Eaton Vance Series Trust N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02589

Eaton Vance Series Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

December 31, 2017

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Tax-Managed Growth Fund 1.0

Annual Report

December 31, 2017

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Annual Report December 31, 2017

Eaton Vance

Tax-Managed Growth Fund 1.0

Table of Contents

Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	14 and 33
Federal Tax Information	15
Management and Organization	34
Important Notices	37

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

U.S. stock markets moved steadily higher over the 12-month period ended December 31, 2017 due to an extended rally that began with President Trump’s election victory. Strong global economic growth and rising corporate profits helped drive market gains.

When the period began, U.S. stock markets were on the upswing following the U.S. election outcome in November 2016. Those markets slipped in March 2017, as the failure of the President’s health care bill in Congress raised concerns about prospects for the rest of the administration’s economic policy agenda, including tax reform and infrastructure spending. But U.S. stock markets, backed by positive economic reports, quickly regained their upward momentum. Citing the strengthening economy, the U.S. Federal Reserve (the Fed) raised its benchmark interest rate in March 2017 and again in June 2017.

U.S. equity markets briefly retreated in August 2017 amid the North Korea stand-off and the devastation left by Hurricane Harvey in Texas. Those markets soon rebounded, however, with major U.S. indexes reaching multiple record highs in the final three months of the period ended December 31, 2017. Investors anticipated and then cheered passage of the Republican tax reform package championed by President Trump. Deep cuts in the corporate tax rate, a key element of the tax bill, raised expectations for higher corporate earnings. In December, the Fed increased interest rates for the third and final time in 2017. As with the two previous rate hikes, investors took the announcement in stride and continued to push domestic stock prices higher. In terms of economic sectors, information technology and financials led the U.S. market’s advance during the period ended December 31, 2017

For the 12-month period ended December 31, 2017, all major U.S. stock indexes recorded double-digit returns. The blue-chip Dow Jones Industrial Average² rose 28.11%, while the broader U.S. equity market, as represented by the S&P 500 Index, returned 21.83%. The technology-laden NASDAQ Composite Index delivered a 29.64% gain. Large-cap U.S. stocks, as measured by the S&P 500 Index, outperformed their small-cap counterparts as measured by the Russell 2000^® Index during the period. Growth stocks outpaced value stocks within both the large- and small-cap categories, as measured by the Russell growth and value indexes.

Fund Performance

For the 12-month period ended December 31, 2017, Eaton Vance Tax-Managed Growth Fund 1.0 (the Fund) had a total return of 22.73% at net asset value (NAV), outperforming its

benchmark, the S&P 500 Index (the Index), which returned 21.83% for the period.

The Fund’s relative outperformance versus the Index was due largely to sector and industry allocation, with stock selection also contributing to relative Fund performance. Of the 11 economic sectors in the Index, nine had positive returns for the 12-month period, while the Fund recorded positive returns in 10 of those sectors.

Stock selection in the industrials sector made the biggest contribution to relative Fund performance, particularly the Fund’s holdings in aerospace & defense industry. Aircraft giant Boeing Co. was the Fund’s top-performing individual stock for the 12-month period amid strong aircraft market demand.

The Fund’s overweight in the outperforming information technology sector further boosted relative Fund performance for the period. Within the sector, both an overweight and stock selection in the internet software & services industry proved beneficial. Social network leader Facebook, Inc. was among the Fund’s best-performing individual stocks, as was cloud computing leader Arista Networks, Inc. Both companies’ results exceeded expectations during the period.

The Fund’s underweight in the lagging telecommunication services sector also helped relative Fund performance for the 12-month period.

Conversely, the health care sector detracted from relative Fund performance, largely due to stock selection. In particular,

the Fund’s holdings in the pharmaceuticals and health care providers and services industries hurt relative Fund performance. Generic drug firm Teva Pharmaceutical Industries, Ltd. ADR was the Fund’s worst-performing individual stock for the 12-month period, as continuing pricing pressures on drug prices and internal restructuring dampened the company’s results.

Stock selection in the energy sector, especially in the oil &

gas industry, also hampered relative Fund performance. With energy prices low during the period, oil giant Exxon Mobil Corp. and oilfield services leader Schlumberger, Ltd. were among the Fund’s poorest-performing individual stocks.

Stock selection in the consumer discretionary further detracted from relative Fund performance. Within the sector, the

Fund’s holding in coffee chain Starbucks Corp. was a notable detractor, as the company’s disappointing traffic and sales results led to lower growth expectations during the 12-month period. Entertainment leader Walt Disney Co. was also among the Fund’s weakest-performing individual stocks amid continuing pressures in its key cable asset and uncertainty surrounding its investments in a new direct-to-consumer digital strategy.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Performance^2,3

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

% Average Annual Total Returns	Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
Fund at NAV		03/29/1966		03/29/1966		22.73	%		15.37	%		8.32	%
S&P 500 Index		—		—		21.83	%		15.78	%		8.49	%
% After-Tax Returns	Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
After Taxes on Distributions		03/29/1966		03/29/1966		22.35	%		14.98	%		7.97	%
After Taxes on Distributions and Sale of Fund Shares		—		—		13.13			12.33			6.72

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Tax-Managed Growth Fund 1.0 for the period indicated. For comparison, the same investment is shown in the indicated index.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than quoted. Returns are before taxes unless otherwise noted. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Apple, Inc.	3.4	%
Facebook, Inc., Class A	3.0
Amazon.com, Inc.	2.6
Alphabet, Inc., Class C	2.2
JPMorgan Chase & Co.	2.2
Wells Fargo & Co.	2.1
Intel Corp.	1.9
Alphabet, Inc., Class A	1.9
Boeing Co. (The)	1.8
Johnson & Johnson	1.8
Total	22.9	%

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Endnotes and Additional Disclosures

¹  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward looking statements”. The Fund’s actual future results may differ significantly from those stated in any forward looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.

²  Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. NASDAQ Composite Index is a market capitalization-weighted index of all domestic and international securities listed on NASDAQ. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³  Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. After-tax returns are calculated using certain assumptions, including using the highest historical individual federal income tax rates, and do not reflect the impact of state/ local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders.

⁴  Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio’s holdings.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

   Important Notice to Shareholders

The Fund typically meets redemptions of Fund shares by distributing portfolio securities equal in value to the Fund shares being redeemed. The selection of each security to be distributed in a redemption is in the sole discretion of the Fund’s investment adviser. Settlement of redemptions ordinarily will occur within five business days of the processing of a redemption, provided that all requested delivery information has been provided by the redeeming shareholder. Redeeming shareholders will be exposed to the risk of fluctuations in the value of the securities distributed by the Fund upon redemptions until the securities are received and/or sold by the shareholder. If portfolio securities distributed to meet a redemption are sold by the redeeming shareholder, the shareholder will incur brokerage commissions or other transaction costs. Shareholders should consult with their financial adviser in connection with a redemption request. Questions concerning redemptions may be directed to Eaton Vance Investor Services at 1-866-910-2425.

5

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2017 – December 31, 2017).

Actual Expenses:  The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:  The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.

	Beginning Account Value (7/1/17)		Ending Account Value (12/31/17)		Expenses Paid During Period* (7/1/17 – 12/31/17)		Annualized Expense Ratio
Actual
	$	1,000.00	$	1,124.40	$	2.57		0.48	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,022.80	$	2.45		0.48	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2017. The Example reflects the expenses of both the Fund and the Portfolio.

6

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Statement of Assets and Liabilities

Assets	December 31, 2017
Investment in Tax-Managed Growth Portfolio, at value (identified cost, $324,644,308)	$	983,349,962
Total assets	$	983,349,962
Liabilities
Payable for Fund shares redeemed	$	218,026
Payable to affiliates:
Trustees’ fees		125
Accrued expenses		66,395
Total liabilities	$	284,546
Net Assets	$	983,065,416
Sources of Net Assets
Paid-in capital	$	49,190,053
Accumulated undistributed net investment income		51,389
Accumulated net realized gain from Portfolio		294,627,492
Accumulated federal tax on undistributed net realized long-term capital gain, paid on behalf of the shareholders		(19,509,172	)
Net unrealized appreciation from Portfolio		658,705,654
Total	$	983,065,416
Net Asset Value and Redemption Price Per Share
($983,065,416 ÷ 857,729 shares of beneficial interest outstanding)	$	1,146.13

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Statement of Operations

Investment Income	Year Ended December 31, 2017
Dividends allocated from Portfolio (net of foreign taxes, $92,317)	$	16,098,073
Expenses allocated from Portfolio		(4,134,110	)
Total investment income from Portfolio	$	11,963,963
Expenses
Trustees’ fees and expenses	$	500
Custodian fee		53,943
Transfer and dividend disbursing agent fees		68,914
Professional fees		44,765
Printing and postage		13,055
Miscellaneous		16,503
Total expenses	$	197,680
Net investment income	$	11,766,283
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions(1)	$	23,421,167
Foreign currency transactions		179
Net realized gain	$	23,421,346
Change in unrealized appreciation (depreciation) —
Investments	$	149,428,943
Foreign currency		11,166
Net change in unrealized appreciation (depreciation)	$	149,440,109
Net realized and unrealized gain	$	172,861,455
Net increase in net assets from operations	$	184,627,738

⁽¹⁾  Includes $23,734,521 of net realized gains from redemptions in-kind.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2017			2016
From operations —
Net investment income	$	11,766,283		$	11,677,490
Net realized gain		23,421,346			20,396,704
Net change in unrealized appreciation (depreciation)		149,440,109			37,441,484
Net increase in net assets from operations	$	184,627,738		$	69,515,678
Distributions to shareholders —
From net investment income	$	(11,861,414	)	$	(11,870,066	)
Total distributions to shareholders	$	(11,861,414	)	$	(11,870,066	)
Transactions in shares of beneficial interest —
Net asset value of shares issued to shareholders in payment of distributions declared	$	3,283,539		$	3,184,433
Cost of shares redeemed		(20,324,296	)		(43,964,971	)
Net decrease in net assets from Fund share transactions	$	(17,040,757	)	$	(40,780,538	)
Net increase in net assets	$	155,725,567		$	16,865,074
Net Assets
At beginning of year	$	827,339,849		$	810,474,775
At end of year	$	983,065,416		$	827,339,849
Accumulated undistributed net investment income included in net assets
At end of year	$	51,389		$	166,371

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Financial Highlights

	Year Ended December 31,
	2017			2016			2015			2014			2013
Net asset value — Beginning of year	$	946.160		$	880.890		$	871.740		$	784.380		$	601.470
Income (Loss) From Operations
Net investment income	$	13.613	(1)	$	12.991	(1)	$	12.583		$	11.801		$	10.307
Net realized and unrealized gain		200.107			65.579			8.817			87.359			183.003
Total income from operations	$	213.720		$	78.570		$	21.400		$	99.160		$	193.310
Less Distributions
From net investment income	$	(13.750	)	$	(13.300	)	$	(12.250	)	$	(11.800	)	$	(10.400	)
Total distributions	$	(13.750	)	$	(13.300	)	$	(12.250	)	$	(11.800	)	$	(10.400	)
Net asset value — End of year	$	1,146.130		$	946.160		$	880.890		$	871.740		$	784.380
Total Return(2)		22.73	%		9.00	%		2.47	%		12.72	%		32.25	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	983,065		$	827,340		$	810,475		$	826,731		$	786,623
Ratios (as a percentage of average daily net assets):(3)
Expenses(4)		0.48	%		0.49	%		0.49	%		0.50	%		0.50	%
Net investment income		1.31	%		1.46	%		1.42	%		1.44	%		1.48	%
Portfolio Turnover of the Portfolio		0	%(5)(6)		1	%(6)		9	%		8	%		3	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Includes the Fund’s share of the Portfolio’s allocated expenses.

⁽⁴⁾  Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

⁽⁵⁾  Amount is less than 0.5%.

⁽⁶⁾  Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 5% and 6% for the years ended December 31, 2017 and 2016, respectively.

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Tax-Managed Growth Fund 1.0 (the Fund) is a diversified series of the Eaton Vance Series Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund invests all of its investable assets in interests in Tax-Managed Growth Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (6.1% at December 31, 2017). 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 “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 — 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. Although the Fund intends to distribute net realized long-term gains to shareholders each year, the Fund reserves the right to designate such gains as undistributed and pay the federal tax thereon on behalf of shareholders. The Fund records a provision for such tax on the last day of its fiscal year because the Internal Revenue Code provides that such tax is allocated among shareholders of record on that date.

As of December 31, 2017, 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 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.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make quarterly distributions 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. Shareholders may reinvest income and capital gain distributions in additional shares 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.

11

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended December 31, 2017 and December 31, 2016 was as follows:

	Year Ended December 31,
	2017		2016
Distributions declared from:
Ordinary income	$	11,861,414	$	11,870,066

During the year ended December 31, 2017, accumulated net realized gain was decreased by $14,371,187, accumulated undistributed net investment income was decreased by $19,851 and paid-in capital was increased by $14,391,038 due to expired capital loss carryforwards and differences between book and tax accounting, primarily for the Fund’s investment in the Portfolio, as well as redemptions in-kind. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of December 31, 2017, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed ordinary income	$	51,389
Deferred capital losses	$	(2,164,296	)
Net unrealized appreciation	$	955,497,442

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to the Fund’s investment in the Portfolio.

At December 31, 2017, the Fund, for federal income tax purposes, had deferred capital losses of $2,164,296 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, 2017, $1,958,009 are short-term and $206,287 are long-term.

3  Transactions with Affiliates

Eaton Vance Management (EVM) serves as the administrator to the Fund, but receives no compensation. The Portfolio has engaged Boston Management and Research (BMR), a subsidiary of EVM, to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2017, EVM earned $20,206 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations.

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  Investment Transactions

For the year ended December 31, 2017, increases and decreases in the Fund’s investment in the Portfolio aggregated $0 and $28,874,600, respectively. Decreases in the Fund’s investment in the Portfolio include distributions of securities as the result of redemptions in-kind with a value of $19,799,407.

12

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Notes to Financial Statements — continued

5  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). Transactions in Fund shares were as follows:

	Year Ended December 31,
	2017			2016
Issued to shareholders electing to receive payments of distributions in Fund shares		3,126			3,525
Redemptions		(19,811	)		(49,171	)
Net decrease		(16,685	)		(45,646	)

13

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Series Trust and Shareholders of Eaton Vance Tax-Managed Growth Fund 1.0:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Growth Fund 1.0 (the “Fund”) (constituting Eaton Vance Series Trust), as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2017, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 22, 2018

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

14

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Federal Tax Information (Unaudited)

The Form 1099-DIV you received in February 2018 showed the tax status of all distributions paid to your account in calendar year 2017. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Dividend Income.  For the fiscal year ended December 31, 2017, the Fund designates approximately $12,837,029, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction.  Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2017 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

15

Tax-Managed Growth Portfolio

December 31, 2017

Portfolio of Investments

Common Stocks — 98.6%
Security	Shares		Value
Aerospace & Defense — 3.0%
Arconic, Inc.		5,034	$	137,176
Boeing Co. (The)		1,013,423		298,868,577
General Dynamics Corp.		111,158		22,615,095
Huntington Ingalls Industries, Inc.		539		127,042
Lockheed Martin Corp.		52,891		16,980,656
Northrop Grumman Corp.		35,008		10,744,305
Raytheon Co.		67,943		12,763,093
Rockwell Collins, Inc.		12,850		1,742,717
United Technologies Corp.		928,267		118,419,021
			$	482,397,682
Air Freight & Logistics — 2.0%
C.H. Robinson Worldwide, Inc.		776,123	$	69,144,798
Expeditors International of Washington, Inc.		1,300		84,097
FedEx Corp.		302,343		75,446,672
United Parcel Service, Inc., Class B		1,454,599		173,315,471
			$	317,991,038
Airlines — 0.0%(1)
American Airlines Group, Inc.		53,294	$	2,772,887
Delta Air Lines, Inc.		47,773		2,675,288
			$	5,448,175
Auto Components — 0.2%
Adient PLC		15,055	$	1,184,829
Aptiv PLC		228,000		19,341,240
BorgWarner, Inc.		2,800		143,052
Delphi Technologies PLC(2)		76,000		3,987,720
Gentex Corp.		497,018		10,412,527
			$	35,069,368
Automobiles — 0.2%
Daimler AG		38,000	$	3,213,470
Ford Motor Co.		1,212,587		15,145,212
General Motors Co.		73,598		3,016,782
Harley-Davidson, Inc.		20,162		1,025,842
Tesla, Inc.(2)		7,188		2,237,984
			$	24,639,290
Banks — 7.2%
Bank of America Corp.		2,445,857	$	72,201,699
Bank of Montreal		4		320

Security	Shares		Value
Banks (continued)
BB&T Corp.		1,328,924	$	66,074,101
BB&T Corp.(3)		22,314		1,108,897
CIT Group, Inc.		66,161		3,257,106
Citigroup, Inc.		854,460		63,580,369
Commerce Bancshares, Inc.		43,484		2,428,119
CVB Financial Corp.		152,000		3,581,120
Fifth Third Bancorp		1,155,361		35,053,653
HSBC Holdings PLC		220,592		2,267,975
HSBC Holdings PLC ADR		424		21,895
Huntington Bancshares, Inc.		121,677		1,771,617
ING Groep NV ADR		131,742		2,431,957
JPMorgan Chase & Co.		3,402,669		363,881,423
KeyCorp		111,718		2,253,352
M&T Bank Corp.		89,716		15,340,539
PNC Financial Services Group, Inc. (The)		76,601		11,052,758
Regions Financial Corp.		714,736		12,350,638
Societe Generale SA		460,793		23,756,402
SunTrust Banks, Inc.		447,497		28,903,831
SVB Financial Group(2)		12,233		2,859,708
Synovus Financial Corp.		1,565		75,026
Toronto-Dominion Bank (The)		30,213		1,769,878
U.S. Bancorp		2,109,905		113,048,710
Wells Fargo & Co.		5,493,884		333,313,942
			$	1,162,385,035
Beverages — 2.3%
Anheuser-Busch InBev SA/NV ADR		2,080	$	232,045
Boston Beer Co., Inc. (The), Class A(2)		4,730		903,903
Brown-Forman Corp., Class A		750		50,430
Brown-Forman Corp., Class B		4,273		293,427
Coca-Cola Co. (The)		3,079,322		141,279,293
Constellation Brands, Inc., Class A		782		178,741
Dr Pepper Snapple Group, Inc.		2,700		262,062
Molson Coors Brewing Co., Class B		186,000		15,265,020
Monster Beverage Corp.(2)		111,851		7,079,050
PepsiCo, Inc.		1,789,715		214,622,623
			$	380,166,594
Biotechnology — 4.5%
AbbVie, Inc.		2,183,900	$	211,204,969
Agios Pharmaceuticals, Inc.(2)		54,880		3,137,490
Alexion Pharmaceuticals, Inc.(2)		627,269		75,015,100
Alexion Pharmaceuticals, Inc.(2)(3)		43,530		5,205,753
Alexion Pharmaceuticals, Inc.(2)(3)		81,001		9,686,910
Alkermes PLC(2)		5,000		273,650

16 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Portfolio of Investments — continued

Security	Shares			Value
Biotechnology (continued)
Alnylam Pharmaceuticals, Inc.(2)		5,000		$	635,250
Amgen, Inc.		829,445			144,240,485
Biogen, Inc.(2)		141,716			45,146,466
Bioverativ, Inc.(2)		69,608			3,753,263
Celgene Corp.(2)		882,847			92,133,913
Gilead Sciences, Inc.		1,161,439			83,205,490
Incyte Corp.(2)		76,572			7,252,134
Neurocrine Biosciences, Inc.(2)		20,000			1,551,800
Regeneron Pharmaceuticals, Inc.(2)		18,129			6,815,779
Shire PLC ADR		6,338			983,150
Vertex Pharmaceuticals, Inc.(2)		234,000			35,067,240
				$	725,308,842
Building Products — 0.3%
A.O. Smith Corp.		24,000		$	1,470,720
Fortune Brands Home & Security, Inc.		1,723			117,922
Johnson Controls International PLC		309,864			11,808,917
Lennox International, Inc.		168,620			35,116,801
				$	48,514,360
Capital Markets — 5.9%
Affiliated Managers Group, Inc.		36,716		$	7,535,959
Ameriprise Financial, Inc.		214,704			36,385,887
Bank of New York Mellon Corp. (The)		472,609			25,454,721
BlackRock, Inc.		10,664			5,478,203
Brookfield Asset Management, Inc., Class A		85,620			3,727,895
Cboe Global Markets, Inc.		158,225	��		19,713,253
Charles Schwab Corp. (The)		3,780,109			194,184,199
CME Group, Inc.		213,337			31,157,869
E*TRADE Financial Corp.(2)		4,593			227,675
Franklin Resources, Inc.		639,541			27,711,312
Goldman Sachs Group, Inc. (The)		662,815			168,858,749
Intercontinental Exchange, Inc.		116,086			8,191,028
Invesco, Ltd.		4,040			147,622
Legg Mason, Inc.		122,902			5,159,426
LPL Financial Holdings, Inc.		206,073			11,775,011
Moody’s Corp.		188,838			27,874,377
Morgan Stanley		2,338,649			122,708,913
Nasdaq, Inc.		66,660			5,121,488
Northern Trust Corp.		711,598			71,081,524
S&P Global, Inc.		171,673			29,081,406
SEI Investments Co.		150,000			10,779,000
State Street Corp.		782,835			76,412,524
Stifel Financial Corp.		112,796			6,718,130
T. Rowe Price Group, Inc.		534,472			56,082,147

Security	Shares		Value
Capital Markets (continued)
UBS AG(2)		9	$	166
Waddell & Reed Financial, Inc., Class A		8,833		197,329
			$	951,765,813
Chemicals — 1.5%
AdvanSix, Inc.(2)		1,768	$	74,380
Air Products and Chemicals, Inc.		5,772		947,070
Albemarle Corp.		84,157		10,762,839
Balchem Corp.		17,292		1,393,735
Chemours Co. (The)		151		7,559
DowDuPont, Inc.		1,198,087		85,327,756
Eastman Chemical Co.		1,950		180,648
Ecolab, Inc.		562,291		75,448,206
International Flavors & Fragrances, Inc.		3,000		457,830
LyondellBasell Industries NV, Class A		4,063		448,230
Monsanto Co.		16,425		1,918,111
NewMarket Corp.		12,227		4,858,888
PPG Industries, Inc.		344,447		40,238,299
Praxair, Inc.		6,143		950,199
Sherwin-Williams Co. (The)		28,213		11,568,459
Valvoline, Inc.		68,886		1,726,283
Westlake Chemical Corp.		1,000		106,530
			$	236,415,022
Commercial Services & Supplies — 0.1%
Copart, Inc.(2)		3,800	$	164,122
Pitney Bowes, Inc.		14,270		159,538
Stericycle, Inc.(2)		13,300		904,267
Waste Management, Inc.		109,569		9,455,805
			$	10,683,732
Communications Equipment — 1.8%
Arista Networks, Inc.(2)		530,020	$	124,862,111
Arista Networks, Inc.(2)(3)		120,000		28,269,600
Arista Networks, Inc.(2)(3)		127,576		30,024,300
Cisco Systems, Inc.		2,083,361		79,792,726
Juniper Networks, Inc.		285,300		8,131,050
Motorola Solutions, Inc.		37,773		3,412,413
Nokia Oyj ADR		192		895
Palo Alto Networks, Inc.(2)		140,438		20,355,084
			$	294,848,179

17 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Construction & Engineering — 0.0%(1)
Fluor Corp.		2,400	$	123,960
Jacobs Engineering Group, Inc.		56,851		3,749,892
			$	3,873,852
Construction Materials — 0.0%(1)
Vulcan Materials Co.		57,535	$	7,385,768
			$	7,385,768
Consumer Finance — 1.7%
American Express Co.		1,028,695	$	102,159,700
Capital One Financial Corp.		130,994		13,044,383
Discover Financial Services		1,217,829		93,675,407
LendingClub Corp.(2)		79,691		329,124
Navient Corp.		10,200		135,864
SLM Corp.(2)		10,200		115,260
Synchrony Financial		1,709,753		66,013,563
			$	275,473,301
Containers & Packaging — 0.1%
AptarGroup, Inc.		27,180	$	2,345,090
Avery Dennison Corp.		2,250		258,435
Ball Corp.		25,288		957,151
Crown Holdings, Inc.(2)		13,787		775,519
International Paper Co.		42,000		2,433,480
WestRock Co.		39,303		2,484,343
			$	9,254,018
Distributors — 0.2%
Genuine Parts Co.		198,637	$	18,872,501
LKQ Corp.(2)		224,518		9,131,147
			$	28,003,648
Diversified Consumer Services — 0.0%(1)
H&R Block, Inc.		25,610	$	671,494
			$	671,494
Diversified Financial Services — 2.5%
Berkshire Hathaway, Inc., Class A(2)		453	$	134,812,804
Berkshire Hathaway, Inc., Class B(2)		1,362,394		270,053,739
			$	404,866,543
Diversified Telecommunication Services — 0.2%
AT&T, Inc.		619,815	$	24,098,407
CenturyLink, Inc.		5,086		84,835

Security	Shares		Value
Diversified Telecommunication Services (continued)
Deutsche Telekom AG ADR		46,667	$	824,186
Frontier Communications Corp.		894		6,043
Verizon Communications, Inc.		113,787		6,022,746
Windstream Holdings, Inc.		4,107		7,598
			$	31,043,815
Electric Utilities — 0.2%
Duke Energy Corp.		31,500	$	2,649,465
Exelon Corp.		8,420		331,832
NextEra Energy, Inc.		113,807		17,775,515
Southern Co. (The)		104,610		5,030,695
			$	25,787,507
Electrical Equipment — 1.1%
Acuity Brands, Inc.		11,121	$	1,957,296
AMETEK, Inc.		68,596		4,971,152
Eaton Corp. PLC		131,464		10,386,971
Emerson Electric Co.		2,031,858		141,600,184
Rockwell Automation, Inc.		122,389		24,031,080
			$	182,946,683
Electronic Equipment, Instruments & Components — 0.4%
CDW Corp.		142,695	$	9,915,875
Corning, Inc.		1,540,029		49,265,528
Keysight Technologies, Inc.(2)		2,442		101,587
Knowles Corp.(2)		8,001		117,295
TE Connectivity, Ltd.		15,999		1,520,545
			$	60,920,830
Energy Equipment & Services — 0.8%
Frank’s International NV(3)		1,500,000	$	9,975,000
Halliburton Co.		916,846		44,806,264
National Oilwell Varco, Inc.		5,061		182,297
Schlumberger, Ltd.		1,209,705		81,522,020
Transocean, Ltd.(2)		2,884		30,801
			$	136,516,382
Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.		25,815	$	3,683,026
Host Hotels & Resorts, Inc.		8,720		173,092
ProLogis, Inc.		2,000		129,020
Public Storage		49		10,241
Simon Property Group, Inc.		25,563		4,390,190
			$	8,385,569

18 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Food & Staples Retailing — 3.0%
Costco Wholesale Corp.		878,577	$	163,520,751
CVS Health Corp.		1,220,216		88,465,660
Kroger Co. (The)		185,438		5,090,273
Sprouts Farmers Market, Inc.(2)		1,595,636		38,853,737
Sysco Corp.		439,987		26,720,411
Wal-Mart Stores, Inc.		1,184,795		116,998,506
Walgreens Boots Alliance, Inc.		552,387		40,114,344
			$	479,763,682
Food Products — 1.5%
Archer-Daniels-Midland Co.		170,413	$	6,830,153
Campbell Soup Co.		139,915		6,731,311
Conagra Brands, Inc.		402,669		15,168,541
Flowers Foods, Inc.		261,924		5,057,752
General Mills, Inc.		16,787		995,301
Hain Celestial Group, Inc. (The)(2)		7,590		321,740
Hershey Co. (The)		541,784		61,497,902
Hormel Foods Corp.		145,646		5,300,058
JM Smucker Co. (The)		18,967		2,356,460
Kellogg Co.		63,058		4,286,683
Kraft Heinz Co. (The)		35,003		2,721,833
Lamb Weston Holdings, Inc.		93,135		5,257,471
McCormick & Co., Inc.		51,488		5,247,142
Mondelez International, Inc., Class A		483,289		20,684,769
Nestle SA		1,119,866		96,281,874
Tyson Foods, Inc., Class A		24,682		2,000,970
			$	240,739,960
Health Care Equipment & Supplies — 1.8%
Abbott Laboratories		1,787,005	$	101,984,375
ABIOMED, Inc.(2)		49,633		9,301,721
Baxter International, Inc.		230,275		14,884,976
Becton, Dickinson and Co.		78,887		16,886,551
Boston Scientific Corp.(2)		30,490		755,847
Danaher Corp.		139,109		12,912,097
DexCom, Inc.(2)		94,962		5,449,869
Edwards Lifesciences Corp.(2)		5,200		586,092
Halyard Health, Inc.(2)		542		25,030
Hologic, Inc.(2)		154,947		6,623,984
Intuitive Surgical, Inc.(2)		74,858		27,318,679
Medtronic PLC		529,730		42,775,698
Stryker Corp.		247,882		38,382,049
Zimmer Biomet Holdings, Inc.		148,351		17,901,515
			$	295,788,483

Security	Shares		Value
Health Care Providers & Services — 0.4%
Acadia Healthcare Co., Inc.(2)		32,000	$	1,044,160
Aetna, Inc.		18,766		3,385,199
Anthem, Inc.		54,347		12,228,618
Cardinal Health, Inc.		29,805		1,826,152
Centene Corp.(2)		12,164		1,227,104
Cigna Corp.		8,814		1,790,035
DaVita, Inc.(2)		157,055		11,347,224
Express Scripts Holding Co.(2)		5		373
HCA Healthcare, Inc.(2)		155,114		13,625,214
Henry Schein, Inc.(2)		26,346		1,841,059
Humana, Inc.		482		119,570
McKesson Corp.		5,914		922,288
UnitedHealth Group, Inc.		77,826		17,157,520
			$	66,514,516
Health Care Technology — 0.2%
Cerner Corp.(2)		17,440	$	1,175,282
Cotiviti Holdings, Inc.(2)		863,310		27,807,215
			$	28,982,497
Hotels, Restaurants & Leisure — 3.5%
Carnival Corp.		13,648	$	905,818
Chipotle Mexican Grill, Inc.(2)		72,498		20,954,097
Chipotle Mexican Grill, Inc.(2)(3)		48,619		14,052,349
Choice Hotels International, Inc.		30,002		2,328,155
Darden Restaurants, Inc.		20,400		1,958,808
Domino’s Pizza, Inc.		148		27,966
Hilton Worldwide Holdings, Inc.		38,110		3,043,465
Marriott International, Inc., Class A		1,889,405		256,448,941
McDonald’s Corp.		11,550		1,987,986
MGM Resorts International(3)		50,000		1,668,665
Starbucks Corp.		3,676,552		211,144,381
Texas Roadhouse, Inc.		398,116		20,972,751
Yum China Holdings, Inc.		360,498		14,427,130
Yum! Brands, Inc.		290,587		23,714,805
			$	573,635,317
Household Durables — 0.1%
D.R. Horton, Inc.		1,455	$	74,307
Lennar Corp., Class A		1,050		66,402
Lennar Corp., Class B		21		1,085
Mohawk Industries, Inc.(2)		2,820		778,038
Newell Brands, Inc.		350,091		10,817,812
PulteGroup, Inc.		29,551		982,571
Tempur Sealy International, Inc.(2)		135,025		8,464,717

19 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Household Durables (continued)
Whirlpool Corp.		1,391	$	234,578
			$	21,419,510
Household Products — 1.5%
Church & Dwight Co., Inc.		1,120	$	56,190
Clorox Co. (The)		1,340		199,312
Colgate-Palmolive Co.		1,237,495		93,368,998
Energizer Holdings, Inc.		9,500		455,810
Kimberly-Clark Corp.		32,943		3,974,902
Procter & Gamble Co. (The)		1,604,743		147,443,787
			$	245,498,999
Independent Power and Renewable Electricity Producers — 0.0%(1)
AES Corp. (The)		1,730	$	18,736
			$	18,736
Industrial Conglomerates — 2.0%
3M Co.		715,543	$	168,417,356
Carlisle Cos., Inc.		49,148		5,585,670
General Electric Co.		5,305,316		92,577,764
Honeywell International, Inc.		360,331		55,260,362
Roper Technologies, Inc.		20,247		5,243,973
			$	327,085,125
Insurance — 1.2%
Aegon NV ADR		5	$	31
Aflac, Inc.		268,756		23,591,402
Aflac, Inc.(3)		25,000		2,193,403
Alleghany Corp.(2)		3,985		2,375,419
Allstate Corp. (The)		5,277		552,555
American International Group, Inc.		159,867		9,524,876
Aon PLC		81,264		10,889,376
Arch Capital Group, Ltd.(2)		13,000		1,180,010
Arthur J. Gallagher & Co.		345,890		21,887,919
Assurant, Inc.		10,300		1,038,652
Brighthouse Financial, Inc.(2)		936		54,887
Chubb, Ltd.		7,710		1,126,662
Cincinnati Financial Corp.		142,557		10,687,498
Hartford Financial Services Group, Inc.		32,187		1,811,484
Markel Corp.(2)		6,362		7,247,145
Marsh & McLennan Cos., Inc.		53,019		4,315,216
MetLife, Inc.		10,296		520,566
Progressive Corp.		1,239,244		69,794,222
Prudential Financial, Inc.		18,767		2,157,830

Security	Shares		Value
Insurance (continued)
Reinsurance Group of America, Inc.		6,425	$	1,001,850
Torchmark Corp.		89,853		8,150,566
Travelers Companies, Inc. (The)		97,519		13,227,477
Trisura Group, Ltd.(2)		124		2,572
Willis Towers Watson PLC		104		15,672
			$	193,347,290
Internet & Direct Marketing Retail — 3.2%
Amazon.com, Inc.(2)		355,925	$	416,243,610
Ctrip.com International, Ltd. ADR(2)		5,200		229,320
Expedia, Inc.		2,670		319,786
HSN, Inc.		19,864		801,512
Netflix, Inc.(2)		126,516		24,286,011
Priceline Group, Inc. (The)(2)		44,435		77,216,477
Wayfair, Inc.(2)		26,372		2,116,881
			$	521,213,597
Internet Software & Services — 8.1%
2U, Inc.(2)		14,879	$	959,844
Akamai Technologies, Inc.(2)		225,000		14,634,000
Alibaba Group Holding, Ltd. ADR(2)		208,381		35,931,136
Alphabet, Inc., Class A(2)		288,524		303,931,182
Alphabet, Inc., Class C(2)		347,938		364,082,323
Altaba, Inc.(2)		144,071		10,063,359
Baidu, Inc. ADR(2)		72,500		16,980,225
Box, Inc.(2)		116,823		2,467,302
Cars.com, Inc.(2)		400		11,536
eBay, Inc.(2)		1,340,247		50,580,922
Facebook, Inc., Class A(2)		2,763,802		487,700,501
IAC/InterActiveCorp(2)		4,215		515,410
LogMeIn, Inc.		1,026		117,477
Pandora Media, Inc.(2)		37,000		178,340
Twitter, Inc.(2)		622,959		14,957,245
VeriSign, Inc.(2)		19,493		2,230,779
Yelp, Inc.(2)		145,608		6,109,712
			$	1,311,451,293
IT Services — 2.4%
Accenture PLC, Class A		571,570	$	87,501,651
Alliance Data Systems Corp.		686		173,887
Automatic Data Processing, Inc.		141,795		16,616,956
Broadridge Financial Solutions, Inc.		20,205		1,830,169
Cognizant Technology Solutions Corp., Class A		5,578		396,150
Fidelity National Information Services, Inc.		82,344		7,747,747
Fiserv, Inc.(2)		210,028		27,540,972

20 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
IT Services (continued)
International Business Machines Corp.		431,029	$	66,128,469
MasterCard, Inc., Class A		60,081		9,093,860
Paychex, Inc.		706,875		48,124,050
PayPal Holdings, Inc.(2)		169,839		12,503,547
Sabre Corp.		157,290		3,224,445
Square, Inc., Class A(2)		96,040		3,329,707
Total System Services, Inc.		5		396
Visa, Inc., Class A		838,263		95,578,747
Western Union Co.		82,244		1,563,458
			$	381,354,211
Leisure Products — 0.0%(1)
Hasbro, Inc.		441	$	40,083
Mattel, Inc.		337,206		5,186,228
Polaris Industries, Inc.		20,015		2,481,660
			$	7,707,971
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.		651,639	$	43,640,264
Illumina, Inc.(2)		25,250		5,516,872
IQVIA Holdings, Inc.(2)		24,800		2,427,920
Thermo Fisher Scientific, Inc.		37,076		7,039,991
			$	58,625,047
Machinery — 2.0%
Caterpillar, Inc.		241,634	$	38,076,686
Cummins, Inc.		150		26,496
Deere & Co.		228,655		35,786,794
Donaldson Co., Inc.		96,349		4,716,284
Dover Corp.		333,697		33,700,060
Fortive Corp.		28,046		2,029,128
Illinois Tool Works, Inc.		1,050,838		175,332,320
Ingersoll-Rand PLC		6,080		542,275
Lincoln Electric Holdings, Inc.		53,660		4,914,183
Manitowoc Co., Inc. (The)(2)		11,435		449,853
Middleby Corp.(2)		2,000		269,900
PACCAR, Inc.		186,094		13,227,562
Parker-Hannifin Corp.		18,857		3,763,480
Pentair PLC		4		282
Snap-on, Inc.		15,151		2,640,819
Stanley Black & Decker, Inc.		288		48,871
WABCO Holdings, Inc.(2)		3,080		441,980
Wabtec Corp.		14,082		1,146,697
Welbilt, Inc.(2)		45,741		1,075,371
			$	318,189,041

Security	Shares		Value
Media — 2.7%
CBS Corp., Class B		489,119	$	28,858,021
Comcast Corp., Class A		3,726,644		149,252,092
Discovery Communications, Inc., Class A(2)		6,930		155,093
Discovery Communications, Inc., Class C(2)		207		4,382
Liberty Braves Group, Series A(2)		1,236		27,254
Liberty Braves Group, Series C(2)		2,473		54,950
Liberty Broadband Corp., Series A(2)		3,091		262,890
Liberty Broadband Corp., Series C(2)		6,183		526,544
Liberty Formula One, Series A(2)		3,091		101,138
Liberty Formula One, Series C(2)		6,183		211,211
Liberty Global PLC, Class A(2)		8,854		317,327
Liberty Global PLC, Class C(2)		27,614		934,458
Liberty Global PLC LiLAC, Class A(2)		1,546		31,152
Liberty Global PLC LiLAC, Class C(2)		4,825		95,969
Liberty SiriusXM Group, Series A(2)		12,367		490,475
Liberty SiriusXM Group, Series C(2)		24,734		980,951
Live Nation Entertainment, Inc.(2)		1,800		76,626
News Corp., Class A		24		389
Omnicom Group, Inc.		146,645		10,680,155
TEGNA, Inc.		1,201		16,910
Time Warner, Inc.		11,347		1,037,910
Time, Inc.		109		2,011
Twenty-First Century Fox, Inc., Class A		16,333		563,979
Viacom, Inc., Class B		412,909		12,721,726
Walt Disney Co. (The)		2,221,158		238,796,697
			$	446,200,310
Metals & Mining — 0.2%
Alcoa Corp.(2)		5,862	$	315,786
Cleveland-Cliffs, Inc.(2)		527,743		3,805,027
Freeport-McMoRan, Inc.(2)		39,818		754,949
Glencore PLC(2)		598,405		3,132,029
Lonmin PLC(2)		64		72
Nucor Corp.		235,636		14,981,737
Southern Copper Corp.		12,126		575,379
Steel Dynamics, Inc.		31,000		1,337,030
Steel Dynamics, Inc.(3)		140,295		6,050,923
			$	30,952,932
Multi-Utilities — 0.0%(1)
Consolidated Edison, Inc.		782	$	66,431
Dominion Energy, Inc.		4,493		364,203
DTE Energy Co.		52,668		5,765,039
Sempra Energy		3,787		404,906
WEC Energy Group, Inc.		3,742		248,581
			$	6,849,160

21 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Multiline Retail — 0.1%
Dollar Tree, Inc.(2)		142,658	$	15,308,630
Nordstrom, Inc.		6,234		295,367
Target Corp.		36,405		2,375,426
			$	17,979,423
Oil, Gas & Consumable Fuels — 4.7%
Anadarko Petroleum Corp.		800,521	$	42,939,946
Antero Resources Corp.(2)		1,633,197		31,030,743
Apache Corp.		175,832		7,423,627
California Resources Corp.(2)		275		5,346
Cheniere Energy, Inc.(2)		642,305		34,581,701
Chesapeake Energy Corp.(2)		288		1,141
Chevron Corp.		834,821		104,511,241
Concho Resources, Inc.(2)		40,000		6,008,800
ConocoPhillips		305,809		16,785,856
Devon Energy Corp.		1,380,333		57,145,786
EOG Resources, Inc.		1,077,613		116,285,219
EQT Corp.		180,474		10,272,580
Exxon Mobil Corp.		3,357,899		280,854,672
Hess Corp.		64,190		3,047,099
Kinder Morgan, Inc.		50,432		911,306
Marathon Oil Corp.		163,096		2,761,215
Marathon Petroleum Corp.		160,826		10,611,300
Murphy Oil Corp.		145,312		4,511,938
Occidental Petroleum Corp.		15,964		1,175,908
Phillips 66		193,292		19,551,486
Pioneer Natural Resources Co.		14,430		2,494,226
Range Resources Corp.		669,731		11,425,611
Royal Dutch Shell PLC, Class A ADR		70,142		4,679,173
Southwestern Energy Co.(2)		730		4,073
Williams Cos., Inc.		4,625		141,016
WPX Energy, Inc.(2)		666		9,371
			$	769,170,380
Personal Products — 0.0%(1)
Estee Lauder Cos., Inc. (The), Class A		37,919	$	4,824,814
Unilever NV - NY Shares		19,032		1,071,882
Unilever PLC ADR		9,918		548,862
			$	6,445,558
Pharmaceuticals — 5.4%
Allergan PLC		214,839	$	35,143,364
AstraZeneca PLC ADR		870		30,189
Bristol-Myers Squibb Co.		2,043,349		125,216,427
Catalent, Inc.(2)		45,943		1,887,338

Security	Shares		Value
Pharmaceuticals (continued)
Eli Lilly & Co.		1,594,954	$	134,709,815
GlaxoSmithKline PLC ADR		1,468		52,070
Johnson & Johnson		2,116,323		295,692,649
Johnson & Johnson (3)		14,035		1,959,009
Mallinckrodt PLC(2)		6		135
Merck & Co., Inc.		1,373,699		77,298,043
Novartis AG ADR		114,146		9,583,698
Novo Nordisk A/S ADR		1,271,336		68,232,603
Pfizer, Inc.		1,717,311		62,201,004
Roche Holding AG ADR		35,808		1,130,817
Sanofi ADR		5,100		219,300
Teva Pharmaceutical Industries, Ltd. ADR		1,671,886		31,682,240
Zoetis, Inc.		477,369		34,389,663
			$	879,428,364
Professional Services — 0.2%
Equifax, Inc.		12,654	$	1,492,160
Nielsen Holdings PLC		72,356		2,633,758
On Assignment, Inc.(2)		129,037		8,293,208
On Assignment, Inc.(2)(3)		21,275		1,367,344
On Assignment, Inc.(2)(3)		19,913		1,279,809
Verisk Analytics, Inc.(2)		97,537		9,363,552
			$	24,429,831
Road & Rail — 0.6%
Canadian National Railway Co.		303,231	$	25,016,557
CSX Corp.		79,000		4,345,790
Kansas City Southern		7,000		736,540
Norfolk Southern Corp.		209,569		30,366,548
Union Pacific Corp.		314,347		42,153,933
			$	102,619,368
Semiconductors & Semiconductor Equipment — 5.3%
Analog Devices, Inc.		610,814	$	54,380,770
Analog Devices, Inc.(3)		20,897		1,860,460
Applied Materials, Inc.		100,000		5,112,000
ASML Holding NV - NY Shares		3,622		629,576
Broadcom, Ltd.		76,737		19,713,735
Cypress Semiconductor Corp.		107,346		1,635,953
Intel Corp.		6,630,787		306,077,128
Lam Research Corp.		28,350		5,218,385
Marvell Technology Group, Ltd.		95,391		2,048,045
Microchip Technology, Inc.		290,939		25,567,719
Microchip Technology, Inc.(3)		5,600		491,636
Micron Technology, Inc.(2)		164,484		6,763,582

22 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
NVIDIA Corp.		528,634	$	102,290,679
NVIDIA Corp.(3)		100,000		19,340,325
NVIDIA Corp.(3)		109,020		21,095,370
QUALCOMM, Inc.		2,743,051		175,610,125
Texas Instruments, Inc.		1,045,341		109,175,414
Versum Materials, Inc.		1,129		42,733
Xilinx, Inc.		104,186		7,024,220
			$	864,077,855
Software — 4.5%
Activision Blizzard, Inc.		218,092	$	13,809,585
Adobe Systems, Inc.(2)		489,165		85,721,275
Autodesk, Inc.(2)		5,071		531,593
Barracuda Networks, Inc.(2)(3)		435,000		11,962,500
Cadence Design Systems, Inc.(2)		506,300		21,173,466
CDK Global, Inc.		3		214
Check Point Software Technologies, Ltd.(2)		150,000		15,543,000
Citrix Systems, Inc.(2)		5,976		525,888
Dell Technologies, Inc., Class V(2)		156		12,680
FireEye, Inc.(2)		82,732		1,174,794
Fortinet, Inc.(2)		20,000		873,800
Intuit, Inc.		33,788		5,331,071
Manhattan Associates, Inc.(2)		56,873		2,817,488
Microsoft Corp.		3,437,471		294,041,269
Oracle Corp.		3,428,219		162,086,194
Paycom Software, Inc.(2)		542,805		43,603,526
Red Hat, Inc.(2)		1,050		126,105
salesforce.com, inc.(2)		57,236		5,851,236
ServiceNow, Inc.(2)		169,856		22,147,524
Splunk, Inc.(2)		205,000		16,982,200
Symantec Corp.		72,900		2,045,574
Synopsys, Inc.(2)		5,660		482,458
Tableau Software, Inc., Class A(2)		13,699		947,971
Ultimate Software Group, Inc. (The)(2)		21,655		4,725,771
Workday, Inc., Class A(2)		121,726		12,384,403
			$	724,901,585
Specialty Retail — 1.9%
Advance Auto Parts, Inc.		78,893	$	7,864,843
AutoNation, Inc.(2)		5,972		306,543
AutoZone, Inc.(2)		280		199,184
Bed Bath & Beyond, Inc.		7,000		153,930
Best Buy Co., Inc.		237,474		16,259,845
Dick’s Sporting Goods, Inc.		35,000		1,005,900
Gap, Inc. (The)		89,138		3,036,040

Security	Shares		Value
Specialty Retail (continued)
GNC Holdings, Inc., Class A(2)		900	$	3,321
Home Depot, Inc. (The)		41,855		7,932,778
L Brands, Inc.		41,877		2,521,833
Lowe’s Companies, Inc.		864,447		80,341,704
O’Reilly Automotive, Inc.(2)		20,695		4,977,975
O’Reilly Automotive, Inc.(2)(3)		29,562		7,110,844
Ross Stores, Inc.		245,594		19,708,919
Signet Jewelers, Ltd.		65,986		3,731,508
Tiffany & Co.		600		62,370
TJX Cos., Inc. (The)		1,533,161		117,225,490
Tractor Supply Co.		225,175		16,831,831
Ulta Salon, Cosmetics & Fragrance, Inc.(2)		78,652		17,591,306
			$	306,866,164
Technology Hardware, Storage & Peripherals — 3.5%
Apple, Inc.		3,237,738	$	547,922,402
NetApp, Inc.		474,967		26,275,174
			$	574,197,576
Textiles, Apparel & Luxury Goods — 1.4%
Hanesbrands, Inc.		547,980	$	11,458,262
Luxottica Group SpA ADR		20,606		1,260,469
NIKE, Inc., Class B		3,382,280		211,561,614
VF Corp.		69,146		5,116,804
			$	229,397,149
Thrifts & Mortgage Finance — 0.0%(1)
Essent Group, Ltd.(2)		48,156	$	2,090,934
			$	2,090,934
Tobacco — 0.5%
Altria Group, Inc.		295,011	$	21,066,736
Altria Group, Inc.(3)		32,000		2,283,977
British American Tobacco PLC ADR		3,399		227,699
Philip Morris International, Inc.		593,298		62,681,934
			$	86,260,346
Trading Companies & Distributors — 0.0%(1)
Fastenal Co.		10,178	$	556,635
United Rentals, Inc.(2)		2,000		343,820
W.W. Grainger, Inc.		2,791		659,374
			$	1,559,829

23 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Portfolio of Investments — continued

Security	Shares		Value
Wireless Telecommunication Services — 0.0%(1)
America Movil SAB de CV ADR, Series L		270,852	$	4,645,112
Sprint Corp.(2)		1		6
Vodafone Group PLC ADR		59,781		1,907,014
			$	6,552,132
Total Common Stocks (identified cost $8,244,475,807)			$	16,002,076,711
Rights — 0.0%(1)
Security	Shares		Value
Pharmaceuticals — 0.0%(1)
Sanofi, Exp. 12/31/20(2)		6,984	$	2,654
Total Rights (identified cost $16,440)			$	2,654
Short-Term Investments — 1.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.50% (4)		204,319,980	$	204,299,548
Total Short-Term Investments (identified cost $204,362,296)			$	204,299,548
Total Investments — 99.9% (identified cost $8,448,854,543)			$	16,206,378,913
Other Assets, Less Liabilities — 0.1%			$	18,310,940
Net Assets — 100.0%			$	16,224,689,853

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

⁽¹⁾  Amount is less than 0.05%.

⁽²⁾  Non-income producing security.

⁽³⁾  Restricted security (see Note 5).

⁽⁴⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of December 31, 2017.

Abbreviations:

ADR – American Depositary Receipt

24 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Statement of Assets and Liabilities

Assets	December 31, 2017
Unaffiliated investments, at value (identified cost, $8,244,492,247)	$	16,002,079,365
Affiliated investment, at value (identified cost, $204,362,296)		204,299,548
Cash		1,694,923
Foreign currency, at value (identified cost, $141)		145
Dividends receivable		12,367,102
Dividends receivable from affiliated investment		205,467
Receivable for investments sold		5,274,915
Tax reclaims receivable		5,749,341
Total assets	$	16,231,670,806
Liabilities
Payable to affiliates:
Investment adviser fee	$	5,780,199
Trustees’ fees		25,375
Accrued expenses		1,175,379
Total liabilities	$	6,980,953
Commitments and contingencies (Note 8)
Net Assets applicable to investors’ interest in Portfolio	$	16,224,689,853
Sources of Net Assets
Investors’ capital	$	8,467,176,909
Net unrealized appreciation		7,757,512,944
Total	$	16,224,689,853

25 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Statement of Operations

Investment Income	Year Ended December 31, 2017
Dividends (net of foreign taxes, $1,425,967)	$	249,105,243
Dividends from affiliated investment		2,453,219
Total investment income	$	251,558,462
Expenses
Investment adviser fee	$	61,878,014
Trustees’ fees and expenses		109,875
Custodian fee		2,018,680
Professional fees		336,891
Miscellaneous		411,655
Total expenses	$	64,755,115
Net investment income	$	186,803,347
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions(1)	$	366,876,636
Investment transactions — affiliated investment		26,936
Foreign currency transactions		2,742
Net realized gain	$	366,906,314
Change in unrealized appreciation (depreciation) —
Investments	$	2,337,432,408
Investments — affiliated investment		(74,611	)
Foreign currency		173,734
Net change in unrealized appreciation (depreciation)	$	2,337,531,531
Net realized and unrealized gain	$	2,704,437,845
Net increase in net assets from operations	$	2,891,241,192

⁽¹⁾  Includes $371,634,625 of net realized gains from redemptions in-kind.

26 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2017			2016
From operations —
Net investment income	$	186,803,347		$	166,984,196
Net realized gain		366,906,314			292,630,128
Net change in unrealized appreciation (depreciation)		2,337,531,531			541,431,580
Net increase in net assets from operations	$	2,891,241,192		$	1,001,045,904
Capital transactions —
Contributions	$	1,487,391,128		$	1,168,134,044
Withdrawals		(730,966,590	)		(647,540,645	)
Net increase in net assets from capital transactions	$	756,424,538		$	520,593,399
Net increase in net assets	$	3,647,665,730		$	1,521,639,303
Net Assets
At beginning of year	$	12,577,024,123		$	11,055,384,820
At end of year	$	16,224,689,853		$	12,577,024,123

27 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2017

Financial Highlights

	Year Ended December 31,
Ratios/Supplemental Data	2017			2016			2015			2014			2013
Ratios (as a percentage of average daily net assets):
Expenses(1)		0.46	%		0.47	%		0.47	%		0.47	%		0.48	%
Net investment income		1.33	%		1.48	%		1.44	%		1.45	%		1.50	%
Portfolio Turnover		0	%(2)(3)		1	%(3)		9	%		8	%		3	%
Total Return		22.76	%		9.06	%		2.53	%		12.73	%		32.39	%
Net assets, end of year (000’s omitted)	$	16,224,690		$	12,577,024		$	11,055,385		$	10,545,696		$	9,414,954

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

⁽²⁾  Amount is less than 0.5%.

⁽³⁾  Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 5% and 6% for the years ended December 31, 2017 and 2016, respectively.

28 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2017

Notes to Financial Statements

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 December 31, 2017, 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 6.1%, 10.0%, 4.8%, and 1.0% respectively, in the Portfolio. In addition, an unregistered fund managed by the adviser to the Portfolio held an aggregate interest of 78.1% in the Portfolio.

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

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

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

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

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

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that fairly reflects the security’s value, or 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 condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such reclaims. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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

29

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2017

Notes to Financial Statements — continued

As of December 31, 2017, 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 and the By-laws provide that the Portfolio shall assume the defense on behalf of any Portfolio interestholder. Moreover, the By-laws also provide for indemnification out of Portfolio property of any interestholder held personally liable solely by reason of being or having been an interestholder for all loss or expense arising from such liability. 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.

2  Investment Adviser Fee and Other Transactions with Affiliates

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

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

The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. For the year ended December 31, 2017, the Portfolio’s investment adviser fee amounted to $61,878,014 or 0.44% of the Portfolio’s average daily net assets.

Officers and Trustees of the Portfolio who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended December 31, 2017, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $162,978,592 and $36,573,893, respectively, for the year ended December 31, 2017. In addition, investors contributed securities with an aggregate market value of $1,448,660,332 and investments having an aggregate market value of $593,483,528 were distributed in payment for capital withdrawals during the year ended December 31, 2017.

30

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2017

Notes to Financial Statements — continued

4  Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at December 31, 2017, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	2,663,755,966
Gross unrealized appreciation	$	13,557,402,881
Gross unrealized depreciation		(14,779,934	)
Net unrealized appreciation	$	13,542,622,947

5  Restricted Securities

At December 31, 2017, the Portfolio owned the following securities (representing 1.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933. The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Common Stocks	Date of Acquisition		Eligible for Resale		Shares		Cost		Value
Aflac, Inc.		9/21/17		9/21/18		25,000	$	2,095,902	$	2,193,403
Alexion Pharmaceuticals, Inc.		3/16/17		3/16/18		43,530		5,314,289		5,205,753
Alexion Pharmaceuticals, Inc.		6/22/17		6/22/18		81,001		10,000,093		9,686,910
Altria Group, Inc.		9/21/17		9/21/18		32,000		1,957,081		2,283,977
Analog Devices, Inc.		3/16/17		3/16/18		20,897		1,744,236		1,860,460
Arista Networks, Inc.		3/16/17		3/16/18		120,000		15,379,746		28,269,600
Arista Networks, Inc.		12/19/17		12/19/18		127,576		30,000,085		30,024,300
Barracuda Networks, Inc.		6/22/17		6/22/18		435,000		9,669,071		11,962,500
BB&T Corp.		9/21/17		9/21/18		22,314		1,000,005		1,108,897
Chipotle Mexican Grill, Inc.		3/16/17		3/16/18		48,619		19,476,729		14,052,349
Frank’s International NV		6/22/17		6/22/18		1,500,000		11,482,860		9,975,000
Johnson & Johnson		12/19/17		12/19/18		14,035		1,988,173		1,959,009
MGM Resorts International		9/21/17		9/21/18		50,000		1,652,346		1,668,665
Microchip Technology, Inc.		12/19/17		12/19/18		5,600		497,734		491,636
NVIDIA Corp.		6/22/17		6/22/18		109,020		17,362,818		21,095,370
NVIDIA Corp.		9/21/17		9/21/18		100,000		18,565,416		19,340,325
O’Reilly Automotive, Inc.		3/16/17		3/16/18		29,562		8,000,328		7,110,844
On Assignment, Inc.		3/16/17		3/16/18		21,275		1,028,338		1,367,344
On Assignment, Inc.		6/22/17		6/22/18		19,913		1,075,039		1,279,809
Steel Dynamics, Inc.		3/16/17		3/16/18		140,295		5,000,016		6,050,923
Total Restricted Securities							$	163,290,305	$	176,987,074

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through October 30, 2018. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended December 31, 2017.

31

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2017

Notes to Financial Statements — continued

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.

At December 31, 2017, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Consumer Discretionary	$	2,211,134,576	$	1,668,665		$	—	$	2,212,803,241
Consumer Staples		1,340,309,288		98,565,851			—		1,438,875,139
Energy		905,686,762		—			—		905,686,762
Financials		2,960,602,239		29,326,677			—		2,989,928,916
Health Care		2,052,688,740		1,959,009			—		2,054,647,749
Industrials		1,825,738,716		—			—		1,825,738,716
Information Technology		4,161,895,268		49,856,261			—		4,211,751,529
Materials		280,875,639		3,132,101			—		284,007,740
Real Estate		8,385,569		—			—		8,385,569
Telecommunication Services		37,595,947		—			—		37,595,947
Utilities		32,655,403		—			—		32,655,403
Total Common Stocks	$	15,817,568,147	$	184,508,564	*	$	—	$	16,002,076,711
Rights	$	2,654	$	—		$	—	$	2,654
Short-Term Investments		—		204,299,548			—		204,299,548
Total Investments	$	15,817,570,801	$	388,808,112		$	—	$	16,206,378,913

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

The Portfolio held no investments or other financial instruments as of December 31, 2016 whose fair value was determined using Level 3 inputs. At December 31, 2017, the value of investments transferred between Level 1 and Level 2 during the year ended was not significant.

8  Legal Proceedings

In November 2010, the Portfolio was named as defendant and a putative member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors (UCC) of the Tribune Company v. FitzSimons, et al. as a result of its ownership of shares in the Tribune Company (Tribune) in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The UCC, which has been replaced by a Litigation Trustee pursuant to Tribune’s plan of reorganization, seeks to recover payments of the proceeds of the LBO. This action is now part of a multi-district litigation proceeding in the Southern District of New York. A motion to dismiss the FitzSimons case is currently pending. The value of the proceeds received by the Portfolio is approximately $48,237,000 (equal to 0.3% of net assets at December 31, 2017).

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

32

Tax-Managed Growth Portfolio

December 31, 2017

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors of Tax-Managed Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed Growth Portfolio (the “Portfolio”), including the portfolio of investments, as of December 31, 2017, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Portfolio as of December 31, 2017, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Portfolio’s management. Our responsibility is to express an opinion on the Portfolio’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolio in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Portfolio is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Portfolio’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2017, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

February 22, 2018

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

33

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Management and Organization

Fund Management.  The Trustees of Eaton Vance Series Trust (the Trust) and Tax-Managed Growth Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 177 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 177 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust and the Portfolio. Directorships in the Last Five Years.(2) Director of EVC and Hexavest Inc. (investment management firm).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	2016	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Directorships in the Last Five Years. Formerly, Director and Chairman of Legg Mason, Inc. (2008-2012); Director/Trustee and Chairman of Legg Mason family of funds (14 funds) (2008-2012); and Director/Trustee of the Royce family of funds (35 funds) (2001-2012).
Cynthia E. Frost 1961	Trustee	2014	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012); Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000); Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995); Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989); Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Directorships in the Last Five Years. None.
George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).
Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Directorships in the Last Five Years.(2)Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

34

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Trustee Since(1)	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Directorships in the Last Five Years.(2) None.
Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Directorships in the Last Five Years.(2) Formerly, Director of BJ’s Wholesale Club, Inc. (wholesale club retailer) (2004-2011). Formerly, Trustee of SPDR Index Shares Funds and SPDR Series Trust (exchange traded funds) (2000-2009). Formerly, Director of Federal Home Loan Bank of Boston (a bank for banks) (2007-2009).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Harriett Tee Taggart 1948	Trustee	2011	Managing Director, Taggart Associates (a professional practice firm). Formerly, Partner and Senior Vice President, Wellington Management Company, LLP (investment management firm) (1983-2006). Directorships in the Last Five Years.(2) Director of Albemarle Corporation (chemicals manufacturer) (since 2007) and The Hanover Group (specialty property and casualty insurance company) (since 2009). Formerly, Director of Lubrizol Corporation (specialty chemicals) (2007-2011).
Scott E. Wennerholm 1959	Trustee	2016	Trustee at Wheelock College (postsecondary institution) (since 2012). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Directorships in the Last Five Years. None.
Principal Officers who are not Trustees
Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(3)	Principal Occupation(s) During Past Five Years
Payson F. Swaffield 1956	President of the Trust	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).
Edward J. Perkin 1972	President of the Portfolio	2014	Chief Equity Investment Officer and Vice President of EVM and BMR since 2014. Formerly, Chief Investment Officer, International and Emerging Markets Equity, and Managing Director, Portfolio Manager, Europe, EAFE and Global at Goldman Sachs Asset Management (2002-2014). Also Vice President of CRM.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

35

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2017

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(3)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.
Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾  Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾  During their respective tenures, the Trustees (except for Mmes. Frost and Sutherland and Messrs. Fetting, Gorman and Wennerholm) also served as Board members of one or more of the following funds (which operated in the years noted): eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); eUnits^TM 2 Year U.S. Market Participation Trust II: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014); and Eaton Vance National Municipal Income Trust (launched in 1998 and terminated in 2009). However, Ms. Mosley did not serve as a Board member of eUnits^TM 2 Year U.S. Market Participation Trust: Upside to Cap / Buffered Downside (launched in 2012 and terminated in 2014).

⁽³⁾  Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

36

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

• Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

• None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

• Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial advisor. Separate statements will be generated for each separate account and will be householded as described above.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

37

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Investment Adviser of Tax-Managed Growth Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Tax-Managed Growth Fund 1.0

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

* FINRA BrokerCheck.  Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

157    12.31.17

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. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton Vance Tax-Managed Growth Fund 1.0 (the “Fund”) is a series of Eaton Vance Series Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 1 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Fund’s annual report

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Trust’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds.

Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. Among other things, D&T has

advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&T’s objectivity and impartiality in the planning and conduct of the audits of the Fund’s financial statements has not been compromised and that, notwithstanding the breach, D&T is in a position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.

(a)-(d)

The following tables present the aggregate fees billed to the Fund for the Fund’s fiscal years ended December 31, 2016 and December 31, 2017 by D&T for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such periods.

Eaton Vance Tax-Managed Growth Fund 1.0

Fiscal Years Ended	12/31/16		12/31/17
Audit Fees	$	16,510	$	16,510
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,292	$	7,401
All Other Fees(3)	$	0	$	0
Total	$	23,802	$	23,911

⁽¹⁾  Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

⁽²⁾  Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾  All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Fund (the only series of the Trust) by D&T for the last two fiscal years of the Fund; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years.

Fiscal Years Ended	12/31/16		12/31/17
Registrant	$	7,292	$	7,401
Eaton Vance(1)	$	46,000	$	148,018

⁽¹⁾  The investment adviser to the Fund, as well as any of its affiliates that provide ongoing services to the Fund, are subsidiaries of Eaton Vance Corp.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants

Not applicable.    

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the

information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Series Trust

By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	February 22, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	February 22, 2018
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	February 22, 2018