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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FormN-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, 2019

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Tax-Managed Growth Fund 1.0

Annual Report

December 31, 2019

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

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

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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, 2019

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	13 and 34
Federal Tax Information	14
Management and Organization	35
Important Notices	38

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

With virtually every U.S. equity index posting strong double-digit returns for the12-month period ended December 31, 2019 — and bond markets solidly in the black as well — 2019 was a good year for investments.

As the new year dawned in January 2019, investors appeared to be taking a “glass is half full” approach. Although U.S. manufacturing output and business investment remained weak — held back by slowing global growth and anon-again/off-again U.S.-China trade war — strong spending by U.S. consumers and dovish remarks by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment. After four federal funds rate hikes the previous year, markets began to project the Fed might actually lower rates in 2019 to stimulate the economy. U.S. unemployment, meanwhile, remained low and hiring remained strong.

As a result, U.S. stocks across multiple markets climbed from January through April 2019. Overseas, central banks around the world began to cut interest rates and employ other tools to stimulate their respective economies. Even a global stock pullback in May — sparked by heightened concerns about the U.S.-China trade spat — proved to be temporary, and the U.S. and global stock rallies resumed in June and July.

After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at1.50%-1.75%. By end of the third quarter, 60 central banks around the world had lowered their interest rates as well.

After falling in August, U.S. equities rallied again during the final months of the period, spurred by optimism about a U.S.-China trade détente and better-than-expected U.S. employment reports. The year ended with two events in December that did much to allay investor concerns about international trade and tariffs: passage of the United States-Mexico-Canada Agreement by the U.S. House of Representatives and the Trump administration’s agreement to aso-called “phase–one” trade deal with China.

During the12-month period ended December 31, 2019, the blue-chip Dow Jones Industrial Average^®2 returned 25.34%, while the broader U.S. equity market, as measured by the S&P 500^® Index, returned 31.49%. The technology-laden Nasdaq Composite Index returned 36.69% during the period.Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed theirsmall-cap counterparts, as measured by the Russell 2000^® Index. As a group, growth stocks outpaced value stocks in both large- andsmall-cap categories, as measured by the Russell growth and value indexes.

Fund Performance

For the12-month period ended December 31, 2019, Eaton VanceTax-Managed Growth Fund 1.0 (the Fund) returned 29.83% at net asset value (NAV), underperforming its benchmark, the S&P 500^® Index (the Index), which returned 31.49%.

The Fund underperformed relative to the Index largely due to stock selection. Sector and industry allocations were marginally positive. The Fund had positive returns in all 11 market sectors in the Index. The Index had positive returns in 10 sectors.

The industrials sector detracted most from relative Fund performance versus the Index during the period largely due to stock selection. In the aerospace & defense industry, aircraft manufacturer Boeing Co. (Boeing) was among the Fund’s worst performing individual stocks. The grounding of the 737 MAX aircraft after two crashes detracted from the Boeing’s operational results. The Fund’s overweight position in the lagging air freight & logistics industry also hampered returns relative to the Index during the period.

The information technology (IT) sector also detracted from Fund performance versus the Index due to subpar stock selection as well as the Fund’s underweight position in the outperforming sector. Within the IT sector, the communications equipment industry was a notable laggard during the period. Among the Fund’s weakest stocks was Arista Networks, Inc., a developer of cloud networking equipment. The stock price declined during the period due to disappointing financial results amid slowing infrastructure spending and increased competition. An underweight position in two outperforming stocks — consumer electronics company Apple, Inc. and software giant Microsoft Corp. — also detracted from relative Fund results.

Stock selection in the health care sector constrained relative returns versus the Index during the period. In particular, the Fund’s overweight position in the underperforming biotechnology industry hurt relative results. Within the industry, biopharmaceutical company AbbVie, Inc. was among the Fund’s weakest stocks as sales results disappointed amid slower growth and limited new product advances.

On the positive side, the consumer discretionary sector contributed to relative performance versus the Index aided by strong stock selection. In the outperforming hotels, restaurants & leisure industry, casual restaurant operator Chipotle Mexican Grill, Inc. was one of the Fund’s leading stocks after reporting positive sales and earnings results during the period.

The Fund’s underweight position in the lagging utilities sector also boosted relative Fund performance versus the Index during the period.

The communication services sector also contributed to returns relative to the Index mostly due to stock selection and a favorable overweight position. In particular, the interactive media & services industry delivered notable results. Leading social networking company Facebook, Inc. was among the Fund’s leading stocks after reporting double-digit revenue growth.

Overall, the Fund’s leading individual stock was Paycom Software, Inc., a cloud-based human capital management software provider. The company generated better-than-expected financial results driven by continued demand for its talent management software.

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

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		29.83	%		11.06	%		12.70	%
S&P 500®Index		—		—		31.49	%		11.69	%		13.55	%
%After-Tax Returns	Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
After Taxes on Distributions		03/29/1966		03/29/1966		29.51	%		10.73	%		12.37	%
After Taxes on Distributions and Sale of Fund Shares		—		—		17.95			9.08			10.88

Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 inTax-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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recentmonth-end, please refer to eatonvance.com.

3

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Apple, Inc.	3.7	%
Amazon.com, Inc.	3.3
Facebook, Inc., Class A	3.2
Microsoft Corp.	2.9
JPMorgan Chase & Co.	2.5
Alphabet, Inc., Class C	2.3
Intel Corp.	2.0
Walt Disney Co. (The)	2.0
Alphabet, Inc., Class A	1.8
Berkshire Hathaway, Inc., Class B	1.7
Total	25.4	%

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

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 oflarge-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. 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 individual federal income tax rates in effect at the time of the distributions and do not reflect the impact of state/local taxes. Actualafter-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 intax-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’safter-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 intermediary in connection with a redemption request. Questions concerning redemptions may be directed to Eaton Vance Investor Services at1-866-910-2425.

5

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

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, 2019 – December 31, 2019).

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 (7/1/19)		Ending Account Value (12/31/19)		Expenses Paid During Period* (7/1/19 – 12/31/19)		Annualized Expense Ratio
Actual
	$	1,000.00	$	1,103.50	$	2.49		0.47	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,022.80	$	2.40		0.47	%

* 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 theone-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, 2019. The Example reflects the expenses of both the Fund and the Portfolio.

6

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Investment inTax-Managed Growth Portfolio, at value (identified cost, $245,219,473)	$	1,033,868,338
Total assets	$	1,033,868,338
Liabilities
Payable for Fund shares redeemed	$	23,112
Payable to affiliates:
Trustees’ fees		125
Accrued expenses		111,790
Total liabilities	$	135,027
Net Assets	$	1,033,733,311
Sources of Net Assets
Paid-in capital	$	27,275,356
Distributable earnings		1,006,457,955
Total	$	1,033,733,311
Net Asset Value and Redemption Price Per Share
($1,033,733,311 ÷ 749,959 shares of beneficial interest outstanding)	$	1,378.39

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividends allocated from Portfolio (net of foreign taxes, $321,181)	$	16,767,899
Expenses allocated from Portfolio		(4,336,170	)
Total investment income from Portfolio	$	12,431,729
Expenses
Trustees’ fees and expenses	$	500
Custodian fee		61,843
Transfer and dividend disbursing agent fees		86,003
Professional fees		34,969
Printing and postage		12,473
Miscellaneous		18,142
Total expenses	$	213,930
Net investment income	$	12,217,799
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions(1)	$	25,046,304
Foreign currency transactions		(4,050	)
Net realized gain	$	25,042,254
Change in unrealized appreciation (depreciation) —
Investments	$	210,159,529
Foreign currency		4,968
Net change in unrealized appreciation (depreciation)	$	210,164,497
Net realized and unrealized gain	$	235,206,751
Net increase in net assets from operations	$	247,424,550

⁽¹⁾  Includes $25,582,762 of net realized gains from redemptionsin-kind.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	12,217,799		$	12,040,718
Net realized gain		25,042,254			26,649,734
Net change in unrealized appreciation (depreciation)		210,164,497			(80,221,286	)
Net increase (decrease) in net assets from operations	$	247,424,550		$	(41,530,834	)
Distributions to shareholders	$	(12,113,654	)	$	(11,604,263	)
Tax return of capital to shareholders	$	—		$	(343,988	)
Transactions in shares of beneficial interest —
Net asset value of shares issued to shareholders in payment of distributions declared	$	2,858,046		$	2,810,822
Cost of shares redeemed		(65,880,246	)		(70,952,538	)
Net decrease in net assets from Fund share transactions	$	(63,022,200	)	$	(68,141,716	)
Net increase (decrease) in net assets	$	172,288,696		$	(121,620,801	)
Net Assets
At beginning of year	$	861,444,615		$	983,065,416
At end of year	$	1,033,733,311		$	861,444,615

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Financial Highlights

	Year Ended December 31,
	2019			2018			2017			2016			2015
Net asset value — Beginning of year	$	1,075.910		$	1,146.130		$	946.160		$	880.890		$	871.740
Income (Loss) From Operations
Net investment income	$	15.815	(1)	$	14.556	(1)	$	13.613	(1)	$	12.991	(1)	$	12.583
Net realized and unrealized gain (loss)		302.465			(70.176	)		200.107			65.579			8.817
Total income (loss) from operations	$	318.280		$	(55.620	)	$	213.720		$	78.570		$	21.400
Less Distributions
From net investment income	$	(15.800	)	$	(14.180	)	$	(13.750	)	$	(13.300	)	$	(12.250	)
Tax return of capital		—			(0.420	)		—			—			—
Total distributions	$	(15.800	)	$	(14.600	)	$	(13.750	)	$	(13.300	)	$	(12.250	)
Net asset value — End of year	$	1,378.390		$	1,075.910		$	1,146.130		$	946.160		$	880.890
Total Return(2)		29.83	%		(5.04	)%		22.73	%		9.00	%		2.47	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,033,733		$	861,445		$	983,065		$	827,340		$	810,475
Ratios (as a percentage of average daily net assets):(3)
Expenses(4)		0.47	%		0.48	%		0.48	%		0.49	%		0.49	%
Net investment income		1.27	%		1.23	%		1.31	%		1.46	%		1.42	%
Portfolio Turnover of the Portfolio		1	%(5)		1	%(5)		0	%(5)(6)		1	%(5)		9	%

⁽¹⁾ Computed using average shares outstanding.

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

⁽³⁾ 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⁾ Excludes the value of portfolio securities contributed or distributed as a result ofin-kind shareholder transactions. The portfolio turnover of the Portfolio includingin-kind contributions and distributions of securities was 6%, 6%, 5% and 6% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

⁽⁶⁾ Amount is less than 0.5%.

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Notes to Financial Statements

1  Significant Accounting Policies

Eaton VanceTax-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 anopen-end management investment company. The Fund invests all of its investable assets in interests inTax-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 (4.7% at December 31, 2019). 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’spro-rata share of the net investment income or loss of the Portfolio, less all actual and accrued expenses of the Fund.

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

As of December 31, 2019, 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 fiscalyear-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 theBy-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, theBy-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 theex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of theex-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 topaid-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, 2019

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended December 31, 2019 and December 31, 2018 was as follows:

	Year Ended December 31,
	2019		2018
Ordinary income	$	12,113,654	$	11,604,263
Tax return of capital	$	—	$	343,988

During the year ended December 31, 2019, distributable earnings was decreased by $60,767,342 andpaid-in capital was increased by $60,767,342 due to differences between book and tax accounting for the Fund’s investment in the Portfolio. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of December 31, 2019, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	8,047
Deferred capital losses	$	(4,682,713	)
Net unrealized appreciation	$	1,011,132,621

At December 31, 2019, the Fund, for federal income tax purposes, had deferred capital losses of $4,682,713 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at December 31, 2019, $3,917,318 are short-term and $765,395 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 providessub-transfer agency and related services to the Fund pursuant to aSub-Transfer Agency Support Services Agreement. For the year ended December 31, 2019, EVM earned $34,677 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, 2019, increases and decreases in the Fund’s investment in the Portfolio aggregated $0 and $75,419,628, respectively. Decreases in the Fund’s investment in the Portfolio include distributions of securities as the result of redemptionsin-kind with a value of $65,337,354.

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,
	2019			2018
Issued to shareholders electing to receive payments of distributions in Fund shares		2,232			2,405
Redemptions		(52,937	)		(59,470	)
Net decrease		(50,705	)		(57,065	)

12

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Series Trust and Shareholders of Eaton VanceTax-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 VanceTax-Managed Growth Fund 1.0 (the “Fund”) (one of the funds constituting Eaton Vance Series Trust), as of December 31, 2019, 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, 2019, 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.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2020

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

13

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Federal Tax Information (Unaudited)

The Form1099-DIV you received in February 2020 will show the tax status of all distributions paid to your account in calendar year 2019. 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, 2019, the Fund designates approximately $16,483,193, 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 2019 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

14

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments

Common Stocks— 98.3%
Security	Shares		Value
Aerospace & Defense — 2.5%
Arconic, Inc.		4	$	123
Boeing Co. (The)		881,665		287,211,190
General Dynamics Corp.		139,307		24,566,789
Huntington Ingalls Industries, Inc.		1,096		274,964
L3Harris Technologies, Inc.		2,240		443,229
Lockheed Martin Corp.		80,559		31,368,063
Northrop Grumman Corp.		48,050		16,527,759
Raytheon Co.		246,559		54,178,875
Textron, Inc.		1,025		45,715
TransDigm Group, Inc.		847		474,320
United Technologies Corp.		842,360		126,151,834
			$	541,242,861
Air Freight & Logistics — 1.4%
C.H. Robinson Worldwide, Inc.		1,056,440	$	82,613,608
Expeditors International of Washington, Inc.		1,300		101,426
FedEx Corp.		344,010		52,017,752
United Parcel Service, Inc., Class B		1,558,497		182,437,659
XPO Logistics, Inc.(1)		30,000		2,391,000
			$	319,561,445
Airlines — 0.0%(2)
American Airlines Group, Inc.		66,989	$	1,921,244
Delta Air Lines, Inc.		56,768		3,319,793
Southwest Airlines Co.		27,758		1,498,377
			$	6,739,414
Auto Components — 0.6%
Adient PLC(1)		15,055	$	319,919
Aptiv PLC		887,200		84,257,384
BorgWarner, Inc.		800		34,704
Dorman Products, Inc.(1)		20,445		1,548,095
Garrett Motion, Inc.(1)		36,184		361,478
Gentex Corp.		1,443,192		41,823,704
			$	128,345,284
Automobiles — 0.1%
Daimler AG		38,000	$	2,070,240
Ford Motor Co.		1,212,584		11,277,031
General Motors Co.		79,498		2,909,627
Harley-Davidson, Inc.		20,162		749,825
Tesla, Inc.(1)		7,397		3,094,387
Toyota Motor Corp. ADR		5,000		702,700
			$	20,803,810

Security		Shares		Value
Banks — 6.2%
Bank of America Corp.			3,427,178	$	120,705,209
Bank of Montreal			4		310
CIT Group, Inc.			1,490		67,989
Citigroup, Inc.			860,598		68,753,174
Commerce Bancshares, Inc.			66,314		4,505,373
CVB Financial Corp.			608,432		13,129,963
Fifth Third Bancorp			1,545,175		47,498,680
First Republic Bank			1,200		140,940
HSBC Holdings PLC			220,592		1,725,927
HSBC Holdings PLC ADR			424		16,574
Huntington Bancshares, Inc.			144,510		2,179,211
ING Groep NV ADR			131,510		1,584,696
JPMorgan Chase & Co.			3,943,238		549,687,377
KeyCorp			111,489		2,256,537
M&T Bank Corp.	��		230,611		39,146,217
Pinnacle Financial Partners, Inc.			34,686		2,219,904
PNC Financial Services Group, Inc. (The)			103,180		16,470,624
Regions Financial Corp.			731,394		12,550,721
Societe Generale SA			460,793		16,080,737
Sterling Bancorp			103,627		2,184,457
SVB Financial Group(1)			28,107		7,055,981
Synovus Financial Corp.			1,565		61,348
Toronto-Dominion Bank (The)			569		31,938
Truist Financial Corp.			1,890,538		106,475,100
U.S. Bancorp			1,223,475		72,539,833
Wells Fargo & Co.			5,046,234		271,487,389
Western Alliance Bancorp			23,987		1,367,259
				$	1,359,923,468
Beverages — 2.4%
Anheuser-Busch InBev SA/NV ADR			25,379	$	2,082,093
Boston Beer Co., Inc. (The), Class A(1)			4,730		1,787,231
Brown-Forman Corp., Class A			10,699		671,576
Brown-Forman Corp., Class B			347,685		23,503,506
Coca-Cola Co. (The)			3,498,673		193,651,551
Constellation Brands, Inc., Class A			39,872		7,565,712
Diageo PLC ADR			8,226		1,385,423
Keurig Dr Pepper, Inc.			2,700		78,165
Molson Coors Brewing Co., Class B			186,000		10,025,400
Monster Beverage Corp.(1)			171,250		10,882,937
PepsiCo, Inc.			2,047,051		279,770,460
				$	531,404,054

15 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Biotechnology — 2.8%
AbbVie, Inc.		1,403,016	$	124,223,037
Agios Pharmaceuticals, Inc.(1)		74,972		3,579,913
Alexion Pharmaceuticals, Inc.(1)		470,965		50,934,865
Alkermes PLC(1)		5,000		102,000
Alnylam Pharmaceuticals, Inc.(1)		188,700		21,732,579
Amgen, Inc.		603,952		145,594,709
Argenx SE ADR(1)		308,910		49,586,233
Biogen, Inc.(1)		108,957		32,330,810
Bluebird Bio, Inc.(1)		77,845		6,830,899
Exact Sciences Corp.(1)		130,554		12,073,634
Gilead Sciences, Inc.		981,135		63,754,152
Incyte Corp.(1)		82,222		7,179,625
Neurocrine Biosciences, Inc.(1)		64,045		6,884,197
Regeneron Pharmaceuticals, Inc.(1)		20,995		7,883,202
Vertex Pharmaceuticals, Inc.(1)		343,283		75,161,813
			$	607,851,668
Building Products — 0.4%
A.O. Smith Corp.		27,845	$	1,326,536
Fortune Brands Home & Security, Inc.		2,923		190,989
Johnson Controls International PLC		345,321		14,058,018
Lennox International, Inc.		236,627		57,729,889
Lennox International, Inc.(3)		25,181		6,143,409
Masco Corp.		25,000		1,199,750
Resideo Technologies, Inc.(1)		60,308		719,474
			$	81,368,065
Capital Markets — 4.4%
Affiliated Managers Group, Inc.		58,716	$	4,975,594
Ameriprise Financial, Inc.		216,131		36,003,102
Bank of New York Mellon Corp. (The)		476,763		23,995,482
BlackRock, Inc.		11,190		5,625,213
Brookfield Asset Management, Inc., Class A		88,282		5,102,700
Cboe Global Markets, Inc.		175,414		21,049,680
Charles Schwab Corp. (The)		3,896,040		185,295,662
CME Group, Inc.		220,294		44,217,412
E*TRADE Financial Corp.		4,593		208,385
FactSet Research Systems, Inc.		11,308		3,033,936
FactSet Research Systems, Inc.(3)		75,000		20,117,469
Federated Investors, Inc., Class B		549		17,892
Franklin Resources, Inc.		211,191		5,486,742
Goldman Sachs Group, Inc. (The)		759,181		174,558,487
Intercontinental Exchange, Inc.		152,641		14,126,925
Invesco Ltd.		1,367		24,579
Legg Mason, Inc.		122,902		4,413,411

Security	Shares		Value
Capital Markets(continued)
LPL Financial Holdings, Inc.		215,573	$	19,886,609
Moody’s Corp.		246,080		58,421,853
Morgan Stanley		2,565,982		131,173,000
Nasdaq, Inc.		71,203		7,625,841
Northern Trust Corp.		2,500		265,600
Raymond James Financial, Inc.		39,363		3,521,414
S&P Global, Inc.		247,057		67,458,914
SEI Investments Co.		150,000		9,822,000
State Street Corp.		457,614		36,197,267
Stifel Financial Corp.		112,796		6,841,077
T. Rowe Price Group, Inc.		587,312		71,558,094
UBS Group AG(1)		9		113
Waddell & Reed Financial, Inc., Class A		9,248		154,627
			$	961,179,080
Chemicals — 1.3%
AdvanSix, Inc.(1)		1,768	$	35,289
Air Products and Chemicals, Inc.		10,421		2,448,831
Albemarle Corp.		90,157		6,585,067
Balchem Corp.		17,292		1,757,386
Celanese Corp.		16,713		2,057,705
Chemours Co. (The)		151		2,732
Corteva, Inc.(1)		488,916		14,452,357
Dow, Inc.(1)		299,401		16,386,217
DuPont de Nemours, Inc.		494,104		31,721,477
Eastman Chemical Co.		650		51,519
Ecolab, Inc.		584,286		112,761,355
International Flavors & Fragrances, Inc.		5,000		645,100
Linde PLC		6,143		1,307,845
LyondellBasell Industries NV, Class A		4,274		403,807
NewMarket Corp.		12,318		5,992,953
PPG Industries, Inc.		410,020		54,733,570
Sherwin-Williams Co. (The)		52,582		30,683,700
Westlake Chemical Corp.		1,000		70,150
			$	282,097,060
Commercial Services & Supplies — 0.2%
Copart, Inc.(1)		3,800	$	345,572
Pitney Bowes, Inc.		14,270		57,508
Republic Services, Inc.		1,750		156,853
Rollins, Inc.		28,750		953,350
Stericycle, Inc.(1)		8,000		510,480
Waste Connections, Inc.		115,655		10,500,317
Waste Management, Inc.		203,580		23,199,977
			$	35,724,057

16 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Communications Equipment — 1.4%
Arista Networks, Inc.(1)		777,596	$	158,163,026
Cisco Systems, Inc.		2,668,130		127,963,515
Juniper Networks, Inc.		285,300		7,026,939
Motorola Solutions, Inc.		38,385		6,185,359
Nokia Oyj ADR		192		712
			$	299,339,551
Construction & Engineering — 0.0%(2)
Fluor Corp.		3,250	$	61,360
Jacobs Engineering Group, Inc.		83,115		7,466,220
Quanta Services, Inc.		2,000		81,420
			$	7,609,000
Construction Materials — 0.0%(2)
Vulcan Materials Co.		38,764	$	5,581,628
			$	5,581,628
Consumer Finance — 1.4%
American Express Co.		1,054,634	$	131,291,387
Capital One Financial Corp.		132,363		13,621,476
Discover Financial Services		1,248,041		105,858,838
LendingClub Corp.(1)		15,938		201,138
Navient Corp.		10,200		139,536
SLM Corp.		10,200		90,882
Synchrony Financial		1,642,244		59,137,206
			$	310,340,463
Containers & Packaging — 0.1%
Amcor PLC(1)		723,751	$	7,845,461
AptarGroup, Inc.		65,000		7,515,300
Avery Dennison Corp.		2,250		294,345
Ball Corp.		53,090		3,433,330
Crown Holdings, Inc.(1)		13,787		1,000,109
International Paper Co.		284		13,078
Packaging Corp. of America		7,890		883,601
Sealed Air Corp.		6,200		246,946
Sonoco Products Co.		390		24,071
WestRock Co.		39,303		1,686,492
			$	22,942,733
Distributors — 0.1%
Genuine Parts Co.		211,037	$	22,418,460
LKQ Corp.(1)		49,518		1,767,793
			$	24,186,253

Security	Shares		Value
Diversified Consumer Services — 0.0%(2)
H&R Block, Inc.		25,610	$	601,323
Service Corporation International		15,900		731,877
			$	1,333,200
Diversified Financial Services — 2.4%
Berkshire Hathaway, Inc., Class A(1)		453	$	153,834,270
Berkshire Hathaway, Inc., Class B(1)		1,676,927		379,823,965
			$	533,658,235
Diversified Telecommunication Services — 0.5%
AT&T, Inc.		772,910	$	30,205,323
CenturyLink, Inc.		5,086		67,186
Frontier Communications Corp.(1)		894		795
Verizon Communications, Inc.		1,185,329		72,779,201
Windstream Holdings, Inc.(1)		821		74
			$	103,052,579
Electric Utilities — 0.2%
Duke Energy Corp.		31,500	$	2,873,115
Edison International		1,134		85,515
Entergy Corp.		1,300		155,740
Exelon Corp.		28,310		1,290,653
NextEra Energy, Inc.		130,151		31,517,366
Southern Co. (The)		102,565		6,533,390
			$	42,455,779
Electrical Equipment — 0.9%
Acuity Brands, Inc.		11,121	$	1,534,698
AMETEK, Inc.		64,232		6,406,500
Eaton Corp. PLC		86,839		8,225,390
Emerson Electric Co.		2,192,191		167,176,486
Hubbell, Inc.		1,978		292,388
nVent Electric PLC		4		102
Rockwell Automation, Inc.		112,165		22,732,480
			$	206,368,044
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		15,644	$	1,693,150
CDW Corp.		142,695		20,382,554
Corning, Inc.		1,555,623		45,284,186
FLIR Systems, Inc.		1,750		91,122
Keysight Technologies, Inc.(1)		14,701		1,508,764
Knowles Corp.(1)		8,001		169,221
Littelfuse, Inc.(3)		52,675		10,071,185

17 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Electronic Equipment, Instruments & Components(continued)
TE Connectivity, Ltd.		47,770	$	4,578,277
Trimble, Inc.(1)		3,200		133,408
			$	83,911,867
Energy Equipment & Services — 0.4%
Apergy Corp.(1)		18,853	$	636,854
Core Laboratories NV		16,652		627,281
Frank’s International NV(1)		1,500,000		7,755,000
Halliburton Co.		948,842		23,218,164
National Oilwell Varco, Inc.		5,400		135,270
Schlumberger, Ltd.		1,165,771		46,863,994
Transocean, Ltd.(1)		3,626		24,947
			$	79,261,510
Entertainment — 2.3%
Activision Blizzard, Inc.		218,092	$	12,959,027
Electronic Arts, Inc.(1)		56,410		6,064,639
Liberty Braves Group, Series A(1)		1,236		36,647
Liberty Braves Group, Series C(1)		2,473		73,052
Liberty Formula One, Series A(1)		3,091		135,324
Liberty Formula One, Series C(1)		6,183		284,202
Live Nation Entertainment, Inc.(1)		43,744		3,126,384
Madison Square Garden Co. (The), Class A(1)		1,000		294,190
Netflix, Inc.(1)		154,950		50,137,172
Spotify Technology SA(1)		32,417		4,847,962
Walt Disney Co. (The)		2,969,876		429,533,166
			$	507,491,765
Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.		56,291	$	12,936,798
AvalonBay Communities, Inc.		7,000		1,467,900
Host Hotels & Resorts, Inc.		222,765		4,132,291
Host Hotels & Resorts, Inc.(3)		306,221		5,677,276
ProLogis, Inc.		28,120		2,506,617
Public Storage		1,949		415,059
Simon Property Group, Inc.		25,563		3,807,864
			$	30,943,805
Food & Staples Retailing — 1.8%
Costco Wholesale Corp.		892,315	$	262,269,225
Kroger Co. (The)		226,899		6,577,802
Sprouts Farmers Market, Inc.(1)		1,529,238		29,590,755
Sysco Corp.		442,381		37,841,271
Walgreens Boots Alliance, Inc.		650,624		38,360,791
Walmart, Inc.		188,073		22,350,595
			$	396,990,439

Security	Shares		Value
Food Products — 1.7%
Archer-Daniels-Midland Co.		307,441	$	14,249,890
Campbell Soup Co.		749,720		37,051,162
Conagra Brands, Inc.		499,875		17,115,720
Flowers Foods, Inc.		261,924		5,694,228
General Mills, Inc.		89,945		4,817,454
Hain Celestial Group, Inc. (The)(1)		17,240		447,464
Hershey Co. (The)		557,464		81,936,059
Hormel Foods Corp.		289,691		13,067,961
JM Smucker Co. (The)		19,434		2,023,663
Kellogg Co.		67,139		4,643,333
Kraft Heinz Co. (The)		108,171		3,475,534
Lamb Weston Holdings, Inc.		115,108		9,902,741
McCormick & Co., Inc.		62,860		10,669,228
Mondelez International, Inc., Class A		853,758		47,024,991
Nestle SA		1,118,348		121,078,165
Tyson Foods, Inc., Class A		27,528		2,506,149
			$	375,703,742
Health Care Equipment & Supplies — 2.6%
Abbott Laboratories		1,871,486	$	162,557,274
ABIOMED, Inc.(1)		80,924		13,804,825
Alcon, Inc.(1)		22,924		1,296,811
Align Technology, Inc.(1)(3)		18,700		5,218,048
Avanos Medical, Inc.(1)		542		18,265
Baxter International, Inc.		34,115		2,852,696
Becton, Dickinson and Co.		60,652		16,495,524
Boston Scientific Corp.(1)		90,143		4,076,266
Danaher Corp.		145,360		22,309,853
DexCom, Inc.(1)		94,962		20,771,988
Edwards Lifesciences Corp.(1)		10,027		2,339,199
Hologic, Inc.(1)		154,947		8,089,783
IDEXX Laboratories, Inc.(1)		8,000		2,089,040
Integra LifeSciences Holdings Corp.(3)		520,000		30,298,024
Integra LifeSciences Holdings Corp.(3)		491,205		28,610,250
Intuitive Surgical, Inc.(1)		140,412		83,004,554
Medtronic PLC		537,489		60,978,127
Penumbra, Inc.(1)		75,462		12,396,143
ResMed, Inc.		21,305		3,301,636
Smith & Nephew PLC ADR		5,500		264,385
Stryker Corp.		272,171		57,139,580
Teleflex, Inc.		14,325		5,392,503
Varian Medical Systems, Inc.(1)		45,609		6,476,934
Zimmer Biomet Holdings, Inc.		151,526		22,680,412
			$	572,462,120

18 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Health Care Providers & Services — 1.2%
Acadia Healthcare Co., Inc.(1)		32,000	$	1,063,040
Anthem, Inc.		144,301		43,583,231
Cardinal Health, Inc.		29,103		1,472,030
Centene Corp.(1)		61,728		3,880,839
Cigna Corp.(1)		30,693		6,276,411
Covetrus, Inc.(1)		10,538		139,102
CVS Health Corp.		1,226,354		91,105,839
DaVita, Inc.(1)		157,055		11,783,837
HCA Healthcare, Inc.		187,964		27,782,959
Henry Schein, Inc.(1)		26,346		1,757,805
Humana, Inc.		1,323		484,906
Laboratory Corp. of America Holdings(1)		550		93,043
McKesson Corp.		152,093		21,037,504
Molina Healthcare, Inc.(1)		151,406		20,544,280
UnitedHealth Group, Inc.		146,843		43,168,905
			$	274,173,731
Health Care Technology — 0.0%(2)
Cerner Corp.		17,440	$	1,279,922
			$	1,279,922
Hotels, Restaurants & Leisure — 4.4%
Aramark		137,669	$	5,974,835
Carnival Corp.		22,069		1,121,767
Chipotle Mexican Grill, Inc.(1)		121,117		101,388,252
Choice Hotels International, Inc.		30,002		3,103,107
Darden Restaurants, Inc.		66,089		7,204,362
Domino’s Pizza, Inc.		148		43,479
Dunkin’ Brands Group, Inc.		6,300		475,902
Hilton Worldwide Holdings, Inc.		106,201		11,778,753
Hyatt Hotels Corp., Class A		653,442		58,620,281
Hyatt Hotels Corp., Class A(3)		700,000		62,765,602
Marriott International, Inc., Class A		1,575,495		238,577,208
McDonald’s Corp.		82,073		16,218,445
MGM Resorts International		892,202		29,683,561
Royal Caribbean Cruises, Ltd.		1,900		253,669
Starbucks Corp.		4,050,857		356,151,347
Texas Roadhouse, Inc.		398,116		22,421,893
Texas Roadhouse, Inc.(3)		18,691		1,052,414
Yum China Holdings, Inc.		367,698		17,653,181
Yum! Brands, Inc.		334,327		33,676,759
			$	968,164,817

Security	Shares		Value
Household Durables — 0.2%
D.R. Horton, Inc.		5,956	$	314,179
Leggett & Platt, Inc.		92,079		4,680,376
Lennar Corp., Class A		8,589		479,180
Lennar Corp., Class B		21		939
Mohawk Industries, Inc.(1)		4,820		657,352
Newell Brands, Inc.		479,252		9,211,223
NVR, Inc.(1)		1,822		6,938,923
PulteGroup, Inc.		221,275		8,585,470
Tempur Sealy International, Inc.(1)		135,025		11,755,276
Toll Brothers, Inc.		2,223		87,831
Whirlpool Corp.		1,391		205,214
			$	42,915,963
Household Products — 2.0%
Church & Dwight Co., Inc.		153,589	$	10,803,450
Clorox Co. (The)		15,801		2,426,086
Colgate-Palmolive Co.		2,344,954		161,426,633
Energizer Holdings, Inc.		9,500		477,090
Kimberly-Clark Corp.		84,758		11,658,463
Procter & Gamble Co. (The)		2,101,487		262,475,726
			$	449,267,448
Independent Power and Renewable Electricity Producers — 0.0%(2)
AES Corp. (The)		1,730	$	34,427
NRG Energy, Inc.		461		18,325
			$	52,752
Industrial Conglomerates — 1.3%
3M Co.		740,724	$	130,678,528
Carlisle Cos., Inc.		55,809		9,032,128
General Electric Co.		5,452,756		60,852,757
Honeywell International, Inc.		392,987		69,558,699
Roper Technologies, Inc.		20,247		7,172,095
			$	277,294,207
Insurance — 1.7%
Aegon NV ADR		5	$	23
Aflac, Inc.		706,153		37,355,494
Alleghany Corp.(1)		3,985		3,186,286
Allstate Corp. (The)		38,758		4,358,337
American International Group, Inc.		160,299		8,228,148
Aon PLC		146,257		30,463,871
Arch Capital Group, Ltd.(1)		239,759		10,283,264

19 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Insurance(continued)
Arthur J. Gallagher & Co.		444,814	$	42,359,637
Assurant, Inc.		11,200		1,468,096
Brighthouse Financial, Inc.(1)		936		36,719
Chubb, Ltd.		36,643		5,703,849
Cincinnati Financial Corp.		175,349		18,437,947
Fidelity National Financial, Inc.		57,521		2,608,577
Globe Life, Inc.		430,474		45,307,388
Hartford Financial Services Group, Inc.		83,487		5,073,505
Lincoln National Corp.		2,950		174,080
Markel Corp.(1)		6,362		7,272,848
Marsh & McLennan Cos., Inc.		225,062		25,074,157
MetLife, Inc.		16,911		861,954
Progressive Corp. (The)		1,313,661		95,095,920
Prudential Financial, Inc.		20,261		1,899,266
Reinsurance Group of America, Inc.		6,425		1,047,660
Travelers Cos., Inc. (The)		140,472		19,237,640
Trisura Group, Ltd.(1)		124		3,833
Willis Towers Watson PLC		101		20,396
WR Berkley Corp.		2,250		155,475
			$	365,714,370
Interactive Media & Services — 7.5%
Alphabet, Inc., Class A(1)		302,144	$	404,688,652
Alphabet, Inc., Class C(1)		383,896		513,276,630
Baidu, Inc. ADR(1)		72,500		9,164,000
CarGurus, Inc.(1)		37,803		1,329,909
Cars.com, Inc.(1)		400		4,888
Facebook, Inc., Class A(1)		3,401,272		698,111,078
IAC/InterActiveCorp.(1)		6,680		1,664,055
Pinterest, Inc., Class A(1)		385,406		7,183,968
Twitter, Inc.(1)		578,870		18,552,783
Yelp, Inc.(1)		149,508		5,207,364
			$	1,659,183,327
Internet & Direct Marketing Retail — 4.3%
Alibaba Group Holding, Ltd. ADR(1)		223,541	$	47,413,046
Altaba, Inc.(4)		114,070		1,791,355
Amazon.com, Inc.(1)		393,877		727,821,676
Booking Holdings, Inc.(1)		52,136		107,073,267
eBay, Inc.		1,344,516		48,550,472
eBay, Inc.(3)		171,429		6,186,897
Expedia Group, Inc.		2,670		288,734
Qurate Retail, Inc., Series A(1)		99,802		841,331
Trip.com Group, Ltd. ADR(1)		5,200		174,408
Wayfair, Inc., Class A(1)		60,453		5,463,138
			$	945,604,324

Security	Shares		Value
IT Services — 3.3%
Accenture PLC, Class A		855,587	$	180,160,955
Akamai Technologies, Inc.(1)		226,957		19,604,546
Alliance Data Systems Corp.		686		76,969
Automatic Data Processing, Inc.		233,798		39,862,559
Broadridge Financial Solutions, Inc.		74,456		9,198,294
CACI International, Inc., Class A(1)		13,584		3,395,864
Cognizant Technology Solutions Corp., Class A		11,990		743,620
Fidelity National Information Services, Inc.		18,757		2,608,911
Fiserv, Inc.(1)		670,623		77,544,138
Global Payments, Inc.		9,504		1,735,050
International Business Machines Corp.		534,177		71,601,085
Mastercard, Inc., Class A		82,613		24,667,416
Okta, Inc.(1)		183,039		21,117,209
Paychex, Inc.		46,165		3,926,795
PayPal Holdings, Inc.(1)		288,272		31,182,382
Sabre Corp.		157,290		3,529,588
Shopify, Inc., Class A(1)		12,524		4,979,292
Square, Inc., Class A(1)		234,588		14,675,825
Twilio, Inc., Class A(1)		516,605		50,771,939
VeriSign, Inc.(1)		19,370		3,732,212
Visa, Inc., Class A		863,250		162,204,675
Western Union Co. (The)		83,244		2,229,274
			$	729,548,598
Leisure Products — 0.0%(2)
Hasbro, Inc.		786	$	83,009
Mattel, Inc.(1)		3,941		53,401
Polaris Industries, Inc.		52,104		5,298,977
			$	5,435,387
Life Sciences Tools & Services — 0.5%
Agilent Technologies, Inc.		660,825	$	56,374,981
Illumina, Inc.(1)		115,595		38,347,485
IQVIA Holdings, Inc.(1)		34,269		5,294,903
Thermo Fisher Scientific, Inc.		52,843		17,167,106
			$	117,184,475
Machinery — 1.6%
Caterpillar, Inc.		317,457	$	46,882,050
Cummins, Inc.		1,178		210,815
Deere & Co.		183,142		31,731,183
Donaldson Co., Inc.		142,204		8,193,794
Dover Corp.		340,788		39,279,225
Fortive Corp.		29,955		2,288,262
Illinois Tool Works, Inc.		1,059,776		190,367,563

20 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Machinery(continued)
Ingersoll-Rand PLC		26,539	$	3,527,564
Lincoln Electric Holdings, Inc.		53,660		5,190,532
Manitowoc Co., Inc. (The)(1)		11,435		200,113
Middleby Corp.(1)		2,000		219,040
PACCAR, Inc.		186,094		14,720,035
Parker-Hannifin Corp.		18,857		3,881,148
Pentair PLC		4		183
Snap-on, Inc.		29,674		5,026,776
Stanley Black & Decker, Inc.		288		47,733
Trinity Industries, Inc.		11,100		245,865
WABCO Holdings, Inc.(1)		3,080		417,340
Welbilt, Inc.(1)		45,741		714,017
Westinghouse Air Brake Technologies Corp.		14,082		1,095,580
Xylem, Inc.		100,950		7,953,850
			$	362,192,668
Media — 0.7%
Comcast Corp., Class A		2,367,617	$	106,471,736
Discovery, Inc., Class A(1)		24,623		806,157
Discovery, Inc., Class C(1)		207		6,311
Fox Corp., Class A		5,412		200,623
Interpublic Group of Cos., Inc. (The)		726		16,771
Liberty Broadband Corp., Series A(1)		3,091		385,015
Liberty Broadband Corp., Series C(1)		6,183		777,512
Liberty Global PLC, Class A(1)		8,854		201,340
Liberty Global PLC, Class C(1)		27,614		601,847
Liberty Latin America Ltd., Class A(1)		1,546		29,838
Liberty Latin America Ltd., Class C(1)		4,825		93,895
Liberty SiriusXM Group, Series A(1)		12,367		597,821
Liberty SiriusXM Group, Series C(1)		24,734		1,190,695
News Corp., Class A		24		339
Omnicom Group, Inc.		59,711		4,837,785
Sinclair Broadcast Group, Inc., Class A		2,500		83,350
Sirius XM Holdings, Inc.		53,280		380,952
TEGNA, Inc.		1,201		20,045
ViacomCBS, Inc., Class B		749,695		31,464,699
			$	148,166,731
Metals & Mining — 0.1%
Alcoa Corp.(1)		5,862	$	126,092
Cleveland-Cliffs, Inc.		527,743		4,433,041
Freeport-McMoRan, Inc.		58,282		764,660
Glencore PLC		598,405		1,863,264
Nucor Corp.		234,384		13,191,131
Sibanye Gold, Ltd.(1)		64		164

Security	Shares		Value
Metals & Mining(continued)
Southern Copper Corp.		12,126	$	515,112
Steel Dynamics, Inc.		232,124		7,901,501
			$	28,794,965
Multi-Utilities — 0.1%
Consolidated Edison, Inc.		52,125	$	4,715,749
Dominion Energy, Inc.		13,510		1,118,898
DTE Energy Co.		77,124		10,016,094
Sempra Energy		66,344		10,049,789
WEC Energy Group, Inc.		10,221		942,683
			$	26,843,213
Multiline Retail — 0.1%
Dollar Tree, Inc.(1)		139,458	$	13,116,025
Nordstrom, Inc.		7,429		304,069
Target Corp.		36,405		4,667,485
			$	18,087,579
Oil, Gas & Consumable Fuels — 2.5%
Antero Resources Corp.(1)		1,876,986	$	5,349,410
California Resources Corp.(1)		275		2,483
Cheniere Energy, Inc.(1)		723,539		44,186,527
Chesapeake Energy Corp.(1)		284		235
Chevron Corp.		1,009,769		121,687,262
Concho Resources, Inc.		40,000		3,502,800
ConocoPhillips		287,973		18,726,884
Devon Energy Corp.		1,378,677		35,804,242
EOG Resources, Inc.		887,557		74,341,774
EQT Corp.		180,474		1,967,167
Equitrans Midstream Corp.		144,379		1,928,904
Exxon Mobil Corp.		2,633,340		183,754,465
Hess Corp.		164,190		10,969,534
HollyFrontier Corp.		8,000		405,680
Kinder Morgan, Inc.		112,332		2,378,069
Marathon Oil Corp.		123,481		1,676,872
Marathon Petroleum Corp.		171,145		10,311,486
Murphy Oil Corp.		145,312		3,894,362
Occidental Petroleum Corp.		27,827		1,146,751
Phillips 66		182,769		20,362,294
Pioneer Natural Resources Co.		21,266		3,219,034
Range Resources Corp.		664,831		3,224,430
Royal Dutch Shell PLC, Class A, ADR		39,498		2,329,592
Southwestern Energy Co.(1)		720		1,742
Valero Energy Corp.		28,568		2,675,393

21 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels(continued)
Williams Cos., Inc. (The)		20,025	$	474,993
WPX Energy, Inc.(1)		666		9,151
			$	554,331,536
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		46,739	$	9,653,473
Unilever NV — NY Shares		19,032		1,093,579
Unilever PLC ADR		18,708		1,069,536
			$	11,816,588
Pharmaceuticals — 5.4%
Allergan PLC		14,939	$	2,855,889
AstraZeneca PLC ADR		216,121		10,775,793
Bristol-Myers Squibb Co.		2,335,509		149,916,323
Catalent, Inc.(1)		45,943		2,586,591
Eli Lilly & Co.		2,034,871		267,443,095
GlaxoSmithKline PLC ADR		1,468		68,981
Johnson & Johnson		2,494,625		363,890,949
Mallinckrodt PLC(1)		6		21
Merck & Co., Inc.		2,264,830		205,986,288
Novartis AG ADR		125,516		11,885,110
Novo Nordisk A/S ADR		1,305,451		75,559,504
Pfizer, Inc.		2,113,994		82,826,285
Reata Pharmaceuticals, Inc., Class A(1)		4,694		959,594
Roche Holding AG ADR		35,808		1,455,953
Sanofi ADR		5,100		256,020
Takeda Pharmaceutical Co., Ltd. ADR(1)		31,905		629,486
Teva Pharmaceutical Industries, Ltd. ADR(1)		576,992		5,654,522
Zoetis, Inc.		23,920		3,165,812
			$	1,185,916,216
Professional Services — 0.2%
Equifax, Inc.		12,654	$	1,773,078
Nielsen Holdings PLC		72,356		1,468,827
On Assignment, Inc.(1)		228,139		16,191,025
Verisk Analytics, Inc.		102,837		15,357,678
			$	34,790,608
Road & Rail — 1.2%
Canadian National Railway Co.		525,943	$	47,571,544
Canadian Pacific Railway, Ltd.		942		240,163
CSX Corp.		657,876		47,603,907
Kansas City Southern		12,000		1,837,920
Lyft, Inc., Class A(1)		34,899		1,501,355

Security	Shares		Value
Road & Rail(continued)
Norfolk Southern Corp.		240,830	$	46,752,328
Uber Technologies, Inc.(1)		1,331,274		39,592,089
Union Pacific Corp.		435,536		78,740,554
			$	263,839,860
Semiconductors & Semiconductor Equipment — 5.8%
Analog Devices, Inc.		635,826	$	75,561,562
Applied Materials, Inc.		195,223		11,916,412
ASML Holding NV — NY Shares		12,063		3,569,924
Broadcom, Inc.		89,633		28,325,821
Cypress Semiconductor Corp.		107,346		2,504,382
Intel Corp.		7,255,880		434,264,418
Lam Research Corp.		56,304		16,463,290
Lam Research Corp.(3)		21,452		6,267,860
Marvell Technology Group, Ltd.		95,391		2,533,585
Microchip Technology, Inc.		577,298		60,454,646
Micron Technology, Inc.(1)		231,291		12,438,830
NVIDIA Corp.		472,704		111,227,251
NVIDIA Corp.(3)		19,186		4,513,337
Qorvo, Inc.(1)		13,586		1,579,101
QUALCOMM, Inc.		4,033,637		355,887,792
Texas Instruments, Inc.		1,048,840		134,555,684
Xilinx, Inc.		105,444		10,309,260
			$	1,272,373,155
Software — 7.1%
Adobe, Inc.(1)		397,445	$	131,081,335
ANSYS, Inc.(1)		4,596		1,183,056
Autodesk, Inc.(1)		20,256		3,716,166
Box, Inc., Class A(1)		176,143		2,955,680
Cadence Design Systems, Inc.(1)		559,754		38,824,537
CDK Global, Inc.		3		164
Check Point Software Technologies, Ltd.(1)		151,500		16,810,440
Citrix Systems, Inc.		8,036		891,192
Coupa Software, Inc.(1)		28,188		4,122,495
Crowdstrike Holdings, Inc., Class A(1)		91,713		4,573,727
DocuSign, Inc.(1)		1,300,015		96,344,112
Dropbox, Inc., Class A(1)		1,713,027		30,680,314
Envestnet, Inc.(1)		41,786		2,909,559
FireEye, Inc.(1)		84,766		1,401,182
Fortinet, Inc.(1)		20,179		2,154,310
Guidewire Software, Inc.(1)		67,562		7,416,281
Intuit, Inc.		90,298		23,651,755
LogMeIn, Inc.		1,149		98,515
Manhattan Associates, Inc.(1)		56,873		4,535,622

22 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Software(continued)
Microsoft Corp.		3,990,114	$	629,240,978
Nortonlifelock, Inc.		194,276		4,957,923
Nutanix, Inc., Class A(1)		18,402		575,247
Oracle Corp.		1,083,218		57,388,890
Palo Alto Networks, Inc.(1)		178,467		41,270,494
Paycom Software, Inc.(1)		550,825		145,836,427
Proofpoint, Inc.(1)		60,744		6,972,196
RingCentral, Inc., Class A(1)		5,988		1,009,996
salesforce.com, Inc.(1)		264,736		43,056,663
ServiceNow, Inc.(1)		172,409		48,674,509
Slack Technologies, Inc., Class A(1)		1,249,111		28,080,015
Smartsheet, Inc., Class A(1)		207,811		9,334,870
Splunk, Inc.(1)		411,122		61,573,742
Synopsys, Inc.(1)		18,742		2,608,886
Teradata Corp.(1)		200		5,354
Tyler Technologies, Inc.(1)		232,333		69,704,547
Workday, Inc., Class A(1)		178,366		29,332,289
Workday, Inc., Class A(1)(3)		23,896		3,927,732
			$	1,556,901,200
Specialty Retail — 2.2%
Advance Auto Parts, Inc.		78,893	$	12,635,503
AutoNation, Inc.(1)		13,540		658,450
AutoZone, Inc.(1)		2,475		2,948,492
Bed Bath & Beyond, Inc.		22,000		380,600
Best Buy Co., Inc.		311,979		27,391,756
Burlington Stores, Inc.(1)		17,552		4,002,383
CarMax, Inc.(1)		6,276		550,217
Dick’s Sporting Goods, Inc.		35,000		1,732,150
Gap, Inc. (The)		154,138		2,725,160
GNC Holdings, Inc., Class A(1)		900		2,430
Home Depot, Inc. (The)		46,138		10,075,617
Home Depot, Inc. (The)(3)		11,095		2,422,926
L Brands, Inc.		307,212		5,566,682
Lowe’s Cos., Inc.		996,668		119,360,960
O’Reilly Automotive, Inc.(1)		158,453		69,443,612
Ross Stores, Inc.		429,074		49,952,795
Ross Stores, Inc.(3)		60,000		6,985,200
Ross Stores, Inc.(3)		50,000		5,821,000
Ross Stores, Inc.(3)		15,000		1,745,863
Signet Jewelers, Ltd.		65,986		1,434,536
Tiffany & Co.		14,845		1,984,034
TJX Cos., Inc. (The)		1,863,356		113,776,517
Tractor Supply Co.		244,964		22,889,436
Ulta Beauty, Inc.(1)		101,010		25,569,671
			$	490,055,990

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 3.9%
Apple, Inc.		2,750,413	$	807,658,777
Dell Technologies, Class C(1)		2,415		124,107
Hewlett Packard Enterprise Co.		381,616		6,052,430
NetApp, Inc.		480,220		29,893,695
Pure Storage, Inc., Class A(1)		1,300,000		22,243,000
			$	865,972,009
Textiles, Apparel & Luxury Goods — 1.5%
Hanesbrands, Inc.		221,909	$	3,295,349
Kontoor Brands, Inc.(1)		37,542		1,576,389
Lululemon Athletica, Inc.(1)		1,000		231,670
NIKE, Inc., Class B		2,884,108		292,188,981
Skechers U.S.A., Inc., Class A(3)		100,000		4,317,920
Under Armour, Inc., Class A(1)		2,400		51,840
VF Corp.		273,527		27,259,701
			$	328,921,850
Thrifts & Mortgage Finance — 0.0%(2)
Essent Group, Ltd.		96,312	$	5,007,261
			$	5,007,261
Tobacco — 0.6%
Altria Group, Inc.		723,883	$	36,129,000
British American Tobacco PLC ADR		3,399		144,322
Philip Morris International, Inc.		1,015,074		86,372,647
			$	122,645,969
Trading Companies & Distributors — 0.2%
Fastenal Co.		1,011,228	$	37,364,875
NOW, Inc.(1)		944		10,610
United Rentals, Inc.(1)		15,200		2,534,904
W.W. Grainger, Inc.		8,210		2,779,249
			$	42,689,638
Water Utilities — 0.0%(2)
American Water Works Co., Inc.		1,900	$	233,415
			$	233,415
Wireless Telecommunication Services — 0.0%(2)
America Movil SAB de CV, Series L, ADR		270,852	$	4,333,632
Sprint Corp.(1)		1		5

23 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Portfolio of Investments — continued

Security	Shares		Value
Wireless Telecommunication Services(continued)
Vodafone Group PLC ADR		5	$	97
			$	4,333,734
Total Common Stocks (identified cost $11,357,609,539)			$	21,639,606,485
Rights— 0.0%(2)
Security	Shares		Value
Pharmaceuticals — 0.0%(2)
Bristol-Myers Squibb Co. CVR, Exp. 3/31/21(1)		237,107	$	713,692
Sanofi CVR, Exp. 12/31/20(1)		6,984		6,008
Total Rights (identified cost $521,478)			$	719,700
Short-Term Investments — 1.6%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.78%(5)		346,625,190	$	346,625,190
Total Short-Term Investments (identified cost $346,614,645)			$	346,625,190
Total Investments — 99.9% (identified cost $11,704,745,662)			$	21,986,951,375
Other Assets, Less Liabilities — 0.1%			$	26,401,207
Net Assets — 100.0%			$	22,013,352,582

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

⁽¹⁾ Non-income producing security.

⁽²⁾ Amount is less than 0.05%.

⁽³⁾ Restricted security (see Note 5).

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

⁽⁵⁾ Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualizedseven-day yield as of December 31, 2019.

Abbreviations:

ADR	–	American Depositary Receipt
CVR	–	Contingent Value Rights

24 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Statement of Assets and Liabilities

Assets	December 31, 2019
Unaffiliated investments, at value (identified cost, $11,358,131,017)	$	21,640,326,185
Affiliated investment fund, at value (identified cost, $346,614,645)		346,625,190
Cash		11,253
Dividends and interest receivable		16,221,716
Dividends receivable from affiliated investment		453,557
Receivable for investments sold		17,079,700
Tax reclaims receivable		2,568,954
Total assets	$	22,023,286,555
Liabilities
Payable to affiliates:
Investment adviser fee	$	7,712,184
Trustees’ fees		27,125
Accrued expenses		2,194,664
Total liabilities	$	9,933,973
Commitments and contingencies (Note 9)
Net Assets applicable to investors’ interest in Portfolio	$	22,013,352,582

25 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Statement of Operations

Investment Income	Year Ended December 31, 2019
Dividends (net of foreign taxes, $6,179,445)	$	322,111,567
Dividends from affiliated investment		5,406,740
Total investment income	$	327,518,307
Expenses
Investment adviser fee	$	81,541,698
Trustees’ fees and expenses		110,250
Custodian fee		2,369,374
Professional fees		403,955
Miscellaneous		545,959
Total expenses	$	84,971,236
Net investment income	$	242,547,071
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions(1)	$	489,531,799
Investment transactions — affiliated investment		(4,227	)
Foreign currency transactions		(79,171	)
Net realized gain	$	489,448,401
Change in unrealized appreciation (depreciation) —
Investments	$	4,080,943,063
Investments — affiliated investment		23,296
Foreign currency		99,904
Net change in unrealized appreciation (depreciation)	$	4,081,066,263
Net realized and unrealized gain	$	4,570,514,664
Net increase in net assets from operations	$	4,813,061,735

⁽¹⁾  Includes $499,998,800 of net realized gains from redeptionsin-kind.

26 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2019			2018
From operations —
Net investment income	$	242,547,071		$	214,584,213
Net realized gain		489,448,401			462,326,236
Net change in unrealized appreciation (depreciation)		4,081,066,263			(1,556,354,108	)
Net increase (decrease) in net assets from operations	$	4,813,061,735		$	(879,443,659	)
Capital transactions —
Contributions	$	2,251,431,385		$	1,599,259,969
Withdrawals		(1,067,186,292	)		(928,460,409	)
Net increase in net assets from capital transactions	$	1,184,245,093		$	670,799,560
Net increase (decrease) in net assets	$	5,997,306,828		$	(208,644,099	)
Net Assets
At beginning of year	$	16,016,045,754		$	16,224,689,853
At end of year	$	22,013,352,582		$	16,016,045,754

27 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

Financial Highlights

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

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

⁽²⁾ Excludes the value of portfolio securities contributed or distributed as a result ofin-kind shareholder transactions. The portfolio turnover of the Portfolio includingin-kind contributions and distributions of securities was 6%, 6%, 5% and 6% for the years ended December 31, 2019, 2018, 2017 and 2016, respectively.

⁽³⁾ Amount is less than 0.5%.

28 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2019

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, 2019, Eaton VanceTax-Managed Growth Fund 1.0, Eaton VanceTax-Managed Growth Fund 1.1, Eaton VanceTax-Managed Growth Fund 1.2 and Eaton VanceTax-Managed Equity Asset Allocation Fund held an interest of 4.7%, 8.0%, 4.2%, and 0.8% respectively, in the Portfolio. In addition, an unregistered fund managed by the adviser to the Portfolio held an aggregate interest of 82.3% in the Portfolio.

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

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

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

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

Affiliated Fund. The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C  Income — Dividend income is recorded on theex-dividend date for dividends received in cash and/or securities. However, if theex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of theex-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

Tax-Managed Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

As of December 31, 2019, 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 fiscalyear-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Foreign Currency Translation— Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

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

G  Indemnifications— Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

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, 2019, the Portfolio’s investment adviser fee amounted to $81,541,698 or 0.43% 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, 2019, 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 $206,905,515 and $121,317,923, respectively, for the year ended December 31, 2019. In addition, investors contributed securities with an aggregate market value of $2,162,578,875 and investments having an aggregate market value of $943,319,699 were distributed in payment for capital withdrawals during the year ended December 31, 2019.

30

Tax-Managed Growth Portfolio

December 31, 2019

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, 2019, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	3,366,069,163
Gross unrealized appreciation	$	18,633,953,788
Gross unrealized depreciation		(13,071,576	)
Net unrealized appreciation	$	18,620,882,212

5  Restricted Securities

At December 31, 2019, the Portfolio owned the following securities (representing 1.0%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
Align Technology, Inc.		6/20/19		6/20/20		18,700	$	5,547,577	$	5,218,048
eBay, Inc.		12/19/19		12/19/20		171,429		6,105,513		6,186,897
FactSet Research Systems, Inc.		9/19/19		9/19/20		75,000		21,214,388		20,117,469
Home Depot, Inc. (The)		6/20/19		6/20/20		11,095		2,305,710		2,422,926
Host Hotels & Resorts, Inc.		12/19/19		12/19/20		306,221		5,665,033		5,677,276
Hyatt Hotels Corp., Class A		12/19/19		12/19/20		700,000		59,987,991		62,765,602
Integra LifeSciences Holdings Corp.		9/19/19		9/19/20		520,000		31,704,140		30,298,024
Integra LifeSciences Holdings Corp.		12/19/19		12/19/20		491,205		29,169,890		28,610,250
Lam Research Corp.		12/19/19		12/19/20		21,452		6,173,971		6,267,860
Lennox International, Inc.		6/20/19		6/20/20		25,181		6,827,920		6,143,409
Littelfuse, Inc.		12/19/19		12/19/20		52,675		10,000,112		10,071,185
NVIDIA Corp.		9/19/19		9/19/20		19,186		3,451,370		4,513,337
Ross Stores, Inc.		3/21/19		3/21/20		50,000		4,572,983		5,821,000
Ross Stores, Inc.		6/20/19		6/20/20		60,000		6,199,078		6,985,200
Ross Stores, Inc.		9/19/19		9/19/20		15,000		1,629,835		1,745,863
Skechers U.S.A., Inc., Class A		9/19/19		9/19/20		100,000		3,453,272		4,317,920
Texas Roadhouse, Inc.		9/19/19		9/19/20		18,691		1,000,029		1,052,414
Workday, Inc., Class A		12/19/19		12/19/20		23,986		3,856,797		3,927,732
Total Restricted Securities							$	208,865,609	$	212,142,412

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Portfolio based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended December 31, 2019.

31

Tax-Managed Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

7  Investments in Affiliated Funds

At December 31, 2019, the value of the Portfolio’s investment in affiliated funds was $346,625,190, which represents 1.6% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended December 31, 2019 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC, 1.78%	$	234,953,084	$	421,039,355	$	(309,386,318	)	$	(4,227	)	$	23,296	$	346,625,190	$	5,406,740		346,625,190

8  Fair Value Measurements

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

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

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

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

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

At December 31, 2019, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3*		Total
Common Stocks
Communication Services	$	2,422,228,136		$	—		$	—	$	2,422,228,136
Consumer Discretionary		2,895,994,406			76,068,696			1,791,355		2,973,854,457
Consumer Staples		1,766,750,075			121,078,165			—		1,887,828,240
Energy		633,593,046			—			—		633,593,046
Financials		3,497,898,744			37,924,133			—		3,535,822,877
Health Care		2,699,959,858			58,908,274			—		2,758,868,132
Industrials		2,179,419,867			—			—		2,179,419,867
Information Technology		4,783,266,266			24,780,114			—		4,808,046,380
Materials		337,552,958			1,863,428			—		339,416,386
Real Estate		25,266,529			5,677,276			—		30,943,805
Utilities		69,585,159			—			—		69,585,159
Total Common Stocks	$	21,311,515,044	$		326,300,086	**	$	1,791,355	$	21,639,606,485
Rights	$	719,700		$	—		$	—	$	719,700
Short-Term Investments		—			346,625,190			—		346,625,190
Total Investments	$	21,312,234,744		$	672,925,276		$	1,791,355	$	21,986,951,375

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

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

32

Tax-Managed Growth Portfolio

December 31, 2019

Notes to Financial Statements — continued

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended December 31, 2019, is not presented.

9  Legal Proceedings

In November 2010, the Portfolio was named as defendant and a putative member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors (UCC) of the Tribune Company v. FitzSimons, et al. as a result of its ownership of shares in the Tribune Company (Tribune) in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The UCC, which has been replaced by a Litigation Trustee pursuant to Tribune’s plan of reorganization, seeks to recover payments of the proceeds of the LBO. In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the LBO (the “SLFC actions”). The Portfolio has been named as a defendant in one of the SLFC actions filed in United States District Court — District of Massachusetts by Deutsche Bank Trust Co. Americas seeking to recover the proceeds received in connection with the LBO from former shareholders. The FitzSimons action and the SLFC actions are now part of a multi-district litigation proceeding in the Southern District of New York. The value of the proceeds received by the Portfolio is approximately $48,237,000 (equal to 0.2% of net assets at December 31, 2019).

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.

33

Tax-Managed Growth Portfolio

December 31, 2019

Report of Independent Registered Public Accounting Firm

To the Trustees and Investors ofTax-Managed Growth Portfolio:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities ofTax-Managed Growth Portfolio (the “Portfolio”), including the portfolio of investments, as of December 31, 2019, 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, 2019, 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, 2019, 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.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

February 21, 2020

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

34

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Management and Organization

Fund Management.  The Trustees of Eaton Vance Series Trust (the Trust) andTax-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 159 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 159 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. 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). Other Directorships in the Last Five Years. None.
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). Other 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). Other 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). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).

35

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

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). Other Directorships in the Last Five Years.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). Other Directorships in the Last Five Years. None.
Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Advisory Committee member at Northfield Information Services, Inc. (risk management analytics provider) (since 2016). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)(2001-2014). Other Directorships in the Last Five Years. Director of New Hampshire Municipal Bond Bank (since 2016).
Marcus L. Smith 1966	Trustee	2018	Member of Posse Boston Advisory Board (foundation) (since 2015). Trustee at University of Mount Union (since 2008). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland 1957	Trustee	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). 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). Other Directorships in the Last Five Years. None
Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
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”).

36

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2019

Management and Organization — continued

Name and Year of Birth	Position(s) with the Trust and the Portfolio	Officer Since(2)	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees (continued)
Edward J. Perkin 1972	President of the Portfolio	2014	Chief Equity Investment Officer and Vice President of EVM and BMR since 2014. Also Vice President of Calvert Research and Management (“CRM”) since 2016.
Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.
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⁾  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.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and the Portfolio and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling1-800-262-1122.

37

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

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

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

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call1-800-262-1122.

Delivery of Shareholder Documents.  The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise.If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F toForm N-PORT with the SEC for the first and third quarters of each fiscal year. The FormN-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting.  From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent12-month period ended June 30, without charge, upon request, by calling1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

38

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Investment Adviser ofTax-Managed Growth Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton VanceTax-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 calling1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

157    12.31.19

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 calling1-800-262-1122. The registrant has not amended the code of ethics as described in FormN-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 FormN-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. 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) (a registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Eaton VanceTax-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 anopen-end management investment company. This FormN-CSR relates to the Fund’s annual report

(a)-(d)

The following tables present the aggregate fees billed to the Fund for the Fund’s fiscal years ended December 31, 2018 and December 31, 2019 by the registrant’s principal accountant, Deloitte & Touche LLP (“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 VanceTax-Managed Growth Fund 1.0

Fiscal Years Ended	12/31/18		12/31/19
Audit Fees	$	16,510	$	16,800
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	7,401	$	6,912
All Other Fees(3)	$	0	$	0
Total	$	23,911	$	23,712

⁽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 thepre-approval of services provided by the registrant’s principal accountant (the“Pre-Approval Policies”). ThePre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of itspre-approval responsibilities. As a general matter, thePre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to bepre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of thepre-approval process, including the approval and monitoring of audit andnon-audit service fees. Unless a service is specificallypre-approved under thePre-Approval Policies, it must be separatelypre-approved by the audit committee.

ThePre-Approval Policies and the types of audit andnon-audit servicespre-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 Rule2-01 (c)(7)(i)(C) of RegulationS-X.

(f) Not applicable.

(g) The following table presents (i) the aggregatenon-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 aggregatenon-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	12/31/18		12/31/19
Registrant	$	7,401	$	6,912
Eaton Vance(1)	$	126,485	$	59,903

⁽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 ofnon-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 notpre-approved pursuant to Rule2-01(c)(7)(ii) of RegulationS-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 FormN-CSR.

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

Not applicable.

Item 8. Portfolio Managers ofClosed-End Management Investment Companies

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

Item 12. Disclosure of Securities Lending Activities forClosed-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 24, 2020

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

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	February 24, 2020
By:	/s/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	February 24, 2020