Eaton Vance Growth Trust

N-CSRS 1 d889352dncsrs.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)

July 31

Date of Fiscal Year End

January 31, 2015

Date of Reporting Period

Item 1. Reports to Stockholders

LOGO

Eaton Vance

Hexavest Emerging Markets
Equity Fund

Semiannual Report

January 31, 2015

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. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor.

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

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 January 31, 2015

Eaton Vance

Hexavest Emerging Markets Equity Fund

Table of Contents


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Officers and Trustees			23

Important Notices			24

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Performance^1,2

Portfolio Managers Vital Proulx, CFA, Jean-René Adam, CFA, Jean-Benoit Leblanc, CFA and Jean-Pierre Couture, each of Hexavest Inc.


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		08/29/2012		08/29/2012		–12.15	%		–1.21	%		—			–0.90	%
Class A with 5.75% Maximum Sales Charge		—		—		–17.22			–6.86			—			–3.29
Class I at NAV		08/29/2012		08/29/2012		–11.99			–0.88			—			–0.62
MSCI Emerging Markets Index		—		—		–9.05	%		5.23	%		3.08	%		2.70	%


% Total Annual Operating Expense Ratios³											Class A			Class I
Gross												3.73	%		3.48	%
Net												1.81			1.56

Fund Profile

Equity Sector Allocation (% of net assets)^4,5

LOGO

Geographic Allocation (% of net assets)^4,5,6

LOGO

Top 10 Holdings (% of net assets)^5,6


Samsung Electronics Co., Ltd.	3.8	%
China Mobile, Ltd.	3.7
Taiwan Semiconductor Manufacturing Co., Ltd.	2.7
Hyundai Motor Co.	2.1
America Movil SAB de CV, Series L	2.0
E-Mini MSCI Emerging Markets Index Futures Contracts	1.6
China Unicom (Hong Kong), Ltd.	1.4
iShares India 50 ETF	1.4
AMBEV SA	1.4
iShares MSCI India ETF	1.3
Total	21.4	%

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 eatonvance.com.


		2

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Endnotes and Additional Disclosures

MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI indexes 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.

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 11/30/15. Without the reimbursement, if applicable, performance would have been lower.

⁴	The Fund may obtain exposure to certain market segments through investments in Exchange-Traded Funds (ETFs). For purposes of the charts, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

⁵	Includes the value of the notional amount of each futures contract.

⁶	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		3

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

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 (August 1, 2014 – January 31, 2015).

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 (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period* (8/1/14 – 1/31/15)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	878.50	$	8.29	**		1.75	%
Class I	$	1,000.00	$	880.10	$	7.11	**		1.50	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,016.40	$	8.89	**		1.75	%
Class I	$	1,000.00	$	1,017.60	$	7.63	**		1.50	%

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 July 31, 2014.

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


		4

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited)


Common Stocks — 87.0%


Security	Shares		Value


Brazil — 6.3%
AMBEV SA		12,000	$	78,845
Banco Bradesco SA, PFC Shares		3,000		37,712
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		400		13,282
Cia de Concessoes Rodoviarias SA (CCR)		3,200		18,223
Cia de Saneamento Basico do Estado de Sao Paulo		1,300		6,444
Cia Energetica de Minas Gerais SA, PFC Shares		6,749		29,956
Cia Paranaense de Energia-Copel, PFC Shares		972		11,302
Itau Unibanco Holding SA, PFC Shares		3,205		39,297
Itausa-Investimentos Itau SA, PFC Shares		4,780		16,282
Petroleo Brasileiro SA		4,500		13,484
Petroleo Brasileiro SA, PFC Shares		2,000		6,097
Souza Cruz SA		2,600		21,792
Telefonica Brasil SA, PFC Shares		1,578		29,287
Tractebel Energia SA		976		11,327
Vale SA, PFC Shares		4,748		29,285

			$	362,615


Chile — 2.2%
Cencosud SA		13,645	$	33,405
Empresa Nacional de Telecomunicaciones SA		1,532		14,508
Empresas Copec SA		1,107		12,580
Enersis SA ADR		3,565		54,366
S.A.C.I. Falabella		1,702		11,200

			$	126,059


China — 17.0%
Belle International Holdings, Ltd.		22,000	$	24,846
China Life Insurance Co., Ltd., Class H		13,000		50,459
China Mengniu Dairy Co., Ltd.		5,000		22,847
China Mobile, Ltd.		16,452		214,819
China Oilfield Services, Ltd., Class H		12,000		19,800
China Petroleum & Chemical Corp., Class H		68,000		53,980
China Resources Enterprise, Ltd.		8,000		17,556
China Shenhua Energy Co., Ltd., Class H		16,500		45,293
China Telecom Corp., Ltd., Class H		90,000		53,225
China Unicom (Hong Kong), Ltd.		56,000		83,821
CNOOC, Ltd.		42,000		55,838
Great Wall Motor Co., Ltd., Class H		3,500		19,978
Guangdong Investment, Ltd.		28,000		37,441
Hengan International Group Co., Ltd.		4,000		47,480
Jiangxi Copper Co., Ltd., Class H		14,000		22,823
PetroChina Co., Ltd., Class H		44,000		47,666
PICC Property & Casualty Co., Ltd., Class H		8,000		15,603
Ping An Insurance (Group) Co. of China, Ltd., Class H		2,000		21,159


Security	Shares		Value


China (continued)
Sinopharm Group Co., Ltd., Class H		3,600	$	13,154
Tencent Holdings, Ltd.		2,700		45,505
Tingyi (Cayman Islands) Holding Corp.		6,000		14,794
Want Want China Holdings, Ltd.		31,000		37,043
Zhejiang Expressway Co., Ltd., Class H		16,000		20,402

			$	985,532


Czech Republic — 0.5%
CEZ AS		1,308	$	30,615

			$	30,615


Greece — 0.6%
Alpha Bank AE⁽¹⁾		28,194	$	10,301
National Bank of Greece SA⁽¹⁾		9,743		9,964
OPAP SA		1,450		12,254

			$	32,519


Hong Kong — 0.2%
ENN Energy Holdings, Ltd.		2,000	$	11,784

			$	11,784


India — 2.6%
Dr. Reddy’s Laboratories, Ltd. ADR		693	$	34,976
HDFC Bank, Ltd. ADR		487		27,749
Infosys, Ltd. ADR		1,556		53,029
State Bank of India GDR⁽²⁾		274		13,583
Tata Motors, Ltd. ADR		416		20,517

			$	149,854


Indonesia — 2.8%
Astra International Tbk PT		51,000	$	31,403
Bank Central Asia Tbk PT		37,000		38,848
Bank Mandiri Tbk PT		20,500		17,659
Bank Rakyat Indonesia Tbk PT		26,500		24,247
Perusahaan Gas Negara Tbk PT		45,000		17,877
Telekomunikasi Indonesia Tbk PT		141,500		31,413

			$	161,447


Malaysia — 4.0%
AMMB Holdings Bhd		18,300	$	31,571
CIMB Group Holdings Bhd		21,900		33,156
Genting Bhd		15,900		38,646
Malayan Banking Bhd		10,200		24,487
Petronas Chemicals Group Bhd		9,300		13,034


		5		See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Malaysia (continued)
Petronas Gas Bhd		1,500	$	9,172
Public Bank Bhd		3,900		19,480
Sime Darby Bhd		14,200		36,784
Tenaga Nasional Bhd		6,824		27,218

			$	233,548


Mexico — 6.1%
America Movil SAB de CV, Series L		108,637	$	116,396
Coca-Cola Femsa SAB de CV, Series L		3,400		27,673
Fomento Economico Mexicano SAB de CV, Series UBD		8,374		70,106
Grupo Bimbo SAB de CV, Series A⁽¹⁾		9,400		23,918
Grupo Financiero Banorte SAB de CV, Class O		6,400		32,590
Grupo Mexico SAB de CV, Series B		9,700		25,574
Wal-Mart de Mexico SAB de CV, Series V		28,500		54,967

			$	351,224


Peru — 1.0%
Cia de Minas Buenaventura SA ADR		816	$	9,319
Credicorp, Ltd.		319		45,974

			$	55,293


Poland — 4.4%
Bank Pekao SA		726	$	35,019
KGHM Polska Miedz SA		1,052		29,824
Orange Polska SA		4,698		11,333
Polska Grupa Energetyczna SA		8,272		43,343
Polski Koncern Naftowy Orlen SA		763		11,258
Powszechna Kasa Oszczednosci Bank Polski SA		5,500		50,887
Powszechny Zaklad Ubezpieczen SA		491		66,776
Tauron Polska Energia SA		6,679		8,986

			$	257,426


Russia — 1.6%
LUKOIL OAO ADR		623	$	24,496
Magnit PJSC GDR⁽²⁾		146		5,551
Mobile TeleSystems ADR		1,606		12,623
OAO Gazprom ADR		9,908		39,772
Sberbank of Russia ADR		3,359		12,379

			$	94,821


South Africa — 3.5%
AngloGold Ashanti, Ltd.⁽¹⁾		1,385	$	16,799
Bidvest Group, Ltd. (The)		607		16,752
FirstRand, Ltd.		3,067		13,649


Security	Shares		Value


South Africa (continued)
MTN Group, Ltd.		4,066	$	70,215
Sasol, Ltd.		713		25,754
Shoprite Holdings, Ltd.		733		11,587
Standard Bank Group, Ltd.		3,539		46,733

			$	201,489


South Korea — 22.2%
Celltrion, Inc.⁽¹⁾		354	$	13,128
E-Mart Co., Ltd.		217		41,174
Hana Financial Group, Inc.		1,340		39,169
Hankook Tire Co., Ltd.		714		34,333
Hyundai Heavy Industries Co., Ltd.		139		14,244
Hyundai Mobis Co., Ltd.		299		67,594
Hyundai Motor Co.		775		119,105
KB Financial Group, Inc.		1,460		49,046
KCC Corp.		32		16,100
Kia Motors Corp.		1,129		47,183
Korea Electric Power Corp.		1,354		52,940
KT&G Corp.		677		49,420
LG Chem, Ltd.		184		33,091
LG Corp.		619		34,836
LG Display Co., Ltd.		520		17,086
LG Electronics, Inc.		374		20,720
LG Uplus Corp.		1,300		14,332
Lotte Shopping Co., Ltd.		81		17,529
Naver Corp.		22		14,260
NCsoft Corp.		155		28,306
POSCO		71		16,493
S-Oil Corp.		408		22,443
Samsung C&T Corp.		463		23,460
Samsung Electronics Co., Ltd.		176		218,486
Samsung Electronics Co., Ltd., PFC Shares		43		41,854
Samsung Fire & Marine Insurance Co., Ltd.		206		55,467
Samsung Life Insurance Co., Ltd.		194		19,927
Samsung SDI Co., Ltd.		136		15,870
Shinhan Financial Group Co., Ltd.		1,740		71,041
SK Innovation Co., Ltd.		323		27,429
SK Telecom Co., Ltd. ADR		1,368		39,330
Woori Bank⁽¹⁾		1,340		10,783

			$	1,286,179


Taiwan — 12.0%
Cathay Financial Holding Co., Ltd.		31,165	$	44,629
Chunghwa Telecom Co., Ltd.		23,330		70,504
CTBC Financial Holding Co., Ltd.		61,182		38,811


		6		See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Taiwan (continued)
Far Eastern New Century Corp.		25,514	$	25,679
Formosa Chemicals & Fibre Corp.		10,000		21,398
Formosa Plastics Corp.		16,000		38,612
Fubon Financial Holding Co., Ltd.		47,000		74,476
Hon Hai Precision Industry Co., Ltd.		17,826		48,914
MediaTek, Inc.		3,000		45,616
Nan Ya Plastics Corp.		14,000		28,129
President Chain Store Corp.		3,000		23,062
Quanta Computer, Inc.		10,000		24,370
Taiwan Mobile Co., Ltd.		8,000		26,379
Taiwan Semiconductor Manufacturing Co., Ltd.		35,565		156,402
Uni-President Enterprises Corp.		16,960		27,025

			$	694,006


Total Common Stocks (identified cost $5,410,649)			$	5,034,411


Exchange-Traded Funds — 4.5%


Security	Shares		Value

Equity Funds — 4.5%
iShares China Large-Cap ETF		126	$	5,198
iShares India 50 ETF		2,443		78,860
iShares MSCI Brazil Capped ETF		843		28,923
iShares MSCI India ETF		2,348		75,383
iShares MSCI South Korea Capped ETF		1,006		56,004
Market Vectors Gold Miners ETF		682		15,202


Total Exchange-Traded Funds (identified cost $259,585)			$	259,570


Short-Term Investments — 2.3%


Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.15%⁽³⁾	$	131	$	130,871


Total Short-Term Investments (identified cost $130,871)			$	130,871


Total Investments — 93.8% (identified cost $5,801,105)			$	5,424,852


Other Assets, Less Liabilities — 6.2%			$	358,935


Net Assets — 100.0%			$	5,783,787

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


ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PFC Shares	–	Preference Shares

⁽¹⁾	Non-income producing security.

⁽²⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At January 31, 2015, the aggregate value of these securities is $19,134 or 0.3% of the Fund’s net assets.

⁽³⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2015.


Sector Classification of Portfolio


Sector	Percentage of Net Assets			Value
Financials		19.7	%	$	1,138,913
Telecommunication Services		13.6			788,185
Information Technology		12.3			709,698
Consumer Staples		10.7			621,527
Consumer Discretionary		8.0			465,308
Energy		7.0			405,890
Utilities		6.1			352,771
Materials		4.9			284,381
Industrials		3.6			206,480
Health Care		1.1			61,258

Common Stocks		87.0	%	$	5,034,411
Exchange-Traded Funds		4.5			259,570
Short-Term Investments		2.3			130,871

Total Investments		93.8	%	$	5,424,852


		7		See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Statement of Assets and Liabilities (Unaudited)


Assets	January 31, 2015
Unaffiliated investments, at value (identified cost, $5,670,234)	$	5,293,981
Affiliated investment, at value (identified cost, $130,871)		130,871
Cash		192,683
Restricted cash*		4,070
Foreign currency, at value (identified cost, $201,351)		198,877
Dividends receivable		12,222
Interest receivable from affiliated investment		20
Receivable for investments sold		20,589
Receivable for Fund shares sold		1,887
Receivable for open forward foreign currency exchange contracts		64,395
Tax reclaims receivable		90
Receivable from affiliates		9,010
Total assets	$	5,928,695

Liabilities
Payable for investments purchased	$	48,486
Payable for Fund shares redeemed		562
Payable for variation margin on open financial futures contracts		2,742
Payable for open forward foreign currency exchange contracts		41,945
Payable to affiliates:
Investment adviser and administration fee		4,932
Distribution and service fees		124
Accrued expenses		46,117
Total liabilities	$	144,908
Net Assets	$	5,783,787

Sources of Net Assets
Paid-in capital	$	6,287,865
Accumulated distributions in excess of net realized gain		(113,110	)
Accumulated distributions in excess of net investment income		(39,161	)
Net unrealized depreciation		(351,807	)
Total	$	5,783,787

Class A Shares
Net Assets	$	596,563
Shares Outstanding		64,620
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.23
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	9.79

Class I Shares
Net Assets	$	5,187,224
Shares Outstanding		559,771
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.27

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

*	Represents restricted cash on deposit at the broker for open financial futures contracts.


		8		See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Statement of Operations (Unaudited)


Investment Income	Six Months Ended January 31, 2015
Dividends (net of foreign taxes, $8,160)	$	60,679
Interest allocated from affiliated investment		215
Expenses allocated from affiliated investment		(25	)
Total investment income	$	60,869

Expenses
Investment adviser and administration fee	$	31,967
Distribution and service fees
Class A		785
Trustees’ fees and expenses		389
Custodian fee		25,773
Transfer and dividend disbursing agent fees		1,030
Legal and accounting services		21,668
Printing and postage		8,040
Registration fees		14,905
Miscellaneous		5,607
Total expenses	$	110,164
Deduct —
Allocation of expenses to affiliates	$	61,474
Total expense reductions	$	61,474

Net expenses	$	48,690

Net investment income	$	12,179

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	17,850
Investment transactions allocated from affiliated investment		2
Financial futures contracts		(35,029	)
Foreign currency and forward foreign currency exchange contract transactions		(66,994	)
Net realized loss	$	(84,171	)
Change in unrealized appreciation (depreciation) —
Investments	$	(762,205	)
Financial futures contracts		(453	)
Foreign currency and forward foreign currency exchange contracts		15,829
Net change in unrealized appreciation (depreciation)	$	(746,829	)

Net realized and unrealized loss	$	(831,000	)

Net decrease in net assets from operations	$	(818,821	)


		9		See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
From operations —
Net investment income	$	12,179		$	50,195
Net realized gain (loss) from investment transactions, financial futures contracts, and foreign currency and forward foreign currency exchange contract transactions		(84,171	)		174,554
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts, foreign currency and forward foreign currency exchange contracts		(746,829	)		562,932
Net increase (decrease) in net assets from operations	$	(818,821	)	$	787,681
Distributions to shareholders —
From net investment income
Class A	$	(6,277	)	$	—
Class I		(69,658	)		—
From net realized gain
Class A		(16,500	)		(4,403	)
Class I		(151,668	)		(65,732	)
Total distributions to shareholders	$	(244,103	)	$	(70,135	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	139,158		$	481,429
Class I		397,819			372,647
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		22,686			4,283
Class I		22,824			5,802
Cost of shares redeemed
Class A		(94,950	)		(80,652	)
Class I		(367,773	)		(159,575	)
Net increase in net assets from Fund share transactions	$	119,764		$	623,934

Net increase (decrease) in net assets	$	(943,160	)	$	1,341,480

Net Assets
At beginning of period	$	6,726,947		$	5,385,467
At end of period	$	5,783,787		$	6,726,947

Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	(39,161	)	$	24,595


		10		See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Financial Highlights


	Class A
	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014			Period Ended July 31, 2013⁽¹⁾
Net asset value — Beginning of period	$	10.940		$	9.720		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.008		$	0.082		$	0.123
Net realized and unrealized gain (loss)		(1.341	)		1.258			(0.325	)

Total income (loss) from operations	$	(1.333	)	$	1.340		$	(0.202	)

Less Distributions
From net investment income	$	(0.104	)	$	—		$	(0.052	)
From net realized gain		(0.273	)		(0.120	)		(0.026	)

Total distributions	$	(0.377	)	$	(0.120	)	$	(0.078	)

Net asset value — End of period	$	9.230		$	10.940		$	9.720

Total Return⁽³⁾		(12.15	)%⁽⁴⁾		13.75	%		(2.09	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	597		$	636		$	186
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.75	%⁽⁶⁾		1.75	%		1.75	%⁽⁶⁾
Net investment income		0.16	%⁽⁶⁾		0.79	%		1.32	%⁽⁶⁾
Portfolio Turnover		29	%⁽⁴⁾		62	%		52	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, August 29, 2012, to July 31, 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 and/or the sub-adviser reimbursed certain operating expenses (equal to 1.92%, 1.92% and 2.74% of average daily net assets for the six months ended January 31, 2015, the year ended July 31, 2014 and the period from the start of business, August 29, 2012, to July 31, 2013, respectively). Absent these reimbursements, total return would be lower.

⁽⁶⁾	Annualized.


		11		See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Financial Highlights — continued


	Class I
	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014			Period Ended July 31, 2013⁽¹⁾
Net asset value — Beginning of period	$	10.990		$	9.740		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.021		$	0.087		$	0.089
Net realized and unrealized gain (loss)		(1.343	)		1.283			(0.267	)

Total income (loss) from operations	$	(1.322	)	$	1.370		$	(0.178	)

Less Distributions
From net investment income	$	(0.125	)	$	—		$	(0.056	)
From net realized gain		(0.273	)		(0.120	)		(0.026	)

Total distributions	$	(0.398	)	$	(0.120	)	$	(0.082	)

Net asset value — End of period	$	9.270		$	10.990		$	9.740

Total Return⁽³⁾		(11.99	)%⁽⁴⁾		14.03	%		(1.85	)%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,187		$	6,091		$	5,199
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.50	%⁽⁶⁾		1.50	%		1.50	%⁽⁶⁾
Net investment income		0.41	%⁽⁶⁾		0.83	%		0.94	%⁽⁶⁾
Portfolio Turnover		29	%⁽⁴⁾		62	%		52	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, August 29, 2012, to July 31, 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

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Hexavest Emerging Markets Equity Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is long-term capital appreciation. 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 (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946.

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

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

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities and Currencies. 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.


		13

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

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.

As of January 31, 2015, 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

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 Financial Futures Contracts — Upon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

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

L Interim Financial Statements — The interim financial statements relating to January 31, 2015 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 and Income Tax Information

It is the present policy of the Fund to make 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. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax


		14

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2015, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	5,808,854

Gross unrealized appreciation	$	383,460
Gross unrealized depreciation		(767,462	)

Net unrealized depreciation	$	(384,002	)

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 1.00% 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 January 31, 2015, the investment adviser and administration fee amounted to $31,967 or 1.00% (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 Hexavest Inc. (Hexavest), an affiliate of EVM and a registered investment adviser. EVM pays Hexavest 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 and Hexavest have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.75% and 1.50% of the Fund’s average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after November 30, 2015. Pursuant to this agreement, EVM and Hexavest were allocated $61,474 in total of the Fund’s operating expenses for the six months ended January 31, 2015.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2015, EVM earned $135 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $392 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2015. EVD also received distribution and service fees from Class A 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 January 31, 2015, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plan

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 January 31, 2015 amounted to $785 for Class A 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

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. For the six months ended January 31, 2015, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.


		15

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $1,867,605 and $1,617,273, respectively, for the six months ended January 31, 2015.

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 January 31, 2015 (Unaudited)			Year Ended July 31, 2014

Sales		13,342			46,347
Issued to shareholders electing to receive payments of distributions in Fund shares		2,431			412
Redemptions		(9,288	)		(7,795	)

Net increase		6,485			38,964


Class I	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014

Sales		37,260			35,194
Issued to shareholders electing to receive payments of distributions in Fund shares		2,439			556
Redemptions		(34,257	)		(15,265	)

Net increase		5,442			20,485

At January 31, 2015, EVM owned 79.8% of the value of the outstanding shares of the Fund.

8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

A summary of obligations under these financial instruments at January 31, 2015 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement
Date

Deliver

In Exchange For

Counterparty

Unrealized
Appreciation

Unrealized
(Depreciation)

Net Unrealized
Appreciation
(Depreciation)

3/18/15

Czech Koruna 506,671

United States Dollar 22,576

State Street Trust Company Canada

1,939

—

1,939

3/18/15

Euro
40,995

United States Dollar 47,441

State Street Trust Company Canada

1,099

—

1,099

3/18/15

Mexican Peso 1,719,164

United States Dollar 119,243

State Street Trust Company Canada

4,867

—

4,867


		16

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Forward Foreign Currency Exchange Contracts (continued)
Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

3/18/15	Mexican Peso 916,498	United States Dollar 63,523	State Street Trust Company Canada	$	2,549	$	—		$	2,549
3/18/15	Mexican Peso 309,243	United States Dollar 20,944	State Street Trust Company Canada		370		—			370
3/18/15	Polish Zloty 639,071	United States Dollar 187,885	State Street Trust Company Canada		15,629		—			15,629
3/18/15	Polish Zloty 281,392	United States Dollar 77,889	State Street Trust Company Canada		2,042		—			2,042
3/18/15	South African Rand 885,829	United States Dollar 74,641	State Street Trust Company Canada		—		(913	)		(913	)
3/18/15	United States Dollar 6,541	Euro 5,773	State Street Trust Company Canada		—		(15	)		(15	)
3/18/15	United States Dollar 9,554	Euro 8,423	State Street Trust Company Canada		—		(32	)		(32	)
3/18/15	United States Dollar 4,706	Euro 4,050	State Street Trust Company Canada		—		(128	)		(128	)
3/18/15	United States Dollar 43,117	Mexican Peso 636,097	State Street Trust Company Canada		—		(797	)		(797	)
3/18/15	United States Dollar 57,694	Mexican Peso 846,824	State Street Trust Company Canada		—		(1,355	)		(1,355	)
3/18/15	United States Dollar 58,187	Mexican Peso 851,580	State Street Trust Company Canada		—		(1,532	)		(1,532	)
3/18/15	United States Dollar 11,659	New Turkish Lira 28,005	State Street Trust Company Canada		—		(319	)		(319	)
3/18/15	United States Dollar 131,966	New Turkish Lira 305,222	State Street Trust Company Canada		—		(8,369	)		(8,369	)
3/18/15	United States Dollar 81,825	Polish Zloty 306,729	State Street Trust Company Canada		851		—			851
3/18/15	United States Dollar 282,715	South African Rand 3,315,998	State Street Trust Company Canada		111		—			111
3/18/15	United States Dollar 16,476	South African Rand 191,202	State Street Trust Company Canada		—		(168	)		(168	)
3/25/15	Brazilian Real 25,283	United States Dollar 9,122	State Street Trust Company Canada		—		(169	)		(169	)
3/25/15	Brazilian Real 48,011	United States Dollar 17,346	State Street Trust Company Canada		—		(296	)		(296	)
3/25/15	Brazilian Real 206,676	United States Dollar 73,459	State Street Trust Company Canada		—		(2,488	)		(2,488	)
3/25/15	Chilean Peso 103,081,500	United States Dollar 165,023	State Street Trust Company Canada		3,131		—			3,131
3/25/15	Colombian Peso 124,581,025	United States Dollar 52,157	State Street Trust Company Canada		1,344		—			1,344

3/25/15	Indian Rupee 3,202,795	United States Dollar 51,774	State Street Trust Company Canada		586		—			586
3/25/15	Indian Rupee 900,000	United States Dollar 14,416	State Street Trust Company Canada		32		—			32
3/25/15	Indian Rupee 2,144,325	United States Dollar 33,403	State Street Trust Company Canada		—		(868	)		(868	)


		17

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Forward Foreign Currency Exchange Contracts (continued)
Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

3/25/15	Indian Rupee 3,396,468	United States Dollar 52,165	State Street Trust Company Canada	$	—	$	(2,118	)	$	(2,118	)
3/25/15	Indonesian Rupiah 287,316,908	United States Dollar 22,570	State Street Trust Company Canada		252		—			252
3/25/15	Indonesian Rupiah 808,164,182	United States Dollar 60,856	State Street Trust Company Canada		—		(1,920	)		(1,920	)
3/25/15	Malaysian Ringgit 60,868	United States Dollar 17,201	State Street Trust Company Canada		527		—			527
3/25/15	Malaysian Ringgit 118,245	United States Dollar 32,798	State Street Trust Company Canada		408		—			408
3/25/15	Malaysian Ringgit 290,073	United States Dollar 79,712	State Street Trust Company Canada		252		—			252
3/25/15	New Taiwan Dollar 1,200,649	United States Dollar 37,798	State Street Trust Company Canada		—		(37	)		(37	)
3/25/15	Peruvian New Sol 151,000	United States Dollar 50,286	State Street Trust Company Canada		1,315		—			1,315
3/25/15	South Korean Won 78,501,582	United States Dollar 72,292	State Street Trust Company Canada		1,247		—			1,247
3/25/15	South Korean Won 17,088,480	United States Dollar 15,791	State Street Trust Company Canada		325		—			325
3/25/15	South Korean Won 915,927,588	United States Dollar 828,924	State Street Trust Company Canada		—		(1	)		(1	)
3/25/15	South Korean Won 41,034,474	United States Dollar 36,956	State Street Trust Company Canada		—		(180	)		(180	)
3/25/15	United States Dollar 118,481	Brazilian Real 327,658	State Street Trust Company Canada		1,923		—			1,923
3/25/15	United States Dollar 53,343	Brazilian Real 150,000	State Street Trust Company Canada		1,777		—			1,777
3/25/15	United States Dollar 115,687	Brazilian Real 300,949	State Street Trust Company Canada		—		(5,099	)		(5,099	)
3/25/15	United States Dollar 74,227	Chilean Peso 45,968,793	State Street Trust Company Canada		—		(2,032	)		(2,032	)
3/25/15	United States Dollar 55,389	Colombian Peso 135,247,000	State Street Trust Company Canada		—		(226	)		(226	)
3/25/15	United States Dollar 457,273	Indian Rupee 29,546,720	State Street Trust Company Canada		14,952		—			14,952

3/25/15	United States Dollar 132,075	Indonesian Rupiah 1,756,207,705	State Street Trust Company Canada		4,342		—			4,342
3/25/15	United States Dollar 81,651	New Taiwan Dollar 2,548,971	State Street Trust Company Canada		—		(1,328	)		(1,328	)
3/25/15	United States Dollar 18,667	Peruvian New Sol 55,544	State Street Trust Company Canada		—		(653	)		(653	)
3/25/15	United States Dollar 79,004	Philippine Peso 3,547,760	State Street Trust Company Canada		1,104		—			1,104
3/25/15	United States Dollar 19,702	Russian Ruble 1,393,339	State Street Trust Company Canada		13		—			13
3/25/15	United States Dollar 11,705	Russian Ruble 818,896	State Street Trust Company Canada		—		(118	)		(118	)


		18

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Forward Foreign Currency Exchange Contracts (continued)
Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

3/25/15	United States Dollar 49,606	Russian Ruble 3,345,951	State Street Trust Company Canada	$	—	$	(2,262	)	$	(2,262	)
3/25/15	United States Dollar 74,051	Russian Ruble 4,931,800	State Street Trust Company Canada		—		(4,268	)		(4,268	)
3/25/15	United States Dollar 39,661	South Korean Won 43,595,288	State Street Trust Company Canada		—		(207	)		(207	)
3/25/15	United States Dollar 149,281	South Korean Won 162,059,982	State Street Trust Company Canada		—		(2,615	)		(2,615	)
3/25/15	United States Dollar 65,812	Thai Baht 2,198,517	State Street Trust Company Canada		1,191		—			1,191
3/25/15	United States Dollar 82,424	Yuan Renminbi 511,262	State Street Trust Company Canada		—		(41	)		(41	)
3/25/15	United States Dollar 33,875	Yuan Renminbi 209,410	State Street Trust Company Canada		—		(131	)		(131	)
3/25/15	United States Dollar 255,348	Yuan Renminbi 1,576,900	State Street Trust Company Canada		—		(1,251	)		(1,251	)
3/25/15	Yuan Renminbi 284,263	United States Dollar 46,022	State Street Trust Company Canada		217		—			217
3/25/15	Yuan Renminbi 311,737	United States Dollar 50,223	State Street Trust Company Canada		—		(9	)		(9	)

				$	64,395	$	(41,945	)	$	22,450

Futures Contracts

Expiration

Month/Year

Contracts

Position

Aggregate Cost

Value

Net
Unrealized
Appreciation

3/15

2
E-Mini MSCI Emerging Markets Index

Long

90,745

95,150

4,405

4,405

At January 31, 2015, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Equity Price Risk: The Fund enters into equity index futures contracts to enhance return.

Foreign Exchange Risk: The Fund enters into forward foreign currency exchange contracts to enhance return.

The foreign currency exchange contracts in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into a foreign exchange transactions agreement (the FX Agreement) with its derivative counterparty. The FX Agreement is a bilateral agreement between the Fund and the counterparty that governs foreign currency exchange contracts and contains, among other things, set-off provisions in the event of a default, including the bankruptcy or insolvency of the counterparty, and/or termination event as defined under the FX Agreement. Under the FX Agreement, the Fund may, under certain circumstances, offset with the counterparty its payables and/or receivables pursuant to foreign currency exchange contracts and create one single net payment. The FX Agreement does not require collateral to be posted.


		19

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2015 was as follows:


		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative

Equity Price	Financial futures contracts	$	4,405	⁽¹⁾	$	—
Foreign Exchange	Forward foreign currency exchange contracts	$	64,395	⁽²⁾	$	(41,945	)⁽³⁾

Total		$	68,800		$	(41,945	)

Derivatives not subject to master netting or similar agreements		$	4,405		$	—

Total Derivatives subject to master netting or similar agreements		$	64,395		$	(41,945	)

⁽¹⁾	Amount represents cumulative unrealized appreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Payable for variation margin.

⁽²⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized depreciation.

⁽³⁾	Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized depreciation.

The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following tables present the Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting or similar agreement and net of the related collateral received by the Fund for assets and pledged by the Fund for liabilities as of January 31, 2015.


Counterparty	Derivative Assets Subject to Master Netting or Similar Agreement			Derivatives Available for Offset			Non-cash Collateral Received^(a)		Cash Collateral Received^(a)		Net Amount of Derivative Assets^(b)

State Street Trust Company Canada	$	64,395		$	(41,945	)	$	—	$	—	$	22,450


Counterparty	Derivative Liabilities Subject to Master Netting or Similar Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged^(a)		Cash Collateral Pledged^(a)		Net Amount of Derivative Liabilities^(c)

State Street Trust Company Canada	$	(41,945	)	$	41,945		$	—	$	—	$	—

^(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)	Net amount represents the net amount due from the counterparty in the event of default.

^(c)	Net amount represents the net amount payable to the counterparty in the event of default.


		20

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the six months ended January 31, 2015 was as follows:


Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Equity Price	Financial futures contracts	$	(35,029	)	$	(453	)
Foreign Exchange	Forward foreign currency exchange contracts		(25,486	)		13,082

Total		$	(60,515	)	$	12,629

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Foreign currency and forward foreign currency exchange contract transactions, respectively.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Foreign currency and forward foreign currency exchange contracts, respectively.

The average notional amounts of derivative contracts outstanding during the six months ended January 31, 2015, which are indicative of the volume of these derivative types, were as follows:


Futures Contracts — Long		Forward Foreign Currency Exchange Contracts

$271,000		$4,336,000

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $750 million 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 January 31, 2015.

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 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)


		21

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

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 January 31, 2015, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total

Common Stocks
Asia/Pacific	$	186,384	$	3,335,966		$	—	$	3,522,350
Emerging Europe		12,623		402,758			—		415,381
Latin America		895,191		—			—		895,191
Middle East/Africa		—		201,489			—		201,489

Total Common Stocks	$	1,094,198	$	3,940,213	*	$	—	$	5,034,411

Exchange-Traded Funds	$	259,570	$	—		$	—	$	259,570
Short-Term Investments		—		130,871			—		130,871

Total Investments	$	1,353,768	$	4,071,084		$	—	$	5,424,852

Forward Foreign Currency Exchange Contracts	$	—	$	64,395		$	—	$	64,395
Futures Contracts		4,405		—			—		4,405

Total	$	1,358,173	$	4,135,479		$	—	$	5,493,652

Liability Description

Forward Foreign Currency Exchange Contracts	$	—	$	(41,945	)	$	—	$	(41,945	)

Total	$	—	$	(41,945	)	$	—	$	(41,945	)

*	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 July 31, 2014 whose fair value was determined using Level 3 inputs. At January 31, 2015, there were no investments transferred between Level 1 and Level 2 during the six months then ended.


		22

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2015

Officers and Trustees

Officers of Eaton Vance Hexavest Emerging Markets Equity 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 Hexavest Emerging Markets Equity Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Harriett Tee Taggart

*	Interested Trustee


		23

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.


		24

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Hexavest Inc.

1250 René Lévesque Blvd. West, Suite 4200

Montréal, Québec

Canada H3B 4W8

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

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 the program is available to investors at www.FINRA.org.

LOGO


7793 1.31.15

LOGO

Eaton Vance

Hexavest Global Equity Fund

Semiannual Report

January 31, 2015

LOGO

Semiannual Report January 31, 2015

Eaton Vance

Hexavest Global Equity Fund

Table of Contents



Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Officers and Trustees			26

Important Notices			27

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Performance^1,2

Portfolio Managers Vital Proulx, CFA, Jean-René Adam, CFA, Jean-Pierre Couture, Christian Crête, CFA, Frédéric Imbeault, CFA and Marc Christopher Lavoie, CFA, each of Hexavest Inc.


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		08/29/2012		08/29/2012		–0.08	%		6.95	%		—			10.77	%
Class A with 5.75% Maximum Sales Charge		—		—		–5.82			0.83			—			8.09
Class I at NAV		08/29/2012		08/29/2012		0.05			7.26			—			11.06
MSCI World Index		—		—		–1.39	%		7.00	%		10.73	%		13.87	%


% Total Annual Operating Expense Ratios³											Class A			Class I
Gross												1.44	%		1.19	%
Net												1.24			0.99

Fund Profile

Equity Sector Allocation (% of net assets)^4,5

LOGO

Geographic Allocation (% of net assets)^4,5,6

LOGO

*	Amount is less than 0.05%.

Top 10 Holdings (% of net assets)^5,6


SPDR S&P 500 ETF Trust	3.1	%
Apple, Inc.	2.3
Euro Stoxx 50 Index Futures Contracts	1.8
Microsoft Corp.	1.7
Pfizer, Inc.	1.7
Wal-Mart Stores, Inc.	1.6
Verizon Communications, Inc.	1.6
Procter & Gamble Co. (The)	1.6
AT&T, Inc.	1.6
Eli Lilly & Co.	1.4
Total	18.4	%

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Endnotes and Additional Disclosures

MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes 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 11/30/15. Without the reimbursement, if applicable, performance would have been lower.

⁴	The Fund may obtain exposure to certain market segments through investments in Exchange-Traded Funds (ETFs). For purposes of the charts, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

⁵	Includes the value of the notional amount of each futures contract.

⁶	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Important Notice to Shareholders

The Fund is managed by a team of portfolio managers from Hexavest Inc. Effective December 2014, members of the team are: Vital Proulx, Jean-René Adam, Jean-Pierre Couture, Christian Crête, Frédéric Imbeault and Marc Christopher Lavoie.


		3

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Fund Expenses


	Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period* (8/1/14 – 1/31/15)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	999.20	$	6.90	**		1.37	%
Class I	$	1,000.00	$	1,000.50	$	5.65	**		1.12	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.30	$	6.97	**		1.37	%
Class I	$	1,000.00	$	1,019.60	$	5.70	**		1.12	%


Effective January 2, 2015, the contractual expense caps of the Fund changed. If these changes had been in place during the entire reporting period, the actual and hypothetical ending account values, expenses paid and annualized expense ratios would have been as follows:


	Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period* (8/1/14 – 1/31/15)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	999.20	$	6.05	**		1.20	%
Class I	$	1,000.00	$	1,000.50	$	4.79	**		0.95	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.20	$	6.11	**		1.20	%
Class I	$	1,000.00	$	1,020.40	$	4.84	**		0.95	%

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


		4

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited)


Common Stocks — 80.1%


Security	Shares		Value

Aerospace & Defense — 0.6%
Boeing Co. (The)		1,209	$	175,752
Rolls-Royce Holdings PLC		2,659		35,524
United Technologies Corp.		1,371		157,364

			$	368,640


Air Freight & Logistics — 0.3%
Deutsche Post AG		4,651	$	150,521
Toll Holdings, Ltd.		8,546		40,867

			$	191,388


Auto Components — 0.8%
Aisin Seiki Co., Ltd.		1,100	$	38,429
Bridgestone Corp.		2,300		91,925
Denso Corp.		1,300		57,510
Goodyear Tire & Rubber Co. (The)		10,804		261,889
Toyota Industries Corp.		1,100		59,206

			$	508,959


Automobiles — 2.8%
Bayerische Motoren Werke AG		941	$	109,429
Daimler AG		2,768		250,683
Ford Motor Co.		27,046		397,847
Fuji Heavy Industries, Ltd.		1,000		36,067
General Motors Co.		11,477		374,380
Honda Motor Co., Ltd.		3,500		105,612
Mazda Motor Corp.		800		16,432
Nissan Motor Co., Ltd.		6,400		54,574
Toyota Motor Corp.		4,600		296,566
Volkswagen AG, PFC Shares		599		133,630

			$	1,775,220


Banks — 7.3%
Australia and New Zealand Banking Group, Ltd.		3,448	$	88,019
Banco Bilbao Vizcaya Argentaria SA		18,285		156,197
Banco Santander SA		35,349		237,760
Bank of America Corp.		9,327		141,304
Bank of Yokohama, Ltd. (The)		5,000		26,979
Barclays PLC		53,186		186,791
BNP Paribas SA		2,155		113,149
Citigroup, Inc.		9,037		424,287
Commonwealth Bank of Australia		2,131		147,348
Credit Agricole SA		2,549		30,230
DBS Group Holdings, Ltd.		4,511		65,769


Security	Shares		Value

Banks (continued)
HSBC Holdings PLC		28,956	$	264,924
JPMorgan Chase & Co.		9,874		536,948
Lloyds Banking Group PLC⁽¹⁾		119,479		132,361
Mitsubishi UFJ Financial Group, Inc.		23,900		127,011
Mizuho Financial Group, Inc.		87,900		143,727
National Australia Bank, Ltd.		2,674		73,745
Nordea Bank AB		4,888		62,057
Oversea-Chinese Banking Corp., Ltd.		8,000		61,361
PNC Financial Services Group, Inc. (The)		2,034		171,954
Resona Holdings, Inc.		12,600		62,511
Societe Generale SA		665		26,704
Standard Chartered PLC		4,550		60,674
Sumitomo Mitsui Financial Group, Inc.		4,500		151,006
Sumitomo Mitsui Trust Holding, Inc.		26,000		91,430
Svenska Handelsbanken AB, Class A		2,044		96,791
Swedbank AB, Class A		711		17,200
U.S. Bancorp		9,307		390,056
United Overseas Bank, Ltd.		4,000		68,403
Wells Fargo & Co.		9,345		485,192
Westpac Banking Corp.		1,947		52,036

			$	4,693,924


Beverages — 3.1%
Anheuser-Busch InBev NV		1,495	$	182,339
Asahi Group Holdings, Ltd.		2,100		68,894
Coca-Cola Amatil, Ltd.		4,625		34,715
Coca-Cola Co. (The)		20,163		830,111
Diageo PLC		5,267		155,906
Heineken NV		530		39,553
Kirin Holdings Co., Ltd.		4,000		53,857
PepsiCo, Inc.		5,558		521,229
SABMiller PLC		2,421		131,863

			$	2,018,467


Biotechnology — 0.2%
CSL, Ltd.		1,903	$	129,506

			$	129,506


Building Products — 0.1%
Assa Abloy AB		658	$	35,936

			$	35,936


Capital Markets — 0.8%
Credit Suisse Group AG		4,441	$	93,509
Daiwa Securities Group, Inc.		6,000		43,595


		5		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Capital Markets (continued)
Deutsche Bank AG		4,522	$	131,263
Goldman Sachs Group, Inc. (The)		100		17,241
Partners Group Holding AG		200		53,524
UBS Group AG		10,201		170,979

			$	510,111


Chemicals — 1.9%
Akzo Nobel NV		1,239	$	89,259
Asahi Kasei Corp.		12,000		118,513
BASF SE		2,948		263,662
E.I. du Pont de Nemours & Co.		123		8,759
Linde AG		136		26,054
LyondellBasell Industries NV, Class A		4,004		316,676
Mitsubishi Chemical Holdings Corp.		16,500		85,517
Shin-Etsu Chemical Co., Ltd.		1,600		105,943
Sumitomo Chemical Co., Ltd.		18,000		70,817
Syngenta AG		201		65,472
Toray Industries, Inc.		11,000		93,699

			$	1,244,371


Commercial Services & Supplies — 0.4%
ADT Corp. (The)		7,114	$	244,722

			$	244,722


Communications Equipment — 1.4%
Cisco Systems, Inc.		22,253	$	586,700
QUALCOMM, Inc.		4,204		262,582
Telefonaktiebolaget LM Ericsson, Class B		3,751		45,478

			$	894,760


Construction & Engineering — 1.0%
Balfour Beatty PLC		2,870	$	9,583
Fluor Corp.		3,524		188,851
Jacobs Engineering Group, Inc.⁽¹⁾		4,381		166,916
KBR, Inc.		11,079		183,136
Quanta Services, Inc.⁽¹⁾		4,016		106,344
Skanska AB, Class B		236		5,231

			$	660,061


Consumer Finance — 0.2%
American Express Co.		120	$	9,683
Capital One Financial Corp.		1,538		112,597

			$	122,280


Security	Shares		Value

Containers & Packaging — 0.1%
Amcor, Ltd.		6,047	$	59,764

			$	59,764


Diversified Financial Services — 0.5%
ING Groep NV⁽¹⁾		8,669	$	107,776
London Stock Exchange Group PLC		4,841		171,888
ORIX Corp.		6,000		68,945

			$	348,609


Diversified Telecommunication Services — 5.3%
AT&T, Inc.		30,432	$	1,001,821
Belgacom SA		1,360		50,652
BT Group PLC		19,258		120,818
CenturyLink, Inc.		8,062		299,665
Deutsche Telekom AG		9,986		172,140
Nippon Telegraph & Telephone Corp.		2,900		171,641
Singapore Telecommunications, Ltd.		48,000		144,385
Swisscom AG		27		15,831
Telefonica SA		15,941		239,042
Telenor ASA		2,859		61,419
TeliaSonera AB		9,196		56,664
Telstra Corp., Ltd.		18,289		92,249
Verizon Communications, Inc.		22,363		1,022,213

			$	3,448,540


Electric Utilities — 3.5%
American Electric Power Co., Inc.		840	$	52,760
Chubu Electric Power Co., Inc.⁽¹⁾		4,900		64,700
CLP Holdings, Ltd.		10,000		89,405
Duke Energy Corp.		3,534		307,953
Edison International		4,812		327,938
Enel SpA		6,220		28,104
Entergy Corp.		2,095		183,333
Exelon Corp.		7,595		273,724
FirstEnergy Corp.		4,592		185,195
Iberdrola SA		9,758		67,354
Kansai Electric Power Co., Inc. (The)⁽¹⁾		4,400		42,543
NextEra Energy, Inc.		1,120		122,349
PPL Corp.		3,008		106,784
Southern Co. (The)		3,504		177,723
SSE PLC		3,954		95,681
Xcel Energy, Inc.		3,867		145,129

			$	2,270,675


		6		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Electrical Equipment — 0.4%
ABB, Ltd.		7,455	$	143,331
Mitsubishi Electric Corp.		7,000		80,960
Osram Licht AG⁽¹⁾		192		8,826

			$	233,117


Electronic Equipment, Instruments & Components — 0.2%
Hitachi, Ltd.		13,310	$	100,518
Keyence Corp.		100		46,744

			$	147,262


Energy Equipment & Services — 0.5%
Diamond Offshore Drilling, Inc.		3,812	$	120,192
Ensco PLC, Class A		3,461		97,047
Noble Corp. PLC		5,606		90,929

			$	308,168


Food & Staples Retailing — 5.6%
Costco Wholesale Corp.		3,083	$	440,838
CVS Health Corp.		1,865		183,068
FamilyMart Co., Ltd.		1,200		51,977
J Sainsbury PLC		5,751		22,038
Koninklijke Ahold NV		3,765		67,953
Kroger Co. (The)		2,925		201,971
Lawson, Inc.		1,000		65,381
Seven & i Holdings Co., Ltd.		4,200		153,695
Sysco Corp.		5,693		222,995
Tesco PLC		23,018		77,839
Wal-Mart Stores, Inc.		12,168		1,034,037
Walgreens Boots Alliance, Inc.		9,512		701,510
Wesfarmers, Ltd.		626		21,145
Whole Foods Market, Inc.		4,231		220,414
WM Morrison Supermarkets PLC		36,664		98,924
Woolworths, Ltd.		1,636		40,260

			$	3,604,045


Food Products — 2.5%
Archer-Daniels-Midland Co.		7,962	$	371,268
Nestle SA		11,100		847,718
Tate & Lyle PLC		4,883		49,801
Unilever NV		4,430		192,105
Unilever PLC		3,289		144,828

			$	1,605,720


Security	Shares		Value

Gas Utilities — 0.4%
Hong Kong & China Gas Co., Ltd.		44,800	$	102,706
Osaka Gas Co., Ltd.		21,000		82,774
Tokyo Gas Co., Ltd.		14,000		83,512

			$	268,992


Health Care Equipment & Supplies — 0.1%
Smith and Nephew PLC		3,104	$	55,353

			$	55,353


Health Care Providers & Services — 0.5%
Cardinal Health, Inc.		3,967	$	330,015
UnitedHealth Group, Inc.		124		13,175

			$	343,190


Hotels, Restaurants & Leisure — 1.0%
Compass Group PLC		2,025	$	34,913
McDonald’s Corp.		6,050		559,262
MGM China Holdings, Ltd.		8,400		20,433
SJM Holdings, Ltd.		23,477		34,287

			$	648,895


Household Products — 1.9%
Henkel AG & Co. KGaA, PFC Shares		373	$	42,706
Procter & Gamble Co. (The)		11,910		1,003,894
Reckitt Benckiser Group PLC		1,588		134,400
Svenska Cellulosa AB SCA, Class B		1,661		40,037

			$	1,221,037


Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		3,146	$	38,444
NRG Energy, Inc.		1,513		37,311

			$	75,755


Industrial Conglomerates — 0.7%
3M Co.		121	$	19,638
General Electric Co.		110		2,628
Koninklijke Philips NV		5,272		145,375
Siemens AG		2,238		236,415
Toshiba Corp.		15,000		59,979

			$	464,035


		7		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Insurance — 2.0%
AIA Group, Ltd.		10,502	$	60,896
Allianz SE		708		116,743
Assurant, Inc.		1,582		100,473
Insurance Australia Group, Ltd.		15,952		79,022
Mapfre SA		27,501		92,578
MetLife, Inc.		1,503		69,890
Muenchener Rueckversicherungs-Gesellschaft AG		528		105,854
Sampo Oyj, Class A		413		20,002
Swiss Re AG		646		58,274
Tokio Marine Holdings, Inc.		3,000		104,737
Travelers Companies, Inc. (The)		3,604		370,563
Zurich Insurance Group AG		273		90,521

			$	1,269,553


IT Services — 1.2%
Accenture PLC, Class A		1,917	$	161,086
International Business Machines Corp.		1,624		248,975
MasterCard, Inc., Class A		857		70,300
Paychex, Inc.		3,840		173,798
Visa, Inc., Class A		428		109,101

			$	763,260


Machinery — 0.6%
Caterpillar, Inc.		125	$	9,996
Deere & Co.		3,269		278,486
FANUC Corp.		400		67,176
SMC Corp.		200		53,633

			$	409,291


Media — 0.6%
Comcast Corp., Class A		2,976	$	158,159
Pearson PLC		5,064		102,747
Reed Elsevier PLC		2,531		43,941
Sky PLC		3,619		50,468
Walt Disney Co. (The)		124		11,279

			$	366,594


Metals & Mining — 1.1%
Anglo American PLC		1,767	$	29,515
BHP Billiton PLC		5,091		110,579
BHP Billiton, Ltd.		2,651		61,145
Glencore PLC		25,106		93,610
Newcrest Mining, Ltd.⁽¹⁾		3,176		34,293
Randgold Resources, Ltd.		505		43,344


Security	Shares		Value

Metals & Mining (continued)
Rio Tinto PLC		2,875	$	126,336
Yamana Gold, Inc.		48,785		201,943

			$	700,765


Multi-Utilities — 2.4%
AGL Energy, Ltd.		6,406	$	70,816
Ameren Corp.		4,093		185,331
Centrica PLC		22,427		98,971
Consolidated Edison, Inc.		3,784		262,156
DTE Energy Co.		696		62,403
E.ON SE		8,429		130,480
GDF Suez		2,310		51,232
National Grid PLC		8,603		120,950
PG&E Corp.		6,007		353,272
Public Service Enterprise Group, Inc.		2,840		121,211
RWE AG		3,635		100,833

			$	1,557,655


Multiline Retail — 0.3%
Family Dollar Stores, Inc.		2,224	$	169,246

			$	169,246


Oil, Gas & Consumable Fuels — 2.5%
BG Group PLC		9,964	$	132,899
BP PLC		26,158		168,040
Chevron Corp.		1,485		152,257
Exxon Mobil Corp.		3,890		340,064
Marathon Petroleum Corp.		5,866		543,133
Oil Search, Ltd.		10,184		61,285
Royal Dutch Shell PLC, Class A		4,171		127,077
Royal Dutch Shell PLC, Class B		1,213		38,403
Statoil ASA		1,268		21,234
Woodside Petroleum, Ltd.		1,802		47,859

			$	1,632,251


Paper & Forest Products — 0.5%
Domtar Corp.		3,316	$	127,003
Louisiana-Pacific Corp.⁽¹⁾		12,323		201,727

			$	328,730


Personal Products — 0.0%⁽²⁾
Kao Corp.		600	$	26,309

			$	26,309


		8		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Pharmaceuticals — 11.8%
AbbVie, Inc.		3,427	$	206,819
Astellas Pharma, Inc.		9,600		148,275
AstraZeneca PLC		3,612		257,122
Bayer AG		2,957		425,900
Daiichi Sankyo Co., Ltd.		5,000		72,537
Eli Lilly & Co.		12,181		877,032
GlaxoSmithKline PLC		15,238		335,521
Indivior PLC⁽¹⁾		1,719		4,505
Johnson & Johnson		7,589		759,962
Merck & Co., Inc.		12,363		745,242
Merck KGaA		1,346		134,488
Novartis AG		8,833		860,800
Novo Nordisk A/S, Class B		5,807		258,822
Pfizer, Inc.		34,922		1,091,312
Roche Holding AG PC		2,709		730,123
Sanofi		3,443		317,238
Santen Pharmaceutical Co., Ltd.		600		37,443
Shionogi & Co., Ltd.		1,700		51,012
Shire PLC		2,162		157,800
Takeda Pharmaceutical Co., Ltd.		2,600		129,894
Teva Pharmaceutical Industries, Ltd.		455		25,841

			$	7,627,688


Real Estate Investment Trusts (REITs) — 0.4%
Federation Centres		7,926	$	18,590
Goodman Group		16,042		76,049
GPT Group (The)		5,026		17,622
Mirvac Group		30,300		45,321
Stockland		9,653		32,739
Westfield Corp.		6,480		49,431

			$	239,752


Real Estate Management & Development — 0.1%
Mitsui Fudosan Co., Ltd.		3,000	$	75,845

			$	75,845


Road & Rail — 0.5%
Asciano, Ltd.		9,374	$	43,643
Aurizon Holdings, Ltd.		17,599		67,297
Central Japan Railway Co.		400		68,594
East Japan Railway Co.		1,900		146,752

			$	326,286


Security	Shares		Value

Semiconductors & Semiconductor Equipment — 0.6%
Intel Corp.		10,978	$	362,713

			$	362,713


Software — 3.5%
Microsoft Corp.		27,098	$	1,094,759
Oracle Corp.		18,590		778,735
SAP SE		2,055		134,126
Symantec Corp.		9,743		241,334

			$	2,248,954


Specialty Retail — 0.7%
Dick’s Sporting Goods, Inc.		1,781	$	91,988
Hennes & Mauritz AB, Class B		2,649		108,971
Home Depot, Inc. (The)		114		11,904
Industria de Diseno Textil SA		2,289		67,465
Staples, Inc.		8,156		139,060

			$	419,388


Technology Hardware, Storage & Peripherals — 2.8%
Apple, Inc.		12,424	$	1,455,596
Canon, Inc.		3,500		110,724
Hewlett-Packard Co.		7,064		255,222

			$	1,821,542


Textiles, Apparel & Luxury Goods — 1.4%
Adidas AG		1,860	$	127,981
Burberry Group PLC		3,516		91,344
Compagnie Financiere Richemont SA, Class A		1,848		153,528
Hermes International		32		10,860
Lululemon Athletica, Inc.⁽¹⁾		5,059		335,108
LVMH Moet Hennessy Louis Vuitton SA		786		126,408
Michael Kors Holdings, Ltd.⁽¹⁾		980		69,374
NIKE, Inc., Class B		126		11,624

			$	926,227


Tobacco — 0.9%
British American Tobacco PLC		5,267	$	297,143
Imperial Tobacco Group PLC		4,512		211,924
Japan Tobacco, Inc.		3,300		89,881

			$	598,948


Trading Companies & Distributors — 0.1%
Sumitomo Corp.		4,900	$	48,355

			$	48,355


		9		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Transportation Infrastructure — 0.0%⁽²⁾
Fraport AG		423	$	25,846

			$	25,846


Wireless Telecommunication Services — 1.9%
KDDI Corp.		2,000	$	141,178
NTT DoCoMo, Inc.		7,400		124,922
Rogers Communications Inc., Class B		14,689		522,270
SoftBank Corp.		1,600		94,163
Vodafone Group PLC		99,377		349,457

			$	1,231,990


Total Common Stocks (identified cost $46,481,539)			$	51,678,690


Exchange-Traded Funds — 7.4%


Security	Shares		Value

Equity Funds — 7.4%
Financial Select Sector SPDR Fund (The)		8,370	$	192,594
iShares MSCI Australia ETF		17,322		379,698
iShares MSCI Japan ETF		65,465		752,193
iShares MSCI Switzerland Capped ETF		12,646		401,510
iShares MSCI United Kingdom ETF		24,080		434,403
Market Vectors Gold Miners ETF		27,097		603,992
SPDR S&P 500 ETF Trust		10,053		2,005,272


Total Exchange-Traded Funds (identified cost $4,802,516)			$	4,769,662


Rights — 0.0%⁽²⁾


Security	Shares		Value

Banks — 0.0%⁽²⁾
Banco Santander SA, Exp. 2/3/15⁽¹⁾		29,765	$	4,541


Total Rights (identified cost $5,116)			$	4,541


Short-Term Investments — 4.0%


Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.15%⁽³⁾	$	2,601	$	2,600,761


Total Short-Term Investments (identified cost $2,600,761)			$	2,600,761


Total Investments — 91.5% (identified cost $53,889,932)			$	59,053,654


Other Assets, Less Liabilities — 8.5%			$	5,483,081


Net Assets — 100.0%			$	64,536,735

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


PC	–	Participation Certificate
PFC Shares	–	Preference Shares

⁽¹⁾	Non-income producing security.

⁽²⁾	Amount is less than 0.05%.

⁽³⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2015.


Country Concentration of Portfolio


Country	Percentage of Net Assets			Value
United States		45.8	%	$	29,518,086
United Kingdom		8.3			5,355,886
Japan		7.2			4,664,619
Switzerland		5.1			3,283,610
Germany		4.4			2,827,580
Australia		2.3			1,484,766
Spain		1.3			860,396
Canada		1.1			724,213
France		1.1			675,821
Other (less than 1.0% each)		3.5			2,283,713

Common Stocks		80.1	%	$	51,678,690
Exchange-Traded Funds		7.4			4,769,662
Rights		0.0	⁽¹⁾		4,541
Short-Term Investments		4.0			2,600,761

Total Investments		91.5	%	$	59,053,654

⁽¹⁾	Amount is less than 0.05%.


		10		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Statement of Assets and Liabilities (Unaudited)


Assets	January 31, 2015
Unaffiliated investments, at value (identified cost, $51,289,171)	$	56,452,893
Affiliated investment, at value (identified cost, $2,600,761)		2,600,761
Cash		1,626,323
Restricted cash*		138,043
Foreign currency, at value (identified cost, $3,673,249)		3,514,709
Dividends receivable		75,861
Interest receivable from affiliated investment		512
Receivable for investments sold		393,432
Receivable for Fund shares sold		48,867
Receivable for open forward foreign currency exchange contracts		793,155
Tax reclaims receivable		36,004
Receivable from affiliates		11,750
Total assets	$	65,692,310

Liabilities
Payable for investments purchased	$	290,710
Payable for Fund shares redeemed		68,744
Payable for variation margin on open financial futures contracts		27,785
Payable for open forward foreign currency exchange contracts		658,179
Payable to affiliates:
Investment adviser and administration fee		44,177
Distribution and service fees		2,241
Accrued expenses		63,739
Total liabilities	$	1,155,575
Net Assets	$	64,536,735

Sources of Net Assets
Paid-in capital	$	59,437,265
Accumulated net realized gain		225,934
Accumulated distributions in excess of net investment income		(313,514	)
Net unrealized appreciation		5,187,050
Total	$	64,536,735

Class A Shares
Net Assets	$	10,346,760
Shares Outstanding		890,860
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.61
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	12.32

Class I Shares
Net Assets	$	54,189,975
Shares Outstanding		4,660,751
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	11.63

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

*	Represents restricted cash on deposit at the broker for open financial futures contracts.


		11		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Statement of Operations (Unaudited)


Investment Income	Six Months Ended January 31, 2015
Dividends (net of foreign taxes, $20,718)	$	670,122
Interest		639
Interest allocated from affiliated investment		1,944
Expenses allocated from affiliated investment		(234	)
Total investment income	$	672,471

Expenses
Investment adviser and administration fee	$	240,864
Distribution and service fees
Class A		14,622
Trustees’ fees and expenses		1,816
Custodian fee		43,814
Transfer and dividend disbursing agent fees		14,812
Legal and accounting services		23,029
Printing and postage		12,605
Registration fees		14,986
Miscellaneous		8,442
Total expenses	$	374,990
Deduct —
Allocation of expenses to affiliates	$	24,744
Total expense reductions	$	24,744

Net expenses	$	350,246

Net investment income	$	322,225

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	305,333
Investment transactions allocated from affiliated investment		14
Financial futures contracts		64,843
Foreign currency and forward foreign currency exchange contract transactions		480,267
Net realized gain	$	850,457
Change in unrealized appreciation (depreciation) —
Investments	$	(1,293,425	)
Financial futures contracts		43,088
Foreign currency and forward foreign currency exchange contracts		18,069
Net change in unrealized appreciation (depreciation)	$	(1,232,268	)

Net realized and unrealized loss	$	(381,811	)

Net decrease in net assets from operations	$	(59,586	)


		12		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
From operations —
Net investment income	$	322,225		$	1,308,637
Net realized gain from investment transactions, financial futures contracts, and foreign currency and forward foreign currency exchange contract transactions		850,457			3,140,476
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts, foreign currency and forward foreign currency exchange contracts		(1,232,268	)		3,180,196
Net increase (decrease) in net assets from operations	$	(59,586	)	$	7,629,309
Distributions to shareholders —
From net investment income
Class A	$	(154,824	)	$	(184,368	)
Class I		(965,277	)		(951,583	)
From net realized gain
Class A		(338,422	)		(442,074	)
Class I		(1,738,779	)		(1,965,882	)
Total distributions to shareholders	$	(3,197,302	)	$	(3,543,907	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	1,030,934		$	7,042,036
Class I		19,267,235			25,181,232
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		399,040			513,286
Class I		626,958			610,268
Cost of shares redeemed
Class A		(3,043,446	)		(11,527,882	)
Class I		(4,987,084	)		(38,003,851	)
Net increase (decrease) in net assets from Fund share transactions	$	13,293,637		$	(16,184,911	)

Net increase (decrease) in net assets	$	10,036,749		$	(12,099,509	)

Net Assets
At beginning of period	$	54,499,986		$	66,599,495
At end of period	$	64,536,735		$	54,499,986

Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	(313,514	)	$	484,362


		13		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Financial Highlights


	Class A
	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014			Period Ended July 31, 2013⁽¹⁾
Net asset value — Beginning of period	$	12.160		$	11.400		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.055		$	0.199		$	0.129
Net realized and unrealized gain (loss)		(0.051	)		1.050			1.396	⁽³⁾

Total income from operations	$	0.004		$	1.249		$	1.525

Less Distributions
From net investment income	$	(0.174	)	$	(0.144	)	$	(0.075	)
From net realized gain		(0.380	)		(0.345	)		(0.050	)

Total distributions	$	(0.554	)	$	(0.489	)	$	(0.125	)

Net asset value — End of period	$	11.610		$	12.160		$	11.400

Total Return⁽⁴⁾		(0.08	)%⁽⁵⁾		11.12	%		15.41	%⁽³⁾⁽⁵⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,347		$	12,425		$	15,456
Ratios (as a percentage of average daily net assets):
Expenses		1.37	%⁽⁶⁾⁽⁷⁾		1.40	%		1.40	%⁽⁶⁾⁽⁷⁾
Net investment income		0.90	%⁽⁶⁾		1.68	%		1.26	%⁽⁶⁾
Portfolio Turnover		39	%⁽⁵⁾		84	%		105	%⁽⁵⁾

⁽¹⁾	For the period from the start of business, August 29, 2012, to July 31, 2013.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	During the period ended July 31, 2013, the Fund realized a gain on the disposal of investments which did not meet the Fund’s investment guidelines. The gain was less than $0.01 per share and had no effect on total return for the period ended July 31, 2013.

⁽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⁾	Annualized.

⁽⁷⁾

The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 0.08% and 0.21% of average daily net assets for the six months ended January 31, 2015 and the period from the start of business, August 29, 2012, to January 31, 2013, respectively). Absent these reimbursements, total return would be lower.


		14		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Financial Highlights — continued


	Class I
	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014			Period Ended July 31, 2013⁽¹⁾
Net asset value — Beginning of period	$	12.200		$	11.430		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.068		$	0.227		$	0.172
Net realized and unrealized gain (loss)		(0.047	)		1.055			1.383	⁽³⁾

Total income from operations	$	0.021		$	1.282		$	1.555

Less Distributions
From net investment income	$	(0.211	)	$	(0.167	)	$	(0.075	)
From net realized gain		(0.380	)		(0.345	)		(0.050	)

Total distributions	$	(0.591	)	$	(0.512	)	$	(0.125	)

Net asset value — End of period	$	11.630		$	12.200		$	11.430

Total Return⁽⁴⁾		0.05	%⁽⁵⁾		11.40	%		15.71	%⁽³⁾⁽⁵⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	54,190		$	42,075		$	51,144
Ratios (as a percentage of average daily net assets):
Expenses		1.12	%⁽⁶⁾⁽⁷⁾		1.15	%		1.15	%⁽⁶⁾⁽⁷⁾
Net investment income		1.11	%⁽⁶⁾		1.91	%		1.72	%⁽⁶⁾
Portfolio Turnover		39	%⁽⁵⁾		84	%		105	%⁽⁵⁾

⁽¹⁾	For the period from the start of business, August 29, 2012, to July 31, 2013.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	During the period ended July 31, 2013, the Fund realized a gain on the disposal of investments which did not meet the Fund’s investment guidelines. The gain was less than $0.01 per share and had no effect on total return for the period ended July 31, 2013.

⁽⁴⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁵⁾	Not annualized.

⁽⁶⁾	Annualized.

⁽⁷⁾


		15		See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

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

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

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial futures contracts 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 and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts 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 and foreign financial futures contracts that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts 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 and foreign financial futures contracts.


		16

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

2 Distributions to Shareholders and Income Tax Information


		17

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2015, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	54,161,761

Gross unrealized appreciation	$	6,863,293
Gross unrealized depreciation		(1,971,400	)

Net unrealized appreciation	$	4,891,893

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 0.80% 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 January 31, 2015, the investment adviser and administration fee amounted to $240,864 or 0.80% (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 Hexavest Inc. (Hexavest), an affiliate of EVM and a registered investment adviser. EVM pays Hexavest 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 and Hexavest have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.20% and 0.95% (1.40% and 1.15% prior to January 2, 2015) of the Fund’s average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after November 30, 2015. Pursuant to this agreement, EVM and Hexavest were allocated $24,744 in total of the Fund’s operating expenses for the six months ended January 31, 2015.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2015, EVM earned $543 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $317 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2015. 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


		18

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $29,614,080 and $20,525,882, respectively, for the six months ended January 31, 2015.

7 Shares of Beneficial Interest


Class A	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014

Sales		86,011			594,019
Issued to shareholders electing to receive payments of distributions in Fund shares		33,505			43,833
Redemptions		(250,328	)		(971,889	)

Net decrease		(130,812	)		(334,037	)


Class I	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014

Sales		1,571,128			2,125,246
Issued to shareholders electing to receive payments of distributions in Fund shares		52,597			52,071
Redemptions		(413,119	)		(3,202,856	)

Net increase (decrease)		1,210,606			(1,025,539	)

At January 31, 2015, accounts and a mutual fund advised by EVM, an Eaton Vance collective investment trust and donor advised funds (established and maintained by a public charity) managed by EVM owned in the aggregate 78.3% of the value of the outstanding shares of the Fund.

8 Financial Instruments

A summary of obligations under these financial instruments at January 31, 2015 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement
Date

Deliver

In Exchange For

Counterparty

Unrealized
Appreciation

Unrealized
(Depreciation)

Net Unrealized
Appreciation
(Depreciation)

3/18/15

Australian Dollar
858,842

United States Dollar
699,972

State Street Trust Company Canada

33,212

—

33,212

3/18/15

Australian Dollar
527,509

United States Dollar 435,153

State Street Trust Company Canada

25,623

—

25,623

3/18/15

Australian Dollar
782,911

United States Dollar 630,930

State Street Trust Company Canada

23,119

—

23,119


		19

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Forward Foreign Currency Exchange Contracts (continued)
Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

3/18/15	Australian Dollar 352,429	United States Dollar 286,233	State Street Trust Company Canada	$	12,625	$	—		$	12,625
3/18/15	Australian Dollar 1,667,085	United States Dollar 1,284,742	State Street Trust Company Canada		—		(9,495	)		(9,495	)
3/18/15	British Pound Sterling 1,283,485	United States Dollar 2,004,450	State Street Trust Company Canada		71,822		—			71,822
3/18/15	British Pound Sterling 135,924	United States Dollar 210,742	State Street Trust Company Canada		6,073		—			6,073
3/18/15	Canadian Dollar 1,486,422	United States Dollar 1,276,224	State Street Trust Company Canada		107,159		—			107,159
3/18/15	Canadian Dollar 727,942	United States Dollar 616,440	State Street Trust Company Canada		43,916		—			43,916
3/18/15	Canadian Dollar 497,123	United States Dollar 415,564	State Street Trust Company Canada		24,579		—			24,579
3/18/15	Canadian Dollar 246,028	United States Dollar 205,106	State Street Trust Company Canada		11,606		—			11,606
3/18/15	Canadian Dollar 143,564	United States Dollar 123,231	State Street Trust Company Canada		10,319		—			10,319
3/18/15	Canadian Dollar 207,845	United States Dollar 166,891	State Street Trust Company Canada		3,422		—			3,422
3/18/15	Euro 218,454	Swiss Franc 216,187	State Street Trust Company Canada		—		(10,980	)		(10,980	)
3/18/15	Euro 2,143,774	United States Dollar 2,614,418	State Street Trust Company Canada		191,042		—			191,042
3/18/15	Euro 1,546,303	United States Dollar 1,859,723	State Street Trust Company Canada		111,743		—			111,743
3/18/15	Euro 714,910	United States Dollar 842,278	State Street Trust Company Canada		34,126		—			34,126
3/18/15	Euro 352,190	United States Dollar 429,141	State Street Trust Company Canada		31,017		—			31,017
3/18/15	Euro 2,292,979	United States Dollar 2,591,768	State Street Trust Company Canada		—		(274	)		(274	)
3/18/15	Euro 2,327,012	United States Dollar 2,626,708	State Street Trust Company Canada		—		(3,806	)		(3,806	)
3/18/15	Israeli Shekel 422,985	United States Dollar 106,701	State Street Trust Company Canada		—		(894	)		(894	)
3/18/15	Japanese Yen 19,207,235	Australian Dollar 201,700	State Street Trust Company Canada		—		(7,055	)		(7,055	)
3/18/15	Japanese Yen 26,081,839	United States Dollar 218,425	State Street Trust Company Canada		—		(3,792	)		(3,792	)
3/18/15	Japanese Yen 71,221,844	United States Dollar 596,102	State Street Trust Company Canada		—		(10,705	)		(10,705	)
3/18/15	Japanese Yen 77,162,016	United States Dollar 645,399	State Street Trust Company Canada		—		(12,018	)		(12,018	)
3/18/15	Japanese Yen 92,622,294	United States Dollar 767,376	State Street Trust Company Canada		—		(21,763	)		(21,763	)
3/18/15	Norwegian Krone 888,713	United States Dollar 123,617	State Street Trust Company Canada		8,724		—			8,724


		20

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Forward Foreign Currency Exchange Contracts (continued)
Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

3/18/15	Swiss Franc 1,302,508	United States Dollar 1,442,215	State Street Trust Company Canada	$	20,538	$	—		$	20,538
3/18/15	Swiss Franc 257,208	United States Dollar 277,362	State Street Trust Company Canada		—		(3,379	)		(3,379	)
3/18/15	Swiss Franc 317,654	United States Dollar 324,942	State Street Trust Company Canada		—		(21,774	)		(21,774	)
3/18/15	United States Dollar 1,596,474	Australian Dollar 1,969,059	State Street Trust Company Canada		—		(67,800	)		(67,800	)
3/18/15	United States Dollar 165,647	British Pound Sterling 109,904	State Street Trust Company Canada		—		(157	)		(157	)
3/18/15	United States Dollar 1,647,099	Canadian Dollar 1,889,634	State Street Trust Company Canada		—		(160,909	)		(160,909	)
3/18/15	United States Dollar 324,832	Danish Krone 2,134,797	State Street Trust Company Canada		—		(206	)		(206	)
3/18/15	United States Dollar 117,303	Danish Krone 709,835	State Street Trust Company Canada		—		(9,363	)		(9,363	)
3/18/15	United States Dollar 609,743	Euro 528,959	State Street Trust Company Canada		—		(11,794	)		(11,794	)
3/18/15	United States Dollar 144,872	Euro 116,415	State Street Trust Company Canada		—		(13,273	)		(13,273	)
3/18/15	United States Dollar 337,674	Euro 282,988	State Street Trust Company Canada		—		(17,777	)		(17,777	)
3/18/15	United States Dollar 1,457,908	Euro 1,185,764	State Street Trust Company Canada		—		(117,491	)		(117,491	)
3/18/15	United States Dollar 5,202,901	Euro 4,469,366	State Street Trust Company Canada		—		(150,616	)		(150,616	)
3/18/15	United States Dollar 365,705	Hong Kong Dollar 2,834,800	State Street Trust Company Canada		—		(50	)		(50	)
3/18/15	United States Dollar 899,428	Japanese Yen 106,248,683	State Street Trust Company Canada		5,807		—			5,807
3/18/15	United States Dollar 149,876	Japanese Yen 18,076,609	State Street Trust Company Canada		4,136		—			4,136
3/18/15	United States Dollar 189,596	Japanese Yen 22,641,526	State Street Trust Company Canada		3,309		—			3,309
3/18/15	United States Dollar 52,845	Japanese Yen 6,250,143	State Street Trust Company Canada		406		—			406
3/18/15	United States Dollar 166,118	Japanese Yen 19,543,242	State Street Trust Company Canada		390		—			390
3/18/15	United States Dollar 680,841	Japanese Yen 79,924,119	State Street Trust Company Canada		109		—			109
3/18/15	United States Dollar 102,709	Japanese Yen 12,064,018	State Street Trust Company Canada		76		—			76
3/18/15	United States Dollar 116,580	Japanese Yen 13,675,031	State Street Trust Company Canada		—		(69	)		(69	)
3/18/15	United States Dollar 117,768	Singapore Dollar 155,742	State Street Trust Company Canada		—		(2,739	)		(2,739	)
3/18/15	United States Dollar 83,274	Swiss Franc 83,858	State Street Trust Company Canada		8,257		—			8,257

				$	793,155	$	(658,179	)	$	134,976


		21

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Futures Contracts
Expiration Month/Year	Contracts	Position	Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)

3/15	7 E-Mini S&P 500 Index	Long	$	705,015		$	695,940		$	(9,075	)
3/15	31 Euro Stoxx 50 Index	Long		1,125,275			1,169,383			44,108
3/15	3 Nikkei 225 Index	Long		220,611			220,912			301
3/15	1 TOPIX Index	Short		(116,749	)		(119,285	)		(2,536	)

									$	32,798

Euro Stoxx 50 Index: Market capitalization-weighted stock index of 50 large, blue-chip European companies operating within eurozone nations.

Nikkei 225 Index: Price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.

TOPIX Index: Market capitalization-weighted stock index of all companies listed on the First section of the Tokyo Stock Exchange.

At January 31, 2015, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Equity Price Risk: The Fund enters into equity index futures contracts to enhance return.

Foreign Exchange Risk: The Fund enters into forward foreign currency exchange contracts to enhance return.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2015 was as follows:


		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative

Equity Price	Financial futures contracts	$	44,409	⁽¹⁾	$	(11,611	)⁽¹⁾
Foreign Exchange	Forward foreign currency exchange contracts	$	793,155	⁽²⁾	$	(658,179	)⁽³⁾

Total		$	837,564		$	(669,790	)

Derivatives not subject to master netting or similar agreements		$	44,409		$	(11,611	)

Total Derivatives subject to master netting or similar agreements		$	793,155		$	(658,179	)

⁽¹⁾	Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Payable for variation margin.

⁽²⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized appreciation.

⁽³⁾	Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized appreciation.


		22

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Counterparty	Derivative Assets Subject to Master Netting or Similar Agreement			Derivatives Available for Offset			Non-cash Collateral Received^(a)		Cash Collateral Received^(a)		Net Amount of Derivative Assets^(b)

State Street Trust Company Canada	$	793,155		$	(658,179	)	$	—	$	—	$	134,976


Counterparty	Derivative Liabilities Subject to Master Netting or Similar Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged^(a)		Cash Collateral Pledged^(a)		Net Amount of Derivative Liabilities^(c)

State Street Trust Company Canada	$	(658,179	)	$	658,179		$	—	$	—	$	—

^(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)	Net amount represents the net amount due from the counterparty in the event of default.

^(c)	Net amount represents the net amount payable to the counterparty in the event of default.


Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Equity Price	Financial futures contracts	$	64,843	$	43,088
Foreign Exchange	Forward foreign currency exchange contracts		941,047		139,205

Total		$	1,005,890	$	182,293

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Foreign currency and forward foreign currency exchange contract transactions, respectively.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Foreign currency and forward foreign currency exchange contracts, respectively.

The average notional amounts of derivative contracts outstanding during the six months ended January 31, 2015, which are indicative of the volume of these derivative types, were as follows:


Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts

	$2,153,000	$	17,000	$	28,243,000

9 Line of Credit


		23

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

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 January 31, 2015.

10 Risks Associated with Foreign Investments

11 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)


		24

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

At January 31, 2015, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2			Level 3		Total

Common Stocks
Consumer Discretionary	$	2,591,120		$	2,223,409		$	—	$	4,814,529
Consumer Staples		5,731,335			3,343,191			—		9,074,526
Energy		1,343,622			596,797			—		1,940,419
Financials		3,001,167			4,258,907			—		7,260,074
Health Care		4,028,062			4,127,675			—		8,155,737
Industrials		1,533,833			1,473,844			—		3,007,677
Information Technology		5,800,901			437,590			—		6,238,491
Materials		856,108			1,477,522			—		2,333,630
Telecommunication Services		2,845,969			1,834,561			—		4,680,530
Utilities		3,013,832			1,159,245			—		4,173,077

Total Common Stocks	$	30,745,949		$	20,932,741	*	$	—	$	51,678,690

Exchange-Traded Funds	$	4,769,662		$	—		$	—	$	4,769,662
Rights		4,541			—			—		4,541
Short-Term Investments		—			2,600,761			—		2,600,761

Total Investments	$	35,520,152		$	23,533,502		$	—	$	59,053,654

Forward Foreign Currency Exchange Contracts	$	—		$	793,155		$	—	$	793,155
Futures Contracts		—			44,409			—		44,409

Total	$	35,520,152		$	24,371,066		$	—	$	59,891,218

Liability Description

Forward Foreign Currency Exchange Contracts	$	—		$	(658,179	)	$	—	$	(658,179	)
Futures Contracts		(9,075	)		(2,536	)		—		(11,611	)

Total	$	(9,075	)	$	(660,715	)	$	—	$	(669,790	)

*	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 July 31, 2014 whose fair value was determined using Level 3 inputs. At January 31, 2015, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.


		25

Eaton Vance

Hexavest Global Equity Fund

January 31, 2015

Officers and Trustees

Officers of Eaton Vance Hexavest Global Equity 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 Hexavest Global Equity Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Harriett Tee Taggart

*	Interested Trustee


		26

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.


		27

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Hexavest Inc.

1250 René Lévesque Blvd. West, Suite 4200

Montréal, Québec

Canada H3B 4W8

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

LOGO


7791 1.31.15

LOGO

Eaton Vance

Hexavest International Equity Fund

Semiannual Report

January 31, 2015

LOGO

Semiannual Report January 31, 2015

Eaton Vance

Hexavest International Equity Fund

Table of Contents


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Officers and Trustees			25

Important Notices			26

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Performance^1,2

Portfolio Managers Vital Proulx, CFA, Jean-René Adam, CFA, Jean-Pierre Couture, Christian Crête, CFA, Frédéric Imbeault, CFA and Marc Christopher Lavoie, CFA, each of Hexavest Inc.


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		08/29/2012		08/29/2012		–6.03	%		–0.57	%		—			7.05	%
Class A with 5.75% Maximum Sales Charge		—		—		–11.43			–6.27			—			4.46
Class I at NAV		08/29/2012		08/29/2012		–5.97			–0.26			—			7.32
MSCI EAFE Index		—		—		–6.97	%		–0.43	%		6.39	%		10.81	%


% Total Annual Operating Expense Ratios³											Class A			Class I
Gross												3.17	%		2.92	%
Net												1.46			1.21

Fund Profile

Equity Sector Allocation (% of net assets)^4,5

LOGO

Geographic Allocation (% of net assets)^4,5,6

Top 10 Holdings (% of net assets)^5,6


iShares MSCI Japan ETF	2.8	%
Nestle SA	2.7
Novartis AG	2.7
Roche Holding AG PC	2.5
Bayer AG	1.9
Nikkei 225 Index Futures Contracts	1.8
Sanofi	1.8
GlaxoSmithKline PLC	1.5
Vodafone Group PLC	1.5
iShares MSCI United Kingdom ETF	1.4
Total	20.6	%

LOGO

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Endnotes and Additional Disclosures

MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI indexes 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 11/30/15. Without the reimbursement, if applicable, performance would have been lower.

⁴	The Fund may obtain exposure to certain market segments through investments in Exchange-Traded Funds (ETFs). For purposes of the charts, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

⁵	Includes the value of the notional amount of each futures contract.

⁶	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Important Notice to Shareholders


		3

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Fund Expenses


	Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period* (8/1/14 – 1/31/15)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	939.70	$	6.84	**		1.40	%
Class I	$	1,000.00	$	940.30	$	5.62	**		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 affiliates, expenses would be higher.


		4

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited)


Common Stocks — 82.4%


Security	Shares		Value


Aerospace & Defense — 0.1%
Rolls-Royce Holdings PLC		738	$	9,860

			$	9,860


Air Freight & Logistics — 0.8%
Deutsche Post AG		1,482	$	47,962
Toll Holdings, Ltd.		2,818		13,476

			$	61,438


Auto Components — 0.8%
Aisin Seiki Co., Ltd.		200	$	6,987
Bridgestone Corp.		800		31,974
Denso Corp.		300		13,271
Toyota Industries Corp.		200		10,765

			$	62,997


Automobiles — 3.6%
Bayerische Motoren Werke AG		313	$	36,399
Daimler AG		571		51,713
Honda Motor Co., Ltd.		1,000		30,175
Mazda Motor Corp.		200		4,108
Nissan Motor Co., Ltd.		1,700		14,496
Toyota Motor Corp.		1,600		103,154
Volkswagen AG, PFC Shares		210		46,848

			$	286,893


Banks — 10.3%
Australia and New Zealand Banking Group, Ltd.		1,067	$	27,238
Banco Bilbao Vizcaya Argentaria SA		5,765		49,247
Banco Santander SA		10,515		70,725
Bank of Yokohama, Ltd. (The)		1,000		5,396
Barclays PLC		17,193		60,382
BNP Paribas SA		925		48,567
Commonwealth Bank of Australia		657		45,428
Credit Agricole SA		891		10,567
DBS Group Holdings, Ltd.		850		12,393
HSBC Holdings PLC		11,753		107,531
Lloyds Banking Group PLC⁽¹⁾		38,752		42,930
Mitsubishi UFJ Financial Group, Inc.		8,500		45,171
Mizuho Financial Group, Inc.		25,300		41,369
National Australia Bank, Ltd.		851		23,469
Nordea Bank AB		1,905		24,185
Oversea-Chinese Banking Corp., Ltd.		2,000		15,340
Resona Holdings, Inc.		3,400		16,868


Security	Shares		Value


Banks (continued)
Societe Generale SA		308	$	12,368
Standard Chartered PLC		1,327		17,695
Sumitomo Mitsui Financial Group, Inc.		1,300		43,624
Sumitomo Mitsui Trust Holding, Inc.		8,000		28,132
Svenska Handelsbanken AB, Class A		672		31,822
Swedbank AB, Class A		130		3,145
United Overseas Bank, Ltd.		1,000		17,101
Westpac Banking Corp.		616		16,463

			$	817,156


Beverages — 3.0%
Anheuser-Busch InBev NV		645	$	78,668
Asahi Group Holdings, Ltd.		500		16,403
Coca-Cola Amatil, Ltd.		1,126		8,452
Diageo PLC		1,859		55,028
Heineken NV		282		21,045
Kirin Holdings Co., Ltd.		1,000		13,464
SABMiller PLC		829		45,153

			$	238,213


Biotechnology — 0.5%
CSL, Ltd.		545	$	37,089

			$	37,089


Building Products — 0.2%
Assa Abloy AB		246	$	13,435

			$	13,435


Capital Markets — 1.9%
Credit Suisse Group AG		1,071	$	22,551
Daiwa Securities Group, Inc.		2,000		14,532
Deutsche Bank AG		1,526		44,296
Partners Group Holding AG		71		19,001
UBS Group AG		2,824		47,333

			$	147,713


Chemicals — 3.1%
Akzo Nobel NV		340	$	24,494
Asahi Kasei Corp.		3,000		29,628
BASF SE		818		73,160
Linde AG		56		10,728
Mitsubishi Chemical Holdings Corp.		4,500		23,323
Shin-Etsu Chemical Co., Ltd.		400		26,486
Sumitomo Chemical Co., Ltd.		5,000		19,671


		5		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Chemicals (continued)
Syngenta AG		23	$	7,492
Toray Industries, Inc.		4,000		34,072

			$	249,054


Communications Equipment — 0.2%
Telefonaktiebolaget LM Ericsson, Class B		1,330	$	16,125

			$	16,125


Construction & Engineering — 0.1%
Balfour Beatty PLC		1,378	$	4,601

			$	4,601


Containers & Packaging — 0.2%
Amcor, Ltd.		1,890	$	18,679

			$	18,679


Diversified Financial Services — 1.7%
ING Groep NV⁽¹⁾		3,311	$	41,164
London Stock Exchange Group PLC		2,118		75,203
ORIX Corp.		1,800		20,683

			$	137,050


Diversified Telecommunication Services — 5.0%
Belgacom SA		461	$	17,170
BT Group PLC		5,918		37,127
Deutsche Telekom AG		4,325		74,555
Nippon Telegraph & Telephone Corp.		800		47,349
Singapore Telecommunications, Ltd.		19,000		57,152
Swisscom AG		18		10,554
Telefonica SA		5,774		86,583
Telenor ASA		894		19,206
TeliaSonera AB		3,314		20,420
Telstra Corp., Ltd.		6,341		31,984

			$	402,100


Electric Utilities — 1.8%
Chubu Electric Power Co., Inc.⁽¹⁾		1,000	$	13,204
CLP Holdings, Ltd.		3,500		31,292
Enel SpA		3,288		14,856
Iberdrola SA		5,667		39,116
Kansai Electric Power Co., Inc. (The)⁽¹⁾		1,100		10,636
SSE PLC		1,324		32,039

			$	141,143


Security	Shares		Value


Electrical Equipment — 0.6%
ABB, Ltd.		1,328	$	25,532
Mitsubishi Electric Corp.		2,000		23,132
Osram Licht AG⁽¹⁾		60		2,758

			$	51,422


Electronic Equipment, Instruments & Components — 0.3%
Hitachi, Ltd.		3,622	$	27,354

			$	27,354


Food & Staples Retailing — 2.3%
FamilyMart Co., Ltd.		400	$	17,326
J Sainsbury PLC		1,460		5,595
Koninklijke Ahold NV		956		17,254
Lawson, Inc.		300		19,614
Seven & i Holdings Co., Ltd.		1,100		40,253
Tesco PLC		8,179		27,659
Wesfarmers, Ltd.		304		10,268
WM Morrison Supermarkets PLC		11,920		32,162
Woolworths, Ltd.		554		13,633

			$	183,764


Food Products — 4.5%
Nestle SA		2,843	$	217,123
Tate & Lyle PLC		1,444		14,727
Unilever NV		1,950		84,561
Unilever PLC		1,035		45,575

			$	361,986


Gas Utilities — 1.0%
Hong Kong & China Gas Co., Ltd.		10,500	$	24,072
Osaka Gas Co., Ltd.		7,000		27,591
Tokyo Gas Co., Ltd.		5,000		29,826

			$	81,489


Health Care Equipment & Supplies — 0.2%
Smith and Nephew PLC		750	$	13,375

			$	13,375


Hotels, Restaurants & Leisure — 0.3%
Compass Group PLC		582	$	10,035
MGM China Holdings, Ltd.		2,400		5,838
SJM Holdings, Ltd.		5,302		7,743

			$	23,616


		6		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Household Products — 1.0%
Henkel AG & Co. KGaA, PFC Shares		155	$	17,746
Reckitt Benckiser Group PLC		664		56,198
Svenska Cellulosa AB SCA, Class B		395		9,521

			$	83,465


Industrial Conglomerates — 1.7%
Koninklijke Philips NV		1,762	$	48,587
Siemens AG		691		72,995
Toshiba Corp.		3,000		11,996

			$	133,578


Insurance — 2.3%
AIA Group, Ltd.		2,725	$	15,801
Allianz SE		198		32,649
Insurance Australia Group, Ltd.		5,504		27,265
Mapfre SA		7,044		23,713
Muenchener Rueckversicherungs-Gesellschaft AG		147		29,471
Sampo Oyj, Class A		163		7,894
Swiss Re AG		78		7,036
Tokio Marine Holdings, Inc.		700		24,439
Zurich Insurance Group AG		44		14,589

			$	182,857


Machinery — 0.5%
FANUC Corp.		100	$	16,794
SMC Corp.		100		26,817

			$	43,611


Media — 0.9%
Pearson PLC		2,055	$	41,696
Reed Elsevier PLC		605		10,503
Sky PLC		1,268		17,682

			$	69,881


Metals & Mining — 2.0%
Anglo American PLC		449	$	7,500
BHP Billiton PLC		1,566		34,014
BHP Billiton, Ltd.		804		18,544
Glencore PLC		7,564		28,203
Newcrest Mining, Ltd.⁽¹⁾		1,272		13,734
Randgold Resources, Ltd.		149		12,789
Rio Tinto PLC		904		39,724
Rio Tinto, Ltd.		67		2,988

			$	157,496


Security	Shares		Value


Multi-Utilities — 2.4%
AGL Energy, Ltd.		2,249	$	24,862
Centrica PLC		6,957		30,701
E.ON SE		3,227		49,954
GDF Suez		471		10,446
National Grid PLC		2,804		39,422
RWE AG		1,150		31,900

			$	187,285


Oil, Gas & Consumable Fuels — 2.5%
BG Group PLC		3,631	$	48,430
BP PLC		9,090		58,394
Oil Search, Ltd.		2,844		17,115
Royal Dutch Shell PLC, Class A		1,080		32,897
Royal Dutch Shell PLC, Class B		928		29,380
Statoil ASA		236		3,952
Woodside Petroleum, Ltd.		438		11,633

			$	201,801


Personal Products — 0.1%
Kao Corp.		100	$	4,385

			$	4,385


Pharmaceuticals — 15.3%
Astellas Pharma, Inc.		2,400	$	37,069
AstraZeneca PLC		1,248		88,839
Bayer AG		1,026		147,776
Daiichi Sankyo Co., Ltd.		1,400		20,310
GlaxoSmithKline PLC		5,553		122,270
Indivior PLC⁽¹⁾		664		1,740
Merck KGaA		468		46,761
Novartis AG		2,180		212,447
Novo Nordisk A/S, Class B		2,020		90,033
Roche Holding AG PC		749		201,869
Sanofi		1,583		145,857
Santen Pharmaceutical Co., Ltd.		100		6,241
Shionogi & Co., Ltd.		400		12,003
Shire PLC		590		43,063
Takeda Pharmaceutical Co., Ltd.		900		44,963

			$	1,221,241


Real Estate Investment Trusts (REITs) — 0.9%
Federation Centres		2,434	$	5,709
Goodman Group		4,772		22,622
GPT Group (The)		1,636		5,736


		7		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value


Real Estate Investment Trusts (REITs) (continued)
Mirvac Group		9,836	$	14,712
Stockland		3,151		10,687
Westfield Corp.		1,995		15,218

			$	74,684


Road & Rail — 1.1%
Asciano, Ltd.		2,345	$	10,918
Aurizon Holdings, Ltd.		5,779		22,099
Central Japan Railway Co.		100		17,148
East Japan Railway Co.		500		38,619

			$	88,784


Software — 0.7%
SAP SE		833	$	54,368

			$	54,368


Specialty Retail — 0.7%
Hennes & Mauritz AB, Class B		744	$	30,606
Industria de Diseno Textil SA		930		27,410

			$	58,016


Technology Hardware, Storage & Peripherals — 0.4%
Canon, Inc.		1,000	$	31,635

			$	31,635


Textiles, Apparel & Luxury Goods — 1.7%
Adidas AG		520	$	35,780
Burberry Group PLC		905		23,511
Compagnie Financiere Richemont SA, Class A		400		33,231
Hermes International		8		2,715
LVMH Moet Hennessy Louis Vuitton SA		233		37,472

			$	132,709


Tobacco — 2.4%
British American Tobacco PLC		1,599	$	90,209
Imperial Tobacco Group PLC		1,490		69,984
Japan Tobacco, Inc.		1,000		27,237

			$	187,430


Trading Companies & Distributors — 0.2%
Sumitomo Corp.		1,300	$	12,829

			$	12,829


Security	Shares		Value


Transportation Infrastructure — 0.1%
Fraport AG		176	$	10,754

			$	10,754


Wireless Telecommunication Services — 3.0%
KDDI Corp.		600	$	42,353
NTT DoCoMo, Inc.		2,400		40,515
SoftBank Corp.		600		35,311
Vodafone Group PLC		33,668		118,393

			$	236,572


Total Common Stocks (identified cost $6,323,144)			$	6,559,933


Exchange-Traded Funds — 7.9%


Security	Shares		Value

Equity Funds — 7.9%
iShares MSCI Australia ETF		724	$	15,870
iShares MSCI EMU ETF		2,839		104,135
iShares MSCI Germany ETF		2,423		67,965
iShares MSCI Japan ETF		19,693		226,273
iShares MSCI Switzerland Capped ETF		1,121		35,592
iShares MSCI United Kingdom ETF		6,233		112,443
Market Vectors Gold Miners ETF		3,015		67,204


Total Exchange-Traded Funds (identified cost $629,338)			$	629,482


Rights — 0.0%⁽²⁾


Security	Shares		Value

Banks — 0.0%⁽²⁾
Banco Santander SA, Exp. 2/3/15⁽¹⁾		8,864	$	1,352


Total Rights (identified cost $1,523)			$	1,352


		8		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Short-Term Investments — 6.5%


Description	Interest (000’s omitted)		Value

Eaton Vance Cash Reserves Fund, LLC, 0.15%⁽³⁾	$	517	$	517,496


Total Short-Term Investments (identified cost $517,496)			$	517,496


Total Investments — 96.8% (identified cost $7,471,501)			$	7,708,263


Other Assets, Less Liabilities — 3.2%			$	253,279


Net Assets — 100.0%			$	7,961,542

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


PC	–	Participation Certificate
PFC Shares	–	Preference Shares

⁽¹⁾	Non-income producing security.

⁽²⁾	Amount is less than 0.05%.

⁽³⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2015.


Country Concentration of Portfolio


Country	Percentage of Net Assets			Value
United Kingdom		22.2	%	$	1,766,780
Japan		16.3			1,300,701
Germany		11.5			918,573
Switzerland		10.3			818,758
Australia		5.9			470,021
Spain		3.7			296,794
France		3.4			267,992
Netherlands		1.9			152,544
Sweden		1.9			149,259
Singapore		1.3			101,986
Belgium		1.2			95,838
Denmark		1.1			90,033
Hong Kong		1.1			84,746
Other (less than 1.0% each)		0.6			45,908

Common Stocks		82.4	%	$	6,559,933
Exchange-Traded Funds		7.9			629,482
Rights		0.0	⁽¹⁾		1,352
Short-Term Investments		6.5			517,496

Total Investments		96.8	%	$	7,708,263

⁽¹⁾	Amount is less than 0.05%.


		9		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Statement of Assets and Liabilities (Unaudited)


Assets	January 31, 2015
Unaffiliated investments, at value (identified cost, $6,954,005)	$	7,190,767
Affiliated investment, at value (identified cost, $517,496)		517,496
Cash		84,159
Restricted cash*		6,740
Foreign currency, at value (identified cost, $245,057)		233,226
Dividends receivable		7,067
Interest receivable from affiliated investment		89
Receivable for investments sold		24,806
Receivable for Fund shares sold		4,547
Receivable for open forward foreign currency exchange contracts		104,356
Tax reclaims receivable		9,396
Receivable from affiliates		11,553
Total assets	$	8,194,202

Liabilities
Payable for investments purchased	$	32,904
Payable for Fund shares redeemed		7,125
Payable for variation margin on open financial futures contracts		4,257
Payable for open forward foreign currency exchange contracts		131,360
Payable to affiliates:
Investment adviser and administration fee		5,319
Distribution and service fees		115
Accrued expenses		51,580
Total liabilities	$	232,660
Net Assets	$	7,961,542

Sources of Net Assets
Paid-in capital	$	7,879,230
Accumulated distributions in excess of net realized gain		(111,344	)
Accumulated distributions in excess of net investment income		(2,747	)
Net unrealized appreciation		196,403
Total	$	7,961,542

Class A Shares
Net Assets	$	526,764
Shares Outstanding		49,820
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.57
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	11.21

Class I Shares
Net Assets	$	7,434,778
Shares Outstanding		701,179
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	10.60

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

*	Represents restricted cash on deposit at the broker for open financial futures contracts.


		10		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Statement of Operations (Unaudited)


Investment Income	Six Months Ended January 31, 2015
Dividends (net of foreign taxes, $8,170)	$	76,576
Interest allocated from affiliated investment		457
Expenses allocated from affiliated investment		(53	)
Total investment income	$	76,980

Expenses
Investment adviser and administration fee	$	33,758
Distribution and service fees
Class A		679
Trustees’ fees and expenses		441
Custodian fee		36,072
Transfer and dividend disbursing agent fees		1,027
Legal and accounting services		21,557
Printing and postage		5,373
Registration fees		10,541
Miscellaneous		6,557
Total expenses	$	116,005
Deduct —
Allocation of expenses to affiliates	$	66,909
Total expense reductions	$	66,909

Net expenses	$	49,096

Net investment income	$	27,884

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(33,173	)
Investment transactions allocated from affiliated investment		3
Financial futures contracts		37,160
Foreign currency and forward foreign currency exchange contract transactions		(16,304	)
Net realized loss	$	(12,314	)
Change in unrealized appreciation (depreciation) —
Investments	$	(513,823	)
Financial futures contracts		1,678
Foreign currency and forward foreign currency exchange contracts		(22,181	)
Net change in unrealized appreciation (depreciation)	$	(534,326	)

Net realized and unrealized loss	$	(546,640	)

Net decrease in net assets from operations	$	(518,756	)


		11		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
From operations —
Net investment income	$	27,884		$	223,226
Net realized gain (loss) from investment transactions, financial futures contracts, and foreign currency and forward foreign currency exchange contract transactions		(12,314	)		167,506
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts, foreign currency and forward foreign currency exchange contracts		(534,326	)		367,976
Net increase (decrease) in net assets from operations	$	(518,756	)	$	758,708
Distributions to shareholders —
From net investment income
Class A	$	(11,093	)	$	(8,572	)
Class I		(166,258	)		(179,506	)
From net realized gain
Class A		(7,765	)		(15,681	)
Class I		(104,757	)		(314,270	)
Total distributions to shareholders	$	(289,873	)	$	(518,029	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	99,640		$	505,494
Class I		411,407			2,304,773
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		18,683			23,529
Class I		73,111			127,010
Cost of shares redeemed
Class A		(40,322	)		(90,072	)
Class I		(1,060,217	)		(451,801	)
Net increase (decrease) in net assets from Fund share transactions	$	(497,698	)	$	2,418,933

Net increase (decrease) in net assets	$	(1,306,327	)	$	2,659,612

Net Assets
At beginning of period	$	9,267,869		$	6,608,257
At end of period	$	7,961,542		$	9,267,869

Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	(2,747	)	$	146,720


		12		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Financial Highlights


	Class A
	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014			Period Ended July 31, 2013⁽¹⁾
Net asset value — Beginning of period	$	11.660		$	11.220		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.021		$	0.319	⁽³⁾	$	0.236
Net realized and unrealized gain (loss)		(0.739	)		0.845			1.118	⁽⁴⁾

Total income (loss) from operations	$	(0.718	)	$	1.164		$	1.354

Less Distributions
From net investment income	$	(0.219	)	$	(0.256	)	$	(0.066	)
From net realized gain		(0.153	)		(0.468	)		(0.068	)

Total distributions	$	(0.372	)	$	(0.724	)	$	(0.134	)

Net asset value — End of period	$	10.570		$	11.660		$	11.220

Total Return⁽⁵⁾		(6.03	)%⁽⁶⁾		10.34	%		13.75	%⁽⁴⁾⁽⁶⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	527		$	503		$	64
Ratios (as a percentage of average daily net assets):
Expenses⁽⁷⁾		1.40	%⁽⁸⁾		1.40	%		1.40	%⁽⁸⁾
Net investment income		0.38	%⁽⁸⁾		2.74	%⁽³⁾		2.34	%⁽⁸⁾
Portfolio Turnover		37	%⁽⁶⁾		69	%		97	%⁽⁶⁾

⁽¹⁾	For the period from the start of business, August 29, 2012, to July 31, 2013.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Net investment income per share reflects special dividends which amounted to $0.120 per share. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 1.70%.

⁽⁴⁾

During the period ended July 31, 2013, the sub-adviser reimbursed the Fund for a net loss realized on the disposal of an investment which did not meet the Fund’s investment guidelines. The reimbursement was less than $0.01 per share and had no effect on total return for the period ended July 31, 2013.

⁽⁵⁾	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.

⁽⁶⁾	Not annualized.

⁽⁷⁾

The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 1.59%, 1.71% and 3.18% of average daily net assets for the six months ended January 31, 2015, the year ended July 31, 2014 and the period from the start of business, August 29, 2012, to July 31, 2013, respectively). Absent these reimbursements, total return would be lower.

⁽⁸⁾	Annualized.


		13		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Financial Highlights — continued


	Class I
	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014			Period Ended July 31, 2013⁽¹⁾
Net asset value — Beginning of period	$	11.700		$	11.250		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.039		$	0.321	⁽³⁾	$	0.181
Net realized and unrealized gain (loss)		(0.743	)		0.864			1.209	⁽⁴⁾

Total income (loss) from operations	$	(0.704	)	$	1.185		$	1.390

Less Distributions
From net investment income	$	(0.243	)	$	(0.267	)	$	(0.072	)
From net realized gain		(0.153	)		(0.468	)		(0.068	)

Total distributions	$	(0.396	)	$	(0.735	)	$	(0.140	)

Net asset value — End of period	$	10.600		$	11.700		$	11.250

Total Return⁽⁵⁾		(5.97	)%⁽⁶⁾		10.70	%		14.02	%⁽⁴⁾⁽⁶⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,435		$	8,765		$	6,544
Ratios (as a percentage of average daily net assets):
Expenses⁽⁷⁾		1.15	%⁽⁸⁾		1.15	%		1.15	%⁽⁸⁾
Net investment income		0.68	%⁽⁸⁾		2.75	%⁽³⁾		1.84	%⁽⁸⁾
Portfolio Turnover		37	%⁽⁶⁾		69	%		97	%⁽⁶⁾

⁽¹⁾	For the period from the start of business, August 29, 2012, to July 31, 2013.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Net investment income per share reflects special dividends which amounted to $0.104 per share. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 1.86%.

⁽⁴⁾

⁽⁵⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁶⁾	Not annualized.

⁽⁷⁾

⁽⁸⁾	Annualized.


		14		See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

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

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


		15

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

2 Distributions to Shareholders and Income Tax Information


		16

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2015, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	7,517,047

Gross unrealized appreciation	$	524,302
Gross unrealized depreciation		(333,086	)

Net unrealized appreciation	$	191,216

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 0.80% 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 January 31, 2015, the investment adviser and administration fee amounted to $33,758 or 0.80% (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 Hexavest Inc. (Hexavest), an affiliate of EVM and a registered investment adviser. EVM pays Hexavest 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 and Hexavest have 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. This agreement may be changed or terminated after November 30, 2015. Pursuant to this agreement, EVM and Hexavest were allocated $66,909 in total of the Fund’s operating expenses for the six months ended January 31, 2015.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2015, EVM earned $150 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $242 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2015. 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


		17

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $2,714,435 and $2,812,394, respectively, for the six months ended January 31, 2015.

7 Shares of Beneficial Interest


Class A	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014

Sales		8,678			43,191
Issued to shareholders electing to receive payments of distributions in Fund shares		1,743			2,070
Redemptions		(3,721	)		(7,853	)

Net increase		6,700			37,408


Class I	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014

Sales		37,418			194,879
Issued to shareholders electing to receive payments of distributions in Fund shares		6,801			11,141
Redemptions		(92,251	)		(38,670	)

Net increase (decrease)		(48,032	)		167,350

At January 31, 2015, EVM owned 66.5% of the value of the outstanding shares of the Fund.

8 Financial Instruments

A summary of obligations under these financial instruments at January 31, 2015 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement
Date

Deliver

In Exchange For

Counterparty

Unrealized
Appreciation

Unrealized
(Depreciation)

Net Unrealized
Appreciation
(Depreciation)

3/18/15

Australian Dollar 140,766

Hong Kong Dollar 879,848

State Street Trust Company Canada

4,207

—

4,207

3/18/15

Australian Dollar 205,185

United States Dollar 167,229

State Street Trust Company Canada

7,935

—

7,935

3/18/15

Australian Dollar 156,037

United States Dollar 126,729

State Street Trust Company Canada

5,590

—

5,590

3/18/15

Australian Dollar 37,397

United States Dollar 30,850

State Street Trust Company Canada

1,816

—

1,816


		18

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Forward Foreign Currency Exchange Contracts (continued)
Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

3/18/15	Australian Dollar 420,873	United States Dollar 324,347	State Street Trust Company Canada	$	—	$	(2,397	)	$	(2,397	)
3/18/15	British Pound Sterling 241,239	United States Dollar 376,748	State Street Trust Company Canada		13,499		—			13,499
3/18/15	British Pound Sterling 55,601	United States Dollar 86,251	State Street Trust Company Canada		2,529		—			2,529
3/18/15	Canadian Dollar 39,447	United States Dollar 31,674	State Street Trust Company Canada		649		—			649
3/18/15	Euro 192,172	Hong Kong Dollar 1,792,650	State Street Trust Company Canada		13,994		—			13,994
3/18/15	Euro 284,531	Hong Kong Dollar 2,493,196	State Street Trust Company Canada		—		(49	)		(49	)
3/18/15	Euro 11,450	Swiss Franc 11,725	State Street Trust Company Canada		—		(145	)		(145	)
3/18/15	Euro 64,479	Swiss Franc 63,810	State Street Trust Company Canada		—		(3,241	)		(3,241	)
3/18/15	Euro 252,059	United States Dollar 307,396	State Street Trust Company Canada		22,462		—			22,462
3/18/15	Euro 88,946	United States Dollar 108,380	State Street Trust Company Canada		7,833		—			7,833
3/18/15	Euro 127,737	United States Dollar 150,495	State Street Trust Company Canada		6,097		—			6,097
3/18/15	Euro 19,372	United States Dollar 21,988	State Street Trust Company Canada		90		—			90
3/18/15	Euro 16,469	United States Dollar 18,659	State Street Trust Company Canada		42		—			42
3/18/15	Euro 14,164	United States Dollar 15,958	State Street Trust Company Canada		—		(53	)		(53	)
3/18/15	Euro 287,952	United States Dollar 325,037	State Street Trust Company Canada		—		(471	)		(471	)
3/18/15	Hong Kong Dollar 1,226,655	United States Dollar 158,238	State Street Trust Company Canada		15		—			15
3/18/15	Hong Kong Dollar 2,481,173	United States Dollar 320,000	State Street Trust Company Canada		—		(42	)		(42	)
3/18/15	Israeli Shekel 51,213	United States Dollar 13,054	State Street Trust Company Canada		27		—			27
3/18/15	Japanese Yen 13,199,346	Hong Kong Dollar 856,839	State Street Trust Company Canada		—		(1,936	)		(1,936	)
3/18/15	Japanese Yen 3,193,264	United States Dollar 27,164	State Street Trust Company Canada		—		(42	)		(42	)
3/18/15	Japanese Yen 2,932,125	United States Dollar 24,555	State Street Trust Company Canada		—		(426	)		(426	)
3/18/15	Japanese Yen 16,000,279	United States Dollar 133,830	State Street Trust Company Canada		—		(2,492	)		(2,492	)
3/18/15	Norwegian Krone 228,200	United States Dollar 31,742	State Street Trust Company Canada		2,240		—			2,240
3/18/15	Singapore Dollar 18,207	United States Dollar 13,551	State Street Trust Company Canada		103		—			103


		19

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Forward Foreign Currency Exchange Contracts (continued)
Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

3/18/15	Swiss Franc 109,009	United States Dollar 126,127	State Street Trust Company Canada	$	7,144	$	—		$	7,144
3/18/15	Swiss Franc 91,074	United States Dollar 98,210	State Street Trust Company Canada		—		(1,196	)		(1,196	)
3/18/15	Swiss Franc 28,957	United States Dollar 29,372	State Street Trust Company Canada		—		(2,235	)		(2,235	)
3/18/15	Swiss Franc 68,590	United States Dollar 70,164	State Street Trust Company Canada		—		(4,702	)		(4,702	)
3/18/15	United States Dollar 23,941	Australian Dollar 29,184	State Street Trust Company Canada		—		(1,284	)		(1,284	)
3/18/15	United States Dollar 130,606	Australian Dollar 161,157	State Street Trust Company Canada		—		(5,492	)		(5,492	)
3/18/15	United States Dollar 394,232	Australian Dollar 486,238	State Street Trust Company Canada		—		(16,742	)		(16,742	)
3/18/15	United States Dollar 34,439	British Pound Sterling 22,850	State Street Trust Company Canada		—		(33	)		(33	)
3/18/15	United States Dollar 28,286	British Pound Sterling 18,090	State Street Trust Company Canada		—		(1,047	)		(1,047	)
3/18/15	United States Dollar 235,662	British Pound Sterling 150,806	State Street Trust Company Canada		—		(8,583	)		(8,583	)
3/18/15	United States Dollar 19,686	Canadian Dollar 22,899	State Street Trust Company Canada		—		(1,676	)		(1,676	)
3/18/15	United States Dollar 102,072	Danish Krone 670,815	State Street Trust Company Canada		—		(65	)		(65	)
3/18/15	United States Dollar 32,592	Danish Krone 197,223	State Street Trust Company Canada		—		(2,601	)		(2,601	)
3/18/15	United States Dollar 25,016	Euro 20,428	State Street Trust Company Canada		—		(1,924	)		(1,924	)
3/18/15	United States Dollar 105,689	Euro 88,573	State Street Trust Company Canada		—		(5,564	)		(5,564	)
3/18/15	United States Dollar 697,256	Euro 598,953	State Street Trust Company Canada		—		(20,184	)		(20,184	)
3/18/15	United States Dollar 536,981	Euro 436,744	State Street Trust Company Canada		—		(43,275	)		(43,275	)
3/18/15	United States Dollar 143,814	Hong Kong Dollar 1,114,789	State Street Trust Company Canada		—		(20	)		(20	)
3/18/15	United States Dollar 127,915	Japanese Yen 15,439,387	State Street Trust Company Canada		3,628		—			3,628
3/18/15	United States Dollar 269,215	Japanese Yen 31,802,100	State Street Trust Company Canada		1,738		—			1,738
3/18/15	United States Dollar 30,774	Japanese Yen 3,623,028	State Street Trust Company Canada		94		—			94
3/18/15	United States Dollar 8,949	Japanese Yen 1,058,450	State Street Trust Company Canada		69		—			69
3/18/15	United States Dollar 31,337	Singapore Dollar 41,442	State Street Trust Company Canada		—		(729	)		(729	)
3/18/15	United States Dollar 31,903	Swedish Krona 241,426	State Street Trust Company Canada		—		(2,714	)		(2,714	)


		20

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Forward Foreign Currency Exchange Contracts (continued)
Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

3/18/15	United States Dollar 25,771	Swiss Franc 25,952	State Street Trust Company Canada	$	2,555	$	—		$	2,555

				$	104,356	$	(131,360	)	$	(27,004	)


Futures Contracts
Expiration Month/Year	Contracts	Position	Aggregate Cost		Value		Net Unrealized Depreciation

3/15	2 Nikkei 225 Index	Long	$	151,119	$	147,275	$	(3,844	)

							$	(3,844	)

Nikkei 225 Index: Price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.

At January 31, 2015, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Equity Price Risk: The Fund enters into equity index futures contracts to enhance return.

Foreign Exchange Risk: The Fund enters into forward foreign currency exchange contracts to enhance return.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2015 was as follows:


		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative

Equity Price	Financial futures contracts	$	—		$	(3,844	)⁽¹⁾
Foreign Exchange	Forward foreign currency exchange contracts	$	104,356	⁽²⁾	$	(131,360	)⁽³⁾

Total		$	104,356		$	(135,204	)

Derivatives not subject to master netting or similar agreements		$	—		$	(3,844	)

Total Derivatives subject to master netting or similar agreements		$	104,356		$	(131,360	)

⁽¹⁾	Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Payable for variation margin.

⁽²⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized appreciation.

⁽³⁾	Statement of Assets and Liabilities location: Payable for open forward foreign currency exchange contracts; Net unrealized appreciation.


		21

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued


Counterparty	Derivative Assets Subject to Master Netting or Similar Agreement			Derivatives Available for Offset			Non-cash Collateral Received^(a)		Cash Collateral Received^(a)		Net Amount of Derivative Assets^(b)

State Street Trust Company Canada	$	104,356		$	(104,356	)	$	—	$	—	$	—


Counterparty	Derivative Liabilities Subject to Master Netting or Similar Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged^(a)		Cash Collateral Pledged^(a)		Net Amount of Derivative Liabilities^(c)

State Street Trust Company Canada	$	(131,360	)	$	104,356		$	—	$	—	$	(27,004	)

^(a)	In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

^(b)	Net amount represents the net amount due from the counterparty in the event of default.

^(c)	Net amount represents the net amount payable to the counterparty in the event of default.


Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Equity Price	Financial futures contracts	$	37,160	$	1,678
Foreign Exchange	Forward foreign currency exchange contracts		48,610		(17,522	)

Total		$	85,770	$	(15,844	)

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Financial futures contracts and Foreign currency and forward foreign currency exchange contract transactions, respectively.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts and Foreign currency and forward foreign currency exchange contracts, respectively.

The average notional amounts of derivative contracts outstanding during the six months ended January 31, 2015, which are indicative of the volume of these derivative types, were as follows:


Futures Contracts — Long	Forward Foreign Currency Exchange Contracts

$425,000	$	5,000,000

9 Line of Credit


		22

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

10 Risks Associated with Foreign Investments

11 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)


		23

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

At January 31, 2015, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1		Level 2			Level 3		Total

Common Stocks
Consumer Discretionary	$	—	$	634,112		$	—	$	634,112
Consumer Staples		—		1,059,243			—		1,059,243
Energy		—		201,801			—		201,801
Financials		47,333		1,312,127			—		1,359,460
Health Care		1,740		1,269,965			—		1,271,705
Industrials		—		430,312			—		430,312
Information Technology		—		129,482			—		129,482
Materials		—		425,229			—		425,229
Telecommunication Services		—		638,672			—		638,672
Utilities		24,862		385,055			—		409,917

Total Common Stocks	$	73,935	$	6,485,998	*	$	—	$	6,559,933

Exchange-Traded Funds	$	629,482	$	—		$	—	$	629,482
Rights		1,352		—			—		1,352
Short-Term Investments		—		517,496			—		517,496

Total Investments	$	704,769	$	7,003,494		$	—	$	7,708,263

Forward Foreign Currency Exchange Contracts	$	—	$	104,356		$	—	$	104,356

Total	$	704,769	$	7,107,850		$	—	$	7,812,619

Liability Description

Forward Foreign Currency Exchange Contracts	$	—	$	(131,360	)	$	—	$	(131,360	)
Futures Contracts		—		(3,844	)		—		(3,844	)

Total	$	—	$	(135,204	)	$	—	$	(135,204	)

*	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.


		24

Eaton Vance

Hexavest International Equity Fund

January 31, 2015

Officers and Trustees

Officers of Eaton Vance Hexavest International Equity 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 Hexavest International Equity Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Harriett Tee Taggart

*	Interested Trustee


		25

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.


		26

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Hexavest Inc.

1250 René Lévesque Blvd. West, Suite 4200

Montréal, Québec

Canada H3B 4W8

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

LOGO

7792 1.31.15

LOGO

Eaton Vance

Hexavest U.S. Equity Fund

Semiannual Report

January 31, 2015

LOGO

Semiannual Report January 31, 2015

Eaton Vance

Hexavest U.S. Equity Fund

Table of Contents


Performance			2

Fund Profile			2

Endnotes and Additional Disclosures			3

Fund Expenses			4

Financial Statements			5

Officers and Trustees			19

Important Notices			20

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Performance^1,2

Portfolio Managers Vital Proulx, CFA and Jean-René Adam, CFA, each of Hexavest Inc.


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		08/29/2012		08/29/2012		3.15	%		12.39	%		—			14.29	%
Class A with 5.75% Maximum Sales Charge		—		—		–2.80			5.97			—			11.53
Class I at NAV		08/29/2012		08/29/2012		3.36			12.69			—			14.58
S&P 500 Index		—		—		4.37	%		14.22	%		15.59	%		17.81	%


% Total Annual Operating Expense Ratios³											Class A			Class I
Gross												6.47	%		6.22	%
Net												1.20			0.95

Fund Profile

Equity Sector Allocation (% of net assets)⁴

LOGO

Top 10 Holdings (% of net assets)⁵


SPDR S&P 500 ETF Trust	4.7	%
Apple, Inc.	4.4
Wal-Mart Stores, Inc.	4.0
Microsoft Corp.	3.6
AT&T, Inc.	3.4
Pfizer, Inc.	3.3
Procter & Gamble Co. (The)	3.2
Johnson & Johnson	2.7
Coca-Cola Co. (The)	2.6
Eli Lilly & Co.	2.5
Total	34.4	%

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Endnotes and Additional Disclosures

S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. 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 11/30/15. Without the reimbursement, if applicable, performance would have been lower.

⁴	The Fund may obtain exposure to certain market segments through investments in Exchange-Traded Funds (ETFs). For purposes of the chart, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

⁵	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.


		3

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Fund Expenses


	Beginning Account Value (8/1/14)		Ending Account Value (1/31/15)		Expenses Paid During Period* (8/1/14 – 1/31/15)			Annualized Expense Ratio


Actual
Class A	$	1,000.00	$	1,031.50	$	6.14	**		1.20	%
Class I	$	1,000.00	$	1,033.60	$	4.87	**		0.95	%



Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.20	$	6.11	**		1.20	%
Class I	$	1,000.00	$	1,020.40	$	4.84	**		0.95	%

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


		4

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited)


Common Stocks — 86.6%


Security	Shares		Value

Aerospace & Defense — 1.0%
Boeing Co. (The)		83	$	12,066
United Technologies Corp.		95		10,904

			$	22,970


Auto Components — 0.8%
Goodyear Tire & Rubber Co. (The)		823	$	19,950

			$	19,950


Automobiles — 2.8%
Ford Motor Co.		2,899	$	42,644
General Motors Co.		737		24,041

			$	66,685


Banks — 5.8%
Bank of America Corp.		450	$	6,818
Citigroup, Inc.		474		22,254
JPMorgan Chase & Co.		684		37,196
PNC Financial Services Group, Inc. (The)		120		10,145
U.S. Bancorp		574		24,056
Wells Fargo & Co.		745		38,680

			$	139,149


Beverages — 4.0%
Coca-Cola Co. (The)		1,499	$	61,714
PepsiCo, Inc.		363		34,042

			$	95,756


Chemicals — 1.0%
LyondellBasell Industries NV, Class A		314	$	24,834

			$	24,834


Commercial Services & Supplies — 0.6%
ADT Corp. (The)		406	$	13,966

			$	13,966


Communications Equipment — 2.3%
Cisco Systems, Inc.		1,431	$	37,728
QUALCOMM, Inc.		276		17,239

			$	54,967


Security	Shares		Value

Construction & Engineering — 1.6%
Fluor Corp.		237	$	12,701
Jacobs Engineering Group, Inc.⁽¹⁾		260		9,906
KBR, Inc.		649		10,728
Quanta Services, Inc.⁽¹⁾		223		5,905

			$	39,240


Consumer Finance — 0.2%
Capital One Financial Corp.		76	$	5,564

			$	5,564


Diversified Telecommunication Services — 6.4%
AT&T, Inc.		2,450	$	80,654
CenturyLink, Inc.		536		19,923
Verizon Communications, Inc.		1,178		53,847

			$	154,424


Electric Utilities — 5.5%
American Electric Power Co., Inc.		67	$	4,208
Duke Energy Corp.		207		18,038
Edison International		241		16,424
Entergy Corp.		125		10,939
Exelon Corp.		1,089		39,248
FirstEnergy Corp.		297		11,978
NextEra Energy, Inc.		41		4,479
PPL Corp.		181		6,426
Southern Co. (The)		227		11,513
Xcel Energy, Inc.		232		8,707

			$	131,960


Energy Equipment & Services — 0.7%
Diamond Offshore Drilling, Inc.		211	$	6,653
Ensco PLC, Class A		192		5,384
Noble Corp. PLC		311		5,044

			$	17,081


Food & Staples Retailing — 8.3%
Costco Wholesale Corp.		194	$	27,740
CVS Health Corp.		56		5,497
Kroger Co. (The)		193		13,327
Sysco Corp.		358		14,023
Wal-Mart Stores, Inc.		1,133		96,282
Walgreens Boots Alliance, Inc.		344		25,370
Whole Foods Market, Inc.		297		15,472

			$	197,711


		5		See Notes to Financial Statements.

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Food Products — 0.9%
Archer-Daniels-Midland Co.		486	$	22,662

			$	22,662


Health Care Providers & Services — 0.8%
Cardinal Health, Inc.		227	$	18,884

			$	18,884


Hotels, Restaurants & Leisure — 1.4%
McDonald’s Corp.		360	$	33,278

			$	33,278


Household Products — 3.2%
Procter & Gamble Co. (The)		902	$	76,030

			$	76,030


Independent Power and Renewable Electricity Producers — 0.2%
AES Corp. (The)		141	$	1,723
NRG Energy, Inc.		119		2,935

			$	4,658


Insurance — 1.2%
Assurant, Inc.		62	$	3,938
MetLife, Inc.		114		5,301
Travelers Companies, Inc. (The)		180		18,507

			$	27,746


IT Services — 1.9%
Accenture PLC, Class A		124	$	10,420
International Business Machines Corp.		88		13,491
MasterCard, Inc., Class A		68		5,578
Paychex, Inc.		240		10,862
Visa, Inc., Class A		24		6,118

			$	46,469


Machinery — 1.4%
Deere & Co.		384	$	32,713

			$	32,713


Media — 0.4%
Comcast Corp., Class A		179	$	9,513

			$	9,513


Security	Shares		Value

Metals & Mining — 0.6%
Yamana Gold, Inc.		3,325	$	13,764

			$	13,764


Multi-Utilities — 2.6%
Ameren Corp.		258	$	11,682
Consolidated Edison, Inc.		218		15,103
DTE Energy Co.		29		2,600
PG&E Corp.		408		23,995
Public Service Enterprise Group, Inc.		230		9,816

			$	63,196


Multiline Retail — 0.5%
Family Dollar Stores, Inc.		157	$	11,948

			$	11,948


Oil, Gas & Consumable Fuels — 3.3%
Chevron Corp.		65	$	6,664
Exxon Mobil Corp.		465		40,650
Marathon Petroleum Corp.		335		31,018

			$	78,332


Paper & Forest Products — 0.8%
Domtar Corp.		182	$	6,971
Louisiana-Pacific Corp.⁽¹⁾		720		11,786

			$	18,757


Pharmaceuticals — 10.8%
AbbVie, Inc.		212	$	12,794
Eli Lilly & Co.		823		59,256
Johnson & Johnson		634		63,489
Merck & Co., Inc.		708		42,678
Pfizer, Inc.		2,534		79,188

			$	257,405


Semiconductors & Semiconductor Equipment — 0.9%
Intel Corp.		631	$	20,848

			$	20,848


Software — 6.4%
Microsoft Corp.		2,153	$	86,981
Oracle Corp.		1,243		52,070
Symantec Corp.		535		13,252

			$	152,303


		6		See Notes to Financial Statements.

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Specialty Retail — 0.6%
Dick’s Sporting Goods, Inc.		89	$	4,597
Staples, Inc.		535		9,122

			$	13,719


Technology Hardware, Storage & Peripherals — 5.1%
Apple, Inc.		899	$	105,327
Hewlett-Packard Co.		450		16,258

			$	121,585


Textiles, Apparel & Luxury Goods — 1.1%
Lululemon Athletica, Inc.⁽¹⁾		319	$	21,130
Michael Kors Holdings, Ltd.⁽¹⁾		77		5,451

			$	26,581


Wireless Telecommunication Services — 1.5%
Rogers Communications Inc., Class B		1,038	$	36,906

			$	36,906


Total Common Stocks (identified cost $1,802,580)			$	2,071,554


Exchange-Traded Funds — 6.6%


Security	Shares		Value

Equity Funds — 6.6%
Financial Select Sector SPDR Fund (The)		1,443	$	33,203
Market Vectors Gold Miners ETF		522		11,635
SPDR S&P 500 ETF Trust		565		112,701


Total Exchange-Traded Funds (identified cost $155,199)			$	157,539


Short-Term Investments — 6.9%


Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.15%⁽²⁾	$	164	$	164,317


Total Short-Term Investments (identified cost $164,317)			$	164,317


Total Investments — 100.1% (identified cost $2,122,096)			$	2,393,410


Other Assets, Less Liabilities — (0.1)%			$	(1,942	)


Net Assets — 100.0%			$	2,391,468

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

⁽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 January 31, 2015.


		7		See Notes to Financial Statements.

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Statement of Assets and Liabilities (Unaudited)


Assets	January 31, 2015
Unaffiliated investments, at value (identified cost, $1,957,779)	$	2,229,093
Affiliated investment, at value (identified cost, $164,317)		164,317
Foreign currency, at value (identified cost, $25,816)		23,687
Dividends receivable		3,772
Interest receivable from affiliated investment		19
Receivable for Fund shares sold		2,985
Receivable for open forward foreign currency exchange contracts		5,372
Receivable from affiliates		8,907
Total assets	$	2,438,152

Liabilities
Payable for investments purchased	$	13,869
Payable for Fund shares redeemed		1,034
Payable to affiliates:
Investment adviser and administration fee		1,431
Distribution and service fees		48
Accrued expenses		30,302
Total liabilities	$	46,684
Net Assets	$	2,391,468

Sources of Net Assets
Paid-in capital	$	2,105,736
Accumulated net realized gain		9,649
Accumulated undistributed net investment income		625
Net unrealized appreciation		275,458
Total	$	2,391,468

Class A Shares
Net Assets	$	221,660
Shares Outstanding		18,098
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.25
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	13.00

Class I Shares
Net Assets	$	2,169,808
Shares Outstanding		176,850
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.27

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


		8		See Notes to Financial Statements.

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Statement of Operations (Unaudited)


Investment Income	Six Months Ended January 31, 2015
Dividends (net of foreign taxes, $158)	$	28,392
Interest allocated from affiliated investment		96
Expenses allocated from affiliated investment		(11	)
Total investment income	$	28,477

Expenses
Investment adviser and administration fee	$	7,756
Distribution and service fees
Class A		231
Trustees’ fees and expenses		306
Custodian fee		12,489
Transfer and dividend disbursing agent fees		502
Legal and accounting services		15,392
Printing and postage		6,481
Registration fees		16,267
Miscellaneous		4,967
Total expenses	$	64,391
Deduct —
Allocation of expenses to affiliates	$	53,630
Total expense reductions	$	53,630

Net expenses	$	10,761

Net investment income	$	17,716

Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	29,276
Investment transactions allocated from affiliated investment		1
Foreign currency and forward foreign currency exchange contract transactions		1,327
Net realized gain	$	30,604
Change in unrealized appreciation (depreciation) —
Investments	$	14,308
Foreign currency and forward foreign currency exchange contracts		4,230
Net change in unrealized appreciation (depreciation)	$	18,538

Net realized and unrealized gain	$	49,142

Net increase in net assets from operations	$	66,858


		9		See Notes to Financial Statements.

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014
From operations —
Net investment income	$	17,716		$	32,179
Net realized gain from investment, foreign currency and forward foreign currency exchange contract transactions		30,604			79,726
Net change in unrealized appreciation (depreciation) from investments, foreign currency and forward foreign currency exchange contracts		18,538			138,189
Net increase in net assets from operations	$	66,858		$	250,094
Distributions to shareholders —
From net investment income
Class A	$	(1,296	)	$	(2,247	)
Class I		(22,921	)		(25,828	)
From net realized gain
Class A		(5,854	)		(7,229	)
Class I		(75,497	)		(76,803	)
Total distributions to shareholders	$	(105,568	)	$	(112,107	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	68,948		$	220,550
Class I		349,773			337,619
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		7,067			8,608
Class I		39,374			35,400
Cost of shares redeemed
Class A		(124,552	)		(23,706	)
Class I		(60,709	)		(296,096	)
Net increase in net assets from Fund share transactions	$	279,901		$	282,375

Net increase in net assets	$	241,191		$	420,362

Net Assets
At beginning of period	$	2,150,277		$	1,729,915
At end of period	$	2,391,468		$	2,150,277

Accumulated undistributed net investment income included in net assets
At end of period	$	625		$	7,126


		10		See Notes to Financial Statements.

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Financial Highlights


	Class A
	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014			Period Ended July 31, 2013⁽¹⁾
Net asset value — Beginning of period	$	12.410		$	11.590		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.084		$	0.161		$	0.147
Net realized and unrealized gain		0.315			1.325			1.645

Total income from operations	$	0.399		$	1.486		$	1.792

Less Distributions
From net investment income	$	(0.101	)	$	(0.158	)	$	(0.178	)
From net realized gain		(0.458	)		(0.508	)		(0.024	)

Total distributions	$	(0.559	)	$	(0.666	)	$	(0.202	)

Net asset value — End of period	$	12.250		$	12.410		$	11.590

Total Return⁽³⁾		3.15	%⁽⁴⁾		13.31	%		18.27	%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	222		$	273		$	53
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		1.20	%⁽⁶⁾		1.20	%		1.20	%⁽⁶⁾
Net investment income		1.31	%⁽⁶⁾		1.33	%		1.45	%⁽⁶⁾
Portfolio Turnover		33	%⁽⁴⁾		80	%		78	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, August 29, 2012, to July 31, 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 advisor and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 4.83%, 5.27% and 12.05% of average daily net assets for the six months ended January 31, 2015, the year ended July 31, 2014 and the period from the start of business, August 29, 2012, to July 31, 2013, respectively). Absent these reimbursements, total return would be lower.

⁽⁶⁾	Annualized.


		11		See Notes to Financial Statements.

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Financial Highlights — continued


	Class I
	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014			Period Ended July 31, 2013⁽¹⁾
Net asset value — Beginning of period	$	12.440		$	11.610		$	10.000

Income (Loss) From Operations
Net investment income⁽²⁾	$	0.104		$	0.199		$	0.172
Net realized and unrealized gain		0.323			1.310			1.648

Total income from operations	$	0.427		$	1.509		$	1.820

Less Distributions
From net investment income	$	(0.139	)	$	(0.171	)	$	(0.186	)
From net realized gain		(0.458	)		(0.508	)		(0.024	)

Total distributions	$	(0.597	)	$	(0.679	)	$	(0.210	)

Net asset value — End of period	$	12.270		$	12.440		$	11.610

Total Return⁽³⁾		3.36	%⁽⁴⁾		13.49	%		18.57	%⁽⁴⁾

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,170		$	1,878		$	1,677
Ratios (as a percentage of average daily net assets):
Expenses⁽⁵⁾		0.95	%⁽⁶⁾		0.95	%		0.95	%⁽⁶⁾
Net investment income		1.62	%⁽⁶⁾		1.66	%		1.75	%⁽⁶⁾
Portfolio Turnover		33	%⁽⁴⁾		80	%		78	%⁽⁴⁾

⁽¹⁾	For the period from the start of business, August 29, 2012, to July 31, 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

Hexavest U.S. Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

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

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

Derivatives. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.


		13

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

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

K Interim Financial Statements — The interim financial statements relating to January 31, 2015 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 and Income Tax Information

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2015, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	2,124,332

Gross unrealized appreciation	$	327,250
Gross unrealized depreciation		(58,172	)

Net unrealized appreciation	$	269,078


		14

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

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 0.70% 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 January 31, 2015, the Fund’s investment adviser and administration fee amounted to $7,756 or 0.70% (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 Hexavest Inc. (Hexavest), an affiliate of EVM and a registered investment adviser. EVM pays Hexavest 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 and Hexavest have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.20% and 0.95% of the Fund’s average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after November 30, 2015. Pursuant to this agreement, EVM and Hexavest were allocated $53,630 in total of the Fund’s operating expenses for the six months ended January 31, 2015.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2015, EVM earned $68 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $208 as its portion of the sales charge on sales of Class A shares for the six months ended January 31, 2015. 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

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $805,407 and $688,255, respectively, for the six months ended January 31, 2015.


		15

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

7 Shares of Beneficial Interest


Class A	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014

Sales		5,615			18,612
Issued to shareholders electing to receive payments of distributions in Fund shares		569			752
Redemptions		(10,068	)		(1,960	)

Net increase (decrease)		(3,884	)		17,404


Class I	Six Months Ended January 31, 2015 (Unaudited)			Year Ended July 31, 2014

Sales		27,579			28,086
Issued to shareholders electing to receive payments of distributions in Fund shares		3,163			3,086
Redemptions		(4,765	)		(24,787	)

Net increase		25,977			6,385

At January 31, 2015, EVM owned 50.8% of the value of the outstanding shares of the Fund.

8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered.

A summary of obligations under these financial instruments at January 31, 2015 is as follows:


Forward Foreign Currency Exchange Contracts


Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation

3/18/15	Canadian Dollar 63,085	United States Dollar 54,988	State Street Trust Company Canada	$	5,372	$	—	$	5,372

				$	5,372	$	—	$	5,372

At January 31, 2015, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objective. For the six months ended January 31, 2015, the Fund entered into forward foreign currency exchange contracts to hedge its exposure to foreign currencies.


		16

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

termination event as defined under the FX Agreement. Under the FX Agreement, the Fund may, under certain circumstances, offset with the counterparty its payables and/or receivables pursuant to foreign currency exchange contracts and create one single net payment. The FX Agreement does not require collateral to be posted.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at January 31, 2015 was as follows:


	Fair Value
Derivative	Asset Derivative			Liability Derivative

Forward foreign currency exchange contracts	$	5,372	⁽¹⁾	$	—

⁽¹⁾	Statement of Assets and Liabilities location: Receivable for open forward foreign currency exchange contracts; Net unrealized appreciation.

The Fund’s derivative assets and liabilities at fair value by type, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund’s derivative assets by counterparty, net of amounts available for offset under a master netting or similar agreement and net of the related collateral received by the Fund for such assets as of January 31, 2015.


Counterparty	Derivative Assets Subject to Master Netting or Similar Agreement		Derivatives Available for Offset		Non-cash Collateral Received^(a)		Cash Collateral Received^(a)		Net Amount of Derivative Assets^(b)

State Street Trust Company Canada	$	5,372	$	—	$	—	$	—	$	5,372

^(a)	In some instances, the actual collateral received may be more than the amount shown due to overcollateralization.

^(b)	Net amount represents the net amount due from the counterparty in the event of default.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is foreign exchange risk for the six months ended January 31, 2015 was as follows:


Derivative	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Forward foreign currency exchange contracts	$	2,415	⁽¹⁾	$	5,450	⁽²⁾

⁽¹⁾	Statement of Operations location: Net realized gain (loss) – Foreign currency and forward foreign currency exchange contract transactions.

⁽²⁾	Statement of Operations location: Change in unrealized appreciation (depreciation) – Foreign currency and forward foreign currency exchange contracts.

The average notional amount of forward foreign currency exchange contracts outstanding during the six months ended January 31, 2015, which is indicative of the volume of this derivative type, was approximately $55,000.

9 Line of Credit


		17

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Notes to Financial Statements (Unaudited) — continued

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)

At January 31, 2015, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:


Asset Description	Level 1			Level 2		Level 3		Total

Common Stocks	$	2,071,554	*	$	—	$	—	$	2,071,554
Exchange-Traded Funds		157,539			—		—		157,539
Short-Term Investments		—			164,317		—		164,317

Total Investments	$	2,229,093		$	164,317	$	—	$	2,393,410

Forward Foreign Currency Exchange Contracts		—			5,372		—		5,372

Total	$	2,229,093		$	169,689	$	—	$	2,398,782

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


		18

Eaton Vance

Hexavest U.S. Equity Fund

January 31, 2015

Officers and Trustees

Officers of Eaton Vance Hexavest U.S. Equity 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 Hexavest U.S. Equity Fund

Ralph F. Verni

Chairman

Scott E. Eston

Thomas E. Faust Jr.*

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

William H. Park

Ronald A. Pearlman

Helen Frame Peters

Harriett Tee Taggart

*	Interested Trustee


		19

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.


		20

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Sub-Adviser

Hexavest Inc.

1250 René Lévesque Blvd. West, Suite 4200

Montréal, Québec

Canada H3B 4W8

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

LOGO


7794 1.31.15

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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:		March 13, 2015

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:		March 13, 2015

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

Date:		March 13, 2015