<Page>
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-07409
---------
Tax-Managed Growth Portfolio
----------------------------
(Exact Name of Registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Address of Principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Name and Address of Agent for Services)
(617) 482-8260
--------------
(Registrant's Telephone Number)
December 31, 2003
-----------------
Date of Fiscal Year End
June 30, 2003
-------------
Date of Reporting Period
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<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED)
COMMON STOCKS -- 98.5%
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Aerospace and Defense -- 2.1%
- --------------------------------------------------------------------------
Boeing Company (The) 784,914 $ 26,938,248
General Dynamics 505,000 36,612,500
Honeywell International, Inc. 275,998 7,410,546
Northrop Grumman Corp. 1,584,235 136,703,638
Raytheon Company 313,599 10,298,591
Rockwell Collins, Inc. 203,032 5,000,678
Teledyne Technologies Incorporated(1) 6,117 80,133
United Technologies Corp. 1,386,054 98,174,205
- --------------------------------------------------------------------------
$ 321,218,539
- --------------------------------------------------------------------------
Air Freight and Logistics -- 2.7%
- --------------------------------------------------------------------------
FedEx Corporation 2,306,578 $ 143,077,033
Robinson (C.H.) Worldwide, Inc. 1,188,515 42,263,593
United Parcel Service, Inc. Class B 3,593,215 228,887,795
- --------------------------------------------------------------------------
$ 414,228,421
- --------------------------------------------------------------------------
Airlines -- 0.0%
- --------------------------------------------------------------------------
Southwest Airlines, Inc. 17,221 $ 296,201
- --------------------------------------------------------------------------
$ 296,201
- --------------------------------------------------------------------------
Auto Components -- 0.2%
- --------------------------------------------------------------------------
ArvinMeritor, Inc. 33,635 $ 678,754
Borg-Warner Automotive, Inc. 203,981 13,136,376
Dana Corp. 46,137 533,344
Delphi Automotive Systems Corp. 6,338 54,697
Johnson Controls, Inc. 123,980 10,612,688
Visteon Corp. 10,226 70,253
- --------------------------------------------------------------------------
$ 25,086,112
- --------------------------------------------------------------------------
Automobiles -- 0.1%
- --------------------------------------------------------------------------
DaimlerChrysler AG 7,000 $ 243,040
Ford Motor Co. 145,884 1,603,265
General Motors Corp. 13,896 500,256
Harley-Davidson, Inc. 123,700 4,930,682
Honda Motor Co. Ltd. ADR 20,000 381,000
- --------------------------------------------------------------------------
$ 7,658,243
- --------------------------------------------------------------------------
Beverages -- 4.0%
- --------------------------------------------------------------------------
Anheuser-Busch Companies, Inc. 3,191,795 $ 162,941,135
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Beverages (continued)
- --------------------------------------------------------------------------
Coca-Cola Company (The) 3,101,382 $ 143,935,139
Coca-Cola Enterprises, Inc. 1,729,424 31,389,046
PepsiCo., Inc. 6,472,835 288,041,157
- --------------------------------------------------------------------------
$ 626,306,477
- --------------------------------------------------------------------------
Biotechnology -- 2.3%
- --------------------------------------------------------------------------
Amgen, Inc.(1) 3,628,851 $ 241,100,860
Applera Corp. - Celera Genomics Group(1) 26,000 268,320
Biogen, Inc.(1) 1,500,000 57,000,000
Genzyme Corp. - General Division(1) 725,812 30,338,942
Gilead Sciences, Inc.(1) 77,490 4,306,894
Incyte Pharmaceuticals, Inc.(1) 1,118,525 5,189,956
Invitrogen Corp.(1) 467,551 17,939,932
Vertex Pharmaceuticals, Inc.(1) 13,000 189,800
- --------------------------------------------------------------------------
$ 356,334,704
- --------------------------------------------------------------------------
Building Products -- 0.8%
- --------------------------------------------------------------------------
American Standard Companies, Inc.(1) 331,609 $ 24,515,853
CRH plc 329,450 5,195,854
Masco Corporation 4,145,436 98,868,649
Water Pik Technologies(1) 2,141 16,636
- --------------------------------------------------------------------------
$ 128,596,992
- --------------------------------------------------------------------------
Capital Markets -- 3.3%
- --------------------------------------------------------------------------
Affiliated Managers Group(1) 13,680 $ 833,796
Bank of New York Co., Inc. (The) 465,538 13,384,217
Bear Stearns Companies, Inc. 16,237 1,175,884
Credit Suisse Group 155,136 4,090,831
Federated Investors, Inc. 1,634,947 44,830,247
Franklin Resources, Inc. 1,503,317 58,734,595
Goldman Sachs Group, Inc. 9,627 806,261
Investors Financial Services Corp. 475,402 13,791,412
Janus Capital Group, Inc. 95,458 1,565,511
Knight Trading Group, Inc.(1) 1,750,000 10,885,000
Legg Mason, Inc. 17,641 1,145,783
Lehman Brothers Holdings, Inc. 55,756 3,706,659
Mellon Financial Corporation 221,912 6,158,058
Merrill Lynch & Co., Inc. 1,725,133 80,529,208
Morgan (J.P.) Chase & Co. 410,405 14,027,643
Morgan Stanley Dean Witter & Co. 4,623,106 197,637,781
Morgan Stanley Dean Witter & Co.(2)(3) 150,000 6,411,698
Northern Trust Corp. 261,505 10,928,294
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
1
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Capital Markets (continued)
- --------------------------------------------------------------------------
Nuveen Investments Class A 150,000 $ 4,086,000
Price (T. Rowe) Group, Inc. 171,434 6,471,633
Raymond James Financial, Inc. 98,225 3,246,336
Schwab (Charles) & Co. 951,562 9,601,261
State Street Corp. 328,000 12,923,200
UBS AG 32,525 1,801,885
Waddell & Reed Financial, Inc., Class A 100,882 2,589,641
- --------------------------------------------------------------------------
$ 511,362,834
- --------------------------------------------------------------------------
Chemicals -- 1.0%
- --------------------------------------------------------------------------
Airgas, Inc. 468,536 $ 7,847,978
Arch Chemicals, Inc. 4,950 94,545
Bayer AG ADR 40,000 922,000
Dow Chemical Co. (The) 251,078 7,773,375
DuPont (E.I.) de Nemours & Co. 1,255,965 52,298,383
Ecolab, Inc. 318,168 8,145,101
MacDermid, Inc. 61,937 1,628,943
Monsanto Company 94,435 2,043,573
Olin Corp. 9,900 169,290
PPG Industries, Inc. 23,542 1,194,521
Rohm and Haas, Co. 2,380 73,851
RPM, Inc. 88,338 1,214,647
Sigma-Aldrich Corp. 630,897 34,181,999
Solutia Inc. 20,293 44,239
Valspar Corp. 818,316 34,549,302
- --------------------------------------------------------------------------
$ 152,181,747
- --------------------------------------------------------------------------
Commercial Banks -- 7.5%
- --------------------------------------------------------------------------
AmSouth Bancorporation 830,660 $ 18,141,614
Associated Banc-Corp. 749,148 27,628,578
Bank of America Corporation 2,044,806 161,601,018
Bank of Hawaii Corp. 49,425 1,638,439
Bank of Montreal 270,223 8,579,580
Bank One Corp. 1,698,081 63,134,652
Banknorth Group, Inc. 65,720 1,677,174
BB&T Corp. 1,169,217 40,104,143
Charter One Financial, Inc. 251,993 7,857,142
City National Corp. 273,260 12,176,466
Colonial Bancgroup, Inc. (The) 396,090 5,493,768
Comerica, Inc. 222,464 10,344,576
Commerce Bancshares, Inc. 178,396 6,948,524
Community First Bancshares, Inc. 360,184 9,833,023
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Commercial Banks (continued)
- --------------------------------------------------------------------------
Compass Bancshares, Inc. 359,763 $ 12,566,522
Fifth Third Bancorp 1,068,442 61,264,464
First Citizens BancShares, Inc. 43,651 4,401,767
First Financial Bancorp. 47,933 766,928
First Midwest Bancorp, Inc. 815,329 23,489,628
First Tennessee National Corporation 110,173 4,837,696
FleetBoston Financial Corporation 701,047 20,828,106
Hibernia Corp. Class A 187,345 3,402,185
HSBC Holdings PLC ADR 602,271 35,600,239
Huntington Bancshares, Inc. 578,423 11,290,817
Keycorp 610,951 15,438,732
M&T Bank Corp. 37,734 3,177,957
Marshall & Ilsley Corp. 683,798 20,910,543
National City Corp. 1,286,764 42,090,050
National Commerce Financial Corp. 1,113,055 24,698,690
North Fork Bancorporation, Inc. 53,534 1,823,368
PNC Bank Corp. 150,003 7,321,646
Popular, Inc. 716 27,630
Regions Financial Corp. 1,624,786 54,885,271
Royal Bank of Scotland Group PLC 50,837 1,428,657
S&T Bancorp, Inc. 100,000 2,743,000
SouthTrust Corp. 511,824 13,921,613
Southwest Bancorporation of
Texas, Inc.(1) 815,601 26,515,189
SunTrust Banks, Inc. 403,443 23,940,308
Synovus Financial Corp. 1,303,564 28,026,626
TCF Financial Corporation 28,000 1,115,520
U.S. Bancorp 4,180,187 102,414,582
Union Planters Corp. 699,882 21,717,338
Valley National Bancorp 401,861 10,589,037
Wachovia Corp. 1,707,754 68,241,850
Wells Fargo & Company 2,251,199 113,460,430
Westamerica Bancorporation 266,506 11,481,078
Whitney Holding Corp. 356,570 11,399,543
Zions Bancorporation 227,671 11,522,429
- --------------------------------------------------------------------------
$ 1,172,498,136
- --------------------------------------------------------------------------
Commercial Services and Supplies -- 2.1%
- --------------------------------------------------------------------------
Allied Waste Industries, Inc.(1) 1,674,390 $ 16,827,620
Apollo Group, Inc. Class A(1) 7,599 469,314
Arbitron, Inc.(1) 30,885 1,102,595
Avery Dennison Corp. 1,332,004 66,866,601
Banta Corp. 42,341 1,370,578
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
2
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Commercial Services and Supplies (continued)
- --------------------------------------------------------------------------
Block (H&R), Inc. 732,354 $ 31,674,311
Bowne & Company 172,640 2,249,499
Cendant Corp.(1) 549,359 10,064,257
Century Business Services, Inc.(1) 400,000 1,300,000
Cintas Corp. 1,191,836 42,238,668
Consolidated Graphics, Inc.(1) 70,215 1,606,519
Deluxe Corporation 80,675 3,614,240
Donnelley (R.R.) & Sons Co. 200,521 5,241,619
Equifax, Inc. 85,724 2,228,824
Gevity HR, Inc. 78,125 923,438
Harland (John H.) Co. 51,540 1,348,286
HON Industries, Inc. 1,552,470 47,350,335
Hudson Highland Group, Inc.(1) 11,581 220,155
Imagistics International Inc.(1) 2,482 64,036
Manpower, Inc. 112,000 4,154,080
Miller (Herman) Inc. 577,903 11,679,420
Monster Worldwide Inc.(1) 154,426 3,046,825
Navigant Consulting, Inc.(1) 463,017 5,486,751
Pitney Bowes, Inc. 89,799 3,449,180
ServiceMaster Co. 938,668 10,043,748
Steelcase Inc. 123,000 1,446,480
Sylvan Learning Systems, Inc.(1) 641,311 14,647,543
United Rentals, Inc.(1) 401,179 5,572,376
Waste Management, Inc. 1,303,899 31,410,927
- --------------------------------------------------------------------------
$ 327,698,225
- --------------------------------------------------------------------------
Communications Equipment -- 1.0%
- --------------------------------------------------------------------------
3Com Corp.(1) 873,949 $ 4,090,081
ADC Telecommunications, Inc.(1) 370,286 862,025
Advanced Fibre Communication, Inc.(1) 15,000 244,050
Alcatel S.A. ADR(1) 43,728 391,366
Avaya, Inc.(1) 65,196 421,166
Ciena Corp.(1) 380,378 1,974,162
Cisco Systems, Inc.(1) 3,471,634 57,941,571
Comverse Technology, Inc.(1) 386,378 5,807,261
Corning, Inc.(1) 705,943 5,216,919
Enterasys Networks, Inc.(1) 55,945 169,513
JDS Uniphase Corp.(1) 52,451 184,103
Lucent Technologies, Inc.(1) 654,299 1,328,227
McData Corp., Class A(1) 22,090 324,060
Motorola, Inc. 550,458 5,190,819
Nokia Corp., Class A, ADR 2,826,307 46,436,224
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Communications Equipment (continued)
- --------------------------------------------------------------------------
Nortel Networks Corp.(1) 1,560,542 $ 4,213,463
Qualcomm, Inc. 344,112 12,302,004
Riverstone Networks, Inc.(1) 28,706 33,873
Tellabs, Inc.(1) 118,404 777,914
- --------------------------------------------------------------------------
$ 147,908,801
- --------------------------------------------------------------------------
Computers and Peripherals -- 3.5%
- --------------------------------------------------------------------------
Dell Computer Corp.(1) 3,985,489 $ 127,376,228
EMC Corp.(1) 1,200,343 12,567,591
Gateway, Inc.(1) 99,407 362,836
Hewlett-Packard Co. 1,677,903 35,739,334
International Business Machines Corp. 1,980,747 163,411,628
Lexmark International Group, Inc.(1) 2,738,983 193,837,827
Network Appliance, Inc.(1) 488,000 7,910,480
Palm, Inc.(1) 65,230 1,061,292
Sun Microsystems, Inc.(1) 494,670 2,275,482
- --------------------------------------------------------------------------
$ 544,542,698
- --------------------------------------------------------------------------
Construction and Engineering -- 0.1%
- --------------------------------------------------------------------------
Dycom Industries, Inc.(1) 151,725 $ 2,473,118
Jacobs Engineering Group, Inc.(1) 325,090 13,702,544
- --------------------------------------------------------------------------
$ 16,175,662
- --------------------------------------------------------------------------
Construction Materials -- 0.0%
- --------------------------------------------------------------------------
Vulcan Materials Company 184,512 $ 6,839,860
- --------------------------------------------------------------------------
$ 6,839,860
- --------------------------------------------------------------------------
Consumer Finance -- 0.9%
- --------------------------------------------------------------------------
American Express Co. 524,111 $ 21,913,081
Capital One Financial Corp. 1,255,790 61,759,752
MBNA Corporation 391,431 8,157,422
Providian Financial Corp.(1) 597,678 5,534,498
SLM Corp. 905,499 35,468,396
- --------------------------------------------------------------------------
$ 132,833,149
- --------------------------------------------------------------------------
Containers and Packaging -- 0.1%
- --------------------------------------------------------------------------
Bemis Co. 141,000 $ 6,598,800
Caraustar Industries, Inc.(1) 224,961 1,801,938
Sealed Air Corp.(1) 61,985 2,954,205
Sonoco Products Co. 160,690 3,859,774
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
3
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Containers and Packaging (continued)
- --------------------------------------------------------------------------
Temple-Inland, Inc. 12,632 $ 542,039
- --------------------------------------------------------------------------
$ 15,756,756
- --------------------------------------------------------------------------
Department Stores -- 0.0%
- --------------------------------------------------------------------------
Neiman Marcus Group, Inc. (The)(1) 27,117 $ 935,537
- --------------------------------------------------------------------------
$ 935,537
- --------------------------------------------------------------------------
Distillers and Vintners -- 0.0%
- --------------------------------------------------------------------------
Brown-Forman Corp. Class A 15,296 $ 1,231,328
- --------------------------------------------------------------------------
$ 1,231,328
- --------------------------------------------------------------------------
Distributors -- 0.0%
- --------------------------------------------------------------------------
Genuine Parts Company 188,609 $ 6,037,374
- --------------------------------------------------------------------------
$ 6,037,374
- --------------------------------------------------------------------------
Diversified Financial Services -- 1.6%
- --------------------------------------------------------------------------
Citigroup Inc. 4,023,320 $ 172,198,096
Finova Group, Inc.(1) 175,587 34,239
ING groep, N.V. ADR 210,570 3,691,292
Moody's Corp. 20,004 1,054,411
Royal Bank of Canada 438,749 18,673,157
Royal Bank of Scotland Group
PLC (A.V.S.) 50,837 48,322
Societe Generale 809,647 51,412,034
- --------------------------------------------------------------------------
$ 247,111,551
- --------------------------------------------------------------------------
Diversified Telecommunication Services -- 2.1%
- --------------------------------------------------------------------------
Alltel Corp. 1,495,597 $ 72,117,687
AT&T Corp. 473,645 9,117,666
BCE, Inc. 4,400,000 101,684,000
BellSouth Corp. 468,023 12,463,452
Cincinnati Bell Inc.(1) 183,466 1,229,222
Citizens Communications Co.(1) 59,563 767,767
Deutsche Telekom AG(1) 1,956,790 29,743,208
PTEK Holdings, Inc.(1) 28,000 135,800
Qwest Communications
International, Inc.(1) 59,924 286,437
RSL Communications Ltd.(1) 747,161 97
SBC Communications, Inc. 1,320,129 33,729,296
Sprint Corp. - FON Group 164,578 2,369,923
Talk America Holdings, Inc.(1) 82,458 899,617
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Diversified Telecommunication Services (continued)
- --------------------------------------------------------------------------
Telefonos de Mexico ADR 1,000,000 $ 31,420,000
Verizon Communications 953,801 37,627,449
WorldCom, Inc.(1) 187,818 7,137
WorldCom, Inc. - MCI Group(1) 46,372 6,724
- --------------------------------------------------------------------------
$ 333,605,482
- --------------------------------------------------------------------------
Electric Utilities -- 0.2%
- --------------------------------------------------------------------------
Ameren Corp. 5,000 $ 220,500
American Electric Power, Inc. 960 28,637
Dominion Resources, Inc. 10,464 672,521
Exelon Corp. 500,000 29,905,000
PG&E Corp.(1) 47,705 1,008,961
TECO Energy, Inc. 38,586 462,646
TXU Corp. 250,196 5,616,900
Wisconsin Energy Corp. 9,576 277,704
- --------------------------------------------------------------------------
$ 38,192,869
- --------------------------------------------------------------------------
Electrical Equipment -- 0.6%
- --------------------------------------------------------------------------
American Power Conversion Corp.(1) 36,671 $ 571,701
Baldor Electric Co. 149,060 3,070,636
Emerson Electric Co. 1,609,845 82,263,080
Rockwell International Corp. 179,520 4,279,757
Thomas & Betts Corp.(1) 114,600 1,655,970
- --------------------------------------------------------------------------
$ 91,841,144
- --------------------------------------------------------------------------
Electronic Equipment and Instruments -- 0.7%
- --------------------------------------------------------------------------
Agilent Technologies, Inc.(1) 718,644 $ 14,049,490
Arrow Electronics, Inc.(1) 8,750 133,350
Flextronics International Ltd.(1) 182,816 1,899,458
Jabil Circuit, Inc.(1) 2,127,971 47,028,159
Molex, Inc., Class A 112,582 2,609,538
National Instruments Corp.(1) 466,603 17,628,261
PerkinElmer, Inc. 300,081 4,144,119
Plexus Corp.(1) 209,946 2,420,677
Roper Industries, Inc. 23,122 860,138
Sanmina Corp.(1) 1,186,972 7,489,793
Solectron Corporation(1) 1,818,848 6,802,492
Waters Corp.(1) 198,320 5,777,062
X-Rite Incorporated 361,707 3,584,516
- --------------------------------------------------------------------------
$ 114,427,053
- --------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
4
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Energy Equipment and Services -- 0.6%
- --------------------------------------------------------------------------
Baker Hughes, Inc. 920,182 $ 30,890,510
Core Laboratories N.V.(1) 149,438 1,613,930
Grant Prideco, Inc.(1) 124,234 1,459,750
Halliburton Company 500,202 11,504,646
National-Oilwell, Inc.(1) 686,929 15,112,438
Schlumberger Ltd. 485,712 23,105,320
Smith International, Inc.(1) 140,000 5,143,600
Transocean Sedco Forex, Inc.(1) 71,442 1,569,581
- --------------------------------------------------------------------------
$ 90,399,775
- --------------------------------------------------------------------------
Food and Staples Retailing -- 2.1%
- --------------------------------------------------------------------------
Albertson's, Inc. 820,296 $ 15,749,683
Casey's General Stores, Inc. 91,201 1,289,582
Costco Wholesale Corp.(1) 33,307 1,219,036
CVS Corp. 176,209 4,939,138
Kroger Co. (The)(1) 1,245,431 20,773,789
Safeway, Inc.(1) 1,174,346 24,027,119
Sysco Corp. 1,566,918 47,070,217
Walgreen Co. 653,638 19,674,504
Wal-Mart Stores, Inc. 3,566,567 191,417,651
Winn-Dixie Stores, Inc. 264,513 3,256,155
- --------------------------------------------------------------------------
$ 329,416,874
- --------------------------------------------------------------------------
Food Products -- 2.6%
- --------------------------------------------------------------------------
Archer-Daniels-Midland Co. 316,652 $ 4,075,311
Campbell Soup Co. 1,243,047 30,454,652
Conagra Inc. 1,596,119 37,668,408
Dean Foods Co.(1) 504,216 15,882,804
Del Monte Foods, Co.(1) 103,109 911,484
General Mills, Inc. 286,539 13,584,814
Heinz (H.J.) Co. 230,855 7,613,598
Hershey Foods Corp. 242,383 16,884,400
JM Smucker Co. 19,265 768,481
Kellogg Co. 68,724 2,362,044
Kraft Foods, Inc. 387,165 12,602,221
McCormick & Co., Inc. 482,002 13,110,454
Nestle SA 200,000 41,347,683
Riviana Foods, Inc. 250,000 6,727,500
Sara Lee Corp. 2,787,965 52,441,622
Smithfield Foods, Inc.(1) 4,207,530 96,436,588
Tyson Foods, Inc. 405,548 4,306,920
Unilever ADR 342,858 18,514,332
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Food Products (continued)
- --------------------------------------------------------------------------
Wrigley (Wm.) Jr. Company Class A 433,873 $ 24,396,679
- --------------------------------------------------------------------------
$ 400,089,995
- --------------------------------------------------------------------------
Gas Utilities -- 0.6%
- --------------------------------------------------------------------------
Kinder Morgan, Inc. 1,781,672 $ 97,368,375
- --------------------------------------------------------------------------
$ 97,368,375
- --------------------------------------------------------------------------
Health Care Equipment and Supplies -- 1.2%
- --------------------------------------------------------------------------
Advanced Medical Optics(1) 3,744 $ 63,835
Bausch & Lomb, Inc. 29,250 1,096,875
Baxter International, Inc. 237,990 6,187,740
Becton & Dickinson and Co. 62,673 2,434,846
Biomet, Inc. 411,340 11,789,004
Boston Scientific Corporation(1) 540,985 33,054,184
Dentsply International, Inc. 11,325 463,193
Edwards Lifesciences Corp.(1) 15,420 495,599
Guidant Corp. 54,692 2,427,778
Hillenbrand Industries, Inc. 638,072 32,190,732
Lumenis Ltd.(1) 100,000 169,000
Medtronic, Inc. 1,629,487 78,166,491
Millipore Corporation(1) 70,000 3,105,900
St. Jude Medical, Inc.(1) 10,014 575,805
Steris Corp.(1) 26,813 619,112
VISX, Inc.(1) 50,000 867,500
Zimmer Holdings, Inc.(1) 244,815 11,028,916
- --------------------------------------------------------------------------
$ 184,736,510
- --------------------------------------------------------------------------
Health Care Providers and Services -- 2.1%
- --------------------------------------------------------------------------
AmerisourceBergen Corp. 63,924 $ 4,433,129
Andrx Group(1) 393,772 7,836,063
Beverly Enterprises, Inc.(1) 357,143 1,250,001
Cardinal Health, Inc. 1,850,149 118,964,581
Cigna Corp. 11,836 555,582
HCA Inc. 53,450 1,712,538
Health Management Associates, Inc.,
Class A 1,036,833 19,129,569
IDX Systems Corp.(1) 60,000 931,200
IMS Health, Inc. 224,000 4,029,760
McKesson HBOC, Inc. 1,038,903 37,130,393
Parexel International Corp.(1) 35,000 488,250
Quest Diagnostics, Inc.(1) 8,750 558,250
Quintiles Transnational Corp.(1) 307,407 4,362,105
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
5
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Health Care Providers and Services (continued)
- --------------------------------------------------------------------------
Renal Care Group, Inc.(1) 371,007 $ 13,063,156
Schein (Henry), Corp.(1) 1,272,548 66,605,162
Service Corp. International(1) 142,389 551,045
Stewart Enterprises, Inc.(1) 114,000 490,200
Sunrise Assisted Living, Inc.(1) 144,000 3,222,720
Tenet Healthcare Corp.(1) 3,961 46,146
UnitedHealth Group, Inc. 209,188 10,511,697
Ventiv Health, Inc.(1) 160,833 659,576
Wellpoint Health Networks(1) 404,000 34,057,200
- --------------------------------------------------------------------------
$ 330,588,323
- --------------------------------------------------------------------------
Hotels, Restaurants and Leisure -- 1.7%
- --------------------------------------------------------------------------
Brinker International, Inc.(1) 502,433 $ 18,097,637
Carnival Corporation 559,353 18,184,566
CBRL Group, Inc. 62,047 2,411,146
Darden Restaurants Inc. 183,344 3,479,869
Evans (Bob) Farms, Inc. 51,662 1,427,421
Gaylord Entertainment Co.(1) 428,482 8,385,393
International Game Technology(1) 100,000 10,233,000
International Speedway Corporation 118,344 4,675,771
Jack in the Box, Inc.(1) 500,000 11,150,000
Lone Star Steakhouse & Saloon, Inc. 145,981 3,178,006
Marriott International, Inc. 332,517 12,775,303
McDonald's Corp. 1,378,482 30,409,313
MGM Grand, Inc.(1) 94,445 3,228,130
Navigant International, Inc.(1) 44,278 571,186
Outback Steakhouse, Inc. 1,610,923 62,825,997
Outback Steakhouse, Inc.(2)(3) 31,784 1,239,421
Papa John's International, Inc.(1) 199,488 5,595,638
Royal Caribbean Cruises Ltd. 500,000 11,580,000
Sonic Corp.(1) 106,510 2,708,549
Starbucks Corp.(1) 1,330,334 32,619,790
Yum! Brands, Inc.(1) 392,380 11,598,753
- --------------------------------------------------------------------------
$ 256,374,889
- --------------------------------------------------------------------------
Household Durables -- 0.5%
- --------------------------------------------------------------------------
Blyth Industries, Inc. 844,123 $ 22,960,146
Department 56, Inc.(1) 255,162 3,911,633
Fortune Brands Inc. 142,143 7,419,865
Helen of Troy Ltd.(1) 20,000 303,200
Interface, Inc. Class A(1) 75,467 350,167
Leggett & Platt, Inc. 1,432,606 29,368,423
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Household Durables (continued)
- --------------------------------------------------------------------------
Maytag Corp. 27,073 $ 661,123
Newell Rubbermaid, Inc. 374,949 10,498,572
Snap-On, Inc. 51,429 1,492,984
- --------------------------------------------------------------------------
$ 76,966,113
- --------------------------------------------------------------------------
Household Products -- 2.2%
- --------------------------------------------------------------------------
Clorox Co. (The) 53,688 $ 2,289,793
Colgate-Palmolive Co. 1,171,111 67,865,882
Energizer Holdings(1) 141,981 4,458,203
Kimberly-Clark Corp. 1,914,334 99,813,375
Procter & Gamble Co. 1,874,327 167,152,482
- --------------------------------------------------------------------------
$ 341,579,735
- --------------------------------------------------------------------------
Industrial Conglomerates -- 1.6%
- --------------------------------------------------------------------------
3M Co. 244,336 $ 31,514,457
General Electric Co. 6,508,307 186,658,245
Teleflex, Inc. 47,559 2,023,635
Tyco International Ltd. 1,176,566 22,331,223
- --------------------------------------------------------------------------
$ 242,527,560
- --------------------------------------------------------------------------
Insurance -- 6.6%
- --------------------------------------------------------------------------
21st Century Insurance Group 70,700 $ 1,011,010
Aegon N.V. ADR 5,250,269 52,712,701
AFLAC Corp. 2,028,348 62,371,701
Allstate Corp. (The) 123,872 4,416,037
American International Group, Inc. 5,303,500 292,647,130
AON Corp. 908,574 21,878,462
Berkshire Hathaway, Inc., Class A(1) 516 37,410,000
Berkshire Hathaway, Inc., Class B(1) 40,146 97,554,780
Chubb Corporation 3,901 234,060
Commerce Group, Inc. 120,000 4,344,000
Delphi Financial Group Inc. 6,448 301,766
Gallagher (Arthur J.) and Co. 1,028,843 27,984,530
Hartford Financial Services Group, Inc. 36,048 1,815,377
Jefferson-Pilot Corp. 190,173 7,884,573
Kansas City Life Insurance Co. 70,800 3,033,072
Lincoln National Corp. 52,903 1,884,934
Manulife Financial Corp.(1) 74,958 2,114,565
Marsh & McLennan Cos., Inc. 3,002,670 153,346,357
MetLife, Inc. 1,969,700 55,781,904
Old Republic International Corp. 72,603 2,488,105
Progressive Corp. 2,005,100 146,572,810
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
6
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Insurance (continued)
- --------------------------------------------------------------------------
Safeco Corp. 16,122 $ 568,784
St. Paul Companies, Inc. (The) 324,575 11,850,233
Torchmark Corp. 280,357 10,443,298
Travelers Property Casualty - Class A 198,946 3,163,241
Travelers Property Casualty - Class B 408,752 6,446,019
UICI(1) 43,597 657,007
UnumProvident Corp. 52,000 697,320
XL Capital Ltd., Class A 79,232 6,576,256
- --------------------------------------------------------------------------
$ 1,018,190,032
- --------------------------------------------------------------------------
Integrated Telecommunication Services -- 0.0%
- --------------------------------------------------------------------------
McLeodUSA(1) 35,538 $ 53,662
- --------------------------------------------------------------------------
$ 53,662
- --------------------------------------------------------------------------
Internet and Catalog Retail -- 0.2%
- --------------------------------------------------------------------------
eBay, Inc(1)(2)(3) 100,000 $ 10,403,675
eBay, Inc.(1) 44,816 4,668,931
eBay, Inc.(1)(2)(3) 159,000 16,548,055
School Specialty Corp.(1) 49,197 1,400,147
- --------------------------------------------------------------------------
$ 33,020,808
- --------------------------------------------------------------------------
Internet Software and Services -- 0.0%
- --------------------------------------------------------------------------
Retek, Inc.(1) 266,148 $ 1,703,347
- --------------------------------------------------------------------------
$ 1,703,347
- --------------------------------------------------------------------------
IT Services -- 2.9%
- --------------------------------------------------------------------------
Accenture Ltd.(1) 3,638,000 $ 65,811,420
Acxiom Corp.(1) 579,019 8,737,397
Acxiom Corp.(1)(2)(3) 68,785 1,037,187
Affiliated Computer Services(1) 200,654 9,175,907
Automatic Data Processing, Inc. 2,223,695 75,294,313
BISYS Group, Inc. (The)(1) 280,492 5,152,638
Ceridian Corp.(1) 166,750 2,829,748
Certegy, Inc.(1) 42,862 1,189,421
Computer Sciences Corp.(1) 388,302 14,802,072
Concord EFS, Inc.(1) 267,810 3,942,163
CSG Systems International, Inc.(1) 41,116 580,969
DST Systems, Inc.(1) 391,034 14,859,292
eFunds Corp.(1) 44,484 512,901
Electronic Data Systems Corp. 157,712 3,382,922
First Data Corp. 3,939,791 163,264,939
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
IT Services (continued)
- --------------------------------------------------------------------------
Gartner Group, Inc., Class A(1) 4,811 $ 36,467
Gartner Group, Inc., Class B(1) 92,416 693,120
Keane, Inc.(1) 52,404 714,267
Paychex, Inc. 1,434,519 42,045,752
Perot Systems Corp.(1) 726,775 8,256,164
Safeguard Scientifics, Inc.(1) 26,579 71,763
SunGard Data Systems, Inc.(1) 835,600 21,650,396
- --------------------------------------------------------------------------
$ 444,041,218
- --------------------------------------------------------------------------
Leisure Equipment and Products -- 0.0%
- --------------------------------------------------------------------------
Eastman Kodak Co. 156,267 $ 4,273,902
Mattel, Inc. 14,836 280,697
- --------------------------------------------------------------------------
$ 4,554,599
- --------------------------------------------------------------------------
Machinery -- 2.5%
- --------------------------------------------------------------------------
Caterpillar, Inc. 23,255 $ 1,294,373
Danaher Corporation 2,015,985 137,187,779
Deere & Co. 3,450,000 157,665,000
Dionex Corp.(1) 279,907 11,126,303
Donaldson Company, Inc. 40,220 1,787,779
Dover Corp. 409,289 12,262,298
Federal Signal Corp. 283,471 4,980,585
Illinois Tool Works, Inc. 756,502 49,815,657
ITT Industries, Inc. 4,214 275,848
Nordson Corporation 163,978 3,910,875
Parker-Hannifin Corporation 125,359 5,263,824
Tecumseh Products Co., Class A 156,420 5,992,450
Wabtec 232,061 3,227,969
- --------------------------------------------------------------------------
$ 394,790,740
- --------------------------------------------------------------------------
Media -- 7.3%
- --------------------------------------------------------------------------
ADVO, Inc.(1) 567,197 $ 25,183,547
AOL Time Warner, Inc.(1) 5,565,263 89,545,082
Belo (A.H.) Corp. 542,924 12,139,781
Cablevision Systems Corp.(1) 207,410 4,305,832
Catalina Marketing Corp.(1) 89,203 1,574,433
Clear Channel Communications, Inc.(1) 425,362 18,031,095
Comcast Corp. Class A(1) 4,466,124 134,787,622
Comcast Corp. Class A Special(1) 1,580,622 45,569,332
Cox Communications, Inc., Class A(1) 1,452,265 46,327,254
Disney (Walt) Company 6,050,933 119,505,927
EchoStar Communications, Class A(1) 35,150 1,216,893
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
7
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Media (continued)
- --------------------------------------------------------------------------
Entercom Communications Corp.(1) 220,000 $ 10,782,200
Gannett Co., Inc. 1,508,627 115,877,640
General Motors Corp., H Class(1) 275,262 3,526,106
Havas Advertising, S.A. ADR 3,142,938 14,014,361
Interpublic Group of Companies., Inc. 2,220,905 29,715,709
Interpublic Group of
Companies., Inc.(2)(3) 100,000 1,336,997
KnightRidder, Inc. 18,123 1,249,218
Lamar Advertising Co.(1) 845,318 29,763,647
Liberty Media Corp. Class A(1) 1,168,031 13,502,438
Liberty Media Corp. Class B(1) 32,876 388,594
MacClatchy Co. (The) 48,066 2,769,563
McGraw-Hill Companies, Inc. (The) 218,164 13,526,168
Meredith Corp. 190,000 8,360,000
New York Times Co. (The), Class A 317,259 14,435,285
News Corporation Ltd. 93,965 2,353,823
Omnicom Group, Inc. 2,258,455 161,931,224
Proquest Company(1) 115,000 2,967,000
Publicis Groupe SA 368,212 9,898,893
Reuters Holdings plc ADR 1,431 25,157
Scripps (The E.W) Company 25,533 2,265,288
Tribune Co. 1,480,736 71,519,549
Univision Communications, Inc.(1) 920,044 27,969,338
Viacom, Inc., Class A(1) 29,774 1,301,124
Viacom, Inc., Class B(1) 1,635,379 71,400,647
Vivendi Universal S.A. ADR(1) 490,725 9,048,969
Washington Post Co. (The) 11,352 8,319,881
Westwood One, Inc.(1) 122,400 4,153,032
WPP Group plc 139,450 1,094,993
WPP Group plc ADR 188,507 7,553,475
- --------------------------------------------------------------------------
$ 1,139,237,117
- --------------------------------------------------------------------------
Metals and Mining -- 0.4%
- --------------------------------------------------------------------------
Alcoa, Inc. 1,406,287 $ 35,860,319
Allegheny Technologies, Inc. 21,408 141,293
Nucor Corp. 239,966 11,722,339
Phelps Dodge Corp.(1) 14,862 569,809
Steel Dynamics, Inc.(1) 311,800 4,271,660
Worthington Industries, Inc. 147,466 1,976,044
- --------------------------------------------------------------------------
$ 54,541,464
- --------------------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Multiline Retail -- 2.8%
- --------------------------------------------------------------------------
99 Cents Only Stores(1) 1,142,232 $ 39,201,402
Dollar General Corp. 101,456 1,852,587
Dollar Tree Stores, Inc.(1) 852,494 27,049,635
Family Dollar Stores, Inc. 2,618,411 99,892,380
Kohls Corp.(1) 2,149,555 110,444,136
May Department Stores Co. (The) 596,760 13,283,878
Nordstrom, Inc. 65,692 1,282,308
Penney (J.C.) Company, Inc. 539,566 9,091,687
Sears, Roebuck & Co. 15,750 529,830
Target Corp. 3,524,259 133,357,961
- --------------------------------------------------------------------------
$ 435,985,804
- --------------------------------------------------------------------------
Multi-Utilities and Unregulated Power -- 0.1%
- --------------------------------------------------------------------------
AES Corporation(1) 49,542 $ 314,592
Duke Energy Corp. 419,154 8,362,122
Dynegy, Inc.(1) 63,525 266,805
El Paso Corp. 175,909 1,421,345
National Fuel Gas Co. 4,000 104,200
Williams Companies. Inc. (The) 222,833 1,760,381
- --------------------------------------------------------------------------
$ 12,229,445
- --------------------------------------------------------------------------
Office Electronics -- 0.0%
- --------------------------------------------------------------------------
Ikon Office Solutions, Inc. 83,040 $ 739,056
Xerox Corp.(1) 20,000 211,800
Zebra Technologies Corp., Class A(1) 6,000 451,140
- --------------------------------------------------------------------------
$ 1,401,996
- --------------------------------------------------------------------------
Oil and Gas -- 5.4%
- --------------------------------------------------------------------------
Anadarko Petroleum Corp. 2,991,941 $ 133,051,616
Apache Corporation 1,435,690 93,405,991
Ashland, Inc. 85,716 2,629,767
BP plc ADR 5,183,538 217,812,267
Burlington Resources, Inc. 1,030,802 55,735,464
ChevronTexaco Corporation 119,939 8,659,596
ConocoPhillips 1,386,960 76,005,408
Devon Energy Corp. 507,653 27,108,670
Exxon Mobil Corp. 5,643,056 202,642,141
Kerr - McGee Corp. 267,327 11,976,250
Marathon Oil Corp. 450 11,858
Murphy Oil Corporation 13,200 694,320
Newfield Exploration Company(1) 60,000 2,253,000
Royal Dutch Petroleum Co. 91,069 4,245,637
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
8
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Oil and Gas (continued)
- --------------------------------------------------------------------------
Total Fina Elf SA ADR 100,000 $ 7,580,000
Valero Energy Corp. 51,510 1,871,358
- --------------------------------------------------------------------------
$ 845,683,343
- --------------------------------------------------------------------------
Paper and Forest Products -- 0.2%
- --------------------------------------------------------------------------
Georgia-Pacific Corp. 647,002 $ 12,260,688
International Paper Co. 232,175 8,295,613
Louisiana-Pacific Corp.(1) 70,750 766,930
MeadWestvaco Corp. 84,358 2,083,643
Weyerhaeuser Co. 119,608 6,458,832
- --------------------------------------------------------------------------
$ 29,865,706
- --------------------------------------------------------------------------
Personal Products -- 1.2%
- --------------------------------------------------------------------------
Avon Products, Inc. 186,700 $ 11,612,740
Gillette Company 3,492,990 111,286,661
Lauder (Estee) Companies, Inc. 2,092,312 70,155,221
- --------------------------------------------------------------------------
$ 193,054,622
- --------------------------------------------------------------------------
Pharmaceuticals -- 8.1%
- --------------------------------------------------------------------------
Abbott Laboratories 2,957,481 $ 129,419,369
Allergan, Inc. 34,840 2,686,164
Bristol-Myers Squibb Company 2,877,207 78,116,170
Elan Corp., PLC ADR(1) 31,838 179,566
Forest Laboratories, Inc.(1) 1,906,800 104,397,300
GlaxoSmithKline plc 445,436 18,057,975
Johnson & Johnson 2,662,853 137,669,500
King Pharmaceuticals, Inc.(1) 2,085,117 30,776,327
Lilly (Eli) & Co. 3,030,886 209,040,207
Merck & Co., Inc. 1,557,649 94,315,647
Mylan Laboratories, Inc. 4,555 158,377
Novo Nordisk ADR 292,277 10,133,244
Pfizer, Inc. 7,321,633 250,033,767
Schering AG ADR 25,000 1,211,500
Schering-Plough Corp. 2,982,738 55,478,927
Sepracor, Inc.(1) 4,000 72,120
Teva Pharmaceutical Industries Ltd. ADR 1,200,000 68,316,000
Watson Pharmaceuticals, Inc.(1) 1,022,427 41,275,378
Wyeth Corp. 481,539 21,934,101
- --------------------------------------------------------------------------
$ 1,253,271,639
- --------------------------------------------------------------------------
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Real Estate -- 0.2%
- --------------------------------------------------------------------------
AvalonBay Communities, Inc. 55,000 $ 2,345,200
Catellus Development Corp.(1) 415,722 9,145,884
Jones Lang Lasalle, Inc.(1) 154,567 2,442,159
Plum Creek Timber Co., Inc. 198,791 5,158,626
Trammell Crow Co.(1) 854,200 9,063,062
- --------------------------------------------------------------------------
$ 28,154,931
- --------------------------------------------------------------------------
Road and Rail -- 0.2%
- --------------------------------------------------------------------------
ANC Rental Corporation(1) 459,525 $ 2,298
Burlington Northern Santa Fe Corp. 208,925 5,941,827
CSX Corporation 46,652 1,403,759
Florida East Coast Industries, Inc. 122,888 3,139,788
Heartland Express, Inc.(1) 37,822 841,540
Heartland Express, Inc.(1)(2)(3) 435,436 9,681,185
Kansas City Southern Industries, Inc.(1) 15,215 183,036
Norfolk Southern Corp. 3,090 59,328
Union Pacific Corp. 92,156 5,346,891
- --------------------------------------------------------------------------
$ 26,599,652
- --------------------------------------------------------------------------
Semiconductors and Semiconductor
Equipment -- 1.7%
- --------------------------------------------------------------------------
Agere Systems, Inc.(1) 7,560 $ 17,615
Agere Systems, Inc., Class B(1) 185,545 426,754
Altera Corp.(1) 66,116 1,084,302
Analog Devices, Inc.(1) 540,725 18,828,045
Applied Materials, Inc.(1) 200,824 3,185,069
Applied Materials, Inc.(1)(2)(3) 215,968 3,422,684
Broadcom Corp.(1) 234,000 5,828,940
Conexant Systems, Inc.(1) 134,174 550,113
Cypress Semiconductor Corporation(1) 152,742 1,832,904
Intel Corp. 7,344,523 152,648,566
Intel Corp.(2)(3) 250,000 5,195,351
Intel Corp.(2)(3) 500,000 10,386,804
Intel Corp.(2)(3) 375,000 7,788,155
KLA-Tencor Corp.(1) 129,066 6,000,278
Lam Research Corp.(1) 44,051 802,169
Linear Technologies Corp. 87,760 2,826,750
LSI Logic Corporation(1) 132,810 940,295
Maxim Integrated Products Co. 274,351 9,380,061
Mindspeed Technologies Inc.(1) 44,725 120,757
Skyworks Solutions, Inc.(1) 98,685 668,097
Teradyne, Inc.(1) 27,996 484,611
Texas Instruments, Inc. 2,138,314 37,634,326
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
9
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Semiconductors and Semiconductor
Equipment (continued)
- --------------------------------------------------------------------------
Xilinx, Inc.(1) 68,518 $ 1,734,191
- --------------------------------------------------------------------------
$ 271,786,837
- --------------------------------------------------------------------------
Software -- 3.1%
- --------------------------------------------------------------------------
Adobe Systems, Inc. 231,936 $ 7,438,188
BMC Software, Inc.(1) 27,000 440,910
Cadence Design Systems, Inc.(1) 900,000 10,854,000
Check Point Software Technologies
Ltd.(1) 143,568 2,806,754
Cognos, Inc.(1) 77,000 2,079,000
Computer Associates International, Inc. 33,070 736,800
Compuware Corp.(1) 150,944 870,947
Edwards (J.D.) & Co.(1) 891,844 12,780,125
Fair, Isaac and Co., Inc. 717,685 36,924,893
Henry (Jack) & Associates 201,006 3,575,896
I2 Technologies, Inc.(1) 233,752 236,090
Intuit, Inc.(1) 2,648,849 117,953,246
Microsoft Corp. 9,454,049 242,118,195
Oracle Corp.(1) 737,178 8,860,880
Parametric Technology Corp.(1) 94,600 288,530
PeopleSoft, Inc.(1) 374,478 6,587,068
Reynolds & Reynolds, Co. 451,043 12,881,788
Siebel Systems, Inc.(1) 1,216,472 11,605,143
VERITAS Software Corp.(1) 43,942 1,259,817
Wind River Systems, Inc.(1) 91,910 350,177
- --------------------------------------------------------------------------
$ 480,648,447
- --------------------------------------------------------------------------
Specialty Retail -- 2.0%
- --------------------------------------------------------------------------
Abercrombie & Fitch Co.(1) 14,915 $ 423,735
AutoNation, Inc.(1) 3,829,750 60,203,670
Best Buy Co., Inc.(1) 213,610 9,381,751
Burlington Coat Factory Warehouse Corp. 609,010 10,901,279
Carmax, Inc.(1) 67,797 2,044,080
Circuit City Stores, Inc. 216,000 1,900,800
Gap, Inc. (The) 21,012 394,185
Home Depot, Inc. (The) 2,823,415 93,511,505
Limited Brands, Inc. 816,903 12,661,997
Lowe's Companies 990,139 42,526,470
Office Depot, Inc.(1) 238,664 3,463,015
OfficeMax, Inc.(1) 912,117 5,974,366
Payless Shoesource, Inc.(1) 23,100 288,750
Pep Boys - Manny, Moe & Jack (The) 83,415 1,126,937
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Specialty Retail (continued)
- --------------------------------------------------------------------------
Pier 1 Imports, Inc. 300,000 $ 6,120,000
RadioShack Corp. 677,904 17,835,654
Sherwin-Williams Co. (The) 80,069 2,152,255
Staples, Inc.(1) 92,500 1,697,375
Tiffany & Co. 88,000 2,875,840
TJX Companies, Inc. (The) 2,016,834 37,997,153
Too, Inc.(1) 38,284 775,251
- --------------------------------------------------------------------------
$ 314,256,068
- --------------------------------------------------------------------------
Textiles, Apparel and Luxury Goods -- 0.4%
- --------------------------------------------------------------------------
Coach, Inc.(1) 182,860 $ 9,095,456
Nike Inc., Class B 1,079,222 57,727,585
Unifi, Inc.(1) 42,921 266,110
- --------------------------------------------------------------------------
$ 67,089,151
- --------------------------------------------------------------------------
Thrifts and Mortgage Finance -- 0.8%
- --------------------------------------------------------------------------
Fannie Mae 426,880 $ 28,788,787
Freddie Mac 183,147 9,298,373
Golden West Financial Corporation 21,845 1,747,818
GreenPoint Financial Corp. 720,983 36,726,874
MGIC Investment Corp. 85,000 3,964,400
Radian Group, Inc. 30,800 1,128,820
Sovereign Bancorporation, Inc. 23,766 371,938
Washington Mutual, Inc. 1,179,593 48,717,191
- --------------------------------------------------------------------------
$ 130,744,201
- --------------------------------------------------------------------------
Tobacco -- 0.2%
- --------------------------------------------------------------------------
Altria Group Inc. 525,942 $ 23,898,804
UST, Inc. 439 15,378
- --------------------------------------------------------------------------
$ 23,914,182
- --------------------------------------------------------------------------
Wireless Telecommunication Services -- 0.1%
- --------------------------------------------------------------------------
AT&T Wireless Services, Inc.(1) 1,383,881 $ 11,361,663
Nextel Communications, Inc., Class A(1) 73,122 1,322,046
Sprint Corp. - PCS Group(1) 19,754 113,586
Telephone and Data Systems, Inc. 70,844 3,520,947
Vodafone Group plc ADR 100,617 1,977,124
- --------------------------------------------------------------------------
$ 18,295,366
- --------------------------------------------------------------------------
Total Common Stocks
(identified cost $14,458,940,465) $15,314,068,421
- --------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
10
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
PORTFOLIO OF INVESTMENTS (UNAUDITED) CONT'D
CONVERTIBLE PREFERRED STOCKS -- 0.0%
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Multi-Utilities and Unregulated Power -- 0.0%
- --------------------------------------------------------------------------
Enron Corp.(1)(2) 11,050 $ 14,784
- --------------------------------------------------------------------------
$ 14,784
- --------------------------------------------------------------------------
Total Convertible Preferred Stocks
(identified cost $4,500,777) $ 14,784
- --------------------------------------------------------------------------
</Table>
PREFERRED STOCKS -- 0.0%
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Commercial Banks -- 0.0%
- --------------------------------------------------------------------------
Wachovia Corp. (Dividend Equalization
Preferred Shares)(1) 166,518 $ 2,498
- --------------------------------------------------------------------------
$ 2,498
- --------------------------------------------------------------------------
Total Preferred Stocks
(identified cost $39,407) $ 2,498
- --------------------------------------------------------------------------
</Table>
RIGHTS -- 0.0%
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------
Banks -- 0.0%
- --------------------------------------------------------------------------
Bank United Corp. (Litigation Contingent
Payment Rights)(1) 102,072 $ 8,166
- --------------------------------------------------------------------------
$ 8,166
- --------------------------------------------------------------------------
Computers and Business Equipment -- 0.0%
- --------------------------------------------------------------------------
Seagate Technology, Inc. (Tax
Refund Rights)(1)(2) 197,392 $ 0
- --------------------------------------------------------------------------
$ 0
- --------------------------------------------------------------------------
Integrated Telecommunication Services -- 0.0%
- --------------------------------------------------------------------------
McLeodUSA (Escrow Rights)(1)(2) 1,592,200 $ 0
- --------------------------------------------------------------------------
$ 0
- --------------------------------------------------------------------------
Total Rights
(identified cost $50,596) $ 8,166
- --------------------------------------------------------------------------
</Table>
SHORT-TERM INVESTMENTS -- 1.9%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- --------------------------------------------------------------------------
Barton Capital Corp., 1.05%, 7/3/03 $ 61,077 $ 61,073,437
Barton Capital Corp., 1.06%, 7/1/03 54,402 54,402,000
Investors Bank & Trust Company -- Time
Deposit, 1.37%, 7/1/03 54,872 54,872,088
Corporate Asset Funding, 1.25%, 7/2/03 50,000 49,998,264
Kittyhawk Funding, 1.00%, 7/21/03 32,544 32,525,920
Receivables Capital Corp., 1.03%,
7/11/03 50,000 49,985,694
- --------------------------------------------------------------------------
Total Short-Term Investments
(at amortized cost, $302,857,403) $ 302,857,403
- --------------------------------------------------------------------------
Total Investments -- 100.4%
(identified cost $14,766,388,648) $15,616,951,272
- --------------------------------------------------------------------------
Other Assets, Less Liabilities -- (0.4)% $ (67,182,523)
- --------------------------------------------------------------------------
Net Assets -- 100.0% $15,549,768,749
- --------------------------------------------------------------------------
</Table>
ADR - American Depositary Receipt
(1) Non-income producing security.
(2) Security valued at fair value using methods determined in good faith by
or at the direction of the Trustees.
(3) Security restricted from resale for a period not exceeding two years. At
June 30, 2003, the value of these securities totaled $73,451,212 or 0.5%
of net assets.
SEE NOTES TO FINANCIAL STATEMENTS
11
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
FINANCIAL STATEMENTS (UNAUDITED)
STATEMENT OF ASSETS AND LIABILITIES
<Table>
<Caption>
AS OF JUNE 30, 2003
Assets
- ---------------------------------------------------------
Investments, at value
(identified cost, $14,766,388,648) $15,616,951,272
Cash 641
Receivable for investments sold 9,495,521
Dividends and interest receivable 16,477,873
Tax reclaim receivable 673,037
Other assets 13,542
- ---------------------------------------------------------
TOTAL ASSETS $15,643,611,886
- ---------------------------------------------------------
Liabilities
- ---------------------------------------------------------
Payable for investments purchased $ 93,678,871
Payable to affiliate for Trustees' fees 6,817
Accrued expenses 157,449
- ---------------------------------------------------------
TOTAL LIABILITIES $ 93,843,137
- ---------------------------------------------------------
NET ASSETS APPLICABLE TO INVESTORS'
INTEREST IN PORTFOLIO $15,549,768,749
- ---------------------------------------------------------
Sources of Net Assets
- ---------------------------------------------------------
Net proceeds from capital contributions
and withdrawals $14,699,191,457
Net unrealized appreciation (computed on
the basis of identified cost) 850,577,292
- ---------------------------------------------------------
TOTAL $15,549,768,749
- ---------------------------------------------------------
</Table>
STATEMENT OF OPERATIONS
<Table>
<Caption>
FOR THE SIX MONTHS ENDED
JUNE 30, 2003
Investment Income
- --------------------------------------------------------
Dividends (net of foreign taxes,
$1,623,482) $ 106,720,366
Interest 2,672,774
- --------------------------------------------------------
TOTAL INVESTMENT INCOME $ 109,393,140
- --------------------------------------------------------
Expenses
- --------------------------------------------------------
Investment adviser fee $ 31,979,032
Trustees' fees and expenses 13,150
Custodian fee 902,136
Legal and accounting services 39,203
Miscellaneous 30,809
- --------------------------------------------------------
TOTAL EXPENSES $ 32,964,330
- --------------------------------------------------------
NET INVESTMENT INCOME $ 76,428,810
- --------------------------------------------------------
Realized and Unrealized Gain (Loss)
- --------------------------------------------------------
Net realized gain (loss) --
Investment transactions (identified
cost basis) $ (26,379,550)
Securities sold short (2,985,249)
Foreign currency transactions 58,400
- --------------------------------------------------------
NET REALIZED LOSS $ (29,306,399)
- --------------------------------------------------------
Change in unrealized appreciation
(depreciation) --
Investments (identified cost basis) $1,126,368,019
Securities sold short (203,701)
Foreign currency (13,039)
- --------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) $1,126,151,279
- --------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $1,096,844,880
- --------------------------------------------------------
NET INCREASE IN NET ASSETS FROM
OPERATIONS $1,173,273,690
- --------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
12
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
FINANCIAL STATEMENTS CONT'D
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
SIX MONTHS ENDED
INCREASE (DECREASE) JUNE 30, 2003 YEAR ENDED
IN NET ASSETS (UNAUDITED) DECEMBER 31, 2002
- ------------------------------------------------------------------------------
From operations --
Net investment income $ 76,428,810 $ 139,150,041
Net realized loss (29,306,399) (459,996,840)
Net change in unrealized appreciation
(depreciation) 1,126,151,279 (3,312,547,564)
- ------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ 1,173,273,690 $ (3,633,394,363)
- ------------------------------------------------------------------------------
Capital transactions --
Contributions $ 635,264,361 $ 2,786,165,872
Withdrawals (830,290,890) (2,917,114,901)
- ------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (195,026,529) $ (130,949,029)
- ------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS $ 978,247,161 $ (3,764,343,392)
- ------------------------------------------------------------------------------
Net Assets
- ------------------------------------------------------------------------------
At beginning of period $ 14,571,521,588 $ 18,335,864,980
- ------------------------------------------------------------------------------
AT END OF PERIOD $ 15,549,768,749 $ 14,571,521,588
- ------------------------------------------------------------------------------
</Table>
SEE NOTES TO FINANCIAL STATEMENTS
13
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
FINANCIAL STATEMENTS CONT'D
SUPPLEMENTARY DATA
<Table>
<Caption>
SIX MONTHS ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2003 ------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999
- ------------------------------------------------------------------------------------------------------------------
Ratios/Supplemental Data
- ------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.46%(2) 0.45% 0.45% 0.45% 0.46%
Net investment income 1.06%(2) 0.85% 0.64% 0.67% 0.72%
Portfolio Turnover 11% 23% 18% 13% 11%
- ------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(3) 8.19% (19.52)% (9.67)% -- --
- ------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $15,549,769 $14,571,522 $18,335,865 $18,385,069 $15,114,649
- ------------------------------------------------------------------------------------------------------------------
<Caption>
PERIOD ENDED YEAR ENDED
DECEMBER 31, 1998(1) OCTOBER 31, 1998
- ------------------------------
Ratios/Supplemental Data
- ------------------------------
Ratios (As a percentage of
average daily net assets):
Expenses 0.48%(2) 0.50%
Net investment income 0.72%(2) 0.78%
Portfolio Turnover 3% 12%
- ------------------------------
TOTAL RETURN(3) -- --
- ------------------------------
NET ASSETS, END OF PERIOD
(000'S OMITTED) $8,704,859 $6,985,678
- ------------------------------
</Table>
(1) For the two-month period ended December 31, 1998.
(2) Annualized.
(3) Total return is required to be disclosed for fiscal years beginning
after December 15, 2000. It is not computed on an annualized basis.
SEE NOTES TO FINANCIAL STATEMENTS
14
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1 Significant Accounting Policies
- -------------------------------------------
Tax-Managed Growth Portfolio (the Portfolio) is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Portfolio, which was organized as a trust
under the laws of the State of New York on December 1, 1995, seeks to provide
long-term after-tax returns by investing in a diversified portfolio of equity
securities. The Declaration of Trust permits the Trustees to issue interests
in the Portfolio. The following is a summary of significant accounting
policies consistently followed by the Portfolio in the preparation of its
financial statements. The policies are in conformity with accounting
principles generally accepted in the United States of America.
A Investment Valuations -- Marketable securities, including options, that are
listed on foreign or U.S. securities exchanges are valued at closing sale
prices on the exchange where such securities are principally traded.
Marketable securities listed in the NASDAQ National Market System are valued
at the NASDAQ official closing price. Unlisted or listed securities for which
closing sale prices are not available are generally valued at the mean
between the latest bid and asked prices. Futures positions on securities or
currencies are generally valued at closing settlement prices. Short-term debt
securities with a remaining maturity of 60 days or less are valued at
amortized cost, which approximates fair value. Other fixed income and debt
securities, including listed securities and securities for which price
quotations are available, will normally be valued on the basis of valuations
furnished by a pricing service. Over-the-counter options are normally valued
at the mean between the latest bid and asked price. Investments for which
valuations or market quotations are unavailable are valued at fair value
using methods determined in good faith by or at the direction of the
Trustees.
B Income Taxes -- The Portfolio is 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 such
taxable income. Since some of the Portfolio's investors are regulated
investment companies that invest all or substantially all of their 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 or losses, and
any other items of income, gain, loss, deduction or credit.
C Futures Contracts -- Upon the entering of a financial futures contract, the
Portfolio is required to deposit either in cash or securities an amount
(initial margin) equal to a certain percentage of the purchase price
indicated in the financial futures contract. Subsequent payments are made or
received by the Portfolio (margin maintenance) each day, dependent on daily
fluctuations in the value of the underlying security, and are recorded for
book purposes as unrealized gains or losses by the Portfolio. The Portfolio's
investment in financial futures contracts is designed to hedge against
anticipated future changes in the price of current or anticipated portfolio
positions. Should prices move unexpectedly, the Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize a
loss.
D Put Options -- Upon the purchase of a put option by the Portfolio, the
premium paid is recorded as an investment, the value of which is
marked-to-market daily. When a purchased option expires, the Portfolio will
realize a loss in the amount of the cost of the option. When the Portfolio
enters into a closing sale transaction, the Portfolio will realize a gain or
loss depending on whether the sales proceeds from the closing sale
transaction are greater or less than the cost of the option. When the
Portfolio exercises a put option, settlement is made in cash. The risk
associated with purchasing options is limited to the premium originally paid.
E Securities Sold Short -- The Portfolio may sell a security short if it owns
at least an equal amount of the security sold short or another security
exchangeable for an equal amount of the security sold short in anticipation
of a decline in the market price of the securities or in order to hedge
portfolio positions. The Portfolio will generally borrow the security sold in
order to make delivery to the buyer. Upon executing the transaction, the
Portfolio records the proceeds as deposits with brokers in the Statement of
Assets and Liabilities and establishes an offsetting payable for securities
sold short for the securities due on settlement. The proceeds are retained by
the broker as collateral for the short position. The liability is
marked-to-market and the Portfolio is required to pay the lending broker any
dividend or interest income earned while the short position is open. A gain
or loss is recorded when the security is delivered to the broker. The
Portfolio may recognize a loss on the transaction if the market value of the
securities sold increases before the securities are delivered.
15
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
F Foreign Currency Translation -- Investment valuations, other assets and
liabilities initially expressed in foreign currencies are converted each
business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investment securities and income and expenses are
converted into U.S. dollars based upon currency exchange rates prevailing on
the respective dates of such transactions. Recognized gains or losses on
investment transactions attributable to 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.
G Other -- Investment transactions are accounted for on a trade-date basis.
Dividend income is recorded on the ex-dividend date. 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. Interest
income is recorded on the accrual basis.
H Use of Estimates -- The preparation of the financial statements in conformity
with accounting principles generally accepted in the United States of America
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.
I Interim Financial Statements -- The interim financial statements relating to
June 30, 2003 and for the six months then ended have not been audited by
independent certified public accountants, but in the opinion of the
Portfolio's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
2 Investment Adviser Fee and Other Transactions with Affiliates
- -------------------------------------------
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to the Portfolio.
Under the advisory agreement, BMR receives a monthly advisory fee of 5/96 of
1% (0.625% annually) of the average daily net assets of the Portfolio up to
$500,000,000, and at reduced rates as daily net assets exceed that level. For
the six months ended June 30, 2003, the adviser fee was 0.44% (annualized) of
the Portfolio's average daily net assets. Except for Trustees of the
Portfolio who are not members of EVM's or BMR's organization, officers and
Trustees receive remuneration for their services to the Portfolio out of such
investment adviser fee. Trustees of the Portfolio who are not affiliated with
the Investment Adviser may elect to defer receipt of all or a percentage of
their annual fees in accordance with the terms of the Trustees' Deferred
Compensation Plan. For the six months ended June 30, 2003, no significant
amounts have been deferred.
Certain officers and Trustees of the Portfolio are officers of the above
organizations.
3 Investment Transactions
- -------------------------------------------
For the six months ended June 30, 2003, purchases and sales of investments,
other than short-term obligations, aggregated $1,516,465,536 and
$1,724,390,255, respectively. In addition, investments having an aggregate
market value of $295,825,964 at dates of withdrawal were distributed in
payment for capital withdrawals. During the six months ended June 30, 2003,
investors contributed securities with a value of $306,986,876.
4 Federal Income Tax Basis of Unrealized Appreciation (Depreciation)
- -------------------------------------------
The cost and unrealized appreciation (depreciation) in value of the
investments owned at June 30, 2003 as computed on a federal income tax basis,
were as follows:
<Table>
AGGREGATE COST $ 5,396,951,384
---------------------------------------------------------
Gross unrealized appreciation $10,244,107,429
Gross unrealized depreciation (24,107,541)
---------------------------------------------------------
NET UNREALIZED APPRECIATION $10,219,999,888
---------------------------------------------------------
</Table>
5 Financial Instruments
- -------------------------------------------
The Portfolio may trade in financial instruments with off-balance sheet risk
in the normal course of its investing activities to assist in managing
exposure to various market risks. These financial instruments include written
options, forward foreign currency exchange contracts and financial 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 Portfolio has in particular classes of financial instruments
and does not necessarily
16
<Page>
TAX-MANAGED GROWTH PORTFOLIO AS OF JUNE 30, 2003
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) CONT'D
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. The Portfolio did not have any
open obligations under these financial instruments at June 30, 2003.
6 Line of Credit
- -------------------------------------------
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each participating portfolio or fund
based on its borrowings at an amount above either the Eurodollar rate or
Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on
the daily unused portion of the line of credit is allocated among the
participating portfolios and funds at the end of each quarter. The Portfolio
did not have any significant borrowings or allocated fees during the six
months ended June 30, 2003.
7 Restricted Securities
- -------------------------------------------
At June 30, 2003, the Portfolio owned the following securities (representing
0.5% of net assets) which were restricted as to public resale and not
registered under the Securities Act of 1933. The securities are valued at
fair value using methods determined in good faith by or at the direction of
the Trustees.
<Table>
<Caption>
DATE OF
DESCRIPTION ACQUISITION SHARES COST FAIR VALUE
-----------------------------------------------------------------------------------------
Acxiom Corp. 12/18/02 68,785 $ 1,000,007 $ 1,037,187
Applied Materials, Inc. 12/18/02 215,968 2,988,826 3,422,684
eBay, Inc 5/13/03 100,000 9,466,769 10,403,675
eBay, Inc. 2/19/03 159,000 12,143,697 16,548,055
Heartland Express, Inc. 12/18/02 435,436 10,000,005 9,681,185
Intel Corp. 12/18/02 375,000 6,698,687 7,788,155
Intel Corp. 10/9/02 500,000 6,600,085 10,386,804
Intel Corp. 7/30/02 250,000 4,715,416 5,195,351
Interpublic Group of Companies., Inc. 12/18/02 100,000 1,354,965 1,336,997
Morgan Stanley Dean Witter & Co. 7/30/02 150,000 5,926,597 6,411,698
Outback Steakhouse, Inc. 7/30/02 31,784 1,000,011 1,239,421
-----------------------------------------------------------------------------------------
$61,895,065 $73,451,212
-----------------------------------------------------------------------------------------
</Table>
8 Interestholder Meeting
- -------------------------------------------
The portfolio held a Special Meeting of Interestholders on June 6, 2003 to
elect Trustees. The results of the vote were as follows:
<Table>
<Caption>
INTEREST IN THE PORTFOLIO
-------------------------
NOMINEE FOR TRUSTEE AFFIRMATIVE WITHHOLD
-------------------------------------------------------------------
Jessica M. Bibliowicz 99% 1%
Donald R. Dwight 99% 1%
James B. Hawkes 99% 1%
Samuel L. Hayes, III 99% 1%
William H. Park 99% 1%
Norton H. Reamer 99% 1%
Lynn A. Stout 99% 1%
</Table>
Results are rounded to nearest whole number. Donald R. Dwight retired as a
Trustee effective July 1, 2003 pursuant to the mandatory retirement policy of
the Portfolio.
17
<Page>
INVESTMENT MANAGEMENT
TAX-MANAGED GROWTH PORTFOLIO
Officers
Duncan W. Richardson
President and
Portfolio Manager
Thomas E. Faust Jr.
Vice President
Michelle A. Alexander
Treasurer
Alan R. Dynner
Secretary
Trustees
Jessica M. Bibliowicz
James B. Hawkes
Samuel L. Hayes, III
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
18
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (a fixed income
investment management firm). Previously, he served as Executive Vice President
and Chief Financial Officer of United Asset Management Corporation ("UAM") (a
holding company owning institutional investment management firms). Mr. Hayes is
the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard
University Graduate School of Business Administration. Mr. Reamer is the
President of Unicorn Capital (an investment and financial advisory services
company), Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm). Previously, Mr. Reamer was Chairman of the Board of
UAM and Chairman, President and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. [RESERVED]
ITEM 9. 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 significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS
(a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2).
(a)(2)(i) Treasurer's Section 302 certification.
(a)(2)(ii) President's Section 302 certification.
(b) Combined Section 906 certification.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
TAX-MANAGED GROWTH PORTFOLIO
By: /s/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: August 18, 2003
---------------
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/ Michelle A. Alexander
-------------------------
Michelle A. Alexander
Treasurer
Date: August 18, 2003
---------------
By: /s/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: August 18, 2003
---------------