N-Q 1 b78986a1nvq.htm EATON VANCE GROWTH TRUST Eaton Vance Growth Trust
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form N-Q
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
811-01241
Investment Company Act File Number
 
Eaton Vance Growth Trust
(Exact Name of Registrant as Specified in Charter)
 
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
 
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
 
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
 
August 31
Date of Fiscal Year End
 
November 30, 2009
Date of Reporting Period
 

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Eaton Vance Asian Small Companies Fund as of November 30, 2009 (Unaudited)
 
Eaton Vance Asian Small Companies Fund (the Fund), a series of Eaton Vance Growth Trust, invests substantially all of its assets in Asian Small Companies Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At November 30, 2009, the value of the Fund’s investment in the Portfolio was $58,020,961 and the Fund owned approximately 41.2% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
 
 

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Asian Small Companies Portfolio as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 97.8%
 
                 
Security   Shares     Value  
China — 36.1%
               
                 
Building Products — 0.9%
               
Ying Li International Real Estate, Ltd.(1)
    2,700,000     $ 1,199,783  
                 
            $ 1,199,783  
                 
Construction & Engineering — 3.4%
               
China State Construction International Holdings, Ltd. 
    11,301,600     $ 4,851,718  
                 
            $ 4,851,718  
                 
Electronic Equipment, Instruments & Components — 8.4%
               
China High Precision Automation Group, Ltd.(1)
    2,323,000     $ 1,348,830  
Hollysys Automation Technologies, Ltd.(1)
    154,100       1,949,365  
Ju Teng International Holdings, Ltd. 
    5,640,000       4,487,215  
Wasion Group Holdings, Ltd. 
    4,750,000       4,049,425  
                 
            $ 11,834,835  
                 
Food Products — 3.4%
               
Ausnutria Dairy Corp, Ltd.(1)
    2,853,000     $ 2,304,473  
Uni-President China Holdings, Ltd. 
    3,707,000       2,529,622  
                 
            $ 4,834,095  
                 
Machinery — 9.4%
               
China Automation Group, Ltd. 
    15,656,000     $ 10,536,337  
Greens Holdings, Ltd.(1)
    8,288,000       1,743,142  
Sany Heavy Equipment International Holdings Co., Ltd.(1)
    955,000       919,259  
                 
            $ 13,198,738  
                 
Metals & Mining — 3.8%
               
Midas Holdings, Ltd. 
    8,523,000     $ 5,306,122  
                 
            $ 5,306,122  
                 
Pharmaceuticals — 1.1%
               
China Animal Healthcare, Ltd. 
    11,701,000     $ 1,612,802  
                 
            $ 1,612,802  
                 
Real Estate Investment Trusts (REITs) — 2.2%
               
CapitaRetail China Trust
    3,578,000     $ 3,029,741  
                 
            $ 3,029,741  
                 
Real Estate Management & Development — 3.5%
               
KWG Property Holding, Ltd. 
    3,995,500     $ 3,001,873  
SOHO China, Ltd. 
    3,702,500       1,995,255  
                 
            $ 4,997,128  
                 
                 
Total China
(identified cost $33,737,706)
          $ 50,864,962  
                 
                 
Hong Kong — 3.6%
               
                 
Commercial Banks — 1.6%
               
Dah Sing Financial Group Ltd.(1)
    377,600     $ 2,254,201  
                 
            $ 2,254,201  
                 
Media — 1.1%
               
Pico Far East Holdings, Ltd. 
    8,212,000     $ 1,579,552  
                 
            $ 1,579,552  
                 
 
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Security   Shares     Value  
Real Estate Management & Development — 0.9%
               
K Wah International Holdings, Ltd. 
    3,594,000     $ 1,283,494  
                 
            $ 1,283,494  
                 
Textiles, Apparel & Luxury Goods — 0.0%
               
Peace Mark (Holdings), Ltd.(1)(2)
    14,298,000     $ 0  
                 
            $ 0  
                 
                 
Total Hong Kong
(identified cost $7,570,469)
          $ 5,117,247  
                 
                 
India — 6.4%
               
                 
Chemicals — 1.3%
               
United Phosphorus, Ltd. 
    562,040     $ 1,803,151  
                 
            $ 1,803,151  
                 
Consumer Finance — 1.4%
               
Shriram Transport Finance Co., Ltd. 
    208,250     $ 1,893,533  
                 
            $ 1,893,533  
                 
Electrical Equipment — 1.0%
               
Crompton Greaves, Ltd. 
    163,920     $ 1,394,582  
                 
            $ 1,394,582  
                 
Real Estate Management & Development — 1.0%
               
Housing Development & Infrastructure, Ltd.(1)
    172,870     $ 1,200,695  
Indiabulls Real Estate, Ltd.(1)
    58,946       261,666  
                 
            $ 1,462,361  
                 
Software — 1.7%
               
Geodesic, Ltd. 
    328,590     $ 705,584  
ICSA (India), Ltd. 
    497,441       1,745,760  
                 
            $ 2,451,344  
                 
                 
Total India
(identified cost $6,104,827)
          $ 9,004,971  
                 
                 
Indonesia — 7.2%
               
                 
Commercial Banks — 0.1%
               
PT Bank Tabungan Pensiunan Nasional Tbk(1)
    454,500     $ 156,358  
                 
            $ 156,358  
                 
Construction Materials — 1.2%
               
PT Semen Gresik (Persero) Tbk
    2,222,500     $ 1,720,021  
                 
            $ 1,720,021  
                 
Multiline Retail — 1.0%
               
PT Ramayana Lestari Sentosa Tbk
    22,774,000     $ 1,375,334  
                 
            $ 1,375,334  
                 
Oil, Gas & Consumable Fuels — 2.5%
               
PT Indo Tambangraya Megah Tbk
    1,142,500     $ 3,477,506  
                 
            $ 3,477,506  
                 
Real Estate Management & Development — 0.6%
               
PT Ciputra Property Tbk(1)
    30,306,000     $ 851,865  
                 
            $ 851,865  
                 
 
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Security   Shares     Value  
Textiles, Apparel & Luxury Goods — 0.6%
               
PT Delta Dunia Makmur Tbk(1)
    4,868,000     $ 788,835  
                 
            $ 788,835  
                 
Trading Companies & Distributors — 1.2%
               
PT AKR Corporindo Tbk
    14,089,500     $ 1,717,613  
                 
            $ 1,717,613  
                 
                 
Total Indonesia
(identified cost $6,483,476)
          $ 10,087,532  
                 
                 
Malaysia — 2.6%
               
                 
Construction & Engineering — 2.6%
               
Dialog Group Bhd
    9,001,100     $ 3,693,940  
                 
                 
Total Malaysia
(identified cost $3,269,015)
          $ 3,693,940  
                 
                 
Singapore — 24.6%
               
                 
Construction & Engineering — 1.5%
               
PEC, Ltd.(1)
    4,088,000     $ 2,052,861  
                 
            $ 2,052,861  
                 
Electronic Equipment, Instruments & Components — 2.3%
               
Venture Corp., Ltd. 
    539,000     $ 3,193,940  
                 
            $ 3,193,940  
                 
Energy Equipment & Services — 9.3%
               
CH Offshore, Ltd. 
    3,557,000     $ 1,672,530  
Ezion Holdings, Ltd. 
    10,848,000       5,927,311  
Ezra Holdings, Ltd.(1)
    2,897,000       4,344,644  
Hiap Seng Engineering, Ltd. 
    2,587,000       1,172,223  
                 
            $ 13,116,708  
                 
IT Services — 1.5%
               
CSE Global, Ltd. 
    3,990,000     $ 2,193,604  
                 
            $ 2,193,604  
                 
Oil, Gas & Consumable Fuels — 2.5%
               
Straits Asia Resources, Ltd. 
    2,183,000     $ 3,494,379  
                 
            $ 3,494,379  
                 
Real Estate Investment Trusts (REITs) — 4.5%
               
CDL Hospitality Trusts
    4,660,000     $ 5,023,419  
Frasers Centrepoint Trust
    1,502,000       1,347,812  
                 
            $ 6,371,231  
                 
Real Estate Management & Development — 0.5%
               
Wheelock Properties (Singapore), Ltd. 
    546,000     $ 687,921  
                 
            $ 687,921  
                 
Transportation Infrastructure — 2.5%
               
Singapore Airport Terminal Services, Ltd. 
    1,941,000     $ 3,578,817  
                 
            $ 3,578,817  
                 
                 
Total Singapore
(identified cost $25,708,510)
          $ 34,689,461  
                 
 
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Security   Shares     Value  
South Korea — 1.8%
               
                 
Media — 1.8%
               
Woongjin Thinkbig Co., Ltd. 
    130,010     $ 2,521,781  
                 
            $ 2,521,781  
                 
                 
Total South Korea
(identified cost $2,168,843)
          $ 2,521,781  
                 
                 
Taiwan — 14.5%
               
                 
Capital Markets — 0.4%
               
Polaris Securities Co., Ltd.(1)
    1,153,000     $ 613,171  
                 
            $ 613,171  
                 
Chemicals — 1.8%
               
Taiwan Fertilizer Co., Ltd. 
    792,000     $ 2,543,302  
                 
            $ 2,543,302  
                 
Commercial Banks — 0.9%
               
SinoPac Financial Holdings Co., Ltd.(1)
    3,542,000     $ 1,256,824  
                 
            $ 1,256,824  
                 
Computers & Peripherals — 1.3%
               
Simplo Technology Co., Ltd. 
    342,100     $ 1,823,619  
                 
            $ 1,823,619  
                 
Diversified Financial Services — 0.5%
               
Financial One Corp.(1)
    2,391,000     $ 754,107  
                 
            $ 754,107  
                 
Real Estate Management & Development — 3.3%
               
Huaku Development Co., Ltd. 
    860,000     $ 2,148,294  
Hung Poo Real Estate Development Corp. 
    1,633,000       2,505,447  
                 
            $ 4,653,741  
                 
Semiconductors & Semiconductor Equipment — 1.8%
               
Greatek Electronics, Inc. 
    2,606,320     $ 2,508,523  
                 
            $ 2,508,523  
                 
Textiles, Apparel & Luxury Goods — 4.5%
               
Ruentex Industries, Ltd.(1)
    3,761,000     $ 6,300,831  
                 
            $ 6,300,831  
                 
                 
Total Taiwan
(identified cost $16,075,050)
          $ 20,454,118  
                 
                 
Thailand — 1.0%
               
                 
Insurance — 1.0%
               
Bangkok Life Assurance PCL NVDR
    3,028,700     $ 1,348,316  
                 
            $ 1,348,316  
                 
                 
Total Thailand
(identified cost $1,405,050)
          $ 1,348,316  
                 
                 
Total Common Stocks
(identified cost $102,522,946)
          $ 137,782,328  
                 
 
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Short-Term Investments — 2.2%
 
                 
    Principal
 		       
    Amount
 		       
Description   (000’s omitted)     Value  
State Street Bank and Trust Euro Time Deposit, 0.01%, 12/1/09
  $ 3,062     $ 3,062,300  
                 
                 
Total Short-Term Investments
(identified cost $3,062,300)
          $ 3,062,300  
                 
                 
Total Investments — 100.0%
(identified cost $105,585,246)
          $ 140,844,628  
                 
                 
Other Assets, Less Liabilities — 0.00%
          $ 46,500  
                 
                 
Net Assets — 100.0%
          $ 140,891,128  
                 
 
             
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
         
PCL
  -   Public Company Ltd.
NVDR
  -   Non-Voting Depositary Receipt
         
(1)
      Non-income producing security.
(2)
      Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
 
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The Portfolio did not have any open financial instruments at November 30, 2009.
 
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at November 30, 2009, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 109,273,298  
         
Gross unrealized appreciation
  $ 36,809,029  
Gross unrealized depreciation
    (5,237,699 )
         
Net unrealized appreciation
  $ 31,571,330  
         
 
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)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At November 30, 2009, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
 
 
Common Stocks
                               
Consumer Discretionary
  $ —     $ 12,566,332     $ 0     $ 12,566,332  
Consumer Staples
    —       4,834,094       —       4,834,094  
Energy
    —       20,088,594       —       20,088,594  
Financials
    1,348,316       30,265,678       —       31,613,994  
Health Care
    —       1,612,802       —       1,612,802  
Industrials
    —       31,688,052       —       31,688,052  
Information Technology
    1,949,365       22,056,499       —       24,005,864  
Materials
    —       11,372,596       —       11,372,596  
 
 
Total Common Stocks
  $ 3,297,681     $ 134,484,647 *   $ 0     $ 137,782,328  
Short-Term Investments
    —       3,062,300       —       3,062,300  
 
 
Total Investments
  $ 3,297,681     $ 137,546,947     $ 0     $ 140,844,628  
 
 
 
*  Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.
 
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The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
 
         
    Investments in
 		 
    Common Stocks  
Balance as of August 31, 2009
  $ 0  
Realized gains (losses)
    —  
Change in net unrealized appreciation (depreciation)
    0  
Net purchases (sales)
    —  
Accrued discount (premium)
    —  
Net transfers to (from) Level 3
    —  
         
Balance as of November 30, 2009
  $ 0  
         
         
Change in net unrealized appreciation (depreciation) on investments still held as of November 30, 2009
  $ 0  
 
All Level 3 investments held at November 30, 2009 and August 31, 2009 were valued at $0.
 
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
 
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Eaton Vance Global Growth Fund as of November 30, 2009 (Unaudited)
 
Eaton Vance Global Growth Fund (the Fund), a series of Eaton Vance Growth Trust, invests substantially all of its assets in Global Growth Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At November 30, 2009, the value of the Fund’s investment in the Portfolio was $55,743,684 and the Fund owned 99.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
 
 

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Global Growth Portfolio as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 95.1%
 
                 
Security   Shares     Value  
Aerospace & Defense — 0.5%
               
Alliant Techsystems, Inc.(1)(2)
    3,450     $ 295,734  
                 
            $ 295,734  
                 
Auto Components — 1.0%
               
Lear Corp.(1)(2)
    6,116     $ 385,247  
Wonder Auto Technology, Inc.(1)(2)
    15,009       178,907  
                 
            $ 564,154  
                 
Automobiles — 1.3%
               
Fiat SpA(1)
    8,300     $ 123,060  
Honda Motor Co., Ltd. 
    10,000       309,800  
Toyota Motor Corp. 
    7,300       287,260  
                 
            $ 720,120  
                 
Beverages — 1.5%
               
Central European Distribution Corp.(1)(2)
    11,200     $ 312,256  
Fomento Economico Mexicano SA de CV ADR
    12,000       546,120  
                 
            $ 858,376  
                 
Biotechnology — 0.5%
               
Cephalon, Inc.(1)(2)
    5,000     $ 274,750  
                 
            $ 274,750  
                 
Building Products — 2.2%
               
Lennox International, Inc.(2)
    3,340     $ 123,981  
Owens Corning, Inc.(1)(2)
    33,300       786,879  
Wienerberger AG(1)
    19,740       340,453  
                 
            $ 1,251,313  
                 
Capital Markets — 0.3%
               
3i Group PLC(1)
    26,000     $ 116,067  
Artio Global Investors, Inc.(1)
    1,209       27,686  
                 
            $ 143,753  
                 
Chemicals — 1.0%
               
Agrium, Inc.(2)
    5,000     $ 279,300  
Celanese Corp., Class A
    8,900       264,864  
                 
            $ 544,164  
                 
Commercial Banks — 10.5%
               
Banco Santander Central Hispano SA ADR(2)
    66,000     $ 1,141,800  
Bank of China Hong Kong (Holdings), Ltd. 
    243,000       557,528  
Barclays PLC
    104,000       508,247  
Credit Agricole SA
    7,400       153,839  
DBS Group Holdings, Ltd. 
    72,000       746,062  
Intesa Sanpaolo SpA(1)
    122,000       531,354  
KBC Groep NV(1)
    9,900       443,576  
Mitsubishi UFJ Financial Group, Inc. 
    39,000       214,806  
National Bank of Greece SA(1)
    14,800       438,669  
Societe Generale
    3,900       275,822  
Turkiye Is Bankasi
    31,000       105,491  
Wells Fargo & Co. 
    26,900       754,276  
                 
            $ 5,871,470  
                 
Commercial Services & Supplies — 0.4%
               
Copart, Inc.(1)(2)
    7,300     $ 236,666  
                 
            $ 236,666  
                 
 
1

Table of Contents

                 
Security   Shares     Value  
Communications Equipment — 0.5%
               
Brocade Communications Systems, Inc.(1)(2)
    42,300     $ 299,907  
                 
            $ 299,907  
                 
Computers & Peripherals — 0.7%
               
3PAR, Inc.(1)(2)
    15,000     $ 153,750  
Apple, Inc.(1)
    400       79,964  
Toshiba Corp.(1)
    32,000       168,649  
                 
            $ 402,363  
                 
Construction & Engineering — 0.4%
               
Vinci SA(2)
    4,000     $ 221,416  
                 
            $ 221,416  
                 
Consumer Finance — 2.9%
               
American Express Co.(2)
    10,600     $ 443,398  
Capital One Financial Corp.(2)
    7,500       287,700  
Discover Financial Services(2)
    40,000       618,400  
ORIX Corp. 
    3,800       261,960  
                 
            $ 1,611,458  
                 
Diversified Consumer Services — 0.8%
               
Corinthian Colleges, Inc.(1)(2)
    9,348     $ 138,537  
H&R Block, Inc.(2)
    16,000       324,800  
                 
            $ 463,337  
                 
Diversified Financial Services — 0.7%
               
JPMorgan Chase & Co. 
    6,200     $ 263,438  
Moody’s Corp.(2)
    6,000       139,380  
                 
            $ 402,818  
                 
Diversified Telecommunication Services — 2.3%
               
France Telecom SA ADR(2)
    14,400     $ 379,152  
Koninklijke KPN NV
    15,100       267,706  
Telefonica SA
    21,100       606,567  
                 
            $ 1,253,425  
                 
Electric Utilities — 0.5%
               
E.ON AG ADR
    7,600     $ 301,188  
                 
            $ 301,188  
                 
Electrical Equipment — 1.3%
               
ABB, Ltd. ADR
    19,300     $ 354,348  
GrafTech International, Ltd.(1)
    19,500       286,845  
Yingli Green Energy Holding Co. Ltd. ADR(1)(2)
    6,905       98,120  
                 
            $ 739,313  
                 
Electronic Equipment, Instruments & Components — 1.2%
               
FUJIFILM Holdings Corp. 
    13,000     $ 352,540  
Hon Hai Precision Industry Co., Ltd. 
    67,000       282,276  
Itron, Inc.(1)(2)
    700       42,553  
                 
            $ 677,369  
                 
Energy Equipment & Services — 1.1%
               
Nabors Industries, Ltd.(1)(2)
    10,600     $ 218,890  
OAO TMK GDR(1)
    13,900       237,372  
Tenaris SA ADR(2)
    3,800       149,948  
                 
            $ 606,210  
                 
Food & Staples Retailing — 1.1%
               
Shoppers Drug Mart Corp. 
    14,500     $ 593,794  
                 
            $ 593,794  
                 
 
2

Table of Contents

                 
Security   Shares     Value  
Food Products — 2.7%
               
Cosan, Ltd., Class A(1)(2)
    23,200     $ 170,288  
Nestle SA
    18,200       860,480  
Unilever PLC
    17,000       500,048  
                 
            $ 1,530,816  
                 
Health Care Equipment & Supplies — 0.5%
               
Masimo Corp.(1)(2)
    6,000     $ 158,160  
Mindray Medical International, Ltd. ADR(2)
    4,000       121,120  
                 
            $ 279,280  
                 
Health Care Providers & Services — 1.1%
               
CIGNA Corp. 
    700     $ 22,456  
Express Scripts, Inc.(1)(2)
    2,700       231,660  
Health Management Associates, Inc., Class A(1)(2)
    4,000       24,520  
Laboratory Corp. of America Holdings(1)(2)
    2,100       153,216  
Quest Diagnostics, Inc.(2)
    3,000       173,820  
                 
            $ 605,672  
                 
Hotels, Restaurants & Leisure — 1.8%
               
Bally Technologies, Inc.(1)(2)
    7,000     $ 290,710  
Carnival PLC(1)
    4,400       147,972  
McDonald’s Corp. 
    5,000       316,250  
Melco Crown Entertainment, Ltd. ADR(1)(2)
    23,500       99,405  
Scientific Games Corp., Class A(1)(2)
    12,200       172,630  
                 
            $ 1,026,967  
                 
Household Durables — 3.3%
               
Desarrolladora Homex SA de CV ADR(1)(2)
    18,500     $ 643,430  
Fisher & Paykel Appliances Holdings, Ltd.(1)
    280,000       116,011  
LG Electronics, Inc. 
    1,400       123,816  
Tempur-Pedic International, Inc.(1)(2)
    22,273       479,983  
Whirlpool Corp.(2)
    6,210       460,533  
                 
            $ 1,823,773  
                 
Household Products — 0.6%
               
Church & Dwight Co., Inc.(2)
    5,200     $ 307,008  
                 
            $ 307,008  
                 
Industrial Conglomerates — 1.5%
               
Cookson Group PLC(1)
    50,000     $ 319,440  
Keppel Corp., Ltd. 
    91,200       534,528  
                 
            $ 853,968  
                 
Insurance — 3.4%
               
Aegon NV(1)
    57,800     $ 418,782  
Allied World Assurance Holdings, Ltd.(2)
    15,517       741,558  
AXA SA ADR
    15,500       383,780  
Fairfax Financial Holdings, Ltd. 
    210       74,340  
Zurich Financial Services AG
    1,300       281,228  
                 
            $ 1,899,688  
                 
Internet & Catalog Retail — 0.7%
               
Netflix, Inc.(1)(2)
    6,300     $ 369,369  
                 
            $ 369,369  
                 
Internet Software & Services — 0.5%
               
Yahoo! Inc.(1)
    18,500     $ 276,945  
                 
            $ 276,945  
                 
IT Services — 0.9%
               
Accenture PLC, Class A
    9,000     $ 369,360  
Euronet Worldwide, Inc.(1)(2)
    5,000       106,200  
                 
            $ 475,560  
                 
 
3

Table of Contents

                 
Security   Shares     Value  
Machinery — 0.6%
               
Duoyuan Printing, Inc.(1)
    4,896     $ 33,048  
Illinois Tool Works, Inc. 
    5,067       246,459  
PACCAR, Inc.(2)
    1,600       59,328  
                 
            $ 338,835  
                 
Media — 3.4%
               
Central European Media Enterprises, Ltd., Class A(1)(2)
    9,700     $ 241,627  
DIRECTV(1)
    27,505       869,973  
Lamar Advertising Co., Class A(1)(2)
    5,000       138,400  
Liberty Starz, Series A(1)
    2,750       131,587  
McGraw-Hill Cos., Inc. (The)(2)
    17,400       521,304  
                 
            $ 1,902,891  
                 
Metals & Mining — 5.0%
               
Anglo American PLC ADR(1)(2)
    15,610     $ 335,303  
ArcelorMittal(2)
    6,800       267,036  
Barrick Gold Corp. 
    15,000       640,350  
Rio Tinto PLC ADR(2)
    1,600       326,560  
Sterlite Industries India, Ltd. ADR(2)
    28,000       514,080  
Thompson Creek Metals Co., Inc.(1)(2)
    22,300       267,154  
Vale SA ADR(2)
    16,600       406,700  
                 
            $ 2,757,183  
                 
Multi-Utilities — 1.5%
               
National Grid PLC
    30,000     $ 326,657  
RWE AG
    5,700       523,316  
                 
            $ 849,973  
                 
Multiline Retail — 0.8%
               
Big Lots, Inc.(1)(2)
    11,700     $ 269,802  
Marks & Spencer Group PLC
    23,000       146,261  
                 
            $ 416,063  
                 
Office Electronics — 0.5%
               
Canon, Inc. 
    7,000     $ 267,554  
                 
            $ 267,554  
                 
Oil, Gas & Consumable Fuels — 8.3%
               
Apache Corp. 
    4,800     $ 457,344  
Brigham Exploration Co.(1)(2)
    14,724       153,718  
KazMunaiGas Exploration Production GDR
    6,300       152,246  
LUKOIL OAO ADR
    7,300       424,130  
Massey Energy Co.(2)
    19,000       715,540  
Newfield Exploration Co.(1)
    3,300       139,524  
OMV AG
    3,100       131,539  
Petroleo Brasileiro SA ADR
    15,200       684,912  
SandRidge Energy, Inc.(1)(2)
    31,421       294,729  
StatoilHydro ASA ADR(2)
    13,495       333,057  
Total SA ADR
    13,700       852,003  
Uranium One, Inc.(1)
    92,500       264,686  
                 
            $ 4,603,428  
                 
Paper & Forest Products — 1.1%
               
Schweitzer-Mauduit International, Inc.(2)
    9,817     $ 604,335  
                 
            $ 604,335  
                 
Personal Products — 0.7%
               
Avon Products, Inc.(2)
    10,500     $ 359,625  
Revlon, Inc., Class A(1)(2)
    1,609       29,123  
                 
            $ 388,748  
                 
 
4

Table of Contents

                 
Security   Shares     Value  
Pharmaceuticals — 5.2%
               
AstraZeneca PLC ADR(2)
    4,700     $ 210,701  
Biovail Corp. 
    20,000       288,600  
GlaxoSmithKline PLC ADR(2)
    10,700       443,729  
King Pharmaceuticals, Inc.(1)(2)
    42,000       496,860  
Novartis AG ADR
    15,200       845,120  
Perrigo Co.(2)
    7,500       301,050  
Sanofi-Aventis SA
    4,200       317,672  
                 
            $ 2,903,732  
                 
Professional Services — 0.2%
               
Verisk Analytics, Inc., Class A(1)
    4,526     $ 121,795  
                 
            $ 121,795  
                 
Real Estate Investment Trusts (REITs) — 0.2%
               
Chimera Investment Corp.(2)
    32,700     $ 131,781  
                 
            $ 131,781  
                 
Real Estate Management & Development — 0.2%
               
Raven Russia, Ltd. 
    169,000     $ 136,497  
                 
            $ 136,497  
                 
Road & Rail — 0.3%
               
All America Latina Logistica
    20,000     $ 176,474  
                 
            $ 176,474  
                 
Semiconductors & Semiconductor Equipment — 3.8%
               
Atheros Communications, Inc.(1)(2)
    19,900     $ 566,553  
Cirrus Logic, Inc.(1)(2)
    96,000       521,280  
Cree, Inc.(1)(2)
    3,400       162,622  
MEMC Electronic Materials, Inc.(1)
    10,100       121,604  
Tessera Technologies, Inc.(1)(2)
    25,320       599,325  
United Microelectronics Corp. ADR(1)
    38,000       128,820  
                 
            $ 2,100,204  
                 
Software — 1.0%
               
Ariba, Inc.(1)(2)
    13,688     $ 148,378  
Check Point Software Technologies, Ltd.(1)(2)
    5,600       176,904  
Concur Technologies, Inc.(1)(2)
    6,200       229,772  
                 
            $ 555,054  
                 
Specialty Retail — 2.6%
               
Advance Auto Parts, Inc.(2)
    12,273     $ 482,329  
GameStop Corp., Class A(1)(2)
    33,954       828,817  
Kingfisher PLC
    36,000       140,919  
                 
            $ 1,452,065  
                 
Textiles, Apparel & Luxury Goods — 2.2%
               
Gildan Activewear, Inc.(1)(2)
    28,249     $ 544,923  
Hanesbrands, Inc.(1)(2)
    27,400       657,874  
                 
            $ 1,202,797  
                 
Tobacco — 1.3%
               
British American Tobacco PLC
    23,500     $ 715,560  
                 
            $ 715,560  
                 
Trading Companies & Distributors — 1.2%
               
Mitsui & Co., Ltd. 
    50,000     $ 658,468  
                 
            $ 658,468  
                 
Wireless Telecommunication Services — 5.3%
               
Crown Castle International Corp.(1)(2)
    29,000     $ 1,064,010  
MTN Group, Ltd. 
    13,000       208,980  
NII Holdings, Inc.(1)(2)
    29,905       891,169  
 
5

Table of Contents

                 
Security   Shares     Value  
Rogers Communications, Inc., Class B
    10,000     $ 302,600  
Turkcell Iletisim Hizmetleri AS ADR(2)
    33,000       506,880  
                 
            $ 2,973,639  
                 
                 
Total Common Stocks
(identified cost $44,374,552)
          $ 53,039,220  
                 
 
Investment Funds — 1.6%
 
                 
Security   Shares     Value  
Capital Markets — 1.6%
               
Market Vectors Gold Miners ETF(1)
    5,600     $ 286,216  
MidCap SPDR Trust, Series 1(2)
    4,800       598,224  
                 
                 
Total Investment Funds
(identified cost $901,667)
          $ 884,440  
                 
 
Short-Term Investments — 29.6%
 
                 
    Interest
 		       
Description   (000’s omitted)     Value  
Cash Management Portfolio, 0.00%(3)
  $ 1,673     $ 1,673,157  
Eaton Vance Cash Collateral Fund, LLC, 0.16%(3)(4)
    14,833       14,832,612  
                 
                 
Total Short-Term Investments
(identified cost $16,505,769)
          $ 16,505,769  
                 
                 
Total Investments — 126.3%
(identified cost $61,781,988)
          $ 70,429,429  
                 
                 
Other Assets, Less Liabilities — (26.3)%
          $ (14,685,546 )
                 
                 
Net Assets — 100.0%
          $ 55,743,883  
                 
 
             
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
         
ADR
  -   American Depositary Receipt
         
GDR
  -   Global Depositary Receipt
         
(1)
      Non-income producing security.
         
(2)
      All or a portion of this security was on loan at November 30, 2009.
         
(3)
      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 November 30, 2009. Income earned from investments in the Eaton Vance Cash Collateral Fund, LLC (excluding loan rebate fees) and net income allocated from the investment in Cash Management Portfolio for the fiscal year to date ended November 30, 2009 were $7,452 and $0, respectively.
         
(4)
      The amount invested in Eaton Vance Cash Collateral Fund, LLC represents cash collateral received for securities on loan at November 30, 2009. Other Assets, Less Liabilities includes an equal and offsetting liability of the Portfolio to repay collateral amounts upon the return of loaned securities. At November 30, 2009, the Portfolio loaned securities having a market value of $14,447,247 and received $14,832,612 of cash collateral for the loans.
 
6

Table of Contents

Country Concentration of Portfolio
 
                 
    Percentage
 		       
Country   of Net Assets     Value  
United States
    41.6 %   $ 23,184,622  
United Kingdom
    7.6       4,237,463  
Canada
    5.8       3,255,747  
France
    4.6       2,583,684  
Japan
    4.5       2,521,037  
Switzerland
    4.2       2,341,176  
Spain
    3.1       1,748,367  
Brazil
    2.6       1,438,374  
Singapore
    2.3       1,280,590  
Mexico
    2.1       1,189,550  
Bermuda
    1.7       960,448  
Netherlands
    1.7       953,523  
Germany
    1.5       824,504  
Italy
    1.5       804,362  
Russia
    1.4       797,999  
Hong Kong
    1.2       656,933  
Turkey
    1.1       612,371  
India
    0.9       514,080  
Austria
    0.9       471,992  
Belgium
    0.8       443,576  
Greece
    0.7       438,669  
Taiwan
    0.7       411,096  
Ireland
    0.7       369,360  
Norway
    0.6       333,057  
Poland
    0.6       312,256  
Czech Republic
    0.5       241,627  
China
    0.4       219,240  
South Africa
    0.4       208,980  
Israel
    0.3       176,904  
Kazakhstan
    0.3       152,246  
South Korea
    0.2       123,816  
New Zealand
    0.2       116,011  
                 
Long-Term Investments
    96.7 %   $ 53,923,660  
Short-Term Investments
            16,505,769  
                 
Total Investments
          $ 70,429,429  
                 
 
The Portfolio did not have any open financial instruments at November 30, 2009.
 
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at November 30, 2009, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 62,900,755  
         
Gross unrealized appreciation
  $ 8,744,318  
Gross unrealized depreciation
    (1,215,644 )
         
Net unrealized appreciation
  $ 7,528,674  
         
 
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)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
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At November 30, 2009, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
 
 
Common Stocks
                               
Consumer Discretionary
  $ 8,546,439     $ 1,395,098     $ —     $ 9,941,537  
Consumer Staples
    2,318,214       2,076,088       —       4,394,302  
Energy
    5,078,099       131,539       —       5,209,638  
Financials
    5,007,536       5,189,929       —       10,197,465  
Health Care
    3,745,762       317,672       —       4,063,434  
Industrials
    2,819,677       2,074,305       —       4,893,982  
Information Technology
    3,983,936       1,071,020       —       5,054,956  
Materials
    3,905,681       —       —       3,905,681  
Telecommunication Services
    3,143,811       1,083,253       —       4,227,064  
Utilities
    301,188       849,973       —       1,151,161  
 
 
Total Common Stocks
  $ 38,850,343     $ 14,188,877 *   $ —     $ 53,039,220  
Investment Funds
    884,440       —       —       884,440  
Short-Term Investments
    16,505,769       —       —       16,505,769  
 
 
Total Investments
  $ 56,240,552     $ 14,188,877     $ —     $ 70,429,429  
 
 
 
* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.
 
The Portfolio held no investments or other financial instruments as of August 31, 2009 whose fair value was determined using Level 3 inputs.
 
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
 
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Eaton Vance Greater China Growth Fund as of November 30, 2009 (Unaudited)
 
Eaton Vance Greater China Growth Fund (the Fund), a series of Eaton Vance Growth Trust, invests substantially all of its assets in Greater China Growth Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At November 30, 2009, the value of the Fund’s investment in the Portfolio was $267,146,680 and the Fund owned 99.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
 
 

Table of Contents

Greater China Growth Portfolio as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 98.3%
 
                 
Security   Shares     Value  
China — 64.3%
               
                 
Chemicals — 0.8%
               
China Bluechemical, Ltd., Class H
    4,152,000     $ 2,222,505  
                 
            $ 2,222,505  
                 
Commercial Banks — 10.1%
               
Bank of China, Ltd., Class H
    14,592,000     $ 8,202,975  
China Construction Bank, Class H
    12,029,000       10,681,020  
Industrial & Commercial Bank of China, Ltd., Class H
    9,626,000       8,128,708  
                 
            $ 27,012,703  
                 
Computers & Peripherals — 1.0%
               
Lenovo Group, Ltd. 
    4,624,000     $ 2,664,165  
                 
            $ 2,664,165  
                 
Construction Materials — 1.3%
               
Anhui Conch Cement Co., Ltd., Class H
    590,000     $ 3,488,169  
                 
            $ 3,488,169  
                 
Containers & Packaging — 0.1%
               
CPMC Holdings, Ltd.(1)
    120,000     $ 122,941  
                 
            $ 122,941  
                 
Distributors — 1.3%
               
China Resources Enterprise, Ltd. 
    1,088,000     $ 3,402,118  
                 
            $ 3,402,118  
                 
Diversified Consumer Services — 1.2%
               
New Oriental Education & Technology Group Inc. ADR(1)
    43,800     $ 3,123,378  
                 
            $ 3,123,378  
                 
Diversified Financial Services — 1.0%
               
China Everbright, Ltd. 
    1,102,000     $ 2,608,940  
                 
            $ 2,608,940  
                 
Electrical Equipment — 2.2%
               
China High Speed Transmission Equipment Group Co., Ltd. 
    1,490,000     $ 3,516,224  
Zhuzhou CSR Times Electric Co., Ltd. 
    1,147,000       2,310,712  
                 
            $ 5,826,936  
                 
Electronic Equipment, Instruments & Components — 2.4%
               
China High Precision Automation Group, Ltd.(1)
    2,545,000     $ 1,477,732  
Hollysys Automation Technologies, Ltd.(1)
    155,100       1,962,015  
Kingboard Chemical Holdings, Ltd. 
    718,500       2,885,881  
                 
            $ 6,325,628  
                 
Food Products — 3.1%
               
China Agri-Industries Holdings, Ltd. 
    3,390,000     $ 4,327,591  
China Mengniu Dairy Co., Ltd.(1)
    1,291,000       3,968,755  
                 
            $ 8,296,346  
                 
Health Care Equipment & Supplies — 1.2%
               
Mindray Medical International, Ltd. ADR
    104,000     $ 3,149,120  
                 
            $ 3,149,120  
                 
Health Care Providers & Services — 0.7%
               
Sinopharm Group Co., Ltd.(1)
    560,800     $ 1,979,069  
                 
            $ 1,979,069  
                 
 
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Security   Shares     Value  
Household Durables — 1.3%
               
Skyworth Digital Holdings, Ltd. 
    3,818,162     $ 3,344,733  
                 
            $ 3,344,733  
                 
Independent Power Producers & Energy Traders — 0.8%
               
China Resources Power Holdings Co., Ltd. 
    1,046,000     $ 2,131,284  
                 
            $ 2,131,284  
                 
Industrial Conglomerates — 1.3%
               
Beijing Enterprises Holdings, Ltd. 
    526,000     $ 3,572,490  
                 
            $ 3,572,490  
                 
Insurance — 4.7%
               
China Life Insurance Co., Ltd., Class H
    1,954,000     $ 9,819,353  
Ping An Insurance (Group) Co. of China, Ltd., Class H
    298,000       2,775,152  
                 
            $ 12,594,505  
                 
Internet Software & Services — 5.0%
               
NetEase.com, Inc. ADR(1)
    123,800     $ 4,734,112  
Tencent Holdings, Ltd. 
    466,300       8,618,335  
                 
            $ 13,352,447  
                 
Machinery — 2.5%
               
China South Locomotive and Rolling Stock Corp., Ltd., Class H
    4,258,000     $ 2,910,063  
Lonking Holdings, Ltd. 
    3,602,000       2,242,923  
Sany Heavy Equipment International Holdings Co., Ltd.(1)
    1,711,000       1,646,965  
                 
            $ 6,799,951  
                 
Media — 0.6%
               
AirMedia Group, Inc. ADR(1)
    244,593     $ 1,702,367  
                 
            $ 1,702,367  
                 
Metals & Mining — 1.9%
               
Zijin Mining Group Co., Ltd., Class H
    4,910,000     $ 5,144,380  
                 
            $ 5,144,380  
                 
Oil, Gas & Consumable Fuels — 8.1%
               
China Petroleum & Chemical Corp., Class H
    3,446,000     $ 2,875,419  
China Shenhua Energy Co., Ltd., Class H
    1,392,000       6,794,110  
CNOOC, Ltd. 
    3,709,000       5,730,064  
CNPC Hong Kong, Ltd. 
    2,520,000       2,831,869  
PetroChina Co., Ltd., Class H
    2,778,000       3,462,266  
                 
            $ 21,693,728  
                 
Paper & Forest Products — 1.8%
               
Nine Dragons Paper Holdings, Ltd. 
    2,557,000     $ 4,700,366  
                 
            $ 4,700,366  
                 
Real Estate Management & Development — 3.2%
               
China Overseas Land & Investment, Ltd. 
    1,593,040     $ 3,420,723  
China Resources Land, Ltd. 
    1,186,000       2,739,542  
Longfor Properties Co., Ltd.(1)
    333,500       344,256  
Sino-Ocean Land Holdings, Ltd. 
    1,960,500       1,948,728  
                 
            $ 8,453,249  
                 
Specialty Retail — 1.9%
               
Belle International Holdings, Ltd. 
    4,140,000     $ 5,141,025  
                 
            $ 5,141,025  
                 
Textiles, Apparel & Luxury Goods — 1.4%
               
Ports Design, Ltd. 
    1,425,000     $ 3,838,229  
                 
            $ 3,838,229  
                 
 
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Security   Shares     Value  
Wireless Telecommunication Services — 3.4%
               
China Mobile, Ltd. 
    971,500     $ 9,097,235  
                 
            $ 9,097,235  
                 
                 
Total China
(identified cost $129,409,468)
          $ 171,788,007  
                 
                 
Hong Kong — 13.7%
               
                 
Chemicals — 1.0%
               
Huabao International Holdings, Ltd. 
    2,572,000     $ 2,703,908  
                 
            $ 2,703,908  
                 
Commercial Banks — 1.0%
               
Bank of China Hong Kong (Holdings), Ltd. 
    1,135,000     $ 2,604,093  
                 
            $ 2,604,093  
                 
Construction & Engineering — 1.7%
               
Shui On Construction and Materials, Ltd. 
    2,794,000     $ 4,676,123  
                 
            $ 4,676,123  
                 
Distributors — 2.3%
               
Integrated Distribution Services Group, Ltd. 
    983,000     $ 1,541,702  
Li & Fung, Ltd. 
    1,130,000       4,537,818  
                 
            $ 6,079,520  
                 
Diversified Financial Services — 1.4%
               
Hong Kong Exchanges and Clearing, Ltd. 
    213,900     $ 3,807,197  
                 
            $ 3,807,197  
                 
Marine — 1.0%
               
Shun Tak Holdings, Ltd. 
    4,332,000     $ 2,680,694  
                 
            $ 2,680,694  
                 
Real Estate Management & Development — 4.5%
               
Cheung Kong (Holdings), Ltd. 
    333,000     $ 4,195,730  
Kerry Properties, Ltd. 
    587,000       2,978,298  
Sun Hung Kai Properties, Ltd. 
    323,000       4,768,283  
                 
            $ 11,942,311  
                 
Specialty Retail — 0.8%
               
Esprit Holdings, Ltd. 
    324,625     $ 2,183,689  
                 
            $ 2,183,689  
                 
                 
Total Hong Kong
(identified cost $35,552,872)
          $ 36,677,535  
                 
                 
Taiwan — 20.3%
               
                 
Capital Markets — 0.5%
               
Yuanta Financial Holding Co., Ltd. 
    2,109,000     $ 1,418,507  
                 
            $ 1,418,507  
                 
Chemicals — 1.8%
               
Taiwan Fertilizer Co., Ltd. 
    1,461,000     $ 4,691,622  
                 
            $ 4,691,622  
                 
Commercial Banks — 0.9%
               
Chinatrust Financial Holding Co., Ltd. 
    4,313,847     $ 2,488,381  
                 
            $ 2,488,381  
                 
 
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Table of Contents

                 
Security   Shares     Value  
Computers & Peripherals — 3.4%
               
Acer, Inc. 
    1,195,210     $ 2,971,390  
Compal Electronics, Inc. 
    2,741,640       3,628,905  
Wistron Corp. 
    1,300,000       2,385,290  
                 
            $ 8,985,585  
                 
Diversified Telecommunication Services — 1.3%
               
Chunghwa Telecom Co., Ltd. 
    1,938,920     $ 3,454,070  
                 
            $ 3,454,070  
                 
Electronic Equipment, Instruments & Components — 4.2%
               
Hon Hai Precision Industry Co., Ltd. 
    1,719,464     $ 7,244,246  
Synnex Technology International Corp. 
    2,009,000       4,034,618  
                 
            $ 11,278,864  
                 
Food Products — 1.9%
               
Uni-President Enterprises Corp. 
    4,273,640     $ 4,995,619  
                 
            $ 4,995,619  
                 
Multiline Retail — 1.3%
               
Far Eastern Department Stores, Ltd. 
    3,182,000     $ 3,360,747  
                 
            $ 3,360,747  
                 
Real Estate Management & Development — 0.7%
               
Hung Poo Real Estate Development Corp. 
    1,151,000     $ 1,765,933  
                 
            $ 1,765,933  
                 
Semiconductors & Semiconductor Equipment — 4.3%
               
MediaTek, Inc. 
    313,825     $ 4,931,458  
Taiwan Semiconductor Manufacturing Co., Ltd. 
    2,786,839       5,286,849  
United Microelectronics Corp.(1)
    2,893,000       1,409,434  
                 
            $ 11,627,741  
                 
                 
Total Taiwan
(identified cost $49,465,062)
          $ 54,067,069  
                 
                 
Total Common Stocks
(identified cost $214,427,402)
          $ 262,532,611  
                 
 
Short-Term Investments — 1.2%
 
                 
    Interest
 		       
Description   (000’s omitted)     Value  
State Street Bank and Trust Euro Time Deposit, 0.01%, 12/1/09
  $ 3,232     $ 3,231,959  
                 
                 
Total Short-Term Investments
(identified cost $3,231,959)
          $ 3,231,959  
                 
                 
Total Investments — 99.5%
(identified cost $217,659,361)
          $ 265,764,570  
                 
                 
Other Assets, Less Liabilities — 0.5%
          $ 1,382,498  
                 
                 
Net Assets — 100.0%
          $ 267,147,068  
                 
 
             
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
         
ADR
  -   American Depositary Receipt
         
(1)
      Non-income producing security.
 
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The Portfolio did not have any open financial instruments at November 30, 2009.
 
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at November 30, 2009, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 217,659,361  
         
Gross unrealized appreciation
  $ 59,043,943  
Gross unrealized depreciation
    (10,938,734 )
         
Net unrealized appreciation
  $ 48,105,209  
         
 
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)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At November 30, 2009, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
 
 
Common Stocks
                               
Consumer Discretionary
  $ 4,825,745     $ 27,350,061     $ —     $ 32,175,806  
Consumer Staples
    —       13,291,965       —       13,291,965  
Energy
    —       21,693,728       —       21,693,728  
Financials
    —       74,695,819       —       74,695,819  
Health Care
    3,149,120       1,979,068       —       5,128,188  
Industrials
    —       23,556,194       —       23,556,194  
Information Technology
    6,696,127       47,538,303       —       54,234,430  
Materials
    —       23,073,892       —       23,073,892  
Telecommunication Services
    —       12,551,305       —       12,551,305  
Utilities
    —       2,131,284       —       2,131,284  
 
 
Total Common Stocks
  $ 14,670,992     $ 247,861,619 *   $ —     $ 262,532,611  
Short-Term Investments
    —       3,231,959       —       3,231,959  
 
 
Total Investments
  $ 14,670,992     $ 251,093,578     $ —     $ 265,764,570  
 
 
 
* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.
 
The Portfolio held no investments or other financial instruments as of August 31, 2009 whose fair value was determined using Level 3 inputs.
 
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
 
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Eaton Vance Multi-Cap Growth Fund as of November 30, 2009 (Unaudited)
 
Eaton Vance Multi-Cap Growth Fund (the Fund), a series of Eaton Vance Growth Trust, invests substantially all of its assets in Multi-Cap Growth Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At November 30, 2009, the value of the Fund’s investment in the Portfolio was $158,148,768 and the Fund owned 91.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
 
 

Table of Contents

 
Multi-Cap Growth Portfolio as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 94.5%
 
                 
Security   Shares     Value  
Aerospace & Defense — 1.0%
               
Alliant Techsystems, Inc.(1)(2)
    20,110     $ 1,723,829  
                 
            $ 1,723,829  
                 
Auto Components — 2.1%
               
Lear Corp.(1)(2)
    39,958     $ 2,516,955  
Wonder Auto Technology, Inc.(1)(2)
    92,496       1,102,552  
                 
            $ 3,619,507  
                 
Biotechnology — 0.9%
               
Cephalon, Inc.(1)(2)
    29,250     $ 1,607,287  
Genzyme Corp.(1)
    91       4,614  
                 
            $ 1,611,901  
                 
Building Products — 3.0%
               
Lennox International, Inc.(2)
    18,640     $ 691,917  
Owens Corning, Inc.(1)(2)
    187,860       4,439,132  
                 
            $ 5,131,049  
                 
Capital Markets — 0.1%
               
Artio Global Investors, Inc.(1)
    7,452     $ 170,651  
                 
            $ 170,651  
                 
Chemicals — 0.8%
               
Celanese Corp., Class A
    48,450     $ 1,441,872  
                 
            $ 1,441,872  
                 
Commercial Banks — 2.7%
               
Wells Fargo & Co. 
    166,460     $ 4,667,538  
                 
            $ 4,667,538  
                 
Commercial Services & Supplies — 0.9%
               
Copart, Inc.(1)(2)
    46,640     $ 1,512,069  
                 
            $ 1,512,069  
                 
Communications Equipment — 0.8%
               
Brocade Communications Systems, Inc.(1)(2)
    202,570     $ 1,436,221  
                 
            $ 1,436,221  
                 
Computers & Peripherals — 0.5%
               
3PAR, Inc.(1)(2)
    84,370     $ 864,793  
                 
            $ 864,793  
                 
Consumer Finance — 4.5%
               
American Express Co. 
    60,177     $ 2,517,204  
Capital One Financial Corp.(2)
    41,130       1,577,747  
Discover Financial Services
    231,998       3,586,689  
                 
            $ 7,681,640  
                 
Diversified Consumer Services — 1.6%
               
Corinthian Colleges, Inc.(1)(2)
    55,457     $ 821,873  
H&R Block, Inc.(2)
    95,070       1,929,921  
                 
            $ 2,751,794  
                 
Diversified Financial Services — 1.4%
               
JPMorgan Chase & Co. 
    36,380     $ 1,545,786  
Moody’s Corp.(2)
    35,650       828,150  
                 
            $ 2,373,936  
                 
 

Table of Contents

                 
Security   Shares     Value  
Electrical Equipment — 1.0%
               
GrafTech International, Ltd.(1)
    111,430     $ 1,639,135  
                 
            $ 1,639,135  
                 
Electronic Equipment, Instruments & Components — 0.1%
               
Itron, Inc.(1)(2)
    3,650     $ 221,884  
                 
            $ 221,884  
                 
Energy Equipment & Services — 0.7%
               
Nabors Industries, Ltd.(1)(2)
    58,436     $ 1,206,703  
                 
            $ 1,206,703  
                 
Food & Staples Retailing — 2.1%
               
Shoppers Drug Mart Corp. 
    87,750     $ 3,593,476  
                 
            $ 3,593,476  
                 
Health Care Equipment & Supplies — 0.5%
               
Masimo Corp.(1)(2)
    31,868     $ 840,040  
                 
            $ 840,040  
                 
Health Care Providers & Services — 1.9%
               
Express Scripts, Inc.(1)(2)
    15,285     $ 1,311,453  
Health Management Associates, Inc., Class A(1)(2)
    25,320       155,212  
Laboratory Corp. of America Holdings(1)(2)
    11,420       833,203  
Quest Diagnostics, Inc.(2)
    16,450       953,113  
                 
            $ 3,252,981  
                 
Hotels, Restaurants & Leisure — 2.6%
               
Bally Technologies, Inc.(1)(2)
    43,743     $ 1,816,647  
McDonald’s Corp. 
    27,420       1,734,315  
Scientific Games Corp., Class A(1)(2)
    69,220       979,463  
                 
            $ 4,530,425  
                 
Household Durables — 3.5%
               
Tempur-Pedic International, Inc.(1)(2)
    141,100     $ 3,040,705  
Whirlpool Corp.(2)
    39,196       2,906,775  
                 
            $ 5,947,480  
                 
Household Products — 1.6%
               
Church & Dwight Co., Inc.(2)
    47,530     $ 2,806,171  
                 
            $ 2,806,171  
                 
Insurance — 2.8%
               
Allied World Assurance Holdings, Ltd.(2)
    91,901     $ 4,391,949  
Fairfax Financial Holdings, Ltd. 
    1,182       418,428  
                 
            $ 4,810,377  
                 
Internet & Catalog Retail — 3.5%
               
Netflix, Inc.(1)(2)
    37,271     $ 2,185,199  
Priceline.com, Inc.(1)(2)
    18,072       3,869,576  
                 
            $ 6,054,775  
                 
Internet Software & Services — 1.0%
               
Yahoo! Inc.(1)
    109,690     $ 1,642,059  
                 
            $ 1,642,059  
                 
IT Services — 6.3%
               
Accenture PLC, Class A
    56,759     $ 2,329,389  
Alliance Data Systems Corp.(1)(2)
    59,510       3,629,515  
MasterCard, Inc., Class A(2)
    13,430       3,234,750  
Western Union Co.(2)
    88,580       1,634,301  
                 
            $ 10,827,955  
                 
 

Table of Contents

                 
Security   Shares     Value  
Machinery — 1.1%
               
Duoyuan Printing, Inc.(1)(2)
    32,821     $ 221,542  
Illinois Tool Works, Inc.(2)
    27,971       1,360,510  
PACCAR, Inc.(2)
    8,680       321,854  
                 
            $ 1,903,906  
                 
Media — 5.9%
               
DIRECTV(1)(2)
    172,882     $ 5,468,249  
Lamar Advertising Co., Class A(1)(2)
    29,250       809,640  
Liberty Starz, Series A(1)
    17,285       827,106  
McGraw-Hill Cos., Inc. (The)(2)
    104,210       3,122,132  
                 
            $ 10,227,127  
                 
Metals & Mining — 2.2%
               
Barrick Gold Corp.(2)
    90,500     $ 3,863,445  
                 
            $ 3,863,445  
                 
Multiline Retail — 0.9%
               
Big Lots, Inc.(1)(2)
    68,741     $ 1,585,167  
                 
            $ 1,585,167  
                 
Oil, Gas & Consumable Fuels — 6.7%
               
Apache Corp. 
    26,142     $ 2,490,810  
Brigham Exploration Co.(1)(2)
    81,163       847,342  
Massey Energy Co.(2)
    105,120       3,958,819  
Newfield Exploration Co.(1)(2)
    19,560       826,997  
SandRidge Energy, Inc.(1)(2)
    183,565       1,721,840  
Uranium One, Inc.(1)
    577,290       1,651,900  
                 
            $ 11,497,708  
                 
Paper & Forest Products — 2.0%
               
Schweitzer-Mauduit International, Inc.(2)
    55,237     $ 3,400,390  
                 
            $ 3,400,390  
                 
Personal Products — 1.5%
               
Avon Products, Inc.(2)
    67,729     $ 2,319,718  
Revlon, Inc., Class A(1)(2)
    9,526       172,421  
                 
            $ 2,492,139  
                 
Pharmaceuticals — 3.7%
               
Biovail Corp. 
    126,154     $ 1,820,402  
King Pharmaceuticals, Inc.(1)(2)
    247,370       2,926,387  
Perrigo Co.(2)
    42,140       1,691,500  
                 
            $ 6,438,289  
                 
Professional Services — 0.4%
               
Verisk Analytics, Inc., Class A(1)
    26,917     $ 724,336  
                 
            $ 724,336  
                 
Semiconductors & Semiconductor Equipment — 3.7%
               
Atheros Communications, Inc.(1)(2)
    63,990     $ 1,821,795  
Cirrus Logic, Inc.(1)(2)
    164,180       891,497  
Cree, Inc.(1)(2)
    500       23,915  
Tessera Technologies, Inc.(1)(2)
    154,465       3,656,187  
                 
            $ 6,393,394  
                 
Software — 1.8%
               
Check Point Software Technologies, Ltd.(1)(2)
    97,350     $ 3,075,287  
                 
            $ 3,075,287  
                 
Specialty Retail — 4.7%
               
Advance Auto Parts, Inc.(2)
    77,486     $ 3,045,200  
GameStop Corp., Class A(1)(2)
    204,857       5,000,559  
                 
            $ 8,045,759  
                 
 

Table of Contents

                 
Security   Shares     Value  
Textiles, Apparel & Luxury Goods — 4.2%
               
Gildan Activewear, Inc.(1)
    167,350     $ 3,228,182  
Hanesbrands, Inc.(1)(2)
    163,236       3,919,296  
                 
            $ 7,147,478  
                 
Wireless Telecommunication Services — 7.8%
               
Crown Castle International Corp.(1)(2)
    163,900     $ 6,013,491  
NII Holdings, Inc.(1)
    193,233       5,758,344  
Rogers Communications, Inc., Class B
    54,840       1,659,458  
                 
            $ 13,431,293  
                 
                 
Total Common Stocks
(identified cost $125,779,687)
          $ 162,585,979  
                 
 
Investment Funds — 1.0%
 
                 
Security   Shares     Value  
Capital Markets — 1.0%
               
iShares Russell 2000 Index Fund(2)
    100     $ 5,810  
Market Vectors Gold Miners ETF(1)
    33,000       1,686,630  
SPDR Trust, Series 1(2)
    100       10,988  
                 
                 
Total Investment Funds
(identified cost $1,752,523)
          $ 1,703,428  
                 
 
Short-Term Investments — 31.8%
 
                 
    Interest
 		       
Description   (000’s omitted)     Value  
Cash Management Portfolio, 0.00%(3)
  $ 7,693     $ 7,692,512  
Eaton Vance Cash Collateral Fund, LLC, 0.16%(3)(4)
    46,944       46,944,487  
                 
                 
Total Short-Term Investments
(identified cost $54,636,999)
          $ 54,636,999  
                 
                 
Total Investments — 127.3%
(identified cost $182,169,209)
          $ 218,926,406  
                 
                 
Other Assets, Less Liabilities — (27.3)%
          $ (46,912,473 )
                 
                 
Net Assets — 100.0%
          $ 172,013,933  
                 
     
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
     
(1)
  Non-income producing security.
     
(2)
  All or a portion of this security was on loan at November 30, 2009.
     
(3)
  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 November 30, 2009. Income earned from investments in the Eaton Vance Cash Collateral Fund, LLC (excluding loan rebate fees) and net income allocated from the investment in Cash Management Portfolio for the fiscal year to date ended November 30, 2009 were $27,681 and $0, respectively.
     
(4)
  The amount invested in Eaton Vance Cash Collateral Fund, LLC represents cash collateral received for securities on loan at November 30, 2009. Other Assets, Less Liabilities includes an equal and offsetting liability of the Portfolio to repay collateral amounts upon the return of loaned securities. At November 30, 2009, the Portfolio loaned securities having a market value of $45,468,952 and received $46,944,487 of cash collateral for the loans.
 

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The Portfolio did not have any open financial instruments at November 30, 2009.
 
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at November 30, 2009, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 187,902,146  
         
Gross unrealized appreciation
  $ 32,766,591  
Gross unrealized depreciation
    (1,742,331 )
         
Net unrealized appreciation
  $ 31,024,260  
         
 
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)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At November 30, 2009, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
 
 
Common Stocks
                               
Consumer Discretionary
  $ 49,909,512     $ —     $ —     $ 49,909,512  
Consumer Staples
    8,891,787       —       —       8,891,787  
Energy
    12,704,411       —       —       12,704,411  
Financials
    19,704,142       —       —       19,704,142  
Health Care
    12,143,211       —       —       12,143,211  
Industrials
    12,634,324       —       —       12,634,324  
Information Technology
    24,461,592       —       —       24,461,592  
Materials
    8,705,707       —       —       8,705,707  
Telecommunication Services
    13,431,293       —       —       13,431,293  
 
 
Total Common Stocks
  $ 162,585,979     $ —     $ —     $ 162,585,979  
Investment Funds
    1,703,428       —       —       1,703,428  
Short-Term Investments
    54,636,999       —       —       54,636,999  
 
 
Total Investments
  $ 218,926,406     $ —     $ —     $ 218,926,406  
 
 
 
The Portfolio held no investments or other financial instruments as of August 31, 2009 whose fair value was determined using Level 3 inputs.
 
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
 

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Eaton Vance Worldwide Health Sciences Fund as of November 30, 2009 (Unaudited)
 
Eaton Vance Worldwide Health Sciences Fund (the Fund), a series of Eaton Vance Growth Trust, invests substantially all of its assets in Worldwide Health Sciences Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At November 30, 2009, the value of the Fund’s investment in the Portfolio was $1,126,623,505 and the Fund owned 99.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.
 
 

Table of Contents

Worldwide Health Sciences Portfolio as of November 30, 2009
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 97.68%
 
                         
                Percentage of
 		 
Security   Shares     Value     Net Assets  
Major Capitalization - Europe — 17.45%(1)
                       
Merck KGaA
    246,000     $ 23,197,771       2.06 %
Novartis AG
    852,000       47,336,894       4.20  
Roche Holding AG
    325,000       53,102,563       4.71  
Shire PLC ADR
    832,600       49,015,162       4.35  
Teva Pharmaceutical Industries, Ltd. ADR
    455,000       24,019,450       2.13  
                         
            $ 196,671,840       17.45 %
                         
Major Capitalization - Far East — 2.74%(1)
                       
Shionogi & Co., Ltd. 
    1,437,300     $ 30,874,586       2.74 %
                         
            $ 30,874,586       2.74 %
                         
Major Capitalization - North America — 35.55%(1)
                       
Allergan, Inc. 
    465,000     $ 27,030,450       2.40 %
Amgen, Inc.(2)
    967,000       54,490,450       4.84  
Baxter International, Inc. 
    653,000       35,621,150       3.16  
Bristol-Myers Squibb Co. 
    1,621,000       41,027,510       3.64  
Genzyme Corp.(2)
    860,000       43,602,000       3.87  
Gilead Sciences, Inc.(2)
    950,000       43,747,500       3.88  
Hospira, Inc.(2)
    280,000       13,146,000       1.17  
Johnson & Johnson
    1,000,000       62,840,000       5.58  
St. Jude Medical, Inc.(2)
    180,000       6,607,800       0.59  
Thermo Fisher Scientific, Inc.(2)
    586,000       27,676,780       2.46  
Vertex Pharmaceuticals, Inc.(2)
    1,150,000       44,643,000       3.96  
                         
            $ 400,432,640       35.55 %
                         
Small & Mid Capitalization - Europe — 3.52%(1)
                       
Elan Corp. PLC ADR(2)
    3,800,000     $ 24,016,000       2.13 %
Genmab AS(2)
    302,900       4,622,985       0.41  
Nobel Biocare Holding AG
    370,000       11,025,577       0.98  
                         
            $ 39,664,562       3.52 %
                         
Small & Mid Capitalization - Far East — 5.98%(1)
                       
Nichi-Iko Pharmaceutical Co., Ltd. 
    735,000     $ 20,519,196       1.82 %
Sawai Pharmaceutical Co., Ltd. 
    410,000       23,428,234       2.08  
Towa Pharmaceutical Co., Ltd. 
    470,000       23,454,227       2.08  
                         
            $ 67,401,657       5.98 %
                         
Small & Mid Capitalization - North America — 32.44%(1)
                       
Aetna, Inc. 
    570,000     $ 16,592,700       1.47 %
Alexion Pharmaceuticals, Inc.(2)
    465,000       21,087,750       1.87  
Align Technology, Inc.(2)
    1,407,600       23,028,336       2.04  
Allos Therapeutics, Inc.(2)
    2,883,000       18,653,010       1.66  
BioMarin Pharmaceutical, Inc.(2)
    1,302,000       21,496,020       1.91  
Cubist Pharmaceuticals, Inc.(2)
    1,153,100       19,233,708       1.71  
Dendreon Corp.(2)
    820,000       22,418,800       1.99  
Endo Pharmaceuticals Holdings, Inc.(2)
    1,739,800       38,327,794       3.40  
Genomic Health, Inc.(2)
    663,100       12,605,531       1.12  
Gen-Probe, Inc.(2)
    602,300       25,109,887       2.23  
InterMune, Inc.(2)
    989,900       10,631,526       0.94  
Masimo Corp.(2)
    707,100       18,639,155       1.65  
Medicines Co.(2)
    1,159,000       9,086,560       0.81  
Mylan, Inc.(2)
    1,150,000       20,550,500       1.82  
NPS Pharmaceuticals, Inc.(2)
    2,385,000       7,512,750       0.68  
OSI Pharmaceuticals, Inc.(2)
    575,000       19,153,250       1.70  
United Therapeutics Corp.(2)
    600,000       27,354,000       2.43  
UnitedHealth Group, Inc. 
    580,000       16,628,600       1.48  
 
1

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                Percentage of
 		 
Security   Shares     Value     Net Assets  
WellPoint, Inc.(2)
    320,000     $ 17,289,600       1.53 %
                         
            $ 365,399,477       32.44 %
                         
                 
Total Common Stocks
(identified cost $999,364,152)
  $ 1,100,444,762          
                 
 
Convertible Preferred Stocks — 1.97%
 
                         
                Percentage of
 		 
Security   Shares     Value     Net Assets  
Small & Mid Capitalization - North America — 1.97%(1)
                       
Mylan, Inc., 6.50%
    20,000     $ 22,244,200       1.97 %
                         
            $ 22,244,200       1.97 %
                         
                 
Total Convertible Preferred Stocks
(identified cost $16,575,000)
  $ 22,244,200          
                 
 
Call Options — 0.0%
 
                                     
    Number of
 		  Strike
 		    Expiration
 		        Percentage of
 		 
Description   Contracts   Price     Date   Value     Net Assets  
Small & Mid Capitalization - North America — 0.00%(1)
Orchid Cellmark, Inc.(2)(3)
    1,600     $ 21.7     7/24/2011   $ 0       0.00 %
Orchid Cellmark, Inc.(2)(3)
    649       23.5     7/24/2011     0       0.00  
Orchid Cellmark, Inc.(2)(3)
    649       8.05     9/29/2011     0       0.00  
                                 
                        $ 0       0.00 %
                                 
                 
Total Call Options
(identified cost $0)
 
$ 		0          
                 
                 
Total Investments
(identified cost $1,015,939,152)
 
$ 		1,122,688,962       99.65 %
                 
                                   
Other Assets, Less Liabilities
                      $ 3,934,834       0.35 %
                                 
                                   
Net Assets
                      $ 1,126,623,796       100.00 %
                                 
             
         
ADR
  -   American Depositary Receipt
         
(1)
      Major Capitalization is defined as market value of $5 billion or more. Small & Mid Capitalization is defined as market value less than $5 billion.
(2)
      Non-income producing security.
(3)
      Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
 
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The Portfolio did not have any open financial instruments at November 30, 2009.
 
The cost and unrealized appreciation (depreciation) of investments of the Portfolio at November 30, 2009, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 1,015,770,520  
         
Gross unrealized appreciation
  $ 207,505,111  
Gross unrealized depreciation
    (100,586,669 )
         
Net unrealized appreciation
  $ 106,918,442  
         
 
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)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
At November 30, 2009, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
 
 
Common Stocks
                               
Major Capitalization - Europe
  $ 73,034,612     $ 123,637,228     $ —     $ 196,671,840  
Major Capitalization - Far East
    —       30,874,586       —       30,874,586  
Major Capitalization - North America
    400,432,640       —       —       400,432,640  
Small & Mid Capitalization - Europe
    24,016,000       15,648,562       —       39,664,562  
Small & Mid Capitalization - Far East
    —       67,401,657       —       67,401,657  
Small & Mid Capitalization - North America
    365,399,477       —       —       365,399,477  
 
 
Total Common Stocks
  $ 862,882,729     $ 237,562,033 *   $ —     $ 1,100,444,762  
 
 
Convertible Preferred Stocks
                               
Small & Mid Capitalization - North America
  $ 22,244,200     $ —     $ —     $ 22,244,200  
 
 
Total Convertible Preferred Stocks
  $ 22,244,200     $ —     $ —     $ 22,244,200  
 
 
Call Options
  $ —     $ —     $ 0     $ 0  
 
 
Total Investments
  $ 885,126,929     $ 237,562,033     $ 0     $ 1,122,688,962  
 
 
 
*  Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.
 
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The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:
 
         
    Investments in
 		 
    Call Options  
Balance as of August 31, 2009
  $ 13  
Realized gains (losses)
    —  
Change in net unrealized appreciation (depreciation)
    (13 )
Net purchases (sales)
    —  
Accrued discount (premium)
    —  
Net transfers to (from) Level 3
    —  
         
Balance as of November 30, 2009
  $ 0  
         
         
Change in net unrealized appreciation (depreciation) on investment still held as of November 30, 2009
  $ (13 )
 
All Level 3 investments held at November 30, 2009 were valued at $0.
 
For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.
 
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Item 2. 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 on this Form N-Q 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 on this Form N-Q 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 fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

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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 Growth Trust
 
         
By:
  /s/ Thomas E. Faust Jr.    
         
    Thomas E. Faust Jr.    
    President    
         
Date:
  January 25, 2010    
 
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/ Thomas E. Faust Jr.    
         
    Thomas E. Faust Jr.    
    President    
         
Date:
  January 25, 2010    
         
By:
  /s/ Barbara E. Campbell    
         
    Barbara E. Campbell    
    Treasurer    
         
Date:
  January 25, 2010