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)

Deidre E. Walsh

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, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Tax-Managed Growth Fund 1.0

Annual Report

December 31, 2021

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, 2021

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	37
Privacy Notice	40
Important Notices	42

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2021

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period starting January 1, 2021, was notable for a U.S. equity rally that lasted for most of the period and resulted in U.S. stocks outperforming most other stock markets in developed economies. Except for temporary retreats in September and November, broad-market indexes generally posted strong returns during the period. Investors cheered the reopening of businesses that had been affected by the pandemic and the rollout of several highly effective COVID-19 vaccines.

COVID-19, however, continued to have a firm grip on the U.S. economy. Disease rates advanced and declined with second, third, and fourth waves of infections. Worker shortages led to global supply-chain disruptions. From computer chips to shipping containers, scarcities of key items led to temporary factory shutdowns and empty store shelves. Those shortages — combined with high demand from consumers eager to spend money saved earlier in the pandemic — led to higher year-over-year inflation than the U.S. had seen in decades.

Still, investor optimism about a recovering economy drove stock prices up during most of the period. A significant pullback, however, occurred in September 2021 when virtually every major U.S. stock index reported negative returns. Unexpectedly weak job creation in August and the U.S. Federal Reserve’s (the Fed’s) announcement that it might soon begin tapering its monthly bond purchases — which had stimulated the economy earlier — combined to drive stocks into negative territory. Rising COVID-19 infections also weighed on equity performance in September.

In the final quarter of 2021, however, stock prices came roaring back. Even the late-November news of a new and more transmissible COVID-19 variant — Omicron — caused only a temporary market retreat. The Fed’s actions to tamp down inflation were applauded by investors, with stocks gaining ground after the central bank announced that tapering would be accelerated and that three possible interest rate hikes were forecast for 2022. Just two trading days before year-end, the S&P 500^® Index closed at its 70th new all-time high for the period, and the Dow Jones Industrial Average^® (DJIA) closed at an all-time high as well.

For the period as a whole, the broad-market S&P 500^® Index returned 28.71%; the blue-chip DJIA was up 20.95%; and the technology- laden Nasdaq Composite Index rose 22.18%. Large-cap U.S. stocks, as measured by the Russell 1000^® Index, outperformed their small-cap counterparts, as measured by the Russell 2000^® Index. In the large-cap space, growth stocks modestly outperformed value stocks, but in the small- cap space, value stocks strongly outperformed growth stocks during the period.

Fund Performance

For the 12-month period ended December 31, 2021, Eaton Vance Tax-Managed Growth Fund 1.0 (the Fund) returned 25.04% at net asset value (NAV), underperforming its benchmark, the S&P 500^® Index (the Index), which returned 28.71%.

Stock selections in the information technology (IT), consumer discretionary, and industrials sectors detracted from Fund performance versus the Index during the period. In the IT sector, the Fund’s out-of-Index position in DocuSign, Inc. (DocuSign), a leading vendor of electronic signature solutions for digital documents, hurt performance relative to the Index. Following robust demand and strong stock performance in 2020, DocuSign’s share price fell in 2021 as investors favored more cyclical areas of the market. An unexpected slowing of demand in the final quarter of 2021 also weighed on DocuSign’s stock price.

In the consumer discretionary sector, underweighting electric car maker Tesla, Inc. (Tesla) relative to the Index — due to inconsistency of earnings and the company’s high valuation — hurt performance versus the Index as vehicle deliveries and profits rose and Tesla’s stock performed strongly during the period. The stock received an additional boost in October 2021 when The Hertz Corp. announced it was purchasing 100,000 Tesla autos for its rental fleet.

In the industrials sector, relative performance was hurt when the Fund’s out-of-Index position in Uber Technologies, Inc. (Uber) declined in price. Uber, which connects consumers with providers of ride services, as well as food deliveries through Uber Eats, saw its profitability hurt by pandemic-related driver shortages. Unfavorable court rulings regarding Uber driver employment classifications placed an additional drag on the company’s stock price during the period.

In contrast, contributors to Fund performance versus the Index included stock selections and an overweight position in the financials sector; stock selections in the communication services sector; and an underweight position in the utilities sector — the worst-performing sector within the Index during the period.

In the financials sector, Fund performance relative to the Index was helped by an overweight position in Charles Schwab Corp. (The) (Schwab), a diversified financial services firm that serves retail customers and independent registered investment advisors. Schwab’s stock price rose during the period as consumers continued to migrate toward independent advisors and growth in the firm’s retail brokerage business exceeded the industry average. Investor expectations for rising interest rates were an additional driver of Schwab’s stock price.

In the communication services sector, the Fund’s overweight position in Alphabet, Inc. (Alphabet), parent company of search engine Google, performed strongly as positive e-commerce trends drove increased demand for search engine advertising and engagement. In addition, growth in viewership and ad sales on video sharing platform YouTube, an Alphabet subsidiary, exceeded analyst expectations during the period and provided an additional tailwind for Alphabet’s stock price.

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, 2021

Performance^2,3

Portfolio Manager(s) Yana S. Barton, CFA and Kenneth D. Zinner, 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		25.04	%		18.49	%		16.20	%
S&P 500® Index		—		—		28.71	%		18.46	%		16.54	%
% After-Tax Returns	Inception Date		Performance Inception Date		One Year			Five Years			Ten Years
After Taxes on Distributions		03/29/1966		03/29/1966		24.87	%		18.21	%		15.87	%
After Taxes on Distributions and Sale of Fund Shares		—		—		14.98			15.54			14.07

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, 2021

Fund Profile⁴

Sector Allocation (% of net assets)⁵

Top 10 Holdings (% of net assets)⁵

Apple, Inc.	6.1	%
Microsoft Corp.	4.1
Amazon.com, Inc.	3.8
Alphabet, Inc., Class C	3.3
Meta Platforms, Inc., Class A	2.5
Alphabet, Inc., Class A	2.5
NVIDIA Corp.	2.0
QUALCOMM, Inc.	2.0
JPMorgan Chase & Co.	1.8
Eli Lilly & Co.	1.6
Total	29.7	%

See Endnotes and Additional Disclosures in this report.

4

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2021

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 1000^® Index is an unmanaged index of 1,000 U.S. large- cap stocks. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-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, 2021

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, 2021 – December 31, 2021).

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 (7/1/21)		Ending Account Value (12/31/21)		Expenses Paid During Period* (7/1/21 – 12/31/21)		Annualized Expense Ratio
Actual
	$	1,000.00	$	1,088.30	$	2.32		0.44	%
Hypothetical
(5% return per year before expenses)
	$	1,000.00	$	1,022.99	$	2.24		0.44	%

* Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2021. The Example reflects the expenses of both the Fund and the Portfolio.

6

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2021

Statement of Assets and Liabilities

Assets	December 31, 2021
Investment in Tax-Managed Growth Portfolio, at value (identified cost, $203,175,313)	$	1,438,099,663
Total assets	$	1,438,099,663
Liabilities
Payable for Fund shares redeemed	$	3,088
Payable to affiliates:
Trustees’ fees		125
Accrued expenses		82,826
Total liabilities	$	86,039
Net Assets	$	1,438,013,624
Sources of Net Assets
Paid-in capital	$	25,593,679
Distributable earnings		1,412,419,945
Total	$	1,438,013,624
Net Asset Value and Redemption Price Per Share
($1,438,013,624 ÷ 687,971 shares of beneficial interest outstanding)	$	2,090.22

7 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2021

Statement of Operations

Investment Income	Year Ended December 31, 2021
Dividends allocated from Portfolio (net of foreign taxes, $149,494)	$	14,902,835
Expenses allocated from Portfolio		(5,679,420	)
Total investment income from Portfolio	$	9,223,415
Expenses
Trustees’ fees and expenses	$	500
Custodian fee		64,575
Transfer and dividend disbursing agent fees		95,879
Professional fees		42,630
Printing and postage		6,293
Miscellaneous		18,448
Total expenses	$	228,325
Net investment income	$	8,995,090
Realized and Unrealized Gain (Loss) from Portfolio
Net realized gain (loss) —
Investment transactions(1)	$	27,648,031
Foreign currency transactions		(232	)
Net realized gain	$	27,647,799
Change in unrealized appreciation (depreciation) —
Investments	$	256,432,043
Foreign currency		(3,290	)
Net change in unrealized appreciation (depreciation)	$	256,428,753
Net realized and unrealized gain	$	284,076,552
Net increase in net assets from operations	$	293,071,642

⁽¹⁾  Includes $27,074,763 of net realized gains from redemptions in-kind.

8 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2021

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2021			2020
From operations —
Net investment income	$	8,995,090		$	10,798,713
Net realized gain		27,647,799			26,115,697
Net change in unrealized appreciation (depreciation)		256,428,753			189,846,732
Net increase in net assets from operations	$	293,071,642		$	226,761,142
Distributions to shareholders	$	(9,096,319	)	$	(10,770,512	)
Transactions in shares of beneficial interest —
Net asset value of shares issued to shareholders in payment of distributions declared	$	2,394,884		$	2,676,508
Cost of shares redeemed		(45,043,697	)		(55,713,335	)
Net decrease in net assets from Fund share transactions	$	(42,648,813	)	$	(53,036,827	)
Net increase in net assets	$	241,326,510		$	162,953,803
Net Assets
At beginning of year	$	1,196,687,114		$	1,033,733,311
At end of year	$	1,438,013,624		$	1,196,687,114

9 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2021

Financial Highlights

	Year Ended December 31,
	2021			2020			2019			2018			2017
Net asset value — Beginning of year	$	1,683.170		$	1,378.390		$	1,075.910		$	1,146.130		$	946.160
Income (Loss) From Operations
Net investment income(1)	$	12.915		$	14.813		$	15.815		$	14.556		$	13.613
Net realized and unrealized gain (loss)		407.235			304.817			302.465			(70.176	)		200.107
Total income (loss) from operations	$	420.150		$	319.630		$	318.280		$	(55.620	)	$	213.720
Less Distributions
From net investment income	$	(13.100	)	$	(14.850	)	$	(15.800	)	$	(14.180	)	$	(13.750	)
Tax return of capital		—			—			—			(0.420	)		—
Total distributions	$	(13.100	)	$	(14.850	)	$	(15.800	)	$	(14.600	)	$	(13.750	)
Net asset value — End of year	$	2,090.220		$	1,683.170		$	1,378.390		$	1,075.910		$	1,146.130
Total Return(2)		25.04	%		23.49	%		29.83	%		(5.04	)%		22.73	%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$	1,438,014		$	1,196,687		$	1,033,733		$	861,445		$	983,065
Ratios (as a percentage of average daily net assets):(3)
Expenses		0.45	%		0.46	%		0.47	%		0.48	%		0.48	%
Net investment income		0.68	%		1.06	%		1.27	%		1.23	%		1.31	%
Portfolio Turnover of the Portfolio(4)		1	%		1	%		1	%		1	%		0	%(5)

⁽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 4%, 6%, 6%, 6% and 5% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively.

⁽⁵⁾  Amount is less than 0.5%.

10 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2021

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 (3.9% at December 31, 2021). 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, 2021, 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, 2021

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended December 31, 2021 and December 31, 2020 was as follows:

	Year Ended December 31,
	2021		2020
Ordinary income	$	9,096,319	$	10,770,512

During the year ended December 31, 2021, distributable earnings was decreased by $43,066,619 and paid-in capital was increased by $43,066,619 due to the differences between book and tax accounting for the Fund’s investment in the Portfolio. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of December 31, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Deferred capital losses	$	(2,708,584	)
Net unrealized appreciation	$	1,415,128,529
Distributable earnings	$	1,412,419,945

At December 31, 2021, the Fund, for federal income tax purposes, had deferred capital losses of $2,708,584 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, 2021, $2,708,584 are short-term.

3  Transactions with Affiliates

Effective March 1, 2021, the Fund entered into an investment advisory agreement with Eaton Vance Management (EVM). Pursuant to the agreement, the Fund pays an investment adviser fee on its average daily net assets that are not invested in other investment companies for which EVM or its affiliates serve as investment adviser and receive an advisory fee, at a per annum rate that is the same as that payable by the Portfolio. For the year ended December 31, 2021, the Fund incurred no investment adviser fee on such assets. To the extent the Fund’s assets are invested in the Portfolio, the Fund is allocated its pro rata share of the Portfolio’s investment adviser fee. The Portfolio has engaged Boston Management and Research (BMR) to render investment advisory services. See Note 2 of the Portfolio’s Notes to Financial Statements which are included elsewhere in this report. EVM also serves as the administrator to the Fund, but receives no compensation.

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, 2021, EVM earned $33,732 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, 2021, increases and decreases in the Fund’s investment in the Portfolio aggregated $67 and $52,290,032, 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 $44,585,631.

12

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2021

Notes to Financial Statements — continued

5  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows:

	Year Ended December 31,
	2021			2020
Issued to shareholders electing to receive payments of distributions in Fund shares		1,260			1,957
Redemptions		(24,262	)		(40,943	)
Net decrease		(23,002	)		(38,986	)

6  Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 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.

13

Eaton Vance

Tax-Managed Growth Fund 1.0

December 31, 2021

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, 2021, 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, 2021, 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 23, 2022

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, 2021

Federal Tax Information (Unaudited)

The Form 1099-DIV you received in February 2022 showed the tax status of all distributions paid to your account in calendar year 2021. 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, 2021, the Fund designates approximately $15,007,244, 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 2021 ordinary income dividends, 100% qualifies for the corporate dividends received deduction.

15

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments

Common Stocks — 99.7%
Security	Shares		Value
Aerospace & Defense — 1.0%
Boeing Co. (The)(1)		883,547	$	177,875,682
General Dynamics Corp.		117,303		24,454,157
Hexcel Corp.(1)		103,987		5,386,527
Howmet Aerospace, Inc.		4		127
Huntington Ingalls Industries, Inc.		2,300		429,502
L3Harris Technologies, Inc.		7,156		1,525,946
Lockheed Martin Corp.		132,079		46,942,197
Northrop Grumman Corp.		54,977		21,279,947
Raytheon Technologies Corp.		1,031,183		88,743,609
Textron, Inc.		9,462		730,466
TransDigm Group, Inc.(1)		3,386		2,154,444
			$	369,522,604
Air Freight & Logistics — 1.2%
C.H. Robinson Worldwide, Inc.		280,266	$	30,165,030
Expeditors International of Washington, Inc.		12,997		1,745,367
FedEx Corp.		359,477		92,975,131
GXO Logistics, Inc.(1)		97,791		8,882,356
United Parcel Service, Inc., Class B		1,431,529		306,833,926
			$	440,601,810
Airlines — 0.0%(2)
American Airlines Group, Inc.(1)		66,989	$	1,203,122
Delta Air Lines, Inc.(1)		61,964		2,421,553
Southwest Airlines Co.(1)		28,371		1,215,414
			$	4,840,089
Auto Components — 0.6%
Adient PLC(1)		8,500	$	406,980
Aptiv PLC(1)		1,022,078		168,591,766
BorgWarner, Inc.		800		36,056
Dorman Products, Inc.(1)		20,730		2,342,697
Fox Factory Holding Corp.(1)		800		136,080
Garrett Motion, Inc.(1)		6,726		54,010
Gentex Corp.		1,443,192		50,295,241
			$	221,862,830
Automobiles — 0.5%
Daimler AG		18,000	$	1,387,800
Ford Motor Co.		1,217,179		25,280,808
General Motors Co.(1)		96,097		5,634,167
Harley-Davidson, Inc.		800		30,152
Tesla, Inc.(1)		155,177		163,987,950

Security	Shares		Value
Automobiles (continued)
Toyota Motor Corp. ADR		5,100	$	945,030
			$	197,265,907
Banks — 3.9%
Bank of America Corp.		4,436,577	$	197,383,311
Bank of Hawaii Corp.		557		46,654
Bank of Montreal		4		431
CIT Group, Inc.		1,490		76,497
Citigroup, Inc.		890,874		53,799,881
Commerce Bancshares, Inc.		79,477		5,463,249
CVB Financial Corp.		608,432		13,026,529
Fifth Third Bancorp		1,814,058		79,002,226
First Republic Bank		2,010		415,085
HSBC Holdings PLC		220,592		1,329,842
HSBC Holdings PLC ADR		424		12,784
Huntington Bancshares, Inc.		144,510		2,228,344
ING Groep NV ADR		125		1,740
JPMorgan Chase & Co.		4,220,994		668,394,400
KeyCorp		72,748		1,682,661
Live Oak Bancshares, Inc.		15,000		1,309,350
M&T Bank Corp.		123,278		18,933,035
Pinnacle Financial Partners, Inc.		34,686		3,312,513
PNC Financial Services Group, Inc. (The)		126,756		25,417,113
Regions Financial Corp.		772,628		16,843,290
Signature Bank		3,359		1,086,536
Societe Generale S.A.		405,793		13,946,582
Sterling Bancorp		180,109		4,645,011
SVB Financial Group(1)		31,586		21,422,889
Synovus Financial Corp.		1,565		74,917
Toronto-Dominion Bank (The)		569		43,631
Truist Financial Corp.		1,679,497		98,334,549
U.S. Bancorp		1,077,302		60,512,053
Wells Fargo & Co.		3,734,552		179,183,805
Western Alliance Bancorp		23,987		2,582,200
Zions Bancorp N.A.		53,870		3,402,429
			$	1,473,913,537
Beverages — 1.9%
Anheuser-Busch InBev SA/NV ADR		75,379	$	4,564,198
Boston Beer Co., Inc. (The), Class A(1)		4,730		2,389,123
Brown-Forman Corp., Class A		17,399		1,179,478
Brown-Forman Corp., Class B		420,049		30,604,770
Coca-Cola Co. (The)		3,937,864		233,160,927
Constellation Brands, Inc., Class A		118,245		29,675,948
Diageo PLC ADR		9,771		2,150,988

16 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Beverages (continued)
Keurig Dr Pepper, Inc.		2,700	$	99,522
Molson Coors Beverage Co., Class B		64,013		2,967,003
Monster Beverage Corp.(1)		176,096		16,912,260
PepsiCo, Inc.		2,127,282		369,530,156
			$	693,234,373
Biotechnology — 2.1%
2seventy bio, Inc.(1)		166	$	4,255
AbbVie, Inc.		1,131,418		153,193,997
Agios Pharmaceuticals, Inc.(1)		74,972		2,464,330
Alkermes PLC(1)		5,000		116,300
Alnylam Pharmaceuticals, Inc.(1)		9,409		1,595,578
Amgen, Inc.		685,242		154,158,893
Arena Pharmaceuticals, Inc.(1)		15,471		1,437,875
argenx SE ADR(1)		308,910		108,177,193
Biogen, Inc.(1)		100,308		24,065,895
Bluebird Bio, Inc.(1)		500		4,995
Blueprint Medicines Corp.(1)		211,575		22,661,798
Exact Sciences Corp.(1)		243,557		18,956,041
Exact Sciences Corp.(1)(3)		8,313		647,001
Gilead Sciences, Inc.		1,134,800		82,397,828
Incyte Corp.(1)		103,220		7,576,348
Moderna, Inc.(1)		343,592		87,265,496
Natera, Inc.(1)		14,283		1,333,889
Neurocrine Biosciences, Inc.(1)		219,845		18,724,199
Regeneron Pharmaceuticals, Inc.(1)		25,022		15,801,893
Seagen, Inc.(1)		5,662		875,345
Vertex Pharmaceuticals, Inc.(1)		346,315		76,050,774
			$	777,509,923
Building Products — 0.5%
A.O. Smith Corp.		31,693	$	2,720,844
Carlisle Cos., Inc.		71,809		17,817,249
Carrier Global Corp.		237,798		12,898,164
Fortune Brands Home & Security, Inc.		27,542		2,944,240
Johnson Controls International PLC		350,723		28,517,287
Lennox International, Inc.		381,979		123,898,708
Masco Corp.		38,156		2,679,314
Resideo Technologies, Inc.(1)		11,209		291,770
Trane Technologies PLC		41,918		8,468,694
Trex Co., Inc.(1)		3,070		414,542
			$	200,650,812
Capital Markets — 4.8%
Affiliated Managers Group, Inc.		58,916	$	9,692,271
Ameriprise Financial, Inc.		134,689		40,630,284

Security	Shares		Value
Capital Markets (continued)
Ares Management Corp., Class A		44,772	$	3,638,620
Bank of New York Mellon Corp. (The)		719,996		41,817,368
BlackRock, Inc.		48,847		44,722,359
Blackstone, Inc.		402,444		52,072,229
Brookfield Asset Management, Inc., Class A		264,702		15,982,707
Carlyle Group, Inc. (The)		457,373		25,109,778
Cboe Global Markets, Inc.		197,786		25,791,294
Charles Schwab Corp. (The)		3,930,082		330,519,896
CME Group, Inc.		249,929		57,098,779
FactSet Research Systems, Inc.		97,345		47,310,644
Federated Hermes, Inc., Class B		37,249		1,399,817
Franklin Resources, Inc.		211,191		7,072,787
Goldman Sachs Group, Inc. (The)		1,160,752		444,045,678
Intercontinental Exchange, Inc.		154,759		21,166,388
Invesco, Ltd.		11,064		254,693
LPL Financial Holdings, Inc.		160,206		25,647,379
Moody’s Corp.		261,669		102,202,678
Morgan Stanley(4)		2,122,833		208,377,288
Morningstar, Inc.		4,694		1,605,300
Nasdaq, Inc.		78,727		16,533,457
Northern Trust Corp.		2,500		299,025
Raymond James Financial, Inc.		110,958		11,140,183
S&P Global, Inc.		310,603		146,582,874
SEI Investments Co.		159,600		9,726,024
State Street Corp.		215,676		20,057,868
Stifel Financial Corp.		169,194		11,914,642
T. Rowe Price Group, Inc.		403,743		79,392,024
UBS Group AG(1)		9		161
			$	1,801,804,495
Chemicals — 1.1%
AdvanSix, Inc.		968	$	45,738
Air Products and Chemicals, Inc.		25,995		7,909,239
Albemarle Corp.		132,751		31,033,201
Balchem Corp.		24,992		4,213,651
Cabot Corp.		16,510		927,862
Celanese Corp.		23,540		3,956,132
Chemours Co. (The)		1		34
Corteva, Inc.		242,329		11,457,315
Dow, Inc.		80,280		4,553,482
DuPont de Nemours, Inc.		505,065		40,799,151
Eastman Chemical Co.		1,062		128,406
Ecolab, Inc.		605,535		142,052,456
FMC Corp.		817		89,780
International Flavors & Fragrances, Inc.		5,000		753,250
Linde PLC		114,624		39,709,192

17 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Chemicals (continued)
LyondellBasell Industries NV, Class A		4,274	$	394,191
NewMarket Corp.		13,626		4,669,903
Nutrien, Ltd.		10,927		821,710
PPG Industries, Inc.		414,428		71,463,964
RPM International, Inc.		3,433		346,733
Scotts Miracle-Gro Co. (The)		136		21,896
Sherwin-Williams Co. (The)		177,036		62,344,998
Westlake Chemical Corp.		1,000		97,130
			$	427,789,414
Commercial Services & Supplies — 0.1%
Brady Corp., Class A		258	$	13,906
Cintas Corp.		398		176,382
Copart, Inc.(1)		4,771		723,379
HNI Corp.		108,151		4,547,750
Pitney Bowes, Inc.		1,365		9,050
Republic Services, Inc.		4,227		589,455
Rollins, Inc.		60,814		2,080,447
Stericycle, Inc.(1)		8,000		477,120
Waste Connections, Inc.		115,655		15,760,307
Waste Management, Inc.		191,146		31,902,267
			$	56,280,063
Communications Equipment — 2.3%
Arista Networks, Inc.(1)		4,061,876	$	583,894,675
Arista Networks, Inc.(1)(3)		290,000		41,687,500
Cisco Systems, Inc.		3,529,555		223,667,901
Juniper Networks, Inc.		285,300		10,188,063
Motorola Solutions, Inc.		51,820		14,079,494
Nokia Oyj ADR(1)		192		1,194
			$	873,518,827
Construction & Engineering — 0.0%(2)
Fluor Corp.(1)		3,250	$	80,503
Quanta Services, Inc.		2,649		303,734
			$	384,237
Construction Materials — 0.0%(2)
Vulcan Materials Co.		62,993	$	13,076,087
			$	13,076,087
Consumer Finance — 0.9%
American Express Co.		1,002,049	$	163,935,216
Capital One Financial Corp.		85,168		12,357,025

Security	Shares		Value
Consumer Finance (continued)
Discover Financial Services		1,161,846	$	134,262,924
LendingClub Corp.(1)		15,938		385,381
Synchrony Financial		344,923		16,000,978
			$	326,941,524
Containers & Packaging — 0.1%
Amcor PLC		940,774	$	11,298,696
AptarGroup, Inc.		65,000		7,961,200
Avery Dennison Corp.		5,508		1,192,868
Ball Corp.		63,819		6,143,855
Crown Holdings, Inc.		13,787		1,525,118
International Paper Co.		35,524		1,668,917
Packaging Corp. of America		12,273		1,670,969
Sealed Air Corp.		27,104		1,828,707
Sonoco Products Co.		2,297		132,973
WestRock Co.		21,573		956,978
			$	34,380,281
Distributors — 0.0%(2)
Genuine Parts Co.		22,932	$	3,215,066
LKQ Corp.		81,118		4,869,514
			$	8,084,580
Diversified Consumer Services — 0.0%(2)
Bright Horizons Family Solutions, Inc.(1)		6,150	$	774,162
H&R Block, Inc.		3,429		80,787
Service Corp. International		16,140		1,145,779
			$	2,000,728
Diversified Financial Services — 2.3%
Apollo Global Management, Inc.		7,672	$	555,683
Berkshire Hathaway, Inc., Class A(1)		590		265,890,580
Berkshire Hathaway, Inc., Class B(1)		1,966,390		587,950,610
			$	854,396,873
Diversified Telecommunication Services — 0.2%
AT&T, Inc.		541,525	$	13,321,515
Liberty Latin America, Ltd., Class A(1)		1,546		18,027
Liberty Latin America, Ltd., Class C(1)		4,825		55,005
Lumen Technologies, Inc.		4,871		61,131
Verizon Communications, Inc.		951,247		49,426,794
			$	62,882,472

18 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Electric Utilities — 0.5%
Duke Energy Corp.		228,504	$	23,970,069
Edison International		1,960		133,770
Entergy Corp.		2,640		297,396
Exelon Corp.		31,288		1,807,195
IDACORP, Inc.		140		15,863
NextEra Energy, Inc.		1,603,491		149,701,920
NRG Energy, Inc.		3,136		135,099
PPL Corp.		2,700		81,162
Southern Co. (The)		75,403		5,171,138
Xcel Energy, Inc.		265,196		17,953,769
			$	199,267,381
Electrical Equipment — 0.8%
Acuity Brands, Inc.		9,321	$	1,973,442
AMETEK, Inc.		68,380		10,054,595
Eaton Corp. PLC		92,287		15,949,039
Emerson Electric Co.		2,183,226		202,974,521
Generac Holdings, Inc.(1)		2,476		871,354
Hubbell, Inc.		62,461		13,008,753
nVent Electric PLC		4		152
Rockwell Automation, Inc.		114,129		39,813,902
			$	284,645,758
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		24,559	$	2,147,930
Badger Meter, Inc.		3,000		319,680
CDW Corp.		144,142		29,517,399
Corning, Inc.		1,489,441		55,451,889
IPG Photonics Corp.(1)		17,003		2,926,896
Keysight Technologies, Inc.(1)		12,706		2,623,916
Knowles Corp.(1)		1		23
Littelfuse, Inc.		52,675		16,575,769
Littelfuse, Inc.(3)		39,181		12,329,477
TE Connectivity, Ltd.		60,400		9,744,936
Teledyne Technologies, Inc.(1)		145		63,349
Trimble, Inc.(1)		15,062		1,313,256
Trimble, Inc.(1)(3)		183,372		15,982,881
Vontier Corp.		3,985		122,459
Zebra Technologies Corp., Class A(1)		50,775		30,221,280
			$	179,341,140
Energy Equipment & Services — 0.1%
ChampionX Corp.(1)		10,853	$	219,339
Core Laboratories NV		16,652		371,506
Expro Group Holdings N.V.(1)		250,000		3,587,500

Security	Shares		Value
Energy Equipment & Services (continued)
Halliburton Co.		184,786	$	4,226,056
NOV, Inc.		10,391		140,798
Schlumberger NV		824,802		24,702,820
Transocean, Ltd.(1)		3,548		9,793
			$	33,257,812
Entertainment — 2.2%
Activision Blizzard, Inc.		248,871	$	16,557,388
Electronic Arts, Inc.		150,119		19,800,696
Liberty Braves Group, Series A(1)		1,236		35,535
Liberty Braves Group, Series C(1)		2,473		69,491
Live Nation Entertainment, Inc.(1)		20,744		2,482,849
NetEase, Inc. ADR		510		51,908
Netflix, Inc.(1)		234,410		141,217,960
ROBLOX Corp., Class A(1)		905,777		93,439,955
Roku, Inc., Class A(1)		26,288		5,998,922
Spotify Technology S.A.(1)		92,198		21,577,098
Walt Disney Co. (The)(1)		3,420,691		529,830,829
Zynga, Inc., Class A(1)		193,100		1,235,840
			$	832,298,471
Equity Real Estate Investment Trusts (REITs) — 0.2%
American Homes 4 Rent, Class A		166,000	$	7,239,260
American Tower Corp.		61,668		18,037,890
American Tower Corp.(3)		33,660		9,842,842
AvalonBay Communities, Inc.		7,000		1,768,130
Boston Properties, Inc.		60		6,911
Equinix, Inc.		823		696,126
Extra Space Storage, Inc.		1,800		408,114
Federal Realty Investment Trust		1,300		177,216
Host Hotels & Resorts, Inc.(1)		528,986		9,199,067
Mid-America Apartment Communities, Inc.		457		104,854
Prologis, Inc.		40,593		6,834,237
Public Storage		8,114		3,039,180
Realty Income Corp.		100,779		7,214,769
Regency Centers Corp.		405		30,517
SBA Communications Corp.		3,000		1,167,060
Simon Property Group, Inc.		25,563		4,084,200
Sun Communities, Inc.		10,148		2,130,776
			$	71,981,149
Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		950,204	$	539,430,811
Kroger Co. (The)		154,886		7,010,140
Sprouts Farmers Market, Inc.(1)		735,411		21,826,999

19 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Food & Staples Retailing (continued)
Sysco Corp.		644,457	$	50,622,097
Walgreens Boots Alliance, Inc.		439,211		22,909,246
Walmart, Inc.		52,716		7,627,478
			$	649,426,771
Food Products — 1.2%
Archer-Daniels-Midland Co.		137,778	$	9,312,415
Campbell Soup Co.		748,065		32,510,905
Conagra Brands, Inc.		665,690		22,733,313
Flowers Foods, Inc.		586,273		16,104,919
General Mills, Inc.		170,898		11,515,107
Hain Celestial Group, Inc. (The)(1)		17,240		734,596
Hershey Co. (The)		219,063		42,382,119
Hormel Foods Corp.		366,066		17,867,681
J&J Snack Foods Corp.		33,410		5,277,444
JM Smucker Co. (The)		21,346		2,899,214
Kellogg Co.		72,821		4,691,129
Kraft Heinz Co. (The)		106,315		3,816,709
Lamb Weston Holdings, Inc.		126,408		8,011,739
McCormick & Co., Inc., Non Voting Shares		168,759		16,303,807
Mondelez International, Inc., Class A		1,216,167		80,644,034
Nestle S.A.		1,118,348		156,140,715
Tyson Foods, Inc., Class A		27,528		2,399,340
			$	433,345,186
Health Care Equipment & Supplies — 3.0%
Abbott Laboratories		1,994,942	$	280,768,137
ABIOMED, Inc.(1)		109,299		39,256,922
Alcon, Inc.		22,924		1,997,139
Align Technology, Inc.(1)		18,703		12,291,238
Avanos Medical, Inc.(1)		542		18,791
Baxter International, Inc.		39,578		3,397,376
Becton, Dickinson and Co.		148,704		37,396,082
Boston Scientific Corp.(1)		480,643		20,417,715
DexCom, Inc.(1)		129,517		69,544,153
Edwards Lifesciences Corp.(1)		31,569		4,089,764
IDEXX Laboratories, Inc.(1)		17,216		11,336,047
Inari Medical, Inc.(1)		488,894		44,621,355
Inari Medical, Inc.(1)(3)		22,222		2,026,884
Insulet Corp.(1)		10,198		2,713,382
Integra LifeSciences Holdings Corp.(1)		2,225,898		149,112,907
Integra LifeSciences Holdings Corp.(1)(3)		730,000		48,902,700
Intuitive Surgical, Inc.(1)		527,025		189,360,082
Medtronic PLC		546,016		56,485,355
Penumbra, Inc.(1)		93,193		26,776,213

Security	Shares		Value
Health Care Equipment & Supplies (continued)
ResMed, Inc.		21,670	$	5,644,602
Smith & Nephew PLC ADR		5,500		190,410
Stryker Corp.		342,034		91,466,732
Teleflex, Inc.		14,475		4,754,748
Zimmer Biomet Holdings, Inc.		152,838		19,416,539
			$	1,121,985,273
Health Care Providers & Services — 2.2%
Acadia Healthcare Co., Inc.(1)		32,000	$	1,942,400
Anthem, Inc.		145,784		67,576,715
Cardinal Health, Inc.		29,103		1,498,514
Centene Corp.(1)		171,673		14,145,855
Cigna Corp.		48,359		11,104,677
Covetrus, Inc.(1)		10,511		209,905
CVS Health Corp.		1,324,592		136,644,911
DaVita, Inc.(1)		157,055		17,866,577
Ensign Group, Inc. (The)		51,487		4,322,849
Guardant Health, Inc.(1)		145,805		14,583,416
HCA Healthcare, Inc.		210,352		54,043,636
Henry Schein, Inc.(1)		26,348		2,042,760
Humana, Inc.		2,441		1,132,282
Laboratory Corp. of America Holdings(1)		745		234,086
McKesson Corp.		150,389		37,382,194
Molina Healthcare, Inc.(1)		18,585		5,911,517
Oak Street Health, Inc.(1)		744,379		24,668,720
Progyny, Inc.(1)		15,525		781,684
Tenet Healthcare Corp.(1)		2,363		193,033
UnitedHealth Group, Inc.		823,006		413,264,233
			$	809,549,964
Health Care Technology — 0.1%
Cerner Corp.		19,478	$	1,808,922
Teladoc Health, Inc.(1)		100,320		9,211,382
Veeva Systems, Inc., Class A(1)		32,508		8,305,144
			$	19,325,448
Hotels, Restaurants & Leisure — 3.4%
Airbnb, Inc., Class A(1)		236,236	$	39,330,932
Aramark		148,020		5,454,537
Booking Holdings, Inc.(1)		52,611		126,225,889
Carnival Corp.(1)		22,069		444,028
Chipotle Mexican Grill, Inc.(1)		120,458		210,590,698
Choice Hotels International, Inc.		49,631		7,741,940
Darden Restaurants, Inc.		77,690		11,703,222
Domino’s Pizza, Inc.		2,815		1,588,589

20 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
DraftKings, Inc., Class A(1)		550	$	15,108
Expedia Group, Inc.(1)		88,204		15,940,227
Hilton Worldwide Holdings, Inc.(1)		106,201		16,566,294
Hyatt Hotels Corp., Class A(1)		1,353,442		129,795,088
Marriott International, Inc., Class A(1)		1,444,527		238,693,641
McDonald’s Corp.		114,782		30,769,611
MGM Resorts International		892,202		40,042,026
Penn National Gaming, Inc.(1)		30,956		1,605,069
Royal Caribbean Cruises, Ltd.(1)		1,900		146,110
Starbucks Corp.		2,552,969		298,620,784
Texas Roadhouse, Inc.		417,127		37,241,099
Trip.com Group, Ltd. ADR(1)		5,200		128,024
Yum China Holdings, Inc.		368,379		18,360,009
Yum! Brands, Inc.		150,394		20,883,711
			$	1,251,886,636
Household Durables — 0.2%
D.R. Horton, Inc.		43,075	$	4,671,484
Helen of Troy, Ltd.(1)		645		157,683
Leggett & Platt, Inc.		94,579		3,892,872
Lennar Corp., Class A		48,693		5,656,179
Lennar Corp., Class B		21		2,008
Mohawk Industries, Inc.(1)		20,864		3,801,003
Newell Brands, Inc.		123,465		2,696,476
NVR, Inc.(1)		1,822		10,765,961
PulteGroup, Inc.		222,055		12,692,664
Tempur Sealy International, Inc.		540,100		25,400,903
Toll Brothers, Inc.		4,378		316,923
Whirlpool Corp.		1,646		386,250
			$	70,440,406
Household Products — 1.7%
Church & Dwight Co., Inc.		197,268	$	20,219,970
Clorox Co. (The)		20,683		3,606,288
Colgate-Palmolive Co.		2,828,981		241,425,238
Energizer Holdings, Inc.		10,496		420,890
Kimberly-Clark Corp.		108,792		15,548,553
Procter & Gamble Co. (The)		2,215,920		362,480,193
			$	643,701,132
Independent Power and Renewable Electricity Producers — 0.0%(2)
AES Corp. (The)		1,730	$	42,039
			$	42,039

Security	Shares		Value
Industrial Conglomerates — 0.8%
3M Co.		778,183	$	138,228,647
General Electric Co.		723,424		68,341,865
Honeywell International, Inc.		380,467		79,331,174
Roper Technologies, Inc.		27,342		13,448,436
			$	299,350,122
Insurance — 1.3%
Aegon NV ADR		5	$	25
Aflac, Inc.		884,450		51,643,035
Alleghany Corp.(1)		3,985		2,660,346
Allstate Corp. (The)		20,953		2,465,120
American International Group, Inc.		139,041		7,905,871
Aon PLC, Class A		177,916		53,474,433
Arch Capital Group, Ltd.(1)		286,437		12,732,125
Arthur J. Gallagher & Co.		534,111		90,622,613
Assurant, Inc.		13,599		2,119,540
Athene Holding, Ltd., Class A(1)		25,944		2,161,914
Brighthouse Financial, Inc.(1)		936		48,485
Brookfield Asset Management Reinsurance Partners, Ltd., Class A		1,615		101,147
Brown & Brown, Inc.		407		28,604
Chubb, Ltd.		51,587		9,972,283
Cincinnati Financial Corp.		74,325		8,467,847
Fidelity National Financial, Inc.		57,654		3,008,386
First American Financial Corp.		1,227		95,988
Globe Life, Inc.		50,917		4,771,941
Hartford Financial Services Group, Inc.		218,598		15,092,006
Lincoln National Corp.		8,488		579,391
Markel Corp.(1)		23,895		29,486,430
Marsh & McLennan Cos., Inc.		238,091		41,384,978
MetLife, Inc.		18,779		1,173,500
Old Republic International Corp.		57,300		1,408,434
Principal Financial Group, Inc.		12,517		905,355
Progressive Corp. (The)		983,264		100,932,050
Prudential Financial, Inc.		22,159		2,398,490
Reinsurance Group of America, Inc.		6,425		703,473
Travelers Cos., Inc. (The)		147,497		23,072,956
Trisura Group, Ltd.(1)		496		18,645
W.R. Berkley Corp.		29,250		2,409,907
Willis Towers Watson PLC		70		16,624
			$	471,861,942
Interactive Media & Services — 8.9%
Alphabet, Inc., Class A(1)		316,180	$	915,986,107
Alphabet, Inc., Class C(1)		423,094		1,224,260,567
Baidu, Inc. ADR(1)		140,152		20,853,216

21 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Interactive Media & Services (continued)
CarGurus, Inc.(1)		37,803	$	1,271,693
Cars.com, Inc.(1)		400		6,436
IAC/InterActiveCorp.(1)		13,536		1,769,291
Match Group, Inc.(1)		527,012		69,697,337
Meta Platforms, Inc., Class A(1)		2,785,827		937,012,911
Pinterest, Inc., Class A(1)		2,540,426		92,344,485
Snap, Inc., Class A(1)		159,924		7,521,226
Snap, Inc., Class A(1)(3)		469,399		22,075,835
Twitter, Inc.(1)		116,913		5,052,980
Vimeo, Inc.(1)		97,055		1,743,108
Yelp, Inc.(1)		149,508		5,418,170
ZipRecruiter, Inc., Class A(1)		270,000		6,733,800
			$	3,311,747,162
Internet & Direct Marketing Retail — 4.1%
Alibaba Group Holding, Ltd. ADR(1)		370,229	$	43,979,503
Altaba, Inc.(5)		114,070		679,287
Amazon.com, Inc.(1)		423,484		1,412,039,641
DoorDash, Inc., Class A(1)		133,033		19,808,614
eBay, Inc.		330,295		21,964,617
Etsy, Inc.(1)		3,725		815,551
Qurate Retail, Inc., Series A		99,802		758,495
Wayfair, Inc., Class A(1)		66,699		12,670,809
			$	1,512,716,517
IT Services — 4.6%
Accenture PLC, Class A		1,056,535	$	437,986,584
Affirm Holdings, Inc.(1)		379,636		38,176,196
Akamai Technologies, Inc.(1)		257,635		30,153,600
Alliance Data Systems Corp.		686		45,667
Amdocs, Ltd.		43,944		3,288,769
Automatic Data Processing, Inc.		309,479		76,311,332
Block, Inc., Class A(1)		434,159		70,121,020
Broadridge Financial Solutions, Inc.		108,127		19,767,778
CGI, Inc.(1)		200		17,700
Cognizant Technology Solutions Corp., Class A		25,858		2,294,122
Fidelity National Information Services, Inc.		18,757		2,047,327
Fiserv, Inc.(1)		663,315		68,845,464
Gartner, Inc.(1)		7,866		2,629,761
Global Payments, Inc.		46,403		6,272,758
International Business Machines Corp.		630,915		84,328,099
Jack Henry & Associates, Inc.		20,956		3,499,442
Kyndryl Holdings, Inc.(1)		96,088		1,739,193
Mastercard, Inc., Class A		205,166		73,720,247
Okta, Inc.(1)		319,829		71,696,067

Security	Shares		Value
IT Services (continued)
Paychex, Inc.		45,650	$	6,231,225
PayPal Holdings, Inc.(1)		1,119,622		211,138,317
Sabre Corp.(1)		157,290		1,351,121
Shopify, Inc., Class A(1)		12,524		17,250,432
Snowflake, Inc., Class A(1)		125,608		42,549,710
Twilio, Inc., Class A(1)		555,411		146,261,933
VeriSign, Inc.(1)		5,954		1,511,244
Visa, Inc., Class A		1,405,256		304,533,028
Visa, Inc., Class A(3)		29,956		6,491,765
Western Union Co. (The)		21,882		390,375
			$	1,730,650,276
Leisure Products — 0.1%
Callaway Golf Co.(1)		1,165,163	$	31,972,073
Hasbro, Inc.		8,235		838,158
Mattel, Inc.(1)		3,941		84,968
Polaris, Inc.		79,672		8,756,750
			$	41,651,949
Life Sciences Tools & Services — 1.1%
10X Genomics, Inc., Class A(1)		527,021	$	78,505,048
Agilent Technologies, Inc.		681,845		108,856,554
Avantor, Inc.(1)		120,000		5,056,800
Bio-Rad Laboratories, Inc., Class A(1)		52		39,290
Charles River Laboratories International, Inc.(1)		239		90,050
Danaher Corp.		208,596		68,630,170
Illumina, Inc.(1)		96,152		36,580,067
IQVIA Holdings, Inc.(1)		66,687		18,815,070
Mettler-Toledo International, Inc.(1)		1,000		1,697,210
NeoGenomics, Inc.(1)		197,625		6,742,965
PerkinElmer, Inc.		182,718		36,737,281
Thermo Fisher Scientific, Inc.		60,591		40,428,739
Waters Corp.(1)		730		271,998
West Pharmaceutical Services, Inc.		11,186		5,246,346
			$	407,697,588
Machinery — 1.8%
Caterpillar, Inc.		392,751	$	81,197,342
Caterpillar, Inc.(3)		6,950		1,436,843
Cummins, Inc.		1,688		368,220
Daimler Truck Holding AG ADR(1)		18,000		324,000
Deere & Co.		221,013		75,783,148
Donaldson Co., Inc.		184,029		10,905,559
Dover Corp.		385,587		70,022,599
Fortive Corp.		33,376		2,546,255

22 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Machinery (continued)
Illinois Tool Works, Inc.		1,283,606	$	316,793,961
Ingersoll Rand, Inc.		171,492		10,610,210
Lincoln Electric Holdings, Inc.		53,660		7,483,960
Manitowoc Co., Inc. (The)(1)		11,435		212,577
Middleby Corp.(1)		2,000		393,520
Otis Worldwide Corp.		435,365		37,907,231
PACCAR, Inc.		186,094		16,424,656
Parker-Hannifin Corp.		25,759		8,194,453
Pentair PLC		75		5,477
Snap-on, Inc.		29,674		6,391,186
Stanley Black & Decker, Inc.		288		54,323
Trinity Industries, Inc.		11,100		335,220
Westinghouse Air Brake Technologies Corp.		14,127		1,301,238
Xylem, Inc.		112,897		13,538,608
			$	662,230,586
Media — 0.3%
Comcast Corp., Class A		1,286,665	$	64,757,850
Discovery, Inc., Class A(1)		97,615		2,297,857
Discovery, Inc., Class C(1)		255,207		5,844,240
Fox Corp., Class A		50,412		1,860,203
Interpublic Group of Cos., Inc. (The)		976		36,551
Liberty Broadband Corp., Series A(1)		1		161
Liberty Broadband Corp., Series C(1)		1		161
Loyalty Ventures, Inc.(1)		274		8,239
News Corp., Class A		32,024		714,455
Omnicom Group, Inc.		16,403		1,201,848
Sirius XM Holdings, Inc.		53,280		338,328
TEGNA, Inc.		1,201		22,291
ViacomCBS, Inc., Class B		612,221		18,476,830
			$	95,559,014
Metals & Mining — 0.1%
Alcoa Corp.		159	$	9,473
Arconic Corp.(1)		1		33
Cleveland-Cliffs, Inc.(1)		278,121		6,054,694
Freeport-McMoRan, Inc.		97,788		4,080,693
Glencore PLC		598,405		3,049,040
Newmont Corp.		103		6,388
Nucor Corp.		242,095		27,635,144
Steel Dynamics, Inc.		232,124		14,407,937
			$	55,243,402
Multi-Utilities — 0.4%
Consolidated Edison, Inc.		524,468	$	44,747,610

Security	Shares		Value
Multi-Utilities (continued)
Dominion Energy, Inc.		896,671	$	70,442,474
DTE Energy Co.		77,124		9,219,403
NiSource, Inc.		828		22,861
Public Service Enterprise Group, Inc.		500		33,365
Sempra Energy		66,344		8,775,984
WEC Energy Group, Inc.		15,006		1,456,632
			$	134,698,329
Multiline Retail — 0.1%
Dollar General Corp.		347	$	81,833
Dollar Tree, Inc.(1)		147,240		20,690,165
Nordstrom, Inc.(1)		3,192		72,203
Target Corp.		44,039		10,192,386
			$	31,036,587
Oil, Gas & Consumable Fuels — 1.6%
Antero Resources Corp.(1)		1,341,986	$	23,484,755
Cheniere Energy, Inc.		632,186		64,116,304
Chevron Corp.		1,038,706		121,892,149
ConocoPhillips		385,186		27,802,725
Devon Energy Corp.		33,163		1,460,830
Diamondback Energy, Inc.		28,916		3,118,591
DT Midstream, Inc(1)		38,562		1,850,205
Enbridge, Inc.		4,983		194,736
EOG Resources, Inc.		1,022,314		90,812,153
EQT Corp.(1)		180,474		3,936,138
Equitrans Midstream Corp.		144,379		1,492,879
Exxon Mobil Corp.		3,497,980		214,041,396
Hess Corp.		53,310		3,946,539
HollyFrontier Corp.		9,171		300,625
Kinder Morgan, Inc.		112,401		1,782,680
Magnolia Oil & Gas Corp., Class A		245,547		4,633,472
Marathon Oil Corp.		8,775		144,086
Marathon Petroleum Corp.		193,112		12,357,237
Murphy Oil Corp.		65,112		1,700,074
Occidental Petroleum Corp.		39,361		1,141,075
Phillips 66		202,729		14,689,743
Pioneer Natural Resources Co.		28,342		5,154,843
Range Resources Corp.(1)		664,831		11,853,937
Royal Dutch Shell PLC, Class A ADR		100		4,340
Southwestern Energy Co.(1)		399		1,859
Valero Energy Corp.		15,809		1,187,414
Williams Cos., Inc. (The)		20,025		521,451
			$	613,622,236

23 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Paper & Forest Products — 0.0%(2)
Sylvamo Corp.(1)		3,229	$	90,057
			$	90,057
Personal Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		116,273	$	43,044,264
Unilever PLC ADR		70,897		3,813,550
			$	46,857,814
Pharmaceuticals — 4.3%
AstraZeneca PLC ADR		1,319,364	$	76,852,953
Bausch Health Cos., Inc.(1)		4,389		121,180
Bristol-Myers Squibb Co.		2,388,750		148,938,563
Catalent, Inc.(1)		45,943		5,882,082
Eli Lilly & Co.		2,207,396		609,726,923
GlaxoSmithKline PLC ADR		11,863		523,158
Johnson & Johnson		2,632,391		450,323,128
Mallinckrodt PLC(1)		6		1
Merck & Co., Inc.		1,685,925		129,209,292
Novartis AG ADR		145,139		12,695,308
Novo Nordisk A/S ADR		56,211		6,295,632
Organon & Co.		165,641		5,043,768
Pfizer, Inc.		2,331,176		137,655,943
Reata Pharmaceuticals, Inc., Class A(1)		4,694		123,781
Roche Holding AG ADR		35,808		1,850,916
Sanofi ADR		6,100		305,610
Takeda Pharmaceutical Co., Ltd. ADR		31,905		434,865
Teva Pharmaceutical Industries, Ltd. ADR(1)		5,106		40,899
Viatris, Inc.		141,733		1,917,648
Zoetis, Inc.		12,114		2,956,179
Zoetis, Inc.(3)		54,359		13,265,227
			$	1,604,163,056
Professional Services — 0.3%
ASGN, Inc.(1)		284,823	$	35,147,158
Booz Allen Hamilton Holding Corp., Class A		102,820		8,718,108
CACI International, Inc., Class A(1)		13,584		3,656,949
CACI International, Inc., Class A(1)(3)		6,200		1,669,102
Equifax, Inc.		8,854		2,592,363
IHS Markit, Ltd.		423		56,225
Jacobs Engineering Group, Inc.		85,615		11,920,176
Nielsen Holdings PLC		48,977		1,004,518
Thomson Reuters Corp.		181,943		21,764,022
Verisk Analytics, Inc.		109,365		25,015,057
			$	111,543,678

Security	Shares		Value
Real Estate Management & Development — 0.0%(2)
Zillow Group, Inc., Class A(1)		10,638	$	661,896
Zillow Group, Inc., Class C(1)		21,276		1,358,473
			$	2,020,369
Road & Rail — 1.5%
Canadian National Railway Co.		126,084	$	15,490,680
Canadian Pacific Railway, Ltd.		23,341		1,679,152
CSX Corp.		2,219,677		83,459,855
J.B. Hunt Transport Services, Inc.		10,348		2,115,131
Lyft, Inc., Class A(1)		160,326		6,850,730
Norfolk Southern Corp.		355,378		105,799,584
Norfolk Southern Corp.(3)		3,953		1,176,553
Uber Technologies, Inc.(1)		3,699,519		155,120,832
Union Pacific Corp.		666,789		167,984,153
XPO Logistics, Inc.(1)		67,458		5,223,273
			$	544,899,943
Semiconductors & Semiconductor Equipment — 6.6%
Advanced Micro Devices, Inc.(1)		28,340	$	4,078,126
Analog Devices, Inc.		507,974		89,286,590
Applied Materials, Inc.		281,446		44,288,342
ASML Holding NV - NY Shares		12,572		10,009,072
Broadcom, Inc.		118,151		78,618,857
Cirrus Logic, Inc.(1)		50,300		4,628,606
Enphase Energy, Inc.(1)		54,000		9,878,760
Intel Corp.		6,527,892		336,186,438
KLA Corp.		225		96,775
Lam Research Corp.		82,758		59,515,416
Marvell Technology, Inc.		95,691		8,372,005
Microchip Technology, Inc.		1,114,568		97,034,290
Micron Technology, Inc.		386,114		35,966,519
NVIDIA Corp.		2,578,252		758,289,696
NXP Semiconductors NV		14,754		3,360,666
Qorvo, Inc.(1)		13,586		2,124,714
QUALCOMM, Inc.		4,029,980		736,962,443
Silicon Laboratories, Inc.(1)		67,435		13,919,933
Skyworks Solutions, Inc.		1,000		155,140
Teradyne, Inc.		1,200		196,236
Texas Instruments, Inc.		956,878		180,342,797
Xilinx, Inc.		15,758		3,341,169
			$	2,476,652,590
Software — 9.4%
Adobe, Inc.(1)		418,351	$	237,230,118
ANSYS, Inc.(1)		154,179		61,844,281

24 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Software (continued)
Autodesk, Inc.(1)		32,168	$	9,045,320
Box, Inc., Class A(1)		106,049		2,777,423
Cadence Design Systems, Inc.(1)		770,051		143,499,004
CDK Global, Inc.		3		125
Check Point Software Technologies, Ltd.(1)		151,951		17,711,409
Citrix Systems, Inc.		11,798		1,115,973
Coupa Software, Inc.(1)		54,504		8,614,357
Crowdstrike Holdings, Inc., Class A(1)		433,003		88,657,364
DocuSign, Inc.(1)		1,154,180		175,793,156
Dropbox, Inc., Class A(1)		3,191,403		78,317,030
Envestnet, Inc.(1)		87,353		6,930,587
Fortinet, Inc.(1)		27,508		9,886,375
Guidewire Software, Inc.(1)		67,562		7,670,314
Intuit, Inc.		122,656		78,894,792
Mandiant, Inc.(1)		331,973		5,822,806
Manhattan Associates, Inc.(1)		77,673		12,077,375
Microsoft Corp.		4,582,928		1,541,330,345
Mimecast, Ltd.(1)		34,653		2,757,339
nCino, Inc.(1)		25,000		1,371,500
NCR Corp.(1)		190		7,638
NortonLifeLock, Inc.		121,379		3,153,426
Nuance Communications, Inc.(1)		7,432		411,138
Nutanix, Inc., Class A(1)		18,402		586,288
Olo, Inc., Class A(1)		44,151		918,782
Oracle Corp.		435,440		37,974,722
Palantir Technologies, Inc., Class A(1)		3,121,678		56,845,756
Palo Alto Networks, Inc.(1)		281,650		156,811,454
Paycom Software, Inc.(1)		552,844		229,535,300
RingCentral, Inc., Class A(1)		18,835		3,528,737
salesforce.com, inc.(1)		330,987		84,113,726
SAP SE ADR		2,796		391,748
ServiceNow, Inc.(1)		213,695		138,711,562
Smartsheet, Inc., Class A(1)		227,811		17,643,962
Splunk, Inc.(1)		412,415		47,724,664
Synopsys, Inc.(1)		34,898		12,859,913
Teradata Corp.(1)		318		13,506
Tyler Technologies, Inc.(1)		232,333		124,983,537
VMware, Inc., Class A		9,304		1,078,148
Workday, Inc., Class A(1)		241,399		65,945,379
Zscaler, Inc.(1)		80,881		25,989,492
Zscaler, Inc.(1)(3)		10,000		3,213,300
			$	3,503,789,171
Specialty Retail — 2.5%
Advance Auto Parts, Inc.		16,346	$	3,921,078
AutoNation, Inc.(1)		18,044		2,108,441

Security	Shares		Value
Specialty Retail (continued)
AutoZone, Inc.(1)		2,520	$	5,282,903
Bath & Body Works, Inc.		265,335		18,517,730
Bed Bath & Beyond, Inc.(1)		22,000		320,760
Best Buy Co., Inc.		343,446		34,894,114
Burlington Stores, Inc.(1)		22,163		6,460,736
CarMax, Inc.(1)		25,710		3,348,213
Dick’s Sporting Goods, Inc.		72,500		8,336,775
Gap, Inc. (The)		75,000		1,323,750
Home Depot, Inc. (The)		130,084		53,986,161
Lithia Motors, Inc., Class A		80		23,756
Lowe’s Cos., Inc.		1,151,783		297,712,870
O’Reilly Automotive, Inc.(1)		191,239		135,058,719
O’Reilly Automotive, Inc.(1)(3)		59,492		42,015,035
Ross Stores, Inc.		602,153		68,814,045
Signet Jewelers, Ltd.		65,986		5,742,762
TJX Cos., Inc. (The)		1,697,061		128,840,871
Tractor Supply Co.		248,742		59,349,841
Ulta Beauty, Inc.(1)		96,964		39,982,136
Victoria’s Secret & Co.(1)		88,445		4,912,235
			$	920,952,931
Technology Hardware, Storage & Peripherals — 6.3%
Apple, Inc.		12,883,258	$	2,287,680,123
Dell Technologies, Inc., Class C(1)		20,826		1,169,796
Hewlett Packard Enterprise Co.		392,470		6,189,252
Logitech International S.A.		2,406		198,447
NetApp, Inc.		78,200		7,193,618
Pure Storage, Inc., Class A(1)		1,300,000		42,315,000
			$	2,344,746,236
Textiles, Apparel & Luxury Goods — 1.4%
Columbia Sportswear Co.(3)		19,096	$	1,860,668
Hanesbrands, Inc.		221,909		3,710,318
Kontoor Brands, Inc.		37,542		1,924,028
Levi Strauss & Co., Class A		168,000		4,205,040
Lululemon Athletica, Inc.(1)		4,378		1,713,768
NIKE, Inc., Class B		2,950,365		491,737,335
PVH Corp.		16		1,706
Skechers USA, Inc., Class A(1)		100,000		4,340,000
Skechers USA, Inc., Class A(1)(3)		45,345		1,967,973
Skechers USA, Inc., Class A(1)(3)		50,000		2,169,349
Tapestry, Inc.		522		21,193
Under Armour, Inc., Class C(1)		500		9,020
VF Corp.		312,353		22,870,487
			$	536,530,885

25 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Portfolio of Investments — continued

Security	Shares		Value
Thrifts & Mortgage Finance — 0.0%(2)
Essent Group, Ltd.		96,312	$	4,385,085
			$	4,385,085
Tobacco — 0.4%
Altria Group, Inc.		941,542	$	44,619,676
British American Tobacco PLC ADR		3		112
Philip Morris International, Inc.		1,197,162		113,730,390
			$	158,350,178
Trading Companies & Distributors — 0.4%
Fastenal Co.		2,049,875	$	131,314,993
NOW, Inc.(1)		944		8,062
United Rentals, Inc.(1)		6,508		2,162,543
W.W. Grainger, Inc.		9,830		5,094,299
			$	138,579,897
Water Utilities — 0.0%(2)
American Water Works Co., Inc.		23,388	$	4,417,058
Essential Utilities, Inc.		500		26,845
			$	4,443,903
Wireless Telecommunication Services — 0.0%(2)
America Movil SAB de CV, Series L ADR		15,204	$	320,956
Rogers Communications, Inc., Class B		750		35,723
Vodafone Group PLC ADR		5		75
			$	356,754
Total Common Stocks (identified cost $16,214,717,750)			$	37,207,864,289
Preferred Stocks — 0.0%(2)
Security	Shares		Value
Internet & Direct Marketing Retail — 0.0%(2)
Qurate Retail, Inc., Series A, 8.00%		2,994	$	309,041
			$	309,041
Total Preferred Stocks (identified cost $168,592)			$	309,041

Warrants — 0.0%(2)
Security	Shares		Value
Oil, Gas & Consumable Fuels — 0.0%(2)
Occidental Petroleum Corp., Exp. 8/3/27(1)		2,853	$	35,976
			$	35,976
Total Warrants (identified cost $14,122)			$	35,976
Short-Term Investments — 0.3%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.08%(6)		97,105,888	$	97,096,177
Total Short-Term Investments (identified cost $97,099,204)			$	97,096,177
Total Investments — 100.0% (identified cost $16,311,999,668)			$	37,305,305,483
Other Assets, Less Liabilities — 0.0%(2)			$	7,304,976
Net Assets — 100.0%			$	37,312,610,459

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  Restricted security (see Note 5).

⁽⁴⁾  Represents an investment in an issuer that is deemed to be an affiliate (see Note 7).

⁽⁵⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

⁽⁶⁾  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, 2021.

Abbreviations:

ADR – American Depositary Receipt

26 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Statement of Assets and Liabilities

Assets		December 31, 2021
Unaffiliated investments, at value (identified cost, $16,133,535,650)		$	36,999,832,018
Affiliated investment, at value (identified cost, $178,464,018)			305,473,465
Foreign currency, at value (identified cost, $1,422)			1,403
Dividends receivable	��		14,967,508
Dividends receivable from affiliated investments			6,161
Receivable for investments sold			5,084,422
Tax reclaims receivable			1,309,125
Total assets		$	37,326,674,102
Liabilities
Payable to affiliates:
Investment adviser fee		$	12,598,032
Trustees’ fees			27,125
Accrued expenses			1,438,486
Total liabilities		$	14,063,643
Commitments and contingencies (Note 9)
Net Assets applicable to investors’ interest in Portfolio		$	37,312,610,459

27 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Statement of Operations

Investment Income	Year Ended December 31, 2021
Dividends (net of foreign taxes, $3,651,489)	$	360,567,868
Dividends from affiliated investments		4,271,424
Total investment income	$	364,839,292
Expenses
Investment adviser fee	$	133,920,753
Trustees’ fees and expenses		108,500
Custodian fee		3,994,356
Professional fees		537,932
Miscellaneous		809,819
Total expenses	$	139,371,360
Net investment income	$	225,467,932
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions(1)	$	644,094,910
Investment transactions — affiliated investments(1)		30,461,341
Foreign currency transactions		(5,505	)
Net realized gain	$	674,550,746
Change in unrealized appreciation (depreciation) —
Investments	$	6,231,454,265
Investments — affiliated investments		23,430,259
Foreign currency		(78,121	)
Net change in unrealized appreciation (depreciation)	$	6,254,806,403
Net realized and unrealized gain	$	6,929,357,149
Net increase in net assets from operations	$	7,154,825,081

⁽¹⁾  Aggregate amount includes $660,542,211 of net realized gains from redemptions in-kind.

28 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Statements of Changes in Net Assets

	Year Ended December 31,
Increase (Decrease) in Net Assets	2021			2020
From operations —
Net investment income	$	225,467,932		$	242,011,047
Net realized gain		674,550,746			582,853,151
Net change in unrealized appreciation (depreciation)		6,254,806,403			4,456,295,637
Net increase in net assets from operations	$	7,154,825,081		$	5,281,159,835
Capital transactions —
Contributions	$	3,616,316,912		$	1,891,540,171
Withdrawals		(1,445,245,658	)		(1,199,338,464	)
Net increase in net assets from capital transactions	$	2,171,071,254		$	692,201,707
Net increase in net assets	$	9,325,896,335		$	5,973,361,542
Net Assets
At beginning of year	$	27,986,714,124		$	22,013,352,582
At end of year	$	37,312,610,459		$	27,986,714,124

29 See Notes to Financial Statements.

Tax-Managed Growth Portfolio

December 31, 2021

Financial Highlights

	Year Ended December 31,
	2021			2020			2019			2018			2017
Ratios (as a percentage of average daily net assets):
Expenses		0.43	%		0.44	%		0.45	%		0.46	%		0.46	%
Net investment income		0.69	%		1.07	%		1.28	%		1.25	%		1.33	%
Portfolio Turnover(1)		1	%		1	%		1	%		1	%		0	%(2)
Total Return		25.05	%		23.42	%		29.87	%		(5.02	)%		22.76	%
Net assets, end of year (000’s omitted)	$	37,312,610		$	27,986,714		$	22,013,353		$	16,016,046		$	16,224,690

⁽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 4%, 6%, 6%, 6% and 5% for the years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively.

⁽²⁾  Amount is less than 0.5%.

30 See Notes to Financial Statements.

Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2021

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, 2021, 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 3.9%, 6.5%, 3.4%, and 0.7% respectively, in the Portfolio. In addition, an unregistered fund managed by the adviser to the Portfolio held an aggregate interest of 85.5% in the Portfolio.

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

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

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

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, 2021

Notes to Financial Statements — continued

As of December 31, 2021, 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) as compensation for investment advisory services rendered to the Portfolio. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Portfolio entered into a new investment advisory agreement (the “New Agreement”) with BMR,

which took effect on March 1, 2021. Pursuant to the New Agreement (and the Portfolio’s investment advisory agreement with BMR in effect prior to March 1, 2021), the fee is computed at an annual rate of the Portfolio’s average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million		0.6250	%
$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	%

For the year ended December 31, 2021, the Portfolio’s investment adviser fee amounted to $133,920,753 or 0.41% of the Portfolio’s average daily net assets. The Portfolio invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

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, 2021, 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 $358,658,495 and $174,369,711, respectively, for the year ended December 31, 2021. In addition, investors contributed securities with an aggregate market value of $3,587,873,814 and investments having an aggregate market value of $1,248,236,341 were distributed in payment for capital withdrawals during the year ended December 31, 2021.

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Tax-Managed Growth Portfolio

December 31, 2021

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, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	4,266,342,718
Gross unrealized appreciation	$	33,075,111,768
Gross unrealized depreciation		(36,149,003	)
Net unrealized appreciation	$	33,038,962,765

5  Restricted Securities

At December 31, 2021, the Portfolio owned the following securities (representing 0.6% 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
American Tower Corp.		9/16/21		9/16/22		33,660	$	10,000,268	$	9,842,842
Arista Networks, Inc.		3/18/21		3/18/22		290,000		20,964,888		41,687,500
CACI International, Inc., Class A		6/17/21		6/17/22		6,200		1,636,477		1,669,102
Caterpillar, Inc.		3/18/21		3/18/22		6,950		1,622,835		1,436,843
Columbia Sportswear Co.		9/16/21		9/16/22		19,096		1,935,474		1,860,668
Exact Sciences Corp.		6/17/21		6/17/22		8,313		1,000,068		647,001
Inari Medical, Inc.		12/16/21		12/16/22		22,222		1,779,491		2,026,884
Integra LifeSciences Holdings Corp.		3/18/21		3/18/22		730,000		49,717,329		48,902,700
Littelfuse, Inc.		6/17/21		6/17/22		39,181		10,000,149		12,329,477
Norfolk Southern Corp.		9/16/21		9/16/22		3,953		982,303		1,176,553
O’Reilly Automotive, Inc.		6/17/21		6/17/22		59,492		31,782,975		42,015,035
Skechers USA, Inc., Class A		6/17/21		6/17/22		45,345		2,232,125		1,967,973
Skechers USA, Inc., Class A		9/16/21		9/16/22		50,000		2,269,138		2,169,349
Snap, Inc., Class A		3/18/21		3/18/22		469,399		30,000,055		22,075,835
Trimble, Inc.		9/16/21		9/16/22		183,372		16,843,461		15,982,881
Visa, Inc., Class A		3/18/21		3/18/22		29,956		6,676,445		6,491,765
Zoetis, Inc.		6/17/21		6/17/22		54,359		10,000,029		13,265,227
Zscaler, Inc.		6/17/21		6/17/22		10,000		2,121,320		3,213,300
Total Restricted Securities							$	201,564,830	$	228,760,935

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 25, 2022. 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 Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2021, an upfront fee and arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the year ended December 31, 2021.

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Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2021

Notes to Financial Statements — continued

7  Investments in Affiliated Issuers and Funds

At December 31, 2021, the value of the Portfolio’s investment in affiliated issuers and funds was $305,473,465 which represents 0.8% of the Portfolio’s net assets. Transactions in affiliated issuers and funds by the Portfolio for the year ended December 31, 2021 were as follows:

Name	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Shares/ Units, end of period
Common Stocks
Morgan Stanley(1)	$	—	$	—	$	(51,281,956	)	$	30,467,722		$	23,433,286		$	208,377,288	$	4,133,964		2,122,833
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC		202,615,051		499,455,510		(604,964,976	)		(6,381	)		(3,027	)		97,096,177		137,460		97,105,888
								$	30,461,341		$	23,430,259		$	305,473,465	$	4,271,424

⁽¹⁾  Affiliated issuer as of March 1, 2021.

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, 2021, 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	$	4,302,843,873	$	—		$	—	$	4,302,843,873
Consumer Discretionary		4,789,720,652		4,030,017			679,287		4,794,429,956
Consumer Staples		2,468,774,739		156,140,715			—		2,624,915,454
Energy		646,880,048		—			—		646,880,048
Financials		4,918,027,032		15,276,424			—		4,933,303,456
Health Care		4,738,204,368		2,026,884			—		4,740,231,252
Industrials		3,112,353,046		1,176,553			—		3,113,529,599
Information Technology		11,092,715,359		15,982,881			—		11,108,698,240
Materials		527,530,201		3,049,040			—		530,579,241
Real Estate		64,158,676		9,842,842			—		74,001,518
Utilities		338,451,652		—			—		338,451,652
Total Common Stocks	$	36,999,659,646	$	207,525,356	**	$	679,287	$	37,207,864,289
Preferred Stocks	$	309,041	$	—		$	—	$	309,041
Warrants		35,976		—			—		35,976
Short-Term Investments		—		97,096,177			—		97,096,177
Total Investments	$	37,000,004,663	$	304,621,533		$	679,287	$	37,305,305,483

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Eaton Vance

Tax-Managed Growth Portfolio

December 31, 2021

Notes to Financial Statements — continued

* 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.

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, 2021 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. (the “FitzSimons action”) 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 was replaced by a Litigation Trustee pursuant to Tribune’s plan of reorganization, seeks to recover payments of the proceeds of the LBO. The FitzSimons action is part of a multi-district litigation proceeding in the Southern District of New York. The FitzSimons action was dismissed by the District Court in January 2017, and the Second Circuit Court of Appeals affirmed the dismissal of the FitzSimons action in August 2021. In January 2022, the Litigation Trustee conceded that the Second Circuit Court of Appeals dismissal as to the Portfolio stands.

In June 2011, a group of Tribune creditors also filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the LBO (the “SLFC actions”). The Portfolio was 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, which sought to recover the proceeds received in connection with the LBO from former shareholders. The SLFC actions were also part of the multi-district litigation proceeding in the Southern District of New York. The SLFC actions were dismissed by the District Court in September 2013, and the Second Circuit Court of Appeals affirmed the dismissal of the SLFC actions in December 2019. The Supreme Court of the United States denied the plaintiff-appellants Writ of Certiorari petition in April 2021.

The attorneys’ fees and costs related to the FitzSimons action and the SLFC actions have been 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 late 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.

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Tax-Managed Growth Portfolio

December 31, 2021

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, 2021, 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, 2021, 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, 2021, 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 23, 2022

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

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Tax-Managed Growth Fund 1.0

December 31, 2021

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 and the Portfolio’s affairs. The Board members 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. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s and the Portfolio’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund or Portfolio to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund or Portfolio to be in compliance therewith. 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 Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 138 funds (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 137 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).

Name and Year of Birth	Trust/ Portfolio Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr. 1958	Trustee	Since 2007	Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust and the Portfolio, and his former position with EVC, which was an affiliate of the Trust and the Portfolio prior to March 1, 2021. Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (investment management firm) (2012-2021).
Noninterested Trustees
Mark R. Fetting 1954	Trustee	Since 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. None.
Cynthia E. Frost 1961	Trustee	Since 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. None.
George J. Gorman 1952	Chairperson of the Board and Trustee	Since 2021 (Chairperson) and 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None.

37

Tax-Managed Growth Fund 1.0

December 31, 2021

Management and Organization — continued

Name and Year of Birth	Trust/ Portfolio Position(s)	Length of Service	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Valerie A. Mosley 1960	Trustee	Since 2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. 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. 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).
William H. Park 1947	Trustee	Since 2003	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. None.
Helen Frame Peters 1948	Trustee	Since 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. None.
Keith Quinton 1958	Trustee	Since 2018	Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith 1966	Trustee	Since 2018	Private investor. Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). 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	Since 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) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm 1959	Trustee	Since 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. None.

38

Tax-Managed Growth Fund 1.0

December 31, 2021

Management and Organization — continued

Name and Year of Birth	Trust/ Portfolio Position(s)	Length of Service	Principal Occupation(s) During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein 1980	President of the Trust	Since 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	Since 2014	Chief Equity Investment Officer and Vice President of EVM and BMR since 2014. Also Vice President of CRM.
Deidre E. Walsh 1971	Vice President and Chief Legal Officer	Since 2009	Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner 1967	Treasurer	Since 2007	Vice President of EVM and BMR. Also Vice President of CRM.
Jill R. Damon 1984	Secretary	Since 2022	Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).
Richard F. Froio 1968	Chief Compliance Officer	Since 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).

39

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

To limit our sharing	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions?	Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com

40

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

Who we are
Who is providing this notice?	Eaton Vance Management, 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, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance collect my personal information?	We collect your personal information, for example, when you ∎   open an account or make deposits or withdrawals from your account ∎   buy securities from us or make a wire transfer ∎   give us your contact information We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ∎   sharing for affiliates’ everyday business purposes — information about your creditworthiness ∎   affiliates from using your information to market to you ∎   sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management Affiliates	Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker-dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ∎   Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ∎   Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ∎   Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information. California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.

41

Eaton Vance Funds

IMPORTANT NOTICES

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.

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Investment Adviser of Tax-Managed Growth Portfolio

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Adviser and 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    12.31.21

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 of Trustees (the “Board”) has designated George J. Gorman, William H. Park and Scott E. Wennerholm, 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). Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management 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, 2020 and December 31, 2021 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	12/31/20		12/31/21
Audit Fees	$	16,800	$	16,800
Audit-Related Fees(1)	$	0	$	0
Tax Fees(2)	$	5,602	$	7,252
All Other Fees(3)	$	0	$	0
Total	$	22,402	$	24,052

⁽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	12/31/20		12/31/21
Registrant	$	5,602	$	7,252
Eaton Vance(1)	$	150,300	$	51,800

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

(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 23, 2022

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 23, 2022

By:	/s/ Eric A. Stein
	Eric A. Stein
	President

Date: February 23, 2022