Eaton Vance Growth Trust

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.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

The 12-month period starting December 1, 2021, was dominated by the ongoing effects of one black swan event -- the COVID-19 pandemic -- and fallout from another -- Russia’s invasion of Ukraine.

In the opening month of the period, stock investors as well as consumers appeared to take a “glass is half full” approach. In both the U.S. and Europe, consumers celebrated the holidays by spending money saved earlier in the pandemic. Major U.S. equity indexes closed at new all-time highs as 2021 came to a close.

But as the new year began, investors appeared to reevaluate the twin threats of inflation and interest rate hikes, and stock performance turned negative. In February, Russia’s invasion of Ukraine sent shock waves through U.S. and global markets, exacerbating inflationary pressures on energy and food costs. Central banks around the world -- including the U.S. Federal Reserve (the Fed), the Bank of England, and the European Central Bank -- initiated their first interest rate hikes in years. In Europe, looming energy shortages caused by the Russia-Ukraine conflict pushed inflation rates even higher and stock prices lower during the period.

In the U.S., investors began to expect the Fed would raise interest rates at every policy meeting in 2022 and, in turn, worried that aggressive rate hikes could tip the economy into recession. At its June, July, September, and November 2022 policy meetings, the Fed hiked the federal funds rate 0.75% each time -- to a 3.75%-4.00% range -- its first moves of that magnitude since 1994. Higher interest rates, inflation, and recessionary worries drove stock prices down around the globe.

In October and November 2022, however, U.S. and European stocks delivered positive performance for the first time in months. The period-end rally was driven by a combination of better-than-expected U.S. company earnings, improving investor sentiment that stocks had been oversold in August and September, government measures to address Europe’s energy crisis, declining year-over-year inflation, and hope that the Fed was about to temper the size of its rate hikes.

Meanwhile in the world’s second-largest economy, China’s zero-COVID policy severely restricted its 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 during the period, declining 24.53%.

Major equity indexes elsewhere also suffered losses. For the period as a whole, the MSCI ACWI Index, a broad measure of global equities, returned -11.62%; the S&P 500® Index, a broad measure of U.S. stocks, returned -9.21%; and the technology-laden Nasdaq Composite Index returned -25.59%. Overseas, the MSCI EAFE Index of developed-market international equities returned -10.14%; while the MSCI Emerging Markets Index, dragged down by its China allocation, returned -17.43% during the period.

Fund Performance

For the 12-month period ended November 30, 2022, Eaton Vance Focused Global Opportunities Fund (the Fund) returned –11.42% for Class A shares at net asset value (NAV), underperforming its benchmark, the MSCI World Index (the Index), which returned -10.86%.

No exposure to the energy sector, the best-performing sector within the Index during the period, detracted from Fund performance versus the Index. Stock selections in the industrials and consumer discretionary sectors detracted from performance relative to the Index as well.

Within the industrials sector, the Fund’s out-of-Index position in warehousing logistics provider GXO Logistics, Inc. (GXO) hurt returns versus the Index. GXO’s stock price declined due to investor concerns that future growth might be hurt by an economic slowdown in Europe -- GXO’s principal market -- and by a rising U.S. dollar that lowered the value of overseas revenues.

Elsewhere in industrials, the Fund’s overweight position in Irish building materials company Kingspan Group PLC (Kingspan) detracted from Fund returns relative to the Index during the period. Kingspan’s stock price declined sharply after the firm posted strong quarterly sales, but announced that future delivery orders had weakened. By period-end, Kingspan was sold from the Fund.

Within the consumer discretionary sector, an overweight position in Germany-based athletic apparel company adidas AG (Adidas) detracted from relative returns versus the Index. Several factors contributed to a decline in Adidas’ stock price during the period, including lower sales forecasts amid initiatives to liquidate excess inventory; the termination of Adidas’ partnership with Kanye West’s Yeezy brand; lower revenues in China -- which accounted for nearly a quarter of Adidas’ sales; and the unexpected resignation of Adidas’ CEO. By period-end, Adidas was sold from the Fund.

In contrast, stock selections and an overweight position in the consumer staples sector; stock selections in the financials sector; and stock selections and an underweight position in the information technology sector contributed to Fund performance versus the Index 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.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Management’s Discussion of Fund Performance^† — continued

In the consumer staples sector, an overweight position in American beverage firm Coca-Cola Co. (Coca-Cola) contributed to relative returns versus the Index. While the company suspended business in Russia due to the war in Ukraine, Coca-Cola’s stock price rose as revenue and market share across other overseas markets -- and in the U.S. -- increased during the period.

In the financials sector, the Fund’s overweight position in British multinational banking and financial services company HSBC Holdings PLC (HSBC) rose in price and contributed to returns versus the Index. HSBC posted strong earnings growth and expanded profit margins after several of its key businesses benefited from rising global interest rates. By period-end, HSBC was sold from the Fund.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Performance

Portfolio Manager(s) Christopher M. Dyer, CFA, of Eaton Vance Advisers International Ltd.

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Since Inception
Class A at NAV	12/14/2021	12/17/2015	(11.42)%	8.12%	8.49%
Class A with 5.25% Maximum Sales Charge	—	—	(16.09)	6.96	7.66
Class I at NAV	12/17/2015	12/17/2015	(11.48)	8.11	8.48

MSCI World Index	—	—	(10.86)%	7.35%	9.33%

% Total Annual Operating Expense Ratios³	Class A	Class I
Gross	2.57%	2.32%
Net	1.20	0.95

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 I, at minimum investment	$1,000,000	12/17/2015	$1,761,641	N.A.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 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 Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
²	Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class A is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.
³	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 3/31/23. 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.

	Important Notice to Shareholders
	In December 2022, the Trustees of the Trust, on behalf of the Fund, approved an Agreement and Plan of Reorganization pursuant to which the Fund is expected to be reorganized with and into a newly formed series of Calvert Management Series. The proposed reorganization is subject to approval by the shareholders of the Fund and the satisfaction of certain other conditions.
	Additional Information
	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. 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.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 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 (June 1, 2022 to November 30, 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 (6/1/22)	Ending Account Value (11/30/22)	Expenses Paid During Period* (6/1/22 – 11/30/22)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 989.40	$5.98**	1.20%
Class I	$1,000.00	$ 987.30	$4.73**	0.95%

Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,019.05	$6.07**	1.20%
Class I	$1,000.00	$1,020.31	$4.81**	0.95%

*	Expenses are equal to the Fund's annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 183/365 (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 May 31, 2022.
**	Absent an allocation of certain expenses to affiliates, expenses would be higher.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Portfolio of Investments

Common Stocks — 99.8%

Security	Shares		Value
Australia — 2.3%
CSL, Ltd.		1,085	$ 222,923
			$ 222,923
Denmark — 2.5%
Novo Nordisk A/S, Class B		1,989	$ 249,496
			$ 249,496
France — 8.0%
LVMH Moet Hennessy Louis Vuitton SE		239	$ 185,471
Safran S.A.		1,817	224,555
Sanofi		2,343	211,641
Schneider Electric SE		1,151	169,973
			$ 791,640
Germany — 2.1%
Siemens AG		1,473	$ 204,283
			$ 204,283
Hong Kong — 3.0%
AIA Group, Ltd.		28,754	$ 291,986
			$ 291,986
India — 2.2%
HDFC Bank, Ltd. ADR		3,085	$ 217,708
			$ 217,708
Japan — 2.2%
Nihon M&A Center Holdings, Inc.		7,440	$ 101,859
Recruit Holdings Co., Ltd.		3,520	113,890
			$ 215,749
Netherlands — 3.5%
ASML Holding NV		299	$ 182,545
Stellantis NV		10,409	164,207
			$ 346,752
Spain — 4.2%
Amadeus IT Group S.A.⁽¹⁾		2,545	$ 137,602
Iberdrola S.A.		24,541	277,250
			$ 414,852

Security	Shares		Value
Switzerland — 9.2%
Nestle S.A.		3,415	$ 406,465
Roche Holding AG PC		706	230,597
TE Connectivity, Ltd.		2,126	268,131
			$ 905,193
Taiwan — 1.6%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,948	$ 161,645
			$ 161,645
United Kingdom — 1.8%
RELX PLC		6,230	$ 174,695
			$ 174,695
United States — 57.2%
Alphabet, Inc., Class A⁽¹⁾		3,868	$ 390,629
Amazon.com, Inc.⁽¹⁾		2,617	252,645
AMETEK, Inc.		1,339	190,700
Boston Scientific Corp.⁽¹⁾		6,808	308,198
CDW Corp.		1,408	265,605
Citigroup, Inc.		5,961	288,572
Coca-Cola Co. (The)		6,808	433,057
Danaher Corp.		1,045	285,714
Dollar Tree, Inc.⁽¹⁾		1,358	204,094
GXO Logistics, Inc.⁽¹⁾		3,968	185,941
Ingersoll Rand, Inc.		3,975	214,531
Intuit, Inc.		499	203,387
Intuitive Surgical, Inc.⁽¹⁾		708	191,436
JPMorgan Chase & Co.		2,979	411,638
Microsoft Corp.		2,430	619,990
Mondelez International, Inc., Class A		4,548	307,490
Verisk Analytics, Inc.		943	173,239
Visa, Inc., Class A		1,571	340,907
Walt Disney Co. (The)⁽¹⁾		2,422	237,041
Zoetis, Inc.		843	129,940
			$5,634,754
Total Common Stocks (identified cost $8,507,883)			$9,831,676

Short-Term Investments — 0.6%

Security	Shares		Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.62%⁽²⁾		60,947	$ 60,947
Total Short-Term Investments (identified cost $60,947)			$ 60,947

See Notes to Financial Statements.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Statement of Assets and Liabilities

	November 30, 2022
Assets
Unaffiliated investments, at value (identified cost $8,507,883)	$ 9,831,676
Affiliated investment, at value (identified cost $60,947)	60,947
Dividends receivable	8,515
Dividends receivable from affiliated investment	308
Receivable for Fund shares sold	8,621
Tax reclaims receivable	5,046
Receivable from affiliates	14,947
Total assets	$9,930,060
Liabilities
Payable for Fund shares redeemed	$ 8,621
Payable to affiliates:
Investment adviser and administration fee	6,148
Distribution and service fees	3
Trustees' fees	330
Accrued expenses	66,293
Total liabilities	$ 81,395
Net Assets	$9,848,665
Sources of Net Assets
Paid-in capital	$ 8,401,548
Distributable earnings	1,447,117
Net Assets	$9,848,665
Class A Shares
Net Assets	$ 17,009
Shares Outstanding	1,215
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 14.00
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share)	$ 14.78
Class I Shares
Net Assets	$ 9,831,656
Shares Outstanding	702,577
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 13.99

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

See Notes to Financial Statements.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Financial Highlights

	Class A
	Period Ended November 30, 2022⁽¹⁾
Net asset value — Beginning of period	$ 17.460
Income (Loss) From Operations
Net investment income⁽²⁾	$ 0.041
Net realized and unrealized loss	(1.985)
Total loss from operations	$ (1.944)
Less Distributions
From net investment income	$ (0.081)
From net realized gain	(1.435)
Total distributions	$ (1.516)
Net asset value — End of period	$14.000
Total Return⁽³⁾⁽⁴⁾	(12.48)% ⁽⁵⁾
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$ 17
Ratios (as a percentage of average daily net assets):
Expenses ⁽⁴⁾	1.20% ⁽⁶⁾⁽⁷⁾
Net investment income	0.31% ⁽⁷⁾
Portfolio Turnover	29% ⁽⁸⁾

⁽¹⁾	For the period from the commencement of operations, December 14, 2021, to November 30, 2022.
⁽²⁾	Computed using average shares outstanding.
⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
⁽⁴⁾	The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 1.71% of average daily net assets for the period ended November 30, 2022). Absent this reimbursement, total return would be lower.
⁽⁵⁾	Not annualized.
⁽⁶⁾	Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the period ended November 30, 2022).
⁽⁷⁾	Annualized.
⁽⁸⁾	For the year ended November 30, 2022.

See Notes to Financial Statements.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Financial Highlights — continued

	Class I
	Year Ended November 30,
	2022	2021	2020	2019	2018
Net asset value — Beginning of year	$ 17.250	$ 13.780	$ 12.420	$ 11.530	$ 11.830
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.083	$ 0.029	$ 0.068	$ 0.103	$ 0.142
Net realized and unrealized gain (loss)	(1.827)	3.492	1.419	1.648	(0.015)
Total income (loss) from operations	$ (1.744)	$ 3.521	$ 1.487	$ 1.751	$ 0.127
Less Distributions
From net investment income	$ (0.081)	$ (0.051)	$ (0.127)	$ (0.120)	$ (0.120)
From net realized gain	(1.435)	—	—	(0.741)	(0.307)
Total distributions	$ (1.516)	$ (0.051)	$ (0.127)	$ (0.861)	$ (0.427)
Net asset value — End of year	$13.990	$17.250	$13.780	$12.420	$11.530
Total Return⁽²⁾⁽³⁾	(11.48)%	25.62%	12.06%	17.28%	1.06%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 9,832	$ 8,302	$ 5,801	$ 5,186	$ 4,350
Ratios (as a percentage of average daily net assets):
Expenses ⁽³⁾	0.95% ⁽⁴⁾	0.95%	0.95%	0.96% ⁽⁵⁾	0.95%
Net investment income	0.58%	0.18%	0.55%	0.92%	1.20%
Portfolio Turnover	29%	57%	54%	46%	82%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽³⁾	The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 1.71%, 1.37%, 1.95%, 2.07% and 2.32% of average daily net assets for the years ended November 30, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.
⁽⁴⁾	Includes a reduction by the investment adviser of a portion of its adviser and administration 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 November 30, 2022).
⁽⁵⁾	Includes interest expense of 0.01%.

See Notes to Financial Statements.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Focused Global Opportunities Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and 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. In connection with Rule 2a-5 of the 1940 Act, which became effective September 8, 2022, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates.

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

As of November 30, 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 Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Notes to Financial Statements — continued

F Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the 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 November 30, 2022 and November 30, 2021 was as follows:

	Year Ended November 30,
	2022	2021
Ordinary income	$129,336	$21,503
Long-term capital gains	$623,397	$ —

As of November 30, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$ 43,805
Undistributed long-term capital gains	130,752
Net unrealized appreciation	1,272,560
Distributable earnings	$1,447,117

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at November 30, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$8,619,890
Gross unrealized appreciation	$ 1,556,987
Gross unrealized depreciation	(284,254)
Net unrealized appreciation	$1,272,733

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative 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	0.800%
$500 million but less than $1 billion	0.775%
$1 billion but less than $2.5 billion	0.750%
$2.5 billion but less than $5 billion	0.730%
$5 billion and over	0.715%

For the year ended November 30, 2022, the investment adviser and administration fee amounted to $63,425 or 0.80% of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated 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 and administration 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 and administration 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 November 30, 2022, the investment adviser and administration fee paid was reduced by $158 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.

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) exceed 1.20% and 0.95% of the Fund’s average daily net assets for Class A and Class I, respectively. This agreement may be changed or terminated after March 31, 2023. Pursuant to this agreement, EVM and EVAIL were allocated $135,269 in total of the Fund’s operating expenses for the year ended November 30, 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 November 30, 2022, EVM earned $625 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 no sales charge on sales of Class A shares for the year ended November 30, 2022. EVD received distribution and service fees from Class A shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended November 30, 2022, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Notes to Financial Statements — continued

4 Distribution Plan

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended November 30, 2022 amounted to $26 for Class A shares.

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

5 Contingent Deferred Sales Charges

Class A shares may be subject to a 1% contingent deferred sales charge (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 November 30, 2022, the Fund was informed that EVD received no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $4,768,873 and $2,301,616, respectively, for the year ended November 30, 2022.

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 November 30, 2022		Year Ended November 30, 2021
	Shares	Amount	Shares	Amount
Class A⁽¹⁾
Sales	1,163	$ 18,214	—	$ —
Issued to shareholders electing to receive payments of distributions in Fund shares	52	868	—	—
Net increase	1,215	$ 19,082	—	$ —
Class I
Sales	264,722	$ 3,660,472	153,495	$ 2,545,564
Issued to shareholders electing to receive payments of distributions in Fund shares	45,348	751,865	1,482	21,503
Redemptions	(88,763)	(1,346,429)	(94,622)	(1,535,704)
Net increase	221,307	$ 3,065,908	60,355	$ 1,031,363

⁽¹⁾	For the period from the commencement of operations, December 14, 2021, to November 30, 2022.

At November 30, 2022, EVM owned 62.7% of the value of the outstanding shares of the Fund.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Notes to Financial Statements — continued

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $725 million unsecured line of credit agreement with a group of banks, which is in effect through October 24, 2023. In connection with the renewal of the agreement on October 25, 2022, the borrowing limit was decreased from $800 million. 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. Also in connection with the renewal of the agreement, 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 November 30, 2022.

9 Investments in Affiliated Funds

At November 30, 2022, the value of the Fund's investment in funds that may be deemed to be affiliated was $60,947, which represents 0.6% of the Fund's net assets. Transactions in affiliated funds by the Fund for the year ended November 30, 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	$172,262	$ 847,305	$(1,019,567)	$ —	$ —	$ —	$ 34	—
Liquidity Fund	—	3,237,031	(3,176,084)	—	—	60,947	2,155	60,947
Total				$ —	$ —	$60,947	$2,189

10 Fair Value Measurements

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

•	Level 1 – quoted prices in active markets for identical investments
•	Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•	Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)

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

At November 30, 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:
Asia/Pacific	$ 379,353	$ 730,658	$ —	$ 1,110,011
Developed Europe	268,131	2,818,780	—	3,086,911
North America	5,634,754	—	—	5,634,754
Total Common Stocks	$6,282,238	$3,549,438*	$ —	$9,831,676

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Notes to Financial Statements — continued

Asset Description (continued)	Level 1	Level 2	Level 3	Total
Short-Term Investments	$ 60,947	$ —	$ —	$ 60,947
Total Investments	$6,343,185	$3,549,438	$ —	$9,892,623

*	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.

11 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.

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.

12 Proposed Plan of Reorganization

In December 2022, the Trustees of the Trust, on behalf of the Fund, approved an Agreement and Plan of Reorganization pursuant to which the Fund is expected to be reorganized with and into a newly formed series of Calvert Management Series. The proposed reorganization is subject to approval by the shareholders of the Fund and the satisfaction of certain other conditions.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Growth Trust and Shareholders of Eaton Vance Focused Global Opportunities Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Focused Global Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of November 30, 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 November 30, 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 November 30, 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
January 25, 2023

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 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 November 30, 2022, the Fund designates approximately $122,519, 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, 25.69% 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 November 30, 2022, $132,013 or, if subsequently determined to be different, the net capital gain of such year.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 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;

¹Not 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.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Board of Trustees’ Contract Approval — continued

• 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;

• 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 and administrative agreement between Eaton Vance Focused Global Opportunities 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

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Board of Trustees’ Contract Approval — continued

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 and administrative agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative 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, as well as the coordination between the Adviser and the Sub-adviser on research and other investment matters. 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 and the Sub-adviser’s abilities and experience in implementing the Fund’s investment strategy. In particular, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. The Board 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, including 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 and administrative 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 an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-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 custom peer group and lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its benchmark index for the three-year period. The Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

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.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 2022

Board of Trustees’ Contract Approval — continued

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.

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.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 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.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 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 132 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. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. 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.

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Eaton Vance

Focused Global Opportunities Fund

November 30, 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 Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022).
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.

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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

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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.

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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.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Management’s Discussion of Fund Performance^†

Economic and Market Conditions

The 12-month period starting December 1, 2021, was dominated by the ongoing effects of one black swan event -- the COVID-19 pandemic -- and fallout from another -- Russia’s invasion of Ukraine.

Fund Performance

For the 12-month period ended November 30, 2022, Eaton Vance International Small-Cap Fund (the Fund) returned -20.24% for Class A shares at net asset value (NAV), underperforming its benchmark, the MSCI World ex USA Small Cap Index (the Index), which returned -17.71%.

On an individual stock basis, the largest detractors from Fund performance versus the Index were overweight positions in Sdiptech AB (Sdiptech), PolyPeptide Group AG (Polypeptide), and RWS Holdings PLC. (RWS).

Stockholm-based Sdiptech provides infrastructure-related products and services that increasingly focus on ESG -- environmental, social, and governance -- projects in areas such as transportation, water, and power. Sdiptech’s stock price declined after the firm’s first-quarter 2022 earnings report cited rising costs and a decline in profit margins.

Polypeptide is a Swiss manufacturer of peptides for the pharmaceutical and biotechnology industries. Polypeptide’s share price declined after the company announced lower sales than expected for the first half of 2022. Decreased profitability -- due to inflationary pressures and capital expenditures to accommodate growth -- was an additional headwind for Polypeptide during the period.

U.K.-based RWS is the largest language-services provider in the world. Its share price declined in the face of earnings weakness during the period.

On a sector basis, stock selections in the industrials and consumer staples sectors detracted from Fund performance relative to the Index, as did stock selections and an overweight position in the health care sector -- the worst performing sector within the Index during the period.

In contrast, the largest contributors to Fund performance versus the Index on an individual stock basis were overweight positions in ARC Resources, Ltd. (ARC) and Tosei Corp. (Tosei).

Shares in Canada-based energy exploration and production company ARC rallied on rising oil and gas prices during the period, especially after Russia invaded Ukraine and Russian oil exports were sanctioned by many NATO countries.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Management’s Discussion of Fund Performance^† — continued

Tosei is a Japanese real estate investment and management firm focused on small- and medium-size Tokyo properties. Tosei’s share price rose steadily during the period as its business properties gradually recovered from the early negative effects of the pandemic, and the company provided a strong outlook for future earnings growth.

On a sector basis, stock selections and underweight positions in the communication services and consumer discretionary sectors, along with stock selections in the information technology sector, contributed to Fund performance versus the Index during the period.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Performance

Portfolio Manager(s) Aidan M. Farrell of MSIM Fund Management (Ireland) Limited (MSIM FMIL)

% Average Annual Total Returns^1,2	Class Inception Date	Performance Inception Date	One Year	Five Years	Since Inception
Class A at NAV	12/16/2015	12/16/2015	(20.24)%	0.96%	5.40%
Class A with 5.25% Maximum Sales Charge	—	—	(24.41)	(0.11)	4.59
Class I at NAV	12/16/2015	12/16/2015	(20.05)	1.21	5.66

MSCI World ex USA Small Cap Index	—	—	(17.71)%	0.91%	5.14%

% Total Annual Operating Expense Ratios³	Class A	Class I
Gross	1.41%	1.16%
Net	1.30	1.05

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 I, at minimum investment	$1,000,000	12/16/2015	$1,466,649	N.A.

See Endnotes and Additional Disclosures in this report.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Endnotes and Additional Disclosures

†

¹	MSCI World ex USA Small Cap Index is an unmanaged index of small-cap equity securities in the developed markets, excluding the United States. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.
²	Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.
³	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 3/31/23. 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

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. 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.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Fund Expenses

Example

Actual Expenses

Hypothetical Example for Comparison Purposes

	Beginning Account Value (6/1/22)	Ending Account Value (11/30/22)	Expenses Paid During Period* (6/1/22 – 11/30/22)	Annualized Expense Ratio
Actual
Class A	$1,000.00	$ 955.50	$6.42**	1.31%
Class I	$1,000.00	$ 956.40	$5.25**	1.07%

Hypothetical
(5% return per year before expenses)
Class A	$1,000.00	$1,018.50	$6.63**	1.31%
Class I	$1,000.00	$1,019.70	$5.42**	1.07%

*	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 183/365 (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 May 31, 2022.
**	Absent an allocation of certain expenses to affiliates, expenses would be higher.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Portfolio of Investments

Common Stocks — 91.6%

Security	Shares		Value
Australia — 8.3%
Bapcor, Ltd.		84,416	$ 401,148
BlueScope Steel, Ltd.		13,750	165,728
carsales.com, Ltd.		49,139	776,095
Data#3, Ltd.		112,196	527,879
Dexus		51,272	281,488
Dicker Data, Ltd.		69,657	520,146
Evolution Mining, Ltd.		125,355	233,635
IGO, Ltd.		29,255	312,435
Lynas Rare Earths, Ltd. ⁽¹⁾		21,669	128,541
Northern Star Resources, Ltd.		35,351	258,831
OZ Minerals, Ltd.		9,941	186,795
Steadfast Group, Ltd.		165,161	599,070
Westgold Resources, Ltd.		142,569	73,623
WiseTech Global, Ltd.		5,966	238,555
			$ 4,703,969
Austria — 1.9%
ams-OSRAM AG⁽¹⁾		38,581	$ 321,315
BAWAG Group AG⁽²⁾		14,362	752,465
			$ 1,073,780
Belgium — 1.6%
Azelis Group NV		28,650	$ 765,471
VGP NV		1,546	125,819
			$ 891,290
Canada — 8.8%
Agnico Eagle Mines, Ltd.		4,445	$ 223,877
ARC Resources, Ltd.		37,025	549,946
Ats Corp. ⁽¹⁾		24,473	815,433
CAE, Inc.⁽¹⁾		13,820	298,869
Granite Real Estate Investment Trust		10,560	625,600
Keyera Corp.		15,592	363,271
Killam Apartment Real Estate Investment Trust		47,324	598,081
Pan American Silver Corp.		7,009	115,102
Peyto Exploration & Development Corp.		35,973	401,141
Quebecor, Inc., Class B		18,651	401,957
TMX Group, Ltd.		5,612	588,422
			$ 4,981,699
Denmark — 0.8%
Topdanmark A/S		8,982	$ 469,699
			$ 469,699

Security	Shares		Value
France — 0.4%
Rubis SCA		9,687	$ 246,297
			$ 246,297
Germany — 1.5%
Jenoptik AG		17,741	$ 496,407
LEG Immobilien SE		5,111	327,939
			$ 824,346
Ireland — 0.6%
Irish Residential Properties REIT PLC		300,019	$ 348,931
			$ 348,931
Israel — 0.8%
Amot Investments, Ltd.		69,583	$ 453,083
			$ 453,083
Italy — 4.7%
Amplifon SpA		14,416	$ 408,364
BFF Bank SpA⁽²⁾		67,717	530,283
DiaSorin SpA		3,229	430,772
FinecoBank Banca Fineco SpA		26,584	431,769
MARR SpA		34,253	407,988
Moncler SpA		8,815	459,473
			$ 2,668,649
Japan — 26.0%
As One Corp.		18,295	$ 823,836
Asahi Intecc Co., Ltd.		18,441	330,109
Chiba Bank, Ltd. (The)		88,760	539,482
Cosmos Pharmaceutical Corp.		5,150	524,988
Daiseki Co., Ltd.		8,600	296,577
Dip Corp.		19,875	597,402
Fukuoka Financial Group, Inc.		28,671	561,746
Goldwin, Inc.		10,223	707,081
JMDC, Inc.		7,439	285,404
Kewpie Corp.		27,699	493,625
Kose Corp.		5,085	543,074
Kuraray Co., Ltd.		35,757	287,171
Kyoritsu Maintenance Co., Ltd.		13,891	620,589
LaSalle Logiport REIT		495	581,192
Lion Corp.		58,368	624,521
Mitsubishi Research Institute, Inc.		18,834	707,476
Mitsui Fudosan Logistics Park, Inc.		148	537,371
Miura Co., Ltd.		32,750	787,062
Nihon M&A Center Holdings, Inc.		55,575	760,859
Nomura Co., Ltd.		50,363	381,089

See Notes to Financial Statements.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Portfolio of Investments — continued

Security	Shares		Value
Japan (continued)
Sakata Seed Corp.		22,335	$ 764,458
Sanwa Holdings Corp.		81,862	775,786
Sumco Corp.		57,667	862,786
Tosei Corp.		39,024	400,176
USS Co., Ltd.		14,200	238,655
Yamaha Corp.		17,031	678,135
			$14,710,650
Luxembourg — 0.2%
APERAM S.A.		4,019	$ 127,582
			$ 127,582
Netherlands — 3.2%
BE Semiconductor Industries NV		7,819	$ 509,311
Euronext NV⁽²⁾		7,638	584,296
IMCD NV		4,738	700,770
			$ 1,794,377
New Zealand — 2.1%
EBOS Group, Ltd.		21,074	$ 547,103
Fisher & Paykel Healthcare Corp., Ltd.		20,959	313,895
Spark New Zealand, Ltd.		101,453	330,748
			$ 1,191,746
Norway — 1.4%
Entra ASA⁽²⁾		32,253	$ 343,704
SmartCraft ASA⁽¹⁾		226,094	360,262
TGS ASA		7,691	105,224
			$ 809,190
Portugal — 0.7%
NOS SGPS S.A.		93,737	$ 376,552
			$ 376,552
Singapore — 0.9%
Daiwa House Logistics Trust		1,031,380	$ 494,201
			$ 494,201
Spain — 1.6%
Acciona S.A.		2,209	$ 432,092
Inmobiliaria Colonial Socimi S.A.		72,517	446,969
			$ 879,061
Sweden — 5.5%
AddTech AB, Class B		46,957	$ 698,864

Security	Shares		Value
Sweden (continued)
Boliden AB		5,369	$ 202,805
Bravida Holding AB⁽²⁾		57,742	585,147
Indutrade AB		22,862	492,449
Lagercrantz Group AB, Class B		42,261	447,384
Sdiptech AB, Class B⁽¹⁾		19,333	451,138
SSAB AB, Class B		39,203	221,636
			$ 3,099,423
Switzerland — 1.6%
Galenica AG⁽²⁾		4,860	$ 373,205
Logitech International S.A.		5,012	303,864
PolyPeptide Group AG⁽²⁾		6,274	232,248
			$ 909,317
United Kingdom — 18.0%
Abcam PLC⁽¹⁾		38,088	$ 597,039
Allfunds Group PLC		55,441	414,976
Bellway PLC		6,181	150,193
Capital & Counties Properties PLC		234,990	289,064
Capricorn Energy PLC⁽¹⁾		103,716	311,061
Cranswick PLC		17,164	639,575
Dechra Pharmaceuticals PLC		15,628	516,148
Diploma PLC		23,784	813,414
DiscoverIE Group PLC		72,804	734,910
Dr. Martens PLC		105,484	262,058
Games Workshop Group PLC		6,839	612,944
Greggs PLC		21,682	607,307
JTC PLC⁽²⁾		68,090	654,266
Judges Scientific PLC		5,864	574,230
Nomad Foods, Ltd.⁽¹⁾		14,206	248,463
RWS Holdings PLC		149,436	595,947
St. James's Place PLC		40,109	563,737
Volution Group PLC		124,673	527,497
Watches of Switzerland Group PLC⁽¹⁾⁽²⁾		50,884	628,756
Wise PLC, Class A⁽¹⁾		51,099	403,805
			$10,145,390
United States — 1.0%
Autoliv, Inc.		6,181	$ 546,400
			$ 546,400
Total Common Stocks (identified cost $51,716,631)			$51,745,632

See Notes to Financial Statements.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Portfolio of Investments — continued

Exchange-Traded Funds — 5.7%

Security	Shares		Value
Equity Funds — 5.7%
iShares MSCI EAFE Small-Cap ETF		9,343	$ 532,551
iShares MSCI Hong Kong ETF		47,399	948,454
iShares MSCI Singapore ETF		34,121	655,806
iShares S&P/TSX SmallCap Index ETF		38,843	522,950
Vanguard MSCI Australian Small Companies Index ETF		12,381	553,649
Total Exchange-Traded Funds (identified cost $3,382,696)			$ 3,213,410

Short-Term Investments — 2.5%

Security	Shares		Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.62%⁽³⁾		1,443,827	$ 1,443,827
Total Short-Term Investments (identified cost $1,443,827)			$ 1,443,827


Total Investments — 99.8% (identified cost $56,543,154)			$56,402,869
Other Assets, Less Liabilities — 0.2%			$ 99,702
Net Assets — 100.0%			$56,502,571

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
⁽¹⁾	Non-income producing security.
⁽²⁾	Security exempt from registration 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 November 30, 2022, the aggregate value of these securities is $4,684,370 or 8.3% of the Fund's net assets.
⁽³⁾	May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of November 30, 2022.

Sector Classification of Portfolio
Sector	Percentage of Net Assets	Value
Industrials	20.6%	$11,652,914
Financials	11.8	6,690,211
Consumer Discretionary	10.5	5,912,739
Real Estate	10.4	5,853,618
Information Technology	10.1	5,699,190
Health Care	8.6	4,858,123
Consumer Staples	7.5	4,246,692
Exchange-Traded Funds	5.7	3,213,410
Materials	4.5	2,537,761
Communication Services	3.3	1,885,352
Energy	3.1	1,730,643
Utilities	1.2	678,389
Short-Term Investments	2.5	1,443,827
Total Investments	99.8%	$56,402,869

See Notes to Financial Statements.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Statement of Assets and Liabilities

	November 30, 2022
Assets
Unaffiliated investments, at value (identified cost $55,099,327)	$ 54,959,042
Affiliated investment, at value (identified cost $1,443,827)	1,443,827
Dividends receivable	119,763
Dividends receivable from affiliated investment	4,691
Receivable for investments sold	36
Receivable for Fund shares sold	151,010
Tax reclaims receivable	46,165
Receivable from affiliate	3,818
Total assets	$56,728,352
Liabilities
Payable for investments purchased	$ 87,103
Due to custodian - foreign currency, at value (identified cost $17,742)	17,876
Payable to affiliates:
Investment adviser and administration fee	39,163
Distribution and service fees	192
Trustees' fees	1,478
Accrued expenses	79,969
Total liabilities	$ 225,781
Net Assets	$56,502,571
Sources of Net Assets
Paid-in capital	$ 59,483,746
Accumulated loss	(2,981,175)
Net Assets	$56,502,571
Class A Shares
Net Assets	$ 1,089,741
Shares Outstanding	90,583
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 12.03
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share)	$ 12.70
Class I Shares
Net Assets	$ 55,412,830
Shares Outstanding	4,589,708
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding)	$ 12.07

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

See Notes to Financial Statements.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Statement of Operations

	Year Ended
	November 30, 2022
Investment Income
Dividend income (net of foreign taxes withheld of $154,741)	$ 1,469,515
Dividend income from affiliated investments	15,317
Securities lending income, net	28
Total investment income	$ 1,484,860
Expenses
Investment adviser and administration fee	$ 544,556
Distribution and service fees:
Class A	1,522
Trustees’ fees and expenses	5,094
Custodian fee	54,263
Transfer and dividend disbursing agent fees	8,143
Legal and accounting services	50,113
Printing and postage	4,143
Registration fees	35,304
Miscellaneous	13,080
Total expenses	$ 716,218
Deduct:
Waiver and/or reimbursement of expenses by affiliates	$ 43,189
Total expense reductions	$ 43,189
Net expenses	$ 673,029
Net investment income	$ 811,831
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$ (2,707,264)
Investment transactions - affiliated investment	(122)
Foreign currency transactions	(46,158)
Net realized loss	$ (2,753,544)
Change in unrealized appreciation (depreciation):
Investments	$ (12,501,187)
Foreign currency	(889)
Net change in unrealized appreciation (depreciation)	$(12,502,076)
Net realized and unrealized loss	$(15,255,620)
Net decrease in net assets from operations	$(14,443,789)

See Notes to Financial Statements.

Table of Contents

Eaton Vance

International Small-Cap Fund

November 30, 2022

Financial Highlights

	Class A
	Year Ended November 30,
	2022	2021	2020	2019	2018
Net asset value — Beginning of year	$ 15.960	$ 13.790	$ 12.670	$ 11.790	$ 13.440
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.125	$ 0.065	$ 0.037	$ 0.131	$ 0.138
Net realized and unrealized gain (loss)	(3.141)	2.221	1.287	1.233	(1.329)
Total income (loss) from operations	$ (3.016)	$ 2.286	$ 1.324	$ 1.364	$ (1.191)
Less Distributions
From net investment income	$ (0.198)	$ (0.116)	$ (0.204)	$ (0.096)	$ (0.202)
From net realized gain	(0.716)	—	—	(0.388)	(0.257)
Total distributions	$ (0.914)	$ (0.116)	$ (0.204)	$ (0.484)	$ (0.459)
Net asset value — End of year	$12.030	$15.960	$13.790	$12.670	$11.790
Total Return⁽²⁾⁽³⁾	(20.24)%	16.66%	10.54%	12.37%	(9.22)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 1,090	$ 703	$ 1,417	$ 1,717	$ 1,511
Ratios (as a percentage of average daily net assets):
Expenses ⁽³⁾	1.36% ⁽⁴⁾	1.40%	1.40%	1.40%	1.40%
Net investment income	0.99%	0.42%	0.30%	1.12%	1.05%
Portfolio Turnover	51%	59%	61%	70%	65%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.
⁽³⁾	The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.07%, 0.01%, 0.16%, 0.21% and 0.26% of average daily net assets for the years ended November 30, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.
⁽⁴⁾	Includes a reduction by the investment adviser of a portion of its adviser and administration 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 November 30, 2022).

See Notes to Financial Statements.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Financial Highlights — continued

	Class I
	Year Ended November 30,
	2022	2021	2020	2019	2018
Net asset value — Beginning of year	$ 16.030	$ 13.850	$ 12.720	$ 11.840	$ 13.470
Income (Loss) From Operations
Net investment income⁽¹⁾	$ 0.171	$ 0.131	$ 0.074	$ 0.161	$ 0.143
Net realized and unrealized gain (loss)	(3.169)	2.200	1.289	1.242	(1.311)
Total income (loss) from operations	$ (2.998)	$ 2.331	$ 1.363	$ 1.403	$ (1.168)
Less Distributions
From net investment income	$ (0.246)	$ (0.151)	$ (0.233)	$ (0.135)	$ (0.205)
From net realized gain	(0.716)	—	—	(0.388)	(0.257)
Total distributions	$ (0.962)	$ (0.151)	$ (0.233)	$ (0.523)	$ (0.462)
Net asset value — End of year	$12.070	$16.030	$13.850	$12.720	$11.840
Total Return⁽²⁾⁽³⁾	(20.05)%	16.86%	10.82%	12.73%	(9.03)%
Ratios/Supplemental Data
Net assets, end of year (000’s omitted)	$ 55,413	$ 73,293	$ 49,028	$ 42,132	$ 31,389
Ratios (as a percentage of average daily net assets):
Expenses ⁽³⁾	1.11% ⁽⁴⁾	1.15%	1.15%	1.15%	1.15%
Net investment income	1.35%	0.82%	0.61%	1.37%	1.08%
Portfolio Turnover	51%	59%	61%	70%	65%

⁽¹⁾	Computed using average shares outstanding.
⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.
⁽³⁾	The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.07%, 0.01%, 0.16%, 0.21% and 0.26% of average daily net assets for the years ended November 30, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower.
⁽⁴⁾	Includes a reduction by the investment adviser of a portion of its adviser and administration 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 November 30, 2022).

See Notes to Financial Statements.

Table of Contents

Eaton Vance

International Small-Cap Fund

November 30, 2022

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance International Small-Cap Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers two classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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.

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries’ tax rules and rates. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

Table of Contents

Eaton Vance

International Small-Cap Fund

November 30, 2022

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended November 30, 2022 and November 30, 2021 was as follows:

	Year Ended November 30,
	2022	2021
Ordinary income	$1,162,416	$547,883
Long-term capital gains	$3,385,223	$ —

As of November 30, 2022, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

Undistributed ordinary income	$ 623,707
Deferred capital losses	(2,663,234)
Net unrealized depreciation	(941,648)
Accumulated loss	$(2,981,175)

At November 30, 2022, the Fund, for federal income tax purposes, had deferred capital losses of $2,663,234 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at November 30, 2022, $2,663,234 are short-term.

Table of Contents

Eaton Vance

International Small-Cap Fund

November 30, 2022

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at November 30, 2022, as determined on a federal income tax basis, were as follows:

Aggregate cost	$ 57,344,159
Gross unrealized appreciation	$ 6,803,609
Gross unrealized depreciation	(7,744,899)
Net unrealized depreciation	$ (941,290)

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration 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	0.900%
$500 million but less than $1 billion	0.850%
$1 billion but less than $2.5 billion	0.825%
$2.5 billion but less than $5 billion	0.800%
$5 billion and over	0.780%

For the year ended November 30, 2022, the investment adviser and administration fee amounted to $544,556 or 0.90% of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated 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. EVAIL uses the portfolio management, research and other resources of its affiliate, MSIM Fund Management (Ireland) Limited (MSIM FMIL), to render investment advisory services to the Fund. MSIM FMIL has entered into a Memorandum of Understanding with EVAIL pursuant to which MSIM FMIL is considered a participating affiliate of the sub-adviser as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission allowing U.S. registered investment advisers to use portfolio management or research resources of unregistered advisory affiliates subject to the supervision of a U.S. registered adviser. EVM pays EVAIL a portion of its investment adviser and administration 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 and administration 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 November 30, 2022, the investment adviser and administration fee paid was reduced by $1,010 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.

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) exceed 1.30% and 1.05% (1.40% and 1.15% prior to July 1, 2022) of the Fund’s average daily net assets for Class A and Class I, respectively, through March 31, 2023. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM and EVAIL were allocated $42,179 in total of the Fund’s operating expenses for the year ended November 30, 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 November 30, 2022, EVM earned $2,727 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 no sales charges on sales of Class A shares for the year ended November 30, 2022. EVD received distribution and service fees from Class A shares (see Note 4).

Table of Contents

Eaton Vance

International Small-Cap Fund

November 30, 2022

Notes to Financial Statements — continued

4 Distribution Plan

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

5 Contingent Deferred Sales Charges

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $30,197,300 and $32,704,137, respectively, for the year ended November 30, 2022.

7 Shares of Beneficial Interest

	Year Ended November 30, 2022		Year Ended November 30, 2021
	Shares	Amount	Shares	Amount
Class A
Sales	57,659	$ 640,603	8,206	$ 134,157
Issued to shareholders electing to receive payments of distributions in Fund shares	2,643	41,567	770	11,293
Redemptions	(13,775)	(177,091)	(67,691)	(1,024,931)
Net increase (decrease)	46,527	$ 505,079	(58,715)	$ (879,481)
Class I
Sales	1,005,433	$ 13,884,660	1,751,518	$ 27,161,217
Issued to shareholders electing to receive payments of distributions in Fund shares	286,100	4,506,072	36,528	536,590
Redemptions	(1,275,435)	(17,397,671)	(755,337)	(12,292,160)
Net increase	16,098	$ 993,061	1,032,709	$ 15,405,647

At November 30, 2022, EVM and donor advised and pooled income funds (established and maintained by a public charity) managed by EVM owned in the aggregate 77.0% of the value of the outstanding shares of the Fund.

Table of Contents

Eaton Vance

International Small-Cap Fund

November 30, 2022

Notes to Financial Statements — continued

8 Line of Credit

9 Securities Lending Agreement

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

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

At November 30, 2022, the Fund had no securities on loan.

10 Investments in Affiliated Funds

At November 30, 2022, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,443,827, which represents 2.5% of the Fund's net assets. Transactions in affiliated funds by the Fund for the year ended November 30, 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	$1,330,780	$14,063,484	$(15,394,142)	$ (122)	$ —	$ —	$ 657	—
Liquidity Fund	—	12,230,354	(10,786,527)	—	—	1,443,827	14,660	1,443,827
Total				$(122)	$ —	$1,443,827	$15,317

11 Fair Value Measurements

•	Level 1 – quoted prices in active markets for identical investments
•	Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•	Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Notes to Financial Statements — continued

At November 30, 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:
Asia/Pacific	$ —	$ 21,100,566	$ —	$ 21,100,566
Developed Europe	248,463	24,415,421	—	24,663,884
Developed Middle East	—	453,083	—	453,083
North America	5,528,099	—	—	5,528,099
Total Common Stocks	$5,776,562	$45,969,070*	$ —	$51,745,632
Exchange-Traded Funds	$ 2,659,761	$ 553,649*	$ —	$ 3,213,410
Short-Term Investments	1,443,827	—	—	1,443,827
Total Investments	$9,880,150	$46,522,719	$ —	$56,402,869

*	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.

12 Risks and Uncertainties

Risks Associated with Foreign Investments

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.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Growth Trust and Shareholders of Eaton Vance International Small-Cap Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance International Small-Cap Fund (the "Fund") (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of November 30, 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 November 30, 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.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
January 25, 2023

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Federal Tax Information (Unaudited)

Qualified Dividend Income. For the fiscal year ended November 30, 2022, the Fund designates approximately $1,269,799, 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, 1.09% qualifies for the corporate dividends received deduction.

Foreign Tax Credit. For the fiscal year ended November 30, 2022, the Fund paid foreign taxes of $112,272 and recognized foreign source income of $1,574,841.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• 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;

• 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;

• 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;

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Board of Trustees’ Contract Approval — continued

• 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 business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;

Other Relevant Information

• Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;

• The terms of each investment advisory agreement and sub-advisory agreement.

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 and administrative agreement (the “Advisory Agreement”) between Eaton Vance International Small-Cap Fund (the “Fund”) and Eaton Vance Management (the “Adviser”), and the sub-advisory agreement (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,

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Board of Trustees’ Contract Approval — continued

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 Advisory Agreement and the Sub-advisory Agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the 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, as well as the coordination between the Adviser and the Sub-adviser on research and other investment matters. 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 and the Sub-adviser’s abilities and experience in implementing the Fund’s investment strategy. In particular, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. The Board 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.

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 an appropriate benchmark index and a custom peer group of similarly managed funds. The Board’s review included comparative performance data with respect to the Fund for the one-, three- and five-year periods ended December 31, 2021. In this regard, the Board noted that the performance of the Fund was consistent with the median performance of the Fund’s custom peer group and lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its 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 received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as the Fund. In this regard, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other types of accounts. The Board also considered certain Fund specific factors that had an impact on the Fund’s total expense ratio relative to comparable funds, as identified by management in response to inquiries from the Contract Review Committee.

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Board of Trustees’ Contract Approval — continued

Profitability and “Fall-Out” Benefits

Economies of Scale

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Liquidity Risk Management Program

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Eaton Vance

International Small-Cap Fund

November 30, 2022

Management and Organization

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. Formerly, Chairman, Chief Executive Officer (2007-2021) and President (2006-2021) of EVC and Director of EVD (2007-2022). Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM and EV, which are affiliates of the Trust. 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.

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Eaton Vance

International Small-Cap Fund

November 30, 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 Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022).
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.

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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

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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.

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Eaton Vance Funds

IMPORTANT NOTICES

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by this report to make clarifying changes consistent with Rule 21F-17 of the Securities Exchange Act of 1934, as amended. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various

capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).

Eaton Vance Focused Global Opportunities Fund and Eaton Vance International Small-Cap Fund (the “Fund(s)”) are series of Eaton Vance Growth Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 11 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

The following tables present the aggregate fees billed to each Fund for each Fund’s fiscal years ended November 30, 2021 and November 30, 2022 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Fund’s annual financial statements and fees billed for other services rendered by D&T during such period.

The Series comprising the Trust have varying fiscal year ends (February 28, August 31, September 30 or November 30). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the last two fiscal years of each Series.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

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

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

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

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

(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

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

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Abbreviations:
ADR	– American Depositary Receipt
PC	– Participation Certificate

	Year Ended November 30,
	2022	2021
Increase (Decrease) in Net Assets
From operations:
Net investment income	$ 46,050	$ 12,867
Net realized gain	109,561	838,029
Net change in unrealized appreciation (depreciation)	(941,350)	640,656
Net increase (decrease) in net assets from operations	$ (785,739)	$1,491,552
Distributions to shareholders:
Class A⁽¹⁾	$ (868)	$ —
Class I	(751,865)	(21,503)
Total distributions to shareholders	$ (752,733)	$ (21,503)
Transactions in shares of beneficial interest:
Class A⁽¹⁾	$ 19,082	$ —
Class I	3,065,908	1,031,363
Net increase in net assets from Fund share transactions	$3,084,990	$1,031,363
Net increase in net assets	$1,546,518	$2,501,412
Net Assets
At beginning of year	$ 8,302,147	$ 5,800,735
At end of year	$9,848,665	$8,302,147

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)
Nicholas Di Lorenzo 1987	Secretary	Since 2022	Formerly, associate (2012-2021) and counsel (2022) at Dechert LLP.
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).

Top 10 Holdings (% of net assets)¹
Microsoft Corp.	6.3%
Coca-Cola Co. (The)	4.4
JPMorgan Chase & Co.	4.2
Nestle S.A.	4.1
Alphabet, Inc., Class A	4.0
Visa, Inc., Class A	3.5
Boston Scientific Corp.	3.1
Mondelez International, Inc., Class A	3.1
AIA Group, Ltd.	3.0
Citigroup, Inc.	2.9
Total	38.6%

			Value
Total Investments — 100.4% (identified cost $8,568,830)			$9,892,623
Other Assets, Less Liabilities — (0.4)%			$ (43,958)
Net Assets — 100.0%			$9,848,665

Top 10 Holdings (% of net assets)¹
iShares MSCI Hong Kong ETF	1.7%
Sumco Corp.	1.5
As One Corp.	1.5
Ats Corp.	1.5
Diploma PLC	1.4
Miura Co., Ltd.	1.4
carsales.com, Ltd.	1.4
Sanwa Holdings Corp.	1.4
Azelis Group NV	1.4
Sakata Seed Corp.	1.4
Total	14.6%


Eaton Vance Focused Global Opportunities Fund Fiscal Years Ended	11/30/21		11/30/22
Audit Fees	$	27,450	$	33,350
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	11,588	$	2,175
All Other Fees⁽³⁾	$	0	$	0

Total	$	39,038	$	35,525


Eaton Vance International Small-Cap Fund Fiscal Years Ended	11/30/21		11/30/22
Audit Fees	$	26,950	$	30,250
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	12,113	$	2,175
All Other Fees⁽³⁾	$	0	$	0

Total	$	39,063	$	32,425


Fiscal Years Ended	2/28/21		8/31/21		9/30/21		11/30/21		2/28/22		8/31/22		9/30/22		11/30/22
Audit Fees	$	56,100	$	163,600	$	94,450	$	54,400	$	54,100	$	180,900	$	105,450	$	63,600
Audit-Related Fees⁽¹⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees⁽²⁾	$	18,840	$	54,036	$	36,401	$	23,701	$	19,540	$	9,000	$	7,000	$	4,350
All Other Fees⁽³⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0


Total	$	74,940	$	217,636	$	130,851	$	78,101	$	73,640	$	189,900	$	112,450	$	67,950


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.


Eaton Vance Growth Trust

By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date:		January 26, 2023


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		January 26, 2023

By:		/s/ Eric A. Stein
		Eric A. Stein
		President

Date:		January 26, 2023