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, 2020

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Hexavest Equity Funds

Semiannual Report

January 31, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (eatonvance.com/funddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Funds electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-262-1122. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The adviser has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Funds. 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, the Funds’ 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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Semiannual Report January 31, 2020

Eaton Vance

Hexavest Equity Funds

Table of Contents

Performance and Fund Profile
Hexavest Global Equity Fund	2
Hexavest International Equity Fund	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	7
Officers and Trustees	41
Important Notices	42

Eaton Vance

Hexavest Global Equity Fund

January 31, 2020

Performance^1,2

Portfolio Managers Vital Proulx, CFA, Vincent Delisle, CFA, Jean-François Bérubé, Ph.D., Jean-Pierre Couture, Christian Crête, CFA, Marc Christopher Lavoie, CFA, Etienne Durocher-Dumais, CFA, and Kevin LeBlanc, CFA, each of Hexavest Inc.

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		08/29/2012		08/29/2012		3.74	%		8.16	%		6.23	%		7.69	%
Class A with 5.75% Maximum Sales Charge		—		—		–2.22			1.95			4.98			6.84
Class C at NAV		12/01/2016		08/29/2012		3.37			7.34			5.73			7.35
Class C with 1% Maximum Sales Charge		—		—		2.37			6.34			5.73			7.35
Class I at NAV		08/29/2012		08/29/2012		3.89			8.41			6.48			7.96
MSCI World Index		—		—		7.94	%		17.73	%		9.00	%		10.57	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
Gross									1.38	%		2.13	%		1.13	%
Net									1.15			1.90			0.90

Fund Profile

Equity Sector Allocation (% of net assets)⁴

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

Top 10 Holdings (% of net assets)^4,5

MSCI Emerging Markets Index Futures Contracts	3.7	%
FTSE China A50 Index Futures Contracts	1.9
JPMorgan Chase & Co.	1.2
Verizon Communications, Inc.	1.2
Walt Disney Co. (The)	1.2
Comcast Corp., Class A	1.1
Intel Corp.	1.1
Hang Seng Index Futures Contracts	1.1
Bank of America Corp.	1.0
Johnson & Johnson	1.0
Total	14.5	%

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Eaton Vance

Hexavest International Equity Fund

January 31, 2020

Performance^1,2

Portfolio Managers Vital Proulx, CFA, Vincent Delisle, CFA, Jean-François Bérubé, Ph.D., Jean-Pierre Couture, Christian Crête, CFA, Marc Christopher Lavoie, 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		3.04	%		3.41	%		2.83	%		4.19	%
Class A with 5.75% Maximum Sales Charge		—		—		–2.89			–2.56			1.61			3.36
Class I at NAV		08/29/2012		08/29/2012		3.11			3.67			3.08			4.45
MSCI EAFE Index		—		—		6.12	%		12.10	%		5.12	%		6.95	%
% Total Annual Operating Expense Ratios3											Class A			Class I
Gross												1.58	%		1.33	%
Net												1.15			0.90

Fund Profile

Equity Sector Allocation (% of net assets)⁴

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

Top 10 Holdings (% of net assets)^4,5

MSCI Emerging Markets Index Futures Contracts	3.4	%
Nestle SA	2.7
FTSE China A50 Index Futures Contracts	2.2
Roche Holding AG PC	2.1
Novartis AG	1.6
Total SA	1.6
Royal Dutch Shell PLC, Class A	1.5
Sumitomo Mitsui Financial Group, Inc.	1.5
Mitsubishi UFJ Financial Group, Inc.	1.5
Sanofi	1.4
Total	19.5	%

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

3

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Endnotes and Additional Disclosures

¹  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 for the Hexavest Global Equity Fund 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 11/30/20. 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  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.

⁵  Excludes cash and cash equivalents.

Fund profiles subject to change due to active management.

4

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 – January 31, 2020).

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 Global Equity Fund

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,037.40	$	5.99	**		1.17	%
Class C	$	1,000.00	$	1,033.70	$	9.82	**		1.92	%
Class I	$	1,000.00	$	1,038.90	$	4.72	**		0.92	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.30	$	5.94	**		1.17	%
Class C	$	1,000.00	$	1,015.50	$	9.73	**		1.92	%
Class I	$	1,000.00	$	1,020.50	$	4.67	**		0.92	%

* 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 184/366 (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, 2019.

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

5

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Fund Expenses — continued

Eaton Vance Hexavest International Equity Fund

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,030.40	$	5.87	**		1.15	%
Class I	$	1,000.00	$	1,031.10	$	4.59	**		0.90	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.40	$	5.84	**		1.15	%
Class I	$	1,000.00	$	1,020.60	$	4.57	**		0.90	%

* 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 184/366 (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, 2019.

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

6

Eaton Vance

Hexavest Global Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 88.1%
Security	Shares		Value
Australia — 1.7%
Australia and New Zealand Banking Group, Ltd.		2,797	$	47,611
BHP Group, Ltd.		1,868		47,903
Cimic Group, Ltd.		1,261		24,399
Commonwealth Bank of Australia		1,276		72,244
CSL, Ltd.		140		28,794
National Australia Bank, Ltd.		1,928		32,934
Newcrest Mining, Ltd.		2,891		57,878
Oil Search, Ltd.		7,868		37,606
Rio Tinto, Ltd.		782		50,743
Santos, Ltd.		10,313		59,191
South32, Ltd.		8,607		14,769
Westpac Banking Corp.		1,638		27,373
Woodside Petroleum, Ltd.		1,717		39,337
			$	540,782
Austria — 0.2%
OMV AG		1,097	$	54,514
			$	54,514
Belgium — 0.6%
Anheuser-Busch InBev SA/NV		804	$	60,654
KBC Group NV		595		43,658
UCB SA		797		73,342
			$	177,654
Canada — 6.7%
Agnico Eagle Mines, Ltd.		879	$	54,331
B2Gold Corp.		31,512		136,132
Bank of Montreal(1)		1,258		95,942
Bank of Nova Scotia (The)		2,347		128,186
Barrick Gold Corp.		8,015		148,442
Canadian Imperial Bank of Commerce		1,438		117,265
Canadian Natural Resources, Ltd.		7,151		201,118
First Quantum Minerals, Ltd.		6,910		54,094
Loblaw Cos., Ltd.		2,079		108,773
Lundin Mining Corp.		8,319		43,625
Manulife Financial Corp.		5,902		114,972
MEG Energy Corp.(2)		18,257		93,258
Metro, Inc.		2,126		86,669
Nutrien, Ltd.		2,223		94,890
Royal Bank of Canada		1,576		124,541
Suncor Energy, Inc.		5,077		155,180
Teck Resources, Ltd., Class B		6,440		83,140

Security	Shares		Value
Canada (continued)
Toronto-Dominion Bank (The)		2,568	$	141,925
Yamana Gold, Inc.		35,422		144,168
			$	2,126,651
Denmark — 0.4%
Novo Nordisk A/S, Class B		1,874	$	114,073
			$	114,073
Finland — 0.4%
Kone Oyj, Class B		1,111	$	71,701
Neste Oyj		519		20,665
Nokian Renkaat Oyj		1,290		34,687
			$	127,053
France — 2.8%
Air Liquide SA		442	$	63,908
BNP Paribas SA		1,104		58,587
Carrefour SA		4,090		69,210
Cie de Saint-Gobain		1,957		73,834
CNP Assurances		2,059		37,063
Danone SA		926		74,103
Dassault Aviation SA		12		14,597
Kering		40		24,441
LVMH Moet Hennessy Louis Vuitton SE		71		30,918
Natixis SA		15,857		66,962
Peugeot SA		1,653		34,036
Renault SA		1,062		41,538
Safran SA		291		46,920
Sanofi		632		60,949
Societe Generale SA		1,556		50,352
Thales SA		470		51,574
Total SA		1,641		79,901
			$	878,893
Germany — 1.8%
Allianz SE		306	$	73,055
BASF SE		615		41,510
Beiersdorf AG		278		31,518
Continental AG		312		35,605
Covestro AG(3)		1,091		45,978
Deutsche Telekom AG		3,435		55,633
Fresenius Medical Care AG & Co. KGaA		785		60,355
Hochtief AG		140		16,193
Merck KGaA		482		61,807

7 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Germany (continued)
SAP SE		586	$	76,315
Siemens AG		630		77,703
			$	575,672
Hong Kong — 1.5%
AIA Group, Ltd.		8,902	$	88,209
CK Infrastructure Holdings, Ltd.		1,656		11,554
CLP Holdings, Ltd.		7,000		72,797
Galaxy Entertainment Group, Ltd.		10,000		65,446
Melco Resorts & Entertainment, Ltd. ADR		2,565		51,736
MGM China Holdings, Ltd.		42,400		59,204
Sands China, Ltd.		14,000		67,512
SJM Holdings, Ltd.		42,000		46,826
			$	463,284
Italy — 1.1%
Assicurazioni Generali SpA		3,181	$	61,984
CNH Industrial NV		3,196		30,442
Eni SpA		5,433		76,103
Intesa Sanpaolo SpA		26,038		64,666
Leonardo SpA		1,177		14,460
Moncler SpA		614		26,428
UniCredit SpA		4,668		62,352
			$	336,435
Japan — 11.3%
ABC-Mart, Inc.(1)		700	$	44,909
Ain Holdings, Inc.		500		30,563
Ajinomoto Co., Inc.		2,100		34,587
Asahi Group Holdings, Ltd.		800		37,086
Astellas Pharma, Inc.		2,900		51,243
Bridgestone Corp.		900		31,877
Chubu Electric Power Co., Inc.		2,500		33,952
Concordia Financial Group, Ltd.		9,900		37,319
Dai-ichi Life Holdings, Inc.		1,850		27,456
Daifuku Co., Ltd.		600		36,127
Daito Trust Construction Co., Ltd.		300		35,339
FANUC Corp.(1)		200		36,426
Fujitsu, Ltd.		200		21,147
Hikari Tsushin, Inc.		200		49,161
Hitachi Construction Machinery Co., Ltd.		1,500		40,197
Honda Motor Co., Ltd.		1,500		38,363
Inpex Corp.		4,800		44,804
ITOCHU Corp.		1,500		35,041
JGC Holdings Corp.		2,400		34,479

Security	Shares		Value
Japan (continued)
JXTG Holdings, Inc.		6,900	$	29,347
Kajima Corp.		3,300		41,865
Kao Corp.		500		39,879
KDDI Corp.		900		27,197
Komatsu, Ltd.(1)		1,800		39,800
Kose Corp.		200		25,752
MINEBEA MITSUMI, Inc.		2,100		40,795
Mitsubishi Chemical Holdings Corp.(1)		7,100		51,312
Mitsubishi Corp.		1,800		46,144
Mitsubishi Electric Corp.		3,200		44,368
Mitsubishi Estate Co., Ltd.		2,000		39,169
Mitsubishi Motors Corp.		4,500		16,766
Mitsubishi UFJ Financial Group, Inc.		52,600		270,081
Mitsui Chemicals, Inc.		1,650		36,236
Mitsui Fudosan Co., Ltd.		1,200		31,783
Mitsui O.S.K. Lines, Ltd.		750		18,034
Mizuho Financial Group, Inc.		142,300		211,021
Murata Manufacturing Co., Ltd.		600		33,969
Nippon Suisan Kaisha, Ltd.		4,800		26,176
Nippon Yusen K.K.		1,100		17,516
Nissan Motor Co., Ltd.		4,600		24,961
Nitori Holdings Co., Ltd.		200		31,080
NSK, Ltd.		3,600		30,028
NTT Data Corp.		1,100		15,452
Obayashi Corp.		4,500		49,351
Omron Corp.		700		40,085
Ono Pharmaceutical Co., Ltd.		1,800		41,448
ORIX Corp.		1,850		31,251
Panasonic Corp.		5,400		53,665
Pola Orbis Holdings, Inc.		600		12,999
Qol Holdings Co., Ltd.		2,200		28,801
Rakuten, Inc.		3,100		23,915
Resona Holdings, Inc.		32,942		135,848
Seven & i Holdings Co., Ltd.(1)		800		30,675
Shimizu Corp.		4,000		41,027
Shionogi & Co., Ltd.		800		47,579
Shiseido Co., Ltd.		400		25,752
SMC Corp.		100		43,167
Sony Corp.		800		55,942
Subaru Corp.		1,700		42,521
Sumitomo Chemical Co., Ltd.		10,200		43,342
Sumitomo Corp.		2,300		34,212
Sumitomo Mitsui Financial Group, Inc.		7,100		249,632
Sumitomo Realty & Development Co., Ltd.		800		29,452
Sundrug Co., Ltd.		1,000		33,888
Suzuki Motor Corp.		1,100		50,331

8 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Japan (continued)
T&D Holdings, Inc.		5,000	$	53,296
Taiheiyo Cement Corp.		1,400		37,681
Taisei Corp.		800		31,939
Takeda Pharmaceutical Co., Ltd.		1,200		46,084
THK Co., Ltd.		1,600		39,890
Tokyo Gas Co., Ltd.		1,500		32,979
Tokyu Fudosan Holdings Corp.		3,900		27,492
Tosoh Corp.		2,908		41,017
Toyo Suisan Kaisha, Ltd.		800		33,517
Toyota Industries Corp.		800		43,270
Toyota Motor Corp.		600		41,717
Toyota Tsusho Corp.		750		25,929
Yaskawa Electric Corp.(1)		1,100		37,655
Z Holdings Corp.		7,900		31,378
			$	3,557,534
Luxembourg — 0.1%
ArcelorMittal SA		2,611	$	38,350
			$	38,350
Netherlands — 1.0%
ABN AMRO Bank NV(3)		2,812	$	48,944
Aegon NV		7,413		30,022
Akzo Nobel NV		614		57,942
ING Groep NV		6,308		68,487
Koninklijke Ahold Delhaize NV		1,796		44,076
Unilever NV		1,371		80,001
			$	329,472
Norway — 0.5%
DNB ASA		2,158	$	37,727
Equinor ASA		5,077		91,628
Telenor ASA		2,349		42,449
			$	171,804
Singapore — 0.8%
CapitaLand, Ltd.		11,000	$	28,987
City Developments, Ltd.		4,000		30,829
DBS Group Holdings, Ltd.		3,000		55,263
Oversea-Chinese Banking Corp., Ltd.		5,000		39,346
Singapore Telecommunications, Ltd.		12,000		28,868
United Overseas Bank, Ltd.		3,000		55,956
UOL Group, Ltd.		5,000		29,045
			$	268,294

Security	Shares		Value
Spain — 1.2%
ACS Actividades de Construccion y Servicios SA		457	$	15,194
Banco Bilbao Vizcaya Argentaria SA		13,653		70,676
CaixaBank SA		17,560		51,324
Iberdrola SA		5,928		64,860
Mapfre SA		15,553		39,802
Repsol SA		5,919		81,462
Telefonica SA		7,131		48,232
			$	371,550
Sweden — 0.3%
Atlas Copco AB, Class B		1,516	$	47,122
Telia Co. AB		3,105		13,278
Volvo AB, Class B		2,566		43,863
			$	104,263
Switzerland — 1.8%
Nestle SA		1,302	$	143,601
Novartis AG		1,105		104,387
Roche Holding AG PC		369		123,788
TE Connectivity, Ltd.		1,535		141,496
Zurich Insurance Group AG		158		65,589
			$	578,861
United Kingdom — 5.1%
Anglo American PLC		1,965	$	51,275
Antofagasta PLC		6,300		68,051
Associated British Foods PLC		1,487		51,471
AstraZeneca PLC		752		73,566
Aviva PLC		12,397		64,966
BAE Systems PLC		3,721		30,933
BHP Group PLC		2,379		51,783
BP PLC		11,736		70,652
BT Group PLC		23,175		49,181
Carnival PLC		605		24,709
Coca-Cola European Partners PLC		1,451		76,337
Diageo PLC		1,786		70,624
Direct Line Insurance Group PLC		7,620		33,938
GlaxoSmithKline PLC		2,366		55,552
HSBC Holdings PLC		8,858		64,399
Imperial Brands PLC		2,538		65,080
J Sainsbury PLC		22,087		58,912
Legal & General Group PLC		18,090		72,756
Lloyds Banking Group PLC		93,644		69,908
National Grid PLC		5,086		67,576
Reckitt Benckiser Group PLC		526		43,539

9 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United Kingdom (continued)
Rio Tinto PLC		963	$	51,496
Royal Bank of Scotland Group PLC		10,880		31,163
Royal Dutch Shell PLC, Class A		2,570		67,489
RSA Insurance Group PLC		4,231		30,697
Tesco PLC		23,154		75,309
Unilever PLC		987		58,876
Vodafone Group PLC		18,024		35,412
WM Morrison Supermarkets PLC		12,092		28,994
			$	1,594,644
United States — 48.8%
Abbott Laboratories		2,108	$	183,691
Accenture PLC, Class A		920		188,793
AES Corp. (The)		3,288		65,300
Aflac, Inc.		2,047		105,564
Agilent Technologies, Inc.		1,484		122,519
American Express Co.		1,197		155,454
Amgen, Inc.		602		130,062
Apple, Inc.		770		238,323
AT&T, Inc.		2,789		104,922
AutoZone, Inc.(2)		118		124,839
Bank of America Corp.		10,010		328,628
Biogen, Inc.(2)		437		117,487
Boeing Co. (The)		468		148,950
BorgWarner, Inc.		2,160		74,066
Bristol-Myers Squibb Co.		3,256		204,965
Broadcom, Inc.		622		189,810
Capital One Financial Corp.		1,062		105,988
Caterpillar, Inc.		1,078		141,595
CBRE Group, Inc., Class A(2)		2,000		122,100
Celanese Corp.		837		86,630
Centene Corp.(2)		2,286		143,584
Chevron Corp.		1,321		141,532
Cigna Corp.		1,124		216,235
Cisco Systems, Inc.		5,969		274,395
Citigroup, Inc.		3,298		245,404
Citizens Financial Group, Inc.		2,336		87,086
Comcast Corp., Class A		7,981		344,699
Comerica, Inc.		1,029		62,934
Concho Resources, Inc.		1,548		117,307
ConocoPhillips		2,620		155,707
Continental Resources, Inc.		1,090		29,670
Corteva, Inc.		1,976		57,146
Cummins, Inc.		627		100,301
CVS Health Corp.		3,023		205,020
D.R. Horton, Inc.		2,383		141,074

Security	Shares		Value
United States (continued)
Devon Energy Corp.		6,162	$	133,839
Discover Financial Services		2,072		155,669
Dollar General Corp.		751		115,211
Dow, Inc.		1,976		91,034
DTE Energy Co.		549		72,803
DuPont de Nemours, Inc.		1,610		82,400
Eastman Chemical Co.		1,322		94,219
Eli Lilly & Co.		692		96,631
EOG Resources, Inc.		2,381		173,599
Exelon Corp.		1,746		83,092
Exxon Mobil Corp.		2,010		124,861
Fifth Third Bancorp		4,970		141,396
Freeport-McMoRan, Inc.		12,545		139,249
Garmin, Ltd.		1,410		136,700
Goldman Sachs Group, Inc. (The)		763		181,403
Hartford Financial Services Group, Inc. (The)		2,102		124,607
Home Depot, Inc. (The)		940		214,414
Honeywell International, Inc.		760		131,647
Illinois Tool Works, Inc.		711		124,411
Ingersoll-Rand PLC		876		116,709
Intel Corp.		5,235		334,674
Johnson & Johnson		2,015		299,973
JPMorgan Chase & Co.		2,922		386,756
KeyCorp		7,873		147,304
Keysight Technologies, Inc.(2)		1,780		165,522
Laboratory Corp. of America Holdings(2)		525		92,085
Lennar Corp., Class A		2,079		137,962
Lowe’s Cos., Inc.		1,062		123,447
LyondellBasell Industries NV, Class A		1,086		84,556
Marathon Oil Corp.		12,781		145,320
Masco Corp.		1,110		52,747
Mastercard, Inc., Class A		433		136,802
McDonald’s Corp.		590		126,242
Medtronic PLC		1,865		215,296
Merck & Co., Inc.		2,371		202,578
Micron Technology, Inc.(2)		2,466		130,920
Microsoft Corp.		1,716		292,115
Mondelez International, Inc., Class A		3,207		184,018
Morgan Stanley		3,005		157,041
NetApp, Inc.		1,427		76,202
Newmont Corp.		2,394		107,874
O’Reilly Automotive, Inc.(2)		311		126,297
Occidental Petroleum Corp.		3,060		121,543
Oracle Corp.		2,165		113,554
Pfizer, Inc.		5,065		188,621
Pioneer Natural Resources Co.		870		117,450

10 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United States (continued)
PNC Financial Services Group, Inc. (The)		1,305	$	193,858
Procter & Gamble Co. (The)		817		101,815
PulteGroup, Inc.		3,494		156,007
Quest Diagnostics, Inc.		644		71,271
Regeneron Pharmaceuticals, Inc.(2)		367		124,024
Regions Financial Corp.		7,322		114,004
Ross Stores, Inc.		1,164		130,589
Starbucks Corp.		1,301		110,364
Sysco Corp.		2,176		178,737
Truist Financial Corp.		2,768		142,746
Tyson Foods, Inc., Class A		1,763		145,677
U.S. Bancorp		3,688		196,275
Ulta Beauty, Inc.(2)		470		125,918
United Parcel Service, Inc., Class B		1,073		111,077
Verizon Communications, Inc.		6,278		373,164
Walmart, Inc.		1,800		206,082
Walt Disney Co. (The)		2,678		370,394
Westinghouse Air Brake Technologies Corp.		1,235		91,217
Whirlpool Corp.		690		100,857
Xylem, Inc.		1,265		103,300
Zoetis, Inc.		1,191		159,844
			$	15,369,793
Total Common Stocks (identified cost $25,374,450)			$	27,779,576
Short-Term Investments — 8.6%
Description	Shares/ Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.74%(4)		2,541,579	$	2,541,833
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62%(5)		170,730		170,730
Total Short-Term Investments (identified cost $2,712,436)			$	2,712,563
Total Investments — 96.7% (identified cost $28,086,886)			$	30,492,139
Other Assets, Less Liabilities — 3.3%			$	1,029,018
Net Assets — 100.0%			$	31,521,157

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

⁽¹⁾  All or a portion of this security was on loan at January 31, 2020. The aggregate market value of securities on loan at January 31, 2020 was $252,940.

⁽²⁾  Non-income producing security.

⁽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, 2020, the aggregate value of these securities is $94,922 or 0.3% 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, 2020.

⁽⁵⁾  Represents investment of cash collateral received in connection with securities lending.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		20.6	%	$	6,488,865
Health Care		11.8			3,716,853
Consumer Discretionary		9.6			3,035,551
Information Technology		7.8			2,469,574
Energy		7.8			2,463,083
Industrials		7.8			2,444,879
Consumer Staples		7.6			2,403,751
Materials		7.5			2,353,104
Communication Services		4.8			1,524,807
Utilities		1.6			504,913
Real Estate		1.2			374,196
Short-Term Investments		8.6			2,712,563
Total Investments		96.7	%	$	30,492,139

11 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
AUD	143,346	USD	98,372	State Street Bank and Trust Company		3/18/20	$	—	$	(2,341	)
AUD	2,252,983	USD	1,547,213	State Street Bank and Trust Company		3/18/20		—		(37,886	)
CAD	75,650	USD	57,665	State Street Bank and Trust Company		3/18/20		—		(504	)
CAD	101,193	USD	77,010	State Street Bank and Trust Company		3/18/20		—		(548	)
CAD	286,418	USD	218,843	State Street Bank and Trust Company		3/18/20		—		(2,425	)
CHF	251,675	USD	258,511	State Street Bank and Trust Company		3/18/20		3,563		—
CHF	110,067	USD	112,848	State Street Bank and Trust Company		3/18/20		1,767		—
CHF	86,066	USD	88,374	State Street Bank and Trust Company		3/18/20		1,248		—
CHF	54,987	USD	56,482	State Street Bank and Trust Company		3/18/20		778		—
CHF	75,674	USD	78,826	State Street Bank and Trust Company		3/18/20		—		(25	)
DKK	352,629	USD	52,650	State Street Bank and Trust Company		3/18/20		—		(160	)
EUR	66,929	USD	74,641	State Street Bank and Trust Company		3/18/20		—		(217	)
EUR	175,017	USD	195,885	State Street Bank and Trust Company		3/18/20		—		(1,270	)
EUR	1,707,344	USD	1,903,783	State Street Bank and Trust Company		3/18/20		—		(5,255	)
EUR	713,098	USD	800,012	State Street Bank and Trust Company		3/18/20		—		(7,063	)
GBP	201,124	USD	264,483	State Street Bank and Trust Company		3/18/20		1,405		—
GBP	95,189	USD	126,454	State Street Bank and Trust Company		3/18/20		—		(613	)
HKD	2,401,351	USD	308,822	State Street Bank and Trust Company		3/18/20		154		—
HKD	1,021,243	USD	131,342	State Street Bank and Trust Company		3/18/20		59		—
JPY	19,213,994	USD	176,691	State Street Bank and Trust Company		3/18/20		1,044		—
JPY	18,481,882	USD	170,920	State Street Bank and Trust Company		3/18/20		43		—
SEK	1,951,762	USD	206,143	State Street Bank and Trust Company		3/18/20		—		(2,991	)
USD	716,132	AUD	1,049,247	State Street Bank and Trust Company		3/18/20		13,216		—
USD	102,692	AUD	148,078	State Street Bank and Trust Company		3/18/20		3,491		—
USD	163,947	CAD	215,000	State Street Bank and Trust Company		3/18/20		1,493		—
USD	2,424,914	CAD	3,208,404	State Street Bank and Trust Company		3/18/20		642		—
USD	243,464	CHF	238,522	State Street Bank and Trust Company		3/18/20		—		(4,914	)
USD	135,129	EUR	120,717	State Street Bank and Trust Company		3/18/20		895		—
USD	270,131	EUR	242,154	State Street Bank and Trust Company		3/18/20		861		—
USD	177,705	EUR	159,922	State Street Bank and Trust Company		3/18/20		—		(125	)
USD	127,982	EUR	115,721	State Street Bank and Trust Company		3/18/20		—		(698	)
USD	71,764	GBP	54,316	State Street Bank and Trust Company		3/18/20		—		(43	)
USD	106,226	GBP	81,876	State Street Bank and Trust Company		3/18/20		—		(2,016	)
USD	245,141	HKD	1,911,550	State Street Bank and Trust Company		3/18/20		—		(813	)
USD	115,617	HKD	905,597	State Street Bank and Trust Company		3/18/20		—		(903	)
USD	358,399	JPY	38,709,644	State Street Bank and Trust Company		3/18/20		324		—
USD	113,559	JPY	12,360,076	State Street Bank and Trust Company		3/18/20		—		(775	)
USD	929,761	JPY	101,258,359	State Street Bank and Trust Company		3/18/20		—		(6,908	)
USD	62,069	NOK	569,572	State Street Bank and Trust Company		3/18/20		134		—
USD	134,400	SGD	182,545	State Street Bank and Trust Company		3/18/20		614		—
BRL	2,581,375	USD	633,311	State Street Bank and Trust Company		3/26/20		—		(32,166	)
KRW	175,173,527	USD	150,544	State Street Bank and Trust Company		3/26/20		—		(3,982	)
KRW	527,515,185	USD	454,754	State Street Bank and Trust Company		3/26/20		—		(13,398	)
USD	215,999	CNY	1,496,226	State Street Bank and Trust Company		3/26/20		2,479		—

12 See Notes to Financial Statements.

Eaton Vance

Hexavest Global Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	153,218	CNY	1,075,589	State Street Bank and Trust Company		3/26/20	$	—	$	(275	)
USD	181,096	CNY	1,271,729	State Street Bank and Trust Company		3/26/20		—		(387	)
							$	34,210	$	(128,701	)

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/Unrealized Appreciation (Depreciation)
Equity Futures
Euro Stoxx 50 Index		4		Long		3/20/20	$	160,872	$	(5,051	)
FTSE China A50 Index		47		Long		2/27/20		583,953		(83,096	)
Hang Seng Index		2		Long		2/27/20		334,538		(14,457	)
MSCI Emerging Markets Index		22		Long		3/20/20		1,155,110		(69,419	)
									$	(172,023	)

Abbreviations:

ADR	–	American Depositary Receipt
PC	–	Participation Certificate

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
JPY	–	Japanese Yen
KRW	–	South Korean Won
NOK	–	Norwegian Krone
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
USD	–	United States Dollar

13 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited)

Common Stocks — 89.7%
Security	Shares		Value
Australia — 3.7%
Australia and New Zealand Banking Group, Ltd.		4,313	$	73,418
BHP Group, Ltd.		3,769		96,652
Cimic Group, Ltd.		2,248		43,497
Commonwealth Bank of Australia		1,968		111,423
CSL, Ltd.		323		66,431
National Australia Bank, Ltd.		10,156		173,486
Newcrest Mining, Ltd.		25,636		513,234
Oil Search, Ltd.		28,804		137,673
Rio Tinto, Ltd.(1)		2,148		139,380
Santos, Ltd.		18,200		104,457
South32, Ltd.		36,754		63,066
Westpac Banking Corp.		5,220		87,234
Woodside Petroleum, Ltd.		10,403		238,338
			$	1,848,289
Austria — 0.3%
OMV AG		3,489	$	173,383
			$	173,383
Belgium — 1.4%
Anheuser-Busch InBev SA/NV		3,440	$	259,514
KBC Group NV		2,066		151,593
UCB SA		2,973		273,582
			$	684,689
Canada — 1.5%
Barrick Gold Corp.		16,059	$	297,420
First Quantum Minerals, Ltd.		12,711		99,506
Pan American Silver Corp.		9,767		224,446
Yamana Gold, Inc.		33,443		136,113
			$	757,485
Denmark — 0.9%
Novo Nordisk A/S, Class B		7,853	$	478,025
			$	478,025
Finland — 0.8%
Kone Oyj, Class B		3,024	$	195,160
Neste Oyj		2,955		117,662
Nokian Renkaat Oyj		3,173		85,318
			$	398,140

Security	Shares		Value
France — 9.4%
Air Liquide SA		1,733	$	250,574
BNP Paribas SA		9,000		477,608
Carrefour SA		11,001		186,155
Cie de Saint-Gobain		8,587		323,973
CNP Assurances		4,972		89,497
Danone SA		4,579		366,432
Dassault Aviation SA		59		71,770
Kering		210		128,314
LVMH Moet Hennessy Louis Vuitton SE		728		317,024
Natixis SA		39,159		165,364
Peugeot SA		5,975		123,027
Renault SA		2,708		105,919
Safran SA		1,433		231,053
Sanofi		7,242		698,406
Societe Generale SA		3,827		123,840
Thales SA		2,859		313,721
Total SA		16,130		785,381
			$	4,758,058
Germany — 5.7%
Allianz SE		2,102	$	501,839
BASF SE		6,563		442,981
Beiersdorf AG		406		46,030
Continental AG		851		97,114
Covestro AG(2)		3,139		132,286
Deutsche Telekom AG		17,825		288,690
Fresenius Medical Care AG & Co. KGaA		1,981		152,309
Hochtief AG		794		91,838
Merck KGaA		2,350		301,339
SAP SE		1,512		196,909
Siemens AG		4,979		614,100
			$	2,865,435
Hong Kong — 4.0%
AIA Group, Ltd.		42,925	$	425,341
CLP Holdings, Ltd.		33,500		348,385
Galaxy Entertainment Group, Ltd.		61,000		399,220
Melco Resorts & Entertainment, Ltd. ADR		17,612		355,234
MGM China Holdings, Ltd.		102,800		143,542
Sands China, Ltd.		60,800		293,196
SJM Holdings, Ltd.		69,000		76,928
			$	2,041,846

14 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Italy — 3.4%
Assicurazioni Generali SpA		16,187	$	315,414
CNH Industrial NV		15,277		145,513
Eni SpA		31,104		435,692
Intesa Sanpaolo SpA		178,488		443,278
Leonardo SpA		5,803		71,296
Moncler SpA		1,448		62,325
UniCredit SpA		17,479		233,472
			$	1,706,990
Japan — 25.8%
ABC-Mart, Inc.(1)		1,400	$	89,818
Ain Holdings, Inc.		900		55,013
Ajinomoto Co., Inc.		3,800		62,585
Asahi Group Holdings, Ltd.		1,700		78,809
Astellas Pharma, Inc.		6,700		118,390
Bridgestone Corp.		4,000		141,676
Chubu Electric Power Co., Inc.		5,600		76,052
Concordia Financial Group, Ltd.		36,900		139,098
Dai-ichi Life Holdings, Inc.		6,200		92,015
Daifuku Co., Ltd.		4,200		252,886
Daito Trust Construction Co., Ltd.		1,000		117,797
FANUC Corp.(1)		1,700		309,621
Fujitsu, Ltd.		200		21,147
Hikari Tsushin, Inc.		400		98,322
Hitachi Construction Machinery Co., Ltd.		5,100		136,669
Honda Motor Co., Ltd.		8,900		227,621
Inpex Corp.		14,200		132,545
ITOCHU Corp.		11,600		270,987
JGC Holdings Corp.		3,800		54,591
JXTG Holdings, Inc.		11,300		48,061
Kajima Corp.		15,500		196,639
Kao Corp.		1,900		151,539
KDDI Corp.		12,300		371,694
Komatsu, Ltd.(1)		7,300		161,410
Kose Corp.		1,200		154,513
MINEBEA MITSUMI, Inc.		6,800		132,097
Mitsubishi Chemical Holdings Corp.		21,750		157,187
Mitsubishi Corp.		10,800		276,865
Mitsubishi Electric Corp.		11,900		164,995
Mitsubishi Estate Co., Ltd.		12,100		236,972
Mitsubishi Motors Corp.		6,900		25,708
Mitsubishi UFJ Financial Group, Inc.		144,900		744,006
Mitsui Chemicals, Inc.		9,350		205,338
Mitsui Fudosan Co., Ltd.		3,400		90,051
Mitsui O.S.K. Lines, Ltd.		2,500		60,112

Security	Shares		Value
Japan (continued)
Mizuho Financial Group, Inc.		203,700	$	302,073
Murata Manufacturing Co., Ltd.		2,800		158,521
Nippon Suisan Kaisha, Ltd.		11,300		61,623
Nippon Yusen K.K.		3,700		58,919
Nissan Motor Co., Ltd.		8,600		46,666
Nitori Holdings Co., Ltd.		500		77,700
NSK, Ltd.		7,600		63,393
NTT Data Corp.		1,700		23,880
NTT DoCoMo, Inc.		5,250		149,165
Obayashi Corp.		24,100		264,304
Omron Corp.		1,100		62,991
Ono Pharmaceutical Co., Ltd.		7,300		168,096
ORIX Corp.		6,400		108,112
Panasonic Corp.		11,900		118,262
Pola Orbis Holdings, Inc.		6,400		138,654
Qol Holdings Co., Ltd.		3,200		41,893
Rakuten, Inc.		7,500		57,858
Resona Holdings, Inc.		60,036		247,579
Seven & i Holdings Co., Ltd.(1)		7,500		287,575
Shimizu Corp.		23,900		245,138
Shionogi & Co., Ltd.		1,200		71,369
Shiseido Co., Ltd.		1,900		122,323
SMC Corp.		200		86,334
Sony Corp.		7,800		545,429
Subaru Corp.		3,700		92,546
Sumitomo Chemical Co., Ltd.		42,550		180,803
Sumitomo Corp.		12,750		189,652
Sumitomo Mitsui Financial Group, Inc.		21,900		769,991
Sumitomo Realty & Development Co., Ltd.		1,700		62,586
Sundrug Co., Ltd.		2,500		84,720
Suzuki Motor Corp.		1,900		86,936
T&D Holdings, Inc.		18,900		201,461
Taiheiyo Cement Corp.		6,000		161,489
Taisei Corp.		1,500		59,886
Takeda Pharmaceutical Co., Ltd.		8,900		341,790
THK Co., Ltd.		2,800		69,807
Tokyo Gas Co., Ltd.		4,200		92,341
Tokyu Fudosan Holdings Corp.		20,200		142,397
Tosoh Corp.		12,561		177,172
Toyo Suisan Kaisha, Ltd.		2,000		83,792
Toyota Industries Corp.		2,500		135,219
Toyota Motor Corp.		9,900		688,324
Toyota Tsusho Corp.		2,600		89,887
Yaskawa Electric Corp.(1)		3,500		119,811
Z Holdings Corp.		9,300		36,939
			$	13,028,235

15 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Luxembourg — 0.2%
ArcelorMittal SA		6,829	$	100,304
			$	100,304
Netherlands — 3.4%
ABN AMRO Bank NV(2)		6,663	$	115,972
Aegon NV		18,450		74,721
Akzo Nobel NV		1,804		170,239
ING Groep NV		49,026		532,285
Koninklijke Ahold Delhaize NV		7,701		188,994
Unilever NV		10,753		627,461
			$	1,709,672
Norway — 1.4%
DNB ASA		6,974	$	121,923
Equinor ASA		23,157		417,928
Telenor ASA		9,030		163,182
			$	703,033
Singapore — 1.7%
CapitaLand, Ltd.		19,000	$	50,068
City Developments, Ltd.		13,000		100,195
DBS Group Holdings, Ltd.		12,000		221,053
Oversea-Chinese Banking Corp., Ltd.		21,000		165,251
Singapore Telecommunications, Ltd.		17,000		40,896
United Overseas Bank, Ltd.		8,000		149,217
UOL Group, Ltd.		21,000		121,990
			$	848,670
Spain — 3.7%
ACS Actividades de Construccion y Servicios SA		2,597	$	86,343
Banco Bilbao Vizcaya Argentaria SA		88,743		459,386
CaixaBank SA		75,354		220,242
Iberdrola SA		37,243		407,488
Mapfre SA		47,705		122,085
Repsol SA		23,079		317,631
Telefonica SA		37,007		250,304
			$	1,863,479
Sweden — 0.7%
Atlas Copco AB, Class B		4,981	$	154,826
Telia Co. AB		7,190		30,748
Volvo AB, Class B		9,789		167,331
			$	352,905

Security	Shares		Value
Switzerland — 7.1%
Alcon, Inc.(3)		1,916	$	113,193
Nestle SA		12,570		1,386,378
Novartis AG		8,511		804,018
Roche Holding AG PC		3,088		1,035,926
Zurich Insurance Group AG		585		242,844
			$	3,582,359
United Kingdom — 14.2%
Anglo American PLC		5,274	$	137,620
Antofagasta PLC		16,826		181,751
Associated British Foods PLC		4,294		148,631
AstraZeneca PLC		4,852		474,659
Aviva PLC		32,824		172,014
BAE Systems PLC		18,342		152,476
BHP Group PLC		9,502		206,826
BP PLC		82,493		496,616
BT Group PLC		85,176		180,755
Carnival PLC		1,489		60,813
Coca-Cola European Partners PLC		4,242		223,172
Diageo PLC		13,866		548,305
Direct Line Insurance Group PLC		28,126		125,269
GlaxoSmithKline PLC		6,429		150,949
HSBC Holdings PLC		93,047		676,469
Imperial Brands PLC		5,838		149,699
J Sainsbury PLC		79,522		212,105
Legal & General Group PLC		43,040		173,103
Lloyds Banking Group PLC		487,312		363,795
National Grid PLC		9,061		120,391
Reckitt Benckiser Group PLC		1,929		159,670
Rio Tinto PLC		5,466		292,290
Royal Bank of Scotland Group PLC		37,707		108,001
Royal Dutch Shell PLC, Class A		29,409		772,291
RSA Insurance Group PLC		15,660		113,617
Tesco PLC		103,192		335,634
Unilever PLC		2,310		137,795
Vodafone Group PLC		99,217		194,933
WM Morrison Supermarkets PLC		51,854		124,336
			$	7,193,985
United States — 0.4%
ConocoPhillips		466	$	27,694
Continental Resources, Inc.		820		22,320
Devon Energy Corp.		1,570		34,100
EOG Resources, Inc.		470		34,268

16 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
United States (continued)
Exxon Mobil Corp.		614	$	38,142
Marathon Oil Corp.		3,391		38,556
			$	195,080
Total Common Stocks (identified cost $43,985,054)			$	45,290,062
Short-Term Investments — 10.1%
Description	Shares/ Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.74%(4)		4,262,302	$	4,262,728
State Street Navigator Securities Lending Government Money Market Portfolio, 1.62%(5)		811,850		811,850
Total Short-Term Investments (identified cost $5,073,976)			$	5,074,578
Total Investments — 99.8% (identified cost $49,059,030)			$	50,364,640
Other Assets, Less Liabilities — 0.2%			$	122,958
Net Assets — 100.0%			$	50,487,598

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

⁽¹⁾  All or a portion of this security was on loan at January 31, 2020. The aggregate market value of securities on loan at January 31, 2020 was $1,033,301.

⁽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, 2020, the aggregate value of these securities is $248,258 or 0.5% of the Fund’s net assets.

⁽³⁾  Non-income producing security.

⁽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, 2020.

⁽⁵⁾  Represents investment of cash collateral received in connection with securities lending.

Sector Classification of Portfolio
Sector	Percentage of Net Assets			Value
Financials		20.1	%	$	10,134,389
Consumer Staples		12.7			6,423,350
Industrials		11.7			5,926,900
Health Care		10.4			5,248,482
Consumer Discretionary		9.3			4,680,059
Energy		8.7			4,372,738
Materials		8.6			4,366,677
Communication Services		3.4			1,707,306
Utilities		2.1			1,044,657
Real Estate		1.8			922,056
Information Technology		0.9			463,448
Short-Term Investments		10.1			5,074,578
Total Investments		99.8	%	$	50,364,640

17 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
AUD	456,394	USD	313,204	State Street Bank and Trust Company		3/18/20	$	—	$	(7,454	)
AUD	1,287,568	USD	885,850	State Street Bank and Trust Company		3/18/20		—		(23,277	)
AUD	4,414,937	USD	3,031,914	State Street Bank and Trust Company		3/18/20		—		(74,242	)
CAD	246,720	USD	188,109	State Street Bank and Trust Company		3/18/20		—		(1,687	)
CAD	171,450	USD	131,262	State Street Bank and Trust Company		3/18/20		—		(1,714	)
CAD	384,419	USD	293,193	State Street Bank and Trust Company		3/18/20		—		(2,726	)
CAD	629,264	USD	478,352	State Street Bank and Trust Company		3/18/20		—		(2,880	)
CHF	145,936	USD	148,960	State Street Bank and Trust Company		3/18/20		3,006		—
CHF	173,168	USD	177,846	State Street Bank and Trust Company		3/18/20		2,478		—
CHF	127,491	USD	130,954	State Street Bank and Trust Company		3/18/20		1,805		—
CHF	146,186	USD	151,600	State Street Bank and Trust Company		3/18/20		627		—
CHF	327,208	USD	340,837	State Street Bank and Trust Company		3/18/20		—		(108	)
DKK	856,114	USD	128,078	State Street Bank and Trust Company		3/18/20		—		(642	)
DKK	1,927,916	USD	287,852	State Street Bank and Trust Company		3/18/20		—		(875	)
EUR	421,219	USD	469,325	State Street Bank and Trust Company		3/18/20		—		(939	)
EUR	235,952	USD	263,529	State Street Bank and Trust Company		3/18/20		—		(1,156	)
EUR	3,692,795	USD	4,117,669	State Street Bank and Trust Company		3/18/20		—		(11,366	)
GBP	183,763	USD	239,691	State Street Bank and Trust Company		3/18/20		3,247		—
GBP	132,502	USD	173,504	State Street Bank and Trust Company		3/18/20		1,666		—
GBP	1,100,972	USD	1,454,637	State Street Bank and Trust Company		3/18/20		865		—
HKD	2,219,227	USD	285,415	State Street Bank and Trust Company		3/18/20		127		—
HKD	1,424,707	USD	183,223	State Street Bank and Trust Company		3/18/20		90		—
JPY	45,983,846	USD	421,519	State Street Bank and Trust Company		3/18/20		3,844		—
JPY	169,026,333	USD	1,564,957	State Street Bank and Trust Company		3/18/20		—		(1,416	)
SEK	8,870,096	USD	936,850	State Street Bank and Trust Company		3/18/20		—		(13,591	)
USD	1,413,706	AUD	2,071,304	State Street Bank and Trust Company		3/18/20		26,090		—
USD	108,732	AUD	157,416	State Street Bank and Trust Company		3/18/20		3,276		—
USD	68,571	AUD	101,507	State Street Bank and Trust Company		3/18/20		569		—
USD	1,764,831	CAD	2,335,048	State Street Bank and Trust Company		3/18/20		467		—
USD	594,792	EUR	531,354	State Street Bank and Trust Company		3/18/20		3,938		—
USD	156,703	EUR	140,127	State Street Bank and Trust Company		3/18/20		885		—
USD	61,674	GBP	47,085	State Street Bank and Trust Company		3/18/20		—		(574	)
USD	398,304	GBP	302,886	State Street Bank and Trust Company		3/18/20		—		(2,117	)
USD	401,450	GBP	305,934	State Street Bank and Trust Company		3/18/20		—		(3,000	)
USD	262,412	HKD	2,041,087	State Street Bank and Trust Company		3/18/20		—		(210	)
USD	1,201,470	HKD	9,342,441	State Street Bank and Trust Company		3/18/20		—		(598	)
USD	375,842	HKD	2,931,421	State Street Bank and Trust Company		3/18/20		—		(1,336	)
USD	678,094	HKD	5,311,303	State Street Bank and Trust Company		3/18/20		—		(5,298	)
USD	46,286	JPY	5,030,634	State Street Bank and Trust Company		3/18/20		—		(248	)
USD	157,928	JPY	17,327,725	State Street Bank and Trust Company		3/18/20		—		(2,358	)
USD	1,180,705	JPY	129,676,079	State Street Bank and Trust Company		3/18/20		—		(18,835	)
USD	3,626,530	JPY	394,958,175	State Street Bank and Trust Company		3/18/20		—		(26,943	)
USD	153,117	NOK	1,381,083	State Street Bank and Trust Company		3/18/20		2,940		—
USD	299,742	NOK	2,750,587	State Street Bank and Trust Company		3/18/20		648		—
USD	292,037	SGD	394,429	State Street Bank and Trust Company		3/18/20		2,964		—

18 See Notes to Financial Statements.

Eaton Vance

Hexavest International Equity Fund

January 31, 2020

Portfolio of Investments (Unaudited) — continued

Forward Foreign Currency Exchange Contracts (continued)
Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)
USD	136,775	CNY	960,157	State Street Bank and Trust Company		3/26/20	$	—	$	(245	)
USD	373,976	CNY	2,626,244	State Street Bank and Trust Company		3/26/20		—		(804	)
USD	160,634	KRW	187,460,298	State Street Bank and Trust Company		3/26/20		3,792		—
USD	162,155	TWD	4,846,803	State Street Bank and Trust Company		3/26/20		2,200		—
							$	65,524	$	(206,639	)

Futures Contracts
Description	Number of Contracts		Position		Expiration Date		Notional Amount		Value/Unrealized Appreciation (Depreciation)
Equity Futures
FTSE China A50 Index		90		Long		2/27/20	$	1,118,208	$	(159,120	)
MSCI Emerging Markets Index		33		Long		3/20/20		1,732,665		(99,749	)
Nikkei 225 Index		3		Long		3/12/20		314,384		(8,318	)
									$	(267,187	)

Abbreviations:

ADR	–	American Depositary Receipt
PC	–	Participation Certificate

Currency Abbreviations:

AUD	–	Australian Dollar
CAD	–	Canadian Dollar
CHF	–	Swiss Franc
CNY	–	Yuan Renminbi
DKK	–	Danish Krone
EUR	–	Euro
GBP	–	British Pound Sterling
HKD	–	Hong Kong Dollar

JPY	–	Japanese Yen
KRW	–	South Korean Won
NOK	–	Norwegian Krone
SEK	–	Swedish Krona
SGD	–	Singapore Dollar
TWD	–	New Taiwan Dollar
USD	–	United States Dollar

19 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Statements of Assets and Liabilities (Unaudited)

	January 31, 2020
Assets	Global Equity Fund		International Equity Fund
Unaffiliated investments, at value including $252,940 and $1,033,301 of securities on loan, respectively (identified cost, $25,545,180 and $44,796,904, respectively)	$	27,950,306	$	46,101,912
Affiliated investment, at value (identified cost, $2,541,706 and $4,262,126, respectively)		2,541,833		4,262,728
Cash		799,017		578,464
Deposits for derivatives collateral — financial futures contracts		144,153		189,111
Foreign currency, at value (identified cost, $316,773 and $365,794, respectively)		313,545		362,413
Dividends receivable		31,814		28,718
Dividends receivable from affiliated investment		4,341		7,092
Receivable for investments sold		17,584		48,388
Receivable for Fund shares sold		5,407		8,708
Securities lending income receivable		115		163
Receivable for open forward foreign currency exchange contracts		34,210		65,524
Tax reclaims receivable		138,758		69,364
Receivable from affiliates		18,931		12,421
Total assets	$	32,000,014	$	51,735,006
Liabilities
Collateral for securities loaned	$	170,730	$	811,850
Payable for investments purchased		9,148		39,040
Payable for Fund shares redeemed		8,074		6,850
Payable for variation margin on open financial futures contracts		44,694		68,035
Payable for open forward foreign currency exchange contracts		128,701		206,639
Payable to affiliates:
Investment adviser and administration fee		23,292		35,495
Distribution and service fees		1,611		158
Accrued expenses		92,607		79,341
Total liabilities	$	478,857	$	1,247,408
Net Assets	$	31,521,157	$	50,487,598
Sources of Net Assets
Paid-in capital	$	27,359,430	$	48,438,021
Distributable earnings		4,161,727		2,049,577
Total	$	31,521,157	$	50,487,598
Class A Shares
Net Assets	$	4,295,131	$	709,711
Shares Outstanding		356,855		63,550
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.04	$	11.17
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	12.77	$	11.85
Class C Shares
Net Assets	$	660,601	$	—
Shares Outstanding		54,914		—
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.03	$	—
Class I Shares
Net Assets	$	26,565,425	$	49,777,887
Shares Outstanding		2,208,708		4,443,906
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.03	$	11.20

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

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

20 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Statements of Operations (Unaudited)

	Six Months Ended January 31, 2020
Investment Income	Global Equity Fund			International Equity Fund
Dividends (net of foreign taxes, $19,947 and $43,207, respectively)	$	428,907		$	478,659
Interest		5,296			2,231
Dividends from affiliated investment		21,119			47,464
Securities lending income, net		512			1,126
Total investment income	$	455,834		$	529,480
Expenses
Investment adviser and administration fee	$	164,344		$	205,366
Distribution and service fees
Class A		7,112			893
Class C		4,720			—
Trustees’ fees and expenses		1,108			1,535
Custodian fee		35,481			30,369
Transfer and dividend disbursing agent fees		9,252			2,528
Legal and accounting services		18,895			17,783
Printing and postage		7,119			5,074
Registration fees		23,084			18,558
Interest expense		3,049			—
Miscellaneous		10,036			5,945
Total expenses	$	284,200		$	288,051
Deduct —
Allocation of expenses to affiliates	$	84,687		$	56,084
Total expense reductions	$	84,687		$	56,084
Net expenses	$	199,513		$	231,967
Net investment income	$	256,321		$	297,513
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	4,992,001		$	1,225,174
Investment transactions — affiliated investment		109			(55	)
Financial futures contracts		23,857			164,570
Foreign currency transactions		2,602			2,060
Forward foreign currency exchange contracts		(80,202	)		(67,419	)
Net realized gain	$	4,938,367		$	1,324,330
Change in unrealized appreciation (depreciation) —
Investments	$	(3,324,612	)	$	216,503
Investments — affiliated investment		104			576
Financial futures contracts		(184,449	)		(291,305	)
Foreign currency		1,270			3,914
Forward foreign currency exchange contracts		3,049			34,866
Net change in unrealized appreciation (depreciation)	$	(3,504,638	)	$	(35,446	)
Net realized and unrealized gain	$	1,433,729		$	1,288,884
Net increase in net assets from operations	$	1,690,050		$	1,586,397

21 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Statements of Changes in Net Assets

	Six Months Ended January 31, 2020 (Unaudited)
Increase (Decrease) in Net Assets	Global Equity Fund			International Equity Fund
From operations —
Net investment income	$	256,321		$	297,513
Net realized gain		4,938,367			1,324,330
Net change in unrealized appreciation (depreciation)		(3,504,638	)		(35,446	)
Net increase in net assets from operations	$	1,690,050		$	1,586,397
Distributions to shareholders —
Class A	$	(150,331	)	$	(19,029	)
Class C		(19,415	)		—
Class I		(1,077,793	)		(1,502,973	)
Total distributions to shareholders	$	(1,247,539	)	$	(1,522,002	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	239,003		$	47,376
Class I		2,131,407			1,791,579
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		149,478			19,029
Class C		19,415			—
Class I		1,077,793			1,328,728
Cost of shares redeemed
Class A		(2,874,793	)		(93,706	)
Class C		(469,909	)		—
Class I		(25,606,871	)		(1,844,395	)
Net asset value of shares converted
Class A		160			—
Class C		(160	)		—
Net increase (decrease) in net assets from Fund share transactions	$	(25,334,477	)	$	1,248,611
Net increase (decrease) in net assets	$	(24,891,966	)	$	1,313,006
Net Assets
At beginning of period	$	56,413,123		$	49,174,592
At end of period	$	31,521,157		$	50,487,598

22 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Statements of Changes in Net Assets — continued

	Year Ended July 31, 2019
Increase (Decrease) in Net Assets	Global Equity Fund			International Equity Fund
From operations —
Net investment income	$	1,731,557		$	941,837
Net realized gain (loss)		(1,459,325	)		185,861
Net change in unrealized appreciation (depreciation)		(917,675	)		742,893
Net increase (decrease) in net assets from operations	$	(645,443	)	$	1,870,591
Distributions to shareholders —
Class A	$	(793,884	)	$	(4,444	)
Class C		(180,346	)		—
Class I		(5,130,438	)		(298,289	)
Total distributions to shareholders	$	(6,104,668	)	$	(302,733	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	1,885,393		$	46,392
Class C		66,713			—
Class I		13,061,710			41,575,939
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		793,884			4,444
Class C		180,346			—
Class I		5,129,863			259,117
Cost of shares redeemed
Class A		(7,368,094	)		(367,284	)
Class C		(1,970,766	)		—
Class I		(34,868,503	)		(1,531,458	)
Net asset value of shares converted
Class A		9,927			—
Class C		(9,927	)		—
Net increase (decrease) in net assets from Fund share transactions	$	(23,089,454	)	$	39,987,150
Net increase (decrease) in net assets	$	(29,839,565	)	$	41,555,008
Net Assets
At beginning of year	$	86,252,688		$	7,619,584
At end of year	$	56,413,123		$	49,174,592

23 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Financial Highlights

	Global Equity Fund — Class A
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	11.980		$	12.830		$	12.890		$	12.290		$	12.120		$	12.160
Income (Loss) From Operations
Net investment income(1)	$	0.064		$	0.270		$	0.209		$	0.148		$	0.163		$	0.153
Net realized and unrealized gain (loss)		0.399			(0.219	)		0.465			0.890			0.716			0.361
Total income from operations	$	0.463		$	0.051		$	0.674		$	1.038		$	0.879		$	0.514
Less Distributions
From net investment income	$	(0.132	)	$	(0.300	)	$	(0.186	)	$	(0.058	)	$	(0.237	)	$	(0.174	)
From net realized gain		(0.271	)		(0.601	)		(0.548	)		(0.380	)		(0.472	)		(0.380	)
Total distributions	$	(0.403	)	$	(0.901	)	$	(0.734	)	$	(0.438	)	$	(0.709	)	$	(0.554	)
Net asset value — End of period	$	12.040		$	11.980		$	12.830		$	12.890		$	12.290		$	12.120
Total Return(2)(3)		3.74	%(4)		1.17	%		5.16	%		8.80	%		7.95	%		4.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,295		$	6,677		$	12,181		$	12,841		$	7,041		$	8,861
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.17	%(5)(6)		1.15	%		1.15	%(6)(7)		1.17	%(7)		1.20	%		1.30	%
Net investment income		1.03	%(5)		2.24	%		1.62	%		1.20	%		1.42	%		1.26	%
Portfolio Turnover		28	%(4)		92	%		95	%		109	%		83	%		87	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  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.

⁽³⁾  The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.41%, 0.23%, 0.19%, 0.20%, 0.19% and 0.13% of average daily net assets for the six months ended January 31, 2020 and the years ended July 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

⁽⁶⁾  Includes interest expense of 0.02% and 0.01% for the six months ended January 31, 2020 and the year ended July 31, 2018, respectively.

⁽⁷⁾  Excludes expenses incurred by the Fund as a result of its investments in unaffiliated funds (equal to 0.01% and less than 0.01% of average daily net assets for the years ended July 31, 2018 and 2017, respectively).

24 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Financial Highlights — continued

	Global Equity Fund — Class C
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,						Period Ended July 31, 2017(1)
				2019			2018
Net asset value — Beginning of period	$	11.890		$	12.730		$	12.810		$	11.920
Income (Loss) From Operations
Net investment income(2)	$	0.019		$	0.182		$	0.115		$	0.045
Net realized and unrealized gain (loss)		0.392			(0.218	)		0.450			1.306
Total income (loss) from operations	$	0.411		$	(0.036	)	$	0.565		$	1.351
Less Distributions
From net investment income	$	—		$	(0.203	)	$	(0.097	)	$	(0.081	)
From net realized gain		(0.271	)		(0.601	)		(0.548	)		(0.380	)
Total distributions	$	(0.271	)	$	(0.804	)	$	(0.645	)	$	(0.461	)
Net asset value — End of period	$	12.030		$	11.890		$	12.730		$	12.810
Total Return(3)(4)		3.37	%(5)		0.38	%		4.39	%		11.61	%(5)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	661		$	1,088		$	3,040		$	2,713
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.92	%(6)(7)		1.90	%		1.90	%(7)(8)		1.91	%(6)(8)
Net investment income		0.30	%(6)		1.52	%		0.91	%		0.55	%(6)
Portfolio Turnover		28	%(5)		92	%		95	%		109	%(9)

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

⁽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 the sub-adviser reimbursed certain operating expenses (equal to 0.41%, 0.23%, 0.19% and 0.21% of average daily net assets for the six months ended January 31, 2020, the years ended July 31, 2019 and 2018 and the period from the start of business, December 1, 2016, to July 31, 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

⁽⁷⁾  Includes interest expense of 0.02% and 0.01% for the six months ended January 31, 2020 and the year ended July 31, 2018, respectively.

⁽⁸⁾  Excludes expenses incurred by the Fund as a result of its investments in unaffiliated funds (equal to 0.01% and less than 0.01% of average daily net assets for the year ended July 31, 2018 and the period ended July 31, 2017, respectively).

⁽⁹⁾  For the year ended July 31, 2017.

25 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Financial Highlights — continued

	Global Equity Fund — Class I
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	12.000		$	12.860		$	12.920		$	12.310		$	12.150		$	12.200
Income (Loss) From Operations
Net investment income(1)	$	0.081		$	0.299		$	0.242		$	0.181		$	0.191		$	0.188
Net realized and unrealized gain (loss)		0.403			(0.224	)		0.463			0.891			0.715			0.353
Total income from operations	$	0.484		$	0.075		$	0.705		$	1.072		$	0.906		$	0.541
Less Distributions
From net investment income	$	(0.183	)	$	(0.334	)	$	(0.217	)	$	(0.082	)	$	(0.274	)	$	(0.211	)
From net realized gain		(0.271	)		(0.601	)		(0.548	)		(0.380	)		(0.472	)		(0.380	)
Total distributions	$	(0.454	)	$	(0.935	)	$	(0.765	)	$	(0.462	)	$	(0.746	)	$	(0.591	)
Net asset value — End of period	$	12.030		$	12.000		$	12.860		$	12.920		$	12.310		$	12.150
Total Return(2)(3)		3.89	%(4)		1.40	%		5.40	%		9.08	%		8.21	%		4.53	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	26,565		$	48,649		$	71,032		$	86,481		$	57,147		$	58,161
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.92	%(5)(6)		0.90	%		0.90	%(6)(7)		0.92	%(7)		0.95	%		1.02	%
Net investment income		1.32	%(5)		2.48	%		1.88	%		1.47	%		1.66	%		1.54	%
Portfolio Turnover		28	%(4)		92	%		95	%		109	%		83	%		87	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽³⁾  The investment adviser and administrator and the sub-adviser reimbursed certain operating expenses (equal to 0.41%, 0.23%, 0.19%, 0.20%, 0.19% and 0.14% of average daily net assets for the six months ended January 31, 2020 and the years ended July 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

⁽⁶⁾  Includes interest expense of 0.02% and 0.01% for the six months ended January 31, 2020 and the year ended July 31, 2018, respectively.

⁽⁷⁾  Excludes expenses incurred by the Fund as a result of its investments in unaffiliated funds (equal to 0.01% and less than 0.01% of average daily net assets for the years ended July 31, 2018 and 2017, respectively).

26 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Financial Highlights — continued

	International Equity Fund — Class A
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	11.130		$	11.590		$	11.780		$	10.640		$	11.180		$	11.660
Income (Loss) From Operations
Net investment income(1)	$	0.053		$	0.245		$	0.233		$	0.156		$	0.160		$	0.160
Net realized and unrealized gain (loss)		0.300			(0.656	)(2)		(0.177	)		1.169			(0.538	)		(0.268	)
Total income (loss) from operations	$	0.353		$	(0.411	)	$	0.056		$	1.325		$	(0.378	)	$	(0.108	)
Less Distributions
From net investment income	$	(0.279	)	$	(0.009	)	$	(0.246	)	$	(0.185	)	$	(0.054	)	$	(0.219	)
From net realized gain		(0.034	)		(0.040	)		—			—			(0.108	)		(0.153	)
Total distributions	$	(0.313	)	$	(0.049	)	$	(0.246	)	$	(0.185	)	$	(0.162	)	$	(0.372	)
Net asset value — End of period	$	11.170		$	11.130		$	11.590		$	11.780		$	10.640		$	11.180
Total Return(3)(4)		3.04	%(5)		(3.52	)%		0.46	%		12.69	%		(3.31	)%		(0.70	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	710		$	737		$	1,113		$	1,057		$	818		$	883
Ratios (as a percentage of average daily net assets):
Expenses(4)		1.15	%(6)		1.15	%		1.15	%(7)(8)		1.18	%(7)		1.20	%		1.31	%
Net investment income		0.92	%(6)		2.21	%		1.98	%		1.44	%		1.55	%		1.43	%
Portfolio Turnover		35	%(5)		70	%		98	%		107	%		88	%		95	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

⁽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 the sub-adviser reimbursed certain operating expenses (equal to 0.22%, 0.43%, 1.87%, 2.08%, 1.88% and 1.62% of average daily net assets for the six months ended January 31, 2020 and the years ended July 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

⁽⁷⁾  Excludes expenses incurred by the Fund as a result of its investments in unaffiliated funds (equal to 0.01% and less than 0.01% of average daily net assets for the years ended July 31, 2018 and 2017, respectively).

⁽⁸⁾  Includes interest expense of 0.01%.

27 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Financial Highlights — continued

	International Equity Fund — Class I
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31,
				2019			2018			2017			2016			2015
Net asset value — Beginning of period	$	11.180		$	11.640		$	11.830		$	10.680		$	11.230		$	11.700
Income (Loss) From Operations
Net investment income(1)	$	0.067		$	0.327		$	0.257		$	0.191		$	0.177		$	0.176
Net realized and unrealized gain (loss)		0.297			(0.709	)(2)		(0.173	)		1.168			(0.538	)		(0.250	)
Total income (loss) from operations	$	0.364		$	(0.382	)	$	0.084		$	1.359		$	(0.361	)	$	(0.074	)
Less Distributions
From net investment income	$	(0.310	)	$	(0.038	)	$	(0.274	)	$	(0.209	)	$	(0.081	)	$	(0.243	)
From net realized gain		(0.034	)		(0.040	)		—			—			(0.108	)		(0.153	)
Total distributions	$	(0.344	)	$	(0.078	)	$	(0.274	)	$	(0.209	)	$	(0.189	)	$	(0.396	)
Net asset value — End of period	$	11.200		$	11.180		$	11.640		$	11.830		$	10.680		$	11.230
Total Return(3)(4)		3.11	%(5)		(3.22	)%		0.60	%		13.09	%		(3.13	)%		(0.48	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	49,778		$	48,438		$	6,507		$	7,155		$	5,701		$	8,832
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.90	%(6)		0.90	%		0.90	%(7)(8)		0.93	%(7)		0.95	%		1.08	%
Net investment income		1.16	%(6)		2.94	%		2.18	%		1.75	%		1.70	%		1.57	%
Portfolio Turnover		35	%(5)		70	%		98	%		107	%		88	%		95	%

⁽¹⁾  Computed using average shares outstanding.

⁽²⁾  The per share amount is not in accord with the net realized and unrealized gain (loss) on investments for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

⁽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 the sub-adviser reimbursed certain operating expenses (equal to 0.22%, 0.43%, 1.87%, 2.07%, 1.88% and 1.61% of average daily net assets for the six months ended January 31, 2020 and the years ended July 31, 2019, 2018, 2017, 2016 and 2015, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Not annualized.

⁽⁶⁾  Annualized.

⁽⁷⁾  Excludes expenses incurred by the Fund as a result of its investments in unaffiliated funds (equal to 0.01% and less than 0.01% of average daily net assets for the years ended July 31, 2018 and 2017, respectively).

⁽⁸⁾  Includes interest expense of 0.01%.

28 See Notes to Financial Statements.

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

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. International Equity Fund offers two classes of shares and 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). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Funds’ prospectus. 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 ask prices 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 ask 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 ask 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.

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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 most fairly reflects the security’s “fair value”, which is 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 statements, 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.

29

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

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. Non-cash dividends are recorded at the fair value of the securities received. 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.

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, 2020, 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, upon request by the shareholder, 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, 2020 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 at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of 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

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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 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, 2019, Global Equity Fund had a net capital loss of $1,489,370 attributable to security transactions incurred after October 31, 2018 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending July 31, 2020.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of each Fund at January 31, 2020, as determined on a federal income tax basis, were as follows:

	Global Equity Fund			International Equity Fund
Aggregate cost	$	28,840,678		$	49,143,931
Gross unrealized appreciation	$	3,133,213		$	3,424,385
Gross unrealized depreciation		(1,748,266	)		(2,611,978	)
Net unrealized appreciation	$	1,384,947		$	812,407

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	Global Equity Fund			International Equity Fund
Up to $500 million		0.80	%		0.80	%

On net assets of $500 million and over, the annual fees are reduced. For the six months ended January 31, 2020, 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:

	Global Equity Fund			International Equity Fund
Investment Adviser and Administration Fee	$	164,344		$	205,366
Effective Annual Rate		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.

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 and excluding borrowing costs, taxes or litigation expenses) and acquired fund fees and expenses of unaffiliated funds exceed 1.15%, 1.90% and 0.90% of Global Equity Fund’s average daily net assets for Class A, Class C and Class I, respectively, and 1.15% and 0.90% 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, 2020. Pursuant to these agreements, EVM and Hexavest were allocated $84,687 and $56,084 in total of operating expenses of Global Equity Fund and International Equity Fund, respectively, for the six months ended January 31, 2020.

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). Sub-transfer agent fees earned by EVM, which are

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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, 2020 were as follows:

	Global Equity Fund		International Equity Fund
EVM’s Sub-Transfer Agent Fees	$	722	$	726
EVD’s Class A Sales Charges	$	1,144	$	100

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, 2020, 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, 2020 for Class A shares amounted to the following:

	Global Equity Fund		International Equity Fund
Class A Distribution and Service Fees	$	7,112	$	893

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, 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, 2020, Global Equity Fund paid or accrued to EVD $3,540 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, 2020 amounted to $1,180 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 capital gain distributions. For the six months ended January 31, 2020, the Funds were informed that EVD received no CDSCs paid by Class A or Class C shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended January 31, 2020 were as follows:

	Global Equity Fund		International Equity Fund
Purchases	$	10,629,188	$	15,804,261
Sales	$	38,099,120	$	15,627,087

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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:

Global Equity Fund
	Six Months Ended January 31, 2020 (Unaudited)
	Class A			Class C			Class I
Sales		19,181			—			171,979
Issued to shareholders electing to receive payments of distributions in Fund shares		11,958			1,552			86,292
Redemptions		(231,709	)		(38,061	)		(2,103,258	)
Converted from Class C shares		13			—			—
Converted to Class A shares		—			(13	)		—
Net decrease		(200,557	)		(36,522	)		(1,844,987	)
	Year Ended July 31, 2019
	Class A			Class C			Class I
Sales		159,399			5,524			1,090,576
Issued to shareholders electing to receive payments of distributions in Fund shares		73,644			16,776			475,868
Redemptions		(625,922	)		(168,757	)		(3,035,832	)
Converted from Class C shares		886			—			—
Converted to Class A shares		—			(890	)		—
Net decrease		(391,993	)		(147,347	)		(1,469,388	)
International Equity Fund
				Six Months Ended January 31, 2020 (Unaudited)
				Class A			Class I
Sales					4,051			155,859
Issued to shareholders electing to receive payments of distributions in Fund shares					1,628			113,373
Redemptions					(8,343	)		(158,161	)
Net increase (decrease)					(2,664	)		111,071
				Year Ended July 31, 2019
				Class A			Class I
Sales					4,115			3,889,660
Issued to shareholders electing to receive payments of distributions in Fund shares					430			25,011
Redemptions					(34,356	)		(140,734	)
Net increase (decrease)					(29,811	)		3,773,937

At January 31, 2020, donor advised funds (established and maintained by a public charity) managed by EVM owned 17.9% of the value of the outstanding shares of Global Equity Fund.

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At January 31, 2020, EVM owned 11.1% 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 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, 2020 is included in the Portfolio of Investments. At January 31, 2020, 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, 2020, the fair values of derivatives with credit-related contingent features in a net liability position were as follows:

Global Equity Fund		International Equity Fund
$	128,701	$	206,639

At January 31, 2020, there were no assets pledged by the Funds for such liabilities.

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”) 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 deposits for derivatives collateral 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.

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The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2020 was as follows:

Global Equity Fund
		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Financial futures contracts	$	—		$	(172,023	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		34,210	(2)		(128,701	)(3)
Total		$	34,210		$	(300,724	)
Derivatives not subject to master netting agreement		$	—		$	(172,023	)
Total Derivatives subject to master netting agreement		$	34,210		$	(128,701	)
International Equity Fund
		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative
Equity Price	Financial futures contracts	$	—		$	(267,187	)(1)
Foreign Exchange	Forward foreign currency exchange contracts		65,524	(2)		(206,639	)(3)
Total		$	65,524		$	(473,826	)
Derivatives not subject to master netting agreement		$	—		$	(267,187	)
Total Derivatives subject to master netting agreement		$	65,524		$	(206,639	)

⁽¹⁾  Only the current day’s variation margin on open futures contracts is reported within the Statements of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable.

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

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

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 agreement and net of the related collateral received by each Fund for assets and pledged by each Fund for liabilities as of January 31, 2020.

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	$	34,210		$	(34,210	)	$	—	$	—	$	—
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	$	(128,701	)	$	34,210		$	—	$	—	$	(94,491	)

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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	$	65,524		$	(65,524	)	$	—	$	—	$	—
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	$	(206,639	)	$	65,524		$	—	$	—	$	(141,115	)

^(a)  In some instances, the total 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.

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, 2020 was as follows:

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	$	23,857		$	(184,449	)
Foreign Exchange	Forward foreign currency exchange contracts		(80,202	)		3,049
Total		$	(56,345	)	$	(181,400	)
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	$	164,570		$	(291,305	)
Foreign Exchange	Forward foreign currency exchange contracts		(67,419	)		34,866
Total		$	97,151		$	(256,439	)

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

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

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The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the six months ended January 31, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

	Global Equity Fund		International Equity Fund
Futures Contracts — Long	$	1,441,000	$	2,925,000
Forward Foreign Currency Exchange Contracts*	$	15,018,000	$	19,820,000

* The average notional amount for forward foreign currency exchange contracts is based on the absolute value of the notional amounts of currency purchased and currency sold.

9  Line of Credit

The Funds participate with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. 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 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. International Equity Fund did not have any significant borrowings or allocated fees during the six months ended January 31, 2020. Average borrowings and the average annual interest rate (excluding fees) for the six months ended January 31, 2020 were $191,304 and 3.17%, respectively, for Global Equity Fund.

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  Securities Lending Agreement

The Funds have established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which a Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statements of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statements of Assets and Liabilities.

The Funds are subject to possible delays in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Funds in the event of default by a borrower with respect to a loan. The Funds bear the risk of loss with respect to the investment of cash collateral.

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At January 31, 2020, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, were as follows:

	Global Equity Fund		International Equity Fund
Securities on Loan	$	252,940	$	1,033,301
Collateral Received:
Cash	$	170,730	$	811,850
U.S. government and/or agencies securities		101,086		297,709
Total Collateral Received	$	271,816	$	1,109,559

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of January 31, 2020.

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Securities Lending Transactions
Common Stocks
Global Equity Fund	$	271,816	$	—	$	—	$	—	$	271,816
International Equity Fund	$	1,109,559	$	—	$	—	$	—	$	1,109,559

The carrying amounts of the liabilities for deposits for securities loaned at January 31, 2020 approximated their fair value. If measured at fair value, such liabilities would have been considered as Level 2 in the fair value hierarchy (see Note 13) at January 31, 2020.

12  Investments in Affiliated Funds

At January 31, 2020, the value of each Fund’s investment in affiliated funds was $2,541,833 and $4,262,728 for Global Equity Fund and International Equity Fund, respectively, which represents 8.1% and 8.4% of each Fund’s net assets, respectively. Transactions in affiliated funds by the Funds for the six months ended January 31, 2020 were as follows:

Global Equity Fund
Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	942,225	$	19,499,799	$	(17,900,404	)	$	109	$	104	$	2,541,833	$	21,119		2,541,579

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International Equity Fund
Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	4,764,799	$	4,771,419	$	(5,274,011	)	$	(55	)	$	576	$	4,262,728	$	47,464		4,262,302

13  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, 2020, the hierarchy of inputs used in valuing the Funds’ investments and open derivative instruments, which are carried at value, were as follows:

Global Equity Fund
Asset Description	Level 1			Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	51,736		$	4,778,158		$	—	$	4,829,894
Developed Europe		217,833			5,235,405			—		5,453,238
North America		17,496,444			—			—		17,496,444
Total Common Stocks	$	17,766,013		$	10,013,563	*	$	—	$	27,779,576
Short-Term Investments	$	170,730		$	2,541,833		$	—	$	2,712,563
Total Investments	$	17,936,743		$	12,555,396		$	—	$	30,492,139
Forward Foreign Currency Exchange Contracts	$	—		$	34,210		$	—	$	34,210
Total	$	17,936,743		$	12,589,606		$	—	$	30,526,349
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(128,701	)	$	—	$	(128,701	)
Futures Contracts		(69,419	)		(102,604	)		—		(172,023	)
Total	$	(69,419	)	$	(231,305	)	$	—	$	(300,724	)

* 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.

39

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Notes to Financial Statements (Unaudited) — continued

International Equity Fund
Asset Description	Level 1			Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	355,234		$	17,411,806		$	—	$	17,767,040
Developed Europe		223,172			26,347,285			—		26,570,457
North America		952,565			—			—		952,565
Total Common Stocks	$	1,530,971		$	43,759,091	*	$	—	$	45,290,062
Short-Term Investments	$	811,850		$	4,262,728		$	—	$	5,074,578
Total Investments	$	2,342,821		$	48,021,819		$	—	$	50,364,640
Forward Foreign Currency Exchange Contracts	$	—		$	65,524		$	—	$	65,524
Total	$	2,342,821		$	48,087,343		$	—	$	50,430,164
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(206,639	)	$	—	$	(206,639	)
Futures Contracts		(108,067	)		(159,120	)		—		(267,187	)
Total	$	(108,067	)	$	(365,759	)	$	—	$	(473,826	)

* 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.

14  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and through March 20, 2020, the date these financial statements were issued, has resulted in substantial market volatility and may result in a significant economic downturn.

40

Eaton Vance

Hexavest Equity Funds

January 31, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

41

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, 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 intermediary. 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 intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT 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.

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.

42

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This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Hexavest Inc.

1250 René Lévesque Blvd. West, Suite 4200

Montréal, Québec H3B 4W8

Canada

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    1.31.20

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

Semiannual Report

January 31, 2020

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (eatonvance.com/ppafunddocuments), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you are a direct investor, you may elect to receive shareholder reports and other communications from the Fund electronically by signing up for e-Delivery at eatonvance.com/edelivery. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you are a direct investor, you can inform the Fund that you wish to continue receiving paper copies of your shareholder reports by calling 1-800-260-0761. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Eaton Vance funds held directly or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The Fund is considered to be a commodity pool operator under CFTC regulations. The Fund’s adviser is registered with the CFTC as a commodity pool operator and a commodity trading advisor. The CFTC has neither reviewed nor approved the Fund’s investment strategies.

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 intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-260-0761.

Semiannual Report January 31, 2020

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

Table of Contents

Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Officers and Trustees	18
Important Notices	19

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Performance^1,2

Portfolio Managers Christopher Haskamp, CFA and Thomas B. Lee, CFA, each of Parametric Portfolio Associates LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Institutional Class at NAV		08/01/2018		08/01/2018		0.81	%		8.64	%		—			–0.73	%
ICE BofAML 3-Month U.S. Treasury Bill Index		—		—		0.98	%		2.22	%		1.10	%		2.21	%
% Total Annual Operating Expense Ratios3														Institutional Class
Gross															2.28	%
Net															0.99

Fund Profile

Asset Allocation (% of net assets)

Futures Contracts4	Long Positions		Short Positions
Equity Indexes	85.0	%	55.0	%
Fixed Income	77.8		63.9
Commodities	51.6		50.3
Currencies	73.9		88.4
Total Futures Contracts Exposure	288.3	%	257.6	%
Investments
Short-term Investments*	100.7	%	—
Total Investments	100.7	%	—

* Short-term investments may be held as collateral for the Fund’s derivative positions.

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 for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

2

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Endnotes and Additional Disclosures

¹  ICE BofAML 3-Month U.S. Treasury Bill Index is an unmanaged index of U.S. Treasury securities maturing in 90 days. ICE^® BofAML^® indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofAML^® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. 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  Institutional Class shares are offered at net asset value (NAV). Total Returns are historical and are calculated by determining the percentage change in NAV with all distributions reinvested. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³  Source: Fund prospectus. Net expense ratio reflects a contractual expense reimbursement that continues through 11/30/20. 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  Includes futures contracts based on the value of their notional amounts.

Fund profile subject to change due to active management.

3

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

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; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2019 – January 31, 2020).

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

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

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

	Beginning Account Value (8/1/19)		Ending Account Value (1/31/20)		Expenses Paid During Period* (8/1/19 – 1/31/20)			Annualized Expense Ratio
Actual
Institutional Class	$	1,000.00	$	1,008.10	$	5.00	**		0.99	%
Hypothetical
(5% return per year before expenses)
Institutional Class	$	1,000.00	$	1,020.20	$	5.03	**		0.99	%

* 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 184/366 (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, 2019.

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

4

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Consolidated Portfolio of Investments (Unaudited)

Short-Term Investments— 100.7%
U.S. Treasury Obligations — 97.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bills, 0.00%, 5/14/20(1)	$	900	$	896,156
U.S. Treasury Bills, 0.00%, 6/4/20(1)		13,500		13,430,689
U.S. Treasury Bills, 0.00%, 7/2/20		5,500		5,465,835
U.S. Treasury Notes, 1.50%, 5/31/20(1)		2,300		2,298,967
U.S. Treasury Notes, 3.625%, 2/15/20		3,000		3,001,943
Total U.S. Treasury Obligations (identified cost $25,090,673)			$	25,093,590

Other— 3.5%
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 1.74%(2)		915,037	$	915,128
Total Other (identified cost $915,097)			$	915,128
Total Short-Term Investments (identified cost $26,005,770)			$	26,008,718
Total Investments — 100.7% (identified cost $26,005,770)			$	26,008,718
Other Assets, Less Liabilities — (0.7)%			$	(179,142	)
Net Assets — 100.0%			$	25,829,576

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

⁽¹⁾ Security (or a portion thereof) has been pledged as collateral for open futures contracts.

⁽²⁾ Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of January 31, 2020.

Futures Contracts
Description	Number of Contracts		Position	Expiration Date		Notional Amount		Value/Unrealized Appreciation (Depreciation)
Commodity Futures
Brent Crude Oil		18	Long		2/28/20	$	1,019,160	$	(203,364	)
Brent Crude Oil		2	Long		3/31/20		112,840		17
Cocoa		11	Long		5/13/20		308,110		(113	)
Coffee		4	Long		3/19/20		153,976		(40,591	)
Feeder Cattle		14	Long		3/26/20		952,525		(40,117	)
Live Cattle		20	Long		4/30/20		957,400		(60,465	)
LME Copper		3	Long		2/17/20		416,756		(24,421	)
LME Copper		5	Long		3/16/20		695,031		(73,945	)
LME Lead		5	Long		2/17/20		237,000		(2,982	)
LME Nickel		20	Long		2/17/20		1,534,380		(47,035	)
LME Nickel		21	Long		3/16/20		1,614,375		(127,487	)
LME Nickel		1	Long		4/9/20		77,034		(13	)
LME Primary Aluminum		8	Long		2/17/20		340,700		(10,809	)
LME Primary Aluminum		10	Long		3/16/20		427,750		(28,739	)
LME Primary Aluminum		2	Long		4/9/20		85,937		(18	)
LME Zinc		1	Long		2/17/20		55,225		(984	)
LME Zinc		2	Long		3/16/20		110,250		(4,824	)
RBOB Gasoline		28	Long		2/28/20		1,768,822		(307,167	)

5 See Notes to Consolidated Financial Statements.

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Futures Contracts (continued)
Description	Number of Contracts		Position	Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Silver		9	Long		3/27/20	$	810,540		$	13,193
WTI Crude Oil		32	Long		2/20/20		1,649,920			(360,667	)
Corn		87	Short		3/13/20		(1,658,437	)		9,803
Cotton No. 2		43	Short		3/9/20		(1,451,250	)		(41,120	)
Gold		2	Short		4/28/20		(317,580	)		(4,334	)
Hard Red Winter Wheat		9	Short		3/13/20		(209,475	)		(13,761	)
Lean Hogs		79	Short		4/15/20		(1,946,560	)		401,324
LME Copper		3	Short		2/17/20		(416,757	)		42,854
LME Lead		5	Short		2/17/20		(237,000	)		3,674
LME Lead		16	Short		3/16/20		(752,400	)		18,857
LME Lead		1	Short		4/9/20		(47,000	)		(9	)
LME Nickel		20	Short		2/17/20		(1,534,380	)		119,981
LME Primary Aluminum		8	Short		2/17/20		(340,700	)		22,978
LME Zinc		1	Short		2/17/20		(55,225	)		2,979
LME Zinc		1	Short		3/16/20		(55,125	)		(9	)
Low Sulphur Gasoil		4	Short		4/8/20		(201,000	)		(10	)
Natural Gas		57	Short		2/26/20		(1,049,370	)		170,399
Natural Gas		8	Short		3/27/20		(150,880	)		(30	)
NY Harbor ULSD		3	Short		3/31/20		(205,506	)		(43	)
Soybean		6	Short		3/13/20		(261,750	)		8,726
Soybean		3	Short		5/14/20		(133,013	)		(12	)
Sugar No. 11		100	Short		2/28/20		(1,636,320	)		(286,855	)
Wheat		12	Short		3/13/20		(332,250	)		(22,798	)
Equity Futures
CAC 40 Index		11	Long		2/21/20		705,230			(28,862	)
CBOE Volatility Index		154	Long		4/15/20		2,745,050			(1,919	)
DAX 30 Index		8	Long		3/20/20		2,871,945			(83,526	)
FTSE 100 Index		52	Long		3/20/20		4,940,025			(190,383	)
FTSE MIB Index		22	Long		3/20/20		2,827,453			(45,460	)
IBEX 35 Index		48	Long		2/21/20		4,986,690			(65,438	)
SPI 200 Index		25	Long		3/19/20		2,873,538			38,793
Amsterdam Exchange Index		11	Short		2/21/20		(1,429,989	)		54,545
CBOE Volatility Index		156	Short		3/18/20		(2,765,100	)		(1,944	)
E-mini S&P 500 Index		22	Short		3/20/20		(3,546,400	)		(58,403	)
Nikkei 225 Index		7	Short		3/12/20		(1,466,159	)		45,145
OMX Stockholm 30 Index		77	Short		2/21/20		(1,425,784	)		500
S&P/TSX 60 Index		23	Short		3/19/20		(3,585,386	)		(67,718	)
Foreign Currency Futures
Australian Dollar		49	Long		3/16/20		3,284,470			(161,392	)
British Pound Sterling		3	Long		3/16/20		247,819			(1,427	)
Canadian Dollar		58	Long		3/17/20		4,383,350			(1,106	)
Norwegian Krone		35	Long		3/16/20		7,623,700			(215,329	)
Swedish Krona		17	Long		3/16/20		3,542,120			(81,864	)

6 See Notes to Consolidated Financial Statements.

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Consolidated Portfolio of Investments (Unaudited) — continued

Futures Contracts (continued)
Description	Number of Contracts		Position		Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)
Euro		67		Short		3/16/20	$	(9,311,744	)	$	41,881
Japanese Yen		81		Short		3/16/20		(9,365,119	)		6,981
New Zealand Dollar		4		Short		3/16/20		(258,720	)		(67	)
Swiss Franc		30		Short		3/16/20		(3,903,750	)		(70,620	)
Interest Rate Futures
Australia 10-Year Bond		12		Long		3/16/20		1,187,947			10,634
Canada 10-Year Bond		7		Long		3/20/20		751,995			27
Euro-BTP		69		Long		3/6/20		11,327,909			400,932
Euro-Bund		2		Long		3/6/20		388,256			5,166
Euro-OAT		2		Long		3/6/20		370,910			5,986
U.S. 10-Year Treasury Note		46		Long		3/20/20		6,056,187			97,999
Japan 10-Year Bond		5		Short		3/13/20		(7,053,666	)		(24,977	)
Long Gilt		53		Short		3/27/20		(9,443,978	)		(159,066	)
										$	(1,438,849	)

Abbreviations:
LME	–	London Metal Exchange
RBOB	–	Reformulated Blendstock for Oxygenate Blending
ULSD	–	Ultra-Low Sulfur Diesel
WTI	–	West Texas Intermediate

7 See Notes to Consolidated Financial Statements.

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Consolidated Statement of Assets and Liabilities (Unaudited)

Assets	January 31, 2020
Unaffiliated investments, at value (identified cost, $25,090,673)	$	25,093,590
Affiliated investment, at value (identified cost, $915,097)		915,128
Interest receivable		56,176
Dividends receivable from affiliated investment		1,901
Receivable for Fund shares sold		122,733
Receivable from affiliates		32,651
Total assets	$	26,222,179
Liabilities
Payable for variation margin on open futures contracts	$	241,276
Payable to affiliate:
Investment adviser and administration fee		17,921
Accrued expenses		133,406
Total liabilities	$	392,603
Net Assets	$	25,829,576
Sources of Net Assets
Paid-in capital	$	26,041,221
Accumulated loss		(211,645	)
Total	$	25,829,576
Institutional Class Shares
Net Assets	$	25,829,576
Shares Outstanding		2,847,088
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	9.07

8 See Notes to Consolidated Financial Statements.

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Consolidated Statement of Operations (Unaudited)

Investment Income	Six Months Ended January 31, 2020
Interest	$	234,483
Dividends from affiliated investment		16,907
Total investment income	$	251,390
Expenses
Investment adviser and administration fee	$	102,452
Trustees’ fees and expenses		901
Custodian fee		54,331
Transfer and dividend disbursing agent fees		2,397
Legal and accounting services		43,574
Printing and postage		2,609
Registration fees		25,100
Miscellaneous		4,882
Total expenses	$	236,246
Deduct —
Allocation of expenses to affiliates	$	109,464
Total expense reductions	$	109,464
Net expenses	$	126,782
Net investment income	$	124,608
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	99
Investment transactions — affiliated investment		344
Futures contracts		2,865,968
Foreign currency transactions		(342	)
Net realized gain	$	2,866,069
Change in unrealized appreciation (depreciation) —
Investments	$	(13,290	)
Investments — affiliated investment		21
Futures contracts		(2,803,713	)
Foreign currency		8,417
Net change in unrealized appreciation (depreciation)	$	(2,808,565	)
Net realized and unrealized gain	$	57,504
Net increase in net assets from operations	$	182,112

9 See Notes to Consolidated Financial Statements.

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Consolidated Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019(1)
From operations —
Net investment income	$	124,608		$	307,012
Net realized gain (loss)		2,866,069			(1,601,102	)
Net change in unrealized appreciation (depreciation)		(2,808,565	)		1,372,454
Net increase in net assets from operations	$	182,112		$	78,364
Distributions to shareholders	$	(1,940,734	)	$	(198,515	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares	$	3,028,560		$	28,267,222
Net asset value of shares issued to shareholders in payment of distributions declared		1,940,734			198,515
Cost of shares redeemed		(1,541,774	)		(4,184,908	)
Net increase in net assets from Fund share transactions	$	3,427,520		$	24,280,829
Net increase in net assets	$	1,668,898		$	24,160,678
Net Assets
At beginning of period	$	24,160,678		$	—
At end of period	$	25,829,576		$	24,160,678

⁽¹⁾  The Fund commenced operations on August 1, 2018.

10 See Notes to Consolidated Financial Statements.

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Consolidated Financial Highlights

	Institutional Class
	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019(1)
Net asset value — Beginning of period	$	9.710		$	10.000
Income (Loss) From Operations
Net investment income(2)	$	0.048		$	0.140
Net realized and unrealized gain (loss)		0.062			(0.345	)
Total income (loss) from operations	$	0.110		$	(0.205	)
Less Distributions
From net investment income	$	(0.446	)	$	(0.085	)
From net realized gain		(0.304	)		—
Total distributions	$	(0.750	)	$	(0.085	)
Net asset value — End of period	$	9.070		$	9.710
Total Return(3)(4)		0.81	%(5)		(1.90	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	25,830		$	24,161
Ratios (as a percentage of average daily net assets):
Expenses(4)		0.99	%(6)		0.99	%
Net investment income		0.97	%(6)		1.50	%
Portfolio Turnover		0	%		0	%

⁽¹⁾ The Fund commenced operations on August 1, 2018.

⁽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 the sub-adviser reimbursed certain operating expenses (equal to 0.85% and 1.29% of average daily net assets for the six months ended January 31, 2020 and the year ended July 31, 2019, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

11 See Notes to Consolidated Financial Statements.

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Notes to Consolidated Financial Statements (Unaudited)

1  Significant Accounting Policies

Parametric Research Affiliates Systematic Alternative Risk Premia Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is total return. The Fund offers Institutional Class shares, which are sold at net asset value and are not subject to a sales charge.

The Fund seeks to gain exposure to commodities, in whole or in part, through investments in SARP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands with the same investment objective and principal investment strategies as the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary, which invests primarily in commodity-related investments, and may also invest in other instruments in which the Fund is permitted to invest. The net assets of the Subsidiary at January 31, 2020 were $2,213,749 or 8.6% of the Fund’s consolidated net assets. The accompanying consolidated financial statements include the accounts of the Subsidiary. Intercompany balances and transactions have been eliminated in consolidation.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

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

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Derivatives. Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded. The daily valuation of certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of 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 financial futures contracts that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such 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 foreign financial futures contracts.

Foreign financial futures contracts 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.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). 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.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, 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 — Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

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

12

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

The Subsidiary is treated as a controlled foreign corporation under the Internal Revenue Code and is not expected to be subject to U.S. federal income tax. The Fund is treated as a U.S. shareholder of the Subsidiary. As a result, the Fund is required to include in gross income for U.S. federal tax purposes all of the Subsidiary’s income, whether or not such income is distributed by the Subsidiary. If a net loss is realized by the Subsidiary, such loss is not generally available to offset the income earned by the Fund.

As of January 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

I  Financial and Commodities Futures Contracts — Upon entering into a financial or commodities futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day (except for futures contracts traded on the London Metal Exchange, which make payments at contract expiration), depending on the daily fluctuations in the value of the underlying security, index, commodity or currency, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial or commodities futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial or commodities 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  Interim Financial Statements — The interim financial statements relating to January 31, 2020 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the consolidated 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.

13

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund, including open derivative contracts, and the Fund’s investment in the Subsidiary, at January 31, 2020, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	27,737,153
Gross unrealized appreciation	$	2,866
Gross unrealized depreciation		(3,209,675	)
Net unrealized depreciation	$	(3,206,809	)

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund and the Subsidiary. Pursuant to the investment advisory and administrative agreement between the Trust and EVM and the investment advisory agreement between the Subsidiary and EVM, the Fund and Subsidiary pay EVM an aggregate fee at an annual rate of 0.80% of the Fund’s consolidated average daily net assets up to $500 million and at reduced rates on consolidated net assets of $500 million and over, and is payable monthly. For the six months ended January 31, 2020, the investment adviser and administration fee amounted to $102,452 or 0.80% (annualized) of the Fund’s consolidated average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Parametric Portfolio Associates LLC (Parametric), a wholly-owned indirect subsidiary of Eaton Vance Corp. Pursuant to a separate investment sub-advisory agreement, EVM has also engaged Research Affiliates, LLC (Research Affiliates), a limited liability corporation, to provide certain non-discretionary sub-advisory services such as research and portfolio modeling to the Fund. EVM pays Parametric and Research Affiliates a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. EVM and Parametric have agreed to reimburse the Fund’s expenses, including expenses of the Subsidiary, to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 0.99% of the Fund’s consolidated average daily net assets. This agreement may be changed or terminated after November 30, 2020. Pursuant to this agreement, EVM and Parametric were allocated $109,464 in total of the Fund’s operating expenses for the six months ended January 31, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended January 31, 2020, EVM earned $69 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Consolidated Statement of Operations.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended January 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Purchases and Sales of Investments

There were no purchases and sales of investments, other than short-term obligations, for the six months ended January 31, 2020.

5  Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows:

Institutional Class	Six Months Ended January 31, 2020 (Unaudited)			Year Ended July 31, 2019(1)
Sales		311,955			2,915,920
Issued to shareholders electing to receive payments of distributions in Fund shares		207,787			21,839
Redemptions		(159,927	)		(450,486	)
Net increase		359,815			2,487,273

⁽¹⁾  The Fund commenced operations on August 1, 2018.

At January 31, 2020, EVM owned 57.4% of the value of the outstanding shares of the Fund.

14

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

6  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at January 31, 2020 is included in the Consolidated Portfolio of Investments. At January 31, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund seeks to provide exposure to “risk premia” by taking long and short positions using derivative instruments to gain market exposure across four asset classes: equities, fixed income, commodities and currencies. Risk premia are the returns assets are expected to generate in excess of the return of a risk-free investment as compensation for taking risk.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2020 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative(1)		Liability Derivative(1)
Commodity	Futures contracts	$	814,785	$	(1,702,722	)
Equity Price	Futures contracts		138,983		(543,653	)
Foreign Exchange	Futures contracts		48,862		(531,805	)
Interest Rate	Futures contracts		520,744		(184,043	)
Total		$	1,523,374	$	(2,962,223	)

⁽¹⁾ Only the variation margin on open futures contracts is reported within the Consolidated Statement of Assets and Liabilities as Receivable or Payable for variation margin on open futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Consolidated Statement of Operations by risk exposure for the six months ended January 31, 2020 was as follows:

Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income(1)		Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income(2)
Commodity	Futures contracts	$	874,871	$	(1,366,524	)
Equity Price	Futures contracts		518,068		(193,848	)
Foreign Exchange	Futures contracts		203,594		(530,532	)
Interest Rate	Futures contracts		1,269,435		(712,809	)
Total		$	2,865,968	$	(2,803,713	)

⁽¹⁾ Consolidated Statement of Operations location: Net realized gain (loss) – Futures contracts.

⁽²⁾ Consolidated Statement of Operations location: Change in unrealized appreciation (depreciation) – Futures contracts.

The average notional cost of futures contracts outstanding during the six months ended January 31, 2020, which is indicative of the volume of this derivative type, was approximately as follows:

Futures Contracts — Long		Futures Contracts — Short
	$71,652,000	$	63,046,000

15

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

7  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended January 31, 2020.

8  Investments in Affiliated Funds

At January 31, 2020, the value of the Fund’s investment in affiliated funds was $915,128, which represents 3.5% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended January 31, 2020 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	1,222,663	$	48,287,833	$	(48,595,733	)	$	344	$	21	$	915,128	$	16,907		915,037

9  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, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Short-Term Investments —
U.S. Treasury Obligations	$	—		$	25,093,590		$	—	$	25,093,590
Other		—			915,128			—		915,128
Total Investments	$	—		$	26,008,718		$	—	$	26,008,718
Futures Contracts	$	1,384,391		$	138,983		$	—	$	1,523,374
Total	$	1,384,391		$	26,147,701		$	—	$	27,532,092
Liability Description
Futures Contracts	$	(2,548,554	)	$	(413,669	)	$	—	$	(2,962,223	)
Total	$	(2,548,554	)	$	(413,669	)	$	—	$	(2,962,223	)

16

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Notes to Consolidated Financial Statements (Unaudited) — continued

10  Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and through March 20, 2020, the date these financial statements were issued, has resulted in substantial market volatility and may result in a significant economic downturn.

17

Parametric

Research Affiliates Systematic Alternative Risk Premia Fund

January 31, 2020

Officers and Trustees

Officers

Payson F. Swaffield

President

Maureen A. Gemma

Vice President, Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

18

Eaton Vance Funds

IMPORTANT NOTICES

Privacy.  The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

• At the time of opening an account, Eaton Vance generally requires you to provide us with certain information such as name, address, social security number, tax status, account numbers, and account balances. This information is necessary for us to both open an account for you and to allow us to satisfy legal requirements such as applicable anti-money laundering reviews and know-your-customer requirements.

• On an ongoing basis, in the normal course of servicing your account, Eaton Vance may share your information with unaffiliated third parties that perform various services for Eaton Vance and/or your account. These third parties include transfer agents, custodians, broker/dealers and our professional advisers, including auditors, accountants, and legal counsel. Eaton Vance may additionally share your personal information with our affiliates.

• We believe our Privacy Program is reasonably designed to protect the confidentiality of your personal information and to prevent unauthorized access to that information.

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

Our pledge of protecting your personal information 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 Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, 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 intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-260-0761, or contact your financial intermediary. 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 intermediary.

Portfolio Holdings.  Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-260-0761 or in the EDGAR database on the SEC’s website at www.sec.gov.

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 1-800-260-0761 and by accessing the SEC’s website at www.sec.gov.

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Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Parametric Portfolio Associates LLC

800 Fifth Avenue, Suite 2800

Seattle, WA 98104

Non-Discretionary Investment Sub-Adviser

Research Affiliates, LLC

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

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) 260-0761

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.

31328    1.31.20

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. 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, 2020

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, 2020

By: /s/ Payson F. Swaffield

Payson F. Swaffield

President

Date: March 24, 2020