' Contract Approval — continued

------

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 Eaton Vance Tax-Managed Growth Fund 1.2 (the "Fund") and Eaton Vance Management ("EVM"), as well as the investment advisory agreement between Tax-Managed Growth Portfolio (the "Portfolio"), the portfolio in which the Fund invests, and Boston Management and Research ("BMR") (EVM, with respect to the Fund, and BMR, with respect to the Portfolio, are each referred to herein as the "Adviser"), including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreements for the Fund and the Portfolio (together, the "investment advisory agreements").

*Nature, Extent and Quality of Services*

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

The Board considered each Adviser's management capabilities and investment processes in light of the types of investments held by the Fund and the Portfolio, including the education and experience of the investment professionals who provide services to the Fund and the Portfolio. The Board specifically noted that each 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 each Adviser's investment professionals in managing funds that seek to maximize after-tax returns. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of each Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund and 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 Fund and the Portfolio, including the provision of administrative services. The Board also considered the business-related and other risks to which each Adviser or its affiliates may be subject in managing the Fund and the Portfolio.

The Board noted that, under the terms of the investment advisory agreement of the Fund, EVM may invest assets of the Fund directly in securities, for which it would receive a fee, or in the Portfolio, for which it receives no separate fee but for which BMR receives an advisory fee from the Portfolio. The Board considered the potential benefits to the Fund of the ability to make direct investments, such as an improved ability to manage the Fund's general market exposures, either by investing in specific securities or through the use of certain derivatives.

The Board considered the compliance programs of each 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, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of each Adviser and its affiliates by 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 EVM and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

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

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Portfolio and by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, 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 each Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

Eaton Vance

Tax-Managed Growth Fund 1.2

June 30, 2025

Board of Trustees' Contract Approval — continued

------

*Profitability and "Fall-Out" Benefits*

The Board considered the level of profits realized by each 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 each 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 each Adviser and its affiliates are not excessive.

The Board also considered direct or indirect fall-out benefits received by each 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 each Adviser as a result of securities transactions effected for the Fund and 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 applicable 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. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. 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 fees, which include breakpoints at several asset levels, will allow the Fund and the Portfolio to continue to benefit from any economies of scale in the future.

------

[**Table of Contents**](#JOB_EV_AR_6602c3c7-f23b-41a9-9c9d-cffb8371640b_TOC)

ETTGX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;6.30.25

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![](g942043imgc23cc9351.jpg)

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## Parametric

## Commodity Strategy Fund

## Semi-Annual Financial Statements and Additional Information
June 30, 2025

------

![](g942043imge0fcf5eb2.gif)

------

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

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#### Semi-Annual Financial Statements and Additional Information June 30, 2025
Parametric

Commodity Strategy Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_f015cd9f-4a3d-42e8-8d61-95f6a1c0316e_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_d6e1c07f-c93f-4324-94c1-0e89ba100a29_1) | [Items 6 and 7 of Form N-CSR:](#xx_d6e1c07f-c93f-4324-94c1-0e89ba100a29_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Portfolio of Investments](#xx_d6e1c07f-c93f-4324-94c1-0e89ba100a29_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statement of Assets and Liabilities](#xx_24df5bab-2689-42bc-9967-1a3aeda6d5e9_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statement of Operations](#xx_24df5bab-2689-42bc-9967-1a3aeda6d5e9_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Net Assets](#xx_24df5bab-2689-42bc-9967-1a3aeda6d5e9_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Consolidated Financial Highlights](#xx_472b4a62-f9f8-4261-9dd3-3d1d732c4060_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Consolidated Financial Statements](#xx_8e0a06bb-5d79-44e6-916d-3e736b9bf5f3_1) | 9 |
| [Item 11 of Form N-CSR:](#xx_a3ffc647-6533-4e5e-807c-fccfbc70ebd3_1) | [Item 11 of Form N-CSR:](#xx_a3ffc647-6533-4e5e-807c-fccfbc70ebd3_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_a3ffc647-6533-4e5e-807c-fccfbc70ebd3_1) | 16 |

---

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

------

[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Consolidated Portfolio of Investments (Unaudited)

------

Exchange-Traded Funds — 4.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Commodity Funds — 4.4% | Commodity Funds — 4.4% | Commodity Funds — 4.4% |
| SPDR Gold MiniShares Trust<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1327000 | &nbsp;&nbsp;$86945040 |
| Total Exchange-Traded Funds<br> (identified cost $45,637,324) |  | &nbsp;&nbsp;**$86945040** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 85.1%

Affiliated Fund — 15.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.23%<sup>(2)</sup> | 310712652 | &nbsp;&nbsp;$310712652 |
| Total Affiliated Fund<br> (identified cost $310,712,652) |  | &nbsp;&nbsp;**$310712652** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

U.S. Treasury Obligations — 69.5%

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bills: |  |  |
| &nbsp;&nbsp;&nbsp;0.00%, 9/4/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57085 | &nbsp;&nbsp;$56647081 |
| &nbsp;&nbsp;&nbsp;0.00%, 10/2/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45850 | &nbsp;&nbsp;&nbsp;&nbsp; 45350085 |
| &nbsp;&nbsp;&nbsp;0.00%, 11/28/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8020 | &nbsp;&nbsp;&nbsp;&nbsp; 7882289 |
| &nbsp;&nbsp;&nbsp;0.00%, 1/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49100 | &nbsp;&nbsp;&nbsp;&nbsp; 47984756 |
| &nbsp;&nbsp;&nbsp;0.00%, 2/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176531 | &nbsp;&nbsp;&nbsp;&nbsp; 172069921 |
| &nbsp;&nbsp;&nbsp;0.00%, 3/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242940313 |
| &nbsp;&nbsp;&nbsp;0.00%, 6/11/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28907716 |
| U.S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/25<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52075 | &nbsp;&nbsp;&nbsp;&nbsp; 52051107 |
| U.S. Treasury Notes: |  |  |
| &nbsp;&nbsp;&nbsp;0.25%, 7/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99663606 |
| &nbsp;&nbsp;&nbsp;0.25%, 8/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10715 | &nbsp;&nbsp;&nbsp;&nbsp; 10640307 |
| &nbsp;&nbsp;&nbsp;0.25%, 10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23400 | &nbsp;&nbsp;&nbsp;&nbsp; 23089507 |
| &nbsp;&nbsp;&nbsp;0.75%, 3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10035 | &nbsp;&nbsp;&nbsp;&nbsp; 9788174 |

---

---

| | | |
|:---|:---|:---|
| **<br>Security** | **Principal<br> Amount<br> (000's omitted)** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes: (continued) |  |  |
| &nbsp;&nbsp;&nbsp;1.625%, 2/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26358 | &nbsp;&nbsp;$25945426 |
| &nbsp;&nbsp;&nbsp;1.625%, 5/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;&nbsp;&nbsp; 78345743 |
| &nbsp;&nbsp;&nbsp;2.00%, 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32145 | &nbsp;&nbsp;&nbsp;&nbsp; 32046381 |
| &nbsp;&nbsp;&nbsp;2.125%, 5/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29484666 |
| &nbsp;&nbsp;&nbsp;2.25%, 3/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29597285 |
| &nbsp;&nbsp;&nbsp;2.375%, 4/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29584044 |
| &nbsp;&nbsp;&nbsp;3.125%, 8/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21430 | &nbsp;&nbsp;&nbsp;&nbsp; 21393561 |
| &nbsp;&nbsp;&nbsp;4.25%, 12/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36825 | &nbsp;&nbsp;&nbsp;&nbsp; 36827153 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39537 | &nbsp;&nbsp;&nbsp;&nbsp; 39649620 |
| &nbsp;&nbsp;&nbsp;4.875%, 11/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115065 | &nbsp;&nbsp;&nbsp;&nbsp; 115319525 |
| &nbsp;&nbsp;&nbsp;4.875%, 5/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75542849 |
| &nbsp;&nbsp;&nbsp;5.00%, 8/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10715 | &nbsp;&nbsp;&nbsp;&nbsp; 10723192 |
| &nbsp;&nbsp;&nbsp;5.00%, 9/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40064214 |
| &nbsp;&nbsp;&nbsp;5.00%, 10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24030 | &nbsp;&nbsp;&nbsp;&nbsp; 24081030 |
| Total U.S. Treasury Obligations<br> (identified cost $1,385,188,773) |  | &nbsp;&nbsp;**$1385619551** |
| Total Short-Term Investments<br> (identified cost $1,695,901,425) |  | &nbsp;&nbsp;**$1696332203** |
| Total Investments — 89.5%<br> (identified cost $1,741,538,749) |  | &nbsp;&nbsp;**$1783277243** |
| Other Assets, Less Liabilities — 10.5% |  | &nbsp;&nbsp;**$208680025** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$1991957268** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Consolidated Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | May be deemed to be an affiliated investment company (see Note 10). The rate shown is the annualized seven-day yield as of June 30, 2025. |
| <sup>(3)</sup> | Inflation-linked security whose principal is adjusted for inflation based on changes in the U.S. Consumer Price Index. Interest is calculated based on the inflation-adjusted principal. |

---

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Consolidated Portfolio of Investments (Unaudited) — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Commodity Futures** |  |  |  |  |  |
| Brent Crude Oil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;$34971660 | &nbsp;&nbsp;&nbsp;&nbsp;$979457 |
| Cocoa | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1438260 |
| Coffee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68872950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15679995) |
| Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75348063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4325058 |
| Corn | &nbsp;&nbsp;&nbsp;&nbsp;3469 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70984413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3435157) |
| Cotton No. 2 | &nbsp;&nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/8/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35734185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (679334) |
| Feeder Cattle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/25/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17705625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293073 |
| Gold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47416890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1121140) |
| Kansas Wheat | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16250238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (699401) |
| Lean Hogs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;936 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;10/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34594560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510051 |
| Live Cattle | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;10/31/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72300200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (653248) |
| LME Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63400841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5516648 |
| LME Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66868065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2889907 |
| LME Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74120100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1557371 |
| LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31128726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1441968 |
| LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33506018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1512684 |
| LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37021197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991502 |
| LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57377838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (850011) |
| LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63659955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2037672) |
| LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72484109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1251862) |
| LME Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127681870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8920902 |
| LME Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;2111 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137150615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10134744 |
| LME Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;2307 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149958461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6736137 |
| LME Tin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13537400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1023805) |
| LME Tin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17423480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105340 |
| LME Tin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18765660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872618 |
| LME Zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60483060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309585 |
| LME Zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66380864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2897940 |
| LME Zinc | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75698700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591667 |
| Low Sulphur Gasoil | &nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/11/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73331900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4777830 |
| Natural Gas | &nbsp;&nbsp;&nbsp;&nbsp;2861 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138815720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10009741 |
| NY Harbor ULSD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74620148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5749799 |
| Palladium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37973530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4554151 |
| Platinum | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;10/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36328150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5972792 |
| RBOB Gasoline | &nbsp;&nbsp;&nbsp;&nbsp;1634 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8/29/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140152102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3115939 |
| Robusta Coffee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/24/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17448400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3131337) |
| Silver | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142336820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11093175 |
| Soybean Meal | &nbsp;&nbsp;&nbsp;&nbsp;1163 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33645590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1533470) |
| Soybean Oil | &nbsp;&nbsp;&nbsp;&nbsp;2418 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;12/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76529700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6414671 |
| Soybeans | &nbsp;&nbsp;&nbsp;&nbsp;1343 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;11/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68963050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384876 |
| Sugar No. 11 | &nbsp;&nbsp;&nbsp;&nbsp;1945 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35290080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2814711) |
| Wheat | &nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/12/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33210025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (603350) |
| White Sugar | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17301720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27613 |

---

*2*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Consolidated Portfolio of Investments (Unaudited) — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Commodity Futures (continued)** |  |  |  |  |  |
| WTI Crude Oil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;8/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;$35245200 | &nbsp;&nbsp;&nbsp;&nbsp;$1347894 |
| LME Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(255) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63400841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2879613) |
| LME Copper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(270) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66868065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1400085) |
| LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31128726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1413198) |
| LME Lead | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(658) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33506018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (882049) |
| LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(635) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57377838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1989478 |
| LME Nickel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(701) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63659955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1235012 |
| LME Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;(1966) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127681870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9628239) |
| LME Primary Aluminum | &nbsp;&nbsp;&nbsp;&nbsp;(2111) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137150615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6361692) |
| LME Tin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13537400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (829800) |
| LME Tin | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17423480) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (794195) |
| LME Zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(880) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;7/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60483060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2914120) |
| LME Zinc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(966) | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;&nbsp;8/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66380864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1390919) |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$47689480** |

---

---

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

---

*3*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Consolidated Statement of Assets and Liabilities (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**June 30, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $1,430,826,097) | &nbsp;&nbsp;$1472564591 |
| Affiliated investments, at value (identified cost $310,712,652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310712652 |
| Deposits for derivatives collateral — futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199508000 |
| Interest receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3680344 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925564 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476222 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4662188 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26043 |
| **Total assets** | &nbsp;&nbsp;**$1994555604** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$1162855 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833114 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25274 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5756 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22984 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26043 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138713 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246469 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137128 |
| **Total liabilities** | &nbsp;&nbsp;**$2598336** |
| **Net Assets** | &nbsp;&nbsp;**$1991957268** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$2417799536 |
| Accumulated loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(425842268) |
| **Net Assets** | &nbsp;&nbsp;**$1991957268** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$122786879 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18782601 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$6.54 |
| **Maximum Offering Price Per Share<br> (100 ÷ 96.75 of net asset value per share)** | &nbsp;&nbsp;$6.76 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$1869170389 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282550545 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$6.62 |

---

On sales of $100,000 or more, the offering price of Class A shares is reduced.

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Consolidated Statement of Operations (Unaudited)

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended** |
|  | &nbsp;&nbsp;&nbsp;**June 30, 2025** |
| Investment Income |  |
| Dividend income from affiliated investments | &nbsp;&nbsp;$5696971 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29498144 |
| **Total investment income** | &nbsp;&nbsp;**$35195115** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$4499219 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149725 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47596 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203003 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682133 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109989 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77590 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49384 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25524 |
| **Total expenses** | &nbsp;&nbsp;**$5844163** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$197491 |
| **Total expense reductions** | &nbsp;&nbsp;**$197491** |
| **Net expenses** | &nbsp;&nbsp;**$5646672** |
| **Net investment income** | &nbsp;&nbsp;**$29548443** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$7520203 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3059963) |
| **Net realized gain** | &nbsp;&nbsp;**$4460240** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$12312794 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66712133 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$79024927** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$83485167** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$113033610** |

---

*5*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Consolidated Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$29548443 | &nbsp;&nbsp;$54763088 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4460240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73963436 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79024927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11595491) |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$113033610** | &nbsp;&nbsp;**$117131033** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(5553726) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71170731) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(76724457)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$902516 | &nbsp;&nbsp;$5590785 |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447787701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182480159 |
| **Net increase in net assets from Fund share transactions** | &nbsp;&nbsp;**$448690217** | &nbsp;&nbsp;**$188070944** |
| **Net increase in net assets** | &nbsp;&nbsp;**$561723827** | &nbsp;&nbsp;**$228477520** |
| Net Assets |  |  |
| At beginning of period | &nbsp;&nbsp;$1430233441 | &nbsp;&nbsp;$1201755921 |
| **At end of period** | &nbsp;&nbsp;**$1991957268** | &nbsp;&nbsp;**$1430233441** |

---

*6*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Consolidated Financial Highlights

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$6.09 | &nbsp;&nbsp;$5.86 | &nbsp;&nbsp;$6.37 | &nbsp;&nbsp;$6.26 | &nbsp;&nbsp;$5.51 | &nbsp;&nbsp;$5.27 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.24 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.06 | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.00)<sup>(2)</sup> |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.45** | &nbsp;&nbsp;**$0.56** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$1.05** | &nbsp;&nbsp;**$1.61** | &nbsp;&nbsp;**$0.41** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.33) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$(0.94) | &nbsp;&nbsp;$(0.86) | &nbsp;&nbsp;$(0.16) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.94)** | &nbsp;&nbsp;**$(0.86)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$6.54** | &nbsp;&nbsp;**$6.09** | &nbsp;&nbsp;**$5.86** | &nbsp;&nbsp;**$6.37** | &nbsp;&nbsp;**$6.26** | &nbsp;&nbsp;**$5.51** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.39%<sup>(4)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.69%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.86)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.05%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.60%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.73%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$122787 | &nbsp;&nbsp;$113709 | &nbsp;&nbsp;$104222 | &nbsp;&nbsp;$143687 | &nbsp;&nbsp;$92413 | &nbsp;&nbsp;$27473 |
| Ratios (as a percentage of average daily net assets):<sup>(5)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90%<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.71)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

<sup>(2)</sup> Amount is less than $(0.005).

<sup>(3)</sup> Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges, if any.

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(6)</sup> Annualized.

<sup>(7)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.02%, 0.02%, less than 0.01% and less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022, respectively).

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Consolidated Financial Highlights — continued

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** | &nbsp;&nbsp;&nbsp;**Year Ended December 31,** |
| | &nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** | &nbsp;&nbsp;&nbsp;**2020** |
| Net asset value — Beginning of period | &nbsp;&nbsp;$6.16 | &nbsp;&nbsp;$5.92 | &nbsp;&nbsp;$6.44 | &nbsp;&nbsp;$6.31 | &nbsp;&nbsp;$5.55 | &nbsp;&nbsp;$5.31 |
| Income (Loss) From Operations |  |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.11 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.23 | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$0.02 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.46** | &nbsp;&nbsp;**$0.59** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$1.09** | &nbsp;&nbsp;**$1.63** | &nbsp;&nbsp;**$0.41** |
| Less Distributions |  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.22) | &nbsp;&nbsp;$(0.96) | &nbsp;&nbsp;$(0.87) | &nbsp;&nbsp;$(0.16) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) |
| **Total distributions** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.22)** | &nbsp;&nbsp;**$(0.96)** | &nbsp;&nbsp;**$(0.87)** | &nbsp;&nbsp;**$(0.17)** |
| **Net asset value — End of period** | &nbsp;&nbsp;**$6.62** | &nbsp;&nbsp;**$6.16** | &nbsp;&nbsp;**$5.92** | &nbsp;&nbsp;**$6.44** | &nbsp;&nbsp;**$6.31** | &nbsp;&nbsp;**$5.55** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.47%<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.03%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4.69)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.56%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.80%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.79%** |
| Ratios/Supplemental Data |  |  |  |  |  |  |
| Net assets, end of period (000's omitted) | &nbsp;&nbsp;$1869170 | &nbsp;&nbsp;$1316525 | &nbsp;&nbsp;$1097534 | &nbsp;&nbsp;$1625468 | &nbsp;&nbsp;$1360085 | &nbsp;&nbsp;$410539 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

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

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

<sup>(3)</sup> Not annualized.

<sup>(4)</sup> Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund.

<sup>(5)</sup> Annualized.

<sup>(6)</sup> Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to 0.02%, 0.02%, less than 0.01% and less than 0.005% of average daily net assets for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022, respectively).

*8*

*See Notes to Consolidated Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Notes to Consolidated Financial Statements (Unaudited)

------

1 Significant Accounting Policies

Parametric Commodity Strategy Fund (the Fund) is a diversified series of Eaton Vance Mutual Funds Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to seek total return. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class A shares are offered at net asset value to shareholders who owned Investor Class shares, which were redesignated as Class A shares on April 29, 2022, and only for such shareholders' accounts established prior to such date. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The Fund seeks to gain exposure to the commodity markets, in whole or in part, through investments in PSC Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at June 30, 2025 were $429,825,850 or 21.6% of the Fund's consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

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

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

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

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

#### Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.
**Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.**

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

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

C Income—Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Inflation adjustments to the principal amount of inflation-adjusted bonds and notes are reflected as interest income. Deflation adjustments to the principal amount of an inflation-adjusted bond or note are reflected as reductions to interest income to the extent of interest income previously recorded on such bond or note. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

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

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Notes to Consolidated Financial Statements (Unaudited) — continued

------

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

As of June 30, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

I Segment Reporting—FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,* (ASU 2023-07), requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with ASU 2023-07, the Fund's President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment's resources. To perform this function, the CODM reviews the information in the Fund's financial statements.

J Interim Consolidated Financial Statements—The interim consolidated financial statements relating to June 30, 2025 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund's management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the consolidated financial statements.

2 Distributions to Shareholders and Income Tax Information

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

At December 31, 2024, the Fund, for federal income tax purposes, had deferred capital losses of $36,302,192 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund's next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2024, $36,302,192 are short-term.

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Notes to Consolidated Financial Statements (Unaudited) — continued

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The cost and unrealized appreciation (depreciation) of investments of the Fund, including open derivative contracts and the Fund's investment in the Subsidiary, at June 30, 2025, as determined on a federal income tax basis, were as follows:

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| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$2025017027** |
| Gross unrealized appreciation | &nbsp;&nbsp;$486702 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37776408) |
| **Net unrealized depreciation** | &nbsp;&nbsp;**$(37289706)** |

---

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund and the Subsidiary. The investment adviser and adminstration fee is computed at an annual rate as a percentage of the Fund's consolidated average daily net assets as follows and is payable monthly:

---

| | |
|:---|:---|
| **Consolidated Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.550% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.525% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.505% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.490% |

---

For the six months ended June 30, 2025, the investment adviser and administration fee amounted to $4,499,219 or 0.54% (annualized) of the Fund's consolidated average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays Parametric a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the "Liquidity Fund"), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended June 30, 2025, the investment adviser and administration fee paid was reduced by $197,491 relating to the Fund's investment in the Liquidity Fund.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended June 30, 2025, EVM earned $12,338 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Consolidated Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund's principal underwriter, received $2,452 as its portion of the sales charge on sales of Class A shares for the six months ended June 30, 2025. EVD also received distribution and service fees from Class A shares (see Note 4).

Trustees and officers of the Fund who are members of EVM's organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of the above organizations.

4 Distribution Plan

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended June 30, 2025 amounted to $149,725 for Class A shares.

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

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Notes to Consolidated Financial Statements (Unaudited) — continued

------

5 Contingent Deferred Sales Charges

Class A shares may be subject to a 0.75% contingent deferred sales charge (CDSC) if redeemed within 12 months of purchase (depending on the circumstances of purchase). Redemptions of Class A shares by former Investor Class shareholders are not subject to a CDSC. Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended June 30, 2025, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

There were no purchases of investments, other than short-term obligations, for the six months ended June 30, 2025. Sales of investments, other than short-term obligations, aggregated $16,228,300 for the six months ended June 30, 2025.

7 Shares of Beneficial Interest

The Fund's Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> June 30, 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> December 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 2903259 | &nbsp;&nbsp;&nbsp;&nbsp;$18686450 | &nbsp;&nbsp;&nbsp;&nbsp; 7263005 | &nbsp;&nbsp;&nbsp;&nbsp;$45214131 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 910471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5462829 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp; (2777688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17783934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7287860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45086175) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **125571** | &nbsp;&nbsp;&nbsp;&nbsp;**$902516** | &nbsp;&nbsp;&nbsp;&nbsp; **885616** | &nbsp;&nbsp;&nbsp;&nbsp;**$5590785** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;100045304 | &nbsp;&nbsp;&nbsp;&nbsp;$650050875 | &nbsp;&nbsp;&nbsp;&nbsp;84987814 | &nbsp;&nbsp;&nbsp;&nbsp;$538279756 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;11414673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69172916 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(31256425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202263174) | &nbsp;&nbsp;&nbsp;&nbsp;(67939231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(424972513) |
| **Net increase** | &nbsp;&nbsp;&nbsp;&nbsp; **68788879** | &nbsp;&nbsp;&nbsp;&nbsp;**$447787701** | &nbsp;&nbsp;&nbsp;&nbsp;**28463256** | &nbsp;&nbsp;&nbsp;&nbsp;**$182480159** |

---

8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at June 30, 2025 is included in the Consolidated Portfolio of Investments. At June 30, 2025, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Notes to Consolidated Financial Statements (Unaudited) — continued

------

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is commodity risk at June 30, 2025 was as follows:

---

| |
|:---|
| **Derivative** |
| Futures contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111697883<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;$(64008403)<sup>(1)</sup> |

---

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

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations and whose primary underlying risk exposure is commodity risk for the six months ended June 30, 2025 was as follows:

---

| |
|:---|
| **Derivative** |
| Futures contracts&nbsp;&nbsp;&nbsp;&nbsp;$(3059963)<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66712133<sup>(2)</sup> |

---

<sup>(1)</sup> Consolidated Statement of Operations location: Net realized gain (loss) - Futures contracts. <br> <sup>(2)</sup> Consolidated Statement of Operations location: Change in unrealized appreciation (depreciation) - Futures contracts.

The average notional cost of futures contracts outstanding during the six months ended June 30, 2025, which is indicative of the volume of this derivative type, was approximately as follows:

---

| | |
|:---|:---|
| **Futures<br> Contracts — Long** | &nbsp;&nbsp;&nbsp;&nbsp;**Futures<br> Contracts — Short** |
| $2213557000 | &nbsp;&nbsp;&nbsp;&nbsp;$641842000 |

---

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 21, 2025. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2024, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended June 30, 2025.

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Notes to Consolidated Financial Statements (Unaudited) — continued

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10 Affiliated Investments

At June 30, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $310,712,652, which represents 15.6% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended June 30, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $60222366 | $1587337319 | $(1336847033) | $— | $— | $310712652 | $5696971 | 310712652 |

---

11 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, 2025, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Exchange-Traded Funds | &nbsp;&nbsp;$86945040 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$86945040 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp;310712652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310712652 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385619551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385619551 |
| **Total Investments** | &nbsp;&nbsp;**$397657692** | &nbsp;&nbsp;&nbsp;&nbsp;**$1385619551** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1783277243** |
| Futures Contracts | &nbsp;&nbsp;$111697883 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$111697883 |
| **Total** | &nbsp;&nbsp;**$509355575** | &nbsp;&nbsp;&nbsp;&nbsp;**$1385619551** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$1894975126** |
| **Liability Description** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$(64008403) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(64008403) |
| **Total** | &nbsp;&nbsp;**$(64008403)** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$(64008403)** |

---

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Notes to Consolidated Financial Statements (Unaudited) — continued

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12 Risks and Uncertainties

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

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Board of Trustees' Contract Approval

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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 June 12, 2025, the Boards of Trustees/Directors (collectively, the "Board") that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the "Eaton Vance Funds"), including a majority of the independent trustees (the "Independent Trustees"), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements<sup>1</sup> 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 comprised of all of the 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 meetings held between April and June 2025, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. 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 (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a "fund"). (For funds that invest through one or more underlying portfolios, references to "each fund" in this section may include information that was considered at the portfolio-level.)

*Information about Fees, Performance and Expenses*

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

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

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• 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 funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and for each sub-adviser not affiliated with the adviser;

*Information about Portfolio Management and Trading*

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

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of "fair value" by the adviser in its role as each fund's valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund's adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to "soft dollars";

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

*Information about each Adviser and Sub-Adviser*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

• 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 funds and investment accounts, as applicable;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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. Eaton Vance Management and Boston Management and Research are referred to collectively as the "adviser."

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Board of Trustees' Contract Approval — continued

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• Information regarding the adviser's and its parent company's (Morgan Stanley's) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser's compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals' investments in the fund(s) they manage;

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

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

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

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

• A description of the adviser's oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

*Other Relevant Information*

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley's acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• For each 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 (including as compared to the closed-end fund's net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

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

During the various meetings of the Board and its committees over the course of the year leading up to the June 12, 2025 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser 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 Board and its committees 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 the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, 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 and Board 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 and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Board of Trustees' Contract Approval — continued

------

Results of the Contract Review Process

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

*Nature, Extent and Quality of Services*

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

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

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

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

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

*Fund Performance*

The Board compared the Fund's investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index and a customized peer group of similarly managed funds. The Board's review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2024. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund's peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

*Management Fees and Expenses*

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as "management fees"). As part of its review, the Board considered the Fund's management fees and total expense ratio for the one-year period ended December 31, 2024, 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. The Board noted that the Fund has established a wholly-owned subsidiary to accommodate the Fund's commodity-related investments. The subsidiary is managed by the Adviser and the Sub-adviser pursuant to separate investment advisory and sub-advisory agreements, respectively, that are subject to annual approval by the Board. The subsidiary's fee rates are the same as those charged to the Fund, and the Fund will not pay any additional management fees with respect to its assets invested in the subsidiary. The Board also received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with the same or substantially similar investment objective as the Fund and with a significant overlap in holdings based on criteria set by the Board. For

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

Parametric

Commodity Strategy Fund

June 30, 2025

Board of Trustees' Contract Approval — continued

------

any such type of account, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other type of account and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other type of account.

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

*Profitability and "Fall-Out" Benefits*

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

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

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

*Economies of Scale*

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

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[**Table of Contents**](#JOB_EV_AR_f06e5cb6-a901-4a2a-97cf-f90d23af8fcf_TOC)

EAPCX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;6.30.25

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
The information is included in Item 7 of this Form N-CSR.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund's Board of Trustees since the Fund last provided disclosure in response to this item.

------

#### Item 16. Controls and Procedures
(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.

#### Item 19. Exhibits

---

| | |
|:---|:---|
|  (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
|  (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d942043dex99cert.htm) |
|  (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d942043dex99cert.htm) |
| (b) | [Combined Section 906 certification.](d942043dex99906cert.htm) |

---

------

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

---

| | |
|:---|:---|
| Eaton Vance Mutual Funds Trust | Eaton Vance Mutual Funds Trust |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

Date: August 26, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |
| Date: | August 26, 2025 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | August 26, 2025 |

---

## Ex-99.Cert

**Eaton Vance Mutual Funds Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

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

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds
Trust;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

| | |
|:---|:---|
| Date: August 26, 2025 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Mutual Funds Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

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

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Mutual Funds
Trust;

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

---

| | |
|:---|:---|
| Date: August 26, 2025 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Mutual Funds Trust (the "**Trust**") that:

(a) the Report of the **Trust** on Form N-CSR for the period ended
June 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

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

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

---

| |
|:---|
| Eaton Vance Mutual Funds Trust |
| Date: August 26, 2025 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: August 26, 2025 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---