N-Q 1 d334256dnq.htm EATON VANCE GROWTH TRUST Eaton Vance Growth Trust

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-01241

Investment Company Act File Number

Eaton Vance Growth Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

November 30

Date of Fiscal Year End

February 29, 2016

Date of Reporting Period

 

 

 

Item 1. Schedule of Investments

Eaton Vance Focused Global Opportunities Fund

Eaton Vance Focused International Opportunities Fund

Eaton Vance International Small-Cap Fund

Eaton Vance

Focused Global Opportunities Fund

February 29, 2016

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 95.6%

 

                                                 
Security    Shares      Value  

Australia — 3.8%

      

Brambles, Ltd.

      13,619       $ 121,041   
     

 

 

  
      $ 121,041   
     

 

 

  

Belgium — 3.5%

      

Anheuser-Busch InBev SA/NV

      1,002       $ 112,101   
     

 

 

  
      $ 112,101   
     

 

 

  

China — 1.4%

      

Alibaba Group Holding, Ltd. ADR(1)

      620       $ 42,662   
     

 

 

  
      $ 42,662   
     

 

 

  

France — 3.1%

      

LVMH Moet Hennessy Louis Vuitton SE

      596       $ 99,018   
     

 

 

  
      $ 99,018   
     

 

 

  

Ireland — 3.7%

      

Perrigo Co. PLC

      937       $ 118,296   
     

 

 

  
      $ 118,296   
     

 

 

  

Israel — 3.7%

      

Teva Pharmaceutical Industries, Ltd. ADR

      2,125       $ 118,150   
     

 

 

  
      $ 118,150   
     

 

 

  

Japan — 10.0%

      

FANUC Corp.

      445       $ 65,344   

Keyence Corp.

      122         63,055   

Mitsubishi Estate Co., Ltd.

      1,645         30,558   

Mitsubishi UFJ Financial Group, Inc.

      27,600         119,102   

Nippon Telegraph & Telephone Corp.

      929         39,341   
     

 

 

  
      $ 317,400   
     

 

 

  

Switzerland — 3.2%

      

Credit Suisse Group AG

      7,471       $ 99,993   
     

 

 

  
      $ 99,993   
     

 

 

  

United Kingdom — 15.4%

      

Diageo PLC

      4,488       $ 115,343   

Prudential PLC

      4,584         79,827   

Shire PLC

      1,341         69,959   

St. James’s Place PLC

      5,999         71,265   

Vodafone Group PLC

      24,874         75,440   

Worldpay Group PLC(1)(2)

      18,907         75,496   
     

 

 

  
      $ 487,330   
     

 

 

  

United States — 47.8%

      

Alphabet, Inc., Class A(1)

      225       $ 161,375   

C.H. Robinson Worldwide, Inc.

      1,393         97,273   

Celgene Corp.(1)

      756         76,227   

Dollar General Corp.

      1,996         148,203   

Facebook, Inc., Class A(1)

      1,311         140,172   

Lowe’s Cos., Inc.

      1,839         124,188   

McKesson Corp.

      550         85,591   

Schlumberger, Ltd.

      1,966         141,002   

Synchrony Financial(1)

      4,012         108,123   

 

1

 

 

                                                 
Security    Shares      Value  

United Technologies Corp.

      1,238       $ 119,616   

Verisk Analytics, Inc.(1)

      1,110         80,852   

Visa, Inc., Class A

      1,534         111,046   

Wells Fargo & Co.

      2,506         117,582   
     

 

 

  
      $ 1,511,250   
     

 

 

  

Total Common Stocks
(identified cost $3,356,539)

       $ 3,027,241   
     

 

 

  

Exchange-Traded Funds — 3.0%

      
Security    Shares      Value  

Equity Funds — 3.0%

      

iShares MSCI Japan ETF

      8,620       $ 93,872   
     

 

 

  

Total Exchange-Traded Funds
(identified cost $98,226)

       $ 93,872   
     

 

 

  

Short-Term Investments — 0.5%

      
Description    Interest
(000’s omitted)		      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.45%(3)

    $ 15       $ 15,198   
     

 

 

  

Total Short-Term Investments
(identified cost $15,198)

       $ 15,198   
     

 

 

  

Total Investments — 99.1%
(identified cost $3,469,963)

       $ 3,136,311   
     

 

 

  

Other Assets, Less Liabilities — 0.9%

       $ 28,901   
     

 

 

  

Net Assets — 100.0%

       $ 3,165,212   
     

 

 

  

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

 

(1) Non-income producing security.

 

(2) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 29, 2016, the aggregate value of these securities is $75,496 or 2.4% 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 February 29, 2016. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended February 29, 2016 was $153.

Sector Classification of Portfolio

 

                                                 
Sector    Percentage of
Net Assets		     Value  

Financials

      19.8 %    $ 626,450   

Information Technology

      18.8        593,806   

Industrials

      15.3        484,126   

Health Care

      14.8        468,223   

Consumer Discretionary

      11.7        371,409   

Consumer Staples

      7.2        227,444   

Energy

      4.4        141,002   

 

2

 

 

                                                 
Sector    Percentage of
Net Assets		     Value  

Telecommunication Services

      3.6 %    $ 114,781   

Exchange-Traded Funds

      3.0        93,872   

Short-Term Investments

      0.5        15,198   
  

 

 

    

 

 

  

Total Investments

      99.1 %    $     3,136,311   
  

 

 

    

 

 

  

Abbreviations:

 

ADR

   -   American Depositary Receipt

Eaton Vance Focused Global Opportunities Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund commenced operations on December 17, 2015. The Fund’s investment objective is to seek long-term capital appreciation.

Investment Valuation and Other

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.

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.

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.

The Fund did not have any open financial instruments at February 29, 2016.

 

3

 

 

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 29, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     3,469,963   
  

 

 

  

Gross unrealized appreciation

    $ 42,183   

Gross unrealized depreciation

      (375,835 ) 
  

 

 

  

Net unrealized depreciation

    $ (333,652 ) 
  

 

 

  

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

 

•  

Level 1 — quoted prices in active markets for identical investments

 

•  

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

 

•  

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

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

At February 29, 2016, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Common Stocks

            

Asia/Pacific

    $ 42,662       $ 438,441       $ —       $ 481,103   

Developed Europe

      118,296         798,442         —         916,738   

Developed Middle East

      118,150         —         —         118,150   

North America

      1,511,250         —         —         1,511,250   

Total Common Stocks

    $ 1,790,358       $ 1,236,883 *     $ —       $ 3,027,241   

Exchange-Traded Funds

    $ 93,872       $ —       $ —       $ 93,872   

Short-Term Investments

      —         15,198         —         15,198   

Total Investments

    $     1,884,230       $     1,252,081       $     —       $     3,136,311   

 

* 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.

 

4

 

 

Eaton Vance

Focused International Opportunities Fund

February 29, 2016

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 96.4%

 

                                                 
Security    Shares      Value  

Australia — 6.5%

      

Brambles, Ltd.

      13,835       $ 122,961   

Commonwealth Bank of Australia

      1,572         78,422   
     

 

 

  
   $ 201,383   
     

 

 

  

Belgium — 3.7%

      

Anheuser-Busch InBev SA/NV

      1,010       $ 112,995   
     

 

 

  
   $ 112,995   
     

 

 

  

China — 1.7%

      

Alibaba Group Holding, Ltd. ADR(1)

      747       $ 51,401   
     

 

 

  
   $ 51,401   
     

 

 

  

Denmark — 2.9%

      

Novo Nordisk A/S, Class B

      1,752       $ 90,201   
     

 

 

  
   $ 90,201   
     

 

 

  

France — 4.7%

      

LVMH Moet Hennessy Louis Vuitton SE

      873       $ 145,038   
     

 

 

  
   $ 145,038   
     

 

 

  

Germany — 6.1%

      

Bayer AG

      847       $ 87,807   

Infineon Technologies AG

      8,334         101,153   
     

 

 

  
   $ 188,960   
     

 

 

  

Hong Kong — 2.9%

      

AIA Group, Ltd.

      17,925       $ 91,167   
     

 

 

  
   $ 91,167   
     

 

 

  

Ireland — 3.3%

      

Kerry Group PLC, Class A

      1,183       $ 103,182   
     

 

 

  
   $ 103,182   
     

 

 

  

Israel — 3.4%

      

Teva Pharmaceutical Industries, Ltd. ADR

      1,898       $ 105,529   
     

 

 

  
   $ 105,529   
     

 

 

  

Japan — 18.7%

      

FANUC Corp.

      540       $ 79,294   

Keyence Corp.

      144         74,425   

Mitsubishi Estate Co., Ltd.

      2,010         37,338   

Mitsubishi UFJ Financial Group, Inc.

      24,040         103,740   

Nidec Corp.

      1,655         110,853   

Nippon Telegraph & Telephone Corp.

      1,090         46,158   

Toyota Motor Corp.

      2,483         129,458   
     

 

 

  
   $ 581,266   
     

 

 

  

Netherlands — 2.9%

      

ASML Holding NV

      980       $ 89,276   
     

 

 

  
   $ 89,276   
     

 

 

  

Singapore — 1.4%

      

DBS Group Holdings, Ltd.

      4,533       $ 43,660   
     

 

 

  
   $ 43,660   
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Spain — 3.4%

      

Industria de Diseno Textil SA

      3,458       $ 106,696   
     

 

 

  
   $ 106,696   
     

 

 

  

Switzerland — 7.3%

      

Credit Suisse Group AG

      8,290       $ 110,955   

Roche Holding AG PC

      452         115,900   
     

 

 

  
   $ 226,855   
     

 

 

  

United Kingdom — 27.5%

      

Diageo PLC

      5,112       $ 131,380   

Prudential PLC

      5,679         98,895   

Reckitt Benckiser Group PLC

      1,321         120,330   

Royal Dutch Shell PLC, Class B

      7,105         161,323   

Shire PLC

      1,391         72,568   

St. James’s Place PLC

      9,593         113,960   

Vodafone Group PLC

      28,328         85,916   

Worldpay Group PLC(1)(2)

      16,732         66,811   
     

 

 

  
   $ 851,183   
     

 

 

  

Total Common Stocks
(identified cost $3,368,772)

   

    $ 2,988,792   
     

 

 

  

Exchange-Traded Funds — 2.7%

      
Security    Shares      Value  

Equity Funds — 2.7%

      

iShares MSCI Japan ETF

      7,714       $ 84,006   
     

 

 

  

Total Exchange-Traded Funds
(identified cost $87,821)

   

    $ 84,006   
     

 

 

  

Short-Term Investments — 0.4%

      
Description    Interest
(000’s omitted)		      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.45%(3)

    $ 12       $ 12,162   
     

 

 

  

Total Short-Term Investments
(identified cost $12,162)

   

    $ 12,162   
     

 

 

  

Total Investments — 99.5%
(identified cost $3,468,755)

       $ 3,084,960   
     

 

 

  

Other Assets, Less Liabilities — 0.5%

       $ 16,633   
     

 

 

  

Net Assets — 100.0%

       $ 3,101,593   
     

 

 

  

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

 

(1) Non-income producing security.

 

(2) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 29, 2016, the aggregate value of these securities is $66,811 or 2.2% 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 February 29, 2016. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended February 29, 2016 was $66.

 

2

 

 

Sector Classification of Portfolio

 

                                                 
Sector    Percentage of
Net Assets		     Value  

Financials

      21.9 %    $ 678,137   

Health Care

      15.2        472,005   

Consumer Staples

      15.1        467,887   

Information Technology

      12.3        383,066   

Consumer Discretionary

      12.3        381,192   

Industrials

      10.1        313,108   

Energy

      5.2        161,323   

Telecommunication Services

      4.3        132,074   

Exchange-Traded Funds

      2.7        84,006   

Short-Term Investments

      0.4        12,162   
  

 

 

    

 

 

  

Total Investments

      99.5 %    $ 3,084,960   
  

 

 

    

 

 

  

Abbreviations:

 

ADR

   -   American Depositary Receipt

PC

   -   Participation Certificate

Eaton Vance Focused International Opportunities Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund commenced operations on December 16, 2015. The Fund’s investment objective is to seek long-term capital appreciation.

Investment Valuation and Other

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.

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.

 

3

 

 

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.

The Fund did not have any open financial instruments at February 29, 2016.

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 29, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     3,468,755   
  

 

 

  

Gross unrealized appreciation

    $ 32,805   

Gross unrealized depreciation

      (416,600 ) 
  

 

 

  

Net unrealized depreciation

    $ (383,795 ) 
  

 

 

  

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

 

•  

Level 1 — quoted prices in active markets for identical investments

 

•  

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

 

•  

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

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

At February 29, 2016, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Common Stocks

            

Asia/Pacific

    $ 51,401       $ 917,476       $     —       $ 968,877   

Developed Europe

      —         1,914,386         —         1,914,386   

Developed Middle East

      105,529         —         —         105,529   

Total Common Stocks

    $     156,930       $     2,831,862 *     $ —       $ 2,988,792   

Exchange-Traded Funds

    $ 84,006       $ —       $ —       $ 84,006   

Short-Term Investments

      —         12,162         —         12,162   

Total Investments

    $ 240,936       $ 2,844,024       $ —       $     3,084,960   

 

* 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.

 

4

 

 

Eaton Vance

International Small-Cap Fund

February 29, 2016

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 97.0%

 

                                                 
Security    Shares      Value  

Australia — 4.2%

      

Ansell, Ltd.

      5,022       $ 61,554   

BT Investment Management, Ltd.

      7,948         51,663   

carsales.com, Ltd.

      11,376         94,399   

IOOF Holdings, Ltd.

      11,000         65,373   

Mirvac Group

      27,412         35,683   

Regis Resources, Ltd.

      17,271         31,877   

Super Retail Group, Ltd.

      9,018         52,214   
     

 

 

  
   $ 392,763   
     

 

 

  

Austria — 2.6%

      

Austria Technologie & Systemtechnik AG

      5,595       $ 79,512   

CA Immobilien Anlagen AG

      4,846         82,266   

Mayr Melnhof Karton AG

      704         77,136   
     

 

 

  
   $ 238,914   
     

 

 

  

Belgium — 4.3%

      

Ackermans & van Haaren NV

      708       $ 93,329   

bpost SA

      3,967         98,443   

Cie d’Entreprises CFE

      405         38,759   

Melexis NV

      1,787         90,799   

Mobistar SA(1)

      3,710         77,153   
     

 

 

  
   $ 398,483   
     

 

 

  

Bermuda — 0.5%

      

Hiscox, Ltd.

      3,235       $ 43,582   
     

 

 

  
   $ 43,582   
     

 

 

  

Canada — 7.4%

      

Aecon Group, Inc.

      4,404       $ 45,407   

Detour Gold Corp.(1)

      2,657         41,848   

Gibson Energy, Inc.

      4,948         62,938   

Laurentian Bank of Canada

      1,271         42,883   

Linamar Corp.

      777         33,940   

Lundin Mining Corp.(1)

      20,273         56,339   

MacDonald Dettwiler & Associates, Ltd.

      869         57,188   

Norbord, Inc.

      2,439         40,091   

North West Co., Inc. (The)

      2,259         52,393   

OceanaGold Corp.

      13,794         38,130   

Parkland Fuel Corp.

      2,986         45,794   

Quebecor, Inc., Class B

      2,120         53,979   

Sandvine Corp.

      31,295         68,697   

Toromont Industries, Ltd.

      2,215         52,044   
     

 

 

  
   $ 691,671   
     

 

 

  

China — 1.5%

      

CITIC Telecom International Holdings, Ltd.

      238,413       $ 94,676   

TAL Education Group ADR(1)

      888         45,954   
     

 

 

  
   $ 140,630   
     

 

 

  

Denmark — 2.2%

      

GN Store Nord A/S

      5,503       $ 110,070   

Royal Unibrew A/S

      2,358         96,468   
     

 

 

  
   $ 206,538   
     

 

 

  

 

1

 

 

                                                 
Security    Shares      Value  

Finland — 1.0%

      

Amer Sports Oyj

      3,359       $ 93,537   
     

 

 

  
   $ 93,537   
     

 

 

  

France — 3.4%

      

Ipsen SA

      1,482       $ 85,301   

Metropole Television SA

      5,053         84,655   

Nexity SA

      2,107         97,267   

Rubis SCA

      749         55,345   
     

 

 

  
   $ 322,568   
     

 

 

  

Germany — 3.0%

      

CTS Eventim AG & Co. KGaA

      2,504       $ 87,646   

Rational AG

      111         55,066   

Salzgitter AG

      1,981         45,140   

Software AG

      2,653         93,528   
     

 

 

  
   $ 281,380   
     

 

 

  

Hong Kong — 1.4%

      

Hysan Development Co., Ltd.

      20,207       $ 80,253   

Johnson Electric Holdings, Ltd.

      14,377         42,989   
     

 

 

  
   $ 123,242   
     

 

 

  

Italy — 4.3%

      

Azimut Holding SpA

      3,649       $ 70,018   

Banca Mediolanum SpA

      10,901         77,081   

Brembo SpA

      1,942         80,052   

MARR SpA

      4,200         82,035   

Moncler SpA

      6,293         97,286   
     

 

 

  
   $ 406,472   
     

 

 

  

Japan — 28.7%

      

77 Bank, Ltd. (The)

      10,000       $ 35,428   

Ariake Japan Co., Ltd.

      1,700         93,528   

Asahi Co., Ltd.

      2,400         29,023   

Asahi Intecc Co., Ltd.

      2,100         97,748   

Century Tokyo Leasing Corp.

      2,700         92,118   

COLOPL, Inc.

      4,300         72,539   

Daifuku Co., Ltd.

      5,600         88,426   

Daiichikosho Co., Ltd.

      3,520         147,222   

Denka Co., Ltd.

      29,000         102,728   

Eiken Chemical Co., Ltd.

      4,800         90,770   

en-japan, Inc.

      1,300         37,178   

FP Corp.

      3,600         137,575   

GMO Internet, Inc.

      9,700         111,029   

H.I.S. Co., Ltd.

      1,900         54,001   

Hoshizaki Electric Co., Ltd.

      1,634         126,459   

J-COM Holdings Co., Ltd.

      2,000         37,615   

J. Front Retailing Co., Ltd.

      2,800         32,669   

Makino Milling Machine Co., Ltd.

      6,000         36,585   

MISUMI Group, Inc.

      5,700         76,034   

Morinaga & Co., Ltd.

      25,000         139,942   

Nishi-Nippon City Bank, Ltd. (The)

      37,000         66,856   

Nomura Co., Ltd.

      5,900         72,463   

OYO Corp.

      3,700         38,276   

Sac’s Bar Holdings, Inc.

      7,300         97,105   

Sakata Seed Corp.

      5,800         141,150   

San-In Godo Bank, Ltd. (The)

      12,000         71,280   

Shinmaywa Industries, Ltd.

      16,000         113,330   

Start Today Co., Ltd.

      2,000         63,219   

Sumco Corp.

      5,800         36,847   

Sun Frontier Fudousan Co., Ltd.

      9,600         86,461   

Tosei Corp.

      16,600         98,071   

Tsumura & Co.

      3,200         81,148   

Yaskawa Electric Corp.

      6,200         74,358   
     

 

 

  
   $ 2,679,181   
     

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Netherlands — 1.5%

      

Aalberts Industries NV

      1,733       $ 53,688   

Gemalto NV

      1,436         91,004   
     

 

 

  
   $ 144,692   
     

 

 

  

New Zealand — 0.7%

      

Fletcher Building, Ltd.

      13,378       $ 62,851   
     

 

 

  
   $ 62,851   
     

 

 

  

Singapore — 1.4%

      

Frasers Centrepoint Trust

      67,000       $ 94,581   

SIIC Environment Holdings, Ltd.(1)

      80,700         40,152   
     

 

 

  
   $ 134,733   
     

 

 

  

Spain — 1.2%

      

Acciona SA

      613       $ 46,591   

Tecnicas Reunidas SA

      2,373         64,187   
     

 

 

  
   $ 110,778   
     

 

 

  

Sweden — 4.4%

      

Avanza Bank Holding AB

      1,016       $ 39,407   

D Carnegie & Co. AB(1)

      7,231         56,080   

Indutrade AB

      2,498         138,841   

Nobia AB

      7,371         70,521   

Trelleborg AB, Class B

      6,473         107,384   
     

 

 

  
   $ 412,233   
     

 

 

  

Switzerland — 1.4%

  

Bucher Industries AG

      413       $ 91,351   

Vontobel Holding AG

      977         42,514   
     

 

 

  
   $ 133,865   
     

 

 

  

United Kingdom — 21.9%

      

Aldermore Group PLC(1)

      27,326       $ 75,882   

Beazley PLC

      8,148         40,581   

Bellway PLC

      2,601         92,543   

Bodycote PLC

      16,771         132,819   

BTG PLC(1)

      10,186         87,982   

DS Smith PLC

      19,168         103,211   

Essentra PLC

      9,296         107,406   

Halma PLC

      8,289         101,943   

Henderson Group PLC

      11,904         38,648   

Hikma Pharmaceuticals PLC

      3,721         96,978   

Inchcape PLC

      9,274         94,786   

John Wood Group PLC

      11,287         97,583   

Jupiter Fund Management PLC

      6,985         38,650   

Melrose Industries PLC

      4,311         19,633   

NewRiver Retail, Ltd.

      16,794         76,027   

OneSavings Bank PLC

      16,516         62,811   

Paysafe Group PLC(1)

      10,642         58,532   

Regus PLC

      29,236         117,298   

SIG PLC

      42,061         81,159   

Spirax-Sarco Engineering PLC

      2,177         94,877   

Spire Healthcare Group PLC(2)

      19,514         93,472   

St. James’s Place PLC

      5,718         67,927   

UNITE Group PLC (The)

      10,006         84,789   

Victrex PLC

      4,167         89,332   

WH Smith PLC

      3,721         93,186   
     

 

 

  
   $ 2,048,055   
     

 

 

  

Total Common Stocks
(identified cost $9,723,291)

   

    $ 9,066,168   
     

 

 

  

 

3

 

 

                                                 

Short-Term Investments — 2.2%

  

Description    Interest
(000’s omitted)		      Value  

Eaton Vance Cash Reserves Fund, LLC, 0.45%(3)

    $ 206       $ 206,406   
     

 

 

  

Total Short-Term Investments
(identified cost $206,406)

   

    $ 206,406   
     

 

 

  

Total Investments — 99.2%
(identified cost $9,929,697)

   

    $ 9,272,574   
     

 

 

  

Other Assets, Less Liabilities — 0.8%

  

    $ 78,332   
     

 

 

  

Net Assets — 100.0%

  

    $ 9,350,906   
     

 

 

  

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

 

(1) Non-income producing security.

 

(2) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 29, 2016, the aggregate value of these securities is $93,472 or 1.0% 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 February 29, 2016. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended February 29, 2016 was $220.

Currency Concentration of Portfolio

 

                                                 
Currency   

Percentage of

Net Assets

     Value  

Japanese Yen

      28.7 %    $     2,679,181   

British Pound Sterling

      22.4        2,091,637   

Euro

      21.4        1,996,824   

Canadian Dollar

      7.4        691,671   

Swedish Krona

      4.4        412,233   

Australian Dollar

      4.2        392,763   

United States Dollar

      2.7        252,360   

Hong Kong Dollar

      2.3        217,918   

Danish Krone

      2.2        206,538   

Singapore Dollar

      1.4        134,733   

Swiss Franc

      1.4        133,865   

New Zealand Dollar

      0.7        62,851   
  

 

 

    

 

 

  

Total Investments

      99.2 %    $ 9,272,574   
  

 

 

    

 

 

  

 

4

 

 

Sector Classification of Portfolio

 

                                                 
Sector    Percentage of
Net Assets		     Value  

Financials

      20.4 %    $     1,907,509   

Industrials

      19.8        1,853,312   

Consumer Discretionary

      15.0        1,403,538   

Information Technology

      10.4        973,187   

Materials

      10.0        933,664   

Health Care

      8.6        805,023   

Consumer Staples

      6.5        605,516   

Energy

      2.9        270,502   

Telecommunication Services

      1.9        171,829   

Utilities

      1.5        142,088   

Short-Term Investments

      2.2        206,406   
  

 

 

    

 

 

  

Total Investments

      99.2 %    $ 9,272,574   
  

 

 

    

 

 

  

Abbreviations:

 

ADR

   -   American Depositary Receipt

Eaton Vance International Small-Cap Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund commenced operations on December 16, 2015. The Fund’s investment objective is to seek long-term capital appreciation.

Investment Valuation and Other

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.

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.

 

5

 

 

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.

The Fund did not have any open financial instruments at February 29, 2016.

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 29, 2016, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

    $     9,929,697   
  

 

 

  

Gross unrealized appreciation

    $ 241,069   

Gross unrealized depreciation

      (898,192 ) 
  

 

 

  

Net unrealized depreciation

    $ (657,123 ) 
  

 

 

  

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

 

•  

Level 1 — quoted prices in active markets for identical investments

 

•  

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

 

•  

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

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

At February 29, 2016, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  

Common Stocks

            

Asia/Pacific

    $     45,954       $     3,487,446       $ —       $     3,533,400   

Developed Europe

      77,081         4,764,016         —         4,841,097   

North America

      691,671         —         —         691,671   

Total Common Stocks

    $ 814,706       $ 8,251,462 *     $ —       $ 9,066,168   

Short-Term Investments

    $ —       $ 206,406       $ —       $ 206,406   

Total Investments

    $     814,706       $     8,457,868       $     —       $     9,272,574   

 

* 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.

 

6

 

 

Item 2. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Signatures

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

Eaton Vance Growth Trust

 

By:   /s/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   April 25, 2016

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/ Payson F. Swaffield
  Payson F. Swaffield
  President
Date:   April 25, 2016

 

By:   /s/ James F. Kirchner
  James F. Kirchner
  Treasurer
Date:   April 25, 2016