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, 2017

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Hexavest Equity Funds

Semiannual Report

January 31, 2017

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. Each Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. Accordingly, neither the Funds nor the adviser with respect to the operation of the Funds is subject to CFTC regulation. Because of its management of other strategies, each 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, 2017

Eaton Vance

Hexavest Equity Funds

Table of Contents

Performance and Fund Profile
Hexavest Emerging Markets Equity Fund	2
Hexavest Global Equity Fund	3
Hexavest International Equity Fund	4
Endnotes and Additional Disclosures	5
Fund Expenses	6
Financial Statements	8
Officers and Trustees	52
Important Notices	53

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2017

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		1.22	%		16.47	%		—			–1.93	%
Class A with 5.75% Maximum Sales Charge		—		—		–4.59			9.82			—			–3.23
Class I at NAV		08/29/2012		08/29/2012		1.32			16.62			—			–1.70
MSCI Emerging Markets Index		—		—		4.92	%		25.41	%		0.18	%		1.28	%
% Total Annual Operating Expense  Ratios3											Class A			Class I
Gross												4.38	%		4.13	%
Net												1.51			1.26

Fund Profile

Equity Sector Allocation (% of net assets)^4,6

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

E-mini MSCI Emerging Markets Index Futures Contracts	5.4	%
iShares MSCI India ETF	4.8
Samsung Electronics Co., Ltd.	3.9
China Mobile, Ltd.	3.5
Tencent Holdings, Ltd.	3.5
iShares India 50 ETF	2.8
Alibaba Group Holding, Ltd. ADR	2.5
Taiwan Semiconductor Manufacturing Co., Ltd.	2.2
Tenaga Nasional Bhd	1.4
Korea Electric Power Corp.	1.3
Total	31.3	%

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

* Amount is less than 0.05%.

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 or equal to 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 Global Equity Fund

January 31, 2017

Performance^1,2

Portfolio Managers Vital Proulx, CFA, Jean-René Adam, CFA, Jean-Pierre Couture, Marc Christopher Lavoie, CFA, Christian Crête, CFA and Etienne Durocher-Dumais, 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		1.04	%		15.83	%		—			8.91	%
Class A with 5.75% Maximum Sales Charge		—		—		–4.77			9.21			—			7.46
Class C at NAV		12/01/2016		08/29/2012		0.90			15.67			—			8.87
Class C with 1% Maximum Sales Charge		—		—		–0.07			14.67			—			8.87
Class I at NAV		08/29/2012		08/29/2012		1.15			16.15			—			9.17
MSCI World Index		—		—		4.95	%		17.11	%		9.85	%		9.97	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.45	%		2.20	%		1.20	%
Net									1.24			1.99			0.99

Fund Profile

Equity Sector Allocation (% of net assets)^4,6

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

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

E-mini MSCI Emerging Markets Index Futures Contracts	3.0	%
Apple, Inc.	2.9
VanEck Vectors Gold Miners ETF	2.9
Pfizer, Inc.	2.1
Johnson & Johnson	2.0
AT&T, Inc.	1.8
Wal-Mart Stores, Inc.	1.5
Dollar Tree, Inc.	1.4
iShares MSCI Japan ETF	1.3
Cisco Systems, Inc.	1.2
Total	20.1	%

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance less than or equal to 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.

3

Eaton Vance

Hexavest International Equity Fund

January 31, 2017

Performance^1,2

Portfolio Managers Vital Proulx, CFA, Jean-René Adam, CFA, Jean-Pierre Couture, Marc Christopher Lavoie, CFA, Christian Crête, CFA and Etienne Durocher-Dumais, 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		1.02	%		9.68	%		—			4.54	%
Class A with 5.75% Maximum Sales Charge		—		—		–4.80			3.35			—			3.15
Class I at NAV		08/29/2012		08/29/2012		1.15			9.89			—			4.80
MSCI EAFE Index		—		—		3.49	%		12.03	%		6.03	%		6.40	%
% Total Annual Operating Expense  Ratios3											Class A			Class I
Gross												3.16	%		2.91	%
Net												1.28			1.03

Fund Profile

Equity Sector Allocation (% of net assets)^4,6

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

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

VanEck Vectors Gold Miners ETF	3.5	%
Nestle SA	2.1
Euro Stoxx 50 Index Futures Contracts	2.1
Roche Holding AG PC	2.0
Novartis AG	1.7
Randgold Resources, Ltd.	1.2
HSBC Holdings PLC	1.1
GlaxoSmithKline PLC	1.1
iShares MSCI Australia ETF	1.1
iShares MSCI Emerging Markets ETF	1.1
Total	17.0	%

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 or equal to 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.

4

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Endnotes and Additional Disclosures

¹  MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI World Index is an unmanaged index of equity securities in the developed markets. 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.

²  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 prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class C is linked to Class A. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 11/30/17. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

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  Excludes cash and cash equivalents.

⁶  Includes futures contracts based on the value of their notional amounts, with an equal offsetting position in U.S. cash for purposes of the allocation charts.

Fund profile subject to change due to active management.

Important Notice to Shareholders

The Board of Trustees of Eaton Vance Growth Trust, on behalf of its series Eaton Vance Hexavest Emerging Markets Equity Fund (the “Fund”), has approved the liquidation of the Fund, which is expected to take place on or about March 31, 2017. On February 28, 2017, the Fund discontinued all sales of its shares, except shares purchased by: (1) existing shareholders (including shares acquired through the reinvestment of dividends and distributions); (2) employer sponsored retirement plans; or (3) fee-based programs (a) sponsored by financial intermediaries and (b) that have selected the Fund prior to the close of business on February 28, 2017. Effective March 24, 2017, shares of the Fund will no longer be available for purchase or exchange.

5

Eaton Vance

Hexavest Equity Funds

January 31, 2017

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 actual expense Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2016 – January 31, 2017) for Class A and Class I for each Fund and (December 1, 2016 – January 31, 2017) for Class C of Eaton Vance Hexavest Global Equity Fund.

Actual Expenses:  The first section of each 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 each 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 each 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 each 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.

Eaton Vance Hexavest Emerging Markets Equity Fund

	Beginning Account Value (8/1/16)		Ending Account Value (1/31/17)		Expenses Paid During Period* (8/1/16 – 1/31/17)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,012.20	$	7.35	**		1.45	%
Class I	$	1,000.00	$	1,013.20	$	6.09	**		1.20	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,017.90	$	7.38	**		1.45	%
Class I	$	1,000.00	$	1,019.20	$	6.11	**		1.20	%

* 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, 2016.

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

6

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Fund Expenses — continued

Eaton Vance Hexavest Global Equity Fund

	Beginning Account Value (8/1/16)		Ending Account Value (1/31/17)		Expenses Paid During Period (8/1/16 – 1/31/17)			Annualized Expense Ratio
Actual*
Class A	$	1,000.00	$	1,010.40	$	5.98	***		1.18	%
Class C	$	1,000.00	$	1,040.30	$	3.34	***		1.93	%
Class I	$	1,000.00	$	1,011.50	$	4.72	***		0.93	%
Hypothetical**
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.30	$	6.01	***		1.18	%
Class C	$	1,000.00	$	1,015.50	$	9.80	***		1.93	%
Class I	$	1,000.00	$	1,020.50	$	4.74	***		0.93	%

* Class C had not commenced operations on August 1, 2016. Actual 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); 62/365 for Class C (to reflect the period from the commencement of operations on December 1, 2016 to January 31, 2017). 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, 2016 (December 1, 2016 for Class C).

** Hypothetical 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, 2016 (December 1, 2016 for Class C).

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

Eaton Vance Hexavest International Equity Fund

	Beginning Account Value (8/1/16)		Ending Account Value (1/31/17)		Expenses Paid During Period* (8/1/16 – 1/31/17)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,010.20	$	6.08	**		1.20	%
Class I	$	1,000.00	$	1,011.50	$	4.82	**		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	%

* 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, 2016.

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

7

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited)

Common Stocks— 80.9%
Security	Shares		Value
Brazil — 1.9%
AMBEV SA		9,237	$	50,419
Embraer SA		8,200		46,841
			$	97,260
Chile — 0.9%
Cencosud SA		3,086	$	8,993
Enel Americas SA		26,256		4,696
Enel Americas SA ADR		868		7,838
Enel Generacion Chile SA		15,930		10,249
S.A.C.I. Falabella		1,811		14,679
			$	46,455
China — 21.3%
Alibaba Group Holding, Ltd. ADR(1)		1,257	$	127,347
Baidu, Inc. ADR(1)		229		40,091
Beijing Enterprises Holdings, Ltd.		3,500		17,447
Belle International Holdings, Ltd.		22,000		13,410
China Communications Construction Co., Ltd., Class H		19,000		22,868
China Life Insurance Co., Ltd., Class H		6,000		16,527
China Mengniu Dairy Co., Ltd.		18,000		33,600
China Mobile, Ltd.		15,952		179,502
China Pacific Insurance (Group) Co., Ltd., Class H		4,000		14,208
China Petroleum & Chemical Corp., Class H		22,000		17,378
China Resources Power Holdings Co., Ltd.		6,000		10,305
China Telecom Corp., Ltd., Class H		78,000		36,827
China Unicom (Hong Kong), Ltd.		32,000		37,770
CRRC Corp., Ltd., Class H		8,000		7,785
Dongfeng Motor Group Co., Ltd., Class H		16,000		16,962
ENN Energy Holdings, Ltd.		6,000		29,580
Fosun International, Ltd.		12,500		18,972
Great Wall Motor Co., Ltd., Class H		22,000		22,044
Guangdong Investment, Ltd.		46,000		57,082
Hengan International Group Co., Ltd.		6,000		49,123
Huaneng Power International, Inc., Class H		14,000		9,082
Jiangxi Copper Co., Ltd., Class H		6,000		10,362
PICC Property & Casualty Co., Ltd., Class H		6,000		9,070
Ping An Insurance (Group) Co. of China, Ltd., Class H		7,000		35,908
Sinopharm Group Co., Ltd., Class H		6,800		31,075
Tencent Holdings, Ltd.		6,800		177,788
Tingyi (Cayman Islands) Holding Corp.		12,000		13,641
Want Want China Holdings, Ltd.		31,000		22,117
Zhuzhou CRRC Times Electric Co., Ltd., Class H		1,000		5,697
			$	1,083,568

Security	Shares		Value
Czech Republic — 0.4%
CEZ AS		1,219	$	20,879
			$	20,879
India — 3.5%
Dr. Reddy’s Laboratories, Ltd. ADR		237	$	10,712
Infosys, Ltd. ADR		4,475		61,621
Reliance Industries, Ltd. GDR(2)		1,264		39,184
State Bank of India GDR(3)		667		25,880
Wipro, Ltd. ADR		4,295		39,643
			$	177,040
Indonesia — 3.1%
Bank Central Asia Tbk PT		43,500	$	49,858
Bank Mandiri Persero Tbk PT		30,000		24,503
Bank Negara Indonesia Persero Tbk PT		22,000		9,400
Bank Rakyat Indonesia Persero Tbk PT		37,500		32,928
Gudang Garam Tbk PT		1,500		6,936
Perusahaan Gas Negara Persero Tbk PT		88,000		19,005
Telekomunikasi Indonesia Persero Tbk PT		60,500		17,538
			$	160,168
Malaysia — 4.5%
AMMB Holdings Bhd		18,300	$	18,922
Axiata Group Bhd		9,300		9,938
CIMB Group Holdings Bhd		12,800		14,368
Malayan Banking Bhd		15,800		29,322
Petronas Gas Bhd		3,300		15,576
Public Bank Bhd		11,300		51,274
Sime Darby Bhd		7,700		15,482
Tenaga Nasional Bhd		23,824		72,010
			$	226,892
Mexico — 5.3%
Alfa SAB de CV, Series A		8,000	$	10,381
America Movil SAB de CV, Series L		91,637		57,654
Coca-Cola Femsa SAB de CV, Series L		2,892		17,918
Fibra Uno Administracion SA de CV		7,000		10,030
Fomento Economico Mexicano SAB de CV, Series UBD		7,374		55,541
Grupo Bimbo SAB de CV, Series A		4,300		9,483
Grupo Financiero Banorte SAB de CV, Class O		4,700		22,527
Grupo Financiero Inbursa SAB de CV, Class O		7,500		11,149
Grupo Televisa SAB, Series CPO		3,000		13,404
Wal-Mart de Mexico SAB de CV, Series V		34,800		61,578
			$	269,665

8 See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Poland — 3.0%
Bank Pekao SA		1,751	$	59,238
Bank Zachodni WBK SA		90		7,756
PGE SA		14,081		38,448
Polski Koncern Naftowy ORLEN SA		958		19,441
Powszechna Kasa Oszczednosci Bank Polski SA(1)		3,796		29,123
			$	154,006
Russia — 0.2%
Magnit PJSC GDR(3)		308	$	11,306
			$	11,306
South Africa — 3.2%
AngloGold Ashanti, Ltd.(1)		1,738	$	22,086
Gold Fields, Ltd.		4,648		16,072
MTN Group, Ltd.		3,888		36,255
Naspers, Ltd., Class N		391		62,291
Sasol, Ltd.		496		14,797
Sibanye Gold, Ltd.		5,701		12,890
			$	164,391
South Korea — 19.9%
AMOREPACIFIC Corp.		63	$	17,195
E-MART, Inc.		127		22,233
Hana Financial Group, Inc.		1,090		32,319
Hankook Tire Co., Ltd.		221		10,785
Hyundai Department Store Co., Ltd.		112		9,265
Hyundai Glovis Co., Ltd.		77		10,311
Hyundai Marine & Fire Insurance Co., Ltd.		1,086		28,146
Hyundai Mobis Co., Ltd.		186		38,695
Hyundai Motor Co.		468		56,342
Industrial Bank of Korea		930		10,159
KB Financial Group, Inc.		962		38,928
KCC Corp.		32		9,567
Kia Motors Corp.		1,041		32,628
Korea Electric Power Corp.		1,844		67,533
KT Corp.		737		18,652
KT&G Corp.		395		34,216
LG Chem, Ltd.		78		17,589
LG Corp.		420		21,429
LG Electronics, Inc.		374		17,873
LG Uplus Corp.		1,220		11,983
Lotte Chemical Corp.		104		33,702
Naver Corp.		24		15,677
POSCO		130		30,384
Samsung Electronics Co., Ltd.		116		197,290

Security	Shares		Value
South Korea (continued)
Samsung Electronics Co., Ltd., PFC Shares		25	$	33,787
Samsung Fire & Marine Insurance Co., Ltd.		226		52,361
Samsung Life Insurance Co., Ltd.		134		12,804
Shinhan Financial Group Co., Ltd.		1,347		53,236
SK Holdings Co., Ltd.		53		9,875
SK Hynix, Inc.		402		18,566
SK Telecom Co., Ltd. ADR		2,396		51,514
			$	1,015,044
Taiwan — 8.2%
Cathay Financial Holding Co., Ltd.		35,165	$	53,552
Chunghwa Telecom Co., Ltd.		19,330		63,049
CTBC Financial Holding Co., Ltd.		68,587		39,068
Far Eastern New Century Corp.		15,024		12,522
Formosa Plastics Corp.		5,000		14,447
Fubon Financial Holding Co., Ltd.		31,000		50,383
Nan Ya Plastics Corp.		12,000		28,267
President Chain Store Corp.		2,000		14,960
Taiwan Cooperative Financial Holding Co., Ltd.		32,902		15,035
Taiwan Semiconductor Manufacturing Co., Ltd.		18,565		110,626
Uni-President Enterprises Corp.		10,000		17,154
			$	419,063
Thailand — 2.2%
Advanced Info Service PCL(4)		5,400	$	24,391
Advanced Info Service PCL		3,200		14,454
Airports of Thailand PCL		900		10,599
BTS Group Holdings PCL(4)		41,391		9,819
Kasikornbank PCL(4)		1,800		9,645
Siam Cement PCL (The)		2,400		34,499
Siam Commercial Bank PCL (The)		2,200		9,439
			$	112,846
Turkey — 3.3%
BIM Birlesik Magazalar AS		597	$	8,522
Haci Omer Sabanci Holding AS		6,348		16,808
KOC Holding AS		8,398		33,830
Tupras-Turkiye Petrol Rafinerileri AS		878		19,087
Turkcell Iletisim Hizmetleri AS(1)		11,663		35,078
Turkiye Garanti Bankasi AS		13,030		28,782
Turkiye Halk Bankasi AS		7,861		23,427
			$	165,534
Total Common Stocks (identified cost $4,222,169)			$	4,124,117

9 See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Exchange-Traded Funds— 7.9%
Security	Shares		Value
Equity Funds — 7.9%
iShares India 50 ETF		4,837	$	141,337
iShares MSCI Chile Capped ETF		102		3,966
iShares MSCI Emerging Markets ETF		121		4,518
iShares MSCI India ETF		8,551		242,506
VanEck Vectors Gold Miners ETF		519		12,420
Total Exchange-Traded Funds (identified cost $417,552)			$	404,747
Short-Term Investments— 9.4%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.90%(5)		477,712	$	477,760
Total Short-Term Investments (identified cost $477,785)			$	477,760
Total Investments — 98.2% (identified cost $5,117,506)			$	5,006,624
Other Assets, Less Liabilities — 1.8%			$	94,195
Net Assets — 100.0%			$	5,100,819

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 January 31, 2017, the aggregate value of these securities is $39,184 or 0.8% of the Fund’s net assets.

⁽³⁾  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, 2017, the aggregate value of these securities is $37,186 or 0.7% of the Fund’s net assets.

⁽⁴⁾  Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

⁽⁵⁾  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, 2017.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		18.4	%	$	936,053
Information Technology		16.1			822,436
Telecommunication Services		11.7			594,605
Consumer Staples		8.9			454,935
Utilities		7.1			362,283
Consumer Discretionary		6.0			308,378
Industrials		5.2			263,425
Materials		4.6			235,095
Energy		1.9			95,090
Other (less than 1.0% each)		1.0			51,817
Comment Stocks		80.9	%	$	4,124,117
Exchange-Traded Funds		7.9			404,747
Short-Term Investments		9.4			477,760
Total Investments		98.2	%	$	5,006,624

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
CAD	23,299	USD	17,741	State Street Bank and Trust Company		3/15/17	$	172	$	—
CZK	1,438,178	USD	55,961	State Street Bank and Trust Company		3/15/17		1,644		—
EUR	15,021	USD	15,982	State Street Bank and Trust Company		3/15/17		262		—
MXN	383,669	USD	17,506	State Street Bank and Trust Company		3/15/17		784		—
MXN	4,335,834	USD	211,858	State Street Bank and Trust Company		3/15/17		—		(5,159	)
PLN	78,866	USD	19,154	State Street Bank and Trust Company		3/15/17		526		—
TRY	234,385	USD	60,898	State Street Bank and Trust Company		3/15/17		510		—
USD	65,626	CZK	1,662,632	State Street Bank and Trust Company		3/15/17		—		(969	)
USD	25,565	MXN	523,401	State Street Bank and Trust Company		3/15/17		614		—
USD	15,373	MXN	313,973	State Street Bank and Trust Company		3/15/17		405		—
USD	17,956	MXN	373,033	State Street Bank and Trust Company		3/15/17		172		—

10 See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	6,369	MXN	135,595	State Street Bank and Trust Company		3/15/17	$	—	$	(95	)
USD	24,094	MXN	515,787	State Street Bank and Trust Company		3/15/17		—		(495	)
USD	107,638	PLN	453,684	State Street Bank and Trust Company		3/15/17		—		(5,575	)
USD	227,504	TRY	809,939	State Street Bank and Trust Company		3/15/17		15,304		—
USD	12,459	ZAR	170,000	State Street Bank and Trust Company		3/15/17		—		(65	)
USD	14,821	ZAR	212,213	State Street Bank and Trust Company		3/15/17		—		(813	)
ZAR	648,259	USD	46,581	State Street Bank and Trust Company		3/15/17		1,177		—
ZAR	1,961,379	USD	143,779	State Street Bank and Trust Company		3/15/17		718		—
ZAR	149,124	USD	10,512	State Street Bank and Trust Company		3/15/17		474		—
BRL	915,713	USD	268,451	State Street Bank and Trust Company		3/22/17		18,562		—
BRL	44,007	USD	13,247	State Street Bank and Trust Company		3/22/17		546		—
CLP	31,194,616	USD	46,061	State Street Bank and Trust Company		3/22/17		1,882		—
CNY	252,954	USD	35,957	State Street Bank and Trust Company		3/22/17		686		—
CNY	130,838	USD	18,449	State Street Bank and Trust Company		3/22/17		505		—
CNY	1,534,320	USD	222,310	State Street Bank and Trust Company		3/22/17		—		(49	)
COP	72,073,007	USD	23,739	State Street Bank and Trust Company		3/22/17		699		—
INR	9,344,349	USD	136,394	State Street Bank and Trust Company		3/22/17		1,272		—
KRW	161,827,962	USD	139,117	State Street Bank and Trust Company		3/22/17		1,437		—
PEN	51,330	USD	14,963	State Street Bank and Trust Company		3/22/17		652		—
PHP	2,709,145	USD	53,593	State Street Bank and Trust Company		3/22/17		765		—
RUB	11,453,404	USD	184,450	State Street Bank and Trust Company		3/22/17		4,020		—
RUB	766,830	USD	12,323	State Street Bank and Trust Company		3/22/17		296		—
TWD	7,634,466	USD	235,923	State Street Bank and Trust Company		3/22/17		9,625		—
USD	27,571	BRL	94,101	State Street Bank and Trust Company		3/22/17		—		(1,923	)
USD	62,363	CLP	42,082,625	State Street Bank and Trust Company		3/22/17		—		(2,313	)
USD	77,954	CNY	543,264	State Street Bank and Trust Company		3/22/17		—		(743	)
USD	338,723	CNY	2,385,289	State Street Bank and Trust Company		3/22/17		—		(6,809	)
USD	53,704	IDR	733,592,123	State Street Bank and Trust Company		3/22/17		—		(993	)
USD	30,368	INR	2,078,674	State Street Bank and Trust Company		3/22/17		—		(257	)
USD	20,875	KRW	24,928,373	State Street Bank and Trust Company		3/22/17		—		(777	)
USD	632,375	KRW	754,865,961	State Street Bank and Trust Company		3/22/17		—		(23,257	)
USD	175,468	MYR	788,553	State Street Bank and Trust Company		3/22/17		—		(2,062	)
USD	5,218	THB	188,230	State Street Bank and Trust Company		3/22/17		—		(125	)
USD	22,328	TWD	715,164	State Street Bank and Trust Company		3/22/17		—		(674	)
USD	186,619	TWD	5,985,608	State Street Bank and Trust Company		3/22/17		—		(5,897	)
							$	63,709	$	(59,050	)

Futures Contracts
Description	Contracts		Position		Expiration Month/Year		Aggregate Cost		Value		Net Unrealized Appreciation
Equity Futures
E-mini MSCI Emerging Markets Index		6		Long		Mar-17	$	267,045	$	274,530	$	7,485
											$	7,485

11 See Notes to Financial Statements.

Eaton Vance

Hexavest Emerging Markets Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Abbreviations:
ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PCL	–	Public Company Ltd.
PFC Shares	–	Preference Shares

Currency Abbreviations:

BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CLP	–	Chilean Peso
CNY	–	Yuan Renminbi
COP	–	Colombian Peso
CZK	–	Czech Koruna
EUR	–	Euro
IDR	–	Indonesian Rupiah
INR	–	Indian Rupee
KRW	–	South Korean Won
MXN	–	Mexican Peso

MYR	–	Malaysian Ringgit
PEN	–	Peruvian Sol
PHP	–	Philippine Peso
PLN	–	Polish Zloty
RUB	–	Russian Ruble
THB	–	Thai Baht
TRY	–	New Turkish Lira
TWD	–	New Taiwan Dollar
USD	–	United States Dollar
ZAR	–	South African Rand

12 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited)

Common Stocks — 77.7%
Security	Shares		Value
Australia — 2.2%
AGL Energy, Ltd.		7,542	$	129,327
Australia and New Zealand Banking Group, Ltd.		3,206		71,232
Caltex Australia, Ltd.		4,869		105,670
Coca-Cola Amatil, Ltd.		12,656		93,595
Commonwealth Bank of Australia		1,222		75,715
CSL, Ltd.		167		14,237
Dexus Property Group		4,278		29,143
Flight Centre Travel Group, Ltd.		1,046		23,783
Goodman Group		3,337		17,524
GPT Group (The)		3,249		11,538
Insurance Australia Group, Ltd.		33,073		144,742
LendLease Group		1,004		10,736
Mirvac Group		24,218		37,305
National Australia Bank, Ltd.		3,373		77,566
Newcrest Mining, Ltd.		17,755		291,167
QBE Insurance Group, Ltd.		11,967		113,533
Rio Tinto, Ltd.		894		45,352
Scentre Group		11,994		40,023
Stockland		10,131		33,431
Telstra Corp., Ltd.		26,311		99,825
TPG Telecom, Ltd.		12,175		59,811
Vicinity Centres		5,607		12,166
Wesfarmers, Ltd.		7,407		226,278
Westfield Corp.		3,474		23,159
Westpac Banking Corp.		2,777		66,852
Woolworths, Ltd.		4,239		79,110
			$	1,932,820
Belgium — 0.4%
Colruyt SA		357	$	17,472
KBC Group NV		1,922		124,828
Proximus SA		3,374		96,900
UCB SA		1,056		72,938
			$	312,138
Brazil — 0.1%
AMBEV SA ADR		8,818	$	47,529
Cia Brasileira de Distribuicao ADR, PFC Shares		959		17,588
Cia Energetica de Minas Gerais ADR		4,900		13,916
			$	79,033

Security	Shares		Value
Canada — 1.7%
Agnico Eagle Mines, Ltd.		5,233	$	249,614
Barrick Gold Corp., New York Shares		21,346		393,620
Detour Gold Corp.(1)		4,888		66,300
Eldorado Gold Corp., New York Shares(1)		20,571		72,616
Goldcorp, Inc.		15,010		242,712
Kinross Gold Corp.(1)		46,790		182,481
New Gold, Inc.(1)		18,999		50,727
Rogers Communications Inc., Class B		4,073		176,692
Yamana Gold, Inc., New York Shares		24,799		82,085
			$	1,516,847
Chile — 0.1%
Enel Americas SA ADR		2,592	$	23,406
Enel Chile SA ADR		4,302		20,735
			$	44,141
China — 0.6%
Belle International Holdings, Ltd.		16,000	$	9,753
China Construction Bank Corp., Class H		50,000		37,069
China Mengniu Dairy Co., Ltd.		10,000		18,667
China Mobile, Ltd.		8,500		95,647
China Resources Beer Holdings Co., Ltd.(1)		4,000		8,124
China Shenhua Energy Co., Ltd., Class H		7,000		14,793
China Telecom Corp., Ltd., Class H		26,000		12,276
China Unicom (Hong Kong), Ltd.		28,000		33,049
Dongfeng Motor Group Co., Ltd., Class H		12,000		12,722
ENN Energy Holdings, Ltd.		2,000		9,860
Geely Automobile Holdings, Ltd.		40,000		47,277
Guangdong Investment, Ltd.		38,000		47,154
Hengan International Group Co., Ltd.		5,000		40,936
Industrial & Commercial Bank of China, Ltd., Class H		49,000		29,958
Ping An Insurance (Group) Co. of China, Ltd., Class H		3,000		15,389
Tencent Holdings, Ltd.		1,600		41,833
Tingyi (Cayman Islands) Holding Corp.		10,000		11,367
Want Want China Holdings, Ltd.		28,000		19,977
			$	505,851
Denmark — 0.4%
Coloplast A/S, Class B		1,244	$	89,201
Novo Nordisk A/S, Class B		4,769		172,351
TDC A/S(1)		19,513		102,816
			$	364,368

13 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
France — 1.3%
AXA SA		471	$	11,576
BNP Paribas SA		3,655		233,817
Compagnie Generale des Etablissements Michelin, Class B		562		60,377
Sanofi		2,526		203,031
Societe Generale SA		3,510		171,595
Sodexo SA		904		99,966
Total SA		4,297		217,408
Veolia Environnement SA		2,940		50,078
Vivendi SA		7,263		133,175
			$	1,181,023
Germany — 1.9%
adidas AG		873	$	137,764
Allianz SE		1,359		230,981
BASF SE		754		72,786
Bayerische Motoren Werke AG		1,561		142,535
Continental AG		559		109,432
Daimler AG		2,922		219,754
Deutsche Post AG		277		9,298
Deutsche Telekom AG		11,940		209,034
Merck KGaA		1,070		118,055
Muenchener Rueckversicherungs-Gesellschaft AG		697		131,249
SAP SE		357		32,648
Siemens AG		1,967		254,448
			$	1,667,984
Hong Kong — 0.3%
AIA Group, Ltd.		26,302	$	162,845
CK Hutchison Holdings, Ltd.		5,000		59,926
			$	222,771
India — 0.1%
HDFC Bank, Ltd. ADR		1,575	$	108,565
Infosys, Ltd. ADR		1,829		25,185
			$	133,750
Israel — 0.1%
Teva Pharmaceutical Industries, Ltd. ADR		1,722	$	57,567
			$	57,567
Italy — 2.6%
Assicurazioni Generali SpA		24,692	$	394,012
Atlantia SpA		6,130		139,701
CNH Industrial NV		10,317		91,653

Security	Shares		Value
Italy (continued)
Enel SpA		108,186	$	452,286
ENI SpA		6,108		93,916
Fiat Chrysler Automobiles NV(1)		17,236		188,725
Intesa Sanpaolo SpA		165,676		389,150
Leonardo SpA(1)		4,594		59,186
Luxottica Group SpA		2,024		108,674
Telecom Italia SpA(1)		218,802		188,151
UniCredit SpA		6,913		188,702
			$	2,294,156
Japan — 8.7%
Aeon Co., Ltd.		1,000	$	14,453
ANA Holdings, Inc.		63,000		187,128
Asahi Group Holdings, Ltd.		2,200		77,417
Astellas Pharma, Inc.		6,500		87,242
Bridgestone Corp.		2,000		73,352
Central Japan Railway Co.		500		80,793
Chubu Electric Power Co., Inc.		10,700		142,851
Dai-ichi Life Holdings, Inc.		10,860		196,880
Daiichi Sankyo Co., Ltd.		800		17,898
Daiwa House Industry Co., Ltd.		1,000		27,082
Denso Corp.		1,300		56,296
East Japan Railway Co.		1,100		99,613
Electric Power Development Co., Ltd.		1,400		32,540
FANUC Corp.		300		58,898
Fuji Heavy Industries, Ltd.		3,500		140,056
Hitachi, Ltd.		9,000		51,529
Honda Motor Co., Ltd.		5,900		175,577
Isuzu Motors, Ltd.		4,300		57,697
ITOCHU Corp.		4,900		67,502
Japan Airlines Co., Ltd.		5,600		178,322
Japan Tobacco, Inc.		4,600		148,375
Kajima Corp.		32,000		223,035
Kansai Electric Power Co., Inc. (The)(1)		12,900		137,853
Kao Corp.		2,000		98,969
KDDI Corp.		12,800		343,915
Keyence Corp.		200		77,673
Lawson, Inc.		1,000		72,993
Marubeni Corp.		11,000		66,929
Mazda Motor Corp.		7,600		111,842
Mitsubishi Corp.		2,500		56,475
Mitsubishi Electric Corp.		1,000		15,219
Mitsubishi Estate Co., Ltd.		6,000		114,204
Mitsubishi UFJ Financial Group, Inc.		62,700		401,501
Mitsui Fudosan Co., Ltd.		5,000		115,436
Mizuho Financial Group, Inc.		142,100		263,679

14 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
MS&AD Insurance Group Holdings, Inc.		1,700	$	56,871
Murata Manufacturing Co., Ltd.		300		40,405
Nippon Telegraph & Telephone Corp.		6,500		287,120
Nissan Motor Co., Ltd.		14,100		139,494
NTT DoCoMo, Inc.		12,300		294,094
Obayashi Corp.		21,400		203,860
ORIX Corp.		4,600		69,401
Panasonic Corp.		6,300		65,551
Resona Holdings, Inc.		34,720		187,977
Ryohin Keikaku Co., Ltd.		300		56,237
Seven & i Holdings Co., Ltd.		2,600		103,814
Shimizu Corp.		12,000		110,296
Shin-Etsu Chemical Co., Ltd.		1,000		86,271
SMC Corp.		200		54,596
Sompo Holdings, Inc.		1,600		57,936
Sony Corp.		6,100		184,694
Sumitomo Corp.		4,500		56,411
Sumitomo Metal Mining Co., Ltd.		1,000		13,548
Sumitomo Mitsui Financial Group, Inc.		7,600		298,163
Sumitomo Mitsui Trust Holdings, Inc.		4,500		167,730
Sumitomo Realty & Development Co., Ltd.		2,000		54,103
Suzuki Motor Corp.		1,300		50,171
T&D Holdings, Inc.		7,100		105,183
Taisei Corp.		25,000		177,589
Takeda Pharmaceutical Co., Ltd.		2,000		83,771
Tokio Marine Holdings, Inc.		2,000		83,388
Tokyu Fudosan Holdings Corp.		6,900		40,336
Toray Industries, Inc.		2,000		17,318
Toyota Motor Corp.		5,700		331,471
West Japan Railway Co.		1,100		71,668
			$	7,620,691
Mexico — 0.0%(2)
America Movil SAB de CV, Series L ADR		1,738	$	21,916
			$	21,916
Netherlands — 0.8%
Heineken NV		433	$	32,384
ING Groep NV		13,437		193,035
Mylan NV(1)		8,663		329,627
Unilever NV		918		37,236
Wolters Kluwer NV		2,470		94,457
			$	686,739

Security	Shares		Value
Norway — 0.1%
Telenor ASA		6,147	$	97,445
			$	97,445
Peru — 0.1%
Cia de Minas Buenaventura SA ADR		6,870	$	94,737
			$	94,737
Singapore — 0.8%
ComfortDelGro Corp., Ltd.		29,000	$	49,625
DBS Group Holdings, Ltd.		11,511		155,628
Oversea-Chinese Banking Corp., Ltd.		14,000		93,374
Singapore Press Holdings, Ltd.		4,000		9,809
Singapore Telecommunications, Ltd.		96,000		262,800
United Overseas Bank, Ltd.		6,000		89,232
			$	660,468
South Korea — 0.2%
Korea Electric Power Corp. ADR(1)		1,696	$	31,105
Samsung Electronics Co., Ltd. GDR(3)		46		39,123
SK Telecom Co., Ltd. ADR		3,689		79,313
			$	149,541
Spain — 1.1%
Banco Bilbao Vizcaya Argentaria SA		21,400	$	145,533
Banco Santander SA		27,282		152,421
CaixaBank SA		22,935		84,068
Endesa SA		4,789		98,761
Iberdrola SA		14,927		93,719
Industria de Diseno Textil SA		4,296		142,092
Mapfre SA		20,834		63,170
Telefonica SA		16,397		158,642
			$	938,406
Sweden — 0.5%
Hennes & Mauritz AB, Class B		2,039	$	58,340
Nordea Bank AB		11,194		135,137
Svenska Cellulosa AB SCA, Class B		3,256		97,978
Swedbank AB, Class A		4,823		121,950
			$	413,405
Switzerland — 3.1%
ABB, Ltd.		4,395	$	104,737
Adecco Group AG		745		53,308
Baloise Holding AG		483		62,193

15 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Switzerland (continued)
Nestle SA		9,491	$	695,353
Novartis AG		7,820		577,331
Roche Holding AG PC		2,552		604,692
Sonova Holding AG		584		77,325
Swatch Group AG (The)		198		70,172
Swiss Re AG		776		72,516
Swisscom AG		199		87,788
Syngenta AG		448		190,406
Zurich Insurance Group AG		463		133,332
			$	2,729,153
United Kingdom — 3.1%
AstraZeneca PLC		2,841	$	150,769
Berkeley Group Holdings PLC		1,819		64,246
British American Tobacco PLC		1,598		98,641
Compass Group PLC		8,874		157,931
Diageo PLC		5,386		149,611
GlaxoSmithKline PLC		9,513		183,839
HSBC Holdings PLC		38,827		331,230
Imperial Brands PLC		1,066		49,385
Lloyds Banking Group PLC		261,249		214,277
National Grid PLC		7,102		83,187
Persimmon PLC		2,681		65,299
Randgold Resources, Ltd.		1,410		120,021
Randgold Resources, Ltd. ADR		442		37,544
Reckitt Benckiser Group PLC		1,001		85,891
Rio Tinto PLC		4,235		187,623
Sage Group PLC (The)		5,404		41,795
Segro PLC		13,050		75,807
Shire PLC		4,092		227,825
Smith & Nephew PLC		3,643		54,498
Taylor Wimpey PLC		39,789		84,003
Vodafone Group PLC		96,698		236,865
William Hill PLC		2,901		9,463
			$	2,709,750
United States — 47.4%
AES Corp. (The)		3,785	$	43,300
Allstate Corp. (The)		1,495		112,439
Ameren Corp.		4,822		253,878
American Electric Power Co., Inc.		1,742		111,593
American Express Co.		12,606		962,846
AmerisourceBergen Corp.		3,860		336,901
Apple, Inc.		21,049		2,554,296
AT&T, Inc.		36,682		1,546,513

Security	Shares		Value
United States (continued)
AvalonBay Communities, Inc.		919	$	159,272
Bank of America Corp.		5,356		121,260
BB&T Corp.		2,389		110,348
Bristol-Myers Squibb Co.		9,773		480,441
CalAtlantic Group, Inc.		29,042		1,012,695
Capital One Financial Corp.		3,036		265,316
Cardinal Health, Inc.		6,068		454,857
Cerner Corp.(1)		4,954		266,079
Cisco Systems, Inc.		33,755		1,036,954
Citigroup, Inc.		12,265		684,755
Coca-Cola Co. (The)		15,750		654,727
Comcast Corp., Class A		2,979		224,676
Consolidated Edison, Inc.		4,149		308,478
Costco Wholesale Corp.		3,027		496,277
CVS Health Corp.		6,851		539,927
D.R. Horton, Inc.		13,892		415,510
Dollar General Corp.		13,586		1,002,919
Dollar Tree, Inc.(1)		16,114		1,243,840
Domtar Corp.		3,316		144,876
DTE Energy Co.		1,866		184,062
Duke Energy Corp.		5,858		460,087
Edison International		8,168		595,284
Eli Lilly & Co.		9,514		732,863
Endo International PLC(1)		7,666		93,832
Entergy Corp.		1,833		131,316
Envision Healthcare Corp.(1)		4,187		284,716
Exelon Corp.		6,690		240,037
Express Scripts Holding Co.(1)		3,567		245,695
FirstEnergy Corp.		5,677		172,127
Ford Motor Co.		21,307		263,355
Frontier Communications Corp.		54,432		189,968
General Motors Co.		8,150		298,371
HCP, Inc.		9,107		276,124
International Business Machines Corp.		2,357		411,344
Johnson & Johnson		15,651		1,772,476
Kroger Co. (The)		9,761		331,484
Lennar Corp., Class A		18,013		804,280
LyondellBasell Industries NV, Class A		4,594		428,482
Macy’s, Inc.		9,553		282,196
MasterCard, Inc., Class A		2,200		233,926
McKesson Corp.		2,314		321,993
MDC Holdings, Inc.		8,790		237,682
Medtronic PLC		3,475		264,169
Merck & Co., Inc.		10,563		654,800
Meritage Homes Corp.(1)		5,596		205,653
Microsoft Corp.		13,150		850,147

16 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United States (continued)
Newmont Mining Corp.		10,759	$	390,337
NextEra Energy, Inc.		4,308		532,986
NIKE, Inc., Class B		5,203		275,239
Oracle Corp.		17,055		684,076
PepsiCo, Inc.		2,696		279,791
Pfizer, Inc.		57,546		1,825,935
PG&E Corp.		11,208		693,663
Pinnacle West Capital Corp.		2,986		231,803
PNC Financial Services Group, Inc. (The)		885		106,607
PPL Corp.		7,973		277,779
Procter & Gamble Co. (The)		5,156		451,666
Public Service Enterprise Group, Inc.		2,840		125,670
PulteGroup, Inc.		22,680		487,847
QUALCOMM, Inc.		9,674		516,882
Realty Income Corp.		11,729		699,400
Royal Gold, Inc.		2,069		149,320
Southern Co. (The)		8,114		401,075
Sysco Corp.		9,941		521,505
Taylor Morrison Home Corp., Class A(1)		12,281		238,251
Travelers Cos., Inc. (The)		4,617		543,790
Twitter, Inc.(1)		9,581		168,817
U.S. Bancorp		5,491		289,101
United Technologies Corp.		1,478		162,092
Verizon Communications, Inc.		20,095		984,856
Visa, Inc., Class A		2,711		224,227
Wal-Mart Stores, Inc.		20,061		1,338,871
Walgreens Boots Alliance, Inc.		8,975		735,411
Wells Fargo & Co.		7,022		395,549
Welltower, Inc.		7,261		481,404
Weyerhaeuser Co.		8,351		261,637
Xcel Energy, Inc.		4,672		193,047
Zimmer Biomet Holdings, Inc.		2,214		261,983
			$	41,442,059
Total Common Stocks (identified cost $62,468,037)			$	67,876,759
Exchange-Traded Funds— 9.1%
Security	Shares		Value
Equity Funds — 9.1%
iShares MSCI Australia ETF		20,954	$	445,063
iShares MSCI Chile Capped ETF		2,301		89,463
iShares MSCI Emerging Markets ETF		13,067		487,922
iShares MSCI Eurozone ETF		18,227		644,142

Security	Shares		Value
Equity Funds (continued)
iShares MSCI Hong Kong ETF		2,547	$	53,563
iShares MSCI Italy Capped ETF		14,425		342,450
iShares MSCI Japan ETF		22,141		1,119,670
iShares MSCI Malaysia ETF		6,748		197,109
iShares MSCI Mexico Capped ETF		3,759		168,441
iShares MSCI Poland Capped ETF		8,035		162,227
iShares MSCI Singapore Capped ETF		4,853		105,650
iShares MSCI South Africa ETF		572		31,380
iShares MSCI South Korea Capped ETF		8,381		485,092
iShares MSCI Switzerland Capped ETF		8,590		263,971
iShares MSCI Taiwan Capped ETF		14,612		460,570
SPDR S&P 500 ETF Trust		757		172,240
VanEck Vectors Gold Miners ETF		106,469		2,547,803
WisdomTree India Earnings Fund		7,142		153,053
Total Exchange-Traded Funds (identified cost $8,051,377)			$	7,929,809
Short-Term Investments— 6.1%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.90%(4)		5,322,747	$	5,323,280
Total Short-Term Investments (identified cost $5,323,327)			$	5,323,280
Total Investments — 92.9% (identified cost $75,842,741)			$	81,129,848
Other Assets, Less Liabilities — 7.1%			$	6,216,005
Net Assets — 100.0%			$	87,345,853

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

⁽¹⁾  Non-income producing security.

⁽²⁾  Amount is less than 0.05%.

⁽³⁾  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 January 31, 2017, the aggregate value of these securities is $39,123 or less than 0.05% of the Fund’s net assets.

⁽⁴⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2017.

17 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Health Care		12.7	%	$	11,118,937
Consumer Discretionary		11.9			10,390,244
Financials		11.8			10,307,192
Consumer Staples		8.8			7,692,802
Information Technology		8.1			7,030,860
Utilities		7.2			6,322,963
Telecommunication Services		6.5			5,665,436
Materials		4.1			3,609,943
Industrials		3.2			2,786,765
Real Estate		2.9			2,519,830
Energy		0.5			431,787
Common Stocks		77.7	%	$	67,876,759
Exchange-Traded Funds		9.1			7,929,809
Short-Term Investments		6.1			5,323,280
Total Investments		92.9	%	$	81,129,848

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
CAD	689,738	USD	516,185	State Street Bank and Trust Company		3/15/17	$	14,097	$	—
DKK	1,567,609	USD	224,288	State Street Bank and Trust Company		3/15/17		3,700		—
EUR	6,800,063	USD	7,226,427	State Street Bank and Trust Company		3/15/17		127,141		—
EUR	8,684,948	USD	9,315,710	State Street Bank and Trust Company		3/15/17		76,167		—
EUR	209,238	USD	224,053	State Street Bank and Trust Company		3/15/17		2,217		—
GBP	1,366,568	USD	1,673,822	State Street Bank and Trust Company		3/15/17		46,836		—
GBP	280,585	USD	340,613	State Street Bank and Trust Company		3/15/17		12,674		—
GBP	207,624	USD	254,373	State Street Bank and Trust Company		3/15/17		7,048		—
GBP	129,477	USD	160,373	State Street Bank and Trust Company		3/15/17		2,653		—
GBP	141,797	USD	176,462	State Street Bank and Trust Company		3/15/17		2,076		—
GBP	1,110,385	USD	1,400,800	State Street Bank and Trust Company		3/15/17		—		(2,704	)
GBP	1,885,717	USD	2,392,123	State Street Bank and Trust Company		3/15/17		—		(17,800	)
HKD	19,664,114	USD	2,534,101	State Street Bank and Trust Company		3/15/17		1,461		—
HKD	12,266,782	USD	1,581,370	State Street Bank and Trust Company		3/15/17		353		—
ILS	634,506	USD	166,703	State Street Bank and Trust Company		3/15/17		1,789		—
JPY	298,547,303	USD	2,583,490	State Street Bank and Trust Company		3/15/17		64,398		—
JPY	80,142,253	USD	695,342	State Street Bank and Trust Company		3/15/17		15,459		—
JPY	202,381,819	USD	1,782,878	State Street Bank and Trust Company		3/15/17		12,095		—
JPY	193,381,519	USD	1,705,279	State Street Bank and Trust Company		3/15/17		9,868		—
JPY	533,026,076	USD	4,722,516	State Street Bank and Trust Company		3/15/17		5,021		—
SEK	1,933,636	USD	219,452	State Street Bank and Trust Company		3/15/17		2,052		—
USD	196,690	AUD	260,627	State Street Bank and Trust Company		3/15/17		—		(776	)
USD	226,197	AUD	312,714	State Street Bank and Trust Company		3/15/17		—		(10,734	)
USD	1,975,688	AUD	2,644,861	State Street Bank and Trust Company		3/15/17		—		(28,214	)
USD	603,401	CAD	792,484	State Street Bank and Trust Company		3/15/17		—		(5,874	)
USD	1,407,017	CAD	1,839,577	State Street Bank and Trust Company		3/15/17		—		(7,280	)

18 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	491,274	CAD	649,229	State Street Bank and Trust Company		3/15/17	$	—	$	(7,863	)
USD	814,503	CAD	1,069,671	State Street Bank and Trust Company		3/15/17		—		(7,878	)
USD	679,363	CHF	686,978	State Street Bank and Trust Company		3/15/17		—		(16,459	)
USD	198,097	DKK	1,370,606	State Street Bank and Trust Company		3/15/17		—		(1,239	)
USD	298,597	EUR	278,726	State Street Bank and Trust Company		3/15/17		—		(2,816	)
USD	221,384	EUR	212,126	State Street Bank and Trust Company		3/15/17		—		(8,008	)
USD	495,788	EUR	468,381	State Street Bank and Trust Company		3/15/17		—		(10,718	)
USD	494,118	EUR	474,663	State Street Bank and Trust Company		3/15/17		—		(19,182	)
USD	6,111,154	EUR	5,743,642	State Street Bank and Trust Company		3/15/17		—		(100,003	)
USD	3,976,924	EUR	3,791,237	State Street Bank and Trust Company		3/15/17		—		(122,908	)
USD	3,957,880	EUR	3,791,237	State Street Bank and Trust Company		3/15/17		—		(141,952	)
USD	1,532,765	GBP	1,236,460	State Street Bank and Trust Company		3/15/17		—		(24,072	)
USD	1,478,472	HKD	11,460,093	State Street Bank and Trust Company		3/15/17		766		—
USD	2,255,517	HKD	17,497,284	State Street Bank and Trust Company		3/15/17		—		(646	)
USD	489,118	JPY	55,374,713	State Street Bank and Trust Company		3/15/17		—		(2,014	)
USD	232,825	JPY	26,499,706	State Street Bank and Trust Company		3/15/17		—		(2,208	)
USD	243,733	JPY	28,671,916	State Street Bank and Trust Company		3/15/17		—		(10,565	)
USD	672,852	JPY	79,306,358	State Street Bank and Trust Company		3/15/17		—		(30,535	)
USD	2,847,619	JPY	333,807,280	State Street Bank and Trust Company		3/15/17		—		(112,998	)
USD	7,973,666	JPY	917,513,051	State Street Bank and Trust Company		3/15/17		—		(163,977	)
USD	214,632	MXN	4,392,609	State Street Bank and Trust Company		3/15/17		5,226		—
USD	90,157	NOK	761,478	State Street Bank and Trust Company		3/15/17		—		(2,196	)
USD	87,351	PLN	368,174	State Street Bank and Trust Company		3/15/17		—		(4,524	)
USD	253,184	SGD	361,370	State Street Bank and Trust Company		3/15/17		—		(3,317	)
USD	109,760	ZAR	1,527,516	State Street Bank and Trust Company		3/15/17		—		(2,774	)
TWD	1,957,400	USD	61,111	State Street Bank and Trust Company		3/22/17		1,844		—
USD	162,619	BRL	554,710	State Street Bank and Trust Company		3/22/17		—		(11,244	)
USD	1,135,001	CNY	7,992,680	State Street Bank and Trust Company		3/22/17		—		(22,817	)
USD	329,414	INR	22,568,157	State Street Bank and Trust Company		3/22/17		—		(3,073	)
USD	817,262	KRW	975,565,098	State Street Bank and Trust Company		3/22/17		—		(30,057	)
USD	155,491	MYR	698,776	State Street Bank and Trust Company		3/22/17		—		(1,828	)
USD	752,222	TWD	24,126,780	State Street Bank and Trust Company		3/22/17		—		(23,768	)
							$	414,941	$	(965,021	)

Futures Contracts
Description	Contracts		Position		Expiration Month/Year		Aggregate Cost		Value		Net Unrealized Appreciation (Depreciation)
Equity Futures
E-mini MSCI Emerging Markets Index		57		Long		Mar-17	$	2,503,700	$	2,608,035	$	104,335
Euro Stoxx 50 Index		17		Long		Mar-17		599,118		596,074		(3,044	)
FTSE 100 Index		1		Long		Mar-17		89,634		88,975		(659	)
Nikkei 225 Index		8		Long		Mar-17		683,519		672,394		(11,125	)
											$	89,507

19 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

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

FTSE 100 Index:  Market capitalization-weighted stock index of 100 largest, blue-chip companies listed on the London Stock Exchange.

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

Abbreviations:

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PC	–	Participation Certificate
PFC Shares	–	Preference Shares

Currency Abbreviations:

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
CNY	–	Yuan Renminbi
DKK	–	Danish Krone
EUR	–	Euro
GBP	–	British Pound Sterling
HKD	–	Hong Kong Dollar
ILS	–	Israeli Shekel
INR	–	Indian Rupee

JPY	–	Japanese Yen
KRW	–	South Korean Won
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NOK	–	Norwegian Krone
PLN	–	Polish Zloty
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
TWD	–	New Taiwan Dollar
USD	–	United States Dollar
ZAR	–	South African Rand

20 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited)

Common Stocks— 81.2%
Security	Shares		Value
Australia — 5.2%
AGL Energy, Ltd.		1,254	$	21,503
Australia and New Zealand Banking Group, Ltd.		720		15,997
Caltex Australia, Ltd.		853		18,512
Coca-Cola Amatil, Ltd.		2,165		16,011
Commonwealth Bank of Australia		303		18,774
CSL, Ltd.		69		5,882
Dexus Property Group		788		5,368
Flight Centre Travel Group, Ltd.		179		4,070
Goodman Group		667		3,503
GPT Group (The)		674		2,394
Insurance Australia Group, Ltd.		4,713		20,626
LendLease Group		207		2,213
Mirvac Group		4,865		7,494
National Australia Bank, Ltd.		755		17,362
Newcrest Mining, Ltd.		3,277		53,740
QBE Insurance Group, Ltd.		1,705		16,176
Rio Tinto, Ltd.		206		10,450
Scentre Group		2,110		7,041
Stockland		897		2,960
Telstra Corp., Ltd.		4,279		16,235
TPG Telecom, Ltd.		1,933		9,496
Vicinity Centres		1,262		2,738
Wesfarmers, Ltd.		1,073		32,779
Westfield Corp.		594		3,960
Westpac Banking Corp.		701		16,876
Woolworths, Ltd.		945		17,636
			$	349,796
Belgium — 1.7%
Colruyt SA		173	$	8,467
KBC Group NV		728		47,281
Proximus SA		1,053		30,242
UCB SA		394		27,214
			$	113,204
Brazil — 0.1%
AMBEV SA ADR		1,143	$	6,161
Cia Brasileira de Distribuicao ADR, PFC Shares		124		2,274
Cia Energetica de Minas Gerais ADR		383		1,088
			$	9,523

Security	Shares		Value
Chile — 0.1%
Enel Americas SA ADR		336	$	3,034
Enel Chile SA ADR		336		1,620
			$	4,654
China — 0.9%
Belle International Holdings, Ltd.		2,000	$	1,219
China Construction Bank Corp., Class H		6,000		4,448
China Mengniu Dairy Co., Ltd.		2,000		3,733
China Mobile, Ltd.		1,000		11,253
China Shenhua Energy Co., Ltd., Class H		1,000		2,113
China Telecom Corp., Ltd., Class H		4,000		1,889
China Unicom (Hong Kong), Ltd.		4,000		4,721
Dongfeng Motor Group Co., Ltd., Class H		2,000		2,120
Geely Automobile Holdings, Ltd.		5,000		5,910
Guangdong Investment, Ltd.		6,000		7,445
Hengan International Group Co., Ltd.		500		4,094
Industrial & Commercial Bank of China, Ltd., Class H		6,000		3,668
Tencent Holdings, Ltd.		200		5,229
Tingyi (Cayman Islands) Holding Corp.		2,000		2,274
Want Want China Holdings, Ltd.		4,000		2,854
			$	62,970
Denmark — 1.9%
Coloplast A/S, Class B		426	$	30,546
Novo Nordisk A/S, Class B		1,604		57,968
TDC A/S(1)		7,085		37,332
			$	125,846
France — 5.2%
AXA SA		245	$	6,021
BNP Paribas SA		966		61,797
Compagnie Generale des Etablissements Michelin, Class B		199		21,379
Sanofi		885		71,133
Societe Generale SA		1,093		53,434
Sodexo SA		306		33,838
Total SA		887		44,878
Veolia Environnement SA		859		14,632
Vivendi SA		2,265		41,531
			$	348,643
Germany — 7.5%
adidas AG		256	$	40,398
Allianz SE		311		52,859
BASF SE		232		22,396

21 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Germany (continued)
Bayerische Motoren Werke AG		579	$	52,868
Continental AG		179		35,042
Daimler AG		915		68,814
Deutsche Post AG		780		26,181
Deutsche Telekom AG		3,498		61,239
Merck KGaA		445		49,098
Muenchener Rueckversicherungs-Gesellschaft AG		223		41,992
SAP SE		163		14,906
Siemens AG		309		39,972
			$	505,765
Hong Kong — 0.6%
AIA Group, Ltd.		4,925	$	30,493
CK Hutchison Holdings, Ltd.		1,000		11,985
			$	42,478
India — 0.2%
HDFC Bank, Ltd. ADR		122	$	8,409
Infosys, Ltd. ADR		237		3,264
			$	11,673
Israel — 0.3%
Teva Pharmaceutical Industries, Ltd. ADR		594	$	19,857
			$	19,857
Italy — 5.3%
Assicurazioni Generali SpA		4,296	$	68,552
Atlantia SpA		671		15,292
CNH Industrial NV		1,340		11,904
Enel SpA		15,049		62,914
ENI SpA		1,712		26,323
Fiat Chrysler Automobiles NV(1)		3,200		35,038
Intesa Sanpaolo SpA		24,097		56,601
Leonardo SpA(1)		594		7,653
Luxottica Group SpA		268		14,390
Telecom Italia SpA(1)		30,810		26,494
UniCredit SpA		1,200		32,748
			$	357,909
Japan — 19.7%
Aeon Co., Ltd.		400	$	5,781
ANA Holdings, Inc.		8,000		23,762
Asahi Group Holdings, Ltd.		400		14,076
Astellas Pharma, Inc.		1,500		20,133

Security	Shares		Value
Japan (continued)
Bridgestone Corp.		500	$	18,338
Central Japan Railway Co.		100		16,159
Chubu Electric Power Co., Inc.		1,500		20,026
Dai-ichi Life Holdings, Inc.		1,460		26,468
Daiichi Sankyo Co., Ltd.		300		6,712
Denso Corp.		300		12,991
East Japan Railway Co.		400		36,223
Electric Power Development Co., Ltd.		400		9,297
FANUC Corp.		100		19,633
Fuji Heavy Industries, Ltd.		700		28,011
Hitachi, Ltd.		2,000		11,451
Honda Motor Co., Ltd.		1,100		32,735
Isuzu Motors, Ltd.		800		10,734
ITOCHU Corp.		900		12,398
Japan Airlines Co., Ltd.		800		25,474
Japan Tobacco, Inc.		900		29,030
Kajima Corp.		4,000		27,879
Kansai Electric Power Co., Inc. (The)(1)		1,800		19,235
Kao Corp.		400		19,794
KDDI Corp.		1,500		40,303
Lawson, Inc.		200		14,599
Marubeni Corp.		1,800		10,952
Mazda Motor Corp.		1,400		20,603
Mitsubishi Corp.		500		11,295
Mitsubishi Electric Corp.		1,000		15,219
Mitsubishi Estate Co., Ltd.		1,000		19,034
Mitsubishi UFJ Financial Group, Inc.		8,900		56,991
Mitsui Fudosan Co., Ltd.		1,000		23,087
Mizuho Financial Group, Inc.		20,100		37,297
MS&AD Insurance Group Holdings, Inc.		300		10,036
Murata Manufacturing Co., Ltd.		100		13,468
Nippon Telegraph & Telephone Corp.		700		30,921
Nissan Motor Co., Ltd.		2,900		28,690
NTT DoCoMo, Inc.		1,500		35,865
Obayashi Corp.		3,000		28,579
ORIX Corp.		900		13,578
Osaka Gas Co., Ltd.		1,000		3,748
Panasonic Corp.		1,500		15,607
Resona Holdings, Inc.		4,925		26,664
Ryohin Keikaku Co., Ltd.		100		18,746
Seven & i Holdings Co., Ltd.		600		23,957
Shimizu Corp.		2,000		18,383
Shin-Etsu Chemical Co., Ltd.		200		17,254
SoftBank Group Corp.		100		7,704
Sompo Holdings, Inc.		300		10,863
Sony Corp.		900		27,250

22 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
Sumitomo Corp.		1,100	$	13,789
Sumitomo Metal Mining Co., Ltd.		2,000		27,096
Sumitomo Mitsui Financial Group, Inc.		1,100		43,155
Sumitomo Mitsui Trust Holdings, Inc.		640		23,855
Suzuki Motor Corp.		300		11,578
T&D Holdings, Inc.		1,500		22,222
Taisei Corp.		3,000		21,311
Takeda Pharmaceutical Co., Ltd.		300		12,566
Tokio Marine Holdings, Inc.		400		16,678
Tokyo Gas Co., Ltd.		3,000		13,314
Tokyu Fudosan Holdings Corp.		1,100		6,430
Toray Industries, Inc.		1,000		8,659
Toyota Motor Corp.		1,100		63,968
West Japan Railway Co.		200		13,031
			$	1,324,685
Mexico — 0.1%
America Movil SAB de CV, Series L ADR		225	$	2,837
			$	2,837
Netherlands — 2.2%
Heineken NV		251	$	18,772
ING Groep NV		3,792		54,476
Unilever NV		1,070		43,401
Wolters Kluwer NV		835		31,932
			$	148,581
Norway — 0.5%
Telenor ASA		1,903	$	30,167
			$	30,167
Peru — 0.1%
Cia de Minas Buenaventura SA ADR		623	$	8,591
			$	8,591
Singapore — 1.6%
ComfortDelGro Corp., Ltd.		6,000	$	10,267
DBS Group Holdings, Ltd.		1,850		25,012
Oversea-Chinese Banking Corp., Ltd.		3,000		20,009
Singapore Press Holdings, Ltd.		1,000		2,452
Singapore Telecommunications, Ltd.		13,000		35,588
United Overseas Bank, Ltd.		1,000		14,872
			$	108,200

Security	Shares		Value
South Korea — 0.3%
Korea Electric Power Corp. ADR(1)		219	$	4,016
Samsung Electronics Co., Ltd. GDR(2)		6		5,103
SK Telecom Co., Ltd. ADR		526		11,309
			$	20,428
Spain — 4.5%
Banco Bilbao Vizcaya Argentaria SA		6,599	$	44,877
Banco Santander SA		7,770		43,410
CaixaBank SA		5,739		21,036
Endesa SA		1,744		35,966
Iberdrola SA		7,006		43,776
Industria de Diseno Textil SA		1,246		41,212
Mapfre SA		5,126		15,542
Telefonica SA		5,500		53,213
			$	299,032
Sweden — 1.8%
Hennes & Mauritz AB, Class B		857	$	24,521
Nordea Bank AB		3,185		38,450
Svenska Cellulosa AB SCA, Class B		702		21,124
Swedbank AB, Class A		1,551		39,217
			$	123,312
Switzerland — 9.1%
ABB, Ltd.		1,129	$	26,905
Adecco Group AG		251		17,960
Baloise Holding AG		130		16,739
Nestle SA		1,967		144,111
Novartis AG		1,573		116,131
Roche Holding AG PC		563		133,402
Sonova Holding AG		198		26,216
Swatch Group AG (The)		56		19,847
Swiss Re AG		78		7,289
Swisscom AG		56		24,704
Syngenta AG		91		38,676
Zurich Insurance Group AG		129		37,149
			$	609,129
United Kingdom — 12.3%
AstraZeneca PLC		838	$	44,472
Berkeley Group Holdings PLC		637		22,499
British American Tobacco PLC		519		32,037
Compass Group PLC		2,420		43,069
Diageo PLC		1,514		42,056

23 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United Kingdom (continued)
GlaxoSmithKline PLC		3,841	$	74,227
HSBC Holdings PLC		9,035		77,077
Imperial Brands PLC		626		29,001
Lloyds Banking Group PLC		65,650		53,846
National Grid PLC		2,607		30,536
Persimmon PLC		838		20,411
Randgold Resources, Ltd.		978		83,248
Reckitt Benckiser Group PLC		454		38,956
Rio Tinto PLC		982		43,505
Sage Group PLC (The)		1,525		11,795
Segro PLC		3,449		20,035
Shire PLC		938		52,224
Smith & Nephew PLC		806		12,057
Taylor Wimpey PLC		12,761		26,941
Vodafone Group PLC		24,307		59,541
William Hill PLC		2,498		8,148
			$	825,681
Total Common Stocks (identified cost $5,137,418)			$	5,452,961
Exchange-Traded Funds — 8.5%
Security	Shares		Value
Equity Funds — 8.5%
iShares MSCI Australia ETF		3,493	$	74,191
iShares MSCI Chile Capped ETF		328		12,753
iShares MSCI Emerging Markets ETF		1,939		72,402
iShares MSCI India ETF		127		3,602
iShares MSCI Malaysia ETF		684		19,980
iShares MSCI Mexico Capped ETF		276		12,367
iShares MSCI Poland Capped ETF		623		12,578
iShares MSCI South Africa ETF		74		4,060
iShares MSCI South Korea Capped ETF		1,065		61,642
iShares MSCI Taiwan Capped ETF		1,482		46,713
VanEck Vectors Gold Miners ETF		9,868		236,141
WisdomTree India Earnings Fund		608		13,029
Total Exchange-Traded Funds (identified cost $569,080)			$	569,458

Short-Term Investments — 4.6%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.90%(3)		309,482	$	309,513
Total Short-Term Investments (identified cost $309,513)			$	309,513
Total Investments — 94.3% (identified cost $6,016,011)			$	6,331,932
Other Assets, Less Liabilities — 5.7%			$	381,627
Net Assets — 100.0%			$	6,713,559

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 January 31, 2017, the aggregate value of these securities is $5,103 or 0.1% 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, 2017.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		20.4	%	$	1,370,922
Consumer Discretionary		12.7			854,968
Health Care		11.3			759,838
Consumer Staples		8.5			572,978
Telecommunication Services		7.9			531,053
Industrials		7.4			494,138
Materials		4.7			313,615
Utilities		4.3			292,150
Real Estate		1.6			106,257
Energy		1.4			91,826
Information Technology		1.0			65,216
Common Stocks		81.2	%	$	5,452,961
Exchange-Traded Funds		8.5			569,458
Short-Term Investments		4.6			309,513
Total Investments		94.3	%	$	6,331,932

24 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
CHF	50,176	USD	49,241	State Street Bank and Trust Company		3/15/17	$	1,581	$	—
CHF	14,904	USD	14,650	State Street Bank and Trust Company		3/15/17		446		—
DKK	72,941	USD	10,436	State Street Bank and Trust Company		3/15/17		172		—
EUR	596,186	USD	633,567	State Street Bank and Trust Company		3/15/17		11,147		—
EUR	765,789	USD	821,406	State Street Bank and Trust Company		3/15/17		6,716		—
EUR	54,250	USD	58,061	State Street Bank and Trust Company		3/15/17		605		—
EUR	12,195	USD	12,799	State Street Bank and Trust Company		3/15/17		388		—
EUR	34,617	USD	37,068	State Street Bank and Trust Company		3/15/17		367		—
EUR	58,393	USD	62,900	State Street Bank and Trust Company		3/15/17		246		—
EUR	36,755	USD	39,527	State Street Bank and Trust Company		3/15/17		220		—
GBP	102,884	USD	126,016	State Street Bank and Trust Company		3/15/17		3,526		—
GBP	20,326	USD	24,675	State Street Bank and Trust Company		3/15/17		918		—
GBP	22,532	USD	27,605	State Street Bank and Trust Company		3/15/17		765		—
GBP	13,212	USD	16,404	State Street Bank and Trust Company		3/15/17		232		—
GBP	12,454	USD	15,499	State Street Bank and Trust Company		3/15/17		182		—
GBP	397,068	USD	503,700	State Street Bank and Trust Company		3/15/17		—		(3,748	)
HKD	6,667,908	USD	859,289	State Street Bank and Trust Company		3/15/17		495		—
HKD	5,484,449	USD	707,027	State Street Bank and Trust Company		3/15/17		158		—
ILS	175,248	USD	46,043	State Street Bank and Trust Company		3/15/17		494		—
JPY	23,540,855	USD	203,712	State Street Bank and Trust Company		3/15/17		5,078		—
JPY	22,149,399	USD	195,125	State Street Bank and Trust Company		3/15/17		1,324		—
JPY	22,117,117	USD	195,033	State Street Bank and Trust Company		3/15/17		1,129		—
JPY	5,329,171	USD	46,238	State Street Bank and Trust Company		3/15/17		1,028		—
JPY	27,191,974	USD	240,916	State Street Bank and Trust Company		3/15/17		256		—
NOK	166,953	USD	19,767	State Street Bank and Trust Company		3/15/17		481		—
NZD	17,978	USD	12,876	State Street Bank and Trust Company		3/15/17		298		—
SEK	505,625	USD	57,384	State Street Bank and Trust Company		3/15/17		536		—
USD	50,122	AUD	66,609	State Street Bank and Trust Company		3/15/17		—		(345	)
USD	322,739	AUD	432,051	State Street Bank and Trust Company		3/15/17		—		(4,609	)
USD	13,863	CAD	18,205	State Street Bank and Trust Company		3/15/17		—		(134	)
USD	44,473	CAD	58,409	State Street Bank and Trust Company		3/15/17		—		(433	)
USD	37,103	CAD	49,032	State Street Bank and Trust Company		3/15/17		—		(594	)
USD	28,826	CHF	28,839	State Street Bank and Trust Company		3/15/17		—		(384	)
USD	17,342	CHF	17,786	State Street Bank and Trust Company		3/15/17		—		(673	)
USD	162,107	CHF	163,924	State Street Bank and Trust Company		3/15/17		—		(3,927	)
USD	27,103	DKK	187,524	State Street Bank and Trust Company		3/15/17		—		(169	)
USD	31,531	EUR	30,050	State Street Bank and Trust Company		3/15/17		—		(965	)
USD	114,729	EUR	110,212	State Street Bank and Trust Company		3/15/17		—		(4,454	)
USD	312,336	EUR	297,753	State Street Bank and Trust Company		3/15/17		—		(9,653	)
USD	626,923	EUR	589,221	State Street Bank and Trust Company		3/15/17		—		(10,259	)
USD	310,840	EUR	297,753	State Street Bank and Trust Company		3/15/17		—		(11,148	)
USD	35,403	GBP	28,063	State Street Bank and Trust Company		3/15/17		68		—
USD	11,347	GBP	9,000	State Street Bank and Trust Company		3/15/17		15		—
USD	16,820	GBP	13,580	State Street Bank and Trust Company		3/15/17		—		(278	)
USD	123,116	GBP	99,316	State Street Bank and Trust Company		3/15/17		—		(1,934	)
USD	694,451	HKD	5,382,906	State Street Bank and Trust Company		3/15/17		360		—

25 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	11,444	HKD	88,837	State Street Bank and Trust Company		3/15/17	$	—	$	(11	)
USD	680,665	HKD	5,280,295	State Street Bank and Trust Company		3/15/17		—		(195	)
USD	10,270	JPY	1,210,482	State Street Bank and Trust Company		3/15/17		—		(466	)
USD	37,826	JPY	4,429,209	State Street Bank and Trust Company		3/15/17		—		(1,458	)
USD	201,300	JPY	23,597,081	State Street Bank and Trust Company		3/15/17		—		(7,988	)
USD	392,358	JPY	45,147,776	State Street Bank and Trust Company		3/15/17		—		(8,069	)
USD	12,103	MXN	247,691	State Street Bank and Trust Company		3/15/17		295		—
USD	19,692	SGD	27,903	State Street Bank and Trust Company		3/15/17		—		(114	)
USD	11,220	ZAR	156,152	State Street Bank and Trust Company		3/15/17		—		(284	)
CNY	62,915	USD	8,943	State Street Bank and Trust Company		3/22/17		171		—
CNY	45,000	USD	6,493	State Street Bank and Trust Company		3/22/17		26		—
USD	13,322	BRL	45,443	State Street Bank and Trust Company		3/22/17		—		(921	)
USD	8,460	CLP	5,708,917	State Street Bank and Trust Company		3/22/17		—		(314	)
USD	101,887	CNY	717,488	State Street Bank and Trust Company		3/22/17		—		(2,048	)
USD	32,846	INR	2,250,278	State Street Bank and Trust Company		3/22/17		—		(306	)
USD	89,238	KRW	106,523,628	State Street Bank and Trust Company		3/22/17		—		(3,282	)
USD	16,145	MYR	72,555	State Street Bank and Trust Company		3/22/17		—		(190	)
USD	49,433	TWD	1,585,512	State Street Bank and Trust Company		3/22/17		—		(1,562	)
							$	39,723	$	(80,915	)

Futures Contracts
Description	Contracts		Position		Expiration Month/Year		Aggregate Cost		Value		Net Unrealized Appreciation (Depreciation)
Equity Futures
E-mini MSCI Emerging Markets Index		1		Long		Mar-17	$	43,962	$	45,756	$	1,794
Euro Stoxx 50 Index		4		Long		Mar-17		141,747		140,252		(1,495	)
											$	299

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

Abbreviations:

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PC	–	Participation Certificate
PFC Shares	–	Preference Shares

26 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2017

Portfolio of Investments (Unaudited) — continued

Currency Abbreviations:

AUD	–	Australian Dollar
BRL	–	Brazilian Real
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
CLP	–	Chilean Peso
CNY	–	Yuan Renminbi
DKK	–	Danish Krone
EUR	–	Euro
GBP	–	British Pound Sterling
HKD	–	Hong Kong Dollar
ILS	–	Israeli Shekel
INR	–	Indian Rupee

JPY	–	Japanese Yen
KRW	–	South Korean Won
MXN	–	Mexican Peso
MYR	–	Malaysian Ringgit
NOK	–	Norwegian Krone
NZD	–	New Zealand Dollar
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
TWD	–	New Taiwan Dollar
USD	–	United States Dollar
ZAR	–	South African Rand

27 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Statements of Assets and Liabilities (Unaudited)

	January 31, 2017
Assets	Emerging Markets Equity Fund			Global Equity Fund		International Equity Fund
Unaffiliated investments, at value (identified cost, $4,639,721, $70,519,414 and $5,706,498, respectively)	$	4,528,864		$	75,806,568	$	6,022,419
Affiliated investment, at value (identified cost, $477,785, $5,323,327 and $309,513, respectively)		477,760			5,323,280		309,513
Cash		35,412			2,651,106		167,670
Restricted cash*		13,200			798,277		12,413
Foreign currency, at value (identified cost, $66,910, $3,309,353 and $198,749, respectively)		68,635			3,352,918		200,482
Dividends receivable		8,349			70,687		3,918
Dividends receivable from affiliated investment		301			3,027		150
Receivable for investments sold		27,633			925,598		146,754
Receivable for Fund shares sold		—			137,358		—
Receivable for variation margin on open financial futures contracts		424			33,548		787
Receivable for open forward foreign currency exchange contracts		63,709			414,941		39,723
Tax reclaims receivable		—			63,185		17,747
Receivable from affiliates		14,742			13,922		4,694
Total assets	$	5,239,029		$	89,594,415	$	6,926,270
Liabilities
Payable for investments purchased	$	25,141		$	1,153,118	$	83,395
Payable for Fund shares redeemed		2,382			21,466		1,188
Payable for open forward foreign currency exchange contracts		59,050			965,021		80,915
Payable to affiliates:
Investment adviser and administration fee		4,230			57,629		4,532
Distribution and service fees		125			4,513		218
Accrued expenses		47,282			46,815		42,463
Total liabilities	$	138,210		$	2,248,562	$	212,711
Net Assets	$	5,100,819		$	87,345,853	$	6,713,559
Sources of Net Assets
Paid-in capital	$	6,075,683		$	81,075,589	$	6,940,877
Accumulated net realized gain (loss)		(739,279	)		959,701		(532,327	)
Accumulated undistributed (distributions in excess of) net investment income		(138,962	)		443,444		29,318
Net unrealized appreciation (depreciation)		(96,623	)		4,867,119		275,691
Total	$	5,100,819		$	87,345,853	$	6,713,559
Class A Shares
Net Assets	$	606,354		$	11,821,292	$	1,043,639
Shares Outstanding		71,789			986,800		98,865
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.45		$	11.98	$	10.56
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	8.97		$	12.71	$	11.20
Class C Shares
Net Assets	$	—		$	2,319,788	$	—
Shares Outstanding		—			194,250		—
Net Asset Value and Offering Price Per Share**
(net assets ÷ shares of beneficial interest outstanding)	$	—		$	11.94	$	—
Class I Shares
Net Assets	$	4,494,465		$	73,204,773	$	5,669,920
Shares Outstanding		528,531			6,104,885		535,515
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	8.50		$	11.99	$	10.59

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

* Represents restricted cash on deposit at the custodian and the broker for open derivative contracts.

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

28 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Statements of Operations (Unaudited)

	Six Months Ended January 31, 2017
Investment Income	Emerging Markets Equity Fund			Global Equity Fund			International Equity Fund
Dividends (net of foreign taxes, $4,032, $12,716 and $3,004, respectively)	$	27,378		$	767,389		$	60,709
Interest allocated from/dividends from affiliated investment		848			13,329			745
Expenses allocated from affiliated investment		(3	)		(93	)		(8	)
Total investment income	$	28,223		$	780,625		$	61,446
Expenses
Investment adviser and administration fee	$	26,067		$	294,032		$	26,305
Distribution and service fees
Class A		874			12,169			1,109
Class C		—			2,941			—
Trustees’ fees and expenses		395			2,655			445
Custodian fee		31,183			49,252			31,365
Transfer and dividend disbursing agent fees		845			1,575			1,389
Legal and accounting services		22,979			25,464			20,107
Printing and postage		2,504			5,172			3,121
Registration fees		16,972			25,647			15,827
Miscellaneous		6,752			11,321			3,529
Total expenses	$	108,571		$	430,228		$	103,197
Deduct —
Allocation of expenses to affiliates	$	76,417		$	70,832		$	70,782
Total expense reductions	$	76,417		$	70,832		$	70,782
Net expenses	$	32,154		$	359,396		$	32,415
Net investment income (loss)	$	(3,931	)	$	421,229		$	29,031
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	(161,491	)	$	1,784,856		$	(23,206	)
Investment transactions in/allocated from affiliated investment		41			526			47
Financial futures contracts		1,605			782,498			37,405
Foreign currency and forward foreign currency exchange contract transactions		121,368			455,958			3,070
Net realized gain (loss)	$	(38,477	)	$	3,023,838		$	17,316
Change in unrealized appreciation (depreciation) —
Investments	$	108,580		$	(2,078,787	)	$	53,084
Investments — affiliated investment		(25	)		(47	)		—
Financial futures contracts		(4,227	)		(75,575	)		(16,774	)
Foreign currency and forward foreign currency exchange contracts		(8,473	)		(267,698	)		(11,926	)
Net change in unrealized appreciation (depreciation)	$	95,855		$	(2,422,107	)	$	24,384
Net realized and unrealized gain	$	57,378		$	601,731		$	41,700
Net increase in net assets from operations	$	53,447		$	1,022,960		$	70,731

29 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Statements of Changes in Net Assets

	Six Months Ended January 31, 2017 (Unaudited)
Increase (Decrease) in Net Assets	Emerging Markets Equity Fund			Global Equity Fund			International Equity Fund
From operations —
Net investment income (loss)	$	(3,931	)	$	421,229		$	29,031
Net realized gain (loss) from investment transactions, financial futures contracts and foreign currency and forward foreign currency exchange contract transactions		(38,477	)		3,023,838			17,316
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts, foreign currency and forward foreign currency exchange contracts		95,855			(2,422,107	)		24,384
Net increase in net assets from operations	$	53,447		$	1,022,960		$	70,731
Distributions to shareholders —
From net investment income
Class A	$	(16,481	)	$	(48,263	)	$	(15,359	)
Class C		—			(14,706	)		—
Class I		(111,754	)		(443,903	)		(111,561	)
From net realized gain
Class A		—			(314,703	)		—
Class C		—			(68,565	)		—
Class I		—			(2,049,405	)		—
Total distributions to shareholders	$	(128,235	)	$	(2,939,545	)	$	(126,920	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	131,708		$	6,248,265		$	326,592
Class C		—			2,330,530			—
Class I		87,422			21,481,519			37,014
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		16,434			362,966			15,353
Class C		—			83,271			—
Class I		5,267			834,539			7,520
Cost of shares redeemed
Class A		(220,971	)		(1,582,211	)		(111,261	)
Class C		—			(12,873	)		—
Class I		(2,382	)		(4,671,601	)		(23,958	)
Net increase in net assets from Fund share transactions	$	17,478		$	25,074,405		$	251,260
Net increase (decrease) in net assets	$	(57,310	)	$	23,157,820		$	195,071
Net Assets
At beginning of period	$	5,158,129		$	64,188,033		$	6,518,488
At end of period	$	5,100,819		$	87,345,853		$	6,713,559
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of period	$	(138,962	)	$	443,444		$	29,318

30 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Statements of Changes in Net Assets — continued

	Year Ended July 31, 2016
Increase (Decrease) in Net Assets	Emerging Markets Equity Fund			Global Equity Fund			International Equity Fund
From operations —
Net investment income	$	59,571		$	1,034,668		$	134,703
Net realized gain (loss) from investment transactions, financial futures contracts, foreign currency and forward foreign currency exchange contract transactions and capital gain distributions received		(493,030	)		1,246,013			(435,826	)
Net change in unrealized appreciation (depreciation) from investments, financial futures contracts, foreign currency and forward foreign currency exchange contracts		263,962			2,806,789			(185,865	)
Net increase (decrease) in net assets from operations	$	(169,497	)	$	5,087,470		$	(486,988	)
Distributions to shareholders —
From net investment income
Class A	$	—		$	(141,512	)	$	(3,728	)
Class I		—			(1,327,793	)		(57,139	)
From net realized gain
Class A		—			(282,426	)		(7,532	)
Class I		—			(2,283,959	)		(76,634	)
Total distributions to shareholders	$	—		$	(4,035,690	)	$	(145,033	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	211,919		$	3,407,908		$	183,381
Class I		209,848			10,193,573			1,375,836
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		—			423,938			11,184
Class I		—			850,285			39,612
Cost of shares redeemed
Class A		(105,995	)		(5,810,211	)		(218,864	)
Class I		(363,353	)		(12,950,970	)		(3,955,914	)
Net decrease in net assets from Fund share transactions	$	(47,581	)	$	(3,885,477	)	$	(2,564,765	)
Net decrease in net assets	$	(217,078	)	$	(2,833,697	)	$	(3,196,786	)
Net Assets
At beginning of year	$	5,375,207		$	67,021,730		$	9,715,274
At end of year	$	5,158,129		$	64,188,033		$	6,518,488
Accumulated undistributed (distributions in excess of) net investment income included in net assets
At end of year	$	(6,796	)	$	529,087		$	127,207

31 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Financial Highlights

	Emerging Markets Equity Fund — Class A
	Six Months Ended January 31, 2017 (Unaudited)			Year Ended July 31,									Period Ended July 31, 2013(1)
				2016			2015			2014
Net asset value — Beginning of period	$	8.550		$	8.820		$	10.940		$	9.720		$	10.000
Income (Loss) From Operations
Net investment income (loss)(2)	$	(0.017	)	$	0.084		$	0.067		$	0.082		$	0.123
Net realized and unrealized gain (loss)		0.112			(0.354	)		(1.810	)		1.258			(0.325	)
Total income (loss) from operations	$	0.095		$	(0.270	)	$	(1.743	)	$	1.340		$	(0.202	)
Less Distributions
From net investment income	$	(0.195	)	$	—		$	(0.104	)	$	—		$	(0.052	)
From net realized gain		—			—			(0.273	)		(0.120	)		(0.026	)
Total distributions	$	(0.195	)	$	—		$	(0.377	)	$	(0.120	)	$	(0.078	)
Net asset value — End of period	$	8.450		$	8.550		$	8.820		$	10.940		$	9.720
Total Return(3)(4)		1.22	%(5)		(3.06	)%		(16.05	)%		13.75	%		(2.09	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	606		$	696		$	610		$	636		$	186
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.45	%(6)		1.45	%		1.65	%		1.75	%		1.75	%(6)
Net investment income (loss)		(0.39	)%(6)		1.05	%		0.68	%		0.79	%		1.32	%(6)
Portfolio Turnover		29	%(5)		39	%		77	%		62	%		52	%(5)

⁽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⁾  The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 2.93%, 2.87%, 2.28%, 1.92% and 2.74% of average daily net assets for the six months ended January 31, 2017, the years ended July 31, 2016, 2015 and 2014 and the period from the start of business, August 29, 2012, to July 31, 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

32 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Financial Highlights — continued

	Emerging Markets Equity Fund — Class I
	Six Months Ended January 31, 2017 (Unaudited)			Year Ended July 31,									Period Ended July 31, 2013(1)
				2016			2015			2014
Net asset value — Beginning of period	$	8.610		$	8.870		$	10.990		$	9.740		$	10.000
Income (Loss) From Operations
Net investment income (loss)(2)	$	(0.005	)	$	0.100		$	0.087		$	0.087		$	0.089
Net realized and unrealized gain (loss)		0.108			(0.360	)		(1.809	)		1.283			(0.267	)
Total income (loss) from operations	$	0.103		$	(0.260	)	$	(1.722	)	$	1.370		$	(0.178	)
Less Distributions
From net investment income	$	(0.213	)	$	—		$	(0.125	)	$	—		$	(0.056	)
From net realized gain		—			—			(0.273	)		(0.120	)		(0.026	)
Total distributions	$	(0.213	)	$	—		$	(0.398	)	$	(0.120	)	$	(0.082	)
Net asset value — End of period	$	8.500		$	8.610		$	8.870		$	10.990		$	9.740
Total Return(3)(4)		1.32	%(5)		(2.93	)%		(15.78	)%		14.03	%		(1.85	)%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,494		$	4,462		$	4,765		$	6,091		$	5,199
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.20	%(6)		1.20	%		1.40	%		1.50	%		1.50	%(6)
Net investment income (loss)		(0.11	)%(6)		1.24	%		0.88	%		0.83	%		0.94	%(6)
Portfolio Turnover		29	%(5)		39	%		77	%		62	%		52	%(5)

⁽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⁾  The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 2.93%, 2.87%, 2.25%, 1.92% and 2.74% of average daily net assets for the six months ended January 31, 2017, the years ended July 31, 2016, 2015 and 2014 and the period from the start of business, August 29, 2012, to July 31, 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

33 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Financial Highlights — continued

	Global Equity Fund — Class A
	Six Months Ended January 31, 2017 (Unaudited)			Year Ended July 31,									Period Ended July 31, 2013(1)
				2016			2015			2014
Net asset value — Beginning of period	$	12.290		$	12.120		$	12.160		$	11.400		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.055		$	0.163		$	0.153		$	0.199		$	0.129
Net realized and unrealized gain		0.073			0.716			0.361			1.050			1.396	(3)
Total income from operations	$	0.128		$	0.879		$	0.514		$	1.249		$	1.525
Less Distributions
From net investment income	$	(0.058	)	$	(0.237	)	$	(0.174	)	$	(0.144	)	$	(0.075	)
From net realized gain		(0.380	)		(0.472	)		(0.380	)		(0.345	)		(0.050	)
Total distributions	$	(0.438	)	$	(0.709	)	$	(0.554	)	$	(0.489	)	$	(0.125	)
Net asset value — End of period	$	11.980		$	12.290		$	12.120		$	12.160		$	11.400
Total Return(4)		1.04	%(5)(6)		7.95	%(6)		4.30	%(6)		11.12	%		15.41	%(3)(5)(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	11,821		$	7,041		$	8,861		$	12,425		$	15,456
Ratios (as a percentage of average daily net assets):
Expenses		1.18	%(6)(7)		1.20	%(6)		1.30	%(6)		1.40	%		1.40	%(6)(7)
Net investment income		0.91	%(7)		1.42	%		1.26	%		1.68	%		1.26	%(7)
Portfolio Turnover		46	%(5)		83	%		87	%		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⁾  The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 0.19%, 0.19%, 0.13% and 0.21% of average daily net assets for the six months ended January 31, 2017, the years ended July 31, 2016 and 2015 and the period from the start of business, August 29, 2012, to July 31, 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Annualized.

34 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Financial Highlights — continued

	Global Equity Fund — Class C
	Period Ended January 31, 2017 (Unaudited)(1)
Net asset value — Beginning of period	$	11.920
Income (Loss) From Operations
Net investment loss(2)	$	(0.000	)(3)
Net realized and unrealized gain		0.481
Total income from operations	$	0.481
Less Distributions
From net investment income	$	(0.081	)
From net realized gain		(0.380	)
Total distributions	$	(0.461	)
Net asset value — End of period	$	11.940
Total Return(4)(5)		4.03	%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,320
Ratios (as a percentage of average daily net assets):
Expenses(5)		1.93	%(7)
Net investment loss		(0.01	)%(7)
Portfolio Turnover		46	%(6)(8)

⁽¹⁾  For the period from the start of business, December 1, 2016, to January 31, 2017.

⁽²⁾  Computed using average shares outstanding.

⁽³⁾  Amount is less than $(0.0005).

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

⁽⁵⁾  The investment adviser and administrator and/or sub-adviser reimbursed certain operating expenses (equal to 0.19% of average daily net assets for the period from the start of business, December 1, 2016, to January 31, 2017). Absent this reimbursement, total return would be lower.

⁽⁶⁾  Not annualized.

⁽⁷⁾  Annualized.

⁽⁸⁾  For the six months ended January 31, 2017.

35 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Financial Highlights — continued

	Global Equity Fund — Class I
	Six Months Ended January 31, 2017 (Unaudited)			Year Ended July 31,									Period Ended July 31,  2013(1)
				2016			2015			2014
Net asset value — Beginning of period	$	12.310		$	12.150		$	12.200		$	11.430		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.072		$	0.191		$	0.188		$	0.227		$	0.172
Net realized and unrealized gain		0.070			0.715			0.353			1.055			1.383	(3)
Total income from operations	$	0.142		$	0.906		$	0.541		$	1.282		$	1.555
Less Distributions
From net investment income	$	(0.082	)	$	(0.274	)	$	(0.211	)	$	(0.167	)	$	(0.075	)
From net realized gain		(0.380	)		(0.472	)		(0.380	)		(0.345	)		(0.050	)
Total distributions	$	(0.462	)	$	(0.746	)	$	(0.591	)	$	(0.512	)	$	(0.125	)
Net asset value — End of period	$	11.990		$	12.310		$	12.150		$	12.200		$	11.430
Total Return(4)		1.15	%(5)(6)		8.21	%(6)		4.53	%(6)		11.40	%		15.71	%(3)(5)(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	73,205		$	57,147		$	58,161		$	42,075		$	51,144
Ratios (as a percentage of average daily net assets):
Expenses		0.93	%(6)(7)		0.95	%(6)		1.02	%(6)		1.15	%		1.15	%(6)(7)
Net investment income		1.19	%(7)		1.66	%		1.54	%		1.91	%		1.72	%(7)
Portfolio Turnover		46	%(5)		83	%		87	%		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⁾  The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 0.19%, 0.19%, 0.14% and 0.21% of average daily net assets for the six months ended January 31, 2017, the years ended July 31, 2016 and 2015 and the period from the start of business, August 29, 2012, to July 31, 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Annualized.

36 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Financial Highlights — continued

	International Equity Fund — Class A
	Six Months Ended January 31, 2017 (Unaudited)			Year Ended July 31,									Period Ended July 31, 2013(1)
				2016			2015			2014
Net asset value — Beginning of period	$	10.640		$	11.180		$	11.660		$	11.220		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.034		$	0.160		$	0.160		$	0.319	(3)	$	0.236
Net realized and unrealized gain (loss)		0.071			(0.538	)		(0.268	)		0.845			1.118	(4)
Total income (loss) from operations	$	0.105		$	(0.378	)	$	(0.108	)	$	1.164		$	1.354
Less Distributions
From net investment income	$	(0.185	)	$	(0.054	)	$	(0.219	)	$	(0.256	)	$	(0.066	)
From net realized gain		—			(0.108	)		(0.153	)		(0.468	)		(0.068	)
Total distributions	$	(0.185	)	$	(0.162	)	$	(0.372	)	$	(0.724	)	$	(0.134	)
Net asset value — End of period	$	10.560		$	10.640		$	11.180		$	11.660		$	11.220
Total Return(5)(6)		1.02	%(7)		(3.31	)%		(0.70	)%		10.34	%		13.75	%(4)(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,044		$	818		$	883		$	503		$	64
Ratios (as a percentage of average daily net assets):
Expenses(6)		1.20	%(8)		1.20	%		1.31	%		1.40	%		1.40	%(8)
Net investment income		0.65	%(8)		1.55	%		1.43	%		2.74	%(3)		2.34	%(8)
Portfolio Turnover		51	%(7)		88	%		95	%		69	%		97	%(7)

⁽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 includes 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⁾  The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 2.15%, 1.88%, 1.62%, 1.71% and 3.18% of average daily net assets for the six months ended January 31, 2017, the years ended July 31, 2016, 2015 and 2014 and the period from the start of business, August 29, 2012, to July 31, 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Not annualized.

⁽⁸⁾  Annualized.

37 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Financial Highlights — continued

	International Equity Fund — Class I
	Six Months Ended January 31, 2017 (Unaudited)			Year Ended July 31,									Period Ended July 31,  2013(1)
				2016			2015			2014
Net asset value — Beginning of period	$	10.680		$	11.230		$	11.700		$	11.250		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.049		$	0.177		$	0.176		$	0.321	(3)	$	0.181
Net realized and unrealized gain (loss)		0.070			(0.538	)		(0.250	)		0.864			1.209	(4)
Total income (loss) from operations	$	0.119		$	(0.361	)	$	(0.074	)	$	1.185		$	1.390
Less Distributions
From net investment income	$	(0.209	)	$	(0.081	)	$	(0.243	)	$	(0.267	)	$	(0.072	)
From net realized gain		—			(0.108	)		(0.153	)		(0.468	)		(0.068	)
Total distributions	$	(0.209	)	$	(0.189	)	$	(0.396	)	$	(0.735	)	$	(0.140	)
Net asset value — End of period	$	10.590		$	10.680		$	11.230		$	11.700		$	11.250
Total Return(5)(6)		1.15	%(7)		(3.13	)%		(0.48	)%		10.70	%		14.02	%(4)(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	5,670		$	5,701		$	8,832		$	8,765		$	6,544
Ratios (as a percentage of average daily net assets):
Expenses(6)		0.95	%(8)		0.95	%		1.08	%		1.15	%		1.15	%(8)
Net investment income		0.92	%(8)		1.70	%		1.57	%		2.75	%(3)		1.84	%(8)
Portfolio Turnover		51	%(7)		88	%		95	%		69	%		97	%(7)

⁽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 includes 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⁾  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.

⁽⁶⁾  The investment adviser and administrator and/or the sub-adviser reimbursed certain operating expenses (equal to 2.15%, 1.88%, 1.61%, 1.71% and 3.18% of average daily net assets for six months ended January 31, 2017, the years ended July 31, 2016, 2015 and 2014 and the period from the start of business, August 29, 2012, to July 31, 2013, respectively). Absent this reimbursement, total return would be lower.

⁽⁷⁾  Not annualized.

⁽⁸⁾  Annualized.

38 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Hexavest Emerging Markets Equity Fund (Emerging Markets Equity Fund), Eaton Vance Hexavest Global Equity Fund (Global Equity Fund) and Eaton Vance Hexavest International Equity Fund (International Equity Fund), (each individually referred to as the Fund, and collectively, the Funds) are 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 Funds’ investment objective is long-term capital appreciation. The Emerging Markets Equity Fund and International Equity Fund each offers two classes of shares. The Global Equity Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). Each 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, 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 Funds’ 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 Funds’ 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.

Affiliated Fund. The Funds may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service. Prior to Cash Reserves Fund’s issuance of units in October 2016, the value of the Funds’ investment in Cash Reserves Fund reflected the Funds’ proportionate interest in its net assets and the Funds recorded their pro-rata share of Cash Reserves Fund’s income, expenses and realized gain or loss.

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 a Fund in a manner that fairly reflects the security’s value, or the amount that a 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 a Fund is informed of the ex-dividend date. Distributions from investment companies are

39

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Funds’ understanding of the applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

D  Federal Taxes — Each 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, 2017, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each 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  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.

G  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.

H  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 Funds. 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, each Fund enters into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Fund that have not yet occurred.

I  Financial Futures Contracts — Upon entering into a financial futures contract, a 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.

J  Forward Foreign Currency Exchange Contracts — The Funds 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, 2017 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Funds’ 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 each 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 a 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

40

Eaton Vance

Hexavest Equity Funds

January 31, 2017

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.

At July 31, 2016, the following Funds, for federal income tax purposes, had deferred capital losses which would reduce the respective Fund’s taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of a Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. The amounts of the deferred capital losses are as follows:

	Emerging Markets Equity Fund		International Equity Fund
Deferred capital losses
Short-term	$	275,561	$	305,447
Long-term	$	392,829	$	167,967

The cost and unrealized appreciation (depreciation) of investments of each Fund at January 31, 2017, as determined on a federal income tax basis, were as follows:

	Emerging Markets Equity Fund			Global Equity Fund			International Equity Fund
Aggregate cost	$	5,138,206		$	76,372,717		$	6,097,345
Gross unrealized appreciation	$	433,479		$	6,962,073		$	480,965
Gross unrealized depreciation		(565,061	)		(2,204,942	)		(246,378	)
Net unrealized appreciation (depreciation)	$	(131,582	)	$	4,757,131		$	234,587

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 each Fund. The fee is based upon a percentage of average daily net assets as presented in the following table and is payable monthly.

	Annual Rate
Daily Net Assets	Emerging Markets Equity Fund			Global Equity Fund			International Equity Fund
Up to $500 million		1.00	%		0.80	%		0.80	%

On net assets of $500 million and over, the annual fees are reduced. For the six months ended January 31, 2017, investment adviser and administration fees incurred by the Funds and the effective annual rates, as a percentage of average daily net assets, were as follows:

	Emerging Markets Equity Fund			Global Equity Fund			International Equity Fund
Investment Adviser and Administration Fee	$	26,067		$	294,032		$	26,305
Effective Annual Rate		1.00	%		0.80	%		0.80	%

Pursuant to a sub-advisory agreement, EVM has delegated the investment management of each Fund to Hexavest Inc. (Hexavest), an affiliate of EVM and a registered investment adviser. EVM pays Hexavest a portion of its investment adviser and administration fee for sub-advisory services provided to each Fund. The Funds invest their cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

41

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

EVM and Hexavest have agreed to reimburse each Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.45% and 1.20% of Emerging Markets Equity Fund’s average daily net assets for Class A and Class I, respectively, 1.18%, 1.93% and 0.93% of Global Equity Fund’s average daily net assets for Class A, Class C and Class I, respectively, and 1.20% and 0.95% of International Equity Fund’s average daily net assets for Class A and Class I, respectively. These agreements may be changed or terminated after November 30, 2017. Pursuant to these agreements, EVM and Hexavest were allocated $76,417, $70,832 and $70,782 in total of operating expenses of Emerging Markets Equity Fund, Global Equity Fund and International Equity Fund, respectively, for the six months ended January 31, 2017.

EVM provides sub-transfer agency and related services to the Funds pursuant to a Sub-Transfer Agency Support Services Agreement. Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Funds’ principal underwriter, received a portion of the sales charge on sales of Class A shares of the Funds. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5). Sub-transfer agent fees earned by EVM, which are included in transfer and dividend disbursing agent fees on the Statements of Operations, and Class A sales charges that the Funds were informed were received by EVD for the six months ended January 31, 2017 were as follows:

	Emerging Markets Equity Fund		Global Equity Fund		International Equity Fund
EVM’s Sub-Transfer Agent Fees	$	145	$	490	$	207
EVD’s Class A Sales Charges	$	205	$	2,349	$	665

Trustees and officers of the Funds who are members of EVM’s organization receive remuneration for their services to the Funds out of the investment adviser and administration fee. Trustees of the Funds 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, 2017, no significant amounts have been deferred. Certain officers and Trustees of the Funds are officers of EVM.

4  Distribution Plans

Each 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, each 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 each 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, 2017 for Class A shares amounted to the following:

	Emerging Markets Equity Fund		Global Equity Fund		International Equity Fund
Class A Distribution and Service Fees	$	874	$	12,169	$	1,109

The Global Equity Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Global Equity Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended January 31, 2017, Global Equity Fund paid or accrued to EVD $2,206 for Class C shares.

Pursuant to the Class C Plan, Global Equity Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended January 31, 2017 amounted to $735 for Class C shares.

Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or

42

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

capital gain distributions. For the six months ended January 31, 2017, the Funds were informed that EVD received no CDSCs paid by Class C shareholders and approximately the following amounts of CDSCs paid by Class A shareholders:

	Emerging Markets Equity Fund		Global Equity Fund		International Equity Fund
Class A	$	—	$	20	$	—

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended January 31, 2017 were as follows:

	Emerging Markets Equity Fund		Global Equity Fund		International Equity Fund
Purchases	$	1,297,422	$	48,440,092	$	3,214,336
Sales	$	1,347,650	$	29,233,420	$	3,049,494

7  Shares of Beneficial Interest

Each 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 Funds) and classes. Transactions in Fund shares were as follows:

Emerging Markets Equity Fund
	Six Months Ended January 31, 2017 (Unaudited)
	Class A			Class I
Sales		15,587			10,144
Issued to shareholders electing to receive payments of distributions in Fund shares		2,036			648
Redemptions		(27,203	)		(280	)
Net increase (decrease)		(9,580	)		10,512
	Year Ended July 31, 2016
	Class A			Class I
Sales		26,319			26,201
Redemptions		(14,074	)		(45,595	)
Net increase (decrease)		12,245			(19,394	)

43

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

At January 31, 2017, EVM owned 83.2% of the value of the outstanding shares of Emerging Markets Equity Fund.

Global Equity Fund
	Six Months Ended January 31, 2017 (Unaudited)
	Class A			Class C(1)			Class I
Sales		514,927			188,328			1,780,219
Issued to shareholders electing to receive payments of distributions in Fund shares		30,272			6,963			69,545
Redemptions		(131,229	)		(1,041	)		(386,937	)
Net increase		413,970			194,250			1,462,827
				Year Ended July 31, 2016
				Class A			Class I
Sales					304,650			904,184
Issued to shareholders electing to receive payments of distributions in Fund shares					38,645			77,510
Redemptions					(501,515	)		(1,127,016	)
Net decrease					(158,220	)		(145,322	)

⁽¹⁾  For the period from the start of business, December 1, 2016, to January 31, 2017.

At January 31, 2017, an Eaton Vance mutual fund, an Eaton Vance collective investment trust and donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 64.7% of the value of the outstanding shares of Global Equity Fund.

International Equity Fund
	Six Months Ended January 31, 2017 (Unaudited)
	Class A			Class I
Sales		31,193			3,488
Issued to shareholders electing to receive payments of distributions in Fund shares		1,483			725
Redemptions		(10,637	)		(2,325	)
Net increase		22,039			1,888
	Year Ended July 31, 2016
	Class A			Class I
Sales		17,939			129,594
Issued to shareholders electing to receive payments of distributions in Fund shares		1,104			3,899
Redemptions		(21,190	)		(386,406	)
Net decrease		(2,147	)		(252,913	)

At January 31, 2017, EVM owned 78.7% of the value of the outstanding shares of International Equity Fund.

8  Financial Instruments

The Funds may trade in financial instruments with off-balance sheet risk in the normal course of their 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 a Fund has in

44

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

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, 2017 is included in the Portfolio of Investments. At January 31, 2017, the Funds had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing their investment objectives, the Funds are subject to the following risks:

Equity Price Risk:  The Funds enter into equity index futures contracts to enhance return.

Foreign Exchange Risk:  The Funds enter into forward foreign currency exchange contracts to enhance return.

The Funds enter into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in a Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by a Fund for those derivatives in a liability position. At January 31, 2017, the fair values of derivatives with credit-related contingent features in a net liability position were as follows:

Emerging Markets Equity Fund		Global Equity Fund		International Equity Fund
	$59,050	$	965,021	$	80,915

The aggregate fair value of assets pledged as collateral by Global Equity Fund for such liability was $590,000 at January 31, 2017.

The over-the-counter (OTC) derivatives in which the Funds invest are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, each Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative counterparty. The ISDA Master Agreement is a bilateral agreement between a Fund and the counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the ISDA Master Agreement. Under the ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. The ISDA Master Agreement allows the counterparty to OTC derivatives to terminate derivative contracts prior to maturity in the event each Fund’s net assets decline by a stated percentage or a Fund fails to meet the terms of its ISDA Master Agreement, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under the ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under the ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to the counterparty is subject to a minimum transfer threshold amount before a transfer is required. Collateral pledged for the benefit of a Fund and/or counterparty is held in segregated accounts by each Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as restricted cash and, in the case of cash pledged by the counterparty for the benefit of a Fund, a corresponding liability on the Statements of Assets and Liabilities. Securities pledged by a Fund as collateral, if any, are identified as such in the Portfolio of Investments.

45

Eaton Vance

Hexavest Equity Funds

January 31, 2017

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, 2017 was as follows:

Emerging Markets Equity Fund
		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Financial futures contracts	$	7,485	(1)	$	—
Foreign Exchange	Forward foreign currency exchange contracts	$	63,709	(2)	$	(59,050	)(3)
Total		$	71,194		$	(59,050	)
Derivatives not subject to master netting or similar agreement		$	7,485		$	—
Total Derivatives subject to master netting or similar agreement		$	63,709		$	(59,050	)
Global Equity Fund
		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Financial futures contracts	$	104,335	(1)	$	(14,828	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		414,941	(2)		(965,021	)(3)
Total		$	519,276		$	(979,849	)
Derivatives not subject to master netting or similar agreement		$	104,335		$	(14,828	)
Total Derivatives subject to master netting or similar agreement		$	414,941		$	(965,021	)
International Equity Fund
		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Financial futures contracts	$	1,794	(1)	$	(1,495	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		39,723	(2)		(80,915	)(3)
Total		$	41,517		$	(82,410	)
Derivatives not subject to master netting or similar agreement		$	1,794		$	(1,495	)
Total Derivatives subject to master netting or similar agreement		$	39,723		$	(80,915	)

⁽¹⁾  Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statements of Assets and Liabilities as Receivable for variation margin.

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

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

46

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

Each Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statements of Assets and Liabilities, are presented in the tables above. The following tables present each 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 each Fund for assets and pledged by each Fund for liabilities as of January 31, 2017.

Emerging Markets Equity Fund
Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank and Trust Company	$	63,709		$	(59,050	)	$	—	$	—	$	4,659
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
State Street Bank and Trust Company	$	(59,050	)	$	59,050		$	—	$	—	$	—
Global Equity Fund
Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank and Trust Company	$	414,941		$	(414,941	)	$	—	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
State Street Bank and Trust Company	$	(965,021	)	$	414,941		$	—	$	550,080	$	—
International Equity Fund
Counterparty	Derivative Assets Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Received(a)		Cash Collateral Received(a)		Net Amount of Derivative Assets(b)
State Street Bank and Trust Company	$	39,723		$	(39,723	)	$	—	$	—	$	—
Counterparty	Derivative Liabilities Subject to Master Netting Agreement			Derivatives Available for Offset			Non-cash Collateral Pledged(a)		Cash Collateral Pledged(a)		Net Amount of Derivative Liabilities(c)
State Street Bank and Trust Company	$	(80,915	)	$	39,723		$	—	$	—	$	(41,192	)

^(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.

47

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statements of Operations by risk exposure for the six months ended January 31, 2017 was as follows:

Emerging Markets Equity Fund
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	$	1,605	$	(4,227	)
Foreign Exchange	Forward foreign currency exchange contracts		129,753		(8,731	)
Total		$	131,358	$	(12,958	)
Global Equity Fund
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	$	782,498	$	(75,575	)
Foreign Exchange	Forward foreign currency exchange contracts		535,291		(313,802	)
Total		$	1,317,789	$	(389,377	)
International Equity Fund
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	$	37,405	$	(16,774	)
Foreign Exchange	Forward foreign currency exchange contracts		15,122		(9,393	)
Total		$	52,527	$	(26,167	)

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

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

The average notional cost of futures contracts and average notional amount of other derivative contracts outstanding during the six months ended January 31, 2017, which are indicative of the volume of these derivative types, were approximately as follows:

	Emerging Markets Equity Fund		Global Equity Fund		International Equity Fund
Futures Contracts — Long	$	215,000	$	4,230,000	$	149,000
Forward Foreign Currency Exchange Contracts	$	3,960,000	$	48,944,000	$	6,038,000

9  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in a $625 million unsecured line of credit agreement with a group of banks, which is in effect through September 1, 2017. Borrowings are made by the Funds solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each 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 0.15% on the daily unused portion of the line of credit is allocated among the

48

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Funds, a Fund may be unable to borrow some or all of its requested amounts at any particular time. The Funds did not have any significant borrowings or allocated fees during the six months ended January 31, 2017.

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 a 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. The foregoing risks of foreign investing can be more significant in less developed countries characterized as emerging market countries.

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)

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, 2017, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

Emerging Markets Equity Fund
Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	395,992	$	2,798,629		$	—	$	3,194,621
Emerging Europe		—		351,725			—		351,725
Latin America		413,380		—			—		413,380
Middle East/Africa		—		164,391			—		164,391
Total Common Stocks	$	809,372	$	3,314,745	*	$	—	$	4,124,117
Exchange-Traded Funds	$	404,747	$	—		$	—	$	404,747
Short-Term Investments		—		477,760			—		477,760
Total Investments	$	1,214,119	$	3,792,505		$	—	$	5,006,624
Forward Foreign Currency Exchange Contracts	$	—	$	63,709		$	—	$	63,709
Futures Contracts		7,485		—			—		7,485
Total	$	1,221,604	$	3,856,214		$	—	$	5,077,818
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(59,050	)	$	—	$	(59,050	)
Total	$	—	$	(59,050	)	$	—	$	(59,050	)

49

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

Global Equity Fund
Asset Description	Level 1			Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	283,291		$	10,942,601		$	—	$	11,225,892
Developed Europe		367,171			13,027,396			—		13,394,567
Developed Middle East		57,567			—			—		57,567
Latin America		239,827			—			—		239,827
North America		42,958,906			—			—		42,958,906
Total Common Stocks	$	43,906,762		$	23,969,997	*	$	—	$	67,876,759
Exchange-Traded Funds	$	7,929,809		$	—		$	—	$	7,929,809
Short-Term Investments		—			5,323,280			—		5,323,280
Total Investments	$	51,836,571		$	29,293,277		$	—	$	81,129,848
Forward Foreign Currency Exchange Contracts	$	—		$	414,941		$	—	$	414,941
Futures Contracts		104,335			—			—		104,335
Total	$	51,940,906		$	29,708,218		$	—	$	81,649,124
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(965,021	)	$	—	$	(965,021	)
Futures Contracts		(11,125	)		(3,703	)		—		(14,828	)
Total	$	(11,125	)	$	(968,724	)	$	—	$	(979,849	)
International Equity Fund
Asset Description	Level 1			Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	32,101		$	1,888,129		$	—	$	1,920,230
Developed Europe		—			3,487,269			—		3,487,269
Developed Middle East		19,857			—			—		19,857
Latin America		25,605			—			—		25,605
Total Common Stocks	$	77,563		$	5,375,398	*	$	—	$	5,452,961
Exchange-Traded Funds	$	569,458		$	—		$	—	$	569,458
Short-Term Investments		—			309,513			—		309,513
Total Investments	$	647,021		$	5,684,911		$	—	$	6,331,932
Forward Foreign Currency Exchange Contracts	$	—		$	39,723		$	—	$	39,723
Futures Contracts		1,794			—			—		1,794
Total	$	648,815		$	5,724,634		$	—	$	6,373,449
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(80,915	)	$	—	$	(80,915	)
Futures Contracts		—			(1,495	)		—		(1,495	)
Total	$	—		$	(82,410	)	$	—	$	(82,410	)

* 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.

50

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Notes to Financial Statements (Unaudited) — continued

The Funds held no investments or other financial instruments as of July 31, 2016 whose fair value was determined using Level 3 inputs. At January 31, 2017, there were no investments transferred between Level 1 and Level 2 during the six months then ended for Emerging Markets Equity Fund. At January 31, 2017, the value of investments transferred between Level 1 and Level 2 during the six months then ended were not signifcant for Global Equity Fund and International Equity Fund.

12  Plan of Liquidation and Termination

On February 8, 2017, the Trustees of Emerging Markets Equity Fund (the Fund) approved a Plan of Liquidation and Termination for the Fund. On February 28, 2017, the Fund discontinued sales of its shares to new investors, with limited exceptions. Effective March 24, 2017, shares of the Fund will no longer be available for purchase or exchange. All of the Fund’s outstanding shares are expected to be redeemed and the Fund liquidated on or about March 31, 2017.

51

Eaton Vance

Hexavest Equity Funds

January 31, 2017

Officers and Trustees

Officers of Eaton Vance Hexavest Equity Funds

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 Equity Funds

William H. Park

Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Mark R. Fetting**

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Ralph F. Verni

Scott E. Wennerholm**

* Interested Trustee

** Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

52

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 (International) Limited, 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 typically 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.

53

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

21088    1.31.17

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

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Trust’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided

to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. Among other things, D&T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&T’s objectivity and impartiality in the planning and conduct of the audits of the Fund’s financial statements has not been compromised and that, notwithstanding the breach, D&T is in a position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.

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 24, 2017

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 24, 2017

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

Date: March 24, 2017