Eaton Vance Growth Trust

N-Q 1 d446849dnq.htm EATON VANCE GROWTH TRUST Eaton Vance Growth Trust

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)

July 31

Date of Fiscal Year End

October 31, 2012

Date of Reporting Period

Item 1. Schedule of Investments

Eaton Vance Hexavest Emerging Markets Equity Fund

Eaton Vance Hexavest Global Equity Fund

Eaton Vance Hexavest International Equity Fund

Eaton Vance Hexavest U.S. Equity Fund

Eaton Vance

Hexavest Emerging Markets Equity Fund

October 31, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 81.8%


Security	Shares		Value
Brazil — 13.3%
Banco Bradesco SA ADR, PFC Shares		5,103	$	79,913
Banco Do Brasil SA ADR		2,987		32,439
BRF-Brasil Foods SA ADR		3,505		64,212
Centrais Eletricas Brasileiras SA ADR		2,105		16,840
Cia de Bebidas das Americas ADR, PFC Shares		2,350		95,856
Cia de Saneamento de Minas Gerais SA ADR		2,948		35,346
Cia Paranaense de Energia ADR		1,180		17,417
Cia Siderurgica Nacional SA ADR		3,337		18,153
Itau Unibanco Holding SA ADR, PFC Shares		6,334		92,350
Petroleo Brasileiro SA ADR		5,424		111,355
Telefonica Brasil SA ADR		2,677		58,948
Vale SA ADR, PFC Shares		3,400		60,486

			$	683,315

China — 20.7%
Agricultural Bank of China, Ltd., Class H		47,000	$	20,190
Bank of China, Ltd., Class H		128,000		52,439
Belle International Holdings, Ltd.		22,000		40,684
China Construction Bank Corp., Class H		102,000		76,597
China Life Insurance Co., Ltd., Class H		6,000		17,643
China Merchants Bank Co., Ltd., Class H		13,000		24,154
China Mobile, Ltd.		16,000		177,365
China Petroleum & Chemical Corp., Class H		60,000		63,310
China Resources Enterprise, Ltd.		8,000		26,074
China Shenhua Energy Co., Ltd., Class H		11,000		46,609
China Telecom Corp., Ltd., Class H		90,000		53,133
China Unicom (Hong Kong), Ltd.		36,000		58,220
Citic Pacific, Ltd.		16,000		20,320
CNOOC, Ltd.		27,000		55,496
Guangdong Investment, Ltd.		28,000		22,892
Hengan International Group Co., Ltd.		6,000		54,634
Industrial & Commercial Bank of China, Ltd., Class H		118,000		77,703
Ping An Insurance (Group) Co. of China, Ltd., Class H		3,500		27,543
Tencent Holdings, Ltd.		2,000		70,503
Tingyi (Cayman Islands) Holding Corp.		8,000		23,752
Want Want China Holdings, Ltd.		31,000		42,204
Zhejiang Expressway Co., Ltd., Class H		20,000		14,573

			$	1,066,038

Hungary — 0.5%
Richter Gedeon Rt.		133	$	24,763

			$	24,763

India — 1.2%
Infosys, Ltd. ADR		1,377	$	59,789

			$	59,789


Security	Shares		Value
Indonesia — 0.5%
Telekomunikasi Indonesia Tbk PT ADR		679	$	27,601

			$	27,601

Malaysia — 2.7%
Genting Bhd ADR		5,194	$	75,391
Tenaga Nasional Bhd ADR		6,875		62,746

			$	138,137

Mexico — 4.9%
America Movil SAB de CV, Series L		105,600	$	133,956
Fomento Economico Mexicano SAB de CV, Series UBD		4,500		40,518
Grupo Televisa SAB, Series CPO		14,400		65,358
Wal-Mart de Mexico SAB de CV, Series V		4,800		14,124

			$	253,956

Poland — 1.6%
Polska Grupa Energetyczna SA		8,160	$	44,276
Powszechna Kasa Oszczednosci Bank Polski SA		3,535		39,516

			$	83,792

Russia — 4.5%
Federal Hydrogenerating Co. JSC ADR		2,360	$	5,602
LUKOIL OAO GDR		1,084		65,257
Mobile TeleSystems ADR		1,606		27,527
OAO Gazprom ADR		10,885		99,489
Rosneft Oil Co. GDR⁽¹⁾⁽²⁾		4,290		31,746

			$	229,621

South Africa — 8.0%
AngloGold Ashanti, Ltd.		842	$	28,447
Bidvest Group, Ltd.		1,229		29,335
FirstRand, Ltd.		8,540		28,384
Gold Fields, Ltd.		2,055		25,531
Harmony Gold Mining Co., Ltd.		1,520		12,453
MTN Group, Ltd.		5,496		99,310
Naspers, Ltd., Class N		765		49,676
Remgro, Ltd.		2,970		50,879
Sasol, Ltd.		1,230		52,398
Standard Bank Group, Ltd.		2,948		36,402

			$	412,815

South Korea — 12.4%
E-Mart Co., Ltd.		210	$	45,518
Hyundai Motor Co. GDR⁽²⁾		2,495		76,846
KB Financial Group, Inc. ADR		1,713		58,328
Korea Electric Power Corp. ADR⁽¹⁾		5,931		76,451
KT&G Corp.		1,191		90,630
LG Display Co., Ltd. ADR⁽¹⁾		2,104		31,223
POSCO ADR		694		54,396
Samsung Electronics Co., Ltd. GDR⁽²⁾		221		133,263
Shinhan Financial Group Co., Ltd. ADR		2,074		70,972

			$	637,627

Taiwan — 9.2%
AU Optronics Corp. ADR⁽¹⁾		10,356	$	39,146
Cathay Financial Holding Co., Ltd. GDR⁽³⁾		9,523		95,678
Chunghwa Telecom Co., Ltd. ADR		2,333		72,510
Hon Hai Precision Industry Co., Ltd. GDR⁽²⁾		16,595		100,649
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		10,475		166,552

			$	474,535


Turkey — 2.3%
Turkcell Iletisim Hizmetleri AS ADR⁽¹⁾		3,845	$	58,405
Turkiye Garanti Bankasi AS ADR		11,962		57,418

			$	115,823


Total Common Stocks (identified cost $4,093,612)			$	4,207,812


Exchange-Traded Funds — 9.1%

Security	Shares		Value
Equity Funds — 9.1%
iShares MSCI Malaysia Index Fund		1,919	$	28,747
iShares MSCI South Korea Index Fund		2,533		145,850
iShares S&P India Nifty 50 Index Fund		2,464		58,791
iShares S&P/TSX Global Gold Index Fund		1,468		31,734
Vanguard MSCI Emerging Markets ETF		4,900		203,301

			$	468,423


Total Exchange-Traded Funds (identified cost $460,808)			$	468,423


Short-Term Investments — 6.6%

Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽⁴⁾	$	341	$	341,467


Total Short-Term Investments (identified cost $341,467)			$	341,467


Total Investments — 97.5% (identified cost $4,895,887)			$	5,017,702


Other Assets, Less Liabilities — 2.5%			$	129,263


Net Assets — 100.0%			$	5,146,965

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

PFC Shares	-	Preference Shares

(1)	Non-income producing security.

(2)

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

(3)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. This security may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At October 31, 2012, the aggregate value of this security is $95,678 or 1.9% of the Fund’s net assets.

(4)

Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of October 31, 2012. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended October 31, 2012 was $118.

Currency Concentration of Portfolio


Currency	Percentage of Net Assets			Value
United States Dollar		58.5	%	$	3,008,456
Hong Kong Dollar		20.7			1,066,038
South African Rand		8.0			412,815
Mexican Peso		4.9			253,956
South Korean Won		2.7			136,148
Polish Zloty		1.6			83,792
Other currency, less than 1% each		1.1			56,497

Total Investments		97.5	%	$	5,017,702

Sector Classification of Portfolio


Sector	Percentage of Net Assets			Value
Financials		18.2	%	$	938,548
Telecommunication Services		14.9			766,975
Information Technology		11.7			601,125
Energy		10.2			525,660
Consumer Staples		9.7			497,522
Consumer Discretionary		6.0			307,955
Utilities		5.5			281,570
Materials		3.9			199,466
Industrials		1.2			64,228
Health Care		0.5			24,763
Exchange-Traded Funds		9.1			468,423
Short-Term Investments		6.6			341,467

Total Investments		97.5	%	$	5,017,702

Eaton Vance Hexavest Emerging Markets Equity Fund (the Fund) is a diversified series of Eaton Vance Growth 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’s investment objective is long-term capital appreciation. The Fund commenced operations on August 29, 2012.

Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. 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 Fund’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. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service. 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. 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 Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). Cash Reserves Fund generally values its investment securities utilizing the amortized cost valuation technique in accordance with Rule 2a-7 under the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund may value its investment securities based on available market quotations provided by a third party pricing service.

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.

The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed or offset by another contract with the same broker for the same settlement date and currency. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

A summary of open financial instruments at October 31, 2012 is as follows:

Forward Foreign Currency Exchange Contracts

Sales


Settlement Date	Deliver	In Exchange For	Counterparty	Net Unrealized Appreciation (Depreciation)
12/19/12	Canadian Dollar 10,563	United States Dollar 10,550	State Street Trust Company Canada	$	(15	)
12/19/12	Hong Kong Dollar 291,384	United States Dollar 37,600	State Street Trust Company Canada		(1	)
12/19/12	Mexican Peso 20,950	United States Dollar 1,610	State Street Trust Company Canada		17
12/19/12	New Turkish Lira 54,552	United States Dollar 30,000	State Street Trust Company Canada		(245	)
12/19/12	Polish Zloty 40,553	United States Dollar 12,500	State Street Trust Company Canada		(137	)
12/19/12	South African Rand 758,365	United States Dollar 90,627	State Street Trust Company Canada		3,778
12/28/12	Indian Rupee 10,997,700	United States Dollar 210,000	State Street Trust Company Canada		7,723
12/28/12	Indian Rupee 6,084,960	United States Dollar 112,000	State Street Trust Company Canada		82
12/28/12	Malaysian Ringgit 77,300	United States Dollar 25,000	State Street Trust Company Canada		(274	)
12/28/12	Russian Ruble 1,265,200	United States Dollar 40,000	State Street Trust Company Canada		67
12/28/12	South Korean Won 28,451,800	United States Dollar 26,000	State Street Trust Company Canada		(10	)
12/28/12	South Korean Won 87,000,000	United States Dollar 77,776	State Street Trust Company Canada		(1,758	)
12/28/12	South Korean Won 163,502,000	United States Dollar 145,000	State Street Trust Company Canada		(4,470	)
12/28/12	Yuan Renminbi 953,625	United States Dollar 150,000	State Street Trust Company Canada		(2,097	)

				$	2,660


Purchases
Settlement Date	In Exchange For	Deliver	Counterparty	Net Unrealized Appreciation (Depreciation)
12/28/12	Brazilian Real 96,000	United States Dollar 46,978	State Street Trust Company Canada	$	(50	)
12/28/12	Chilean Peso 2,865,000	United States Dollar 5,906	State Street Trust Company Canada		5
12/28/12	Indian Rupee 46,718,650	United States Dollar 865,000	State Street Trust Company Canada		(5,721	)
12/28/12	Malaysian Ringgit 114,638	United States Dollar 37,500	State Street Trust Company Canada		(18	)
12/28/12	New Taiwan Dollar 877,500	United States Dollar 30,000	State Street Trust Company Canada		43
12/28/12	New Taiwan Dollar 320,320	United States Dollar 11,000	State Street Trust Company Canada		(33	)

				$	(5,774	)

At October 31, 2012, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objective. The Fund enters into forward foreign currency exchange contracts to enhance return.

At October 31, 2012, the aggregate fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and in a liability position and whose primary underlying risk exposure is foreign exchange risk was $11,715 and $14,829, respectively.

The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2012, as determined on a federal income tax basis, were as follows:


Aggregate cost	$	4,895,887

Gross unrealized appreciation	$	226,266
Gross unrealized depreciation		(104,451	)

Net unrealized appreciation	$	121,815

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 October 31, 2012, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	1,201,541	$	1,202,186		$	—	$	2,403,727
Emerging Europe		345,444		108,555			—		453,999
Latin America		937,271		—			—		937,271
Middle East/Africa		—		412,815			—		412,815
Total Common Stocks	$	2,484,256	$	1,723,556	*	$	—	$	4,207,812
Exchange-Traded Funds	$	468,423	$	—		$	—	$	468,423
Short-Term Investments		—		341,467			—		341,467
Total Investments	$	2,952,679	$	2,065,023		$	—	$	5,017,702
Forward Foreign Currency Exchange Contracts	$	—	$	11,715		$	—	$	11,715
Total	$	2,952,679	$	2,076,738		$	—	$	5,029,417

Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(14,829	)	$	—	$	(14,829	)
Total	$	—	$	(14,829	)	$	—	$	(14,829	)

*	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.

Eaton Vance

Hexavest Global Equity Fund

October 31, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 82.8%


Security	Shares		Value
Aerospace & Defense — 1.4%
BAE Systems PLC		4,093	$	20,658
Lockheed Martin Corp.		2,238		209,633
Northrop Grumman Corp.		1,927		132,366

			$	362,657

Air Freight & Logistics — 0.1%
Toll Holdings, Ltd.		2,246	$	10,347
Yamato Holdings Co., Ltd.		1,600		24,374

			$	34,721

Auto Components — 0.3%
Bridgestone Corp.		1,500	$	35,039
Denso Corp.		900		28,257

			$	63,296

Automobiles — 2.0%
Daimler AG		172	$	8,057
Ford Motor Co.		17,411		194,307
General Motors Co.⁽¹⁾		7,012		178,806
Honda Motor Co., Ltd.		500		15,032
Nissan Motor Co., Ltd.		2,600		21,745
Toyota Motor Corp.		1,900		73,258
Volkswagen AG, PFC Shares		87		18,063

			$	509,268

Beverages — 2.6%
Anheuser-Busch InBev NV		364	$	30,442
Asahi Group Holdings, Ltd.		1,700		38,799
Cia de Bebidas das Americas ADR, PFC Shares		455		18,560
Coca-Cola Amatil, Ltd.		2,065		28,810
Coca-Cola Enterprises, Inc.		778		24,460
Diageo PLC		2,602		74,387
Heineken NV		478		29,499
Kirin Holdings Co., Ltd.		4,000		50,213
Molson Coors Brewing Co., Class B		1,026		44,262
PepsiCo, Inc.		3,676		254,526
Pernod-Ricard SA		366		39,417
SABMiller PLC		826		35,450

			$	668,825

Building Products — 0.2%
Asahi Glass Co., Ltd.		2,000	$	13,596
Compagnie de Saint-Gobain		626		22,051
Geberit AG⁽¹⁾		39		8,055

			$	43,702


Security	Shares		Value
Capital Markets — 1.1%
Credit Suisse Group AG⁽¹⁾		1,724	$	40,092
Deutsche Bank AG		320		14,576
Julius Baer Group, Ltd.⁽¹⁾		499		17,316
Man Group PLC		4,282		5,442
Northern Trust Corp.		1,447		69,138
Partners Group Holding AG		46		9,738
State Street Corp.		2,320		103,402
UBS AG⁽¹⁾		1,923		28,852

			$	288,556

Chemicals — 0.5%
Akzo Nobel NV		229	$	12,464
Asahi Kasei Corp.		2,000		11,003
BASF SE		237		19,659
Givaudan SA⁽¹⁾		17		17,005
Shin-Etsu Chemical Co., Ltd.		800		45,170
Syngenta AG		64		24,953

			$	130,254

Commercial Banks — 5.6%
Australia and New Zealand Banking Group, Ltd.		4,291	$	113,202
Banco Bilbao Vizcaya Argentaria SA		3,576		29,881
Banco Bradesco SA ADR, PFC Shares		602		9,427
Banco Santander SA		4,813		36,238
Bank of China, Ltd., Class H		39,000		15,978
Bank of Yokohama, Ltd. (The)		5,000		23,010
Barclays PLC		6,146		22,726
BNP Paribas		338		17,050
Commonwealth Bank of Australia		2,309		138,276
Fifth Third Bancorp		3,092		44,927
HSBC Holdings PLC		11,029		108,738
Industrial & Commercial Bank of China, Ltd., Class H		26,000		17,121
Intesa Sanpaolo SpA		8,263		13,311
Itau Unibanco Holding SA ADR, PFC Shares		679		9,900
KeyCorp		6,684		56,279
Mitsubishi UFJ Financial Group, Inc.		18,500		83,694
Mizuho Financial Group, Inc.		27,900		43,655
National Australia Bank, Ltd.		2,854		76,272
Nordea Bank AB		4,844		44,030
Skandinaviska Enskilda Banken AB, Class A		759		6,298
Standard Chartered PLC		1,492		35,325
Sumitomo Mitsui Financial Group, Inc.		2,600		79,448
Sumitomo Mitsui Trust Holding, Inc.		9,000		27,313
Swedbank AB, Class A		870		16,160
Turkiye Garanti Bankasi A.S. ADR		1,232		5,914
U.S. Bancorp		1,421		47,192
UniCredit SpA⁽¹⁾		2,949		13,044
Wells Fargo & Co.		5,442		183,341
Westpac Banking Corp.		4,721		124,813

			$	1,442,563

Commercial Services & Supplies — 0.1%
Brambles, Ltd.		2,433	$	18,320

			$	18,320


Security	Shares		Value
Communications Equipment — 1.3%
Cisco Systems, Inc.		14,725	$	252,387
Nokia Oyj		1,986		5,339
Research In Motion, Ltd.⁽¹⁾		4,948		39,039
Telefonaktiebolaget LM Ericsson, Class B		3,386		29,997

			$	326,762

Computers & Peripherals — 1.1%
Dell, Inc.		12,120	$	111,867
Hewlett-Packard Co.		10,715		148,403
Toshiba Corp.		7,000		26,010

			$	286,280

Construction & Engineering — 0.2%
Balfour Beatty PLC		2,106	$	10,735
Bouygues SA		257		6,177
Skanska AB, Class B		935		14,647
Vinci SA		659		29,211

			$	60,770

Diversified Financial Services — 0.8%
ING Groep NV⁽¹⁾		2,292	$	20,394
Investor AB, Class B		1,028		22,692
JPMorgan Chase & Co.		3,595		149,840

			$	192,926

Diversified Telecommunication Services — 5.6%
AT&T, Inc.		13,491	$	466,654
Belgacom SA		377		11,022
Bell Aliant, Inc.		8,043		218,399
BT Group PLC		11,779		40,480
Chunghwa Telecom Co., Ltd. ADR		408		12,681
Deutsche Telekom AG		2,142		24,437
France Telecom SA		3,869		43,246
Inmarsat PLC		1,434		13,137
Koninklijke KPN NV		2,504		15,784
Nippon Telegraph & Telephone Corp.		2,700		123,466
Singapore Telecommunications, Ltd.		27,000		71,100
Swisscom AG		118		49,119
Telefonica SA		1,866		24,629
Telenor ASA		2,668		52,474
TeliaSonera AB		7,832		51,489
Telstra Corp., Ltd.		12,387		53,233
Verizon Communications, Inc.		2,740		122,314
Vivendi SA		2,212		45,327

			$	1,438,991

Electric Utilities — 3.5%
American Electric Power Co., Inc.		3,212	$	142,741
Chubu Electric Power Co., Inc.		1,400		14,426
Duke Energy Corp.		1,449		95,185
Edison International		2,148		100,827
Entergy Corp.		1,801		130,716
Exelon Corp.		4,142		148,201
Iberdrola SA		1,435		7,432
Kansai Electric Power Co., Inc. (The)		1,700		13,075
Korea Electric Power Corp. ADR⁽¹⁾		841		10,840
NextEra Energy, Inc.		2,261		158,406
Pinnacle West Capital Corp.		841		44,548
Southern Co. (The)		490		22,952

			$	889,349


Security	Shares		Value
Electrical Equipment — 0.6%
ABB, Ltd.⁽¹⁾		2,877	$	51,959
Alstom SA		401		13,707
Mitsubishi Electric Corp.		4,000		29,899
Nidec Corp.		500		35,582
Schneider Electric SA		272		17,031

			$	148,178

Electronic Equipment, Instruments & Components — 0.3%
Hon Hai Precision Industry Co., Ltd. GDR⁽²⁾		1,720	$	10,432
Hoya Corp.		1,500		30,379
Kyocera Corp.		400		35,183

			$	75,994

Energy Equipment & Services — 1.3%
Baker Hughes, Inc.		2,789	$	117,054
Halliburton Co.		5,065		163,549
Nabors Industries, Ltd.⁽¹⁾		2,851		38,460

			$	319,063

Food & Staples Retailing — 5.8%
Aeon Co., Ltd.		1,300	$	14,178
Carrefour SA		634		15,311
Casino Guichard-Perrachon SA		195		17,022
Delhaize Group SA		271		10,376
FamilyMart Co., Ltd.		900		43,615
J Sainsbury PLC		1,611		9,237
Koninklijke Ahold NV		605		7,704
Kroger Co. (The)		3,848		97,047
Lawson, Inc.		600		44,094
Metro AG		270		7,784
Safeway, Inc.		5,212		85,008
Seven & I Holdings Co., Ltd.		2,500		77,098
Sysco Corp.		2,201		68,385
Tesco PLC		13,859		71,712
Wal-Mart de Mexico SAB de CV, Series V ADR		253		7,451
Wal-Mart Stores, Inc.		5,112		383,502
Walgreen Co.		10,592		373,156
Wesfarmers, Ltd.		1,682		60,635
WM Morrison Supermarkets PLC		4,190		18,142
Woolworths, Ltd.		2,622		79,976

			$	1,491,433

Food Products — 3.1%
Archer-Daniels-Midland Co.		4,220	$	113,265
Danone SA		976		60,031
Dean Foods Co.⁽¹⁾		2,998		50,486
Green Mountain Coffee Roasters, Inc.⁽¹⁾		3,055		73,809
H.J. Heinz Co.		661		38,014
Hormel Foods Corp.		1,208		35,672
Kraft Foods Group, Inc.⁽¹⁾		866		39,386
Mondelez International, Inc., Class A		2,598		68,951
Nestle SA		2,740		173,958
Tyson Foods, Inc., Class A		2,019		33,939
Unilever NV		1,772		65,129
Unilever PLC		1,047		39,057

			$	791,697


Security	Shares		Value
Gas Utilities — 0.4%
Osaka Gas Co., Ltd.		10,000	$	41,215
Tokyo Gas Co., Ltd.		10,000		52,989

			$	94,204

Health Care Equipment & Supplies — 1.6%
Coloplast A/S		42	$	9,212
Covidien PLC		557		30,607
Essilor International SA		248		22,363
Medtronic, Inc.		2,730		113,513
Smith and Nephew PLC		3,623		38,314
Stryker Corp.		1,631		85,791
Zimmer Holdings, Inc.		1,557		99,975

			$	399,775

Health Care Providers & Services — 0.3%
AmerisourceBergen Corp.		1,633	$	64,406

			$	64,406

Hotels, Restaurants & Leisure — 0.4%
Compass Group PLC		3,017	$	33,151
Crown, Ltd.		3,177		32,021
Sodexo		207		15,946
Tabcorp Holdings, Ltd.		4,716		13,888
Tatts Group, Ltd.		5,757		16,720

			$	111,726

Household Durables — 0.0%⁽³⁾
Panasonic Corp.		1,900	$	11,525

			$	11,525

Household Products — 1.9%
Kimberly-Clark Corp.		527	$	43,978
Procter & Gamble Co.		5,337		369,534
Reckitt Benckiser Group PLC		1,364		82,637

			$	496,149

Independent Power Producers & Energy Traders — 0.5%
Calpine Corp.⁽¹⁾		3,153	$	55,493
NRG Energy, Inc.		3,024		65,197

			$	120,690

Industrial Conglomerates — 0.4%
Koninklijke Philips Electronics NV		1,594	$	39,923
Siemens AG		665		67,005

			$	106,928

Insurance — 2.3%
AIA Group, Ltd.		16,800	$	66,142
Allstate Corp. (The)		3,206		128,176
Aviva PLC		2,719		14,561
China Life Insurance Co., Ltd. ADR		210		9,278
MetLife, Inc.		1,601		56,820
Prudential PLC		1,343		18,444
QBE Insurance Group, Ltd.		1,041		14,222
Sampo Oyj		441		13,827
Sony Financial Holdings, Inc.		1,500		26,749
Suncorp Group, Ltd.		3,104		30,235
Tokio Marine Holdings, Inc.		1,700		44,999
Travelers Companies, Inc. (The)		1,813		128,614
Zurich Insurance Group AG⁽¹⁾		126		31,062

			$	583,129


Security	Shares		Value
Machinery — 0.1%
Komatsu, Ltd.		1,500	$	31,432

			$	31,432

Media — 0.5%
British Sky Broadcasting Group PLC		1,976	$	22,615
Eutelsat Communications SA		285		9,126
JCDecaux SA		289		6,118
Lagardere SCA		656		17,960
News Corp., Class B		710		17,379
Pearson PLC		1,049		21,092
Reed Elsevier PLC		2,914		28,544
WPP PLC		1,266		16,364

			$	139,198

Metals & Mining — 7.7%
Allied Nevada Gold Corp.⁽¹⁾		740	$	27,170
Anglo American PLC		249		7,673
AngloGold Ashanti, Ltd. ADR		340		11,553
ArcelorMittal		175		2,587
AuRico Gold, Inc.⁽¹⁾		18,903		157,848
Barrick Gold Corp.		5,563		225,227
BHP Billiton PLC		1,119		35,865
BHP Billiton, Ltd.		1,844		65,288
Centerra Gold, Inc.		1,051		11,923
Eldorado Gold Corp.		3,440		50,838
Goldcorp, Inc.		1,146		51,807
IAMGOLD Corp.		27,569		427,854
Kinross Gold Corp.		50,416		500,753
Newcrest Mining, Ltd.		2,410		66,468
Newmont Mining Corp.		1,628		88,807
Norsk Hydro ASA		1,837		8,270
Osisko Mining Corp.⁽¹⁾		6,325		62,126
Pan American Silver Corp.		2,658		58,310
Rio Tinto PLC		1,007		50,306
SEMAFO, Inc.		9,798		39,241
Xstrata PLC		1,183		18,740

			$	1,968,654

Multi-Utilities — 2.1%
AGL Energy, Ltd.		2,288	$	34,505
Consolidated Edison, Inc.		1,029		62,131
Dominion Resources, Inc.		880		46,446
DTE Energy Co.		821		50,984
E.ON AG		677		15,412
GDF Suez		1,352		31,031
PG&E Corp.		5,109		217,235
Public Service Enterprise Group, Inc.		1,669		53,475
RWE AG		518		23,706

			$	534,925

Office Electronics — 0.2%
Canon, Inc.		1,200	$	39,000
Neopost SA		72		3,947

			$	42,947

Oil, Gas & Consumable Fuels — 4.6%
BG Group PLC		3,081	$	57,205
BP PLC		17,136		122,378
Cairn Energy PLC⁽¹⁾		522		2,366
Canadian Natural Resources, Ltd.		3,157		95,145
Chevron Corp.		1,269		139,856
Exxon Mobil Corp.		4,207		383,552
INPEX Corp.		6		34,181
OAO Gazprom ADR		1,837		16,790


Security	Shares		Value
OMV AG		839	$	30,703
Petroleo Brasileiro SA ADR		489		10,039
Repsol SA		224		4,489
Royal Dutch Shell PLC, Class A		1,149		39,412
Royal Dutch Shell PLC, Class B		2,080		73,575
Statoil ASA		3,267		80,463
Total SA		1,506		75,858
Woodside Petroleum, Ltd.		457		16,295

			$	1,182,307

Paper & Forest Products — 0.2%
Domtar Corp.		770	$	61,408

			$	61,408

Personal Products — 0.6%
Herbalife, Ltd.		751	$	38,564
Kao Corp.		1,900		53,374
L’Oreal SA		384		48,940

			$	140,878

Pharmaceuticals — 12.5%
Abbott Laboratories		4,912	$	321,834
Astellas Pharma, Inc.		1,900		94,501
AstraZeneca PLC		2,278		105,642
Bayer AG		351		30,605
Bristol-Myers Squibb Co.		2,054		68,295
Chugai Pharmaceutical Co., Ltd.		700		14,183
Daiichi Sankyo Co., Ltd.		2,400		36,735
Eli Lilly & Co.		6,907		335,887
GlaxoSmithKline PLC		3,532		79,143
Johnson & Johnson		7,847		555,725
Merck & Co., Inc.		8,805		401,772
Merck KGaA		59		7,546
Mitsubishi Tanabe Pharma Corp.		1,700		24,505
Novartis AG		2,354		141,947
Novo Nordisk A/S, Class B		196		31,422
Pfizer, Inc.		20,099		499,862
Roche Holding AG PC		651		125,399
Sanofi		982		86,247
Santen Pharmaceutical Co., Ltd.		600		26,283
Shire PLC		1,596		44,879
Takeda Pharmaceutical Co., Ltd.		2,200		102,258
Teva Pharmaceutical Industries, Ltd.		1,236		49,862

			$	3,184,532

Professional Services — 0.0%⁽³⁾
Adecco SA⁽¹⁾		236	$	11,444

			$	11,444

Real Estate Investment Trusts (REITs) — 0.9%
Dexus Property Group		25,298	$	25,820
Mirvac Group		27,809		43,388
Stockland		13,501		48,442
Westfield Group		6,621		73,189
Westfield Retail Trust		11,953		38,382

			$	229,221


Security	Shares		Value
Real Estate Management & Development — 0.2%
Cheung Kong (Holdings), Ltd.		3,000	$	44,219

			$	44,219

Road & Rail — 0.6%
Asciano, Ltd.		2,581	$	12,216
Central Japan Railway Co.		300		25,816
East Japan Railway Co.		1,100		75,500
West Japan Railway Co.		1,100		48,024

			$	161,556

Semiconductors & Semiconductor Equipment — 0.3%
Advanced Micro Devices, Inc.⁽¹⁾		20,640	$	42,312
Samsung Electronics Co., Ltd. GDR⁽⁴⁾		19		11,457
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		968		15,391

			$	69,160

Software — 1.9%
Microsoft Corp.		16,024	$	457,245
SAP AG		412		30,044

			$	487,289

Specialty Retail — 0.5%
Best Buy Co., Inc.		4,268	$	64,916
Hennes & Mauritz AB, Class B		1,036		35,127
Kingfisher PLC		2,679		12,543
RadioShack Corp.		1,440		3,226

			$	115,812

Textiles, Apparel & Luxury Goods — 0.5%
Adidas AG		218	$	18,581
Compagnie Financiere Richemont AG, Class A		882		57,240
LVMH Moet Hennessy Louis Vuitton SA		361		58,692

			$	134,513

Tobacco — 1.3%
British American Tobacco PLC		1,308	$	64,876
Imperial Tobacco Group PLC		727		27,495
Japan Tobacco, Inc.		2,700		74,661
Reynolds American, Inc.		3,657		152,277

			$	319,309

Trading Companies & Distributors — 0.5%
ITOCHU Corp.		1,500	$	15,014
Mitsubishi Corp.		2,300		41,062
Mitsui & Co., Ltd.		2,800		39,467
Sumitomo Corp.		3,200		43,625

			$	139,168

Wireless Telecommunication Services — 2.3%
America Movil SAB de CV, Series L ADR		325	$	8,219
China Mobile, Ltd. ADR		386		21,381
KDDI Corp.		1,100		85,448
MTN Group, Ltd. ADR		996		18,197
NTT DoCoMo, Inc.		66		95,636
SoftBank Corp.		2,100		66,323
Sprint Nextel Corp.⁽¹⁾		33,695		186,670
Vodafone Group PLC		42,816		116,272

			$	598,146


Total Common Stocks (identified cost $20,913,838)			$	21,168,255


Exchange-Traded Funds — 8.2%

Security	Shares		Value
Equity Funds — 8.2%
iShares Core S&P 500 ETF		2,618	$	370,395
iShares FTSE China 25 Index Fund		246		9,045
iShares MSCI Australia Index Fund		2,173		53,412
iShares MSCI Japan Index Fund		15,019		135,922
iShares MSCI Malaysia Index Fund		1,210		18,126
iShares MSCI South Korea Index Fund		691		39,788
iShares MSCI Switzerland Index Fund		2,085		52,521
iShares MSCI United Kingdom Index Fund		3,246		56,740
iShares S&P India Nifty 50 Index Fund		361		8,614
iShares S&P Latin America 40 Index Fund		124		5,240
iShares S&P/TSX Global Gold Index Fund		8,831		190,900
Market Vectors Gold Miners ETF		10,254		541,924
SPDR S&P 500 ETF Trust		3,778		533,378
Vanguard MSCI Emerging Markets ETF		2,130		88,374


Total Exchange-Traded Funds (identified cost $2,037,885)			$	2,104,379


Rights — 0.0%⁽³⁾

Security	Shares		Value
Banco Santander SA, Exp. 11/16/12⁽¹⁾		4,813	$	948


Total Rights (identified cost $942)			$	948


Short-Term Investments — 8.0%

Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽⁵⁾	$	2,029	$	2,029,016


Total Short-Term Investments (identified cost $2,029,016)			$	2,029,016


Total Investments — 99.0% (identified cost $24,981,681)			$	25,302,598


Other Assets, Less Liabilities — 1.0%			$	261,586


Net Assets — 100.0%			$	25,564,184

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

PC	-	Participation Certificate

PFC Shares	-	Preference Shares

(1)	Non-income producing security.

(2)

(3)	Amount is less than 0.05%.

(4)

(5)

Country Concentration of Portfolio


Country	Percentage of Net Assets			Value
United States		42.5	%	$	10,867,428
Japan		9.2			2,345,116
Canada		7.6			1,938,510
United Kingdom		6.4			1,639,318
Australia		4.8			1,234,963
Switzerland		3.1			788,139
France		2.7			701,809
Germany		1.1			285,475
Other (less than 1.0% each)		5.4			1,368,445

Total Common Stocks and Rights		82.8	%	$	21,169,203
Exchange-Traded Funds		8.2			2,104,379
Short-Term Investments		8.0			2,029,016

Total Investments		99.0	%	$	25,302,598

Eaton Vance Hexavest Global Equity Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is long-term capital appreciation. The Fund commenced operations on August 29, 2012.

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.

A summary of open financial instruments at October 31, 2012 is as follows:

Forward Foreign Currency Exchange Contracts

Sales


Settlement Date	Deliver	In Exchange For	Counterparty	Net Unrealized Appreciation (Depreciation)
12/19/12	Australian Dollar 260,756	United States Dollar 270,219	State Street Trust Company Canada	$	566
12/19/12	Australian Dollar 155,000	United States Dollar 160,076	State Street Trust Company Canada		(213	)
12/19/12	Canadian Dollar 2,224,560	United States Dollar 2,262,440	State Street Trust Company Canada		37,319
12/19/12	Hong Kong Dollar 820,068	United States Dollar 105,789	State Street Trust Company Canada		(34	)
12/19/12	Japanese Yen 34,841,778	United States Dollar 443,651	State Street Trust Company Canada		6,997
12/19/12	Norwegian Krone 238,000	United States Dollar 41,479	State Street Trust Company Canada		(195	)

				$	44,440


Purchases
Settlement Date	In Exchange For	Deliver	Counterparty	Net Unrealized Appreciation (Depreciation)
11/2/12	Japanese Yen 3,236,180	United States Dollar 40,523	State Street Trust Company Canada	$	15
12/19/12	British Pound Sterling 454,623	United States Dollar 720,000	State Street Trust Company Canada		13,539
12/19/12	Euro 202,028	United States Dollar 264,009	State Street Trust Company Canada		(2,027	)
12/19/12	Swiss Franc 50,760	United States Dollar 54,781	State Street Trust Company Canada		(236	)

				$	11,291

At October 31, 2012, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objective. The Fund enters into forward foreign currency exchange contracts to enhance return.

The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2012, as determined on a federal income tax basis, were as follows:


Aggregate cost	$	24,981,681

Gross unrealized appreciation	$	810,957
Gross unrealized depreciation		(490,040	)

Net unrealized appreciation	$	320,917

•

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)

At October 31, 2012, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Consumer Discretionary	$	441,255	$	644,083		$	—	$	1,085,338
Consumer Staples		2,414,232		1,494,059			—		3,908,291
Energy		964,445		536,925			—		1,501,370
Financials		1,002,248		1,778,366			—		2,780,614
Health Care		2,577,667		1,071,046			—		3,648,713
Industrials		341,999		776,877			—		1,118,876
Information Technology		1,088,533		199,899			—		1,288,432
Materials		1,774,865		385,451			—		2,160,316
Telecommunication Services		1,054,515		982,622			—		2,037,137
Utilities		1,405,377		233,791			—		1,639,168
Total Common Stocks	$	13,065,136	$	8,103,119	*	$	—	$	21,168,255
Exchange-Traded Funds	$	2,104,379	$	—		$	—	$	2,104,379
Rights		948		—			—		948
Short-Term Investments		—		2,029,016			—		2,029,016
Total Investments	$	15,170,463	$	10,132,135		$	—	$	25,302,598
Forward Foreign Currency Exchange Contracts	$	—	$	58,436		$	—	$	58,436
Total	$	15,170,463	$	10,190,571		$	—	$	25,361,034

Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(2,705	)	$	—	$	(2,705	)
Total	$	—	$	(2,705	)	$	—	$	(2,705	)

*	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.

Eaton Vance

Hexavest International Equity Fund

October 31, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 84.9%


Security	Shares		Value
Aerospace & Defense — 0.3%
BAE Systems PLC		2,554	$	12,891

			$	12,891

Air Freight & Logistics — 0.3%
Toll Holdings, Ltd.		1,148	$	5,289
Yamato Holdings Co., Ltd.		600		9,140

			$	14,429

Auto Components — 0.5%
Bridgestone Corp.		600	$	14,015
Denso Corp.		400		12,559

			$	26,574

Automobiles — 1.0%
Daimler AG		48	$	2,249
Honda Motor Co., Ltd.		200		6,013
Nissan Motor Co., Ltd.		1,000		8,363
Toyota Motor Corp.		700		26,990
Volkswagen AG, PFC Shares		26		5,398

			$	49,013

Beverages — 3.4%
Anheuser-Busch InBev NV		226	$	18,901
Asahi Group Holdings, Ltd.		700		15,976
Cia de Bebidas das Americas ADR, PFC Shares		83		3,386
Coca-Cola Amatil, Ltd.		839		11,706
Diageo PLC		1,619		46,285
Heineken NV		298		18,390
Kirin Holdings Co., Ltd.		1,000		12,553
Pernod-Ricard SA		259		27,893
SABMiller PLC		445		19,098

			$	174,188

Building Products — 0.5%
Asahi Glass Co., Ltd.		1,000	$	6,798
Compagnie de Saint-Gobain		452		15,922
Geberit AG ⁽¹⁾		17		3,511

			$	26,231

Capital Markets — 1.3%
Credit Suisse Group AG⁽¹⁾		996	$	23,162
Deutsche Bank AG		198		9,019
Julius Baer Group, Ltd.⁽¹⁾		294		10,202
Man Group PLC		2,032		2,582
Partners Group Holding AG		27		5,716
UBS AG⁽¹⁾		956		14,344

			$	65,025


Security	Shares		Value
Chemicals — 1.3%
Akzo Nobel NV		178	$	9,688
Asahi Kasei Corp.		1,000		5,501
BASF SE		147		12,194
Givaudan SA⁽¹⁾		8		8,003
Shin-Etsu Chemical Co., Ltd.		300		16,939
Syngenta AG		34		13,256

			$	65,581

Commercial Banks — 9.7%
Australia and New Zealand Banking Group, Ltd.		1,558	$	41,102
Banco Bilbao Vizcaya Argentaria SA		2,478		20,707
Banco Bradesco SA ADR, PFC Shares		110		1,723
Banco Santander SA		3,410		25,675
Bank of China, Ltd., Class H		7,000		2,868
Bank of Yokohama, Ltd. (The)		2,000		9,204
Barclays PLC		3,460		12,794
BNP Paribas		213		10,745
Commonwealth Bank of Australia		835		50,004
HSBC Holdings PLC		6,890		67,930
Industrial & Commercial Bank of China, Ltd., Class H		5,000		3,293
Intesa Sanpaolo SpA		6,552		10,555
Itau Unibanco Holding SA ADR, PFC Shares		124		1,808
Mitsubishi UFJ Financial Group, Inc.		7,200		32,573
Mizuho Financial Group, Inc.		11,200		17,524
National Australia Bank, Ltd.		1,114		29,771
Nordea Bank AB		2,692		24,469
Skandinaviska Enskilda Banken AB, Class A		330		2,738
Standard Chartered PLC		813		19,249
Sumitomo Mitsui Financial Group, Inc.		1,000		30,557
Sumitomo Mitsui Trust Holding, Inc.		4,000		12,139
Swedbank AB, Class A		508		9,436
Turkiye Garanti Bankasi A.S. ADR		226		1,085
UniCredit SpA⁽¹⁾		2,392		10,580
Westpac Banking Corp.		1,712		45,262

			$	493,791

Commercial Services & Supplies — 0.2%
Brambles, Ltd.		1,240	$	9,337

			$	9,337

Communications Equipment — 0.4%
Nokia Oyj		2,086	$	5,608
Telefonaktiebolaget LM Ericsson, Class B		1,858		16,460

			$	22,068

Computers & Peripherals — 0.2%
Toshiba Corp.		3,000	$	11,147

			$	11,147

Construction & Engineering — 0.8%
Balfour Beatty PLC		1,049	$	5,347
Bouygues SA		227		5,456
Skanska AB, Class B		598		9,368
Vinci SA		410		18,173

			$	38,344


Security	Shares		Value
Diversified Financial Services — 0.5%
ING Groep NV⁽¹⁾		1,425	$	12,680
Investor AB, Class B		639		14,105

			$	26,785

Diversified Telecommunication Services — 6.6%
Belgacom SA		296	$	8,654
BT Group PLC		7,370		25,328
Chunghwa Telecom Co., Ltd. ADR		75		2,331
Deutsche Telekom AG		1,332		15,196
France Telecom SA		2,407		26,904
Inmarsat PLC		840		7,695
Koninklijke KPN NV		1,918		12,090
Nippon Telegraph & Telephone Corp.		1,100		50,301
Singapore Telecommunications, Ltd.		11,000		28,967
Swisscom AG		65		27,057
Telefonica SA		1,411		18,623
Telenor ASA		1,456		28,637
TeliaSonera AB		4,302		28,282
Telstra Corp., Ltd.		5,017		21,561
Vivendi SA		1,748		35,819

			$	337,445

Electric Utilities — 0.4%
Chubu Electric Power Co., Inc.		700	$	7,213
Iberdrola SA		895		4,635
Kansai Electric Power Co., Inc. (The)		800		6,153
Korea Electric Power Corp. ADR⁽¹⁾		154		1,985

			$	19,986

Electrical Equipment — 1.5%
ABB, Ltd.⁽¹⁾		1,789	$	32,309
Alstom SA		303		10,357
Mitsubishi Electric Corp.		1,000		7,475
Nidec Corp.		200		14,233
Schneider Electric SA		208		13,024

			$	77,398

Electronic Equipment, Instruments & Components — 0.6%
Hon Hai Precision Industry Co., Ltd. GDR⁽²⁾		315	$	1,910
Hoya Corp.		600		12,152
Kyocera Corp.		200		17,592

			$	31,654

Food & Staples Retailing — 4.3%
Aeon Co., Ltd.		700	$	7,634
Carrefour SA		485		11,713
Casino Guichard-Perrachon SA		120		10,475
Delhaize Group SA		205		7,849
FamilyMart Co., Ltd.		300		14,538
J Sainsbury PLC		849		4,868
Koninklijke Ahold NV		377		4,801
Lawson, Inc.		200		14,698
Metro AG		167		4,814
Seven & I Holdings Co., Ltd.		1,000		30,839
Tesco PLC		7,579		39,217
Wal-Mart de Mexico SAB de CV, Series V ADR		46		1,355
Wesfarmers, Ltd.		665		23,973
WM Morrison Supermarkets PLC		2,271		9,833
Woolworths, Ltd.		1,137		34,681

			$	221,288


Security	Shares		Value
Food Products — 4.3%
Danone SA		607	$	37,335
Nestle SA		1,750		111,105
Unilever NV		1,303		47,891
Unilever PLC		574		21,412

			$	217,743

Gas Utilities — 0.7%
Osaka Gas Co., Ltd.		4,000	$	16,486
Tokyo Gas Co., Ltd.		4,000		21,196

			$	37,682

Health Care Equipment & Supplies — 0.8%
Coloplast A/S		25	$	5,484
Essilor International SA		165		14,878
Smith and Nephew PLC		1,978		20,918

			$	41,280

Hotels, Restaurants & Leisure — 1.1%
Compass Group PLC		1,644	$	18,064
Crown, Ltd.		1,132		11,409
Sodexo		146		11,247
Tabcorp Holdings, Ltd.		2,537		7,471
Tatts Group, Ltd.		3,090		8,975

			$	57,166

Household Durables — 0.1%
Panasonic Corp.		1,000	$	6,066

			$	6,066

Household Products — 0.9%
Reckitt Benckiser Group PLC		766	$	46,407

			$	46,407

Industrial Conglomerates — 1.1%
Koninklijke Philips Electronics NV		1,228	$	30,757
Siemens AG		222		22,368

			$	53,125

Insurance — 2.4%
AIA Group, Ltd.		6,600	$	25,984
Aviva PLC		1,678		8,986
China Life Insurance Co., Ltd. ADR		38		1,679
Prudential PLC		895		12,292
QBE Insurance Group, Ltd.		517		7,063
Sampo Oyj		353		11,068
Sony Financial Holdings, Inc.		600		10,700
Suncorp Group, Ltd.		1,126		10,968
Tokio Marine Holdings, Inc.		700		18,529
Zurich Insurance Group AG⁽¹⁾		66		16,270

			$	123,539

Machinery — 0.3%
Komatsu, Ltd.		600	$	12,573

			$	12,573


Security	Shares		Value
Media — 1.6%
British Sky Broadcasting Group PLC		1,103	$	12,623
Eutelsat Communications SA		199		6,372
JCDecaux SA		177		3,747
Lagardere SCA		496		13,580
News Corp., Class B		374		9,155
Pearson PLC		569		11,441
Reed Elsevier PLC		1,722		16,867
WPP PLC		753		9,733

			$	83,518

Metals & Mining — 6.0%
Anglo American PLC		155	$	4,776
AngloGold Ashanti, Ltd. ADR		62		2,107
ArcelorMittal		106		1,567
AuRico Gold, Inc.⁽¹⁾		1,822		15,215
Barrick Gold Corp.		635		25,680
BHP Billiton PLC		611		19,583
BHP Billiton, Ltd.		719		25,457
Centerra Gold, Inc.		234		2,655
Eldorado Gold Corp.		1,005		14,852
Goldcorp, Inc.		524		23,688
IAMGOLD Corp.		1,951		30,305
Kinross Gold Corp.		3,404		33,810
Newcrest Mining, Ltd.		975		26,890
Newmont Mining Corp.		162		8,837
Norsk Hydro ASA		871		3,921
Pan American Silver Corp.		594		13,031
Rio Tinto PLC		589		29,424
SEMAFO, Inc.		1,431		5,731
Xstrata PLC		684		10,835
Yamana Gold, Inc.		246		4,968

			$	303,332

Multi-Utilities — 1.0%
AGL Energy, Ltd.		889	$	13,407
E.ON AG		420		9,561
GDF Suez		840		19,280
RWE AG		158		7,231

			$	49,479

Office Electronics — 0.4%
Canon, Inc.		500	$	16,250
Neopost SA		59		3,234

			$	19,484

Oil, Gas & Consumable Fuels — 6.0%
BG Group PLC		1,916	$	35,574
BP PLC		10,545		75,308
Cairn Energy PLC⁽¹⁾		253		1,147
OAO Gazprom ADR		337		3,080
OMV AG		522		19,103
Petroleo Brasileiro SA ADR		89		1,827
Repsol SA		136		2,725
Royal Dutch Shell PLC, Class A		686		23,530
Royal Dutch Shell PLC, Class B		1,144		40,466
Statoil ASA		1,830		45,071
Total SA		937		47,197
Woodside Petroleum, Ltd.		236		8,415

			$	303,443


Security	Shares		Value
Personal Products — 1.2%
Kao Corp.		800	$	22,473
L’Oreal SA		288		36,705

			$	59,178

Pharmaceuticals — 11.5%
Astellas Pharma, Inc.		800	$	39,790
AstraZeneca PLC		1,416		65,667
Bayer AG		218		19,008
Chugai Pharmaceutical Co., Ltd.		400		8,104
Daiichi Sankyo Co., Ltd.		1,000		15,306
GlaxoSmithKline PLC		2,196		49,207
Merck KGaA		36		4,605
Mitsubishi Tanabe Pharma Corp.		700		10,090
Novartis AG		1,470		88,642
Novo Nordisk A/S, Class B		121		19,398
Roche Holding AG PC		402		77,435
Sanofi		937		82,294
Santen Pharmaceutical Co., Ltd.		300		13,142
Shire PLC		910		25,589
Takeda Pharmaceutical Co., Ltd.		900		41,833
Teva Pharmaceutical Industries, Ltd.		675		27,230

			$	587,340

Professional Services — 0.1%
Adecco SA⁽¹⁾		147	$	7,128

			$	7,128

Real Estate Investment Trusts (REITs) — 1.8%
Dexus Property Group		10,292	$	10,504
Mirvac Group		11,692		18,242
Stockland		5,321		19,092
Westfield Group		2,752		30,421
Westfield Retail Trust		4,261		13,682

			$	91,941

Real Estate Management & Development — 0.3%
Cheung Kong (Holdings), Ltd.		1,000	$	14,740

			$	14,740

Road & Rail — 1.2%
Asciano, Ltd.		1,291	$	6,110
East Japan Railway Co.		500		34,319
West Japan Railway Co.		500		21,829

			$	62,258

Semiconductors & Semiconductor Equipment — 0.1%
Samsung Electronics Co., Ltd. GDR⁽³⁾		3	$	1,809
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		177		2,814

			$	4,623

Software — 0.2%
SAP AG		136	$	9,918

			$	9,918

Specialty Retail — 0.5%
Hennes & Mauritz AB, Class B		566	$	19,191
Kingfisher PLC		1,522		7,126

			$	26,317


Security	Shares		Value
Textiles, Apparel & Luxury Goods — 1.6%
Adidas AG		135	$	11,507
Compagnie Financiere Richemont AG, Class A		534		34,656
LVMH Moet Hennessy Louis Vuitton SA		224		36,418

			$	82,581

Tobacco — 1.7%
British American Tobacco PLC		796	$	39,481
Imperial Tobacco Group PLC		430		16,262
Japan Tobacco, Inc.		1,100		30,418

			$	86,161

Trading Companies & Distributors — 1.1%
ITOCHU Corp.		700	$	7,007
Mitsubishi Corp.		900		16,068
Mitsui & Co., Ltd.		1,200		16,914
Sumitomo Corp.		1,300		17,722

			$	57,711

Wireless Telecommunication Services — 3.1%
America Movil SAB de CV, Series L ADR		59	$	1,492
China Mobile, Ltd. ADR		70		3,877
KDDI Corp.		200		15,536
MTN Group, Ltd. ADR		182		3,325
NTT DoCoMo, Inc.		24		34,777
SoftBank Corp.		800		25,266
Vodafone Group PLC		27,276		74,072

			$	158,345


Total Common Stocks (identified cost $4,291,417)			$	4,326,253


Exchange-Traded Funds — 8.1%

Security	Shares		Value
Equity Funds — 8.1%
iShares FTSE China 25 Index Fund		45	$	1,654
iShares MSCI Australia Index Fund		1,100		27,038
iShares MSCI Japan Index Fund		8,034		72,708
iShares MSCI Malaysia Index Fund		222		3,325
iShares MSCI South Korea Index Fund		126		7,255
iShares MSCI Switzerland Index Fund		1,400		35,266
iShares MSCI United Kingdom Index Fund		4,100		71,668
iShares S&P India Nifty 50 Index Fund		66		1,575
iShares S&P Latin America 40 Index Fund		22		930
Market Vectors Gold Miners ETF		3,302		174,511
Vanguard MSCI Emerging Markets ETF		390		16,181


Total Exchange-Traded Funds (identified cost $390,609)			$	412,111


Rights — 0.0%⁽⁴⁾

Security	Shares		Value
Banco Santander SA, Exp. 11/16/12⁽¹⁾		3,410	$	672


Total Rights (identified cost $667)			$	672


Short-Term Investments — 4.6%

Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽⁵⁾	$	234	$	234,189


Total Short-Term Investments (identified cost $234,189)			$	234,189


Total Investments — 97.6% (identified cost $4,916,882)			$	4,973,225


Other Assets, Less Liabilities — 2.4%			$	124,443


Net Assets — 100.0%			$	5,097,668

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

PC	-	Participation Certificate

PFC Shares	-	Preference Shares

(1)	Non-income producing security.

(2)

(3)

(4)	Amount is less than 0.05%.

(5)

Country Concentration of Portfolio


Country	Percentage of Net Assets			Value
United Kingdom		19.0	%	$	969,907
Japan		17.7			903,213
France		9.8			498,768
Australia		9.6			490,792
Switzerland		9.3			472,796
Canada		3.3			169,935
Netherlands		2.7			136,297
Germany		2.6			133,068
Sweden		2.4			124,049


Country	Percentage of Net Assets			Value
Norway		1.5	%	$	77,629
Spain		1.4			73,037
Other (less than 1.0% each)		5.6			277,434

Total Common Stocks and Rights		84.9	%	$	4,326,925
Exchange-Traded Funds		8.1			412,111
Short-Term Investments		4.6			234,189

Total Investments		97.6	%	$	4,973,225

Eaton Vance Hexavest International Equity Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is long-term capital appreciation. The Fund commenced operations on August 29, 2012.

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.

A summary of open financial instruments at October 31, 2012 is as follows:

Forward Foreign Currency Exchange Contracts

Sales


Settlement Date	Deliver	In Exchange For	Counterparty	Net Unrealized Appreciation (Depreciation)
12/19/12	Australian Dollar 341,038	United States Dollar 350,000	State Street Trust Company Canada	$	(2,674	)
12/19/12	Canadian Dollar 258,348	United States Dollar 264,329	State Street Trust Company Canada		5,916
12/19/12	Euro 106,174	United States Dollar 133,282	State Street Trust Company Canada		(4,399	)
12/19/12	Norwegian Krone 188,000	United States Dollar 32,618	State Street Trust Company Canada		(301	)
12/19/12	Swiss Franc 60,538	United States Dollar 65,009	State Street Trust Company Canada		(43	)

				$	(1,501	)


Purchases
Settlement Date	In Exchange For	Deliver	Counterparty	Net Unrealized Appreciation (Depreciation)
11/2/12	Japanese Yen 1,243,610	United States Dollar 15,572	State Street Trust Company Canada	$	6
12/19/12	British Pound Sterling 84,756	United States Dollar 134,230	State Street Trust Company Canada		2,524
12/19/12	Hong Kong Dollar 4,884,359	United States Dollar 630,000	State Street Trust Company Canada		290
12/19/12	Japanese Yen 3,408,893	United States Dollar 43,202	State Street Trust Company Canada		(480	)
12/19/12	Swedish Krona 144,077	United States Dollar 21,554	State Street Trust Company Canada		138

				$	2,478

At October 31, 2012, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objective. The Fund enters into forward foreign currency exchange contracts to enhance return.

The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2012, as determined on a federal income tax basis, were as follows:


Aggregate cost	$	4,916,882

Gross unrealized appreciation	$	153,648
Gross unrealized depreciation		(97,305	)

Net unrealized appreciation	$	56,343

•

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)

At October 31, 2012, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Consumer Discretionary	$	—	$	331,235		$	—	$	331,235
Consumer Staples		4,741		800,224			—		804,965
Energy		4,907		298,536			—		303,443
Financials		6,295		809,526			—		815,821
Health Care		—		628,620			—		628,620
Industrials		—		371,425			—		371,425
Information Technology		6,533		92,361			—		98,894
Materials		180,879		188,034			—		368,913
Telecommunication Services		11,025		484,765			—		495,790
Utilities		1,985		105,162			—		107,147
Total Common Stocks	$	216,365	$	4,109,888	*	$	—	$	4,326,253
Exchange-Traded Funds	$	412,111	$	—		$	—	$	412,111
Rights		672		—			—		672
Short-Term Investments		—		234,189			—		234,189
Total Investments	$	629,148	$	4,344,077		$	—	$	4,973,225
Forward Foreign Currency Exchange Contracts	$	—	$	8,874		$	—	$	8,874
Total	$	629,148	$	4,352,951		$	—	$	4,982,099

Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(7,897	)	$	—	$	(7,897	)
Total	$	—	$	(7,897	)	$	—	$	(7,897	)

*	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.

Eaton Vance

Hexavest U.S. Equity Fund

October 31, 2012

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 89.6%


Security	Shares		Value
Aerospace & Defense — 2.6%
Lockheed Martin Corp.		157	$	14,706
Northrop Grumman Corp.		164		11,265

			$	25,971

Automobiles — 2.8%
Ford Motor Co.		1,375	$	15,345
General Motors Co.⁽¹⁾		524		13,362

			$	28,707

Beverages — 2.0%
Coca-Cola Enterprises, Inc.		48	$	1,509
Molson Coors Brewing Co., Class B		58		2,502
PepsiCo, Inc.		233		16,133

			$	20,144

Capital Markets — 1.3%
Northern Trust Corp.		110	$	5,256
State Street Corp.		177		7,889

			$	13,145

Commercial Banks — 2.3%
Fifth Third Bancorp		224	$	3,255
KeyCorp		489		4,117
U.S. Bancorp		109		3,620
Wells Fargo & Co.		353		11,893

			$	22,885

Communications Equipment — 2.3%
Cisco Systems, Inc.		1,355	$	23,225

			$	23,225

Computers & Peripherals — 3.0%
Dell, Inc.		1,545	$	14,260
Hewlett-Packard Co.		1,202		16,648

			$	30,908

Diversified Financial Services — 0.7%
JPMorgan Chase & Co.		173	$	7,211

			$	7,211

Diversified Telecommunication Services — 4.6%
AT&T, Inc.		1,083	$	37,461
Verizon Communications, Inc.		215		9,598

			$	47,059

Electric Utilities — 6.8%
American Electric Power Co., Inc.		286	$	12,710
Duke Energy Corp.		116		7,620


Security	Shares		Value
Edison International		203	$	9,529
Entergy Corp.		134		9,725
Exelon Corp.		337		12,058
NextEra Energy, Inc.		169		11,840
Pinnacle West Capital Corp.		73		3,867
Southern Co. (The)		30		1,405

			$	68,754

Energy Equipment & Services — 2.1%
Baker Hughes, Inc.		191	$	8,016
Halliburton Co.		346		11,172
Nabors Industries, Ltd.⁽¹⁾		171		2,307

			$	21,495

Food & Staples Retailing — 7.8%
Kroger Co. (The)		290	$	7,314
Safeway, Inc.		417		6,801
Sysco Corp.		166		5,158
Wal-Mart Stores, Inc.		452		33,909
Walgreen Co.		753		26,528

			$	79,710

Food Products — 2.6%
Archer-Daniels-Midland Co.		321	$	8,616
Dean Foods Co.⁽¹⁾		197		3,318
Green Mountain Coffee Roasters, Inc.⁽¹⁾		228		5,509
H.J. Heinz Co.		44		2,530
Hormel Foods Corp.		70		2,067
Kraft Foods Group, Inc.⁽¹⁾		20		910
Mondelez International, Inc., Class A		60		1,592
Tyson Foods, Inc., Class A		119		2,000

			$	26,542

Health Care Equipment & Supplies — 2.5%
Covidien PLC		35	$	1,923
Medtronic, Inc.		210		8,732
Stryker Corp.		125		6,575
Zimmer Holdings, Inc.		119		7,641

			$	24,871

Health Care Providers & Services — 0.5%
AmerisourceBergen Corp.		123	$	4,851

			$	4,851


Household Products — 3.1%
Kimberly-Clark Corp.	36	$	3,004
Procter & Gamble Co.	409		28,319

		$	31,323

Independent Power Producers & Energy Traders — 0.8%
Calpine Corp.⁽¹⁾	220	$	3,872
NRG Energy, Inc.	212		4,571

		$	8,443

Insurance — 2.5%
Allstate Corp. (The)	262	$	10,475
MetLife, Inc.	121		4,294
Travelers Companies, Inc. (The)	148		10,499

		$	25,268


Security	Shares		Value
Metals & Mining — 7.8%
Allied Nevada Gold Corp.⁽¹⁾		53	$	1,946
AuRico Gold, Inc.⁽¹⁾		862		7,198
Barrick Gold Corp.		319		12,918
Centerra Gold, Inc.		18		204
Eldorado Gold Corp.		68		1,005
Goldcorp, Inc.		22		994
IAMGOLD Corp.		1,301		20,191
Kinross Gold Corp.		2,297		22,815
Newmont Mining Corp.		138		7,528
Osisko Mining Corp.⁽¹⁾		309		3,035
Pan American Silver Corp.		53		1,163
SEMAFO, Inc.		128		512

			$	79,509

Multi-Utilities — 3.6%
Ameren Corp.		195	$	6,412
Consolidated Edison, Inc.		83		5,012
Dominion Resources, Inc.		68		3,589
DTE Energy Co.		63		3,912
PG&E Corp.		326		13,861
Public Service Enterprise Group, Inc.		117		3,749

			$	36,535

Oil, Gas & Consumable Fuels — 4.3%
Canadian Natural Resources, Ltd.		210	$	6,329
Chevron Corp.		97		10,690
Exxon Mobil Corp.		292		26,622

			$	43,641

Paper & Forest Products — 0.4%
Domtar Corp.		56	$	4,466

			$	4,466


Personal Products — 0.3%
Herbalife, Ltd.	50	$	2,567

		$	2,567

Pharmaceuticals — 15.5%
Abbott Laboratories	346	$	22,670
Bristol-Myers Squibb Co.	144		4,788
Eli Lilly & Co.	533		25,920
Johnson & Johnson	537		38,030
Merck & Co., Inc.	661		30,162
Pfizer, Inc.	1,443		35,887

		$	157,457

Semiconductors & Semiconductor Equipment — 0.4%
Advanced Micro Devices, Inc.⁽¹⁾	1,343	$	2,753
Intel Corp.	73		1,579

		$	4,332

Software — 4.1%
Microsoft Corp.	1,465	$	41,804

		$	41,804


Security	Shares		Value
Specialty Retail — 0.5%
Best Buy Co., Inc.		343	$	5,217

			$	5,217

Tobacco — 1.1%
Reynolds American, Inc.		262	$	10,910

			$	10,910

Wireless Telecommunication Services — 1.3%
Sprint Nextel Corp.⁽¹⁾		2,362	$	13,085

			$	13,085


Total Common Stocks (identified cost $899,456)			$	910,035


Exchange-Traded Funds — 1.0%

Security	Shares		Value
Market Vectors Gold Miners ETF		155	$	8,191
Financial Select Sector SPDR Fund (The)		110		1,747


Total Exchange-Traded Funds (identified cost $8,863)			$	9,938


Short-Term Investments — 9.2%

Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽²⁾	$	94	$	93,815


Total Short-Term Investments (identified cost $93,815)			$	93,815


Total Investments — 99.8% (identified cost $1,002,134)			$	1,013,788


Other Assets, Less Liabilities — 0.2%			$	2,191


Net Assets — 100.0%			$	1,015,979

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

(1)	Non-income producing security.

(2)

Eaton Vance Hexavest U.S. Equity Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is long-term capital appreciation. The Fund commenced operations on August 29, 2012.

Equity securities (including common shares of closed-end investment companies) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events. 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 Fund’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. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. 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 Fund in a manner that fairly reflects the security’s value, or the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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.

The Fund did not have any open financial instruments at October 31, 2012.

The cost and unrealized appreciation (depreciation) of investments of the Fund at October 31, 2012, as determined on a federal income tax basis, were as follows:


Aggregate cost	$	1,002,134

Gross unrealized appreciation	$	35,132
Gross unrealized depreciation		(23,478	)

Net unrealized appreciation	$	11,654

•

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)

At October 31, 2012, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	910,035	*	$	—	$	—	$	910,035
Exchange-Traded Funds		9,938			—		—		9,938
Short-Term Investments		—			93,815		—		93,815
Total Investments	$	919,973		$	93,815	$	—	$	1,013,788

*	The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

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.

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/ Duncan W. Richardson
		Duncan W. Richardson
		President

Date:		December 26, 2012

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/ Duncan W. Richardson
		Duncan W. Richardson
		President

Date:		December 26, 2012



By:		/s/ Barbara E. Campbell
		Barbara E. Campbell
		Treasurer

Date:		December 26, 2012