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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02589

Eaton Vance Series Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

December 31

Date of Fiscal Year End

December 31, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Tax-Managed Growth Fund 1.0

Annual Report

December 31, 2020

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. 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. The adviser is also registered as 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, 2020

Eaton Vance

Tax-Managed Growth Fund 1.0

Table of Contents
Management’s Discussion of Fund Performance	2
Performance	3
Fund Profile	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	7
Report of Independent Registered Public Accounting Firm	14 and 36
Federal Tax Information	15
Management and Organization	43
Important Notices	46

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began January 1, 2020, included some of the best and worst U.S. equity performances in over a decade.

As the period opened, news of a novel coronavirus outbreak in China began to raise investor concerns. As the virus turned into a global pandemic in February and March, it ended the longest-ever U.S. economic expansion and triggered a global economic slowdown. Economic activity declined dramatically and equity markets plunged in value amid unprecedented volatility.

In response, the U.S. Federal Reserve (the Fed) announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%-0.25% — along with other measures designed to shore up equity and credit markets. At its July meeting, the Fed provided additional reassurances that it would use all the tools at its disposal to support the U.S. economy.

These actions helped calm markets and initiated a new equity rally that began in April and lasted through most of the summer. As consumers started to emerge from coronavirus lockdowns and factories gradually resumed production, stock prices reflected investor optimism. In the second quarter of 2020, U.S. stocks reported their best quarterly returns since 1998 — on the heels of the worst first quarter for American stocks since the 2007-2008 global financial crisis.

In September 2020, however, the equity rally stalled, as stock prices on Wall Street began to reflect the reality on Main Street, where coronavirus cases were on the rise in nearly every state. In September and October 2020, most U.S. stock indexes reported negative returns, reflecting concerns about the economic outlook for fall and winter, uncertainties related to the presidential election, and the failure of Congress to pass additional financial relief for struggling businesses and workers facing unemployment.

In the final two months of the period, however, stocks reversed course again. Joe Biden’s victory in the November presidential election eased political uncertainties that had dogged investment markets through much of the fall. Additionally, the announcement that two COVID-19 vaccine candidates had proven more than 90% effective in late-stage trials boosted investor optimism that powered a new stock market rally. Unlike the largely tech-centered rally of the previous spring and summer, this rally was more broad-based, with strong participation by value and growth stocks across the market cap range. As both vaccines were approved for emergency use and vaccinations began in December 2020, an eventual end to the pandemic seemed to be in sight and the equity rally continued.

For the period as a whole, positive equity returns belied the dramatic volatility during the period, but demonstrated the dominance of technology stocks. The S&P 500^® Index, a broad measure of U.S. stocks, returned 18.40%; the blue-chip Dow Jones Industrial Average^® returned 9.72%; and the technology-laden Nasdaq Composite Index returned 44.92%. Small-cap U.S. stocks, as measured by the Russell 2000^® Index, kept pace with their large-cap counterparts, as measured

by the S&P 500^® Index and Russell 1000^® Index. As a group, growth stocks significantly outpaced value stocks, as measured by the Russell growth and value indexes.

Fund Performance

For the 12-month period ended December 31, 2020, Eaton Vance Tax-Managed Growth Fund 1.0 (the Fund) returned 23.49% at net asset value (NAV), outperforming its benchmark, the S&P 500^® Index (the Index), which returned 18.40%.

Stock selections in the information technology (IT) and communication services sectors contributed to Fund performance versus the Index during the period. An underweight position relative to the Index in the energy sector — where stock prices were battered by a steep decline in demand and commodity prices during the COVID-19 pandemic — helped performance versus the Index as well.

Within IT, the Fund’s out-of-Index position in DocuSign, Inc. (DocuSign), a cloud-based provider of electronic signature technology for digital documents, contributed to relative returns. DocuSign’s stock performed strongly as demand for the firm’s digital workflow solutions increased during the pandemic, due to offices closing and employees switching to working remotely.

Elsewhere in IT, the Fund’s overweight position in QUALCOMM, Inc. (Qualcomm), which produces and licenses chip technology for mobile devices, rose in value as companies introduced 5G cellphones using Qualcomm technology. The favorable resolution of an antitrust suit before the Federal Communications Commission was an additional tailwind for Qualcomm’s stock price during the period.

In communication services, underweighting AT&T, Inc. (AT&T) also helped performance relative to the Index. The telecom giant’s stock price declined during the period due to competitive pressures in its wireless business. Rising expenses for the rollout of premium video streaming services and its new 5G network weighed on AT&T’s stock price as well.

In contrast, the Fund’s overweight position in the financials sector, and stock selections and an underweight position in the materials sector detracted from performance versus the Index. In financials, the Fund’s overweight positions in Wells Fargo & Co. (Wells Fargo) and JPMorgan Chase & Co. declined in value and detracted from performance relative to the Index. Like many other banking firms during the period, both companies were negatively affected by falling interest rates, which lowered profits on lending, and by concerns about worsening corporate and consumer credit trends. In addition, Wells Fargo’s new management team struggled to turn the business around after legal issues surfaced under its previous leadership.

Not owning Index component Freeport-McMoRan, Inc. (Freeport- McMoRan), a copper and gold mining firm in the materials sector, hurt relative performance as well. As the ongoing global shift from internal combustion to electric vehicles accelerated during the period, Freeport-McMoRan’s stock price benefited from increased demand for copper, a key material in electric vehicle batteries.

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 recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

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		23.49	%		15.27	%		13.72	%
S&P 500® Index		—		—		18.40	%		15.20	%		13.87	%
% After-Tax Returns	Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
After Taxes on Distributions		03/29/1966		03/29/1966		23.21	%		14.95	%		13.39	%
After Taxes on Distributions and Sale of Fund Shares		—		—		14.10			12.70			11.79

Growth of $10,000

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

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance 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 recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Amazon.com, Inc.	4.7	%
Apple, Inc.	4.5
Microsoft Corp.	3.4
Facebook, Inc., Class A	3.3
Alphabet, Inc., Class C	2.5
QUALCOMM, Inc.	2.2
Alphabet, Inc., Class A	2.0
Walt Disney Co. (The)	2.0
JPMorgan Chase & Co.	1.8
Berkshire Hathaway, Inc., Class B	1.6
Total	28.0	%

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

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  S&P 500^® Index is an unmanaged index of large-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. 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. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or shares held by nontaxable entities. Return After Taxes on Distributions may be the same as Return Before Taxes for the same period because no taxable distributions were made during that period. Return After Taxes on Distributions and Sale of Fund Shares may be greater than or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares. The Fund’s after-tax returns also may reflect foreign tax credits passed by the Fund to its shareholders

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

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Additional Information

Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. 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. Russell 1000^® Index is an unmanaged index of 1,000 U.S. large-cap stocks.

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 at 1-866-910-2425.

5

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

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, 2020 – December 31, 2020).

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 (7/1/20)		Ending Account Value (12/31/20)		Expenses Paid During Period* (7/1/20 – 12/31/20)		Annualized Expense Ratio
Actual
	$	1,000.00	$	1,255.30	$	2.61		0.46	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,022.80	$	2.34		0.46	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2020. The Example reflects the expenses of both the Fund and the Portfolio.

6

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Statement of Assets and Liabilities

Assets	December 31, 2020
Investment in Tax-Managed Growth Portfolio, at value (identified cost, $218,594,064)	$	1,197,089,661
Total assets	$	1,197,089,661
Liabilities
Payable for Fund shares redeemed	$	302,985
Payable to affiliates:
Trustees’ fees		125
Accrued expenses		99,437
Total liabilities	$	402,547
Net Assets	$	1,196,687,114
Sources of Net Assets
Paid-in capital	$	25,175,873
Distributable earnings		1,171,511,241
Total	$	1,196,687,114
Net Asset Value and Redemption Price Per Share
($1,196,687,114 ÷ 710,973 shares of beneficial interest outstanding)	$	1,683.17

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Statement of Operations

Investment Income	Year Ended December 31, 2020
Dividends allocated from Portfolio (net of foreign taxes, $142,513)	$	15,527,061
Expenses allocated from Portfolio		(4,528,103	)
Total investment income from Portfolio	$	10,998,958
Expenses
Trustees’ fees and expenses	$	500
Custodian fee		63,730
Transfer and dividend disbursing agent fees		67,565
Professional fees		34,055
Printing and postage		15,956
Miscellaneous		18,439
Total expenses	$	200,245
Net investment income	$	10,798,713
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions(1)	$	26,115,987
Foreign currency transactions		(290	)
Net realized gain	$	26,115,697
Change in unrealized appreciation (depreciation) —
Investments	$	189,843,125
Foreign currency		3,607
Net change in unrealized appreciation (depreciation)	$	189,846,732
Net realized and unrealized gain	$	215,962,429
Net increase in net assets from operations	$	226,761,142

⁽¹⁾   Includes $25,792,118 of net realized gains from redemptions in-kind.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	10,798,713		$	12,217,799
Net realized gain		26,115,697			25,042,254
Net change in unrealized appreciation (depreciation)		189,846,732			210,164,497
Net increase in net assets from operations	$	226,761,142		$	247,424,550
Distributions to shareholders	$	(10,770,512	)	$	(12,113,654	)
Transactions in shares of beneficial interest —
Net asset value of shares issued to shareholders in payment of distributions declared	$	2,676,508		$	2,858,046
Cost of shares redeemed		(55,713,335	)		(65,880,246	)
Net decrease in net assets from Fund share transactions	$	(53,036,827	)	$	(63,022,200	)
Net increase in net assets	$	162,953,803		$	172,288,696
Net Assets
At beginning of year	$	1,033,733,311		$	861,444,615
At end of year	$	1,196,687,114		$	1,033,733,311

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Financial Highlights

	Year Ended December 31,
	2020			2019			2018			2017			2016
Net asset value — Beginning of year	$	1,378.390		$	1,075.910		$	1,146.130		$	946.160		$	880.890
Income (Loss) From Operations
Net investment income(1)	$	14.813		$	15.815		$	14.556		$	13.613		$	12.991
Net realized and unrealized gain (loss)		304.817			302.465			(70.176	)		200.107			65.579
Total income (loss) from operations	$	319.630		$	318.280		$	(55.620	)	$	213.720		$	78.570
Less Distributions
From net investment income	$	(14.850	)	$	(15.800	)	$	(14.180	)	$	(13.750	)	$	(13.300	)
Tax return of capital		—			—			(0.420	)		—			—
Total distributions	$	(14.850	)	$	(15.800	)	$	(14.600	)	$	(13.750	)	$	(13.300	)
Net asset value — End of year	$	1,683.170		$	1,378.390		$	1,075.910		$	1,146.130		$	946.160
Total Return(2)		23.49	%		29.83	%		(5.04	)%		22.73	%		9.00	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,196,687		$	1,033,733		$	861,445		$	983,065		$	827,340
Ratios (as a percentage of average daily net assets):(3)
Expenses		0.46	%		0.47	%		0.48	%		0.48	%		0.49	%
Net investment income		1.06	%		1.27	%		1.23	%		1.31	%		1.46	%
Portfolio Turnover of the Portfolio(4)		1	%		1	%		1	%		0	%(5)		1	%

⁽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 value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 6%, 6%, 6%, 5% and 6% for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽⁵⁾  Amount is less than 0.5%.

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Notes to Financial Statements

1  Significant Accounting Policies

Eaton Vance Tax-Managed Growth Fund 1.0 (the Fund) is a diversified series of the Eaton Vance Series Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. The Fund invests all of its investable assets in interests in Tax-Managed Growth Portfolio (the Portfolio), a Massachusetts business trust, having the same investment objective and policies as the Fund. The value of the Fund’s investment in the Portfolio reflects the Fund’s proportionate interest in the net assets of the Portfolio (4.3% at December 31, 2020). The performance of the Fund is directly affected by the performance of the Portfolio. The financial statements of the Portfolio, including the portfolio of investments, are included elsewhere in this report and should be read in conjunction with the Fund’s financial statements.

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

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

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

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

As of December 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

2  Distributions to Shareholders and Income Tax Information

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

11

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended December 31, 2020 and December 31, 2019 was as follows:

	Year Ended December 31,
	2020		2019
Ordinary income	$	10,770,512	$	12,113,654

During the year ended December 31, 2020, distributable earnings was decreased by $50,937,344 and paid-in capital was increased by $50,937,344 due to the Fund’s use of equalization accounting and differences between book and tax accounting for the Fund’s investment in the Portfolio. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of December 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$	64,797
Deferred capital losses	$	(3,275,486	)
Net unrealized appreciation	$	1,174,721,930

At December 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $3,275,486 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, 2020, $3,275,486 are short-term.

3  Transactions with Affiliates

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

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended December 31, 2020, EVM earned $12,154 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, 2020, increases and decreases in the Fund’s investment in the Portfolio aggregated $58,184 and $63,798,248, respectively. Decreases in the Fund’s investment in the Portfolio include distributions of securities as the result of redemptions in-kind with a value of $55,259,733.

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,
	2020			2019
Issued to shareholders electing to receive payments of distributions in Fund shares		1,957			2,232
Redemptions		(40,943	)		(52,937	)
Net decrease		(38,986	)		(50,705	)

12

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Notes to Financial Statements — continued

6  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

7  Additional Information

On November 24, 2020, the Fund’s Board of Trustees approved an investment advisory agreement between EVM and the Fund pursuant to which fees will be based on average daily net assets per annum that are not invested in other investment companies for which the adviser or its affiliates (i) serves as adviser and (ii) receives an advisory fee. The investment advisory agreement was approved by Fund shareholders at a joint meeting of shareholders held on February 18, 2021, and would become effective upon the consummation of the acquisition of Eaton Vance Corp. by Morgan Stanley or on another date determined by an officer of the Fund.

13

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Managed Growth Fund 1.0 (the “Fund”) (one of the funds constituting Eaton Vance Series Trust), as of December 31, 2020, 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, 2020, 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 22, 2021

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

14

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you received in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. 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, 2020, the Fund designates approximately $15,505,249, 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 2020 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

15

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments

Common Stocks — 99.2%
Security	Shares		Value
Aerospace & Defense — 1.2%
Boeing Co. (The)		882,743	$	188,959,967
General Dynamics Corp.		141,321		21,031,391
Howmet Aerospace, Inc.		4		114
Huntington Ingalls Industries, Inc.		1,274		217,192
L3Harris Technologies, Inc.		5,971		1,128,638
Lockheed Martin Corp.		122,831		43,602,548
Northrop Grumman Corp.		50,885		15,505,678
Northrop Grumman Corp.(1)		2,913		887,427
Raytheon Technologies Corp.		1,024,406		73,255,273
Textron, Inc.		9,022		436,033
TransDigm Group, Inc.		2,016		1,247,602
			$	346,271,863
Air Freight & Logistics — 1.6%
C.H. Robinson Worldwide, Inc.		939,486	$	88,189,551
Expeditors International of Washington, Inc.		12,800		1,217,408
FedEx Corp.		345,061		89,584,737
United Parcel Service, Inc., Class B		1,512,501		254,705,168
XPO Logistics, Inc.(2)		57,458		6,848,994
			$	440,545,858
Airlines — 0.0%(3)
American Airlines Group, Inc.		66,989	$	1,056,417
Delta Air Lines, Inc.		60,606		2,436,967
Southwest Airlines Co.		27,758		1,293,800
			$	4,787,184
Auto Components — 0.7%
Adient PLC(2)		15,053	$	523,393
Aptiv PLC		1,015,600		132,322,524
BorgWarner, Inc.		800		30,912
Dorman Products, Inc.(2)		20,730		1,799,779
Garrett Motion, Inc.(2)		36,184		160,295
Gentex Corp.		1,443,192		48,967,504
			$	183,804,407
Automobiles — 0.2%
Daimler AG		38,000	$	2,671,400
Ford Motor Co.		1,212,501		10,657,884
General Motors Co.		82,498		3,435,217
Harley-Davidson, Inc.		20,162		739,945
Tesla, Inc.(2)		36,985		26,099,205
Toyota Motor Corp. ADR		5,000		772,850
			$	44,376,501

Security	Shares		Value
Banks — 3.9%
Bank of America Corp.		3,980,104	$	120,636,952
Bank of Hawaii Corp.		557		42,677
Bank of Montreal		4		304
CIT Group, Inc.		1,490		53,491
Citigroup, Inc.		860,832		53,078,901
Commerce Bancshares, Inc.		69,629		4,574,625
CVB Financial Corp.		608,432		11,864,424
Fifth Third Bancorp		1,719,235		47,399,309
First Republic Bank		1,652		242,729
HSBC Holdings PLC		220,592		1,145,184
HSBC Holdings PLC ADR		424		10,986
Huntington Bancshares, Inc.		144,510		1,825,161
ING Groep NV ADR		125		1,180
JPMorgan Chase & Co.		4,052,886		515,000,224
KeyCorp		112,574		1,847,339
M&T Bank Corp.		151,517		19,288,114
Pinnacle Financial Partners, Inc.		34,686		2,233,779
PNC Financial Services Group, Inc. (The)		107,711		16,048,939
Regions Financial Corp.		714,736		11,521,544
Signature Bank		3,359		454,439
Societe Generale S.A.(2)		405,793		8,435,871
Sterling Bancorp		103,627		1,863,214
SVB Financial Group(2)		29,245		11,342,088
Synovus Financial Corp.		1,565		50,659
Toronto-Dominion Bank (The)		569		32,103
Truist Financial Corp.		1,713,775		82,141,236
U.S. Bancorp		859,714		40,054,075
Wells Fargo & Co.		4,123,713		124,453,658
Western Alliance Bancorp		23,987		1,438,021
			$	1,077,081,226
Beverages — 2.1%
Anheuser-Busch InBev SA/NV ADR		75,379	$	5,269,746
Boston Beer Co., Inc. (The), Class A(2)		4,730		4,702,992
Brown-Forman Corp., Class A		17,399		1,278,304
Brown-Forman Corp., Class B		378,835		30,090,864
Coca-Cola Co. (The)		3,506,980		192,322,783
Constellation Brands, Inc., Class A		106,872		23,410,312
Diageo PLC ADR		8,721		1,384,982
Keurig Dr Pepper, Inc.		2,700		86,400
Molson Coors Beverage Co., Class B		186,000		8,405,340
Monster Beverage Corp.(2)		171,250		15,837,200
PepsiCo, Inc.		2,056,881		305,035,452
			$	587,824,375

16 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Biotechnology — 2.5%
AbbVie, Inc.		818,966	$	87,752,207
Agios Pharmaceuticals, Inc.(2)		74,972		3,248,537
Alexion Pharmaceuticals, Inc.(2)		469,856		73,410,301
Alkermes PLC(2)		5,000		99,750
Alnylam Pharmaceuticals, Inc.(2)		117,352		15,252,239
Amgen, Inc.		737,078		169,468,974
argenx SE ADR(2)		308,910		90,847,342
Biogen, Inc.(2)		100,682		24,652,995
Bluebird Bio, Inc.(2)		500		21,635
Blueprint Medicines Corp.(2)		255,000		28,598,250
Exact Sciences Corp.(2)		181,454		24,040,840
Gilead Sciences, Inc.		1,099,221		64,040,615
Incyte Corp.(2)		103,220		8,978,076
Moderna, Inc.(2)		4,723		493,412
Neurocrine Biosciences, Inc.(2)		64,045		6,138,713
Regeneron Pharmaceuticals, Inc.(2)		22,695		10,964,181
Seattle Genetics, Inc.(2)		5,662		991,643
Vertex Pharmaceuticals, Inc.(2)		346,315		81,848,087
			$	690,847,797
Building Products — 0.5%
A.O. Smith Corp.		31,693	$	1,737,410
Carrier Global Corp.		569,759		21,491,309
Fortune Brands Home & Security, Inc.		2,923		250,560
Johnson Controls International PLC		348,024		16,214,438
Lennox International, Inc.		339,213		92,934,186
Masco Corp.		38,156		2,095,909
Resideo Technologies, Inc.(2)		14,542		309,163
Trane Technologies PLC		26,539		3,852,401
			$	138,885,376
Capital Markets — 4.3%
Affiliated Managers Group, Inc.		58,716	$	5,971,417
Ameriprise Financial, Inc.		214,951		41,771,428
Bank of New York Mellon Corp. (The)		709,152		30,096,411
BlackRock, Inc.		41,065		29,630,040
Brookfield Asset Management, Inc., Class A		192,123		7,928,916
Cboe Global Markets, Inc.		175,414		16,334,552
Charles Schwab Corp. (The)		3,911,424		207,461,929
CME Group, Inc.		225,113		40,981,822
FactSet Research Systems, Inc.		97,299		32,351,918
Federated Hermes, Inc., Class B		549		15,861
Franklin Resources, Inc.		211,191		5,277,663
Goldman Sachs Group, Inc. (The)		1,011,714		266,799,099
Intercontinental Exchange, Inc.		153,966		17,750,740

Security	Shares		Value
Capital Markets (continued)
Invesco, Ltd.		11,064	$	192,846
LPL Financial Holdings, Inc.		209,488		21,832,839
Moody’s Corp.		257,675		74,787,592
Morgan Stanley		2,676,704		183,434,525
Morningstar, Inc.		4,694		1,086,990
Nasdaq, Inc.		71,203		9,451,486
Northern Trust Corp.		2,500		232,850
Raymond James Financial, Inc.		55,363		5,296,578
S&P Global, Inc.		279,873		92,002,651
SEI Investments Co.		150,000		8,620,500
State Street Corp.		215,676		15,696,899
Stifel Financial Corp.		169,194		8,537,529
T. Rowe Price Group, Inc.		513,634		77,759,051
UBS Group AG(2)		9		127
Waddell & Reed Financial, Inc., Class A		9,248		235,547
			$	1,201,539,806
Chemicals — 1.1%
AdvanSix, Inc.(2)		1,768	$	35,342
Air Products and Chemicals, Inc.		13,331		3,642,296
Albemarle Corp.		93,722		13,825,870
Balchem Corp.		17,292		1,992,384
Celanese Corp.		16,713		2,171,687
Chemours Co. (The)		1		25
Corteva, Inc.		242,479		9,388,787
Dow, Inc.		80,280		4,455,540
DuPont de Nemours, Inc.		498,374		35,439,375
Eastman Chemical Co.		650		65,182
Ecolab, Inc.		594,981		128,730,089
FMC Corp.		817		93,898
International Flavors & Fragrances, Inc.		5,000		544,200
Linde PLC		8,469		2,231,666
Linde PLC(1)		12,068		3,178,528
LyondellBasell Industries NV, Class A		4,274		391,755
NewMarket Corp.		13,626		5,427,100
PPG Industries, Inc.		410,670		59,226,827
RPM International, Inc.		3,433		311,648
Sherwin-Williams Co. (The)		52,823		38,820,151
Westlake Chemical Corp.		1,000		81,600
			$	310,053,950
Commercial Services & Supplies — 0.1%
Brady Corp., Class A		258	$	13,627
Cintas Corp.		395		139,617
Copart, Inc.(2)		4,771		607,110

17 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Commercial Services & Supplies (continued)
Pitney Bowes, Inc.		14,270	$	87,903
Republic Services, Inc.		1,750		168,525
Rollins, Inc.		60,814		2,376,003
Stericycle, Inc.(2)		8,000		554,640
Waste Connections, Inc.		115,655		11,862,733
Waste Management, Inc.		208,149		24,547,012
			$	40,357,170
Communications Equipment — 1.5%
Arista Networks, Inc.(2)		802,596	$	233,210,320
Arista Networks, Inc.(1)(2)		88,600		25,744,502
Arista Networks, Inc.(1)(2)		105,064		30,510,129
Cisco Systems, Inc.		2,727,494		122,055,356
Juniper Networks, Inc.		285,300		6,422,103
Motorola Solutions, Inc.		47,514		8,080,231
Nokia Oyj ADR(2)		192		751
			$	426,023,392
Construction & Engineering — 0.0%(3)
Fluor Corp.		3,250	$	51,903
Jacobs Engineering Group, Inc.		85,615		9,328,610
Quanta Services, Inc.		2,000		144,040
			$	9,524,553
Construction Materials — 0.0%(3)
Vulcan Materials Co.		57,559	$	8,536,575
			$	8,536,575
Consumer Finance — 1.1%
American Express Co.		1,075,262	$	130,009,928
Capital One Financial Corp.		133,434		13,189,951
Discover Financial Services		1,253,950		113,520,094
LendingClub Corp.(2)		15,938		168,305
Navient Corp.		10,200		100,164
Synchrony Financial		1,497,811		51,989,020
			$	308,977,462
Containers & Packaging — 0.1%
Amcor PLC		936,184	$	11,018,886
AptarGroup, Inc.		65,000		8,897,850
Avery Dennison Corp.		5,508		854,346
Ball Corp.		53,090		4,946,926
Crown Holdings, Inc.(2)		13,787		1,381,457
International Paper Co.		5,124		254,765

Security	Shares		Value
Containers & Packaging (continued)
Packaging Corp. of America		11,985	$	1,652,851
Sealed Air Corp.		27,104		1,241,092
Sonoco Products Co.		774		45,860
WestRock Co.		42,750		1,860,908
			$	32,154,941
Distributors — 0.0%(3)
Genuine Parts Co.		49,501	$	4,971,386
LKQ Corp.(2)		79,518		2,802,214
			$	7,773,600
Diversified Consumer Services — 0.0%(3)
H&R Block, Inc.		25,610	$	406,175
Service Corp. International		15,900		780,690
			$	1,186,865
Diversified Financial Services — 2.3%
Berkshire Hathaway, Inc., Class A(2)		546	$	189,906,990
Berkshire Hathaway, Inc., Class B(2)		1,903,185		441,291,506
			$	631,198,496
Diversified Telecommunication Services — 0.3%
AT&T, Inc.		557,960	$	16,046,930
CenturyLink, Inc.		4,871		47,492
Frontier Communications Corp.(2)		894		80
Liberty Global PLC, Class A(2)		8,854		214,444
Liberty Global PLC, Class C(2)		27,614		653,071
Liberty Latin America, Ltd., Class A(2)		1,546		17,207
Liberty Latin America, Ltd., Class C(2)		4,825		53,509
Verizon Communications, Inc.		945,002		55,518,868
			$	72,551,601
Electric Utilities — 0.2%
Duke Energy Corp.		31,500	$	2,884,140
Edison International		1,134		71,238
Entergy Corp.		2,340		233,626
Exelon Corp.		28,310		1,195,248
NextEra Energy, Inc.		688,108		53,087,532
NRG Energy, Inc.		461		17,311
Southern Co. (The)		103,526		6,359,602
			$	63,848,697
Electrical Equipment — 0.8%
Acuity Brands, Inc.		9,321	$	1,128,680

18 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Electrical Equipment (continued)
AMETEK, Inc.		68,343	$	8,265,402
Eaton Corp. PLC		87,733		10,540,243
Emerson Electric Co.		2,202,703		177,031,240
Hubbell, Inc.		14,950		2,344,010
nVent Electric PLC		4		93
Rockwell Automation, Inc.		112,165		28,132,104
			$	227,441,772
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		15,644	$	2,045,766
CDW Corp.		142,695		18,805,774
Corning, Inc.		1,555,689		56,004,804
FLIR Systems, Inc.		2,030		88,975
Keysight Technologies, Inc.(2)		15,146		2,000,635
Knowles Corp.(2)		8,001		147,458
Littelfuse, Inc.		52,675		13,414,216
TE Connectivity, Ltd.		57,005		6,901,595
Trimble, Inc.(2)		3,200		213,664
Vontier Corp.(2)		3,985		133,099
Zebra Technologies Corp., Class A(2)		50,772		19,513,203
			$	119,269,189
Energy Equipment & Services — 0.1%
ChampionX Corp.		18,853	$	288,451
Core Laboratories NV		16,652		441,445
Frank’s International NV(2)		1,500,000		4,110,000
Halliburton Co.		440,924		8,333,464
NOV, Inc.		10,391		142,668
Schlumberger NV		857,134		18,711,235
Transocean, Ltd.(2)		3,548		8,196
			$	32,035,459
Entertainment — 2.6%
Activision Blizzard, Inc.		241,143	$	22,390,128
Electronic Arts, Inc.		140,557		20,183,985
Liberty Braves Group, Series A(2)		1,236		30,739
Liberty Braves Group, Series C(2)		2,473		61,528
Liberty Formula One Group, Series A(2)		3,091		117,427
Liberty Formula One Group, Series C(2)		6,183		263,396
Live Nation Entertainment, Inc.(2)		20,744		1,524,269
Netflix, Inc.(2)		204,934		110,813,962
Spotify Technology S.A.(2)		79,019		24,864,119
Walt Disney Co. (The)(2)		3,021,389		547,415,259
			$	727,664,812

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 0.1%
American Tower Corp.		56,291	$	12,635,078
AvalonBay Communities, Inc.		7,000		1,123,010
Extra Space Storage, Inc.		1,800		208,548
Federal Realty Investment Trust		1,300		110,656
Host Hotels & Resorts, Inc.		528,986		7,739,065
ProLogis, Inc.		28,120		2,802,439
Public Storage		1,949		450,082
Simon Property Group, Inc.		25,563		2,180,013
			$	27,248,891
Food & Staples Retailing — 1.6%
Costco Wholesale Corp.		938,803	$	353,722,194
Kroger Co. (The)		155,213		4,929,565
Sprouts Farmers Market, Inc.(2)		750,036		15,075,724
Sysco Corp.		635,859		47,218,889
Walgreens Boots Alliance, Inc.		442,345		17,640,719
Walmart, Inc.		15,881		2,289,246
			$	440,876,337
Food Products — 1.4%
Archer-Daniels-Midland Co.		137,778	$	6,945,389
Campbell Soup Co.		748,065		36,168,943
Conagra Brands, Inc.		668,102		24,225,379
Flowers Foods, Inc.		586,273		13,267,358
General Mills, Inc.		135,948		7,993,742
Hain Celestial Group, Inc. (The)(2)		17,240		692,186
Hershey Co. (The)		389,366		59,312,123
Hormel Foods Corp.		333,454		15,542,291
JM Smucker Co. (The)		20,034		2,315,930
Kellogg Co.		67,139		4,178,060
Kraft Heinz Co. (The)		106,315		3,684,878
Lamb Weston Holdings, Inc.		125,847		9,909,193
McCormick & Co., Inc., Non Voting Shares		156,988		15,008,053
Mondelez International, Inc., Class A		875,402		51,184,755
Nestle S.A.		1,118,348		132,201,333
Tyson Foods, Inc., Class A		27,528		1,773,904
			$	384,403,517
Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		1,993,135	$	218,228,351
ABIOMED, Inc.(2)		88,267		28,616,161
Alcon, Inc.(2)		22,924		1,512,525
Align Technology, Inc.(2)		18,700		9,992,906
Avanos Medical, Inc.(2)		542		24,867
Baxter International, Inc.		37,745		3,028,659

19 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Becton, Dickinson and Co.		90,691	$	22,692,702
Boston Scientific Corp.(2)		444,159		15,967,516
Danaher Corp.		171,936		38,193,863
DexCom, Inc.(2)		95,592		35,342,274
DexCom, Inc.(1)(2)		30,000		11,087,441
Edwards Lifesciences Corp.(2)		31,284		2,854,039
Haemonetics Corp.(2)		110,000		13,062,500
Hill-Rom Holdings, Inc.		36,482		3,574,142
IDEXX Laboratories, Inc.(2)		13,040		6,518,305
Insulet Corp.(2)		9,898		2,530,226
Integra LifeSciences Holdings Corp.(2)		1,011,345		65,656,517
Integra LifeSciences Holdings Corp.(1)(2)		200,000		12,976,210
Integra LifeSciences Holdings Corp.(1)(2)		200,000		12,980,754
Integra LifeSciences Holdings Corp.(1)(2)		600,000		38,952,000
Intuitive Surgical, Inc.(2)		173,309		141,784,093
Medtronic PLC		543,055		63,613,463
Penumbra, Inc.(2)		91,462		16,005,850
ResMed, Inc.		21,305		4,528,591
Smith & Nephew PLC ADR		5,500		231,935
Stryker Corp.		305,404		74,836,196
Teleflex, Inc.		14,325		5,895,740
Varian Medical Systems, Inc.(2)		45,609		7,982,031
West Pharmaceutical Services, Inc.		5,623		1,593,052
Zimmer Biomet Holdings, Inc.		152,758		23,538,480
			$	883,801,389
Health Care Providers & Services — 1.9%
Acadia Healthcare Co., Inc.(2)		32,000	$	1,608,320
Anthem, Inc.		145,701		46,783,134
Cardinal Health, Inc.		29,103		1,558,757
Centene Corp.(2)		167,893		10,078,617
Cigna Corp.		39,731		8,271,200
Cigna Corp.(1)		7,416		1,542,937
Covetrus, Inc.(2)		10,538		302,862
CVS Health Corp.		1,187,193		81,085,282
DaVita, Inc.(2)		157,055		18,438,257
Guardant Health, Inc.(2)		83,152		10,716,630
HCA Healthcare, Inc.		188,518		31,003,670
Henry Schein, Inc.(2)		26,384		1,764,034
Humana, Inc.		2,438		1,000,238
Laboratory Corp. of America Holdings(2)		745		151,645
McKesson Corp.		150,389		26,155,655
Molina Healthcare, Inc.(2)		18,585		3,952,658
UnitedHealth Group, Inc.		807,436		283,151,656
			$	527,565,552

Security	Shares		Value
Health Care Technology — 0.0%(3)
Cerner Corp.		18,346	$	1,439,794
Teladoc Health, Inc.(2)		26,210		5,240,952
			$	6,680,746
Hotels, Restaurants & Leisure — 3.4%
Aramark		137,669	$	5,297,503
Carnival Corp.		22,069		478,014
Chipotle Mexican Grill, Inc.(2)		121,117		167,954,155
Choice Hotels International, Inc.		49,631		5,297,117
Darden Restaurants, Inc.		66,114		7,875,500
Domino’s Pizza, Inc.		2,815		1,079,440
Hilton Worldwide Holdings, Inc.		106,201		11,815,923
Hyatt Hotels Corp., Class A		1,353,442		100,493,068
Marriott International, Inc., Class A		1,575,495		207,839,300
McDonald’s Corp.		104,208		22,360,953
MGM Resorts International		892,202		28,113,285
Penn National Gaming, Inc.(2)		30,956		2,673,670
Royal Caribbean Cruises, Ltd.		1,900		141,911
Starbucks Corp.		3,057,660		327,108,467
Texas Roadhouse, Inc.		416,807		32,577,635
Yum China Holdings, Inc.		367,698		20,991,879
Yum! Brands, Inc.		123,810		13,440,814
			$	955,538,634
Household Durables — 0.1%
D.R. Horton, Inc.		19,682	$	1,356,483
Leggett & Platt, Inc.		92,079		4,079,100
Lennar Corp., Class A		8,688		662,286
Lennar Corp., Class B		21		1,285
Mohawk Industries, Inc.(2)		4,820		679,379
Newell Brands, Inc.		123,465		2,621,162
NVR, Inc.(2)		1,822		7,433,505
PulteGroup, Inc.		221,275		9,541,378
Tempur Sealy International, Inc.(2)		540,100		14,582,700
Toll Brothers, Inc.		4,378		190,312
Whirlpool Corp.		1,391		251,062
			$	41,398,652
Household Products — 2.0%
Church & Dwight Co., Inc.		172,129	$	15,014,813
Church & Dwight Co., Inc.(1)		17,504		1,525,958
Clorox Co. (The)		16,257		3,282,613
Colgate-Palmolive Co.		2,420,348		206,963,957
Energizer Holdings, Inc.		10,496		442,721
Kimberly-Clark Corp.		85,688		11,553,313

20 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Household Products (continued)
Procter & Gamble Co. (The)		2,284,091	$	317,808,422
			$	556,591,797
Independent Power and Renewable Electricity Producers — 0.0%(3)
AES Corp. (The)		1,730	$	40,655
			$	40,655
Industrial Conglomerates — 1.0%
3M Co.		745,315	$	130,273,609
Carlisle Cos., Inc.		71,809		11,215,130
General Electric Co.		5,271,443		56,931,584
Honeywell International, Inc.		392,550		83,495,385
Roper Technologies, Inc.		20,455		8,817,946
			$	290,733,654
Insurance — 1.4%
Aegon NV ADR		5	$	20
Aflac, Inc.		788,242		35,053,122
Alleghany Corp.		3,985		2,405,705
Allstate Corp. (The)		20,970		2,305,232
American International Group, Inc.		160,299		6,068,920
Aon PLC, Class A		157,281		33,228,757
Arch Capital Group, Ltd.(2)		241,964		8,727,641
Arthur J. Gallagher & Co.		509,591		63,041,503
Assurant, Inc.		13,599		1,852,456
Brighthouse Financial, Inc.(2)		936		33,888
Brown & Brown, Inc.		407		19,296
Chubb, Ltd.		44,707		6,881,301
Cincinnati Financial Corp.		35,947		3,140,689
Fidelity National Financial, Inc.		57,654		2,253,695
First American Financial Corp.		1,227		63,350
Globe Life, Inc.		348,792		33,121,288
Hartford Financial Services Group, Inc.		83,487		4,089,193
Lincoln National Corp.		5,477		275,548
Markel Corp.(2)		19,895		20,557,503
Marsh & McLennan Cos., Inc.		226,689		26,522,613
MetLife, Inc.		18,211		855,006
Progressive Corp. (The)		1,110,345		109,790,914
Prudential Financial, Inc.		20,261		1,581,776
Reinsurance Group of America, Inc.		6,425		744,657
Travelers Cos., Inc. (The)		146,715		20,594,385
Trisura Group, Ltd.(2)		124		8,648
W.R. Berkley Corp.		2,250		149,445
Willis Towers Watson PLC		70		14,748
			$	383,381,299

Security	Shares		Value
Interactive Media & Services — 8.8%
Alphabet, Inc., Class A(2)		313,841	$	550,050,290
Alphabet, Inc., Class C(2)		400,182		701,070,842
Baidu, Inc. ADR(2)		72,500		15,677,400
CarGurus, Inc.(2)		37,803		1,199,489
Cars.com, Inc.(2)		400		4,520
Facebook, Inc., Class A(2)		3,396,333		927,742,322
IAC/InterActiveCorp.(2)		6,680		1,264,858
Match Group, Inc.(2)		123,667		18,697,215
Match Group, Inc.(1)(2)		260,261		39,321,316
Pinterest, Inc., Class A(2)		2,540,426		167,414,074
Snap, Inc., Class A(2)		19,362		969,455
Twitter, Inc.(2)		550,134		29,789,756
Yelp, Inc.(2)		149,508		4,884,426
			$	2,458,085,963
Internet & Direct Marketing Retail — 5.5%
Alibaba Group Holding, Ltd. ADR(2)		287,257	$	66,853,322
Altaba, Inc.(4)		114,070		1,665,422
Amazon.com, Inc.(2)		405,828		1,321,753,388
Booking Holdings, Inc.(2)		52,136		116,120,949
eBay, Inc.		255,728		12,850,332
Expedia Group, Inc.		2,670		353,508
Qurate Retail, Inc., Series A		99,802		1,094,828
Trip.com Group, Ltd. ADR(2)		5,200		175,396
Wayfair, Inc., Class A(2)		51,793		11,695,377
			$	1,532,562,522
IT Services — 5.2%
Accenture PLC, Class A		963,901	$	251,780,580
Akamai Technologies, Inc.(2)		239,108		25,103,949
Alliance Data Systems Corp.		686		50,833
Amdocs, Ltd.		43,944		3,116,948
Automatic Data Processing, Inc.		268,307		47,275,693
Booz Allen Hamilton Holding Corp., Class A		43,691		3,808,981
Broadridge Financial Solutions, Inc.		91,705		14,049,206
CACI International, Inc., Class A(2)		13,584		3,386,899
Cognizant Technology Solutions Corp., Class A		24,598		2,015,806
Fidelity National Information Services, Inc.		18,757		2,653,365
Fiserv, Inc.(2)		606,600		69,067,476
Global Payments, Inc.		31,828		6,856,388
International Business Machines Corp.		647,631		81,523,790
Jack Henry & Associates, Inc.		2,196		355,730
Mastercard, Inc., Class A		195,157		69,659,340
Okta, Inc.(2)		319,829		81,319,721
Paychex, Inc.		14,638		1,363,969

21 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
IT Services (continued)
PayPal Holdings, Inc.(2)		1,089,057	$	255,057,149
Sabre Corp.		157,290		1,890,626
Shopify, Inc., Class A(2)		12,524		14,176,542
Square, Inc., Class A(2)		381,727		83,079,064
Twilio, Inc., Class A(2)		531,036		179,755,686
VeriSign, Inc.(2)		5,654		1,223,526
Visa, Inc., Class A		1,189,221		260,118,309
Western Union Co. (The)		27,606		605,676
			$	1,459,295,252
Leisure Products — 0.0%(3)
Hasbro, Inc.		1,383	$	129,366
Mattel, Inc.(2)		3,941		68,770
Polaris, Inc.		52,104		4,964,469
			$	5,162,605
Life Sciences Tools & Services — 0.6%
10X Genomics, Inc., Class A(2)		145,021	$	20,534,974
Agilent Technologies, Inc.		665,215		78,821,325
Avantor, Inc.(2)		120,000		3,378,000
Illumina, Inc.(2)		86,595		32,040,150
IQVIA Holdings, Inc.(2)		57,124		10,234,907
Mettler-Toledo International, Inc.(2)		1,000		1,139,680
NeoGenomics, Inc.(2)		38,329		2,063,633
PerkinElmer, Inc.		9,625		1,381,187
Thermo Fisher Scientific, Inc.		56,834		26,472,141
Waters Corp.(2)		730		180,617
			$	176,246,614
Machinery — 1.7%
Caterpillar, Inc.		356,595	$	64,907,422
Cummins, Inc.		1,178		267,524
Deere & Co.		195,453		52,586,630
Donaldson Co., Inc.		142,204		7,946,360
Dover Corp.		369,407		46,637,634
Fortive Corp.		30,511		2,160,789
Illinois Tool Works, Inc.		1,069,855		218,122,037
Ingersoll Rand, Inc.(2)		23,418		1,066,924
Lincoln Electric Holdings, Inc.		53,660		6,237,975
Manitowoc Co., Inc. (The)(2)		11,435		152,200
Middleby Corp.(2)		2,000		257,840
Otis Worldwide Corp.		430,984		29,112,969
PACCAR, Inc.		186,094		16,056,190
Parker-Hannifin Corp.		19,172		5,222,645
Pentair PLC		4		212

Security	Shares		Value
Machinery (continued)
Snap-on, Inc.		29,674	$	5,078,408
Stanley Black & Decker, Inc.		288		51,425
Trinity Industries, Inc.		11,100		292,929
Welbilt, Inc.(2)		45,741		603,781
Westinghouse Air Brake Technologies Corp.		14,082		1,030,802
Xylem, Inc.		100,031		10,182,156
			$	467,974,852
Media — 0.3%
Comcast Corp., Class A		1,193,814	$	62,555,854
Discovery, Inc., Class A(2)		19,462		585,612
Discovery, Inc., Class C(2)		207		5,421
Fox Corp., Class A		5,412		157,597
Interpublic Group of Cos., Inc. (The)		726		17,075
Liberty Broadband Corp., Series A(2)		3,091		487,080
Liberty Broadband Corp., Series C(2)		6,183		979,202
Liberty SiriusXM Group, Series A(2)		12,367		534,131
Liberty SiriusXM Group, Series C(2)		24,734		1,076,176
News Corp., Class A		24		431
Omnicom Group, Inc.		31,882		1,988,480
Sirius XM Holdings, Inc.		53,280		339,394
TEGNA, Inc.		1,201		16,754
ViacomCBS, Inc., Class B		613,777		22,869,331
			$	91,612,538
Metals & Mining — 0.1%
Alcoa Corp.(2)		5,862	$	135,119
Arconic Corp.(2)		1		30
Cleveland-Cliffs, Inc.		527,743		7,683,938
Freeport-McMoRan, Inc.		85,788		2,232,204
Glencore PLC(2)		598,405		1,900,411
Newmont Corp.		103		6,168
Nucor Corp.		236,089		12,557,574
Southern Copper Corp.		12,126		789,645
Steel Dynamics, Inc.		232,124		8,558,412
			$	33,863,501
Multi-Utilities — 0.1%
Consolidated Edison, Inc.		53,943	$	3,898,461
Dominion Energy, Inc.		13,510		1,015,952
DTE Energy Co.		77,124		9,363,625
NiSource, Inc.		828		18,994
Sempra Energy		66,344		8,452,889
WEC Energy Group, Inc.		15,006		1,381,002
			$	24,130,923

22 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Multiline Retail — 0.1%
Dollar General Corp.		329	$	69,189
Dollar Tree, Inc.(2)		146,190		15,794,368
Nordstrom, Inc.		3,192		99,622
Target Corp.		36,389		6,423,750
			$	22,386,929
Oil, Gas & Consumable Fuels — 1.3%
Antero Resources Corp.(2)		1,341,986	$	7,313,824
Cheniere Energy, Inc.(2)		723,716		43,444,672
Chesapeake Energy Corp.(2)		1		2
Chevron Corp.		985,901		83,259,339
Concho Resources, Inc.		40,000		2,334,000
ConocoPhillips		306,529		12,258,095
Devon Energy Corp.		143,600		2,270,316
EOG Resources, Inc.		472,114		23,544,325
EQT Corp.		180,474		2,293,825
Equitrans Midstream Corp.		144,379		1,160,807
Exxon Mobil Corp.		3,106,785		128,061,678
Hess Corp.		364,574		19,245,861
HollyFrontier Corp.		8,000		206,800
Kinder Morgan, Inc.		112,401		1,536,522
Marathon Oil Corp.		123,481		823,618
Marathon Petroleum Corp.		192,770		7,972,967
Murphy Oil Corp.		145,312		1,758,275
Occidental Petroleum Corp.		22,811		394,858
Phillips 66		193,043		13,501,427
Pioneer Natural Resources Co.		22,520		2,564,803
Range Resources Corp.		664,831		4,454,368
Southwestern Energy Co.(2)		486		1,448
Valero Energy Corp.		14,523		821,566
Williams Cos., Inc. (The)		20,025		401,501
WPX Energy, Inc.(2)		666		5,428
			$	359,630,325
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		45,277	$	12,052,285
Unilever PLC ADR		69,397		4,188,803
			$	16,241,088
Pharmaceuticals — 4.3%
AstraZeneca PLC ADR		217,956	$	10,895,620
Bristol-Myers Squibb Co.		2,353,836		146,008,447
Catalent, Inc.(2)		45,943		4,781,288
Eli Lilly & Co.		2,259,171		381,438,432
GlaxoSmithKline PLC ADR		1,968		72,422

Security	Shares		Value
Pharmaceuticals (continued)
Johnson & Johnson		2,549,760	$	401,281,229
Mallinckrodt PLC(2)		6		1
Merck & Co., Inc.		1,761,529		144,093,072
Novartis AG ADR		126,232		11,920,088
Novo Nordisk A/S ADR		262,532		18,337,860
Pfizer, Inc.		2,330,428		85,783,055
Reata Pharmaceuticals, Inc., Class A(2)		4,694		580,272
Roche Holding AG ADR		35,808		1,569,823
Sanofi ADR		5,100		247,809
Takeda Pharmaceutical Co., Ltd. ADR		31,905		580,671
Teva Pharmaceutical Industries, Ltd. ADR(2)		5,106		49,273
Viatris, Inc.(2)		287,502		5,387,788
Zoetis, Inc.		1,198		198,269
			$	1,213,225,419
Professional Services — 0.2%
ASGN, Inc.(2)		228,139	$	19,056,451
ASGN, Inc.(1)(2)		17,000		1,420,010
Equifax, Inc.		8,854		1,707,405
Nielsen Holdings PLC		61,834		1,290,475
Thomson Reuters Corp.		121,293		9,932,684
Verisk Analytics, Inc.		109,263		22,681,906
			$	56,088,931
Road & Rail — 1.8%
Canadian National Railway Co.		526,084	$	57,790,327
Canadian Pacific Railway, Ltd.		192		66,565
CSX Corp.		692,012		62,800,089
J.B. Hunt Transport Services, Inc.		10,000		1,366,500
Kansas City Southern		7,899		1,612,423
Lyft, Inc., Class A(2)		112,436		5,523,981
Norfolk Southern Corp.		261,802		62,206,773
Uber Technologies, Inc.(2)		3,699,519		188,675,469
Union Pacific Corp.		563,096		117,247,849
			$	497,289,976
Semiconductors & Semiconductor Equipment — 6.5%
Advanced Micro Devices, Inc.(2)		2,697	$	247,342
Analog Devices, Inc.		640,405		94,607,031
Applied Materials, Inc.		200,009		17,260,777
ASML Holding NV - NY Shares		12,459		6,076,503
Broadcom, Inc.		101,674		44,517,961
Broadcom, Inc.(1)		14,025		6,137,162
Cirrus Logic, Inc.(2)		50,000		4,110,000
Intel Corp.		7,368,078		367,077,646

23 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
KLA Corp.		225	$	58,255
Lam Research Corp.		78,330		36,992,909
Marvell Technology Group, Ltd.		95,391		4,534,888
Microchip Technology, Inc.		581,017		80,244,258
Micron Technology, Inc.(2)		299,972		22,551,895
NVIDIA Corp.		623,066		325,365,065
NXP Semiconductors NV		13,187		2,096,865
Qorvo, Inc.(2)		13,586		2,258,944
QUALCOMM, Inc.		4,089,697		623,024,441
Silicon Laboratories, Inc.(2)		40,103		5,106,716
Skyworks Solutions, Inc.		1,000		152,880
Teradyne, Inc.		1,200		143,868
Texas Instruments, Inc.		1,076,699		176,718,607
Xilinx, Inc.		84,881		12,033,579
			$	1,831,317,592
Software — 9.8%
Adobe, Inc.(2)		404,740	$	202,418,569
ANSYS, Inc.(2)		150,106		54,608,563
Autodesk, Inc.(2)		27,729		8,466,773
Box, Inc., Class A(2)		176,143		3,179,381
Cadence Design Systems, Inc.(2)		698,571		95,306,042
CDK Global, Inc.		3		156
Check Point Software Technologies, Ltd.(2)		151,951		20,195,807
Citrix Systems, Inc.		11,798		1,534,920
Coupa Software, Inc.(2)		54,504		18,471,951
Crowdstrike Holdings, Inc., Class A(2)		400,567		84,848,102
DocuSign, Inc.(2)		1,158,429		257,518,767
Dropbox, Inc., Class A(2)		2,287,688		50,763,797
Envestnet, Inc.(2)		41,786		3,438,570
FireEye, Inc.(2)		91,308		2,105,562
Fortinet, Inc.(2)		22,529		3,346,232
Guidewire Software, Inc.(2)		67,562		8,697,256
Intuit, Inc.		99,232		37,693,275
Manhattan Associates, Inc.(2)		63,065		6,633,177
Microsoft Corp.		4,240,689		943,214,047
NortonLifeLock, Inc.		121,379		2,522,256
Nutanix, Inc., Class A(2)		18,402		586,472
Oracle Corp.		374,251		24,210,297
Palantir Technologies, Inc., Class A(2)		39,250		924,338
Palo Alto Networks, Inc.(2)		295,522		105,025,564
Paycom Software, Inc.(2)		551,349		249,347,585
Proofpoint, Inc.(2)		60,744		8,286,089
RingCentral, Inc., Class A(2)		9,657		3,659,713
RingCentral, Inc., Class A(1)(2)		9,178		3,478,187
salesforce.com, inc.(2)		278,629		62,003,311

Security	Shares		Value
Software (continued)
SAP SE ADR		2,796	$	364,570
ServiceNow, Inc.(2)		222,793		122,631,951
Slack Technologies, Inc., Class A(2)		2,202,005		93,012,691
Smartsheet, Inc., Class A(2)		227,811		15,785,024
Splunk, Inc.(2)		412,415		70,065,184
Synopsys, Inc.(2)		34,865		9,038,403
Teradata Corp.(2)		318		7,145
Tyler Technologies, Inc.(2)		232,333		101,418,001
Workday, Inc., Class A(2)		217,876		52,205,268
Zscaler, Inc.(2)		35,000		6,989,850
			$	2,734,002,846
Specialty Retail — 2.0%
Advance Auto Parts, Inc.		16,346	$	2,574,658
AutoNation, Inc.(2)		18,322		1,278,692
AutoZone, Inc.(2)		2,475		2,933,964
Bed Bath & Beyond, Inc.		22,000		390,720
Best Buy Co., Inc.		311,979		31,132,384
Burlington Stores, Inc.(2)		20,079		5,251,662
CarMax, Inc.(2)		16,276		1,537,431
Dick’s Sporting Goods, Inc.		72,500		4,075,225
Gap, Inc. (The)		75,000		1,514,250
GNC Holdings, Inc., Class A(2)(4)		900		0
Home Depot, Inc. (The)		68,685		18,244,110
L Brands, Inc.		265,335		9,867,809
Lowe’s Cos., Inc.		1,023,552		164,290,332
O’Reilly Automotive, Inc.(2)		157,561		71,307,382
Ross Stores, Inc.		558,660		68,609,035
Signet Jewelers, Ltd.		65,986		1,799,438
Tiffany & Co.		13,285		1,746,313
TJX Cos., Inc. (The)		1,692,189		115,559,587
Tractor Supply Co.		247,452		34,786,802
Ulta Beauty, Inc.(2)		96,955		27,841,598
			$	564,741,392
Technology Hardware, Storage & Peripherals — 4.7%
Apple, Inc.		9,555,300	$	1,267,892,757
Dell Technologies, Inc., Class C(2)		2,415		176,996
Hewlett Packard Enterprise Co.		388,752		4,606,711
NCR Corp.(2)		118		4,433
NetApp, Inc.		78,200		5,179,968
Pure Storage, Inc., Class A(2)		1,300,000		29,393,000
			$	1,307,253,865

24 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 1.6%
Hanesbrands, Inc.		221,909	$	3,235,433
Kontoor Brands, Inc.(2)		37,542		1,522,703
Levi Strauss & Co., Class A		168,000		3,373,440
Lululemon Athletica, Inc.(2)		2,567		893,393
NIKE, Inc., Class B		2,895,153		409,577,295
Skechers USA, Inc., Class A(2)		100,000		3,594,000
Tapestry, Inc.		522		16,224
VF Corp.		304,553		26,011,872
			$	448,224,360
Thrifts & Mortgage Finance — 0.0%(3)
Essent Group, Ltd.		96,312	$	4,160,678
			$	4,160,678
Tobacco — 0.5%
Altria Group, Inc.		872,766	$	35,783,406
British American Tobacco PLC ADR		3,399		127,429
Philip Morris International, Inc.		1,106,966		91,645,715
			$	127,556,550
Trading Companies & Distributors — 0.3%
Fastenal Co.		1,675,640	$	81,821,501
NOW, Inc.(2)		944		6,778
United Rentals, Inc.(2)		6,000		1,391,460
W.W. Grainger, Inc.		9,210		3,760,811
			$	86,980,550
Water Utilities — 0.0%(3)
American Water Works Co., Inc.		1,900	$	291,593
			$	291,593
Wireless Telecommunication Services — 0.0%(3)
America Movil SAB de CV, Series L ADR		224,780	$	3,268,301
Rogers Communications, Inc., Class B		750		34,943
Vodafone Group PLC ADR		5		82
			$	3,303,326
Total Common Stocks (identified cost $13,015,824,659)			$	27,754,454,240

Preferred Stocks — 0.0%(3)
Security	Shares		Value
Internet & Direct Marketing Retail — 0.0%(3)
Qurate Retail, Inc., Series A, 8.00%		2,994	$	296,406
Total Preferred Stocks (identified cost $168,592)			$	296,406
Rights — 0.0%(3)
Security	Shares		Value
Pharmaceuticals — 0.0%(3)
Bristol-Myers Squibb Co. CVR, Exp. 3/31/21(2)		237,107	$	163,627
Total Rights (identified cost $505,038)			$	163,627
Warrants — 0.0%(3)
Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.0%(3)
Occidental Petroleum Corp., Exp. 8/3/27(2)		2,853	$	19,429
Total Warrants (identified cost $14,122)			$	19,429
Short-Term Investments — 0.7%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(5)		202,615,051	$	202,615,051
Total Short-Term Investments (identified cost $202,615,051)			$	202,615,051
Total Investments — 99.9% (identified cost $13,219,127,462)			$	27,957,548,753
Other Assets, Less Liabilities — 0.1%			$	29,165,371
Net Assets — 100.0%			$	27,986,714,124

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

⁽¹⁾  Restricted security (see Note 5).

⁽²⁾  Non-income producing security.

⁽³⁾  Amount is less than 0.05%.

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

25 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Portfolio of Investments — continued

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of December 31, 2020.

Abbreviations:

ADR	–	American Depositary Receipt
CVR	–	Contingent Value Rights

26 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Statement of Assets and Liabilities

Assets	December 31, 2020
Unaffiliated investments, at value (identified cost, $13,016,512,411)	$	27,754,933,702
Affiliated investment, at value (identified cost, $202,615,051)		202,615,051
Cash		474,511
Foreign currency, at value (identified cost, $1,254)		1,237
Dividends and interest receivable		13,929,065
Dividends receivable from affiliated investment		16,406
Receivable for investments sold		24,068,905
Tax reclaims receivable		2,368,866
Total assets	$	27,998,407,743
Liabilities
Payable to affiliates:
Investment adviser fee	$	9,643,087
Trustees’ fees		27,125
Accrued expenses		2,023,407
Total liabilities	$	11,693,619
Commitments and contingencies (Note 9)
Net Assets applicable to investors’ interest in Portfolio	$	27,986,714,124

27 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Statement of Operations

Investment Income	Year Ended December 31, 2020
Dividends (net of foreign taxes, $3,158,559)	$	341,124,008
Dividends from affiliated investment		1,247,060
Total investment income	$	342,371,068
Expenses
Investment adviser fee	$	95,887,876
Trustees’ fees and expenses		108,500
Custodian fee		3,049,238
Professional fees		523,404
Miscellaneous		791,003
Total expenses	$	100,360,021
Net investment income	$	242,011,047
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions(1)	$	582,816,933
Investment transactions — affiliated investment		42,008
Foreign currency transactions		(5,790	)
Net realized gain	$	582,853,151
Change in unrealized appreciation (depreciation) —
Investments	$	4,456,226,123
Investments — affiliated investment		(10,545	)
Foreign currency		80,059
Net change in unrealized appreciation (depreciation)	$	4,456,295,637
Net realized and unrealized gain	$	5,039,148,788
Net increase in net assets from operations	$	5,281,159,835

⁽¹⁾   Includes $572,823,358 of net realized gains from redemptions in-kind.

28 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2020			2019
From operations —
Net investment income	$	242,011,047		$	242,547,071
Net realized gain		582,853,151			489,448,401
Net change in unrealized appreciation (depreciation)		4,456,295,637			4,081,066,263
Net increase in net assets from operations	$	5,281,159,835		$	4,813,061,735
Capital transactions —
Contributions	$	1,891,540,171		$	2,251,431,385
Withdrawals		(1,199,338,464	)		(1,067,186,292	)
Net increase in net assets from capital transactions	$	692,201,707		$	1,184,245,093
Net increase in net assets	$	5,973,361,542		$	5,997,306,828
Net Assets
At beginning of year	$	22,013,352,582		$	16,016,045,754
At end of year	$	27,986,714,124		$	22,013,352,582

29 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2020

Financial Highlights

	Year Ended December 31,
Ratios/Supplemental Data	2020			2019			2018			2017			2016
Ratios (as a percentage of average daily net assets):
Expenses		0.44	%		0.45	%		0.46	%		0.46	%		0.47	%
Net investment income		1.07	%		1.28	%		1.25	%		1.33	%		1.48	%
Portfolio Turnover(1)		1	%		1	%		1	%		0	%(2)		1	%
Total Return		23.42	%		29.87	%		(5.02	)%		22.76	%		9.06	%
Net assets, end of year (000’s omitted)	$	27,986,714		$	22,013,353		$	16,016,046		$	16,224,690		$	12,577,024

⁽¹⁾   Excludes the value of portfolio securities contributed or distributed as a result of in-kind shareholder transactions. The portfolio turnover of the Portfolio including in-kind contributions and distributions of securities was 6%, 6%, 6%, 5% and 6% for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽²⁾  Amount is less than 0.5%.

30 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2020

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, 2020, Eaton Vance Tax-Managed Growth Fund 1.0, Eaton Vance Tax-Managed Growth Fund 1.1, Eaton Vance Tax-Managed Growth Fund 1.2 and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 4.3%, 7.2%, 3.7%, and 0.8% respectively, in the Portfolio. In addition, an unregistered fund managed by the adviser to the Portfolio held an aggregate interest of 84.0% in the Portfolio.

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ 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 ask prices.

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

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

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

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

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

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

31

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2020

Notes to Financial Statements — continued

As of December 31, 2020, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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. EVM is a wholly-owned subsidiary of Eaton Vance Corp. 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, 2020, the Portfolio’s investment adviser fee amounted to $95,887,876 or 0.42% 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, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $600,386,056 and $321,554,470, respectively, for the year ended December 31, 2020. In addition, investors contributed securities with an aggregate market value of $1,840,132,133 and investments having an aggregate market value of $1,043,276,593 were distributed in payment for capital withdrawals during the year ended December 31, 2020.

32

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2020

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, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	3,702,977,623
Gross unrealized appreciation	$	24,273,380,350
Gross unrealized depreciation		(18,809,220	)
Net unrealized appreciation	$	24,254,571,130

5   Restricted Securities

At December 31, 2020, the Portfolio owned the following securities (representing 0.7% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933. The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Common Stocks	Date of Acquisition		Eligible for Resale		Shares		Cost		Value
Arista Networks, Inc.		6/18/20		6/18/21		88,600	$	20,060,404	$	25,744,502
Arista Networks, Inc.		12/17/20		12/17/21		105,064		30,000,276		30,510,129
ASGN, Inc.		6/18/20		6/18/21		17,000		1,085,308		1,420,010
Broadcom, Inc.		12/17/20		12/17/21		14,025		5,955,945		6,137,162
Church & Dwight Co., Inc.		12/17/20		12/17/21		17,504		1,516,161		1,525,958
Cigna Corp.		12/17/20		12/17/21		7,416		1,500,098		1,542,937
DexCom, Inc.		9/17/20		9/17/21		30,000		11,808,737		11,087,441
Integra LifeSciences Holdings Corp.		6/18/20		6/18/21		600,000		29,144,044		38,952,000
Integra LifeSciences Holdings Corp.		9/17/20		9/17/21		200,000		9,395,300		12,980,754
Integra LifeSciences Holdings Corp.		12/17/20		12/17/21		200,000		12,154,703		12,976,210
Linde PLC		9/17/20		9/17/21		12,068		3,000,148		3,178,528
Match Group, Inc.		12/17/20		12/17/21		260,261		40,028,133		39,321,316
Northrop Grumman Corp.		9/17/20		9/17/21		2,913		1,000,028		887,427
RingCentral, Inc., Class A		6/18/20		6/18/21		9,178		2,500,146		3,478,187
Total Restricted Securities							$	169,149,431	$	189,742,561

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 26, 2021. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended December 31, 2020.

33

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2020

Notes to Financial Statements — continued

7  Investments in Affiliated Funds

At December 31, 2020, the value of the Portfolio’s investment in affiliated funds was $202,615,051, which represents 0.7% of the Portfolio’s net assets. Transactions in affiliated funds by the Portfolio for the year ended December 31, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	346,625,190	$	530,987,040	$	(675,028,642	)	$	42,008	$	(10,545	)	$	202,615,051	$	1,247,060		202,615,051

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, 2020, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Communication Services	$	3,313,896,924	$	39,321,316		$	—	$	3,353,218,240
Consumer Discretionary		3,805,491,045		—			1,665,422		3,807,156,467
Consumer Staples		1,979,766,373		133,727,291			—		2,113,493,664
Energy		391,665,784		—			—		391,665,784
Financials		3,596,757,912		9,581,055			—		3,606,338,967
Health Care		3,459,780,175		38,587,342			—		3,498,367,517
Industrials		2,605,994,312		887,427			—		2,606,881,739
Information Technology		7,840,514,845		36,647,291			—		7,877,162,136
Materials		379,530,028		5,078,939			—		384,608,967
Real Estate		27,248,891		—			—		27,248,891
Utilities		88,311,868		—			—		88,311,868
Total Common Stocks	$	27,488,958,157	$	263,830,661	**	$	1,665,422	$	27,754,454,240
Preferred Stocks	$	296,406	$	—		$	—	$	296,406
Rights		163,627		—			—		163,627
Warrants		19,429		—			—		19,429
Short-Term Investments		—		202,615,051			—		202,615,051
Total Investments	$	27,489,437,619	$	466,445,712		$	1,665,422	$	27,957,548,753

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

** 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.

34

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2020

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, 2020 is not presented.

9  Legal Proceedings

In November 2010, the Portfolio was named as defendant and a putative member of the proposed defendant class of shareholders in the case entitled Official Committee of Unsecured Creditors (UCC) of the Tribune Company v. FitzSimons, et al. as a result of its ownership of shares in the Tribune Company (Tribune) in 2007 when Tribune effected a leveraged buyout transaction (LBO) and was converted to a privately held company. The UCC, which has been replaced by a Litigation Trustee pursuant to Tribune’s plan of reorganization, seeks to recover payments of the proceeds of the LBO. In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the LBO (the “SLFC actions”). The Portfolio has been named as a defendant in one of the SLFC actions filed in United States District Court — District of Massachusetts by Deutsche Bank Trust Co. Americas seeking to recover the proceeds received in connection with the LBO from former shareholders. The FitzSimons action and the SLFC actions are now part of a multi-district litigation proceeding in the Southern District of New York. The value of the proceeds received by the Portfolio is approximately $48,237,000 (equal to 0.2% of net assets at December 31, 2020).

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

10  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Portfolio’s performance, or the performance of the securities in which the Portfolio invests.

11  Additional Information

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 24, 2020, the Portfolio’s Board approved a new investment advisory agreement. The new investment advisory agreement was approved by Portfolio interest holders at a joint special meeting of interest holders on February 19, 2021, and would take effect upon consummation of the transaction.

35

Tax-Managed Growth Portfolio

December 31, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Tax-Managed Growth Portfolio (the “Portfolio”), including the portfolio of investments, as of December 31, 2020, 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, 2020, 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, 2020, 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 22, 2021

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

36

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Eaton Vance Tax-Managed Growth Fund 1.0 and Tax-Managed Growth Portfolio. As defined below, Eaton Vance Tax-Managed Growth Fund 1.0 is a New IAA Series.

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Tax-Managed Growth Fund 1.0	Eaton Vance Management	None
Tax-Managed Growth Portfolio	Boston Management and Research	None

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund, including the portfolios (each, a “Portfolio”) in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), which also includes each Fund organized as a feeder fund in a master-feeder structure that does not currently have an investment advisory agreement or, as applicable, an investment sub-advisory agreement in place (the “New IAA Series”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

37

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Board of Trustees’ Contract Approval — continued

Information about the Transaction and its Terms

• Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

• Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

• A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

• A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

• A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

• Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

• Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

• Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

• Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

• Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

• Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

• Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds other than the New IAA Series

• A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

• Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

• Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about the New Agreements for the New IAA Series

• Information regarding the terms of the New Agreements;

• Information confirming that no increase in management fees will result from the New Agreements because the Adviser will not charge a management fee with respect to New IAA Series assets invested in an underlying Portfolio or other investment company for which the Adviser or its affiliates serve as investment adviser and receive an advisory fee;

• A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

• A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

• A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

38

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Board of Trustees’ Contract Approval — continued

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

• Comparative information concerning the fees charged and services provided by the Adviser and the Sub-Adviser to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such Fund(s), if any;

• Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;

Information about Portfolio Management and Trading

• Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

• The procedures and processes used to determine the fair value of Fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

• Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

• Information regarding contemplated changes to the individual investment professionals whose responsibilities include portfolio management and investment research for the Funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable, post-Closing;

• The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

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

• Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

• Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

• A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

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

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

• Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

• Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

• Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

• Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

39

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Board of Trustees’ Contract Approval — continued

The Contract Review Committee was advised throughout the evaluation process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements (for the New IAA Series, the Board considered the nature, extent and quality of services provided to the respective Portfolios, as applicable). In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and,

40

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Board of Trustees’ Contract Approval — continued

where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund. The Board also considered that, for the New IAA Series, no increase in management fees will result from the New Agreements because the Adviser will not charge a management fee with respect to New IAA Series assets invested in an underlying Portfolio or other investment company for which the Adviser or its affiliates serve as investment adviser and receive an advisory fee.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

41

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Board of Trustees’ Contract Approval — continued

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the

Funds and recommended that shareholders approve the New Agreements.

42

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

Management and Organization

Fund Management.  The Trustees of Eaton Vance Series Trust (the Trust) and Tax-Managed Growth Portfolio (the Portfolio) are responsible for the overall management and supervision of the Trust’s and Portfolio’s affairs. The Trustees and officers of the Trust and the Portfolio are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Trust and the Portfolio hold indefinite terms of office. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust and the Portfolio, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter, the Portfolio’s placement agent and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 144 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 143 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 143 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). Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, 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 DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).

43

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

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	Private investor, researcher and lecturer. Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). 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. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021). Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).
Scott E. Wennerholm 1959	Trustee	2016	Private Investor. 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
Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Edward J. Perkin 1972	President of the Portfolio	2014	Chief Equity Investment Officer and Vice President of EVM and BMR since 2014. Also Vice President of CRM.

44

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2020

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)
Deidre E. Walsh 1971	Vice President	2009	Vice President of EVM and BMR.
Maureen A. Gemma 1960	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.

45

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted 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 share your personal information with our affiliates. Eaton Vance may also share your information as required or permitted by applicable law.

• We have adopted a Privacy Program we believe is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to your 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 WaterOak Advisors, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., 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 notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

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

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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

46

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Investment Adviser of Tax-Managed Growth Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Administrator of Eaton Vance Tax-Managed Growth Fund 1.0

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

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

157    12.31.20

Item 2. Code of Ethics

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

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

(a)-(d)

The following tables present the aggregate fees billed to the Fund for the Fund’s fiscal years ended December 31, 2019 and December 31, 2020 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 Vance Tax-Managed Growth Fund 1.0

Fiscal Years Ended	12/31/19		12/31/20
Audit Fees	$	16,800	$	16,800
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	6,912	$	5,602
All Other Fees(3)	$	0	$	0
Total	$	23,712	$	22,402

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

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

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

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

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

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

(f) Not applicable.

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

Fiscal Years Ended	12/31/19		12/31/20
Registrant	$	6,912	$	5,602
Eaton Vance(1)	$	59,903	$	150,300

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

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

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

Signatures

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

Eaton Vance Series Trust
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	February 24, 2021

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, 2021
By:	/s/ Eric A. Stein
	Eric A. Stein
	President
Date:	February 24, 2021