EATON VANCE GROWTH TRUST (Form: N-CSR, Received: 04/24/2020 16:03:54)

Name and Year of Birth

Position(s)
with the
Trust

Officer
Since⁽²⁾

Principal Occupation(s)

During Past Five Years

Principal Officers who are not Trustees (continued)

Richard F. Froio

1968

Chief Compliance Officer

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).

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-01241

Eaton Vance Growth Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

February 28

Date of Fiscal Year End

February 29, 2020

Date of Reporting Period

Item 1.

Reports to Stockholders

LOGO

Eaton Vance

Focused Growth Opportunities Fund

Annual Report

February 29, 2020

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

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

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

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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.

Annual Report February 29, 2020

Eaton Vance

Focused Growth Opportunities Fund

Table of Contents


Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			4

Endnotes and Additional Disclosures			5

Fund Expenses			6

Financial Statements			7

Report of Independent Registered Public Accounting Firm			21

Federal Tax Information			22

Management and Organization			23

Important Notices			26

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

At the start of the 12-month period opened on March 1, 2019, investors appeared to be taking a “glass is half full” approach. Although U.S. manufacturing output and business investment remained weak — held back by slowing global growth and an on-again/off-again U.S.-China trade war — strong spending by U.S. consumers and dovish remarks by the U.S. Federal Reserve (the Fed) combined to lift investor sentiment. After four federal funds rate hikes in 2018, markets were projecting the Fed might lower rates in 2019 to stimulate the economy. U.S. unemployment, meanwhile, remained low and hiring remained strong.

As a result, U.S. stocks climbed in March and April 2019. Even a global stock pullback in May — sparked by heightened concerns about the U.S.-China trade dispute — proved to be temporary, and the U.S. stock rally resumed in June and July. After holding interest rates steady through the first half of the year, the Fed cut the federal funds rate on July 31, 2019 — its first reduction in over a decade — followed by two additional rate cuts in September and October to end the period at 1.50%-1.75%.

After a mild downturn in August, U.S. equities rallied again in the final months of 2019, spurred by optimism about a U.S.-China trade détente and better-than-expected U.S. employment reports. The year ended with two events in December that did much to allay investor concerns about international trade and tariffs: passage of the United States-Mexico-Canada Agreement by the U.S. House of Representatives and the Trump administration’s agreement to a so-called “phase-one” trade deal with China.

In the last two months of the period, however, the outbreak of the coronavirus in China and its spread across the globe reversed much of the markets’ extraordinary gains in 2019. Consumer spending and industrial output in the world’s second-largest economy took a nosedive, as citizens were urged to stay home in an effort to contain the virus and factories delayed reopening until after the Chinese New Year.

As investors around the world worried about the negative effects on the global supply chain and global GDP, nearly all major equity indexes posted negative returns in January and February of 2020.

During the 12-month period ended February 29, 2020, the blue-chip Dow Jones Industrial Average^®² returned 0.44%, while the broader U.S. equity market represented by the S&P 500^® Index returned 8.19%. The technology-laden Nasdaq Composite Index returned 14.94% during the period. Large-cap U.S. stocks, as measured by the S&P 500^® Index, generally outperformed their small-cap counterparts, as measured by the Russell 2000^® Index. As a group, growth stocks outpaced value stocks in both large- and small-cap categories as measured by the Russell 1000^® Growth and Value Indexes (large caps) and the Russell 2000^® Growth and Value Indexes (small caps).

Fund Performance

For the 12-month period ended February 29, 2020, Eaton Vance Focused Growth Opportunities Fund (the Fund) returned 6.35% for Class A shares at net asset value (NAV), underperforming its benchmark, the Russell 1000^® Growth Index (the Index), which returned 15.11%.

Stock selections in the information technology (IT) and financials sectors detracted from Fund performance versus the Index, as did stock selections and an overweight position, relative to the Index, in the health care sector. Within IT, not owning technology hardware and services firm Apple, Inc. (Apple), which composed over 7% of the Index, hurt relative performance during the period. While Apple’s earnings remained under pressure during the period due to slowing iPhone sales — particularly in its key Asia Pacific region — its stock price advanced nearly 60% on positive investor sentiment around the company’s growing services business.

Elsewhere in IT, the Fund’s overweight position in electronic components manufacturer Arista Networks, Inc. (Arista) detracted from relative results as well. After a large customer delayed its order and Arista management projected weaker sales in 2020 than many analysts had expected, the stock price declined, as investors appeared to lose confidence in the strength of the company’s operations and its competitive position. By period-end, Arista was sold from the Fund.

In health care, the Fund’s overweight holding in biotechnology firm bluebird bio, Inc. (bluebird) declined in value during the period as investors generally favored companies perceived to be less risky than more volatile stocks like bluebird. In the financials sector, the Fund’s overweight position in diversified financial services firm Charles Schwab Corp. (Charles Schwab) hurt relative performance. Although the company produced better-than-expected earnings growth, its stock underperformed its sector during the period. By period-end, bluebird and Charles Schwab were sold from the Fund.

In contrast, contributors to performance versus the Index included stock selections and an underweight position in the industrials sector, an underweight position in the materials sector, and stock selections in the consumer staples sector. In industrials, the Fund’s overweight position in Fortune Brands Home & Security, Inc. (Fortune Brands) — a manufacturer of home fixture and hardware product lines that include Master Lock and Moen faucets — helped relative results. Better-than-expected growth in its residential repair and construction businesses drove Fortune Brands’ stock price higher during the period. By period-end, Fortune Brands was sold from the Fund.

The Fund’s overweight position in Ecolab, Inc. (Ecolab), the largest global manufacturer of cleaning chemicals for food service, food production and health care facilities, helped relative performance in the materials sector. Ecolab’s share price rose on an acceleration in sales, as the company solidified its market share in a fragmented industry. By period-end, Ecolab was sold from the Fund.

Not owning Index-component Altria Group, Inc. (Altria), a major cigarette manufacturer and part-owner of e-cigarette firm Juul Labs, Inc., aided relative results in the consumer staples sector. Altria’s stock price declined during the period on investor concerns about increasing government regulation of e-cigarette products, as well as negative investor reaction to a proposed merger with competitor Philip Morris International, Inc.

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or offering price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.


		2

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Performance^2,3

Portfolio Managers Lewis R. Piantedosi and Yana S. Barton, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class A at NAV		03/07/2011		03/07/2011		6.35	%		9.71	%		11.64	%
Class A with 5.75% Maximum Sales Charge		—		—		0.25			8.43			10.90
Class C at NAV		03/07/2011		03/07/2011		5.56			8.89			10.79
Class C with 1% Maximum Sales Charge		—		—		4.56			8.89			10.79
Class I at NAV		03/07/2011		03/07/2011		6.67			9.99			11.92
Russell 1000^® Growth Index		—		—		15.11	%		12.40	%		13.88	%


% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I
						1.05	%		1.80	%		0.80	%

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.

LOGO


Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		03/07/2011	$	25,123		N.A.
Class I	$	250,000		03/07/2011	$	688,043		N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Fund Profile



Sector Allocation (% of net assets)⁵

Information Technology	40.6	%

Health Care	16.5

Consumer Discretionary	15.7

Communication Services	15.7

Industrials	7.6

Financials	2.8

Consumer Staples	1.2



Top 10 Holdings (% of net assets)⁵

Amazon.com, Inc.	8.9	%

Alphabet, Inc., Class C	8.3

Visa, Inc., Class A	7.5

Microsoft Corp.	6.0

Facebook, Inc., Class A	4.4

salesforce.com, Inc.	3.8

PayPal Holdings, Inc.	3.5

Adobe, Inc.	3.5

QUALCOMM, Inc.	3.4

Intuit, Inc.	3.2

Total	52.5	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

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.

Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. 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. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Russell 1000^® Growth Index is an unmanaged index of U.S. large-cap growth stocks. Russell 1000^® Value Index is an unmanaged index of U.S. large-cap value stocks. Russell 2000^® Growth Index is an unmanaged index of U.S. small-cap growth stocks. Russell 2000^® Value Index is an unmanaged index of U.S. small-cap value stocks. 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.

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.

⁴	Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Excludes cash and cash equivalents. Fund profile subject to change due to active management.


		5

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Fund Expenses

Example: As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2019 – February 29, 2020).

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

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

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


	Beginning Account Value (9/1/19)		Ending Account Value (2/29/20)		Expenses Paid During Period* (9/1/19 – 2/29/20)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,037.00	$	5.17		1.02	%
Class C	$	1,000.00	$	1,033.10	$	8.95		1.77	%
Class I	$	1,000.00	$	1,038.60	$	3.90		0.77	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.80	$	5.12		1.02	%
Class C	$	1,000.00	$	1,016.10	$	8.87		1.77	%
Class I	$	1,000.00	$	1,021.00	$	3.87		0.77	%

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 182/366 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2019.


		6

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Portfolio of Investments


Common Stocks — 99.5%
Security	Shares		Value

Aerospace & Defense — 3.3%

Boeing Co. (The)		10,738	$	2,954,131

Hexcel Corp.		83,921		5,423,814

			$	8,377,945

Auto Components — 2.6%

Aptiv PLC		84,202	$	6,577,018

			$	6,577,018

Banks — 2.8%

Bank of America Corp.		246,959	$	7,038,331

			$	7,038,331

Biotechnology — 5.6%

Amgen, Inc.		20,310	$	4,056,516

Argenx SE ADR⁽¹⁾		26,513		3,748,408

Blueprint Medicines Corp.⁽¹⁾		68,851		3,726,905

Incyte Corp.⁽¹⁾		32,948		2,484,609

			$	14,016,438

Commercial Services & Supplies — 1.0%

Waste Connections, Inc.		26,285	$	2,536,240

			$	2,536,240

Electrical Equipment — 2.0%

AMETEK, Inc.		59,247	$	5,095,242

			$	5,095,242

Electronic Equipment, Instruments & Components — 2.5%

Zebra Technologies Corp., Class A⁽¹⁾		30,130	$	6,356,526

			$	6,356,526

Entertainment — 3.0%

Walt Disney Co. (The)		63,838	$	7,510,541

			$	7,510,541

Food Products — 1.2%

Mondelez International, Inc., Class A		57,708	$	3,046,982

			$	3,046,982


Security	Shares		Value

Health Care Equipment & Supplies — 6.7%

Boston Scientific Corp.⁽¹⁾		165,167	$	6,175,594

Haemonetics Corp.⁽¹⁾		37,639		4,077,433

Intuitive Surgical, Inc.⁽¹⁾		12,389		6,615,230

			$	16,868,257

Health Care Providers & Services — 1.6%

Anthem, Inc.		15,135	$	3,891,057

			$	3,891,057

Interactive Media & Services — 12.7%

Alphabet, Inc., Class C⁽¹⁾		15,561	$	20,841,314

Facebook, Inc., Class A⁽¹⁾		57,623		11,090,699

			$	31,932,013

Internet & Direct Marketing Retail — 8.9%

Amazon.com, Inc.⁽¹⁾		11,933	$	22,478,789

			$	22,478,789

IT Services — 12.9%

GoDaddy, Inc., Class A⁽¹⁾		65,257	$	4,566,685

PayPal Holdings, Inc.⁽¹⁾		82,066		8,862,307

Visa, Inc., Class A		104,098		18,920,853

			$	32,349,845

Multiline Retail — 1.2%

Dollar General Corp.		20,172	$	3,031,852

			$	3,031,852

Pharmaceuticals — 2.1%

Bristol-Myers Squibb Co.		88,309	$	5,215,530

			$	5,215,530

Road & Rail — 1.3%

Union Pacific Corp.		19,797	$	3,163,759

			$	3,163,759

Semiconductors & Semiconductor Equipment — 5.5%

Micron Technology, Inc.⁽¹⁾		99,426	$	5,225,831

QUALCOMM, Inc.		108,428		8,489,912

			$	13,715,743


		7		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Portfolio of Investments — continued


Security	Shares		Value

Software — 19.7%

Adobe, Inc.⁽¹⁾		25,489	$	8,796,764

Intuit, Inc.		30,099		8,001,819

Microsoft Corp.		92,729		15,023,025

SailPoint Technologies Holding, Inc.⁽¹⁾		137,654		3,485,399

salesforce.com, Inc.⁽¹⁾		56,700		9,661,680

Zscaler, Inc.⁽¹⁾⁽²⁾		88,964		4,625,239

			$	49,593,926

Specialty Retail — 2.9%

Lowe’s Cos., Inc.		69,283	$	7,383,489

			$	7,383,489

Total Common Stocks (identified cost $188,439,666)			$	250,179,523

Rights — 0.6%

Pharmaceuticals — 0.6%

Bristol-Myers Squibb Co. CVR, Exp. 3/31/21⁽¹⁾		445,358	$	1,491,949

			$	1,491,949

Total Rights (identified cost $1,003,966)			$	1,491,949

Short-Term Investments — 0.0%⁽³⁾
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 1.75%⁽⁴⁾		33,830	$	33,836

Total Short-Term Investments (identified cost $33,836)			$	33,836

Total Investments — 100.1% (identified cost $189,477,468)			$	251,705,308

Other Assets, Less Liabilities — (0.1)%			$	(328,510	)

Net Assets — 100.0%			$	251,376,798

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

⁽¹⁾	Non-income producing security.

⁽²⁾	All or a portion of this security was on loan at February 29, 2020. The aggregate market value of securities on loan at February 29, 2020 was $4,578,967.

⁽³⁾	Amount is less than 0.05%.

⁽⁴⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of February 29, 2020.

Abbreviations:



ADR	–	American Depositary Receipt

CVR	–	Contingent Value Rights


		8		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Statement of Assets and Liabilities


Assets	February 29, 2020

Unaffiliated investments, at value including $4,578,967 of securities on loan (identified cost, $189,443,632)	$	251,671,472

Affiliated investment, at value (identified cost, $33,836)		33,836

Dividends receivable		152,246

Dividends receivable from affiliated investment		1,257

Receivable for investments sold		3,701,959

Receivable for Fund shares sold		302,852

Securities lending income receivable		519

Total assets	$	255,864,141

Liabilities

Demand note payable	$	400,000

Payable for investments purchased		2,885,213

Payable for Fund shares redeemed		904,315

Payable to affiliates:

Investment adviser and administration fee		144,096

Distribution and service fees		21,698

Accrued expenses		132,021

Total liabilities	$	4,487,343

Net Assets	$	251,376,798

Sources of Net Assets

Paid-in capital	$	182,305,204

Distributable earnings		69,071,594

Total	$	251,376,798

Class A Shares

Net Assets	$	35,677,892

Shares Outstanding		1,643,899

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	21.70

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	23.02

Class C Shares

Net Assets	$	15,532,378

Shares Outstanding		770,773

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	20.15

Class I Shares

Net Assets	$	200,166,528

Shares Outstanding		9,050,725

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	22.12

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

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


		9		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Statement of Operations


Investment Income	Year Ended February 29, 2020

Dividends (net of foreign taxes, $5,746)	$	2,127,170

Dividends from affiliated investment		40,504

Securities lending income, net		9,597

Total investment income	$	2,177,271

Expenses

Investment adviser and administration fee	$	1,773,362

Distribution and service fees

Class A		99,871

Class C		175,209

Trustees’ fees and expenses		13,766

Custodian fee		68,149

Transfer and dividend disbursing agent fees		117,853

Legal and accounting services		44,100

Printing and postage		24,528

Registration fees		48,070

Miscellaneous		25,287

Total expenses	$	2,390,195

Net investment loss	$	(212,924	)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	21,470,092

Investment transactions — affiliated investment		(1,009	)

Foreign currency transactions		(97	)

Net realized gain	$	21,468,986

Change in unrealized appreciation (depreciation) —

Investments	$	(4,166,459	)

Investments — affiliated investment		(6	)

Net change in unrealized appreciation (depreciation)	$	(4,166,465	)

Net realized and unrealized gain	$	17,302,521

Net increase in net assets from operations	$	17,089,597


		10		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Year Ended February 29, 2020			Year Ended February 28, 2019

From operations —

Net investment loss	$	(212,924	)	$	(84,937	)

Net realized gain		21,468,986			18,847,637

Net change in unrealized appreciation (depreciation)		(4,166,465	)		2,663,911

Net increase in net assets from operations	$	17,089,597		$	21,426,611

Distributions to shareholders —

Class A	$	(2,034,158	)	$	(3,481,942	)

Class C		(930,395	)		(1,863,162	)

Class I		(10,837,620	)		(15,620,484	)

Total distributions to shareholders	$	(13,802,173	)	$	(20,965,588	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	6,279,585		$	15,523,440

Class C		1,163,194			5,688,997

Class I		86,383,858			69,592,822

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		1,986,049			3,403,599

Class C		873,988			1,770,381

Class I		10,806,668			15,520,796

Cost of shares redeemed

Class A		(16,194,238	)		(9,701,425	)

Class C		(4,849,191	)		(5,020,442	)

Class I		(106,877,497	)		(48,412,214	)

Net asset value of shares converted

Class A		285,907			1,058,764

Class C		(285,907	)		(1,058,764	)

Net increase (decrease) in net assets from Fund share transactions	$	(20,427,584	)	$	48,365,954

Net increase (decrease) in net assets	$	(17,140,160	)	$	48,826,977

Net Assets

At beginning of year	$	268,516,958		$	219,689,981

At end of year	$	251,376,798		$	268,516,958


		11		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Financial Highlights


	Class A
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 29, 2016

Net asset value — Beginning of year	$	21.510		$	21.640		$	17.600		$	14.240		$	15.950

Income (Loss) From Operations

Net investment income (loss)⁽¹⁾	$	(0.050	)	$	(0.035	)	$	(0.041	)	$	0.027		$	(0.026	)

Net realized and unrealized gain (loss)		1.427			1.829			4.088			3.333			(1.485	)

Total income (loss) from operations	$	1.377		$	1.794		$	4.047		$	3.360		$	(1.511	)

Less Distributions

From net investment income	$	—		$	—		$	(0.007	)	$	—		$	—

From net realized gain		(1.187	)		(1.924	)		—			—			(0.199	)

Total distributions	$	(1.187	)	$	(1.924	)	$	(0.007	)	$	—		$	(0.199	)

Net asset value — End of year	$	21.700		$	21.510		$	21.640		$	17.600		$	14.240

Total Return⁽²⁾		6.35	%		8.83	%		23.00	%⁽³⁾		23.60	%⁽³⁾		(9.61	)%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	35,678		$	42,653		$	32,847		$	38,469		$	32,921

Ratios (as a percentage of average daily net assets):

Expenses		1.03	%		1.05	%		1.05	%⁽³⁾		1.05	%⁽³⁾		1.05	%⁽³⁾

Net investment income (loss)		(0.23	)%		(0.16	)%		(0.21	)%		0.17	%		(0.17	)%

Portfolio Turnover		73	%		79	%		80	%		71	%		87	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾	The investment adviser and administrator reimbursed certain operating expenses (equal to 0.03%, 0.14% and 0.15% of average daily net assets for the years ended February 28, 2018, 2017, and the year ended February 29, 2016, respectively). Absent this reimbursement, total return would be lower.


		12		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Financial Highlights — continued


	Class C
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 29, 2016

Net asset value — Beginning of year	$	20.200		$	20.580		$	16.860		$	13.750		$	15.520

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.204	)	$	(0.187	)	$	(0.173	)	$	(0.090	)	$	(0.134	)

Net realized and unrealized gain (loss)		1.341			1.731			3.893			3.200			(1.437	)

Total income (loss) from operations	$	1.137		$	1.544		$	3.720		$	3.110		$	(1.571	)

Less Distributions

From net realized gain	$	(1.187	)	$	(1.924	)	$	—		$	—		$	(0.199	)

Total distributions	$	(1.187	)	$	(1.924	)	$	—		$	—		$	(0.199	)

Net asset value — End of year	$	20.150		$	20.200		$	20.580		$	16.860		$	13.750

Total Return⁽²⁾		5.56	%		8.04	%		22.06	%⁽³⁾		22.62	%⁽³⁾		(10.27	)%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	15,532		$	18,552		$	17,813		$	14,909		$	11,207

Ratios (as a percentage of average daily net assets):

Expenses		1.78	%		1.80	%		1.80	%⁽³⁾		1.80	%⁽³⁾		1.80	%⁽³⁾

Net investment loss		(0.98	)%		(0.91	)%		(0.94	)%		(0.58	)%		(0.91	)%

Portfolio Turnover		73	%		79	%		80	%		71	%		87	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges.

⁽³⁾	The investment adviser and administrator reimbursed certain operating expenses (equal to 0.03%, 0.14% and 0.15% of average daily net assets for the years ended February 28, 2018, 2017, and the year ended February 29, 2016, respectively). Absent this reimbursement, total return would be lower.


		13		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Financial Highlights — continued


	Class I
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 29, 2016

Net asset value — Beginning of year	$	21.840		$	21.890		$	17.810		$	14.370		$	16.060

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.005		$	0.019		$	0.010		$	0.067		$	0.011

Net realized and unrealized gain (loss)		1.462			1.855			4.129			3.373			(1.502	)

Total income (loss) from operations	$	1.467		$	1.874		$	4.139		$	3.440		$	(1.491	)

Less Distributions

From net investment income	$	—		$	—		$	(0.059	)	$	—		$	—

From net realized gain		(1.187	)		(1.924	)		—			—			(0.199	)

Total distributions	$	(1.187	)	$	(1.924	)	$	(0.059	)	$	—		$	(0.199	)

Net asset value — End of year	$	22.120		$	21.840		$	21.890		$	17.810		$	14.370

Total Return⁽²⁾		6.67	%		9.09	%		23.28	%⁽³⁾		23.94	%⁽³⁾		(9.42	)%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	200,167		$	207,312		$	169,029		$	144,793		$	131,297

Ratios (as a percentage of average daily net assets):

Expenses		0.78	%		0.80	%		0.80	%⁽³⁾		0.80	%⁽³⁾		0.80	%⁽³⁾

Net investment income		0.02	%		0.09	%		0.05	%		0.41	%		0.07	%

Portfolio Turnover		73	%		79	%		80	%		71	%		87	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	The investment adviser and administrator reimbursed certain operating expenses (equal to 0.03%, 0.14% and 0.15% of average daily net assets for the years ended February 28, 2018, 2017, and the year ended February 29, 2016, respectively). Absent this reimbursement, total return would be lower.


		14		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Focused Growth 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 growth. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

The following is a summary of significant accounting policies of the 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 Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

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

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

C Income — 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 February 29, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

F Foreign Currency Translation — Other assets and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. 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.

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.


		15

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Notes to Financial Statements — continued

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 February 29, 2020 and February 28, 2019 was as follows:


	Year Ended February 29, 2020		Year Ended February 28, 2019

Ordinary income	$	1,626,985	$	542,695

Long-term capital gains	$	12,175,188	$	20,422,893

During the year ended February 29, 2020, distributable earnings was decreased by $2,809,823 and paid-in capital was increased by $2,809,823 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of February 29, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	2,039,252

Undistributed long-term capital gains	$	5,036,341

Net unrealized appreciation	$	61,996,001

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 29, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	189,709,307

Gross unrealized appreciation	$	69,059,603

Gross unrealized depreciation		(7,063,602	)

Net unrealized appreciation	$	61,996,001

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. Pursuant to the investment advisory and administration agreement and subsequent fee reduction agreement between the Fund and EVM, the fee is


		16

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Notes to Financial Statements — continued

computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. The fee reduction cannot be terminated or reduced without the approval of a majority vote of the Trustees of the Fund who are not interested persons of EVM or the Fund and by the vote of a majority of shareholders. For the year ended February 29, 2020, the investment adviser and administration fee amounted to $1,773,362 or 0.65% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

Prior to July 1, 2019, EVM had agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceeded 1.05%, 1.80% and 0.80% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. Pursuant to this agreement, no operating expenses were allocated to EVM for the year ended February 29, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended February 29, 2020, EVM earned $12,972 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 $10,135 as its portion of the sales charge on sales of Class A shares for the year ended February 29, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

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 February 29, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended February 29, 2020 amounted to $99,871 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended February 29, 2020, the Fund paid or accrued to EVD $131,407 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended February 29, 2020 amounted to $43,802 for Class C shares.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within one year of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended February 29, 2020, the Fund was informed that EVD received approximately $1,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $198,017,667 and $227,560,132, respectively, for the year ended February 29, 2020.

Included in purchases are the cost of securities purchased by the Fund from investment companies advised by EVM or its affiliates of $19,229,080. Such transactions were executed in accordance with affiliated transaction procedures approved by the Fund’s Trustees.


		17

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Notes to Financial Statements — continued

7 Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Transactions in Fund shares were as follows:


Class A	Year Ended February 29, 2020			Year Ended February 28, 2019

Sales		284,080			702,740

Issued to shareholders electing to receive payments of distributions in Fund shares		90,016			165,094

Redemptions		(725,805	)		(454,962	)

Converted from Class C shares		12,545			51,962

Net increase (decrease)		(339,164	)		464,834

Class C	Year Ended February 29, 2020			Year Ended February 28, 2019

Sales		55,703			272,830

Issued to shareholders electing to receive payments of distributions in Fund shares		42,544			91,132

Redemptions		(232,532	)		(255,581	)

Converted to Class A shares		(13,436	)		(55,450	)

Net increase (decrease)		(147,721	)		52,931

Class I	Year Ended February 29, 2020			Year Ended February 28, 2019

Sales		3,763,493			3,259,437

Issued to shareholders electing to receive payments of distributions in Fund shares		481,003			742,245

Redemptions		(4,684,897	)		(2,232,570	)

Net increase (decrease)		(440,401	)		1,769,112

At February 29, 2020, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM and an Eaton Vance collective investment trust owned in the aggregate 26.7% of the value of the outstanding shares of the Fund.

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 27, 2020. In connection with the renewal of the agreement on October 29, 2019, funds managed by Calvert Research and Management, an affiliate of EVM, were added as participating funds to the agreement and the borrowing limit was increased from $625 million. Borrowings are made by the Fund solely 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 Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. At February 29, 2020, the Fund had a balance outstanding pursuant to this line of credit of $400,000 at an interest rate of 2.58%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at February 29, 2020. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 11) at February 29, 2020. The Fund’s average borrowings or allocated fees during the year ended February 29, 2020 were not significant.

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.


		18

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Notes to Financial Statements — continued

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 February 29, 2020, the value of the securities loaned (all common stock) and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $4,578,967 and $4,689,941, respectively. Collateral received was comprised of U.S. Government and/or agencies securities. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

10 Investments in Affiliated Funds

At February 29, 2020, the value of the Fund’s investment in affiliated funds was $33,836, which represents less than 0.05% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended February 29, 2020 were as follows:


Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	5,068,929	$	102,473,376	$	(107,507,454	)	$	(1,009	)	$	(6	)	$	33,836	$	40,504		33,830

11 Fair Value Measurements

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

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

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

At February 29, 2020, 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	$	250,179,523	*	$	—	$	—	$	250,179,523

Rights		1,491,949			—		—		1,491,949

Short-Term Investments		—			33,836		—		33,836

Total Investments	$	251,671,472		$	33,836	$	—	$	251,705,308

*	The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.


		19

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Notes to Financial Statements — continued

12 Subsequent Event

An outbreak of respiratory disease caused by a novel coronavirus that was first detected in China in December 2019 has continued to spread rapidly 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, and in March 2020, a declaration of a national emergency in the United States. The near-term impact of this coronavirus has resulted in substantial market volatility. The ultimate economic and market impact of this coronavirus cannot be reliably estimated as of April 17, 2020, the date these financial statements were issued.


		20

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Focused Growth Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of February 29, 2020, 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 February 29, 2020, 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 February 29, 2020, 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

April 17, 2020

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


		21

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. 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 February 29, 2020, the Fund designates approximately $1,930,533, 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 2020 ordinary income dividends, 55.87% 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 February 29, 2020, $17,301,689 or, if subsequently determined to be different, the net capital gain of such year.


		22

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

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 Trustees 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. Trustees and officers of the Trust hold indefinite terms of office. 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 Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund’s principal underwriter and a wholly-owned subsidiary of EVC. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 159 portfolios in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds. Each Trustee and officer serves until his or her successor is elected.


Name and Year of Birth	Position(s) with the Trust	Trustee Since⁽¹⁾	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	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 in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	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 in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).


		23

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Management and Organization — continued


Name and Year of Birth	Position(s) with the Trust	Trustee Since⁽¹⁾	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. 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	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	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 in the Last Five Years. None.

Name and Year of Birth	Position(s) with the Trust	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.


		24

Eaton Vance

Focused Growth Opportunities Fund

February 29, 2020

Management and Organization — continued

⁽¹⁾	Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾	Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.

The SAI for the Fund includes additional information about the Trustees and officers of the Fund and can be obtained without charge on Eaton Vance’s website at www.eatonvance.com or by calling 1-800-262-1122.


		25

Eaton Vance Funds

IMPORTANT NOTICES

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

•

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

•

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

•

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

•

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

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Limited, Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. Eaton Vance, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by Eaton Vance or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC for the first and third quarters of each fiscal year. The Form N-PORT will be available on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.


		26

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

FINRA BrokerCheck. Investors may check the background of their Investment Professional by contacting the Financial Industry Regulatory Authority (FINRA). FINRA BrokerCheck is a free tool to help investors check the professional background of current and former FINRA-registered securities firms and brokers. FINRA BrokerCheck is available by calling 1-800-289-9999 and at www.FINRA.org. The FINRA BrokerCheck brochure describing this program is available to investors at www.FINRA.org.

LOGO

5300 2.29.20

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Eaton Vance

Focused Value Opportunities Fund

Annual Report

February 29, 2020

LOGO

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The 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.

Annual Report February 29, 2020

Eaton Vance

Focused Value Opportunities Fund

Table of Contents


Management’s Discussion of Fund Performance			2

Performance			3

Fund Profile			4

Endnotes and Additional Disclosures			5

Fund Expenses			6

Financial Statements			7

Report of Independent Registered Public Accounting Firm			21

Federal Tax Information			22

Management and Organization			23

Important Notices			26

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

As investors around the world worried about the negative effects on the global supply chain and global GDP, nearly all major equity indexes posted negative returns in January and February of 2020.

Fund Performance

For the 12-month period ended February 29, 2020, Eaton Vance Focused Value Opportunities Fund (the Fund) returned 4.44% for Class A shares at net asset value (NAV), outperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned 0.54%.

Stock selections in the health care, information technology (IT), and utilities sectors helped Fund performance versus the Index during the period. In health care, the Fund initiated an overweight position, relative to the Index, in global pharmaceutical firm Bristol-Myers Squibb Co. (Bristol-Myers) in May 2019 after its stock price declined following the announcement of the company’s intent to acquire rival Celgene Corp. Bristol-Myers’ stock price subsequently rose — and contributed to relative performance — based on positive research data from a Celgene cancer drug trial, plus the market’s recognition that Celgene’s pipeline of new products was stronger than initially perceived.

Elsewhere in health care, not owning Index-component Pfizer, Inc. (Pfizer), another global pharmaceutical firm, helped performance versus the Index as well. Underperformance by Upjohn Co., Pfizer’s generic drug division, along with difficulties surrounding the merger of Upjohn and generics firm Mylan NV, caused Pfizer’s stock price to decline during the period.

In IT, the Fund’s overweight position in semiconductor and telecommunications equipment firm QUALCOMM, Inc. (QUALCOMM) contributed to relative performance. QUALCOMM’s stock price rose sharply following the firm’s settlement with Apple, Inc. regarding a long-running dispute over licensing fees for QUALCOMM technology. By period-end, QUALCOMM was sold from the Fund.

In the utilities sector, the Fund’s overweight position in NextEra Energy, Inc. (NextEra) helped returns relative to the Index. Aided by a focus on renewable energy sources, including wind and solar, NextEra reported steady revenue streams and profit growth during the period.

In contrast, stock selections in the industrials and communication services sectors detracted from Fund performance versus the Index, as did stock selections and an overweight position in the materials sector. Within industrials, the Fund’s overweight position in Fluor Corp. (Fluor), an engineering and construction firm that builds large industrial plants, detracted from relative results during the period. Fluor’s stock price declined after a string of unforeseen charges against projects that were nearing completion, resulting in the firing of its CEO. By period-end, Fluor was sold from the Fund.

Also in industrials, the Fund’s overweight position in aerospace and defense company Textron, Inc. (Textron) hurt relative returns during the period. Textron’s stock price declined on uncertainties about U.S. defense spending as well as the perception by investors that the company may have mismanaged certain growth opportunities. Problems with the 737 Max airplane at Boeing Co., another aerospace and defense giant, also weighed on stock prices across the industry. By period-end, Textron was sold from the Fund.

In communication services, the Fund’s overweight position in Fox Corp. — a distributor of news and sports media, including Fox News, Fox Business, and NFL games — detracted from relative returns during the period. The stock price declined late in the period on concerns about lower promotional spending by advertisers.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Performance^2,3

Portfolio Managers Edward J. Perkin, CFA, Aaron S. Dunn, CFA and Bradley Galko, CFA


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		One Year			Five Years			Since Inception
Class A at NAV		03/07/2011		03/07/2011		4.44	%		6.59	%		9.34	%
Class A with 5.75% Maximum Sales Charge		—		—		–1.54			5.34			8.62
Class C at NAV		03/07/2011		03/07/2011		3.70			5.80			8.52
Class C with 1% Maximum Sales Charge		—		—		2.70			5.80			8.52
Class I at NAV		03/07/2011		03/07/2011		4.74			6.86			9.61
Russell 1000^® Value Index		—		—		0.54	%		5.50	%		9.34	%


% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I
Gross						1.25	%		2.00	%		1.00	%
Net						1.05			1.80			0.80

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.

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Growth of Investment	Amount Invested		Period Beginning		At NAV		With Maximum Sales Charge
Class C	$	10,000		03/07/2011	$	20,859		N.A.
Class I	$	250,000		03/07/2011	$	570,494		N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Fund Profile

Sector Allocation (% of net assets)⁵

LOGO

Top 10 Holdings (% of net assets)⁵



Bank of America Corp.	4.1	%

Verizon Communications, Inc.	4.1

Walt Disney Co. (The)	3.6

NextEra Energy, Inc.	3.2

Cognizant Technology Solutions Corp., Class A	3.0

Bristol-Myers Squibb Co.	2.8

Mondelez International, Inc., Class A	2.8

American International Group, Inc.	2.7

PNC Financial Services Group, Inc. (The)	2.7

Sanofi	2.7

Total	31.7	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Endnotes and Additional Disclosures

make no guarantees and bear no liability of any kind with respect to the information or the Fund. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Russell 1000^® Growth Index is an unmanaged index of U.S. large-cap growth stocks. Russell 1000^® Value Index is an unmanaged index of U.S. large-cap value stocks. Russell 2000^® Growth Index is an unmanaged index of U.S. small-cap growth stocks. Russell 2000^® Value Index is an unmanaged index of U.S. small-cap value stocks. 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.

⁴	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 6/30/20. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁵	Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

Important Notice to Shareholders

Effective February 3, 2020, the Fund is managed by Edward J. Perkin, Aaron S. Dunn and Bradley Galko.


		5

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Fund Expenses


	Beginning Account Value (9/1/19)		Ending Account Value (2/29/20)		Expenses Paid During Period* (9/1/19 – 2/29/20)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	983.90	$	5.18	**		1.05	%
Class C	$	1,000.00	$	980.20	$	8.86	**		1.80	%
Class I	$	1,000.00	$	985.40	$	3.95	**		0.80	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.60	$	5.27	**		1.05	%
Class C	$	1,000.00	$	1,015.90	$	9.02	**		1.80	%
Class I	$	1,000.00	$	1,020.90	$	4.02	**		0.80	%

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


		6

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Portfolio of Investments


Common Stocks — 99.3%
Security	Shares		Value

Aerospace & Defense — 6.7%

Boeing Co. (The)		12,657	$	3,482,067

Hexcel Corp.		66,870		4,321,808

Huntington Ingalls Industries, Inc.		18,549		3,812,376

			$	11,616,251

Banks — 8.9%

Bank of America Corp.		251,304	$	7,162,164

PNC Financial Services Group, Inc. (The)		37,018		4,679,075

Sterling Bancorp		210,681		3,493,091

			$	15,334,330

Beverages — 2.2%

Constellation Brands, Inc., Class A		21,791	$	3,756,333

			$	3,756,333

Capital Markets — 4.8%

Goldman Sachs Group, Inc. (The)		21,176	$	4,251,505

Raymond James Financial, Inc.		47,565		3,977,861

			$	8,229,366

Consumer Finance — 2.4%

American Express Co.		38,286	$	4,208,780

			$	4,208,780

Containers & Packaging — 2.0%

Packaging Corp. of America		38,907	$	3,525,752

			$	3,525,752

Diversified Telecommunication Services — 4.1%

Verizon Communications, Inc.		132,206	$	7,160,277

			$	7,160,277

Electric Utilities — 5.6%

Edison International		61,086	$	4,104,368

NextEra Energy, Inc.		21,769		5,502,333

			$	9,606,701

Energy Equipment & Services — 1.9%

Schlumberger, Ltd.		122,854	$	3,328,115

			$	3,328,115


Security	Shares		Value

Entertainment — 3.6%

Walt Disney Co. (The)		53,550	$	6,300,158

			$	6,300,158

Equity Real Estate Investment Trusts (REITs) — 4.9%

AvalonBay Communities, Inc.		20,628	$	4,137,771

CubeSmart		141,293		4,276,939

			$	8,414,710

Food Products — 4.5%

General Mills, Inc.		62,919	$	3,083,031

Mondelez International, Inc., Class A		90,069		4,755,643

			$	7,838,674

Health Care Equipment & Supplies — 5.9%

Abbott Laboratories		54,591	$	4,205,145

Baxter International, Inc.		39,760		3,318,767

Medtronic PLC		25,898		2,607,152

			$	10,131,064

Hotels, Restaurants & Leisure — 2.5%

Marriott International, Inc., Class A		34,501	$	4,278,124

			$	4,278,124

Insurance — 5.3%

American International Group, Inc.		111,490	$	4,700,418

Progressive Corp. (The)		59,850		4,378,626

			$	9,079,044

IT Services — 5.4%

Cognizant Technology Solutions Corp., Class A		84,715	$	5,161,685

Fidelity National Information Services, Inc.		29,526		4,125,373

			$	9,287,058

Machinery — 4.2%

Gardner Denver Holdings, Inc.⁽¹⁾		107,453	$	3,523,384

Stanley Black & Decker, Inc.		25,657		3,686,911

			$	7,210,295

Media — 2.3%

Fox Corp., Class A		126,884	$	3,900,414

			$	3,900,414


		7		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Portfolio of Investments — continued


Security	Shares		Value

Metals & Mining — 1.9%

Steel Dynamics, Inc.		124,730	$	3,321,560

			$	3,321,560

Multi-Utilities — 2.6%

CMS Energy Corp.		73,363	$	4,432,592

			$	4,432,592

Oil, Gas & Consumable Fuels — 5.9%

ConocoPhillips		76,799	$	3,718,608

EOG Resources, Inc.		57,536		3,639,727

Phillips 66		38,121		2,853,738

			$	10,212,073

Pharmaceuticals — 7.7%

Bristol-Myers Squibb Co.		81,777	$	4,829,750

GlaxoSmithKline PLC ADR		97,669		3,958,524

Sanofi		49,285		4,596,604

			$	13,384,878

Specialty Retail — 2.0%

Lowe’s Cos., Inc.		33,065	$	3,523,737

			$	3,523,737

Tobacco — 2.0%

Altria Group, Inc.		86,916	$	3,508,799

			$	3,508,799

Total Common Stocks (identified cost $176,605,051)			$	171,589,085

Short-Term Investments — 0.6%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 1.75%⁽²⁾		1,105,660	$	1,105,881

Total Short-Term Investments (identified cost $1,105,868)			$	1,105,881

Total Investments — 99.9% (identified cost $177,710,919)			$	172,694,966

Other Assets, Less Liabilities — 0.1%			$	165,009

Net Assets — 100.0%			$	172,859,975

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

⁽¹⁾	Non-income producing security.

⁽²⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of February 29, 2020.

Abbreviations:

ADR – American Depositary Receipt


		8		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Statement of Assets and Liabilities


Assets	February 29, 2020

Unaffiliated investments, at value (identified cost, $176,605,051)	$	171,589,085

Affiliated investment, at value (identified cost, $1,105,868)		1,105,881

Dividends receivable		298,048

Dividends receivable from affiliated investment		624

Receivable for investments sold		9,642,735

Receivable for Fund shares sold		459,511

Total assets	$	183,095,884

Liabilities

Payable for investments purchased	$	9,439,397

Payable for Fund shares redeemed		595,305

Payable to affiliates:

Investment adviser and administration fee		114,574

Distribution and service fees		5,101

Other		493

Accrued expenses		81,039

Total liabilities	$	10,235,909

Net Assets	$	172,859,975

Sources of Net Assets

Paid-in capital	$	174,501,417

Accumulated loss		(1,641,442	)

Total	$	172,859,975

Class A Shares

Net Assets	$	12,898,995

Shares Outstanding		847,650

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	15.22

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	16.15

Class C Shares

Net Assets	$	2,689,743

Shares Outstanding		180,335

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	14.92

Class I Shares

Net Assets	$	157,271,237

Shares Outstanding		10,295,867

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	15.28

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

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


		9		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Statement of Operations


Investment Income	Year Ended February 29, 2020

Dividends (net of foreign taxes, $2,715)	$	3,426,807

Dividends from affiliated investment		15,510

Total investment income	$	3,442,317

Expenses

Investment adviser and administration fee	$	1,072,416

Distribution and service fees

Class A		25,988

Class C		19,588

Trustees’ fees and expenses		7,644

Custodian fee		36,018

Transfer and dividend disbursing agent fees		32,777

Legal and accounting services		42,065

Printing and postage		15,732

Registration fees		47,683

Miscellaneous		18,509

Total expenses	$	1,318,420

Deduct —

Allocation of expenses to affiliate	$	125,215

Total expense reductions	$	125,215

Net expenses	$	1,193,205

Net investment income	$	2,249,112

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	8,580,574

Investment transactions — affiliated investment		2

Foreign currency transactions		(616	)

Net realized gain	$	8,579,960

Change in unrealized appreciation (depreciation) —

Investments	$	(10,287,886	)

Investments — affiliated investment		9

Foreign currency		143

Net change in unrealized appreciation (depreciation)	$	(10,287,734	)

Net realized and unrealized loss	$	(1,707,774	)

Net increase in net assets from operations	$	541,338


		10		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Year Ended February 29, 2020			Year Ended February 28, 2019

From operations —

Net investment income	$	2,249,112		$	1,179,836

Net realized gain		8,579,960			5,795,739

Net change in unrealized appreciation (depreciation)		(10,287,734	)		(2,192,662	)

Net increase in net assets from operations	$	541,338		$	4,782,913

Distributions to shareholders —

Class A	$	(450,724	)	$	(1,087,599	)

Class C		(58,940	)		(186,574	)

Class I		(6,047,475	)		(10,430,595	)

Total distributions to shareholders	$	(6,557,139	)	$	(11,704,768	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	7,341,081		$	6,470,001

Class C		1,494,821			1,068,010

Class I		109,369,592			40,466,936

Net asset value of shares issued to shareholders in payment of distributions declared

Class A		450,724			1,087,599

Class C		58,940			186,574

Class I		6,047,475			10,430,595

Cost of shares redeemed

Class A		(3,200,492	)		(1,882,742	)

Class C		(524,241	)		(449,320	)

Class I		(44,472,821	)		(18,677,124	)

Net asset value of shares converted

Class A		18,265			49,382

Class C		(18,265	)		(49,382	)

Net increase in net assets from Fund share transactions	$	76,565,079		$	38,700,529

Net increase in net assets	$	70,549,278		$	31,778,674

Net Assets

At beginning of year	$	102,310,697		$	70,532,023

At end of year	$	172,859,975		$	102,310,697


		11		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Financial Highlights


	Class A
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 29, 2016

Net asset value — Beginning of year	$	15.140		$	16.620		$	14.980		$	12.670		$	14.450

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.225		$	0.197		$	0.185		$	0.277	⁽²⁾	$	0.209

Net realized and unrealized gain (loss)		0.493	⁽³⁾		0.688			2.005			2.207			(1.446	)

Total income (loss) from operations	$	0.718		$	0.885		$	2.190		$	2.484		$	(1.237	)

Less Distributions

From net investment income	$	(0.141	)	$	(0.180	)	$	(0.156	)	$	(0.174	)	$	(0.187	)

From net realized gain		(0.497	)		(2.185	)		(0.394	)		–			(0.356	)

Total distributions	$	(0.638	)	$	(2.365	)	$	(0.550	)	$	(0.174	)	$	(0.543	)

Net asset value — End of year	$	15.220		$	15.140		$	16.620		$	14.980		$	12.670

Total Return⁽⁴⁾⁽⁵⁾		4.44	%		5.35	%		14.71	%		19.67	%		(8.89	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	12,899		$	8,680		$	3,751		$	4,436		$	4,477

Ratios (as a percentage of average daily net assets):

Expenses⁽⁵⁾		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%

Net investment income		1.36	%		1.24	%		1.18	%		1.99	%⁽²⁾		1.54	%

Portfolio Turnover		109	%		98	%		99	%		87	%		90	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.071 per share for the year ended February 28, 2017. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 1.48% for the year ended February 28, 2017.

⁽³⁾	The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽⁵⁾

The investment adviser and administrator reimbursed certain operating expenses (equal to 0.09%, 0.20%, 0.21%, 0.21% and 0.25% of average daily net assets for the year ended February 29, 2020, the years ended February 28, 2019, 2018, 2017 and the year ended February 29, 2016, respectively). Absent this reimbursement, total return would be lower.


		12		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Financial Highlights — continued


	Class C
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 29, 2016

Net asset value — Beginning of year	$	14.870		$	16.370		$	14.790		$	12.560		$	14.310

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.095		$	0.077		$	0.069		$	0.166	⁽²⁾	$	0.097

Net realized and unrealized gain (loss)		0.493	⁽³⁾		0.673			1.962			2.186			(1.414	)

Total income (loss) from operations	$	0.588		$	0.750		$	2.031		$	2.352		$	(1.317	)

Less Distributions

From net investment income	$	(0.041	)	$	(0.065	)	$	(0.057	)	$	(0.122	)	$	(0.085	)

From net realized gain		(0.497	)		(2.185	)		(0.394	)		—			(0.348	)

Total distributions	$	(0.538	)	$	(2.250	)	$	(0.451	)	$	(0.122	)	$	(0.433	)

Net asset value — End of year	$	14.920		$	14.870		$	16.370		$	14.790		$	12.560

Total Return⁽⁴⁾⁽⁵⁾		3.70	%		4.55	%		13.86	%		18.69	%		(9.49	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	2,690		$	1,799		$	1,166		$	1,182		$	646

Ratios (as a percentage of average daily net assets):

Expenses⁽⁵⁾		1.80	%		1.80	%		1.80	%		1.80	%		1.80	%

Net investment income		0.59	%		0.49	%		0.44	%		1.20	%⁽²⁾		0.73	%

Portfolio Turnover		109	%		98	%		99	%		87	%		90	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.065 per share for the year ended February 28, 2017. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 0.73% for the year ended February 28, 2017.

⁽³⁾	The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

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

⁽⁵⁾


		13		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Financial Highlights — continued


	Class I
	Year Ended February 29, 2020			Year Ended February 28, 2019			Year Ended February 28, 2018			Year Ended February 28, 2017			Year Ended February 29, 2016

Net asset value — Beginning of year	$	15.180		$	16.650		$	15.010		$	12.700		$	14.460

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.265		$	0.238		$	0.226		$	0.313	⁽²⁾	$	0.247

Net realized and unrealized gain (loss)		0.501	⁽³⁾		0.685			2.009			2.208			(1.443	)

Total income (loss) from operations	$	0.766		$	0.923		$	2.235		$	2.521		$	(1.196	)

Less Distributions

From net investment income	$	(0.169	)	$	(0.208	)	$	(0.201	)	$	(0.211	)	$	(0.208	)

From net realized gain		(0.497	)		(2.185	)		(0.394	)		—			(0.356	)

Total distributions	$	(0.666	)	$	(2.393	)	$	(0.595	)	$	(0.211	)	$	(0.564	)

Net asset value — End of year	$	15.280		$	15.180		$	16.650		$	15.010		$	12.700

Total Return⁽⁴⁾⁽⁵⁾		4.74	%		5.59	%		14.99	%		19.93	%		(8.60	)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	157,271		$	91,832		$	65,615		$	61,770		$	56,668

Ratios (as a percentage of average daily net assets):

Expenses⁽⁵⁾		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%

Net investment income		1.60	%		1.48	%		1.43	%		2.25	%⁽²⁾		1.81	%

Portfolio Turnover		109	%		98	%		99	%		87	%		90	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Net investment income per share includes special dividends which amounted to $0.071 per share for the year ended February 28, 2017. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 1.74% for the year ended February 28, 2017.

⁽³⁾	The per share amount is not in accord with the net realized and unrealized gain (loss) for the period because of the timing of sales of Fund shares and the amount of the per share realized and unrealized gains and losses at such time.

⁽⁴⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁵⁾


		14		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Focused Value 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 total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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.


		15

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

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.

2 Distributions to Shareholders and Income Tax Information

The tax character of distributions declared for the years ended February 29, 2020 and February 28, 2019 was as follows:


	Year Ended February 29, 2020		Year Ended February 28, 2019

Ordinary income	$	3,862,852	$	3,754,350

Long-term capital gains	$	2,694,287	$	7,950,418

During the year ended February 29, 2020, accumulated loss was increased by $1,168,725 and paid-in capital was increased by $1,168,725 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of February 29, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	4,725,907

Post October capital losses	$	(530,020	)

Net unrealized depreciation	$	(5,837,329	)

At February 29, 2020, the Fund had a net capital loss of $530,020 attributable to security transactions incurred after October 31, 2019 that it has elected to defer. This net capital loss is treated as arising on the first day of the Fund’s taxable year ending February 28, 2021.


		16

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 29, 2020, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	178,532,295

Gross unrealized appreciation	$	6,783,272

Gross unrealized depreciation		(12,620,601	)

Net unrealized depreciation	$	(5,837,329	)

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.75% of the Fund’s average daily net assets up to $500 million and is payable monthly. On net assets of $500 million and over, the annual fee is reduced. For the year ended February 29, 2020, the investment adviser and administration fee amounted to $1,072,416 or 0.75% of the Fund’s average daily net assets. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.05%, 1.80% and 0.80% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively, through June 30, 2020. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM was allocated $125,215 of the Fund’s operating expenses for the year ended February 29, 2020.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended February 29, 2020, EVM earned $3,632 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 $29,420 as its portion of the sales charge on sales of Class A shares for the year ended February 29, 2020. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).

4 Distribution Plans

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

5 Contingent Deferred Sales Charges


		17

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Notes to Financial Statements — continued

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $225,496,708 and $154,707,992, respectively, for the year ended February 29, 2020.

7 Shares of Beneficial Interest


Class A	Year Ended February 29, 2020			Year Ended February 28, 2019

Sales		442,266			393,531

Issued to shareholders electing to receive payments of distributions in Fund shares		27,362			69,748

Redemptions		(196,550	)		(118,955	)

Converted from Class C shares		1,137			3,437

Net increase		274,215			347,761

Class C	Year Ended February 29, 2020			Year Ended February 28, 2019

Sales		89,807			71,927

Issued to shareholders electing to receive payments of distributions in Fund shares		3,651			12,186

Redemptions		(32,913	)		(30,900	)

Converted to Class A shares		(1,160	)		(3,500	)

Net increase		59,385			49,713

Class I	Year Ended February 29, 2020			Year Ended February 28, 2019

Sales		6,551,405			2,616,413

Issued to shareholders electing to receive payments of distributions in Fund shares		366,070			669,196

Redemptions		(2,671,457	)		(1,177,141	)

Net increase		4,246,018			2,108,468

At February 29, 2020, donor advised and pooled income funds (established and maintained by a public charity) managed by EVM and an Eaton Vance collective investment trust owned in the aggregate 57.3% of the value of the outstanding shares of the Fund.

8 Line of Credit

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


		18

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Notes to Financial Statements — continued

9 Investments in Affiliated Funds

At February 29, 2020, the value of the Fund’s investment in affiliated funds was $1,105,881, which represents 0.6% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended February 29, 2020 were as follows:


Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	36,809	$	56,370,288	$	(55,301,227	)	$	2	$	9	$	1,105,881	$	15,510		1,105,660

10 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)

At February 29, 2020, 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

Communication Services	$	17,360,849	$	—		$	—	$	17,360,849

Consumer Discretionary		7,801,861		—			—		7,801,861

Consumer Staples		15,103,806		—			—		15,103,806

Energy		13,540,188		—			—		13,540,188

Financials		36,851,520		—			—		36,851,520

Health Care		18,919,338		4,596,604			—		23,515,942

Industrials		18,826,546		—			—		18,826,546

Information Technology		9,287,058		—			—		9,287,058

Materials		6,847,312		—			—		6,847,312

Real Estate		8,414,710		—			—		8,414,710

Utilities		14,039,293		—			—		14,039,293

Total Common Stocks	$	166,992,481	$	4,596,604	*	$	—	$	171,589,085

Short-Term Investments	$	—	$	1,105,881		$	—	$	1,105,881

Total Investments	$	166,992,481	$	5,702,485		$	—	$	172,694,966

*	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.


		19

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Notes to Financial Statements — continued

11 Subsequent Event


		20

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Focused Value Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of February 29, 2020, 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 February 29, 2020, 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

/s/ Deloitte & Touche LLP

Boston, Massachusetts

April 17, 2020

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


		21

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. 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 business income, qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

Qualified Business Income. For the fiscal year ended February 29, 2020, the Fund designates approximately $121,969, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Qualified Dividend Income. For the fiscal year ended February 29, 2020, the Fund designates approximately $3,095,827, 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 2020 ordinary income dividends, 29.81% 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 February 29, 2020, $1,854,911 or, if subsequently determined to be different, the net capital gain of such year.


		22

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Management and Organization


Name and Year of Birth	Position(s) with the Trust	Trustee Since⁽¹⁾	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Trustee	2007	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 159 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Trust. Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Trustee	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 in the Last Five Years. None.

Cynthia E. Frost 1961	Trustee	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 in the Last Five Years. None.

George J. Gorman 1952	Trustee	2014	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Director of Dynex Capital, Inc. (mortgage REIT) (since 2013).


		23

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Management and Organization — continued


Name and Year of Birth	Position(s) with the Trust	Trustee Since⁽¹⁾	Principal Occupation(s) and Directorships During Past Five Years and Other Relevant Experience

Noninterested Trustees (continued)

William H. Park 1947	Chairperson of the Board and Trustee	2016 (Chairperson) 2003 (Trustee)	Private investor. Formerly, Consultant (management and transactional) (2012-2014). Formerly, Chief Financial Officer, Aveon Group L.P. (investment management firm) (2010-2011). Formerly, Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (2006-2010). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (2002-2005). Formerly, Executive Vice President and Chief Financial Officer, United Asset Management Corporation (investment management firm) (1982-2001). Formerly, Senior Manager, Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm) (1972-1981). Other Directorships in the Last Five Years. None.

Helen Frame Peters 1948	Trustee	2008	Professor of Finance, Carroll School of Management, Boston College. Formerly, Dean, Carroll School of Management, Boston College (2000-2002). Formerly, Chief Investment Officer, Fixed Income, Scudder Kemper Investments (investment management firm) (1998-1999). Formerly, Chief Investment Officer, Equity and Fixed Income, Colonial Management Associates (investment management firm) (1991-1998). Other Directorships in the Last Five Years. None.

Keith Quinton 1958	Trustee	2018	Independent Investment Committee Member at New Hampshire Retirement System (since 2017). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm) (2001-2014). Other Directorships in the Last Five Years. Director (since 2016) and Chairman (since 2019) of New Hampshire Municipal Bond Bank.

Marcus L. Smith 1966	Trustee	2018	Private investor. Member of Posse Boston Advisory Board (foundation) (since 2015). Formerly, Portfolio Manager at MFS Investment Management (investment management firm) (1994-2017). Other Directorships in the Last Five Years. 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	2015	Private investor. Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Formerly, Director of Montpelier Re Holdings Ltd. (global provider of customized insurance and reinsurance products) (2013-2015).

Scott E. Wennerholm 1959	Trustee	2016	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 in the Last Five Years. None.


Name and Year of Birth	Position(s) with the Trust	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees

Payson F. Swaffield 1956	President	2003	Vice President and Chief Income Investment Officer of EVM and BMR. Also Vice President of Calvert Research and Management (“CRM”).

Maureen A. Gemma 1960	Vice President, Secretary and Chief Legal Officer	2005	Vice President of EVM and BMR. Also Vice President of CRM.

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.


		24

Eaton Vance

Focused Value Opportunities Fund

February 29, 2020

Management and Organization — continued

⁽¹⁾	Year first appointed to serve as Trustee for a fund in the Eaton Vance family of funds. Each Trustee has served continuously since appointment unless indicated otherwise.

⁽²⁾	Year first elected to serve as officer of a fund in the Eaton Vance family of funds when the officer has served continuously. Otherwise, year of most recent election as an officer of a fund in the Eaton Vance family of funds. Titles may have changed since initial election.


		25

Eaton Vance Funds

IMPORTANT NOTICES

•

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

•


		26

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Independent Registered Public Accounting Firm

Deloitte & Touche LLP

200 Berkeley Street

Boston, MA 02116-5022

Fund Offices

Two International Place

Boston, MA 02110

LOGO

5305 2.29.20

Item 2.

Code of Ethics

The registrant (sometimes referred to as the “Fund”) 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 not amended the code of ethics as described in Form N-CSR during the period covered by this report. 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.

Item 3.

Audit Committee Financial Expert

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and William H. Park, 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. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

Item 4.

Principal Accountant Fees and Services

Eaton Vance Focused Growth Opportunities Fund and Eaton Vance Focused Value Opportunities 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 14 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.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for each Fund’s fiscal years ended February 28, 2019 and February 29, 2020 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.

Eaton Vance Focused Growth Opportunities Fund


Fiscal Years Ended	2/28/19		2/29/20
Audit Fees	$	27,630	$	28,050
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	10,665	$	10,730
All Other Fees⁽³⁾	$	0	$	0

Total	$	38,295	$	38,780

Eaton Vance Focused Value Opportunities Fund


Fiscal Years Ended	2/28/19		2/29/20
Audit Fees	$	27,630	$	28,050
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	11,190	$	10,730
All Other Fees⁽³⁾	$	0	$	0

Total	$	38,820	$	38,780

⁽¹⁾	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other tax related compliance/planning matters.

⁽³⁾	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The various Series comprising the Trust have differing fiscal year ends (February 28, July 31, 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.


Fiscal Years Ended	7/31/18		8/31/18		9/30/18		11/30/18		2/28/19		7/31/19		8/31/19		9/30/19		11/30/19		2/29/20
Audit Fees	$	58,700	$	161,690	$	108,090	$	81,150	$	55,260	$	108,550	$	182,150	$	111,750	$	56,900	$	56,100
Audit-Related Fees⁽¹⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees⁽²⁾	$	24,284	$	60,872	$	57,297	$	38,019	$	21,855	$	53,116	$	57,477	$	40,881	$	25,796	$	21,460
All Other Fees⁽³⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Total	$	82,984	$	222,562	$	165,387	$	119,169	$	77,115	$	161,666	$	239,627	$	152,631	$	82,696	$	77,560

⁽¹⁾	Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

⁽²⁾	Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

⁽³⁾	All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(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.

(f) Not applicable.

(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.


Fiscal Years Ended	7/31/18		8/31/18		9/30/18		11/30/18		2/28/19		7/31/19		8/31/19		9/30/19		11/30/19		2/29/20
Fiscal Years Ended
Registrant⁽¹⁾	$	24,284	$	60,872	$	57,297	$	38,019	$	21,855	$	53,116	$	57,477	$	40,881	$	25,796	$	21,460
Eaton Vance⁽²⁾	$	51,855	$	74,355	$	126,485	$	126,485	$	126,485	$	60,131	$	8,000	$	59,903	$	59,903	$	59,903

⁽¹⁾	Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds.

⁽²⁾	Various subsidiaries of Eaton Vance Corp. act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

(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.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the

information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

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

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

Not applicable.

Item 13. Exhibits



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

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

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

(b)		Combined Section 906 certification.

Signatures

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


Eaton Vance Growth Trust

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

Date: April 23, 2020

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



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

Date: April 23, 2020



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

Date: April 23, 2020

EATON VANCE GROWTH TRUST

FORM N-CSR

Exhibit 13(a)(2)(i)

CERTIFICATION

I, James F. Kirchner, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Growth Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred 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; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: April 23, 2020				/s/ James F. Kirchner
				James F. Kirchner
				Treasurer

EATON VANCE GROWTH TRUST

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Payson F. Swaffield, certify that:

1. I have reviewed this report on Form N-CSR of Eaton Vance Growth Trust;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: April 23, 2020				/s/ Payson F. Swaffield
				Payson F. Swaffield
				President

Form N-CSR Item 13(b) Exhibit

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance Growth Trust (the “Trust”) that:

(a)	the Annual Report of the Trust on Form N-CSR for the period ended February 29, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(b)	the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Trust for such period.

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Eaton Vance Growth Trust

Date: April 23, 2020

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: April 23, 2020

/s/ Payson F. Swaffield

Payson F. Swaffield

President