N-CSR 1 d254258dncsr.htm EATON VANCE GROWTH TRUST Eaton Vance Growth Trust

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-01241

 

 

Eaton Vance Growth Trust

(Exact Name of Registrant as Specified in Charter)

 

 

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

 

 

Deidre E. Walsh

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

August 31

Date of Fiscal Year End

August 31, 2022

Date of Reporting Period

 

 

 


Item 1.

Reports to Stockholders

 



Eaton Vance
Worldwide Health Sciences Fund
Annual Report
August 31, 2022



Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as 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.




Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Management’s Discussion of Fund Performance

Economic and Market Conditions
The 12-month period starting September 1, 2021, was dominated by the ongoing effects of one black swan event — the COVID-19 pandemic — and new fallout from another — Russia’s unprovoked invasion of Ukraine.
In the opening months of the period, stock investors as well as consumers appeared to be taking a “glass is half full” approach. Despite the appearance of a new and more contagious COVID-19 variant, the highest inflation readings in nearly four decades, and the U.S. Federal Reserve’s (the Fed’s) announcement that it would begin tapering its bond purchases that had supported economic growth, major U.S. equity indexes repeatedly closed at new all-time highs during the final quarter of 2021.
In both the U.S. and Europe, consumers rushed to spend money saved during the early months of the pandemic. Mastercard, Inc. reported its highest retail sales on record during the 2021 holiday season. But as the new year began, investors appeared to re-evaluate the twin threats of inflation and interest rate hikes, and stock performance began to turn negative around the globe. In February, Russia’s invasion of Ukraine sent shock waves through markets worldwide, exacerbating inflationary pressures on energy and food costs.
As policymakers’ perceptions of inflation worsened from “transitory” to “persistent,” central banks around the world — including the Bank of England and the European Central Bank — initiated their first interest rate hikes in years. In Europe, looming energy shortages caused by Russia’s invasion of Ukraine pushed inflation rates higher and stock prices lower during the period. 
In the U.S., the Fed admitted it may have been late in initiating rate hikes to quell inflation. Investors began to expect that the central bank would raise interest rates at every policy meeting in 2022 — and worried that aggressive rate hikes could tip the U.S. economy into recession. At its third and fourth meetings of 2022, the Fed hiked rates 0.75% each time — its first moves of that magnitude since 1994. Higher interest rates, inflation, and recessionary worries drove stock prices down, with rate-sensitive technology stocks — which had been star performers early in the pandemic — suffering some of the worst declines.
Meanwhile in the world’s second-largest economy, China’s zero-Covid policy and problems within its real estate sector severely restricted economic output. The MSCI Golden Dragon Index, a measure of Chinese large-cap and mid-cap stocks, was one of the worst-performing major indexes, declining 25.10% during the period.
Major equity indexes elsewhere also declined in value. For the period as a whole, the MSCI ACWI Index, a broad measure of global equities, returned -15.88%; the S&P 500® Index, a broad measure of U.S. stocks, lost 11.23%; and the technology-laden Nasdaq Composite Index fell 21.99%. The MSCI EAFE Index of developed-market international equities returned -19.80%, while the MSCI Emerging Markets Index returned -21.80% during the period.
While it still posted a negative return, the health care sector overall outperformed the broader equity market, in part because investors rotated toward sectors regarded as less cyclical and potentially less risky during the period. Within the sector, the health care services industry was the only industry to deliver a positive return during the period, as many medical insurance firms saw an increase in subscribers from strong job growth. In line with the general investor trend toward risk reduction, the pharmaceuticals industry outperformed the overall sector. In contrast, the health care equipment and life sciences tools & services industries underperformed significantly as rising interest rates had a greater impact on the higher valuation stocks in these industries during the period.
Fund Performance
For the 12-month period ended August 31, 2022, Eaton Vance Worldwide Health Sciences Fund (the Fund) returned -11.32% for Class A shares at net asset value (NAV), underperforming its primary benchmark, the MSCI World Health Care Index (the Index), which returned -11.02%.
On an industry basis, the main detractors from Fund performance versus the Index during the period were stock selections and an underweight position in health care services, an overweight position in health care technology, and stock selections in health care supplies.
Within health care services, the Fund’s out-of-Index position in Accolade, Inc. (Accolade) detracted from performance versus the Index. Accolade provides health insurance concierge services for employers to help employees navigate the health care system. While its stock price had risen significantly early in the pandemic, it fell sharply during the period after competitors lowered their prices and Accolade lost a key early customer, calling into question the viability of its product. By period-end, the Fund sold its position in Accolade.
Within health care supplies, the Fund’s overweight positions in robotic surgical systems maker Intuitive Surgical, Inc. (Intuitive Surgical) and diversified medical technology firm Teleflex, Inc. detracted from relative returns during the period. Both firms saw their share prices decline amid staffing shortages in health care, a slow recovery in elective surgeries after a steep decline early in the pandemic, and a market rotation away from high-valuation stocks. While Intuitive Surgical reported strong earnings growth early in the period, investors were disappointed by its future earnings outlook, which drove its share price lower during the period.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
Worldwide Health Sciences Fund
August 31, 2022
Management’s Discussion of Fund Performance — continued

Elsewhere in the Fund, an out-of-Index position in PolyPeptide Group AG (PolyPeptide) detracted from relative performance as well. The Swiss-
headquartered contract developer of peptide-based drugs suffered a significant share price decline amid negative sentiment about its industry — life sciences tools & services — which was one of the worst-performing industry groups in health care in the first half of 2022. By period-end, the Fund sold its position in PolyPeptide.
In contrast, stock selections in the biotechnology industry, along with stock selections and an overweight position in the pharmaceuticals industry, contributed to Fund performance versus the Index. Within biotechnology, an underweight exposure to COVID-19 vaccine maker Moderna, Inc. (Moderna) helped relative returns as the firm’s stock — a strong performer early in the pandemic — plunged in value as new vaccinations slowed and investors rotated away from high-valuation stocks. By period-end, the Fund sold its position in Moderna.
Also in biotechnology, the Fund’s overweight position in AbbVie, Inc. rose in value as investors became more confident the firm was well positioned to grow sales of new products to compensate for the loss of exclusivity for its best-selling drug, Humira.
Elsewhere in the Fund, an overweight position in UnitedHealth Group, Inc. contributed to relative performance. Its stock price rose after the health care provider announced strong earnings growth early in the period due to membership growth in its Medicare Advantage and commercial lines of business.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
Worldwide Health Sciences Fund
August 31, 2022
Performance

Portfolio Manager(s) Jason Kritzer, CFA, of Eaton Vance Management and Samantha Pandolfi, CFA, of Eaton Vance Advisers International Ltd.
% Average Annual Total Returns1,2 Class
Inception Date
Performance
Inception Date
One Year Five Years Ten Years
Class A at NAV 07/26/1985 07/26/1985 (11.32)% 9.17% 12.02%
Class A with 5.25% Maximum Sales Charge (16.00) 8.01 11.42
Class C at NAV 01/05/1998 07/26/1985 (11.91) 8.35 11.34
Class C with 1% Maximum Deferred Sales Charge (12.73) 8.35 11.34
Class I at NAV 10/01/2009 07/26/1985 (11.07) 9.44 12.30
Class R at NAV 09/08/2003 07/26/1985 (11.46) 8.92 11.75

MSCI World Health Care Index (11.02)% 8.85% 11.58%
S&P 500® Index (11.23) 11.82 13.07
% Total Annual Operating Expense Ratios3 Class A Class C Class I Class R
Gross 1.17% 1.92% 0.92% 1.42%
Net 1.16 1.91 0.91 1.41
Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
Growth of Investment Amount Invested Period Beginning At NAV With Maximum Sales Charge
Class C $10,000 08/31/2012 $29,292 N.A.
Class I, at minimum investment $1,000,000 08/31/2012 $3,192,937 N.A.
Class R $10,000 08/31/2012 $30,393 N.A.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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.
4


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Fund Profile

Sector Allocation (% of net assets)1
Country Allocation (% of net assets)
Top 10 Holdings (% of net assets)1
UnitedHealth Group, Inc. 8.4%
Johnson & Johnson 7.4
AbbVie, Inc. 5.7
Roche Holding AG PC 5.1
Eli Lilly & Co. 5.1
Thermo Fisher Scientific, Inc. 4.8
AstraZeneca PLC 4.4
Danaher Corp. 4.4
Novo Nordisk A/S, Class B 4.4
Bristol-Myers Squibb Co. 3.7
Total 53.4%
 
Footnotes:
1 Excludes cash and cash equivalents.
5


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Endnotes and Additional Disclosures

†  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.
   
1 MSCI World Health Care Index is an unmanaged index of health care sector equities within the MSCI World Index. 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. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. 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.
Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.
3 Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 12/31/22. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.
  Fund profile subject to change due to active management.
  Additional Information
  Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq's third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. 
 
6


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Fund Expenses

Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
  Beginning
Account Value
(3/1/22)
Ending
Account Value
(8/31/22)
Expenses Paid
During Period*
(3/1/22 – 8/31/22)
Annualized
Expense
Ratio
Actual        
Class A $1,000.00 $ 931.20 $5.74** 1.18%
Class C $1,000.00 $ 928.00 $9.38** 1.93%
Class I $1,000.00 $ 932.70 $4.53** 0.93%
Class R $1,000.00 $ 930.50 $6.96** 1.43%
 
Hypothetical        
(5% return per year before expenses)        
Class A $1,000.00 $1,019.26 $6.01** 1.18%
Class C $1,000.00 $1,015.48 $9.80** 1.93%
Class I $1,000.00 $1,020.52 $4.74** 0.93%
Class R $1,000.00 $1,018.00 $7.27** 1.43%
* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on February 28, 2022.
** Absent an allocation of certain expenses to affiliates, expenses would be higher.
7


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Portfolio of Investments

Common Stocks — 96.4%
Security Shares Value
Biotechnology — 11.9%
AbbVie, Inc.     426,290 $    57,318,953
Abcam PLC(1)     371,519     5,482,058
argenx SE ADR(1)      22,042     8,329,011
Blueprint Medicines Corp.(1)      51,234     3,751,353
CSL, Ltd.     101,354    20,272,584
Neurocrine Biosciences, Inc.(1)     210,577    22,032,672
Travere Therapeutics, Inc.(1)     121,514     3,251,715
      $  120,438,346
Containers & Packaging — 0.4%
AptarGroup, Inc.      44,675 $     4,593,037
      $    4,593,037
Health Care Equipment — 13.2%
Abbott Laboratories      82,997 $     8,519,642
Boston Scientific Corp.(1)     480,847    19,382,943
Edwards Lifesciences Corp.(1)     137,573    12,395,327
Envista Holdings Corp.(1)     206,075     7,643,322
Fisher & Paykel Healthcare Corp., Ltd.     306,830     3,673,272
Inari Medical, Inc.(1)     151,170    10,483,640
Intuitive Surgical, Inc.(1)     139,006    28,599,094
Straumann Holding AG      84,956     9,309,711
Tandem Diabetes Care, Inc.(1)     113,739     5,202,422
Teleflex, Inc.      57,793    13,076,244
Zimmer Biomet Holdings, Inc.     146,300    15,554,616
      $  133,840,233
Health Care Services — 1.7%
Agiliti, Inc.(1)     702,673 $    11,284,928
R1 RCM, Inc.(1)     275,354     6,016,485
      $   17,301,413
Health Care Supplies — 3.0%
Alcon, Inc.     223,253 $    14,699,635
Asahi Intecc Co., Ltd.     255,800     4,550,064
Cooper Cos., Inc. (The)      29,764     8,555,364
Neogen Corp.(1)     118,202     2,470,422
      $   30,275,485
Health Care Technology — 1.5%
JMDC, Inc.     173,100 $     8,223,729
Security Shares Value
Health Care Technology (continued)
M3, Inc.     226,300 $     7,248,808
      $   15,472,537
Life Sciences Tools & Services — 12.3%
Danaher Corp.     164,944 $    44,520,035
Lonza Group AG      25,000    13,332,993
Thermo Fisher Scientific, Inc.      89,567    48,842,676
Waters Corp.(1)      58,647    17,511,994
      $  124,207,698
Managed Health Care — 10.5%
Centene Corp.(1)     240,819 $    21,611,097
UnitedHealth Group, Inc.     162,634    84,460,715
      $  106,071,812
Pharmaceuticals — 41.9%
AstraZeneca PLC     362,647 $    44,856,655
Bristol-Myers Squibb Co.     550,361    37,099,835
Dechra Pharmaceuticals PLC     138,439     5,598,878
Eli Lilly & Co.     170,655    51,406,406
Johnson & Johnson     462,038    74,545,211
Merck & Co., Inc.     201,902    17,234,355
Novartis AG     114,812     9,286,915
Novo Nordisk A/S, Class B     413,177    44,174,323
Pfizer, Inc.     359,209    16,247,023
Roche Holding AG PC     159,632    51,440,032
Royalty Pharma PLC, Class A     320,270    13,390,489
Sanofi     393,466    32,165,769
Zoetis, Inc.     167,945    26,288,431
      $  423,734,322
Total Common Stocks
(identified cost $656,076,050)
    $  975,934,883
    
Convertible Preferred Stocks — 0.1%
Security Shares Value
Biotechnology — 0.1%
Caris Life Sciences, Inc., Series D(1)(2)(3)     370,370 $       774,073
Total Convertible Preferred Stocks
(identified cost $3,000,000)
    $      774,073
    
 
8
See Notes to Financial Statements.


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Portfolio of Investments — continued

Exchange-Traded Funds — 3.1%
Security Shares Value
Equity Funds — 3.1%
iShares Global Healthcare ETF     194,624 $    15,260,468
SPDR S&P Biotech ETF     194,177    16,252,615
Total Exchange-Traded Funds
(identified cost $29,707,755)
    $   31,513,083
    
Short-Term Investments — 0.2%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.11%(4)   1,945,086 $     1,945,086
Total Short-Term Investments
(identified cost $1,945,086)
    $    1,945,086
Total Investments — 99.8%
(identified cost $690,728,891)
    $1,010,167,125
Other Assets, Less Liabilities — 0.2%     $    2,100,751
Net Assets — 100.0%     $1,012,267,876
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) Non-income producing security.
(2) For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 11).
(3) Restricted security (see Note 8).
(4) May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of August 31, 2022.
Country Concentration of Portfolio
Country Percentage
of Net Assets
Value
United States 73.8% $747,449,637
United Kingdom 5.5 55,937,591
Switzerland 4.6 46,629,254
Denmark 4.4 44,174,323
France 3.2 32,165,769
Australia 2.0 20,272,584
Japan 2.0 20,022,601
Netherlands 0.8 8,329,011
New Zealand 0.4 3,673,272
Exchange-Traded Funds 3.1 31,513,083
Total Investments 99.8% $1,010,167,125
Abbreviations:
ADR – American Depositary Receipt
PC – Participation Certificate
 
9
See Notes to Financial Statements.


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Statement of Assets and Liabilities

  August 31, 2022
Assets  
Unaffiliated investments, at value (identified cost $688,783,805) $ 1,008,222,039 
Affiliated investment, at value (identified cost $1,945,086) 1,945,086
Dividends receivable 1,312,859
Dividends receivable from affiliated investment 3,668
Receivable for Fund shares sold 145,357
Tax reclaims receivable 2,331,956
Receivable from affiliates 10,338
Total assets $1,013,971,303
Liabilities  
Payable for Fund shares redeemed $ 350,076
Payable to affiliates:  
Investment adviser fee 589,220
Administration fee 136,641
Distribution and service fees 221,307
Accrued expenses 406,183
Total liabilities $ 1,703,427
Net Assets $1,012,267,876
Sources of Net Assets  
Paid-in capital $ 670,310,368
Distributable earnings 341,957,508
Net Assets $1,012,267,876
Class A Shares  
Net Assets $ 703,964,761
Shares Outstanding 56,520,946
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 12.45
Maximum Offering Price Per Share
(100 ÷ 94.75 of net asset value per share)
$ 13.14
Class C Shares  
Net Assets $ 39,614,581
Shares Outstanding 3,137,091
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)
$ 12.63
Class I Shares  
Net Assets $ 209,646,361
Shares Outstanding 16,273,193
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 12.88
Class R Shares  
Net Assets $ 59,042,173
Shares Outstanding 4,368,245
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)
$ 13.52
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.
10
See Notes to Financial Statements.


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Statement of Operations

  Year Ended
  August 31, 2022
Investment Income  
Dividend income (net of foreign taxes withheld of $688,807) $ 15,900,806
Dividend income from affiliated investments 8,014
Total investment income $ 15,908,820
Expenses  
Investment adviser fee $ 7,532,689
Administration fee 1,678,289
Distribution and service fees:  
Class A 1,976,650
Class C 486,189
Class R 333,190
Trustees’ fees and expenses 68,833
Custodian fee 284,534
Transfer and dividend disbursing agent fees 948,856
Legal and accounting services 81,678
Printing and postage 79,438
Registration fees 75,680
Miscellaneous 46,899
Total expenses $ 13,592,925
Deduct:  
Waiver and/or reimbursement of expenses by affiliates $ 144,487
Total expense reductions $ 144,487
Net expenses $ 13,448,438
Net investment income $ 2,460,382
Realized and Unrealized Gain (Loss)  
Net realized gain (loss):  
Investment transactions $ 40,598,492
Investment transactions - affiliated investment 642
Foreign currency transactions (27,461)
Net realized gain $ 40,571,673
Change in unrealized appreciation (depreciation):  
Investments $ (173,679,908)
Foreign currency (219,868)
Net change in unrealized appreciation (depreciation) $(173,899,776)
Net realized and unrealized loss $(133,328,103)
Net decrease in net assets from operations $(130,867,721)
11
See Notes to Financial Statements.


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Statements of Changes in Net Assets

  Year Ended August 31,
  2022 2021
Increase (Decrease) in Net Assets    
From operations:    
Net investment income $ 2,460,382 $ 3,173,201
Net realized gain 40,571,673 96,984,237
Net change in unrealized appreciation (depreciation) (173,899,776) 126,846,043
Net increase (decrease) in net assets from operations $ (130,867,721) $ 227,003,481
Distributions to shareholders:    
Class A $ (66,291,888) $ (53,425,016)
Class C (3,766,261) (3,333,250)
Class I (17,276,987) (13,675,899)
Class R (4,963,619) (3,772,416)
Total distributions to shareholders $ (92,298,755) $ (74,206,581)
Transactions in shares of beneficial interest:    
Class A $ 8,909,806 $ (16,785,232)
Class C (6,911,777) (13,840,974)
Class I 30,332,956 1,128,566
Class R 1,486,840 737,557
Net increase (decrease) in net assets from Fund share transactions $ 33,817,825 $ (28,760,083)
Net increase (decrease) in net assets $ (189,348,651) $ 124,036,817
Net Assets    
At beginning of year $ 1,201,616,527 $ 1,077,579,710
At end of year $1,012,267,876 $1,201,616,527
12
See Notes to Financial Statements.


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Financial Highlights

  Class A
  Year Ended August 31,
  2022 2021 2020 2019 2018
Net asset value — Beginning of year $ 15.260 $ 13.380 $ 11.610 $ 11.700 $ 10.710
Income (Loss) From Operations          
Net investment income(1) $ 0.030 $ 0.040 $ 0.061 $ 0.069 $ 0.033
Net realized and unrealized gain (loss) (1.634) 2.795 2.377 0.413 1.248
Total income (loss) from operations $ (1.604) $ 2.835 $ 2.438 $ 0.482 $ 1.281
Less Distributions          
From net investment income $ (0.035) $ (0.066) $ (0.072) $ (0.035) $
From net realized gain (1.171) (0.889) (0.596) (0.537) (0.291)
Total distributions $ (1.206) $ (0.955) $ (0.668) $ (0.572) $ (0.291)
Net asset value — End of year $ 12.450 $ 15.260 $ 13.380 $ 11.610 $ 11.700
Total Return(2)(3) (11.32)% 22.58% 21.74% 4.35% 12.31%
Ratios/Supplemental Data          
Net assets, end of year (000’s omitted) $703,965 $853,051 $761,814 $698,865 $654,296
Ratios (as a percentage of average daily net assets):(4)          
Expenses (3) 1.20% (5) 1.16% 1.22% 1.09% 1.06%
Net investment income 0.22% 0.30% 0.50% 0.61% 0.31%
Portfolio Turnover of the Portfolio(6) 32% 37%
Portfolio Turnover of the Fund  27% 32% 38% 3% (7)
(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, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.01%, 0.01%, 0.04%, 0.07% and 0.06% of average daily net assets for the years ended August 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.
(4) Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.
(5) Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund 's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended August 31, 2022).
(6) Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.
(7) For the period from August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities.
References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period.
13
See Notes to Financial Statements.


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Financial Highlights — continued

  Class C
  Year Ended August 31,
  2022 2021 2020 2019 2018
Net asset value — Beginning of year $ 15.440 $ 13.500 $ 11.690 $ 11.770 $ 10.850
Income (Loss) From Operations          
Net investment loss(1) $ (0.076) $ (0.065) $ (0.032) $ (0.040) $ (0.048)
Net realized and unrealized gain (loss) (1.648) 2.836 2.384 0.437 1.259
Total income (loss) from operations $ (1.724) $ 2.771 $ 2.352 $ 0.397 $ 1.211
Less Distributions          
From net realized gain $ (1.086) $ (0.831) $ (0.542) $ (0.477) $ (0.291)
Total distributions $ (1.086) $ (0.831) $ (0.542) $ (0.477) $ (0.291)
Net asset value — End of year $12.630 $15.440 $13.500 $11.690 $ 11.770
Total Return(2)(3) (11.91)% 21.68% 20.70% 3.54% 11.49%
Ratios/Supplemental Data          
Net assets, end of year (000’s omitted) $ 39,615 $ 56,172 $ 62,657 $ 63,886 $177,727
Ratios (as a percentage of average daily net assets):(4)          
Expenses (3) 1.95% (5) 1.91% 1.97% 1.84% 1.81%
Net investment loss (0.54)% (0.47)% (0.26)% (0.35)% (0.45)%
Portfolio Turnover of the Portfolio(6) 32% 37%
Portfolio Turnover of the Fund  27% 32% 38% 3% (7)
(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, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.01%, 0.01%, 0.04%, 0.07% and 0.06% of average daily net assets for the years ended August 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.
(4) Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.
(5) Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund 's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended August 31, 2022).
(6) Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.
(7) For the period from August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities.
References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period.
14
See Notes to Financial Statements.


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Financial Highlights — continued

  Class I
  Year Ended August 31,
  2022 2021 2020 2019 2018
Net asset value — Beginning of year $ 15.740 $ 13.770 $ 11.930 $ 12.010 $ 10.960
Income (Loss) From Operations          
Net investment income(1) $ 0.068 $ 0.077 $ 0.094 $ 0.098 $ 0.061
Net realized and unrealized gain (loss) (1.686) 2.881 2.443 0.424 1.280
Total income (loss) from operations $ (1.618) $ 2.958 $ 2.537 $ 0.522 $ 1.341
Less Distributions          
From net investment income $ (0.071) $ (0.099) $ (0.101) $ (0.065) $
From net realized gain (1.171) (0.889) (0.596) (0.537) (0.291)
Total distributions $ (1.242) $ (0.988) $ (0.697) $ (0.602) $ (0.291)
Net asset value — End of year $ 12.880 $ 15.740 $ 13.770 $ 11.930 $ 12.010
Total Return(2)(3) (11.07)% 22.89% 22.04% 4.60% 12.59%
Ratios/Supplemental Data          
Net assets, end of year (000’s omitted) $209,646 $221,892 $192,629 $169,013 $173,054
Ratios (as a percentage of average daily net assets):(4)          
Expenses (3) 0.95% (5) 0.91% 0.97% 0.84% 0.81%
Net investment income 0.47% 0.55% 0.75% 0.84% 0.56%
Portfolio Turnover of the Portfolio(6) 32% 37%
Portfolio Turnover of the Fund  27% 32% 38% 3% (7)
(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, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.01%, 0.01%, 0.04%, 0.07% and 0.06% of average daily net assets for the years ended August 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.
(4) Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.
(5) Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund 's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended August 31, 2022).
(6) Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.
(7) For the period from August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities.
References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period.
15
See Notes to Financial Statements.


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Financial Highlights — continued

  Class R
  Year Ended August 31,
  2022 2021 2020 2019 2018
Net asset value — Beginning of year $ 16.450 $ 14.350 $ 12.400 $ 12.460 $ 11.410
Income (Loss) From Operations          
Net investment income (loss)(1) $ (0.004) $ 0.008 $ 0.033 $ 0.042 $ 0.008
Net realized and unrealized gain (loss) (1.761) 3.008 2.547 0.440 1.333
Total income (loss) from operations $ (1.765) $ 3.016 $ 2.580 $ 0.482 $ 1.341
Less Distributions          
From net investment income $ $ (0.027) $ (0.034) $ (0.005) $
From net realized gain (1.165) (0.889) (0.596) (0.537) (0.291)
Total distributions $ (1.165) $ (0.916) $ (0.630) $ (0.542) $ (0.291)
Net asset value — End of year $13.520 $16.450 $14.350 $12.400 $12.460
Total Return(2)(3) (11.46)% 22.24% 21.46% 4.07% 12.08%
Ratios/Supplemental Data          
Net assets, end of year (000’s omitted) $ 59,042 $ 70,502 $ 60,480 $ 57,674 $ 60,883
Ratios (as a percentage of average daily net assets):(4)          
Expenses (3) 1.45% (5) 1.41% 1.47% 1.34% 1.31%
Net investment income (loss) (0.02)% 0.05% 0.25% 0.35% 0.07%
Portfolio Turnover of the Portfolio(6) 32% 37%
Portfolio Turnover of the Fund  27% 32% 38% 3% (7)
(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, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.01%, 0.01%, 0.04%, 0.07% and 0.06% of average daily net assets for the years ended August 31, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.
(4) Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.
(5) Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund 's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the year ended August 31, 2022).
(6) Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.
(7) For the period from August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities.
References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period.
16
See Notes to Financial Statements.


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Notes to Financial Statements

1  Significant Accounting Policies
Eaton Vance Worldwide Health Sciences 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 to seek long-term capital growth by investing in a worldwide and diversified portfolio of health sciences companies. The Fund offers four 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 November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A  Investment ValuationThe following methodologies are used to determine the market value or fair value of investments.
Equity Securities. Equity securities (common stocks and exchange-traded funds) 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 National Market System 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.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business 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 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 TransactionsInvestment 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  IncomeDividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D  Federal TaxesThe 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.
17


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Notes to Financial Statements — continued

As of August 31, 2022, 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  ExpensesThe 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 TranslationInvestment 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 EstimatesThe 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  IndemnificationsUnder 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.
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. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared for the years ended August 31, 2022 and August 31, 2021 was as follows:
  Year Ended August 31,
  2022 2021
Ordinary income $20,383,320 $10,860,155
Long-term capital gains $71,915,435 $63,346,426
During the year ended August 31, 2022, distributable earnings was decreased by $2,796,384 and paid-in capital was increased by $2,796,384 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.
18


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Notes to Financial Statements — continued

As of August 31, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
Undistributed ordinary income $ 2,484,098
Undistributed long-term capital gains 30,656,234
Net unrealized appreciation 308,817,176
Distributable earnings $341,957,508
The cost and unrealized appreciation (depreciation) of investments of the Fund at August 31, 2022, as determined on a federal income tax basis, were as follows:
Aggregate cost $ 701,224,056
Gross unrealized appreciation $ 331,327,635
Gross unrealized depreciation (22,384,566)
Net unrealized appreciation $ 308,943,069
3  Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:
Average Daily Net Assets Annual Fee Rate
Up to $500 million 0.675%
$500 million but less than $1 billion 0.590%
$1 billion but less than $1.5 billion 0.520%
$1.5 billion but less than $2 billion 0.490%
$2 billion but less than $2.5 billion 0.470%
$2.5 billion and over 0.450%
In addition, EVM’s fee is subject to an upward or downward performance adjustment of up to 0.15% (annually) of the average daily net assets of the Fund depending on whether, and to what extent, the investment performance of the Fund differs by at least one percentage point from the record of the MSCI World Health Care Index over a 36-month performance period. For the year ended August 31, 2022, the investment adviser fee, including an upward performance adjustment of $589,836, amounted to $7,532,689 or 0.67% of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. Effective April 26, 2022, the Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro-rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended August 31, 2022, the investment adviser fee paid was reduced by $745 relating to the Fund’s investment in the Liquidity Fund. Prior to April 26, 2022, the Fund may have invested its cash in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by EVM. EVM did not receive a fee for advisory services provided to Cash Reserves Fund.
The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended August 31, 2022, the administration fee amounted to $1,678,289.
EVM and EVAIL have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses and any performance-based adjustment to an asset-based investment
19


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Notes to Financial Statements — continued

advisory fee) exceed 1.15%, 1.90%, 0.90% and 1.40% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after December 31, 2022. Pursuant to this agreement, EVM and EVAIL were allocated $143,742 in total of the Fund’s operating expenses for the year ended August 31, 2022.
EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended August 31, 2022, EVM earned $170,230 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $32,421 as its portion of the sales charge on sales of Class A shares for the year ended August 31, 2022. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended August 31, 2022 in the amount of $2,743. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).
Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser 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 year ended August 31, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.
4  Distribution Plans
The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended August 31, 2022 amounted to $1,976,650 for Class A shares.
The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended August 31, 2022, the Fund paid or accrued to EVD $364,642 for Class C shares.
The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended August 31, 2022, the Fund paid or accrued to EVD $166,595 for Class R shares.
Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended August 31, 2022 amounted to $121,547 and $166,595 for Class C and Class R shares, respectively.
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 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months (18 months prior to April 29, 2022) 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 year ended August 31, 2022, the Fund was informed that EVD received approximately $300 and $4,000 of CDSCs paid by Class A and Class C shareholders, respectively.
6  Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $306,396,165 and $362,636,354, respectively, for the year ended August 31, 2022.
20


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Notes to Financial Statements — continued

7  Shares of Beneficial Interest
The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:
  Year Ended
August 31, 2022
  Year Ended
August 31, 2021
  Shares Amount   Shares Amount
Class A          
Sales 1,678,434 $ 23,214,124   1,640,981 $ 21,927,586
Issued to shareholders electing to receive payments of distributions in Fund shares 4,271,900 59,208,531   3,737,791 47,731,596
Redemptions (5,908,980) (81,448,753)   (7,164,403) (96,475,782)
Converted from Class C shares   580,389  7,935,904     743,573 10,031,368
Net increase (decrease)   621,743 $  8,909,806   (1,042,058) $(16,785,232)
Class C          
Sales   294,080 $  4,126,857     349,289 $  4,752,650
Issued to shareholders electing to receive payments of distributions in Fund shares   261,484  3,694,767     250,176  3,252,290
Redemptions  (484,165) (6,797,497)    (866,480) (11,814,546)
Converted to Class A shares  (571,469) (7,935,904)    (735,613) (10,031,368)
Net decrease  (500,070) $ (6,911,777)   (1,002,628) $(13,840,974)
Class I          
Sales 3,356,941 $ 47,200,529   2,122,499 $ 29,559,582
Issued to shareholders electing to receive payments of distributions in Fund shares   993,064 14,210,739     840,206 11,048,703
Redemptions (2,171,883) (31,078,312)   (2,854,920) (39,479,719)
Net increase 2,178,122 $ 30,332,956     107,785 $  1,128,566
Class R          
Sales   617,456 $  9,420,764     574,171 $  8,342,378
Issued to shareholders electing to receive payments of distributions in Fund shares   328,900  4,956,530     272,796  3,764,588
Redemptions  (862,826) (12,890,454)    (777,383) (11,369,409)
Net increase    83,530 $  1,486,840      69,584 $    737,557
21


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Notes to Financial Statements — continued

8  Restricted Securities
At August 31, 2022, the Fund owned the following security (representing 0.1% of net assets) which was restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Fund has limited registration rights with respect to this security. The value of restricted securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.
Description Date(s) of
Acquisition
Shares Cost Value
Convertible Preferred Stocks        
Caris Life Sciences, Inc., Series D 5/12/21, 9/23/21 370,370 $ 3,000,000 $ 774,073
Total Restricted Securities     $3,000,000 $774,073
9  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 25, 2022. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Secured Overnight Financing Rate (SOFR) 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. In connection with the renewal of the agreement in October 2021, an arrangement fee totaling $150,000 was incurred that was allocated to the participating portfolios and funds. 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 year ended August 31, 2022.
10  Investments in Affiliated Funds
At August 31, 2022, the value of the Fund's investment in affiliated funds was $1,945,086, which represents 0.2% of the Fund's net assets. Transactions in affiliated funds by the Fund for the year ended August 31, 2022 were as follows:
Name Value,
beginning
of period
Purchases Sales
proceeds
Net
realized
gain (loss)
Change in
unrealized
appreciation
(depreciation)
Value, end
of period
Dividend
income
Units/Shares,
end of period
Short-Term Investments
Cash Reserves Fund $6,140,576 $75,231,266 $(81,372,484) $ 642 $  — $  — $ 760       —
Liquidity Fund  — 40,608,970 (38,663,884)  —  — 1,945,086 7,254 1,945,086
Total       $ 642 $ — $1,945,086 $8,014  
11  Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
Level 1 – quoted prices in active markets for identical investments
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
22


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Notes to Financial Statements — continued

At August 31, 2022, the hierarchy of inputs used in valuing the Fund's investments, which are carried at value, were as follows:
Asset Description Level 1 Level 2 Level 3* Total
Common Stocks:        
Biotechnology $  94,683,704 $  25,754,642 $     — $   120,438,346
Containers & Packaging   4,593,037         —     —     4,593,037
Health Care Equipment 120,857,250  12,982,983     —   133,840,233
Health Care Services  17,301,413         —     —    17,301,413
Health Care Supplies  11,025,786  19,249,699     —    30,275,485
Health Care Technology         —  15,472,537     —    15,472,537
Life Sciences Tools & Services 110,874,705  13,332,993     —   124,207,698
Managed Health Care 106,071,812         —     —   106,071,812
Pharmaceuticals 236,211,750 187,522,572     —   423,734,322
Total Common Stocks $701,619,457 $274,315,426** $     — $  975,934,883
Convertible Preferred Stocks $         — $         — $ 774,073 $       774,073
Exchange-Traded Funds  31,513,083         —     —    31,513,083
Short-Term Investments   1,945,086         —     —     1,945,086
Total Investments $735,077,626 $274,315,426 $774,073 $1,010,167,125
* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.
** 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.
Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended August 31, 2022 is not presented.
12  Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Concentration of Risk
As the Fund invests a significant portion of its assets in pharmaceutical, biotechnology, life sciences, and health care equipment and services companies, it may be affected by developments that adversely affect such companies. These developments include product obsolescence, the failure of a company to develop new products and the expiration of patent rights. The value of the Fund’s interests can also be impacted by regulatory activities that affect health sciences companies. The Fund has historically held approximately 60 stocks or less at any one time; therefore, it is more sensitive to developments affecting particular stocks than would be a more broadly diversified fund.
Pandemic Risk
An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries and industries, and could continue to affect the market in significant and unforeseen ways. Other epidemics and pandemics that may arise in the future may have similar effects. Any such impact could adversely affect the Fund's performance, or the performance of the securities in which the Fund invests.
23


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Growth Trust and Shareholders of Eaton Vance Worldwide Health Sciences Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Eaton Vance Worldwide Health Sciences Fund (the "Fund") (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of August 31, 2022, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2022, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 19, 2022
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
24


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2023 will show the tax status of all distributions paid to your account in calendar year 2022. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.
Qualified Dividend Income. For the fiscal year ended August 31, 2022, the Fund designates approximately $16,263,242, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2022 ordinary income dividends, 45.90% qualifies for the corporate dividends received deduction.
Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2022, $39,332,290 
or, if subsequently determined to be different, the net capital gain of such year.
25


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Board of Trustees’ Contract Approval

Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.
At a meeting held on June 8, 2022, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period.  The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee exclusively comprised of Independent Trustees.  Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of formal meetings held between April and June 2022.  Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (additional fund-specific information is referenced below under “Results of the Contract Review Process”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;
• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);
•  Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund(s), if any;
•  Profitability analyses with respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
•  Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
•  Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
•  Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;
•  Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
•  Reports detailing the financial results and condition of the adviser and sub-adviser to each fund;
•  Information regarding the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable;
1    Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser.  Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.  Following the “Overview” section, further information regarding the Board’s evaluation of a fund’s contractual arrangements is included under the “Results of the Contract Review Process” section.
26


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Board of Trustees’ Contract Approval — continued

•  Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a particularly competitive marketplace for talent, as well as the ongoing unique environment presented by hybrid, remote and other alternative work arrangements;
• The Code of Ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
•  Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
•  Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
•  Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
•  Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
•  Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance on March 1, 2021;
•  Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
•  Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
•  Information concerning efforts to implement policies and procedures with respect to various new regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment advisory agreement and sub-advisory agreement.
During the various meetings of the Board and its committees over the course of the year leading up to the June 8, 2022 meeting, the Trustees received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Trustees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Worldwide Health Sciences Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.
27


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Board of Trustees’ Contract Approval — continued

Nature, Extent and Quality of Services
In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.
The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser. With respect to the Sub-adviser, the Board considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement. In particular, the Board considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in investing in equity securities, particularly in managing health sciences portfolios and in the health care sector more broadly. The Board also considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.
The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.
After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.
Fund Performance
The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and a customized peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group and custom peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary benchmark index and lower than its secondary benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2021, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.
After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are deemed not to be excessive.
28


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Board of Trustees’ Contract Approval — continued

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.
Economies of Scale
In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.
29


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Liquidity Risk Management Program

The Fund has implemented a written liquidity risk management program (Program) and related procedures to manage its liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (Liquidity Rule). The Liquidity Rule defines “liquidity risk” as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of the remaining investors’ interests in the fund. The Fund’s Board of Trustees/Directors has designated the investment adviser to serve as the administrator of the Program and the related procedures. The administrator has established a Liquidity Risk Management Oversight Committee (Committee) to perform the functions necessary to administer the Program. As part of the Program, the administrator is responsible for identifying illiquid investments and categorizing the relative liquidity of the Fund’s investments in accordance with the Liquidity Rule. Under the Program, the administrator assesses, manages, and periodically reviews the Fund’s liquidity risk, and is responsible for making certain reports to the Fund’s Board of Trustees/Directors and the Securities and Exchange Commission (SEC) regarding the liquidity of the Fund’s investments, and to notify the Board of Trustees/Directors and the SEC of certain liquidity events specified in the Liquidity Rule. The liquidity of the Fund’s portfolio investments is determined based on a number of factors including, but not limited to, relevant market, trading and investment-specific considerations under the Program.
At a meeting of the Fund’s Board of Trustees/Directors on June 7, 2022, the Committee provided a written report to the Fund’s Board of Trustees/Directors pertaining to the operation, adequacy, and effectiveness of implementation of the Program, as well as the operation of the highly liquid investment minimum (if applicable) for the period January 1, 2021 through December 31, 2021 (Review Period). The Program operated effectively during the Review Period, supporting the administrator’s ability to assess, manage and monitor Fund liquidity risk, including during periods of market volatility and net redemptions. During the Review Period, the Fund met redemption requests on a timely basis.
There can be no assurance that the Program will achieve its objectives in the future.  Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
30


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Management and Organization

Fund Management. The Trustees of Eaton Vance Growth Trust (the Trust) are responsible for the overall management and supervision of the Trust's affairs. The Board members and officers of the Trust are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Board members hold indefinite terms of office. Each Trustee holds office until his or her successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund's current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the SEC, then such retirement and resignation will not become effective until such time as action has been taken for the Fund to be in compliance therewith. The “noninterested Trustees” consist of those Trustees who are not “interested persons” of the Trust, as that term is defined under the 1940 Act. The business address of each Board member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EVC” refers to Eaton Vance Corp., “EV” refers to EV LLC, “EVM” refers to Eaton Vance Management and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect, wholly owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 137 funds (with the exception of Mr. Bowser who oversees 111 funds and Ms. Wiser who oversees 136 funds) in the Eaton Vance fund complex (including both funds and portfolios in a hub and spoke structure).
Name and Year of Birth Trust
Position(s)
Length of Service Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience
Interested Trustee
Thomas E. Faust Jr.
1958
Trustee Since 2007 Chairman of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV (since 2021), Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021.
Other Directorships. Formerly, Director of EVC (2007-2021) and Hexavest Inc.
(investment management firm) (2012-2021).
Noninterested Trustees
Alan C. Bowser(1)
1962
Trustee Since 2022 Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm’s chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor of Bridgewater Associates, an asset management firm (2011- present).
Other Directorships. None.
Mark R. Fetting
1954
Trustee Since 2016 Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000).
Other Directorships. None.
Cynthia E. Frost
1961
Trustee Since 2014 Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985).
Other Directorships. None.
George J. Gorman
1952
Chairperson
of the Board
and Trustee
Since 2021
(Chairperson) and
2014 (Trustee)
Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009).
Other Directorships. None.
31


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Management and Organization — continued

Name and Year of Birth Trust
Position(s)
Length of Service Principal Occupation(s) and Other Directorships
During Past Five Years and Other Relevant Experience
Noninterested Trustees (continued)
Valerie A. Mosley
1960
Trustee Since 2014 Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990).
Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).
Keith Quinton
1958
Trustee Since 2018 Private investor, researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014).
Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank.
Marcus L. Smith
1966
Trustee Since 2018 Private investor and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management (investment management firm).
Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).
Susan J. Sutherland
1957
Trustee Since 2015 Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013).
Other Directorships. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).
Scott E. Wennerholm
1959
Trustee Since 2016 Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997).
Other Directorships. None.
Nancy A. Wiser(1)
1967
Trustee Since 2022 Formerly, Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021).
Other Directorships. None.
    
Name and Year of Birth Trust
Position(s)
Length of Service Principal Occupation(s)
During Past Five Years
Principal Officers who are not Trustees
Eric A. Stein
1980
President Since 2020 Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).
Deidre E. Walsh
1971
Vice President and
Chief Legal Officer
Since 2009 Vice President of EVM and BMR. Also Vice President of CRM.
James F. Kirchner
1967
Treasurer Since 2007 Vice President of EVM and BMR. Also Vice President of CRM.
32


Eaton Vance
Worldwide Health Sciences Fund
August 31, 2022
Management and Organization — continued

Name and Year of Birth Trust
Position(s)
Length of Service Principal Occupation(s)
During Past Five Years
Principal Officers who are not Trustees(continued)
Jill R. Damon
1984
Secretary Since 2022 Vice President of EVM and BMR since 2017. Formerly, associate at Dechert LLP (2009-2017).
Richard F. Froio
1968
Chief Compliance
Officer
Since 2017 Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).
(1) Mr. Bowser and Ms. Wiser began serving as Trustees effective April 4, 2022.
The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.
33


Eaton Vance Funds
Privacy Notice April 2021

FACTS WHAT DOES EATON VANCE DO WITH YOUR
PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:
■ Social Security number and income
■ investment experience and risk tolerance
■ checking account number and wire transfer instructions
How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.
Reasons we can share your
personal information
Does Eaton Vance
share?
Can you limit
this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No
For our marketing purposes — to offer our products and services to you Yes No
For joint marketing with other financial companies No We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness Yes Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences Yes No
For our affiliates’ everyday business purposes — information about your creditworthiness No We don’t share
For our investment management affiliates to market to you Yes Yes
For our affiliates to market to you No We don’t share
For nonaffiliates to market to you No We don’t share
To limit our
sharing
Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com
Please note:
If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.
Questions? Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com
34


Eaton Vance Funds
Privacy Notice — continued April 2021

Page 2
Who we are
Who is providing this notice? Eaton Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
What we do
How does Eaton Vance
protect my personal
information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information.
How does Eaton Vance
collect my personal
information?
We collect your personal information, for example, when you
■ open an account or make deposits or withdrawals from your account
■ buy securities from us or make a wire transfer
■ give us your contact information
We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing? Federal law gives you the right to limit only
■ sharing for affiliates’ everyday business purposes — information about your creditworthiness
■ affiliates from using your information to market to you
■ sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
Definitions
Investment Management
Affiliates
Eaton Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Affiliates Companies related by common ownership or control. They can be financial and nonfinancial companies.
■ Our affiliates include companies with a Morgan Stanley name and financial companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co.
Nonaffiliates Companies not related by common ownership or control. They can be financial and nonfinancial companies.
■ Eaton Vance does not share with nonaffiliates so they can market to you.
Joint marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
■ Eaton Vance doesn’t jointly market.
Other important information
Vermont: Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such information.
California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing such personal information with our Affiliates to comply with California privacy laws that apply to us.
35


Eaton Vance Funds
IMPORTANT NOTICES

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. Certain information filed on Form N-PORT may be viewed 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.
36


Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Investment Sub-Adviser
Eaton Vance Advisers International Ltd.
125 Old Broad Street
London, EC2N 1AR
United Kingdom
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
Independent Registered Public Accounting Firm
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022
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.


426    8.31.22



Eaton Vance
Greater China Growth Fund
Annual Report
August 31, 2022



Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations 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 investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund's adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as 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.




Eaton Vance
Greater China Growth Fund
August 31, 2022
Management’s Discussion of Fund Performance

Economic and Market Conditions
The Greater China markets posted losses during the 12-month period ended August 31, 2022, with the MSCI Golden Dragon Index (the Index) returning -25.10% in U.S. dollar (USD) terms on a total return basis. The China markets witnessed the longest downturn in two decades, battered by multiple headwinds both domestically and externally. These challenges included a slowing economy, tightening monetary policies by global central banks to tame inflation, escalating geopolitical tensions, and China’s COVID-19 resurgence and sporadic lockdowns.
Market valuations declined on heightened macroeconomic uncertainties and falling appetites for investment risk, while corporate earnings growth weakened amid a global economic slowdown during the period. Economic conditions in China further deteriorated as the country was beset by recurring COVID-19 flare-ups and a severe contraction in the real estate sector. In particular, an outbreak in March 2022 and the ensuing lockdowns in major cities and industrial hubs — most notably Shanghai and the peripheral areas — resulted in severe disruptions to national economic activities for as long as two months.
As China stuck to its “dynamic zero-COVID” strategy in the face of the highly transmissible Omicron variant, stringent mobility controls and sporadic lockdowns across the country suppressed consumption and service sector activities during the period. Meanwhile, the property sector — a key pillar of the Chinese economy — also struggled. Tight credit policies aimed at curbing the housing bubble sent many developers into financial distress, leading to credit defaults and stalled housing construction. Home buyers resorted to a “mortgage boycott” due to delayed home delivery, and home sales slumped on falling home prices and soured buyer sentiment.
The government unwound many of its previous monetary tightening measures in a bid to keep its economy afloat. China’s central bank cut interest rates and reserve requirement ratios, allowing policy banks — a special type of bank that performs state-directed financial duties — to boost lending for infrastructure investment. Local governments also relaxed home-purchase restrictions in an effort to revive property markets. However, the growth stimulus effect was limited as lingering COVID-19 restrictions hindered the nascent economic recovery. At its July meeting, China’s Politburo — the Communist Party’s top policymakers — stopped mentioning the earlier projected 5.5% gross domestic product (GDP) growth target for 2022 — contrary to past practice and reflecting the daunting economic challenges facing the country.
In contrast, the Taiwan market was a relative outperformer, but also registered a double-digit decline during the period as the global technology industry entered a downcycle. Semiconductor and hardware companies led the retreat amid weaker consumer electronics demand, slowing capital expenditures, and rising inventory. Based on weaker exports and consumption, the Taiwan government cut its 2022 GDP growth forecast to 3.76% year-over-year from 3.91%, and also revised up its Consumer Price Index inflation rate to 2.92%, its highest level in 14 years.
Fund Performance
For the 12-month period ended August 31, 2022, Eaton Vance Greater China Growth Fund (the Fund) returned -26.08% for Class A shares at net asset value (NAV), underperforming its benchmark, the Index, which returned -25.10%.
The Fund’s overweight exposure to China Merchants Bank Co., Ltd., a leading retail bank in China, detracted from performance relative to the Index during the period. The bank’s share price was hit by an unexpected disciplinary investigation of its former president in early 2022, as well as concerns about the weak economy and real estate sector. The bank has since undergone a management transition with a new president.
An overweight exposure to Tencent Holdings, Ltd. detracted from Fund returns relative to the Index during the period. The technology and entertainment company’s stock was hit by a slowdown in its gaming business, lower advertising revenue, and a share sell-off by two major shareholders — Prosus NV and Naspers, Ltd.
Stock selections and an overweight exposure to the health care sector detracted from relative Fund returns as the sector declined on slowing growth, COVID-19 disruptions, and government legislation. In particular, the Fund’s position in Hygeia Healthcare Holdings Co., Ltd (Hygeia), a private-run oncology health care provider in China, was one of the main detractors from returns relative to the Index during the period due to proposed tighter regulations on private hospitals. The Fund bought and sold its stock position in Hygeia during the period.
In contrast, stock selections in the consumer discretionary and consumer staples sectors contributed most to Fund returns relative to the Index during the period. An underweight exposure to Alibaba Group Holding, Ltd. was among the top contributors to relative returns. Its stock fell 43% during the period on slowing online retail sales, rising competition, and lingering government regulations.
Meanwhile, the Fund’s overweight exposure to Pinduoduo, Inc. contributed to returns as the e-commerce company gained market share and improved profitability with rising economies of scale during the period.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
Greater China Growth Fund
August 31, 2022
Management’s Discussion of Fund Performance — continued

The Fund’s overweight exposure to select consumer staples companies — Nongfu Spring Co., Ltd., China Resources Beer Holdings Co., Ltd., and Inner Mongolia Yili Industrial Group Co., Ltd. (Yili) — also contributed to relative Fund returns despite broad challenges during the period. By period-end, the Fund sold its stock position in Yili.
The Fund’s overweight exposure to AIA Group, Ltd. contributed to returns. While its businesses were disrupted by a COVID-19 resurgence across the region, its strong Asia franchise offered both diversified business exposure and strong growth potential following the region’s economic reopening during the period.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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
Greater China Growth Fund
August 31, 2022
Performance

Portfolio Manager(s) Amay Hattangadi, CFA and Leon Sun, CFA each of Morgan Stanley Investment Management Company (MSIM Company)
% Average Annual Total Returns1,2 Class
Inception Date
Performance
Inception Date
One Year Five Years Ten Years
Class A at NAV 10/28/1992 10/28/1992 (26.08)% 1.68% 6.52%
Class A with 5.25% Maximum Sales Charge (29.96) 0.59 5.95
Class C at NAV 12/28/1993 10/28/1992 (26.60) 0.97 5.93
Class C with 1% Maximum Deferred Sales Charge (27.30) 0.97 5.93
Class I at NAV 10/01/2009 10/28/1992 (25.89) 1.98 6.83

MSCI Golden Dragon Index (25.10)% 0.88% 6.23%
% Total Annual Operating Expense Ratios3 Class A Class C Class I
  1.43% 2.18% 1.18%
Growth of $10,000

This graph shows the change in value of a hypothetical investment of $10,000 in Class A of the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
Growth of Investment Amount Invested Period Beginning At NAV With Maximum Sales Charge
Class C $10,000 08/31/2012 $17,790 N.A.
Class I, at minimum investment $1,000,000 08/31/2012 $1,936,367 N.A.
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. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the redemption of Fund shares. 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.
4


Eaton Vance
Greater China Growth Fund
August 31, 2022
Fund Profile

Regional Allocation (% of net assets)
Sector Allocation (% of net assets)1
Top 10 Holdings (% of net assets)1
Taiwan Semiconductor Manufacturing Co., Ltd. 14.5%
AIA Group, Ltd. 14.0
Tencent Holdings, Ltd. 12.8
Meituan, Class B 4.5
Pinduoduo, Inc. ADR 4.4
WuXi Biologics Cayman, Inc. 3.5
China Mengniu Dairy Co., Ltd. 2.9
ANTA Sports Products, Ltd. 2.6
China Merchants Bank Co., Ltd., Class H 2.5
China Resources Beer Holdings Co., Ltd. 2.4
Total 64.1%
 
Footnotes:
1 Excludes cash and cash equivalents.
5


Eaton Vance
Greater China Growth Fund
August 31, 2022
Endnotes and Additional Disclosures

†  The views expressed in this report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund’s filings with the Securities and Exchange Commission.
   
1 MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. 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.
Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, Class C shares automatically converted to Class A shares ten years after purchase.
3 Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower.
  Fund profile subject to change due to active management.
6


Eaton Vance
Greater China Growth Fund
August 31, 2022
Fund Expenses

Example
As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2022 to August 31, 2022).
Actual Expenses
The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual Fund return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees (if applicable). Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would be higher.
  Beginning
Account Value
(3/1/22)
Ending
Account Value
(8/31/22)
Expenses Paid
During Period*
(3/1/22 – 8/31/22)
Annualized
Expense
Ratio
Actual        
Class A $1,000.00 $ 842.50 $6.97** 1.50%
Class C $1,000.00 $ 839.60 $10.43** 2.25%
Class I $1,000.00 $ 843.60 $5.81** 1.25%
 
Hypothetical        
(5% return per year before expenses)        
Class A $1,000.00 $1,017.64 $7.63** 1.50%
Class C $1,000.00 $1,013.86 $11.42** 2.25%
Class I $1,000.00 $1,018.90 $6.36** 1.25%
* Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on February 28, 2022.
** Absent an allocation of certain expenses to an affiliate, expenses would be higher.
7


Eaton Vance
Greater China Growth Fund
August 31, 2022
Portfolio of Investments

Common Stocks — 94.9%
Security Shares Value
China — 58.0%
Automobiles — 0.4%
BYD Co., Ltd., Class H       7,500 $    231,115
      $   231,115
Banks — 2.5%
China Merchants Bank Co., Ltd., Class H     307,500 $  1,572,589
      $ 1,572,589
Beverages — 3.2%
Kweichow Moutai Co., Ltd., Class A       3,800 $  1,058,415
Nongfu Spring Co., Ltd., Class H(1)     156,800    932,309
      $ 1,990,724
Electrical Equipment — 1.5%
NARI Technology Co., Ltd., Class A     239,184 $    947,448
      $   947,448
Entertainment — 0.8%
Mango Excellent Media Co., Ltd., Class A     120,500 $    482,890
      $   482,890
Food Products — 2.1%
Anjoy Foods Group Co., Ltd., Class A      58,300 $  1,307,802
      $ 1,307,802
Health Care Equipment & Supplies — 1.7%
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A      24,400 $  1,052,257
      $ 1,052,257
Household Durables — 3.3%
Gree Electric Appliances, Inc., Class A     273,446 $  1,261,702
Midea Group Co., Ltd., Class A     110,600    848,560
      $ 2,110,262
Interactive Media & Services — 12.8%
Tencent Holdings, Ltd.     195,500 $  8,080,161
      $ 8,080,161
Security Shares Value
Internet & Direct Marketing Retail — 10.3%
Alibaba Group Holding, Ltd.(2)      76,400 $    911,493
Meituan, Class B(1)(2)     118,000  2,834,031
Pinduoduo, Inc. ADR(2)      38,758  2,763,445
      $ 6,508,969
Life Sciences Tools & Services — 3.5%
WuXi Biologics Cayman, Inc.(1)(2)     253,500 $  2,236,402
      $ 2,236,402
Machinery — 1.9%
Jiangsu Hengrui Medicine Co., Ltd., Class A     107,800 $    762,651
Yijiahe Technology Co., Ltd., Class A      66,100    453,353
      $ 1,216,004
Real Estate Management & Development — 2.2%
KE Holdings, Inc. ADR(2)      76,719 $  1,384,011
      $ 1,384,011
Semiconductors & Semiconductor Equipment — 1.6%
LONGi Green Energy Technology Co., Ltd., Class A     136,920 $  1,009,438
      $ 1,009,438
Specialty Retail — 3.8%
China Tourism Group Duty Free Corp., Ltd.(1)(2)      63,100 $  1,463,197
Pop Mart International Group, Ltd.(1)     368,800    953,090
      $ 2,416,287
Textiles, Apparel & Luxury Goods — 6.4%
ANTA Sports Products, Ltd.     134,800 $  1,623,320
Li Ning Co., Ltd.     140,000  1,275,163
Shenzhou International Group Holdings, Ltd.     107,100  1,119,335
      $ 4,017,818
Total China
(identified cost $37,039,166)
    $36,564,177
Hong Kong — 22.4%
Beverages — 2.4%
China Resources Beer Holdings Co., Ltd.     218,000 $  1,519,682
      $ 1,519,682
Food Products — 2.9%
China Mengniu Dairy Co., Ltd.     400,000 $  1,811,311
      $ 1,811,311
 
8
See Notes to Financial Statements.


Eaton Vance
Greater China Growth Fund
August 31, 2022
Portfolio of Investments — continued

Security Shares Value
Hotels, Restaurants & Leisure — 3.1%
Galaxy Entertainment Group, Ltd.     196,000 $  1,095,578
Sands China, Ltd.(2)     397,200    888,177
      $ 1,983,755
Insurance — 14.0%
AIA Group, Ltd.     917,200 $  8,824,598
      $ 8,824,598
Total Hong Kong
(identified cost $7,179,060)
    $14,139,346
Taiwan — 14.5%
Semiconductors & Semiconductor Equipment — 14.5%
Taiwan Semiconductor Manufacturing Co., Ltd.     557,839 $  9,131,702
Total Taiwan
(identified cost $3,981,581)
    $ 9,131,702
Total Common Stocks
(identified cost $48,199,807)
    $59,835,225
    
Equity-Linked Securities — 1.2%(3)
Security Shares Value
China — 1.2%
Leader Harmonious Drive Systems Co., Ltd., 10/12/22(4)      37,367 $    779,000
Total Equity-Linked Securities
(identified cost $546,275)
    $   779,000
    
Short-Term Investments — 4.2%
Security Shares Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 2.11%(5)   2,624,187 $  2,624,187
Total Short-Term Investments
(identified cost $2,624,187)
    $ 2,624,187
Total Investments — 100.3%
(identified cost $51,370,269)
    $63,238,412
Other Assets, Less Liabilities — (0.3)%     $   (203,114)
Net Assets — 100.0%     $63,035,298
    
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1) Security exempt from registration under Rule 144A of 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 August 31, 2022, the aggregate value of these securities is $8,419,029 or 13.4% of the Fund's net assets.
(2) Non-income producing security.
(3) Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution (UBS AG) in addition to the market risk of the underlying security.
(4) Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At August 31, 2022, the aggregate value of these securities is $779,000 or 1.2% of the Fund's net assets.