Eaton Vance Growth Trust

N-CSRS 1 d612680dncsrs.htm EATON VANCE GROWTH TRUST Eaton Vance Growth Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-01241

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)

February 28

Date of Fiscal Year End

August 31, 2013

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Focused Growth Opportunities Fund

Semiannual Report

August 31, 2013

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act and is not subject to the CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial advisor. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report August 31, 2013

Eaton Vance

Focused Growth Opportunities Fund

Table of Contents


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Board of Trustees’ Contract Approval			18

Officers and Trustees			21

Important Notices			22

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Performance^1,2

Portfolio Managers Lewis R. Piantedosi and Yana S. Barton, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		03/07/2011		03/07/2011		11.02	%		17.64	%		—			7.94	%
Class A with 5.75% Maximum Sales Charge		—		—		4.68			10.85			—			5.40
Class C at NAV		03/07/2011		03/07/2011		10.53			16.73			—			7.10
Class C with 1% Maximum Sales Charge		—		—		9.53			15.73			—			7.10
Class I at NAV		03/07/2011		03/07/2011		11.16			17.97			—			8.24
Russell 1000 Growth Index		—		—		9.59	%		16.43	%		8.39	%		11.40	%


% Total Annual Operating Expense Ratios³								Class A			Class C			Class I
Gross									2.40	%		3.15	%		2.15	%
Net									1.25			2.00			1.00

Fund Profile

Sector Allocation (% of net assets)⁴

LOGO

Top 10 Holdings (% of net assets)⁴


Apple, Inc.	4.6	%
Facebook, Inc., Class A	4.5
Citigroup, Inc.	4.2
Gilead Sciences, Inc.	4.2
Google, Inc., Class A	3.6
QUALCOMM, Inc.	3.5
Amazon.com, Inc.	3.5
Polaris Industries, Inc.	3.4
priceline.com, Inc.	3.3
United Technologies Corp.	3.3
Total	38.1	%

See Endnotes and Additional Disclosures in this report.

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


		2

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Endnotes and Additional Disclosures

¹	Russell 1000 Growth Index is an unmanaged index of U.S. large-cap growth stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 6/30/14. Without the reimbursement, performance would have been lower.

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		3

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2013 – August 31, 2013).

Actual Expenses: The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes: The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.


	Beginning Account Value (3/1/13)		Ending Account Value (8/31/13)		Expenses Paid During Period^* (3/1/13 – 8/31/13)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	1,110.20	$	6.65	**		1.25	%
Class C	$	1,000.00	$	1,105.30	$	10.61	**		2.00	%
Class I	$	1,000.00	$	1,111.60	$	5.32	**		1.00	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.90	$	6.36	**		1.25	%
Class C	$	1,000.00	$	1,015.10	$	10.16	**		2.00	%
Class I	$	1,000.00	$	1,020.20	$	5.09	**		1.00	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on February 28, 2013.

**	Absent an allocation of certain expenses to an affiliate, the expenses would be higher.


		4

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Portfolio of Investments (Unaudited)


Common Stocks — 95.3%


Security	Shares		Value

Aerospace & Defense — 3.3%
United Technologies Corp.		5,196	$	520,120

			$	520,120


Automobiles — 2.3%
Volkswagen AG, PFC Shares		1,625	$	369,602

			$	369,602


Biotechnology — 6.7%
Biogen Idec, Inc.⁽¹⁾		1,883	$	401,116
Gilead Sciences, Inc.⁽¹⁾		10,947		659,776

			$	1,060,892


Building Products — 1.8%
Fortune Brands Home & Security, Inc.		7,480	$	275,563

			$	275,563


Chemicals — 4.2%
Cytec Industries, Inc.		2,088	$	156,141
Ecolab, Inc.		3,441		314,335
Monsanto Co.		1,913		187,264

			$	657,740


Communications Equipment — 6.5%
F5 Networks, Inc.⁽¹⁾		3,752	$	312,842
QUALCOMM, Inc.		8,429		558,674
Riverbed Technology, Inc.⁽¹⁾		10,008		154,523

			$	1,026,039


Computers & Peripherals — 7.8%
Apple, Inc.		1,479	$	720,347
EMC Corp.		19,411		500,416

			$	1,220,763


Diversified Financial Services — 4.2%
Citigroup, Inc.		13,707	$	662,459

			$	662,459


Energy Equipment & Services — 3.3%
Cameron International Corp.⁽¹⁾		2,661	$	151,118
Halliburton Co.		7,544		362,112

			$	513,230


Security	Shares		Value

Food & Staples Retailing — 2.3%
Costco Wholesale Corp.		3,304	$	369,618

			$	369,618


Food Products — 3.1%
Mondelez International, Inc., Class A		15,762	$	483,421

			$	483,421


Health Care Equipment & Supplies — 2.5%
Medtronic, Inc.		7,658	$	396,302

			$	396,302


Hotels, Restaurants & Leisure — 2.3%
Starbucks Corp.		5,035	$	355,068

			$	355,068


Internet & Catalog Retail — 6.8%
Amazon.com, Inc.⁽¹⁾		1,956	$	549,597
priceline.com, Inc.⁽¹⁾		562		527,454

			$	1,077,051


Internet Software & Services — 8.1%
Facebook, Inc., Class A⁽¹⁾		17,039	$	703,370
Google, Inc., Class A⁽¹⁾		667		564,882

			$	1,268,252


IT Services — 2.2%
Teradata Corp.⁽¹⁾		5,936	$	347,612

			$	347,612


Leisure Equipment & Products — 3.4%
Polaris Industries, Inc.		4,852	$	529,887

			$	529,887


Machinery — 4.3%
Caterpillar, Inc.		5,236	$	432,179
Wabtec Corp.		4,200		245,784

			$	677,963


Media — 2.1%
Walt Disney Co. (The)		5,534	$	336,633

			$	336,633


		5		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Oil, Gas & Consumable Fuels — 3.2%
EOG Resources, Inc.		1,856	$	291,485
Occidental Petroleum Corp.		2,470		217,879

			$	509,364


Personal Products — 2.7%
Estee Lauder Cos., Inc. (The), Class A		6,464	$	422,487

			$	422,487


Pharmaceuticals — 4.9%
Perrigo Co.		3,285	$	399,292
Roche Holding AG ADR		5,874		365,715

			$	765,007


Road & Rail — 1.9%
Union Pacific Corp.		1,993	$	306,005

			$	306,005


Semiconductors & Semiconductor Equipment — 1.9%
Broadcom Corp., Class A		11,914	$	300,948

			$	300,948


Software — 2.2%
VMware, Inc., Class A⁽¹⁾		4,094	$	344,510

			$	344,510


Specialty Retail — 1.3%
Staples, Inc.		15,122	$	210,347

			$	210,347


Total Common Stocks (identified cost $12,955,460)			$	15,006,883


Short-Term Investments — 5.1%


Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽²⁾	$	801	$	800,574


Total Short-Term Investments (identified cost $800,574)			$	800,574


Total Investments — 100.4% (identified cost $13,756,034)			$	15,807,457


Other Assets, Less Liabilities — (0.4)%			$	(60,383	)


Net Assets — 100.0%			$	15,747,074

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


ADR	–	American Depositary Receipt
PFC Shares	–	Preference Shares

⁽¹⁾	Non-income producing security.

⁽²⁾	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 August 31, 2013.


		6		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Statement of Assets and Liabilities (Unaudited)


Assets	August 31, 2013
Unaffiliated investments, at value (identified cost, $12,955,460)	$	15,006,883
Affiliated investment, at value (identified cost, $800,574)		800,574
Dividends receivable		13,803
Interest receivable from affiliated investment		57
Receivable for investments sold		438,714
Receivable for Fund shares sold		3,598
Receivable from affiliate		8,142
Total assets	$	16,271,771

Liabilities
Payable for investments purchased	$	456,026
Payable for Fund shares redeemed		24,889
Payable to affiliates:
Investment adviser and administration fee		10,153
Distribution and service fees		309
Accrued expenses		33,320
Total liabilities	$	524,697
Net Assets	$	15,747,074

Sources of Net Assets
Paid-in capital	$	13,575,233
Accumulated net realized gain		77,309
Accumulated undistributed net investment income		43,109
Net unrealized appreciation		2,051,423
Total	$	15,747,074

Class A Shares
Net Assets	$	910,713
Shares Outstanding		75,317
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.09
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	12.83

Class C Shares
Net Assets	$	151,491
Shares Outstanding		12,773
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	11.86

Class I Shares
Net Assets	$	14,684,870
Shares Outstanding		1,208,905
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.15

On sales of $50,000 or more, the offering price of Class A shares is reduced.

*	Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.


		7		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Statement of Operations (Unaudited)


Investment Income	Six Months Ended August 31, 2013
Dividends (net of foreign taxes, $1,708)	$	118,999
Interest allocated from affiliated investment		317
Expenses allocated from affiliated investment		(41	)
Total investment income	$	119,275

Expenses
Investment adviser and administration fee	$	56,058
Distribution and service fees
Class A		966
Class C		535
Trustees’ fees and expenses		538
Custodian fee		16,437
Transfer and dividend disbursing agent fees		1,696
Legal and accounting services		14,138
Printing and postage		6,486
Registration fees		20,805
Miscellaneous		5,893
Total expenses	$	123,552
Deduct —
Allocation of expenses to affiliate	$	47,402
Reduction of custodian fee		2
Total expense reductions	$	47,404

Net expenses	$	76,148

Net investment income	$	43,127

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	392,636
Investment transactions allocated from affiliated investment		5
Foreign currency transactions		(211	)
Net realized gain	$	392,430
Change in unrealized appreciation (depreciation) —
Investments	$	1,097,739
Net change in unrealized appreciation (depreciation)	$	1,097,739

Net realized and unrealized gain	$	1,490,169

Net increase in net assets from operations	$	1,533,296


		8		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013
From operations —
Net investment income	$	43,127		$	9,925
Net realized gain from investment and foreign currency transactions		392,430			2,803,875
Net change in unrealized appreciation (depreciation) from investments		1,097,739			(2,015,759	)
Net increase in net assets from operations	$	1,533,296		$	798,041
Distributions to shareholders —
From net investment income
Class A	$	—		$	(65	)
Class I		—			(11,182	)
Tax return of capital
Class A		—			(8	)
Class I		—			(1,366	)
Total distributions to shareholders	$	—		$	(12,621	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	293,676		$	562,519
Class C		97,061			44,500
Class I		470,462			6,706,795
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		—			70
Class I		—			1,808
Cost of shares redeemed
Class A		(59,511	)		(100,058	)
Class C		(26,394	)		(3,835	)
Class I		(209,860	)		(20,204,253	)
Net increase (decrease) in net assets from Fund share transactions	$	565,434		$	(12,992,454	)

Net increase (decrease) in net assets	$	2,098,730		$	(12,207,034	)

Net Assets
At beginning of period	$	13,648,344		$	25,855,378
At end of period	$	15,747,074		$	13,648,344

Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	43,109		$	(18	)


		9		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Financial Highlights


	Class A
	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Period Ended February 29, 2012⁽¹⁾
Net asset value — Beginning of period	$	10.890		$	9.900		$	10.000

Income (Loss) From Operations
Net investment income (loss)⁽²⁾	$	0.020		$	0.008		$	(0.019	)
Net realized and unrealized gain (loss)		1.180			0.985			(0.081	)

Total income (loss) from operations	$	1.200		$	0.993		$	(0.100	)

Less Distributions
From net investment income	$	—		$	(0.003	)	$	—
Tax return of capital		—			(0.000	)⁽³⁾		—

Total distributions	$	—		$	(0.003	)	$	—

Net asset value — End of period	$	12.090		$	10.890		$	9.900

Total Return⁽⁴⁾		11.02	%⁽⁵⁾		10.03	%		(1.00	)%⁽⁵⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	911		$	602		$	115
Ratios (as a percentage of average daily net assets):
Expenses⁽⁶⁾		1.25	%⁽⁷⁾		1.25	%		1.25	%⁽⁷⁾
Net investment income (loss)		0.34	%⁽⁷⁾		0.08	%		(0.21	)%⁽⁷⁾
Portfolio Turnover		28	%⁽⁵⁾		141	%		118	%⁽⁵⁾

⁽¹⁾	For the period from the start of business, March 7, 2011, to February 29, 2012.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Amount is less than $0.0005.

⁽⁴⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁵⁾	Not annualized.

⁽⁶⁾

The investment adviser and administrator reimbursed certain operating expenses (equal to 0.63%, 1.15% and 0.47% of average daily net assets for the six months ended August 31, 2013, the year ended February 28, 2013 and the period from the start of business, March 7, 2011, to February 29, 2012, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾	Annualized.


		10		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Financial Highlights — continued


	Class C
	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Period Ended February 29, 2012⁽¹⁾
Net asset value — Beginning of period	$	10.730		$	9.820		$	10.000

Income (Loss) From Operations
Net investment loss⁽²⁾	$	(0.021	)	$	(0.074	)	$	(0.092	)
Net realized and unrealized gain (loss)		1.151			0.984			(0.088	)

Total income (loss) from operations	$	1.130		$	0.910		$	(0.180	)

Net asset value — End of period	$	11.860		$	10.730		$	9.820

Total Return⁽³⁾		10.53	%⁽⁴⁾		9.27	%		(1.80	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	151		$	72		$	26
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		2.00	%⁽⁶⁾		2.00	%		2.00	%⁽⁶⁾
Net investment loss		(0.35	)%⁽⁶⁾		(0.73	)%		(1.02	)%⁽⁶⁾
Portfolio Turnover		28	%⁽⁴⁾		141	%		118	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, March 7, 2011, to February 29, 2012.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾	Not annualized.

⁽⁵⁾

⁽⁶⁾	Annualized.


		11		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Financial Highlights — continued


	Class I
	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Period Ended February 29, 2012⁽¹⁾
Net asset value — Beginning of period	$	10.930		$	9.920		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.035		$	0.012		$	0.002
Net realized and unrealized gain (loss)		1.185			1.019			(0.081	)

Total income (loss) from operations	$	1.220		$	1.031		$	(0.079	)

Less Distributions
From net investment income	$	—		$	(0.019	)	$	(0.001	)
Tax return of capital		—			(0.002	)		—

Total distributions	$	—		$	(0.021	)	$	(0.001	)

Net asset value — End of period	$	12.150		$	10.930		$	9.920

Total Return⁽³⁾		11.16	%⁽⁴⁾		10.40	%		(0.78	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,685		$	12,975		$	25,715
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.00	%⁽⁶⁾		1.00	%		1.00	%⁽⁶⁾
Net investment income		0.60	%⁽⁶⁾		0.12	%		0.02	%⁽⁶⁾
Portfolio Turnover		28	%⁽⁴⁾		141	%		118	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, March 7, 2011, to February 29, 2012.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾	Not annualized.

⁽⁵⁾

⁽⁶⁾	Annualized.


		12		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Focused Growth Opportunities 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 growth. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.

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

Equity Securities. 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.

Debt Obligations. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

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

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). The value of the Fund’s investment in Cash Reserves Fund reflects the Fund’s proportionate interest in its net assets. 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.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the 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.

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

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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


		13

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

At February 28, 2013, the Fund, for federal income tax purposes, had deferred capital losses of $311,282 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year.

Additionally, at February 28, 2013, the Fund had a late year ordinary loss of $18, which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

As of August 31, 2013, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund’s custodian fees are reported as a reduction of expenses in the Statement of Operations.

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

H Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

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

J Interim Financial Statements — The interim financial statements relating to August 31, 2013 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Distributions to Shareholders

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates


		14

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

$56,058 or 0.75% (annualized) of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.25%, 2.00% and 1.00% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively, through June 30, 2014. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM was allocated $47,402 of the Fund’s operating expenses for the six months ended August 31, 2013.

EVM serves as the sub-transfer agent of the Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. For the six months ended August 31, 2013, EVM earned $177 in sub-transfer agent fees. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $288 as its portion of the sales charge on sales of Class A shares for the six months ended August 31, 2013. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization, receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended August 31, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended August 31, 2013 amounted to $966 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended August 31, 2013, the Fund paid or accrued to EVD $403 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended August 31, 2013 amounted to $132 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. For the six months ended August 31, 2013, the Fund was informed that EVD received approximately $40 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $4,497,223 and $3,970,528, respectively, for the six months ended August 31, 2013.


		15

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

7 Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:


Class A	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013

Sales		25,230			53,500
Issued to shareholders electing to receive payments of distributions in Fund shares		—			7
Redemptions		(5,140	)		(9,873	)

Net increase		20,090			43,634


Class C	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013

Sales		8,426			4,464
Redemptions		(2,364	)		(397	)

Net increase		6,062			4,067


Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013

Sales		39,662			608,470
Issued to shareholders electing to receive payments of distributions in Fund shares		—			174
Redemptions		(17,807	)		(2,013,778	)

Net increase (decrease)		21,855			(1,405,134	)

At August 31, 2013, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM and an affiliate of EVM owned 43.1% and 40.2%, respectively, of the value of the outstanding shares of the Fund.

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at August 31, 2013, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	13,759,873

Gross unrealized appreciation	$	2,286,934
Gross unrealized depreciation		(239,350	)

Net unrealized appreciation	$	2,047,584


		16

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $600 million ($750 million effective September 9, 2013) unsecured line of credit agreement with a group of banks. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.08% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended August 31, 2013.

10 Fair Value Measurements

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

Level 1 – quoted prices in active markets for identical investments

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

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

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

At August 31, 2013, 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
Consumer Discretionary	$	2,508,986	$	369,602		$	—	$	2,878,588
Consumer Staples		1,275,526		—			—		1,275,526
Energy		1,022,594		—			—		1,022,594
Financials		662,459		—			—		662,459
Health Care		2,222,201		—			—		2,222,201
Industrials		1,779,651		—			—		1,779,651
Information Technology		4,508,124		—			—		4,508,124
Materials		657,740		—			—		657,740

Total Common Stocks	$	14,637,281	$	369,602	*	$	—	$	15,006,883

Short-Term Investments	$	—	$	800,574		$	—	$	800,574

Total Investments	$	14,637,281	$	1,170,176		$	—	$	15,807,457

*	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.

The Fund held no investments or other financial instruments as of February 28, 2013 whose fair value was determined using Level 3 inputs. At August 31, 2013, there were no investments transferred between Level 1 and Level 2 during the six months then ended.


		17

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the Eaton Vance group of mutual funds (the “Eaton Vance Funds”) held on April 23, 2013, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Contract Review Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2013, as well as information considered during prior meetings of the committee. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

An independent report comparing each fund’s total expense ratio and its components to comparable funds;

An independent report comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds;

For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

Information about the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and the fund’s policies with respect to “soft dollar” arrangements;

Data relating to portfolio turnover rates of each fund;

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

Reports detailing the financial results and condition of each adviser;

Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;


		18

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Board of Trustees’ Contract Approval — continued

Other Relevant Information

Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

The terms of each advisory agreement.

In addition to the information identified above, the Contract Review Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2013, with respect to one or more funds, the Board met eight times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met eight, twenty-one, five, nine and thirteen times respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each adviser relating to each fund. The Board and its Committees considered the investment and trading strategies used in pursuing each fund’s investment objective, including, where relevant, the use of derivative instruments, as well as processes for monitoring best execution of portfolio transactions and risk management techniques. The Board and its Committees also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management and other fund advisers with respect to such matters.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund’s investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

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

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement of Eaton Vance Focused Growth Opportunities Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation methods of the Adviser to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds, including the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.


		19

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Board of Trustees’ Contract Approval — continued

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.

Fund Performance

The Board compared the Fund’s investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the one-year period ended September 30, 2012 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory and administrative fee rates, payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2012, as compared to a group of similarly managed funds selected by an independent data provider. The Board noted that the Adviser had waived fees and/or paid expenses for the Fund. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from economies of scale in the future.


		20

Eaton Vance

Focused Growth Opportunities Fund

August 31, 2013

Officers and Trustees

Officers of Eaton Vance Focused Growth Opportunities Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Focused Growth Opportunities Fund

Ralph F. Verni

Chairman

Scott E. Eston

Benjamin C. Esty

Thomas E. Faust Jr.*

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Lynn A. Stout

Harriett Tee Taggart

*	Interested Trustee


		21

Eaton Vance Funds

IMPORTANT NOTICES

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy (“Privacy Policy”) with respect to nonpublic personal information about its customers:

Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer’s account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker-dealers.

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

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

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) will file a schedule of portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC’s public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

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


		22

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

LOGO


5300-10/13		FGOSRC

LOGO

Eaton Vance

Focused Value Opportunities Fund

Semiannual Report

August 31, 2013

LOGO

Semiannual Report August 31, 2013

Eaton Vance

Focused Value Opportunities Fund

Table of Contents


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Board of Trustees’ Contract Approval			18

Officers and Trustees			21

Important Notices			22

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Performance^1,2

Portfolio Managers John D. Crowley, Michael R. Mach, CFA, Matthew F. Beaudry, CMFC, CIMA and Stephen J. Kaszynski, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		03/07/2011		03/07/2011		9.58	%		19.24	%		—			9.69	%
Class A with 5.75% Maximum Sales Charge		—		—		3.31			12.35			—			7.11
Class C at NAV		03/07/2011		03/07/2011		9.05			18.18			—			8.81
Class C with 1% Maximum Sales Charge		—		—		8.05			17.18			—			8.81
Class I at NAV		03/07/2011		03/07/2011		9.70			19.50			—			9.93
Russell 1000 Value Index		—		—		8.79	%		23.10	%		6.68	%		11.98	%


% Total Annual Operating Expense Ratios³								Class A			Class C			Class I
Gross									2.31	%		3.06	%		2.06	%
Net									1.25			2.00			1.00

Fund Profile

Sector Allocation (% of net assets)⁴

LOGO


Top 10 Holdings (% of net assets)⁴

Citigroup, Inc.	4.7	%
Wells Fargo & Co.	4.6
JPMorgan Chase & Co.	4.4
Marathon Oil Corp.	4.2
Union Pacific Corp.	4.1
Sempra Energy	4.0
Chevron Corp.	3.9
Morgan Stanley	3.8
ACE, Ltd.	3.7
MetLife, Inc.	3.5
Total	40.9	%

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Endnotes and Additional Disclosures

¹	Russell 1000 Value Index is an unmanaged index of U.S. large-cap value stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 6/30/14. Without the reimbursement, performance would have been lower.

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		3

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Fund Expenses


	Beginning Account Value (3/1/13)		Ending Account Value (8/31/13)		Expenses Paid During Period* (3/1/13 – 8/31/13)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	1,095.80	$	6.60	**		1.25	%
Class C	$	1,000.00	$	1,090.50	$	10.54	**		2.00	%
Class I	$	1,000.00	$	1,097.00	$	5.29	**		1.00	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.90	$	6.36	**		1.25	%
Class C	$	1,000.00	$	1,015.10	$	10.16	**		2.00	%
Class I	$	1,000.00	$	1,020.20	$	5.09	**		1.00	%

**	Absent an allocation of certain expenses to an affiliate, the expenses would be higher.


		4

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Portfolio of Investments (Unaudited)


Common Stocks — 95.3%


Security	Shares		Value

Aerospace & Defense — 3.0%
Boeing Co. (The)		4,704	$	488,840

			$	488,840


Capital Markets — 3.8%
Morgan Stanley		24,153	$	622,181

			$	622,181


Chemicals — 3.5%
LyondellBasell Industries NV, Class A		8,094	$	567,794

			$	567,794


Commercial Banks — 4.6%
Wells Fargo & Co.		18,227	$	748,765

			$	748,765


Communications Equipment — 2.3%
Cisco Systems, Inc.		16,513	$	384,918

			$	384,918


Computers & Peripherals — 2.8%
NCR Corp.⁽¹⁾		13,107	$	466,347

			$	466,347


Consumer Finance — 3.4%
Capital One Financial Corp.		8,505	$	548,998

			$	548,998


Diversified Financial Services — 9.1%
Citigroup, Inc.		15,917	$	769,269
JPMorgan Chase & Co.		14,257		720,406

			$	1,489,675


Diversified Telecommunication Services — 2.7%
AT&T, Inc.		12,999	$	439,756

			$	439,756


Electric Utilities — 2.5%
American Electric Power Co., Inc.		9,527	$	407,756

			$	407,756


Security	Shares		Value

Food & Staples Retailing — 2.9%
CVS Caremark Corp.		8,172	$	474,385

			$	474,385


Food Products — 2.8%
Nestle SA ADR		7,116	$	465,742

			$	465,742


Health Care Equipment & Supplies — 2.8%
Covidien PLC		7,773	$	461,716

			$	461,716


Insurance — 7.2%
ACE, Ltd.		7,006	$	614,566
MetLife, Inc.		12,315		568,830

			$	1,183,396


Life Sciences Tools & Services — 3.1%
Thermo Fisher Scientific, Inc.		5,788	$	514,148

			$	514,148


Media — 2.9%
Time Warner, Inc.		7,800	$	472,134

			$	472,134


Multi-Utilities — 4.0%
Sempra Energy		7,837	$	661,600

			$	661,600


Multiline Retail — 5.3%
Dollar General Corp.⁽¹⁾		8,001	$	431,814
Macy’s, Inc.		9,901		439,901

			$	871,715


Oil, Gas & Consumable Fuels — 15.5%
Chevron Corp.		5,297	$	637,918
EOG Resources, Inc.		2,461		386,500
Marathon Oil Corp.		20,165		694,281
Occidental Petroleum Corp.		3,585		316,233
Phillips 66		8,764		500,424

			$	2,535,356


		5		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Pharmaceuticals — 5.5%
Pfizer, Inc.		18,826	$	531,081
Roche Holding AG PC		1,471		366,669

			$	897,750


Road & Rail — 4.1%
Union Pacific Corp.		4,336	$	665,750

			$	665,750


Software — 1.5%
Oracle Corp.		7,785	$	248,030

			$	248,030


Total Common Stocks (identified cost $13,660,509)			$	15,616,752


Short-Term Investments — 2.3%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽²⁾	$	383	$	382,904


Total Short-Term Investments (identified cost $382,904)			$	382,904


Total Investments — 97.6% (identified cost $14,043,413)			$	15,999,656


Other Assets, Less Liabilities — 2.4%			$	393,528


Net Assets — 100.0%			$	16,393,184

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


ADR	–	American Depositary Receipt
PC	–	Participation Certificate

⁽¹⁾	Non-income producing security.

⁽²⁾	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 August 31, 2013.


		6		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunites Fund

August 31, 2013

Statement of Assets and Liabilities (Unaudited)


Assets	August 31, 2013
Unaffiliated investments, at value (identified cost, $13,660,509)	$	15,616,752
Affiliated investment, at value (identified cost, $382,904)		382,904
Dividends receivable		38,806
Interest receivable from affiliated investment		32
Receivable for investments sold		446,516
Receivable for Fund shares sold		4,132
Tax reclaims receivable		1,962
Receivable from affiliate		6,267
Total assets	$	16,497,371

Liabilities
Payable for investments purchased	$	53,888
Payable for Fund shares redeemed		7,660
Payable to affiliates:
Investment adviser and administration fee		10,664
Distribution and service fees		557
Accrued expenses		31,418
Total liabilities	$	104,187
Net Assets	$	16,393,184

Sources of Net Assets
Paid-in capital	$	14,065,262
Accumulated net realized gain		266,913
Accumulated undistributed net investment income		104,737
Net unrealized appreciation		1,956,272
Total	$	16,393,184

Class A Shares
Net Assets	$	1,955,394
Shares Outstanding		159,376
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.27
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	13.02

Class C Shares
Net Assets	$	170,326
Shares Outstanding		13,969
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.19

Class I Shares
Net Assets	$	14,267,464
Shares Outstanding		1,161,052
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.29

On sales of $50,000 or more, the offering price of Class A shares is reduced.

*	Redemption price per share is equal to the net asset value less any applicable contingent deferred sales charge.


		7		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Statement of Operations (Unaudited)


Investment Income	Six Months Ended August 31, 2013
Dividends (net of foreign taxes, $4,291)	$	183,701
Interest allocated from affiliated investment		162
Expenses allocated from affiliated investment		(21	)
Total investment income	$	183,842

Expenses
Investment adviser and administration fee	$	59,679
Distribution and service fees
Class A		2,109
Class C		508
Trustees’ fees and expenses		564
Custodian fee		16,051
Transfer and dividend disbursing agent fees		1,266
Legal and accounting services		14,143
Printing and postage		4,706
Registration fees		21,330
Miscellaneous		5,701
Total expenses	$	126,057
Deduct —
Allocation of expenses to affiliate	$	43,949
Total expense reductions	$	43,949

Net expenses	$	82,108

Net investment income	$	101,734

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	439,429
Investment transactions allocated from affiliated investment		4
Foreign currency transactions		(503	)
Net realized gain	$	438,930
Change in unrealized appreciation (depreciation) —
Investments	$	823,935
Foreign currency		373
Net change in unrealized appreciation (depreciation)	$	824,308

Net realized and unrealized gain	$	1,263,238

Net increase in net assets from operations	$	1,364,972


		8		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013
From operations —
Net investment income	$	101,734		$	137,934
Net realized gain from investment and foreign currency transactions		438,930			2,180,254
Net change in unrealized appreciation (depreciation) from investments and foreign currency		824,308			(1,223,337	)
Net increase in net assets from operations	$	1,364,972		$	1,094,851
Distributions to shareholders —
From net investment income
Class A	$	(2,278	)	$	(10,650	)
Class C		(145	)		(229	)
Class I		(21,621	)		(98,528	)
Total distributions to shareholders	$	(24,044	)	$	(109,407	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	579,419		$	611,038
Class C		129,912			11,045
Class I		662,925			6,533,095
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,263			10,508
Class C		123			143
Class I		1,526			14,007
Cost of shares redeemed
Class A		(57,229	)		(117,899	)
Class C		(55	)		(36	)
Class I		(592,816	)		(20,251,433	)
Net increase (decrease) in net assets from Fund share transactions	$	726,068		$	(13,189,532	)

Net increase (decrease) in net assets	$	2,066,996		$	(12,204,088	)

Net Assets
At beginning of period	$	14,326,188		$	26,530,276
At end of period	$	16,393,184		$	14,326,188

Accumulated undistributed net investment income included in net assets
At end of period	$	104,737		$	27,047


		9		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Financial Highlights


	Class A
	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Period Ended February 29, 2012⁽¹⁾
Net asset value — Beginning of period	$	11.210		$	9.940		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.064		$	0.126		$	0.071
Net realized and unrealized gain (loss)		1.011			1.285			(0.031	)

Total income from operations	$	1.075		$	1.411		$	0.040

Less Distributions
From net investment income	$	(0.015	)	$	(0.141	)	$	(0.100	)

Total distributions	$	(0.015	)	$	(0.141	)	$	(0.100	)

Net asset value — End of period	$	12.270		$	11.210		$	9.940

Total Return⁽³⁾		9.58	%⁽⁴⁾		14.29	%		0.50	%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,955		$	1,310		$	687
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.25	%⁽⁶⁾		1.25	%		1.25	%⁽⁶⁾
Net investment income		1.05	%⁽⁶⁾		1.21	%		0.76	%⁽⁶⁾
Portfolio Turnover		20	%⁽⁴⁾		152	%		76	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, March 7, 2011, to February 29, 2012.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾	Not annualized.

⁽⁵⁾

The investment adviser and administrator reimbursed certain operating expenses (equal to 0.55%, 1.06% and 0.45% of average daily net assets for the six months ended August 31, 2013, the year ended February 28, 2013 and the period from the start of business, March 7, 2011, to February 29, 2012, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Annualized.


		10		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Financial Highlights — continued


	Class C
	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Period Ended February 29, 2012⁽¹⁾
Net asset value — Beginning of period	$	11.190		$	9.940		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.021		$	0.053		$	0.024
Net realized and unrealized gain (loss)		0.992			1.284			(0.058	)

Total income (loss) from operations	$	1.013		$	1.337		$	(0.034	)

Less Distributions
From net investment income	$	(0.013	)	$	(0.087	)	$	(0.026	)

Total distributions	$	(0.013	)	$	(0.087	)	$	(0.026	)

Net asset value — End of period	$	12.190		$	11.190		$	9.940

Total Return⁽³⁾		9.05	%⁽⁴⁾		13.50	%		(0.32	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	170		$	36		$	22
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		2.00	%⁽⁶⁾		2.00	%		2.00	%⁽⁶⁾
Net investment income		0.34	%⁽⁶⁾		0.51	%		0.26	%⁽⁶⁾
Portfolio Turnover		20	%⁽⁴⁾		152	%		76	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, March 7, 2011, to February 29, 2012.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾	Not annualized.

⁽⁵⁾

⁽⁶⁾	Annualized.


		11		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Financial Highlights — continued


	Class I
	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013			Period Ended February 29, 2012⁽¹⁾
Net asset value — Beginning of period	$	11.220		$	9.940		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.081		$	0.150		$	0.119
Net realized and unrealized gain (loss)		1.008			1.294			(0.066	)

Total income from operations	$	1.089		$	1.444		$	0.053

Less Distributions
From net investment income	$	(0.019	)	$	(0.164	)	$	(0.113	)

Total distributions	$	(0.019	)	$	(0.164	)	$	(0.113	)

Net asset value — End of period	$	12.290		$	11.220		$	9.940

Total Return⁽³⁾		9.70	%⁽⁴⁾		14.63	%		0.64	%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,267		$	12,980		$	25,822
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.00	%⁽⁶⁾		1.00	%		1.00	%⁽⁶⁾
Net investment income		1.31	%⁽⁶⁾		1.45	%		1.28	%⁽⁶⁾
Portfolio Turnover		20	%⁽⁴⁾		152	%		76	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, March 7, 2011, to February 29, 2012.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾	Not annualized.

⁽⁵⁾

⁽⁶⁾	Annualized.


		12		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Focused Value Opportunities 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 total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.

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

Debt Obligations. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.

At February 28, 2013, the Fund, for federal income tax purposes, had deferred capital losses of $152,668 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of


		13

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year.

2 Distributions to Shareholders

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates


		14

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM was allocated $43,949 of the Fund’s operating expenses for the six months ended August 31, 2013.

EVM serves as the sub-transfer agent of the Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. For the six months ended August 31, 2013, EVM earned $112 in sub-transfer agent fees. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $401 as its portion of the sales charge on sales of Class A shares for the six months ended August 31, 2013. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended August 31, 2013, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

services and facilities to the Fund. For the six months ended August 31, 2013, the Fund paid or accrued to EVD $382 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5 Contingent Deferred Sales Charges

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $3,708,410 and $2,984,051, respectively, for the six months ended August 31, 2013.

7 Shares of Beneficial Interest


Class A	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013

Sales		46,972			57,517
Issued to shareholders electing to receive payments of distributions in Fund shares		175			997
Redemptions		(4,589	)		(10,793	)

Net increase		42,558			47,721


		15

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued


Class C	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013

Sales		10,708			1,017
Issued to shareholders electing to receive payments of distributions in Fund shares		10			13
Redemptions		(4	)		(4	)

Net increase		10,714			1,026


Class I	Six Months Ended August 31, 2013 (Unaudited)			Year Ended February 28, 2013

Sales		53,787			581,393
Issued to shareholders electing to receive payments of distributions in Fund shares		118			1,328
Redemptions		(49,830	)		(2,022,697	)

Net increase (decrease)		4,075			(1,439,976	)

At August 31, 2013, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM and an affiliate of EVM owned 41.1% and 38.7%, respectively, of the value of the outstanding shares of the Fund.

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at August 31, 2013, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	14,059,514

Gross unrealized appreciation	$	2,014,728
Gross unrealized depreciation		(74,586	)

Net unrealized appreciation	$	1,940,142

9 Line of Credit

10 Fair Value Measurements

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)


		16

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

At August 31, 2013, 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
Consumer Discretionary	$	1,343,849	$	—		$	—	$	1,343,849
Consumer Staples		940,127		—			—		940,127
Energy		2,535,356		—			—		2,535,356
Financials		4,593,015		—			—		4,593,015
Health Care		1,506,945		366,669			—		1,873,614
Industrials		1,154,590		—			—		1,154,590
Information Technology		1,099,295		—			—		1,099,295
Materials		567,794		—			—		567,794
Telecommunication Services		439,756		—			—		439,756
Utilities		1,069,356		—			—		1,069,356

Total Common Stocks	$	15,250,083	$	366,669	*	$	—	$	15,616,752

Short-Term Investments	$	—	$	382,904		$	—	$	382,904

Total Investments	$	15,250,083	$	749,573		$	—	$	15,999,656

*	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.


		17

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Information about Fees, Performance and Expenses

An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

An independent report comparing each fund’s total expense ratio and its components to comparable funds;

Data regarding investment performance in comparison to benchmark indices and customized peer groups, in each case as approved by the Board with respect to the funds;

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed, and any changes in portfolio management processes and personnel;

Data relating to portfolio turnover rates of each fund;

The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each adviser’s processes for monitoring best execution of portfolio transactions, and other policies and practices of each adviser with respect to trading;

Information about each Adviser

Reports detailing the financial results and condition of each adviser;

Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

Copies of or descriptions of each adviser’s policies and procedures relating to proxy voting, the handling of corporate actions and class actions;

Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;


		18

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Board of Trustees’ Contract Approval — continued

Other Relevant Information

Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

The terms of each advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement of Eaton Vance Focused Value Opportunities Fund (the “Fund”) with Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Contract Review Committee as well as the factors considered and conclusions reached by the Contract Review Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.


		19

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Board of Trustees’ Contract Approval — continued

Fund Performance

Management Fees and Expenses

The Board reviewed contractual investment advisory and administrative fee rates payable by the Fund (referred to as “management fees”). As part of its review, the Board considered the management fees and the Fund’s total expense ratio for the year ended September 30, 2012, as compared to a group of similarly managed funds selected by an independent data provider. The Board noted that the Adviser had waived fees and/or paid expenses for the Fund. The Board also considered factors that had an impact on Fund expense ratios, as identified by management in response to inquiries from the Contract Review Committee, as well as actions taken by management in recent years to reduce expenses at the Eaton Vance fund complex level, including the negotiation of reduced fees for transfer agency and custody services.

Profitability

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale


		20

Eaton Vance

Focused Value Opportunities Fund

August 31, 2013

Officers and Trustees

Officers of Eaton Vance Focused Value Opportunities Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Focused Value Opportunities Fund

Ralph F. Verni

Chairman

Scott E. Eston

Benjamin C. Esty

Thomas E. Faust Jr.*

Allen R. Freedman

*	Interested Trustee

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Lynn A. Stout

Harriett Tee Taggart


		21

Eaton Vance Funds

IMPORTANT NOTICES

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.


		22

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

LOGO


5305-10/13		FVOSRC

LOGO

Eaton Vance

Global Natural Resources Fund

Semiannual Report

August 31, 2013

LOGO

Semiannual Report August 31, 2013

Eaton Vance

Global Natural Resources Fund

Table of Contents


Performance			2

Fund Profile			3

Endnotes and Additional Disclosures			4

Fund Expenses			5

Financial Statements			6

Officers and Trustees			18

Important Notices			19

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Performance^1,2

Portfolio Manager Robert Lyon, CFA, of AGF Investments America Inc.


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		04/30/2012		04/30/2012		–2.49	%		–3.60	%		—			–7.36	%
Class A with 5.75% Maximum Sales Charge		—		—		–8.08			–9.13			—			–11.35
Class I at NAV		04/30/2012		04/30/2012		–2.28			–3.24			—			–7.03
S&P North American Natural Resources Sector Index		—		—		3.22	%		9.13	%		0.77	%		5.91	%
MSCI World Index		—		—		6.12			17.63			4.12			12.32


% Total Annual Operating Expense Ratios³											Class A			Class I
Gross												3.89	%		3.64	%
Net												1.40			1.15

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Fund Profile

Country Allocation (% of net assets)

LOGO

Market Capitalization (% of common stocks)

LOGO


Top 10 Holdings (% of net assets)4

Suncor Energy, Inc.	4.8	%

ENI SpA	3.6

Chevron Corp.	3.4

Continental Resources, Inc.	3.3

Cimarex Energy Co.	3.2

Cameron International Corp.	2.8

Baker Hughes, Inc.	2.8

Noble Corp.	2.6

EOG Resources, Inc.	2.5

Tourmaline Oil Corp.	2.5
Total	31.5	%

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Endnotes and Additional Disclosures

S&P North American Natural Resources Sector Index measures the performance of U.S. traded natural resource related stocks. MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indices are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³	Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 6/30/14. Without the reimbursement, performance would have been lower.

⁴	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		4

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Fund Expenses


	Beginning Account Value (3/1/13)		Ending Account Value (8/31/13)		Expenses Paid During Period^*(3/1/13 – 8/31/13)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	975.10	$	6.97	**		1.40	%
Class I	$	1,000.00	$	977.20	$	5.73	**		1.15	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.10	$	7.12	**		1.40	%
Class I	$	1,000.00	$	1,019.40	$	5.85	**		1.15	%

**	Absent an allocation of certain expenses to an affiliate, the expenses would be higher.


		5

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Portfolio of Investments (Unaudited)


Common Stocks — 88.7%


Security	Shares		Value

Energy — 65.3%

Energy Equipment & Services — 11.3%
Baker Hughes, Inc.		3,000	$	139,470
Cameron International Corp.⁽¹⁾		2,500		141,975
Halliburton Co.		1,466		70,368
Noble Corp.		3,500		130,200
Schlumberger, Ltd.		1,000		80,940

			$	562,953


Oil, Gas & Consumable Fuels — 54.0%
Advantage Oil & Gas, Ltd.⁽¹⁾		1,381	$	5,022
Anadarko Petroleum Corp.		1,000		91,420
Apache Corp.		500		42,840
ARC Resources, Ltd.		3,600		86,198
Cameco Corp.		5,800		110,405
Canadian Natural Resources, Ltd.		2,600		79,335
Chevron Corp.		1,400		168,602
Cimarex Energy Co.		1,900		159,239
Continental Resources, Inc.⁽¹⁾		1,800		166,068
Crew Energy, Inc.⁽¹⁾		15,678		89,457
Devon Energy Corp.		900		51,381
Encana Corp.		4,917		83,981
ENI SpA		7,900		179,944
EOG Resources, Inc.		800		125,640
Exxon Mobil Corp.		1,300		113,308
Imperial Oil, Ltd.		2,100		87,684
Kelt Exploration, Ltd.⁽¹⁾		1,700		12,815
Occidental Petroleum Corp.		1,000		88,210
Painted Pony Petroleum, Ltd.⁽¹⁾		11,012		81,443
Peabody Energy Corp.		3,100		53,320
Peyto Exploration & Development Corp.		1,800		49,131
Royal Dutch Shell PLC ADR, Class A		1,100		71,049
Suncor Energy, Inc.		7,100		239,296
Surge Energy, Inc.		9,272		52,201
Tourmaline Oil Corp.⁽¹⁾		3,200		123,649
Tullow Oil PLC		2,000		31,235
Valero Energy Corp.		2,900		103,037
Whitecap Resources, Inc.		3,300		34,776
Whiting Petroleum Corp.⁽¹⁾		2,200		111,034

			$	2,691,720

			$	3,254,673


Security	Shares		Value

Materials — 23.4%

Chemicals — 2.9%
Ecolab, Inc.		1,100	$	100,485
Potash Corp. of Saskatchewan, Inc.		1,400		41,403

			$	141,888


Containers & Packaging — 2.0%
Rock-Tenn Co., Class A		900	$	99,999

			$	99,999


Metals & Mining — 14.7%
Agnico-Eagle Mines, Ltd.		1,300	$	39,186
BHP Billiton PLC		3,100		90,165
First Quantum Minerals, Ltd.		2,736		45,431
Freeport-McMoRan Copper & Gold, Inc.		3,800		114,836
Goldcorp, Inc.		1,300		38,384
Hudbay Minerals, Inc.		5,200		34,163
Iluka Resources, Ltd.		3,100		29,346
Lundin Mining Corp.⁽¹⁾		9,000		37,083
Molycorp, Inc.⁽¹⁾		1,819		11,096
Randgold Resources, Ltd. ADR		500		39,010
Regis Resources, Ltd.⁽¹⁾		11,300		42,961
Rio Tinto PLC		2,300		103,845
Teck Resources, Ltd., Class B		2,000		50,356
Yamana Gold, Inc.		5,000		57,154

			$	733,016


Paper & Forest Products — 3.8%
Canfor Corp.⁽¹⁾		6,000	$	118,428
West Fraser Timber Co., Ltd.		900		71,262

			$	189,690

			$	1,164,593


Total Common Stocks (identified cost $4,595,263)			$	4,419,266


		6		See Notes to Financial Statements.

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Portfolio of Investments (Unaudited) — continued


Short-Term Investments — 7.8%


Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽²⁾	$	391	$	390,696


Total Short-Term Investments (identified cost $390,696)			$	390,696


Total Investments — 96.5% (identified cost $4,985,959)			$	4,809,962


Other Assets, Less Liabilities — 3.5%			$	172,567


Net Assets — 100.0%			$	4,982,529

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.

⁽²⁾	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 August 31, 2013.


Country Concentration of Portfolio
Country	Percentage of Net Assets			Value
United States		48.6	%	$	2,423,964
Canada		33.5			1,668,243
United Kingdom		6.7			335,304
Italy		3.6			179,944
Switzerland		2.6			130,200
Australia		1.5			72,307

Total Investments		96.5	%	$	4,809,962


		7		See Notes to Financial Statements.

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Statement of Assets and Liabilities (Unaudited)


Assets	August 31, 2013
Unaffiliated investments, at value (identified cost, $4,595,263)	$	4,419,266
Affiliated investment, at value (identified cost, $390,696)		390,696
Cash		161,699
Foreign currency, at value (identified cost, $120,430)		119,069
Dividends receivable		8,938
Interest receivable from affiliated investment		36
Receivable for investments sold		22,068
Receivable for Fund shares sold		90
Receivable from affiliate		10,608
Total assets	$	5,132,470

Liabilities
Payable for investments purchased	$	128,519
Payable to affiliates:
Investment adviser and administration fee		3,599
Distribution and service fees		72
Accrued expenses		17,751
Total liabilities	$	149,941
Net Assets	$	4,982,529

Sources of Net Assets
Paid-in capital	$	5,481,351
Accumulated net realized loss		(336,790	)
Accumulated undistributed net investment income		15,384
Net unrealized depreciation		(177,416	)
Total	$	4,982,529

Class A Shares
Net Assets	$	357,272
Shares Outstanding		39,735
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.99
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	9.54

Class I Shares
Net Assets	$	4,625,257
Shares Outstanding		512,998
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.02

On sales of $50,000 or more, the offering price of Class A shares is reduced.


		8		See Notes to Financial Statements.

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Statement of Operations (Unaudited)


Investment Income	Six Months Ended August 31, 2013
Dividends (net of foreign taxes, $4,102)	$	46,042
Interest allocated from affiliated investment		211
Expenses allocated from affiliated investment		(28	)
Total investment income	$	46,225

Expenses
Investment adviser and administration fee	$	20,971
Distribution and service fees
Class A		380
Trustees’ fees and expenses		343
Custodian fee		14,278
Transfer and dividend disbursing agent fees		356
Legal and accounting services		14,162
Printing and postage		5,767
Registration fees		16,494
Miscellaneous		5,343
Total expenses	$	78,094
Deduct —
Allocation of expenses to affiliate	$	49,404
Total expense reductions	$	49,404

Net expenses	$	28,690

Net investment income	$	17,535

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(196,645	)
Investment transactions allocated from affiliated investment		6
Foreign currency transactions		(4,633	)
Net realized loss	$	(201,272	)
Change in unrealized appreciation (depreciation) —
Investments	$	62,472
Foreign currency		(1,313	)
Net change in unrealized appreciation (depreciation)	$	61,159

Net realized and unrealized loss	$	(140,113	)

Net decrease in net assets from operations	$	(122,578	)


		9		See Notes to Financial Statements.

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended August 31, 2013 (Unaudited)			Period Ended February 28, 2013⁽¹⁾
From operations —
Net investment income	$	17,535		$	10,556
Net realized loss from investment and foreign currency transactions		(201,272	)		(137,331	)
Net change in unrealized appreciation (depreciation) from investments and foreign currency		61,159			(238,575	)
Net decrease in net assets from operations	$	(122,578	)	$	(365,350	)
Distributions to shareholders —
From net investment income
Class A	$	—		$	(52	)
Class I		—			(24,661	)
Total distributions to shareholders	$	—		$	(24,713	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	314,550		$	92,816
Class I		114,255			5,035,869
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		—			17
Class I		—			159
Cost of shares redeemed
Class A		(23,240	)		(7,924	)
Class I		(31,332	)		—
Net increase in net assets from Fund share transactions	$	374,233		$	5,120,937

Net increase in net assets	$	251,655		$	4,730,874

Net Assets
At beginning of period	$	4,730,874		$	—
At end of period	$	4,982,529		$	4,730,874

Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	15,384		$	(2,151	)

⁽¹⁾	For the period from the start of business, April 30, 2012, to February 28, 2013.


		10		See Notes to Financial Statements.

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Financial Highlights


	Class A
	Six Months Ended August 31, 2013 (Unaudited)			Period Ended February 28, 2013⁽¹⁾
Net asset value — Beginning of period	$	9.220		$	10.000

Income (Loss) From Operations
Net investment income (loss)⁽²⁾	$	0.013		$	(0.001	)
Net realized and unrealized loss		(0.243	)		(0.744	)

Total loss from operations	$	(0.230	)	$	(0.745	)

Less Distributions
From net investment income	$	—		$	(0.035	)

Total distributions	$	—		$	(0.035	)

Net asset value — End of period	$	8.990		$	9.220

Total Return⁽³⁾		(2.49	)%⁽⁴⁾		(7.46	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	357		$	81
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.40	%⁽⁶⁾		1.40	%⁽⁶⁾
Net investment income (loss)		0.29	%⁽⁶⁾		(0.02)	%⁽⁶⁾
Portfolio Turnover		40	%⁽⁴⁾		31	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, April 30, 2012, to February 28, 2013.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽⁴⁾	Not annualized.

⁽⁵⁾

The investment adviser and administrator reimbursed certain operating expenses (equal to 2.00% and 2.49% of average daily net assets for the six months ended August 31, 2013 and the period from the start of business, April 30, 2012, to February 28, 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Annualized.


		11		See Notes to Financial Statements.

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Financial Highlights — continued


	Class I
	Six Months Ended August 31, 2013 (Unaudited)			Period Ended February 28, 2013⁽¹⁾
Net asset value — Beginning of period	$	9.230		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.034		$	0.021
Net realized and unrealized loss		(0.244	)		(0.742	)

Total loss from operations	$	(0.210	)	$	(0.721	)

Less Distributions
From net investment income	$	—		$	(0.049	)

Total distributions	$	—		$	(0.049	)

Net asset value — End of period	$	9.020		$	9.230

Total Return⁽³⁾		(2.28	)%⁽⁴⁾		(7.23	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,625		$	4,650
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.15	%⁽⁶⁾		1.15	%⁽⁶⁾
Net investment income		0.74	%⁽⁶⁾		0.27	%⁽⁶⁾
Portfolio Turnover		40	%⁽⁴⁾		31	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, April 30, 2012, to February 28, 2013.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾	Not annualized.

⁽⁵⁾

⁽⁶⁾	Annualized.


		12		See Notes to Financial Statements.

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Global Natural Resources 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 commenced operations on April 30, 2012. The Fund’s investment objective is to seek long-term capital growth. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America.

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

Debt Obligations. Short-term obligations purchased with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value.


		13

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

At February 28, 2013, the Fund, for federal income tax purposes, had deferred capital losses of $135,544 which will reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year.

Additionally, at February 28, 2013, the Fund had a late year ordinary loss of $2,331, which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

2 Distributions to Shareholders


		14

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the six months ended August 31, 2013, the investment adviser and administration fee amounted to $20,971 or 0.85% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to AGF Investments America Inc. (AGFA), a wholly-owned subsidiary of AGF Management Limited. EVM pays AGFA a portion of its advisory and administration fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.40% and 1.15% of the Fund’s average daily net assets for Class A and Class I, respectively, through June 30, 2014. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM was allocated $49,404 of the Fund’s operating expenses for the six months ended August 31, 2013.

EVM serves as the sub-transfer agent of the Fund and receives from the transfer agent an aggregate fee based upon the actual expenses incurred by EVM in the performance of these services. For the six months ended August 31, 2013, EVM earned $47 in sub-transfer agent fees. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $117 as its portion of the sales charge on sales of Class A shares for the six months ended August 31, 2013. EVD also received distribution and service fees from Class A shares (see Note 4).

4 Distribution Plan

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority’s NASD Conduct Rule 2830(d).

5 Contingent Deferred Sales Charges

Class A shares may be subject to a 1% contingent deferred sales charge (CDSC) if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. No CDSC is levied on shares which have been sold to EVM or its affiliates or to their respective employees or clients and may be waived under certain other limited conditions. For the six months ended August 31, 2013, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $1,781,126 and $1,782,074, respectively, for the six months ended August 31, 2013.


		15

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

7 Shares of Beneficial Interest


Class A	Six Months Ended August 31, 2013 (Unaudited)			Period Ended February 28, 2013⁽¹⁾

Sales		33,546			9,542
Issued to shareholders electing to receive payments of distributions in Fund shares		—			2
Redemptions		(2,551	)		(804	)

Net increase		30,995			8,740


Class I	Six Months Ended August 31, 2013 (Unaudited)			Period Ended February 28, 2013⁽¹⁾

Sales		12,556			503,884
Issued to shareholders electing to receive payments of distributions in Fund shares		—			17
Redemptions		(3,459	)		—

Net increase		9,097			503,901

⁽¹⁾	For the period from the start of business, April 30, 2012, to February 28, 2013.

At August 31, 2013, an affiliate of EVM owned 90.5% of the value of the outstanding shares of the Fund.

8 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the Fund at August 31, 2013, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	4,985,933

Gross unrealized appreciation	$	217,792
Gross unrealized depreciation		(393,763	)

Net unrealized depreciation	$	(175,971	)

9 Line of Credit


		16

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Notes to Financial Statements (Unaudited) — continued

10 Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

11 Concentration of Risk

Because the Fund concentrates its investments in the natural resources sector, the value of Fund shares may be affected by events that adversely affect that sector and may fluctuate more than that of a less concentrated fund. Investment risks associated with investing in global natural resources securities, in addition to other risks, include price fluctuation caused by real and perceived inflationary trends and political developments, the cost assumed by natural resources companies in complying with environmental and safety regulation, changes in supply of, or demand for, various natural resources, changes in energy prices, the success of exploration projects, changes in commodity prices, and special risks associated with natural or man-made disasters.

12 Fair Value Measurements

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 August 31, 2013, 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
Energy	$	3,043,494	$	211,179		$	—	$	3,254,673
Materials		898,276		266,317			—		1,164,593

Total Common Stocks	$	3,941,770	$	477,496	*	$	—	$	4,419,266

Short-Term Investments	$	—	$	390,696		$	—	$	390,696

Total Investments	$	3,941,770	$	868,192		$	—	$	4,809,962

*	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.


		17

Eaton Vance

Global Natural Resources Fund

August 31, 2013

Officers and Trustees

Officers of Eaton Vance Global Natural Resources Fund

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

Trustees of Eaton Vance Global Natural Resources Fund

Ralph F. Verni

Chairman

Scott E. Eston

Benjamin C. Esty

Thomas E. Faust Jr.*

Allen R. Freedman

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Lynn A. Stout

Harriett Tee Taggart

*	Interested Trustee


		18

Eaton Vance Funds

IMPORTANT NOTICES

Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.


		19

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

AGF Investments America Inc.

53 State Street

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

200 Clarendon Street

Boston, MA 02116

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

LOGO


6184-10/13		GNSRC

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

The registrant’s Board has designated William H. Park, an independent trustee, as its audit committee financial expert. Mr. Park is a certified public accountant who is a consultant and private investor. Previously, he served as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (an independent registered public accounting firm).

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not required in this filing.

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

Not required in this filing.

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

Not required in this filing.

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

No Material Changes.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits



(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

Signatures

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

Eaton Vance Growth Trust


By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		October 14, 2013

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


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		October 14, 2013

By:		/s/ Payson F. Swaffield
		Payson F. Swaffield
		President

Date:		October 14, 2013