EATON VANCE GROWTH TRUST (Form: N-CSR, Received: 04/23/2021 13:43:49)

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 28, 2021

Date of Reporting Period

Item 1.

Reports to Stockholders

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Eaton Vance

Focused Growth Opportunities Fund

Annual Report

February 28, 2021

LOGO

Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

This report must be preceded or accompanied by a current summary prospectus or prospectus. Before investing, investors should consider carefully the investment objective, risks, and charges and expenses of a mutual fund. This and other important information is contained in the summary prospectus and prospectus, which can be obtained from a financial intermediary. Prospective investors should read the prospectus carefully before investing. For further information, please call 1-800-262-1122.

Annual Report February 28, 2021

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
Joint Special Meeting of Shareholders			23
Board of Trustees’ Contract Approval			24
Management and Organization			30
Privacy Notice			33
Important Notices			35

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

The 12-month period that began March 1, 2020 was marked by a sharp recovery from one of the shortest bear markets in living memory. On March 11, the World Health Organization officially declared the coronavirus outbreak that had dogged markets since late January a global pandemic, and U.S. equity markets hit bottom for the period the same month. The longest-ever U.S. economic expansion was over.

In response, the U.S. Federal Reserve (the Fed) announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%-0.25% — along with other measures designed to shore up equity and credit markets. At its July meeting, the Fed provided additional reassurances that it would use all the tools at its disposal to support the U.S. economy.

These actions, along with an economic stimulus bill passed by the U.S. Congress, helped calm the markets and initiate an equity rally that began in April and lasted through most of the summer. As consumers started to emerge from coronavirus lockdowns and factories gradually resumed production, stock prices reflected investor optimism. In the second quarter of 2020, U.S. stocks reported their best quarterly returns since 1998 — on the heels of the worst first quarter for American stocks since the 2007-2008 global financial crisis.

In September 2020, however, the equity rally stalled, as stock prices on Wall Street began to reflect the reality on Main Street, where coronavirus cases were on the rise in nearly every state. In September and October 2020, most U.S. stock indexes reported negative returns, reflecting concerns about the economic outlook for fall and winter and the failure of Congress to pass additional financial relief for struggling businesses and workers facing unemployment.

In the final two months of 2020, stocks reversed course again. The announcement that two COVID-19 vaccine candidates had proven more than 90% effective in late-stage trials helped boost investor optimism and power a new stock market rally. Unlike the largely tech-centered rally of the previous spring and summer, this rally was more broad-based, with strong participation by value and growth stocks across the market cap range. As both vaccines were approved for emergency use and vaccinations began in December 2020, an eventual end to the pandemic seemed to be in sight and the equity rally continued.

In January 2021, the equity rally paused as the emergence of new, more contagious variants of the coronavirus weighed on stock prices. But in the final month of the period virtually all major U.S. indexes posted strong returns, as the new Biden administration increased the rate of vaccinations, and investors were cheered by the potential passage of additional federal stimulus for the U.S. economy.

For the 12-month period as a whole, virtually every class of U.S. stocks delivered strong returns. The S&P 500^® Index, a broad measure of U.S. stocks, returned 31.29% for the period, while the blue-chip Dow Jones Industrial Average^® returned 24.41% and the technology-laden Nasdaq Composite Index returned 55.27%. Small-cap U.S. stocks, as measured by the Russell 2000^® Index, outperformed their large-cap counterparts, as measured by the S&P 500^® Index and the Russell 1000^® Index. Growth stocks as a group outpaced value stocks, as measured by the Russell growth and value indexes — which nonetheless had a very good year.

Fund Performance

For the 12-month period ended February 28, 2021, Eaton Vance Focused Growth Opportunities Fund (the Fund) returned 57.19% for Class A shares at net asset value (NAV), outperforming its benchmark, the Russell 1000^® Growth Index (the Index), which returned 44.26%.

Stock selections in the information technology (IT) and health care sectors contributed to Fund performance versus the Index, as did stock selections and an underweight position, relative to the Index, in the consumer staples sector and stock selections and an overweight position in the industrials sector.

Within IT, the Fund’s overweight position in Zscaler, Inc. (Zscaler) contributed to relative performance as the stock nearly quadrupled in price during the period. Zscaler provides a cloud-based cybersecurity-as-a-service platform that saw increased demand and investor enthusiasm as companies across the globe shifted to an internet-based work-from-anywhere environment during the pandemic. Elsewhere in IT, the Fund’s overweight position in PayPal Holdings, Inc. also benefited from changing behaviors during the pandemic. The online payments processor reported several quarters of better-than-projected revenues and profitability as the pandemic accelerated consumers’ shift from in-store to online shopping.

In health care, the Fund’s out-of-Index position in Netherlands-headquartered biotechnology firm Argenx SE ADR (Argenx) helped relative returns as well. Argenx develops treatments for autoimmune diseases and cancer; its stock rose sharply during the period on strong sales of existing products and positive results from trials of new drugs in development.

Not owning Index components Coca-Cola Co. and PepsiCo, Inc., two beverage and snack firms in the consumer staples sector, also contributed to relative performance. Sales at both companies weakened and their stocks underperformed the Index, as the pandemic temporarily shuttered nearly all restaurants, bars, and sports and entertainment venues where Coca-Cola Co. and PepsiCo, Inc. products are sold.

In contrast, stock selection in the communication services sector was the only notable detractor from relative performance on a sector basis. On an individual stock basis, significant detractors from performance versus the Index included not owning electric vehicle maker and Index component Tesla, Inc. (Tesla); underweighting Index component Apple, Inc. (Apple); and the Fund’s out-of-Index position in Bank of America Corp (BofA).

Tesla’s shares advanced significantly during the period on improving car delivery numbers and profitability. With regard to Apple, heading into the period there had been concern that market saturation might leave little room for strong hardware sales to continue. Apple’s stock, however — which represented more than 10% of the Index — rose in price during the period as sales benefited from increased customer demand for devices and services during the pandemic.

The Fund’s position in BofA declined in price and was sold from the Fund. Like many banking firms during the period — and despite being an established bank with diverse lines of business — BofA was negatively affected by the economic slowdown caused by the pandemic and by falling interest rates, which lowered its revenue from loan operations.

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 28, 2021

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		57.19	%		22.55	%		15.53	%
Class A with 5.75% Maximum Sales Charge		—		—		48.18			21.11			14.85
Class C at NAV		03/07/2011		03/07/2011		56.00			21.62			14.65
Class C with 1% Maximum Sales Charge		—		—		55.00			21.62			14.65
Class I at NAV		03/07/2011		03/07/2011		57.52			22.86			15.82



Russell 1000^® Growth Index		—		—		44.26	%		22.21	%		16.61	%

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

						1.03	%		1.78	%		0.78	%

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

$39,192

N.A.

Class I

$250,000

03/07/2011

$1,083,792

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Fund Profile

Sector Allocation (% of net assets)⁵

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Top 10 Holdings (% of net assets)⁵



Amazon.com, Inc.	9.9	%

Microsoft Corp.	6.1

Visa, Inc., Class A	5.0

PayPal Holdings, Inc.	4.7

Micron Technology, Inc.	4.6

Alphabet, Inc., Class C	4.4

UnitedHealth Group, Inc.	4.3

QUALCOMM, Inc.	3.8

AbbVie, Inc.	3.7

Walt Disney Co. (The)	3.5

Total	50.0	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

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.

²	Russell 1000^® Growth Index is an unmanaged index of U.S. large- cap growth 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.

Additional Information

S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. Dow Jones Industrial Average^® is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. 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^® Index is an unmanaged index of 1,000 U.S. large-cap stocks.


		5

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

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, 2020 – February 28, 2021).

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 (9/1/20)		Ending Account Value (2/28/21)		Expenses Paid During Period* (9/1/20 – 2/28/21)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,152.70	$	5.50		1.03	%
Class C	$	1,000.00	$	1,148.40	$	9.48		1.78	%
Class I	$	1,000.00	$	1,154.00	$	4.17		0.78	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.70	$	5.16		1.03	%
Class C	$	1,000.00	$	1,016.00	$	8.90		1.78	%
Class I	$	1,000.00	$	1,020.90	$	3.91		0.78	%

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 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2020.


		6

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Portfolio of Investments


Common Stocks — 99.7%
Security	Shares		Value

Aerospace & Defense — 1.7%

Hexcel Corp.		100,267	$	5,390,354

			$	5,390,354

Auto Components — 3.4%

Aptiv PLC		73,215	$	10,970,536

			$	10,970,536

Beverages — 1.6%

Constellation Brands, Inc., Class A		23,981	$	5,135,291

			$	5,135,291

Biotechnology — 6.9%

AbbVie, Inc.		111,559	$	12,019,366

Argenx SE ADR⁽¹⁾		13,219		4,371,259

Vertex Pharmaceuticals, Inc.⁽¹⁾		28,085		5,969,467

			$	22,360,092

Building Products — 2.1%

Trane Technologies PLC		44,526	$	6,823,164

			$	6,823,164

Capital Markets — 2.6%

Goldman Sachs Group, Inc. (The)		26,762	$	8,549,924

			$	8,549,924

Electrical Equipment — 1.5%

AMETEK, Inc.		42,316	$	4,992,018

			$	4,992,018

Electronic Equipment, Instruments & Components — 2.4%

Zebra Technologies Corp., Class A⁽¹⁾		15,981	$	7,981,391

			$	7,981,391

Entertainment — 5.6%

Netflix, Inc.⁽¹⁾		12,559	$	6,767,417

Walt Disney Co. (The)⁽¹⁾		60,486		11,434,274

			$	18,201,691

Food & Staples Retailing — 1.7%

Sysco Corp.		71,128	$	5,663,923

			$	5,663,923


Security	Shares		Value

Food Products — 1.3%

Lamb Weston Holdings, Inc.		52,665	$	4,201,087

			$	4,201,087

Health Care Equipment & Supplies — 3.4%

Haemonetics Corp.⁽¹⁾		54,000	$	6,831,000

Intuitive Surgical, Inc.⁽¹⁾		5,860		4,317,648

			$	11,148,648

Health Care Providers & Services — 4.3%

UnitedHealth Group, Inc.		41,856	$	13,905,400

			$	13,905,400

Interactive Media & Services — 4.4%

Alphabet, Inc., Class C⁽¹⁾		6,993	$	14,243,762

			$	14,243,762

Internet & Direct Marketing Retail — 9.9%

Amazon.com, Inc.⁽¹⁾		10,463	$	32,361,327

			$	32,361,327

IT Services — 9.7%

PayPal Holdings, Inc.⁽¹⁾		59,153	$	15,370,907

Visa, Inc., Class A		77,154		16,386,738

			$	31,757,645

Life Sciences Tools & Services — 0.9%

10X Genomics, Inc., Class A⁽¹⁾		17,445	$	3,105,035

			$	3,105,035

Road & Rail — 3.3%

CSX Corp.		51,578	$	4,721,966

Uber Technologies, Inc.⁽¹⁾		115,157		5,959,375

			$	10,681,341

Semiconductors & Semiconductor Equipment — 9.9%

Micron Technology, Inc.⁽¹⁾		164,871	$	15,090,643

QUALCOMM, Inc.		90,554		12,332,549

Texas Instruments, Inc.		28,215		4,860,598

			$	32,283,790

Software — 17.9%

Adobe, Inc.⁽¹⁾		21,244	$	9,765,230

Intuit, Inc.		28,257		11,024,186


		7		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Portfolio of Investments — continued


Security	Shares		Value

Software (continued)

Microsoft Corp.		85,969	$	19,977,476

Palantir Technologies, Inc., Class A⁽¹⁾⁽²⁾		137,327		3,282,115

SailPoint Technologies Holdings, Inc.⁽¹⁾		86,388		4,870,556

Zscaler, Inc.⁽¹⁾		45,581		9,345,472

			$	58,265,035

Specialty Retail — 2.5%

TJX Cos., Inc. (The)		121,627	$	8,026,166

			$	8,026,166

Technology Hardware, Storage & Peripherals — 2.7%

Apple, Inc.		73,280	$	8,885,933

			$	8,885,933

Total Common Stocks (identified cost $181,577,833)			$	324,933,553

Short-Term Investments — 0.7%
Description	Units/Shares		Value

Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽³⁾		977,699	$	977,699

State Street Navigator Securities Lending Government Money Market Portfolio, 0.05%⁽⁴⁾		1,210,643		1,210,643

Total Short-Term Investments (identified cost $2,188,342)			$	2,188,342

Total Investments — 100.4% (identified cost $183,766,175)			$	327,121,895

Other Assets, Less Liabilities — (0.4)%			$	(1,224,581	)

Net Assets — 100.0%			$	325,897,314

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 28, 2021. The aggregate market value of securities on loan at February 28, 2021 was $1,180,995.

⁽³⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of February 28, 2021.

⁽⁴⁾	Represents investment of cash collateral received in connection with securities lending.

Abbreviations:



ADR	–	American Depositary Receipt


		8		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Statement of Assets and Liabilities


Assets	February 28, 2021

Unaffiliated investments, at value including $1,180,995 of securities on loan (identified cost, $182,788,476)	$	326,144,196

Affiliated investment, at value (identified cost, $977,699)		977,699

Dividends receivable		128,747

Dividends receivable from affiliated investment		54

Receivable for Fund shares sold		700,990

Securities lending income receivable		4,075

Total assets	$	327,955,761

Liabilities

Collateral for securities loaned	$	1,210,643

Payable for Fund shares redeemed		522,550

Payable to affiliates:

Investment adviser and administration fee		165,285

Distribution and service fees		24,745

Accrued expenses		135,224

Total liabilities	$	2,058,447

Net Assets	$	325,897,314

Sources of Net Assets

Paid-in capital	$	158,783,400

Distributable earnings		167,113,914

Total	$	325,897,314

Class A Shares

Net Assets	$	48,290,228

Shares Outstanding		1,550,372

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	31.15

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	33.05

Class C Shares

Net Assets	$	19,242,196

Shares Outstanding		675,646

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	28.48

Class I Shares

Net Assets	$	258,364,890

Shares Outstanding		8,104,019

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	31.88

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 28, 2021

Statement of Operations


Investment Income	Year Ended February 28, 2021

Dividends (net of foreign taxes, $1,257)	$	1,770,356

Dividends from affiliated investment		4,514

Securities lending income, net		86,757

Total investment income	$	1,861,627

Expenses

Investment adviser and administration fee	$	1,867,947

Distribution and service fees

Class A		105,952

Class C		174,726

Trustees’ fees and expenses		16,247

Custodian fee		72,531

Transfer and dividend disbursing agent fees		100,311

Legal and accounting services		49,882

Printing and postage		53,745

Registration fees		52,308

Miscellaneous		21,929

Total expenses	$	2,515,578

Net investment loss	$	(653,951	)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	50,724,811

Investment transactions — affiliated investment		350

Foreign currency transactions		(4	)

Net realized gain	$	50,725,157

Change in unrealized appreciation (depreciation) —

Investments	$	81,127,880

Net change in unrealized appreciation (depreciation)	$	81,127,880

Net realized and unrealized gain	$	131,853,037

Net increase in net assets from operations	$	131,199,086


		10		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Year Ended February 28, 2021			Year Ended February 29, 2020

From operations —

Net investment loss	$	(653,951	)	$	(212,924	)

Net realized gain		50,725,157			21,468,986

Net change in unrealized appreciation (depreciation)		81,127,880			(4,166,465	)

Net increase in net assets from operations	$	131,199,086		$	17,089,597

Distributions to shareholders —

Class A	$	(4,053,710	)	$	(2,034,158	)

Class C		(1,866,966	)		(930,395	)

Class I		(21,384,458	)		(10,837,620	)

Total distributions to shareholders	$	(27,305,134	)	$	(13,802,173	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	8,841,665		$	6,279,585

Class C		3,131,586			1,163,194

Class I		49,983,261			86,383,858

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

Class A		3,922,055			1,986,049

Class C		1,784,518			873,988

Class I		21,349,589			10,806,668

Cost of shares redeemed

Class A		(16,292,305	)		(16,194,238	)

Class C		(6,118,684	)		(4,849,191	)

Class I		(95,975,121	)		(106,877,497	)

Net asset value of shares converted

Class A		977,303			285,907

Class C		(977,303	)		(285,907	)

Net decrease in net assets from Fund share transactions	$	(29,373,436	)	$	(20,427,584	)

Net increase (decrease) in net assets	$	74,520,516		$	(17,140,160	)

Net Assets

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

At end of year	$	325,897,314		$	251,376,798


		11		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Financial Highlights


	Class A

	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28,
	Year Ended February 28, 2021			Year Ended February 29, 2020			2019			2018			2017

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

Income (Loss) From Operations

Net investment income (loss)⁽¹⁾	$	(0.101	)	$	(0.050	)	$	(0.035	)	$	(0.041	)	$	0.027

Net realized and unrealized gain		12.258			1.427			1.829			4.088			3.333

Total income from operations	$	12.157		$	1.377		$	1.794		$	4.047		$	3.360

Less Distributions

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

From net realized gain		(2.707	)		(1.187	)		(1.924	)		—			—

Total distributions	$	(2.707	)	$	(1.187	)	$	(1.924	)	$	(0.007	)	$	—

Net asset value — End of year	$	31.150		$	21.700		$	21.510		$	21.640		$	17.600

Total Return⁽²⁾		57.19	%		6.35	%		8.83	%		23.00	%⁽³⁾		23.60	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	48,290		$	35,678		$	42,653		$	32,847		$	38,469

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

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

Net investment income (loss)		(0.38	)%		(0.23	)%		(0.16	)%		(0.21	)%		0.17	%

Portfolio Turnover		59	%		73	%		79	%		80	%		71	%

⁽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% and 0.14% of average daily net assets for the years ended February 28, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.


		12		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Financial Highlights — continued


	Class C

	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28,
	Year Ended February 28, 2021			Year Ended February 29, 2020			2019			2018			2017

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

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.277	)	$	(0.204	)	$	(0.187	)	$	(0.173	)	$	(0.090	)

Net realized and unrealized gain		11.314			1.341			1.731			3.893			3.200

Total income from operations	$	11.037		$	1.137		$	1.544		$	3.720		$	3.110

Less Distributions

From net realized gain	$	(2.707	)	$	(1.187	)	$	(1.924	)	$	—		$	—

Total distributions	$	(2.707	)	$	(1.187	)	$	(1.924	)	$	—		$	—

Net asset value — End of year	$	28.480		$	20.150		$	20.200		$	20.580		$	16.860

Total Return⁽²⁾		56.00	%		5.56	%		8.04	%		22.06	%⁽³⁾		22.62	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	19,242		$	15,532		$	18,552		$	17,813		$	14,909

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

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

Net investment loss		(1.13	)%		(0.98	)%		(0.91	)%		(0.94	)%		(0.58	)%

Portfolio Turnover		59	%		73	%		79	%		80	%		71	%

⁽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% and 0.14% of average daily net assets for the years ended February 28, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.


		13		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Financial Highlights — continued


	Class I

	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28,
	Year Ended February 28, 2021			Year Ended February 29, 2020			2019			2018			2017

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

Income (Loss) From Operations

Net investment income (loss)⁽¹⁾	$	(0.035	)	$	0.005		$	0.019		$	0.010		$	0.067

Net realized and unrealized gain		12.502			1.462			1.855			4.129			3.373

Total income from operations	$	12.467		$	1.467		$	1.874		$	4.139		$	3.440

Less Distributions

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

From net realized gain		(2.707	)		(1.187	)		(1.924	)		—			—

Total distributions	$	(2.707	)	$	(1.187	)	$	(1.924	)	$	(0.059	)	$	—

Net asset value — End of year	$	31.880		$	22.120		$	21.840		$	21.890		$	17.810

Total Return⁽²⁾		57.52	%		6.67	%		9.09	%		23.28	%⁽³⁾		23.94	%⁽³⁾

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	258,365		$	200,167		$	207,312		$	169,029		$	144,793

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

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

Net investment income (loss)		(0.13	)%		0.02	%		0.09	%		0.05	%		0.41	%

Portfolio Turnover		59	%		73	%		79	%		80	%		71	%

⁽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% and 0.14% of average daily net assets for the years ended February 28, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.


		14		See Notes to Financial Statements.

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Notes to Financial Statements

1 Significant Accounting Policies

Eaton Vance Focused Growth Opportunities Fund (the Fund) is a non-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 and, effective November 5, 2020, automatically convert to Class A shares eight 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 28, 2021, 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 28, 2021

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 28, 2021 and February 29, 2020 was as follows:


	Year Ended February 28, 2021		Year Ended February 29, 2020

Ordinary income	$	2,039,290	$	1,626,985

Long-term capital gains	$	25,265,844	$	12,175,188

During the year ended February 28, 2021, distributable earnings was decreased by $5,851,632 and paid-in capital was increased by $5,851,632 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 28, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	3,302,282

Undistributed long-term capital gains		21,059,297

Net unrealized appreciation		142,752,335

Distributable earnings	$	167,113,914

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2021, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	184,369,560

Gross unrealized appreciation	$	143,382,728

Gross unrealized depreciation		(630,393	)

Net unrealized appreciation	$	142,752,335

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates


		16

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Notes to Financial Statements — continued

through February 28, 2021, the fee was computed at an annual rate of 0.65% of the Fund’s average daily net assets up to $500 million and was payable monthly. On net assets of $500 million and over, the annual fee would be reduced. For the year ended February 28, 2021, the investment adviser and administration fee amounted to $1,867,947 or 0.65% of the Fund’s average daily net assets. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement with EVM (the “New Agreement”). The New Agreement took effect on March 1, 2021. Effective March 1, 2021, the fee reduction agreement previously applicable to the Fund was incorporated into its new investment advisory and administrative agreement with EVM. The Fund may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

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 28, 2021, EVM earned $4,471 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 $10,446 as its portion of the sales charge on sales of Class A shares for the year ended February 28, 2021. 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 28, 2021, 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 28, 2021 amounted to $105,952 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 28, 2021, the Fund paid or accrued to EVD $131,044 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 28, 2021 amounted to $43,682 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 12 months 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 28, 2021, the Fund was informed that EVD received approximately $1,000 of CDSCs paid by each of Class A and Class C shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $169,352,317 and $227,942,927, respectively, for the year ended February 28, 2021.


		17

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

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 28, 2021			Year Ended February 29, 2020

Sales		342,562			284,080

Issued to shareholders electing to receive payments of distributions in Fund shares		135,394			90,016

Redemptions		(605,449	)		(725,805	)

Converted from Class C shares		33,966			12,545

Net decrease		(93,527	)		(339,164	)

Class C	Year Ended February 28, 2021			Year Ended February 29, 2020

Sales		124,936			55,703

Issued to shareholders electing to receive payments of distributions in Fund shares		67,051			42,544

Redemptions		(250,203	)		(232,532	)

Converted to Class A shares		(36,911	)		(13,436	)

Net decrease		(95,127	)		(147,721	)

Class I	Year Ended February 28, 2021			Year Ended February 29, 2020

Sales		1,981,467			3,763,493

Issued to shareholders electing to receive payments of distributions in Fund shares		720,454			481,003

Redemptions		(3,648,627	)		(4,684,897	)

Net decrease		(946,706	)		(440,401	)

At February 28, 2021, 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 20.6% 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 26, 2021. 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. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended February 28, 2021.

9 Securities Lending Agreement

The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on


		18

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Notes to Financial Statements — continued

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 28, 2021, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $1,180,995 and $1,210,643, respectively. Collateral received was comprised of cash. 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.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of February 28, 2021.


	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total

Common Stocks	$	1,210,643	$	—	$	—	$	—	$	1,210,643

The carrying amount of the liability for collateral for securities loaned at February 28, 2021 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 11) at February 28, 2021.

10 Investments in Affiliated Funds

At February 28, 2021, the value of the Fund’s investment in affiliated funds was $977,699, which represents 0.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended February 28, 2021 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	$	33,836	$	68,699,340	$	(67,755,827	)	$	350	$	—	$	977,699	$	4,514		977,699

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.


		19

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Notes to Financial Statements — continued

At February 28, 2021, 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	$	324,933,553	*	$	—	$	—	$	324,933,553

Short-Term Investments		1,210,643			977,699		—		2,188,342

Total Investments	$	326,144,196		$	977,699	$	—	$	327,121,895

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

12 Risks and Uncertainties

Pandemic Risk

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in late 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.


		20

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

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 28, 2021, 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 28, 2021, 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 28, 2021, 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 16, 2021

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


		21

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2022 will show the tax status of all distributions paid to your account in calendar year 2021. 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 28, 2021, the Fund designates approximately $1,746,595, 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 2021 ordinary income dividends, 43.91% 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 28, 2021, $46,347,226 or, if subsequently determined to be different, the net capital gain of such year.


		22

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Focused Growth Opportunities Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 in order to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser and administrator (the “Proposal”). The shareholder meeting results are as follows:


Number of Shares⁽¹⁾
For		Against		Abstain⁽²⁾		Broker Non-Votes⁽²⁾

	5,942,014.583		26,178.904		198,234.989		0

⁽¹⁾	Fractional shares were voted proportionately.

⁽²⁾

Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the Meeting for purposes of establishing a quorum, but had the effect of a negative vote on the Proposal.


		23

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

Even though the following description of the Board’s (as defined below) consideration of investment advisory and, as applicable, sub-advisory agreements covers multiple funds, for purposes of this shareholder report, the description is only relevant as to Eaton Vance Focused Growth Opportunities Fund.


Fund	Investment Adviser	Investment Sub-Adviser

Eaton Vance Focused Growth Opportunities Fund	Eaton Vance Management	None

At a meeting held on November 24, 2020 (the “November Meeting”), the Board of each Eaton Vance open-end Fund and portfolios in which each such Fund invests, as applicable (each, a “Fund” and, collectively, the “Funds”), including a majority of the Board members (the “Independent Trustees”) who are not “interested persons” (as defined in the Investment Company Act of 1940 (the “1940 Act”)) of the Funds, Eaton Vance Management (“EVM”) or Boston Management and Research (“BMR” and, together with EVM, the “Advisers”), voted to approve a new investment advisory agreement between each Fund and either EVM or BMR (the “New Investment Advisory Agreements”) and, for certain Funds, a new investment sub-advisory agreement between an Adviser and the applicable Sub-Adviser (the “New Investment Sub-Advisory Agreements”⁽¹⁾ and, together with the New Investment Advisory Agreements, the “New Agreements”), each of which is intended to go into effect upon the completion of the Transaction (as defined below), as more fully described below. In voting its approval of the New Agreements at the November Meeting, the Board relied on an order issued by the Securities and Exchange Commission in response to the impacts of the COVID-19 pandemic that provided temporary relief from the in-person meeting requirements under Section 15 of the 1940 Act.

In voting its approval of the New Agreements, the Board of each Fund relied upon the recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to and during meetings leading up to the November Meeting, the Contract Review Committee reviewed and discussed information furnished by the Advisers, the Sub-Advisers, and Morgan Stanley, as requested by the Independent Trustees, that the Contract Review Committee considered reasonably necessary to evaluate the terms of the New Agreements and to form its recommendation. Such information included, among other things, the terms and anticipated impacts of Morgan Stanley’s pending acquisition of Eaton Vance Corp. (the “Transaction”) on the Funds and their shareholders. In addition to considering information furnished specifically to evaluate the impact of the Transaction on the Funds and their respective shareholders, the Board and its Contract Review Committee also considered information furnished for prior meetings of the Board and its committees, including information provided in connection with the annual contract review process for the Funds, which most recently culminated in April 2020 (the “2020 Annual Approval Process”).

The Board of each Fund, including the Independent Trustees, concluded that the applicable New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement, including the fees payable thereunder, was fair and reasonable, and it voted to approve the New Investment Advisory Agreement and, as applicable, New Investment Sub-Advisory Agreement and to recommend that shareholders do so as well.

Shortly after the announcement of the Transaction, the Board, including all of the Independent Trustees, met with senior representatives from the Advisers and Morgan Stanley at its meeting held on October 13, 2020 to discuss certain aspects of the Transaction and the expected impacts of the Transaction on the Funds and their shareholders. As part of the Board’s evaluation process, counsel to the Independent Trustees, on behalf of the Contract Review Committee, requested additional information to assist the Independent Trustees in their evaluation of the New Agreements and the implications of the Transaction, as well as other contractual arrangements that may be affected by the Transaction. The Contract Review Committee considered information furnished by the Advisers and Morgan Stanley, their respective affiliates, and, as applicable, the Sub-Advisers during meetings on November 5, 2020, November 10, 2020, November 13, 2020, November 17, 2020 and November 24, 2020.

During its meetings on November 10, 2020 and November 17, 2020, the Contract Review Committee further discussed the approval of the New Agreements with senior representatives of the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley. The representatives from the Advisers, the Affiliated Sub-Advisers, and Morgan Stanley each made presentations to, and responded to questions from, the Independent Trustees. The Contract Review Committee considered the Advisers’, the Affiliated Sub-Advisers’ and Morgan Stanley’s responses related to the Transaction and specifically to the Funds, as well as information received in connection with the 2020 Annual Approval Process, with respect to its evaluation of the New Agreements. Among other information, the Board considered:

⁽¹⁾

With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.


		24

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Information about the Transaction and its Terms

•

Information about the material terms and conditions, and expected impacts, of the Transaction that relate to the Funds, including the expected impacts on the businesses conducted by the Advisers, the Affiliated Sub-Advisers and Eaton Vance Distributors, Inc., as the distributor of Fund shares;

•

Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

•

A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

•

A commitment that, for a period of three years after the Closing, at least 75% of each Fund’s Board members must not be “interested persons” (as defined in the 1940 Act) of the investment adviser (or predecessor investment adviser, if applicable) pursuant to Section 15(f)(1)(A) of the 1940 Act;

•

A commitment that Morgan Stanley would use its reasonable best efforts to ensure that it did not impose any “unfair burden” (as that term is used in section 15(f)(1)(B) of the 1940 Act) on the Funds as a result of the Transaction;

•

Information with respect to personnel and/or other resources of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as a result of the Transaction, as well as any expected changes to compensation, including any retention-based compensation intended to incentivize key personnel at the Advisers and their affiliates, including the Affiliated Sub-Advisers;

•

Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

•

Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

•

Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

•

Information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy, and any changes that Morgan Stanley contemplates implementing to the Funds in the short- or long-term following the closing of the Transaction (the “Closing”);

•

Information regarding risk management functions at Morgan Stanley and its affiliates, including how existing risk management protocols and procedures may impact the Funds and/or the businesses of the Advisers and their affiliates, including the Affiliated Sub-Advisers, as they relate to the Funds;

•

Information on the anticipated benefits of the Transaction to the Funds with respect to potential additional distribution capabilities and the ability to access new markets and customer segments through Morgan Stanley’s distribution network, including, in particular, its institutional client base;

•

Information regarding the financial condition and reputation of Morgan Stanley, its worldwide presence, experience as a fund sponsor and manager, commitment to maintain a high level of cooperation with, and support to, the Funds, strong client service capabilities, and relationships in the asset management industry;

Information about the New Agreements for Funds

•

A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

•

Information regarding the terms of the New Agreements, including certain changes as compared to the current investment advisory agreement between each Fund and its Adviser (collectively, the “Current Advisory Agreements”) and, as applicable, the current investment sub-advisory agreement between a Fund and a Sub-Adviser (together with the Current Advisory Agreements, the “Current Agreements”);

•

Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

•

A representation that the New Agreements will not cause any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers to the Funds and their respective shareholders, including with respect to compliance and other non-advisory services;

Information about Fund Performance, Fees and Expenses

•

A report from an independent data provider comparing the investment performance of each Fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods as of the 2020 Annual Approval Process, as well as performance information as of a more recent date;

•

A report from an independent data provider comparing each Fund’s total expense ratio (and its components) to those of comparable funds as of the 2020 Annual Approval Process, as well as fee and expense information as of a more recent date;

•

In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the Advisers in consultation with the Portfolio Management Committee of the Board as of the 2020 Annual Approval Process, as well as corresponding performance information as of a more recent date;

•

Comparative information concerning the fees charged and services provided by the Adviser and the Sub-Adviser to each Fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such Fund(s), if any;

•

Profitability analyses of the Advisers and the Affiliated Sub-Advisers, as applicable, with respect to each of the Funds as of the 2020 Annual Approval Process, as well as information regarding the impact of the Transaction on profitability;


		25

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Information about Portfolio Management and Trading

•

Descriptions of the investment management services currently provided and expected to be provided to each Fund after the Transaction, as well as each of the Funds’ investment strategies and policies;

•

The procedures and processes used to determine the fair value of Fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

•

Information about any changes to the policies and practices of the Advisers and, as applicable, each Fund’s Sub-Adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

•

Information regarding the impact on trading and access to capital markets associated with the Funds’ affiliations with Morgan Stanley and its affiliates, including potential restrictions with respect to the Funds’ ability to execute portfolio transactions with Morgan Stanley and its affiliates;

Information about the Advisers and the Sub-Advisers

•

Information about the financial results and condition of the Advisers and the Affiliated Sub-Advisers since the culmination of the 2020 Annual Approval Process and any material changes in financial condition that are reasonably expected to occur before and after the Closing;

•

Information regarding contemplated changes to the individual investment professionals whose responsibilities include portfolio management and investment research for the Funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities with respect to managing other mutual funds and investment accounts, as applicable, post-Closing;

•

The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

•

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Information concerning the resources devoted to compliance efforts undertaken by the Advisers and their affiliates, including the Affiliated Sub-Advisers, including descriptions of their various compliance programs and their record of compliance;

•

Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

•

A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

•

Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by the Advisers and their affiliates;

•

Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by EVM and/or administrator to each of the Funds;

•

Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

•

Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

•

Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

•

Information regarding the fact that Morgan Stanley and Eaton Vance Corp. will each derive benefits from the Transaction and that, as a result, they have a financial interest in the matters that were being considered.

As indicated above, the Board and its Contract Review Committee also considered information received at its regularly scheduled meetings throughout the year, which included information from portfolio managers and other investment professionals of the Advisers and the Sub-Advisers regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the Funds’ investment objectives. The Board also received information regarding risk management techniques employed in connection with the management of the Funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the Funds, and received and participated in reports and presentations provided by the Advisers and their affiliates, including the Affiliated Sub-Advisers, with respect to such matters.

The Contract Review Committee was advised throughout the evaluation process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating the New Agreements and the weight to be given to each such factor. The conclusions reached with respect to the New Agreements were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Independent Trustee may have placed varying emphasis on particular factors in reaching conclusions with respect to the New Agreements.

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by


		26

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

The Board also considered the financial resources of Morgan Stanley and the Advisers and the importance of having a Fund manager with, or with access to, significant organizational and financial resources. The Board considered the benefits to the Funds of being part of a larger combined organization with greater financial resources following the Transaction, particularly during periods of market disruptions and volatility. In this regard, the Board considered information provided by Morgan Stanley regarding its business and operating structure, scale of operation, leadership and reputation, distribution capabilities, and financial condition, as well as information on how the Funds are expected to fit within Morgan Stanley’s overall business strategy and any changes that Morgan Stanley contemplates in the short- or long-term following the Closing. The Board also noted Morgan Stanley’s and the Advisers’ commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers, and existing Morgan Stanley affiliates and their respective personnel.

The Board considered the Advisers’ and the Sub-Advisers’ management capabilities and investment processes in light of the types of investments held by each Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio management, investment research, and similar services to each Fund. In particular, the Board considered the abilities and experience of the Advisers’ and, as applicable, the Sub-Advisers’ investment professionals in implementing each Fund’s investment strategies. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Advisers and other factors, including the reputation and resources of the Advisers to recruit and retain highly qualified research, advisory and supervisory investment professionals. With respect to the recruitment and retention of key personnel, the Board noted information from Morgan Stanley and the Advisers regarding the benefits of joining Morgan Stanley. In addition, the Board considered the time and attention devoted to the Funds by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Funds, including the provision of administrative services. With respect to the foregoing, the Board also considered information from the Advisers and Morgan Stanley regarding the anticipated impact of the Transaction on such matters. The Board also considered the business-related and other risks to which the Advisers or their affiliates may be subject in managing the Funds and in connection with the Transaction.

The Board considered the compliance programs of the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Advisers and their affiliates to requests in recent years from regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority. The Board also considered certain information relating to the compliance record of Morgan Stanley and its affiliates, including information requests in recent years from regulatory authorities. With respect to the foregoing, including the compliance programs of the Advisers and the Sub-Advisers, the Board noted information regarding the impacts of the Transaction, as well as the Advisers’ and Morgan Stanley’s commitment to keep the Board apprised of developments with respect to its long-term integration plans for the Advisers, the Affiliated Sub-Advisers and existing Morgan Stanley affiliates and their respective personnel.

The Board considered other administrative services provided and to be provided or overseen by the Advisers and their affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges. The Board noted information that the Transaction was not expected to have any material impact on such matters in the near-term.

In evaluating the nature, extent and quality of the services to be provided under the New Agreements, the Board also considered investment performance information provided for each Fund in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. In this regard, the Board compared each Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices and, for certain Funds, a custom peer group of similarly managed funds. The Board also considered, where applicable, Fund-specific performance explanations based on criteria established by the Board in connection with the 2020 Annual Approval Process and, where applicable, performance explanations as of a more recent date. In addition to the foregoing information, it was also noted that the Board has received and discussed with management information throughout the year at periodic intervals comparing each Fund’s performance against applicable benchmark indices and peer groups. In addition, the Board considered each Fund’s performance in light of overall financial market conditions. Where a Fund’s relative underperformance to its peers was significant during one or more specified periods, the Board noted the explanation from the applicable Adviser concerning the Fund’s relative performance versus its peer group.

After consideration of the foregoing factors, among others, and based on their review of the materials provided and the assurances received from, and recommendations of, the Advisers and Morgan Stanley, the Board determined that the Transaction was not expected to adversely affect the nature, extent and quality of services provided to the Funds by the Advisers and their affiliates, including the Affiliated Sub-Advisers, and that the Transaction was not expected to have an adverse effect on the ability of the Advisers and their affiliates, including the Affiliated Sub-Advisers, to provide those services. The Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.


		27

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

The Board also received and considered, where applicable, information about the services offered and the fee rates charged by the Advisers and the Sub-Advisers to other types of accounts with investment objectives and strategies that are substantially similar to and/or managed in a similar investment style as a Fund. In this regard, the Board received information about the differences in the nature and scope of services the Advisers and the Sub-Advisers, as applicable, provide to the Funds as compared to other types of accounts and the material differences in compliance, reporting and other legal burdens and risks to the Advisers and such Sub-Advisers as between each Fund and other types of accounts.

After considering the foregoing information, and in light of the nature, extent and quality of the services expected to be provided by the Advisers and the Sub-Advisers, the Board concluded that the management fees charged for advisory and related services are reasonable with respect to its approval of the New Agreements.

Profitability and “Fall-Out” Benefits

During the 2020 Annual Approval Process, the Board considered the level of profits realized by the Advisers and relevant affiliates thereof, including the Affiliated Sub-Advisers, in providing investment advisory and administrative services to the Funds and to all Eaton Vance funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Advisers and their affiliates to third parties in respect of distribution or other services. In light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Advisers and their affiliates, including the Sub-Advisers, were not deemed to be excessive by the Board.

The Board noted that Morgan Stanley and the Advisers are expected to realize, over time, cost savings from the Transaction based on eliminating duplicate corporate overhead expenses. The Board considered, however, information from the Advisers and Morgan Stanley that such cost savings are not expected to be realized immediately upon the Closing and that, accordingly, there are currently no specific expected changes in the levels of profitability associated with the advisory and other services provided to the Funds that are contemplated as a result of the Transaction. The Board noted that it will continue to receive information regarding profitability during its annual contract review processes, including the extent to which cost savings and/or other efficiencies result in changes to profitability levels.

The Board also considered direct or indirect fall-out benefits received by the Advisers and their affiliates, including the Affiliated Sub-Advisers, in connection with their respective relationships with the Funds, including the benefits of research services that may be available to the Advisers and their affiliates as a result of securities transactions effected for the Funds and other investment advisory clients. In evaluating the fall-out benefits to be received by the Advisers and their affiliates under the New Agreements, the Board considered whether the Transaction would have an impact on the fall-out benefits currently realized by the Advisers and their affiliates in connection with services provided pursuant to the Current Advisory Agreements.

The Board of each Fund considered that Morgan Stanley may derive reputational and other benefits from its ability to use the names of the Advisers and their affiliates in connection with operating and marketing the Funds. The Board considered that the Transaction, if completed, would significantly increase Morgan Stanley’s assets under management and expand Morgan Stanley’s investment capabilities.

Economies of Scale

The Board also considered the extent to which the Advisers and their affiliates, on the one hand, and the Funds, on the other hand, can expect to realize benefits from economies of scale as the assets of the Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific Fund or group of funds. As part of the 2020 Annual Approval Process, the Board reviewed data summarizing the increases and decreases in the assets of the Funds and of all Eaton Vance funds as a group over various time periods, and evaluated the extent to which the total expense ratio of each Fund and the profitability of the Advisers and their affiliates may have been affected by such increases or decreases.

The Board noted that Morgan Stanley and the Advisers are expected to benefit from possible growth of the Funds resulting from enhanced distribution capabilities, including with respect to the Funds’ potential access to Morgan Stanley’s institutional client base. Based upon the foregoing, the Board concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.


		28

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Conclusion

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described above, the Contract Review Committee recommended to the Board approval of the New Agreements. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, unanimously voted to approve the New Agreements for the Funds and recommended that shareholders approve the New Agreements.


		29

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

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 EV LLC, “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Effective March 1, 2021, each of EVM, BMR, EVD and EV are indirect wholly-owned subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 139 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 138 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 of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 138 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (2012-2021) (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	Vice-Chairperson of the Board and Trustee	2021 (Vice-Chairperson) 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		30

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

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	Private investor, researcher and lecturer. 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 First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).

Scott E. Wennerholm 1959	Trustee	2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships 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

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Deidre E. Walsh 1971	Vice President	2009	Vice President of EVM and BMR.


		31

Eaton Vance

Focused Growth Opportunities Fund

February 28, 2021

Management and Organization — continued


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)

Maureen A. Gemma 1960	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.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾	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.


		32

Eaton Vance Funds


Privacy Notice		April 2021



FACTS		WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?



Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.


What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎ Social Security number and income ∎ investment experience and risk tolerance ∎ checking account number and wire transfer instructions


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share


To limit our sharing		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.



Questions?		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com


		33

Eaton Vance Funds


Privacy Notice — continued		April 2021


Page 2


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


		34

Eaton Vance Funds

IMPORTANT NOTICES

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

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

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


		35

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 2.28.21

LOGO

Eaton Vance

Focused Value Opportunities Fund

Annual Report

February 28, 2021

LOGO

Annual Report February 28, 2021

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
Joint Special Meeting of Shareholders			23
Board of Trustees’ Contract Approval			24
Management and Organization			30
Privacy Notice			33
Important Notices			35

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Management’s Discussion of Fund Performance¹

Economic and Market Conditions

Fund Performance

For the 12-month period ended February 28, 2021, Eaton Vance Focused Value Opportunities Fund (the Fund) returned 22.49% for Class A shares at net asset value (NAV), outperforming its benchmark, the Russell 1000^® Value Index (the Index), which returned 22.22%.

Stock selections in the financials sector, along with stock selections and underweight positions relative to the Index in the real estate and materials sectors, contributed to Fund performance versus the Index during the period. Within financials, an overweight position in diversified financial services firm Goldman Sachs Group, Inc. (Goldman Sachs) helped relative performance in the latter half of the period. After much of the financials sector had experienced losses in the spring and summer of 2020, the initial approval of COVID-19 vaccines and the beginning of widespread inoculations late in the year drove investors towards more cyclical areas of the market, including financials. Goldman Sachs’ stock performed strongly in this environment, on the heels of earnings reports that beat analysts’ estimates for the final two quarters of 2020, driven by strong revenues across business lines from investment banking to investment management.

Elsewhere in financials, the Fund purchased a position in Wells Fargo & Co., another diversified financial services firm, early in 2021. Like Goldman Sachs, that position was buoyed by a rally in financials stocks and contributed to Fund performance versus the Index.

In the materials sector, the Fund’s overweight position in carbon steel producer Steel Dynamics, Inc. (Steel Dynamics) also helped relative performance. As coronavirus vaccines rolled out late in the period and construction projects resumed, increased steel demand drove up Steel Dynamics’ stock price.

The Fund’s out-of-Index position in QUALCOMM, Inc. (QUALCOMM), which produces and licenses chip technology for mobile devices, contributed to returns versus the Index as well. QUALCOMM’s stock rose in value as companies introduced 5G cellphones using QUALCOMM technology. The favorable resolution of an antitrust suit before the Federal Communications Commission provided an additional boost to QUALCOMM’s stock price during the period.

In contrast, stock selections in the industrials and health care sectors detracted from performance relative to the Index. Within industrials, the Fund’s positions in Hexcel Corp., which makes composite fiber materials used in jetliner wings and fuselages, and aerospace firm Boeing Co. (Boeing) both fell in value as airlines canceled or delayed aircraft orders after air travel worldwide ground to a near-halt during the COVID-19 pandemic.

Detractors from relative performance in other sectors included the fund’s overweight positions in California utility Edison International (Edison) and Bank of America Corp. (BofA). Edison’s shares declined on concerns about rising rates and potential liabilities stemming from California wildfires in 2017 and 2018. BofA’s stock price was negatively affected by the economic slowdown caused by the pandemic and by falling interest rates, which lowered its revenue from loan operations. By period-end, BofA, along with Boeing and QUALCOMM, had been sold from the Fund.

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

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		22.49	%		13.09	%		10.59	%
Class A with 5.75% Maximum Sales Charge		—		—		15.44			11.76			9.94
Class C at NAV		03/07/2011		03/07/2011		21.60			12.24			9.77
Class C with 1% Maximum Sales Charge		—		—		20.60			12.24			9.77
Class I at NAV		03/07/2011		03/07/2011		22.77			13.36			10.86



Russell 1000^® Value Index		—		—		22.22	%		12.01	%		10.56	%

% Total Annual Operating Expense Ratios⁴					Class A			Class C			Class I

Gross						1.09	%		1.84	%		0.84	%
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.

LOGO

Growth of Investment

Amount Invested

Period Beginning

At NAV

With Maximum Sales Charge

Class C

$10,000

03/07/2011

$25,364

N.A.

Class I

$250,000

03/07/2011

$700,381

N.A.

See Endnotes and Additional Disclosures in this report.


		3

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Fund Profile

Sector Allocation (% of net assets)⁵

LOGO

Top 10 Holdings (% of net assets)⁵


Johnson & Johnson	4.1	%

Walt Disney Co. (The)	3.9

Fidelity National Information Services, Inc.	3.3

Alphabet, Inc., Class A	3.2

Goldman Sachs Group, Inc. (The)	3.1

Medtronic PLC	3.0

Wells Fargo & Co.	3.0

Truist Financial Corp.	3.0

Caterpillar, Inc.	2.9

Johnson Controls International PLC	2.7

Total	32.2	%

See Endnotes and Additional Disclosures in this report.


		4

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Endnotes and Additional Disclosures

²	Russell 1000^® Value Index is an unmanaged index of U.S. large-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 6/30/21. 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.

Additional Information


		5

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Fund Expenses


	Beginning Account Value (9/1/20)		Ending Account Value (2/28/21)		Expenses Paid During Period* (9/1/20 – 2/28/21)			Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,183.30	$	5.68	**		1.05	%
Class C	$	1,000.00	$	1,179.20	$	9.73	**		1.80	%
Class I	$	1,000.00	$	1,184.60	$	4.33	**		0.80	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.60	$	5.26	**		1.05	%
Class C	$	1,000.00	$	1,015.90	$	9.00	**		1.80	%
Class I	$	1,000.00	$	1,020.80	$	4.01	**		0.80	%

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


		6

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Portfolio of Investments


Common Stocks — 99.5%
Security	Shares		Value

Aerospace & Defense — 4.4%

Hexcel Corp.		100,189	$	5,386,161

Huntington Ingalls Industries, Inc.		35,420		6,230,732

			$	11,616,893

Banks — 8.2%

KeyCorp.		300,567	$	6,053,419

Truist Financial Corp.		135,778		7,733,915

Wells Fargo & Co.		215,221		7,784,544

			$	21,571,878

Beverages — 4.5%

Constellation Brands, Inc., Class A		27,493	$	5,887,351

PepsiCo, Inc.		46,343		5,987,052

			$	11,874,403

Biotechnology — 2.2%

Neurocrine Biosciences, Inc.⁽¹⁾		51,950	$	5,689,045

			$	5,689,045

Building Products — 2.7%

Johnson Controls International PLC		127,774	$	7,128,511

			$	7,128,511

Capital Markets — 3.1%

Goldman Sachs Group, Inc. (The)		25,300	$	8,082,844

			$	8,082,844

Electric Utilities — 2.5%

Edison International		123,473	$	6,666,307

			$	6,666,307

Entertainment — 3.9%

Walt Disney Co. (The)⁽¹⁾		53,468	$	10,107,591

			$	10,107,591

Equity Real Estate Investment Trusts (REITs) — 4.9%

EastGroup Properties, Inc.		42,842	$	5,831,224

Mid-America Apartment Communities, Inc.		51,275		6,908,281

			$	12,739,505


Security	Shares		Value

Food & Staples Retailing — 2.5%

Walmart, Inc.		50,769	$	6,595,909

			$	6,595,909

Food Products — 2.3%

Lamb Weston Holdings, Inc.		75,563	$	6,027,661

			$	6,027,661

Health Care Equipment & Supplies — 3.0%

Medtronic PLC		66,624	$	7,793,009

			$	7,793,009

Health Care Providers & Services — 2.4%

UnitedHealth Group, Inc.		18,891	$	6,275,968

			$	6,275,968

Insurance — 7.5%

American International Group, Inc.		140,519	$	6,175,810

Arch Capital Group, Ltd.⁽¹⁾		193,294		6,923,791

Reinsurance Group of America, Inc.		52,777		6,450,933

			$	19,550,534

Interactive Media & Services — 3.2%

Alphabet, Inc., Class A⁽¹⁾		4,209	$	8,510,219

			$	8,510,219

IT Services — 7.8%

Cognizant Technology Solutions Corp., Class A		79,602	$	5,849,155

Euronet Worldwide, Inc.⁽¹⁾		39,300		5,907,183

Fidelity National Information Services, Inc.		62,745		8,658,810

			$	20,415,148

Life Sciences Tools & Services — 2.3%

Thermo Fisher Scientific, Inc.		13,156	$	5,921,252

			$	5,921,252

Machinery — 7.6%

Caterpillar, Inc.		35,443	$	7,651,435

PACCAR, Inc.		67,130		6,108,158

Stanley Black & Decker, Inc.		35,758		6,251,929

			$	20,011,522


		7		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Portfolio of Investments — continued


Security	Shares		Value

Media — 2.4%

Fox Corp., Class A		189,415	$	6,309,414

			$	6,309,414

Metals & Mining — 1.8%

Steel Dynamics, Inc.		113,683	$	4,726,939

			$	4,726,939

Multi-Utilities — 2.7%

Sempra Energy		60,101	$	6,970,514

			$	6,970,514

Oil, Gas & Consumable Fuels — 4.9%

EOG Resources, Inc.		93,948	$	6,065,283

Phillips 66		80,792		6,709,776

			$	12,775,059

Pharmaceuticals — 5.8%

Johnson & Johnson		67,973	$	10,771,002

Sanofi		48,408		4,442,435

			$	15,213,437

Software — 2.0%

VMware, Inc., Class A⁽¹⁾		37,985	$	5,318,603

			$	5,318,603

Specialty Retail — 2.5%

Best Buy Co., Inc.		65,487	$	6,571,620

			$	6,571,620

Textiles, Apparel & Luxury Goods — 2.4%

Capri Holdings, Ltd.⁽¹⁾		132,067	$	6,163,567

			$	6,163,567

Total Common Stocks (identified cost $224,629,351)			$	260,627,352


Short-Term Investments — 1.9%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽²⁾		5,089,406	$	5,089,406

Total Short-Term Investments (identified cost $5,089,406)			$	5,089,406

Total Investments — 101.4% (identified cost $229,718,757)			$	265,716,758

Other Assets, Less Liabilities — (1.4)%			$	(3,750,651	)

Net Assets — 100.0%			$	261,966,107

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 28, 2021.


		8		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Statement of Assets and Liabilities


Assets	February 28, 2021

Unaffiliated investments, at value (identified cost, $224,629,351)	$	260,627,352

Affiliated investment, at value (identified cost, $5,089,406)		5,089,406

Dividends receivable		338,179

Dividends receivable from affiliated investment		70

Receivable for investments sold		6,015,420

Receivable for Fund shares sold		1,921,625

Receivable from affiliate		15,289

Total assets	$	274,007,341

Liabilities

Payable for investments purchased	$	10,389,478

Payable for Fund shares redeemed		1,409,315

Payable to affiliates:

Investment adviser and administration fee		138,527

Distribution and service fees		4,748

Accrued expenses		99,166

Total liabilities	$	12,041,234

Net Assets	$	261,966,107

Sources of Net Assets

Paid-in capital	$	226,390,026

Distributable earnings		35,576,081

Total	$	261,966,107

Class A Shares

Net Assets	$	12,135,814

Shares Outstanding		671,611

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	18.07

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	19.17

Class C Shares

Net Assets	$	3,205,358

Shares Outstanding		181,646

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	17.65

Class I Shares

Net Assets	$	246,624,935

Shares Outstanding		13,585,763

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	18.15

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 28, 2021

Statement of Operations


Investment Income	Year Ended February 28, 2021

Dividends (net of foreign taxes, $21,109)	$	4,387,862

Dividends from affiliated investment		4,425

Total investment income	$	4,392,287

Expenses

Investment adviser and administration fee	$	1,406,598

Distribution and service fees

Class A		28,908

Class C		24,574

Trustees’ fees and expenses		11,335

Custodian fee		63,994

Transfer and dividend disbursing agent fees		65,224

Legal and accounting services		42,159

Printing and postage		20,361

Registration fees		61,638

Miscellaneous		18,253

Total expenses	$	1,743,044

Deduct —

Allocation of expenses to affiliate	$	111,041

Total expense reductions	$	111,041

Net expenses	$	1,632,003

Net investment income	$	2,760,284

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	1,501,222

Investment transactions — affiliated investment		(2,937	)

Foreign currency transactions		(1,609	)

Net realized gain	$	1,496,676

Change in unrealized appreciation (depreciation) —

Investments	$	41,013,967

Investments — affiliated investment		(13	)

Net change in unrealized appreciation (depreciation)	$	41,013,954

Net realized and unrealized gain	$	42,510,630

Net increase in net assets from operations	$	45,270,914


		10		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Year Ended February 28, 2021			Year Ended February 29, 2020

From operations —

Net investment income	$	2,760,284		$	2,249,112

Net realized gain		1,496,676			8,579,960

Net change in unrealized appreciation (depreciation)		41,013,954			(10,287,734	)

Net increase in net assets from operations	$	45,270,914		$	541,338

Distributions to shareholders —

Class A	$	(359,959	)	$	(450,724	)

Class C		(61,359	)		(58,940	)

Class I		(6,106,546	)		(6,047,475	)

Total distributions to shareholders	$	(6,527,864	)	$	(6,557,139	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	3,880,588		$	7,341,081

Class C		1,805,432			1,494,821

Class I		123,641,712			109,369,592

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

Class A		359,959			450,724

Class C		61,359			58,940

Class I		6,106,432			6,047,475

Cost of shares redeemed

Class A		(7,182,074	)		(3,200,492	)

Class C		(1,506,435	)		(524,241	)

Class I		(76,803,891	)		(44,472,821	)

Net asset value of shares converted

Class A		244,672			18,265

Class C		(244,672	)		(18,265	)

Net increase in net assets from Fund share transactions	$	50,363,082		$	76,565,079

Net increase in net assets	$	89,106,132		$	70,549,278

Net Assets

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

At end of year	$	261,966,107		$	172,859,975


		11		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Financial Highlights


	Class A

	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28,
	Year Ended February 28, 2021			Year Ended February 29, 2020			2019			2018			2017

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

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.190		$	0.225		$	0.197		$	0.185		$	0.277	⁽²⁾

Net realized and unrealized gain		3.150			0.493	⁽³⁾		0.688			2.005			2.207

Total income from operations	$	3.340		$	0.718		$	0.885		$	2.190		$	2.484

Less Distributions

From net investment income	$	(0.137	)	$	(0.141	)	$	(0.180	)	$	(0.156	)	$	(0.174	)

From net realized gain		(0.353	)		(0.497	)		(2.185	)		(0.394	)		—

Total distributions	$	(0.490	)	$	(0.638	)	$	(2.365	)	$	(0.550	)	$	(0.174	)

Net asset value — End of year	$	18.070		$	15.220		$	15.140		$	16.620		$	14.980

Total Return⁽⁴⁾⁽⁵⁾		22.49	%		4.44	%		5.35	%		14.71	%		19.67	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	12,136		$	12,899		$	8,680		$	3,751		$	4,436

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

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

Net investment income		1.25	%		1.36	%		1.24	%		1.18	%		1.99	%⁽²⁾

Portfolio Turnover		120	%		109	%		98	%		99	%		87	%

⁽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 Fund share transactions 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 0.06%, 0.09%, 0.20%, 0.21% and 0.21% of average daily net assets for the years ended February 28, 2021, February 29, 2020, and February 28, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.


		12		See Notes to Financial Statements.

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Financial Highlights — continued


	Class C

	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28,
	Year Ended February 28, 2021			Year Ended February 29, 2020			2019			2018			2017

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

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.066		$	0.095		$	0.077		$	0.069		$	0.166	⁽²⁾

Net realized and unrealized gain		3.080			0.493	⁽³⁾		0.673			1.962			2.186

Total income from operations	$	3.146		$	0.588		$	0.750		$	2.031		$	2.352

Less Distributions

From net investment income	$	(0.063	)	$	(0.041	)	$	(0.065	)	$	(0.057	)	$	(0.122	)

From net realized gain		(0.353	)		(0.497	)		(2.185	)		(0.394	)		—

Total distributions	$	(0.416	)	$	(0.538	)	$	(2.250	)	$	(0.451	)	$	(0.122	)

Net asset value — End of year	$	17.650		$	14.920		$	14.870		$	16.370		$	14.790

Total Return⁽⁴⁾⁽⁵⁾		21.60	%		3.70	%		4.55	%		13.86	%		18.69	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	3,205		$	2,690		$	1,799		$	1,166		$	1,182

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

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

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

Portfolio Turnover		120	%		109	%		98	%		99	%		87	%

⁽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 Fund share transactions 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 28, 2021

Financial Highlights — continued


	Class I

	Year Ended February 28, 2021			Year Ended February 29, 2020			Year Ended February 28,
	Year Ended February 28, 2021			Year Ended February 29, 2020			2019			2018			2017

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

Income (Loss) From Operations

Net investment income⁽¹⁾	$	0.220		$	0.265		$	0.238		$	0.226		$	0.313	⁽²⁾

Net realized and unrealized gain		3.172			0.501	⁽³⁾		0.685			2.009			2.208

Total income from operations	$	3.392		$	0.766		$	0.923		$	2.235		$	2.521

Less Distributions

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

From net realized gain		(0.353	)		(0.497	)		(2.185	)		(0.394	)		—

Total distributions	$	(0.522	)	$	(0.666	)	$	(2.393	)	$	(0.595	)	$	(0.211	)

Net asset value — End of year	$	18.150		$	15.280		$	15.180		$	16.650		$	15.010

Total Return⁽⁴⁾⁽⁵⁾		22.77	%		4.74	%		5.59	%		14.99	%		19.93	%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)	$	246,625		$	157,271		$	91,832		$	65,615		$	61,770

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

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

Net investment income		1.42	%		1.60	%		1.48	%		1.43	%		2.25	%⁽²⁾

Portfolio Turnover		120	%		109	%		98	%		99	%		87	%

⁽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 Fund share transactions 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 28, 2021

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 and, effective November 5, 2020, automatically convert to Class A shares eight 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.

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.


		15

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

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 28, 2021 and February 29, 2020 was as follows:


	Year Ended February 28, 2021		Year Ended February 29, 2020

Ordinary income	$	6,527,864	$	3,862,852

Long-term capital gains	$	—	$	2,694,287

During the year ended February 28, 2021, distributable earnings was decreased by $1,525,527 and paid-in capital was increased by $1,525,527 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 28, 2021, the components of distributable earnings (accumulated loss) on a tax basis were as follows:



Undistributed ordinary income	$	673,062

Undistributed long-term capital gains		3,500,687

Net unrealized appreciation		31,402,332

Distributable earnings	$	35,576,081


		16

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Notes to Financial Statements — continued

The cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2021, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	234,314,426

Gross unrealized appreciation	$	33,587,909

Gross unrealized depreciation		(2,185,577	)

Net unrealized appreciation	$	31,402,332

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 administrative agreement and July 1, 2020 fee reduction agreement between the Fund and EVM, in effect through February 28, 2021, the fee was computed at an annual rate of 0.70% of the Fund’s average daily net assets up to $500 million and was payable monthly. On net assets of $500 million and over, the annual fee would be reduced. Prior to July 1, 2020, the investment adviser and administration fee was computed at an annual rate of 0.75% of the Fund’s average daily net assets up to $500 million and at reduced rates on net assets of $500 million and over. For the year ended February 28, 2021, the investment adviser and administration fee amounted to $1,406,598 or 0.71% of the Fund’s average daily net assets. On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement with EVM (the “New Agreement”). The New Agreement took effect on March 1, 2021. Effective March 1, 2021, the fee reduction agreement previously applicable to the Fund was incorporated into its new investment advisory and administrative agreement with EVM. The Fund may invest 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, 2021. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM was allocated $111,041 of the Fund’s operating expenses for the year ended February 28, 2021.

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 28, 2021, EVM earned $1,714 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 $6,182 as its portion of the sales charge on sales of Class A shares for the year ended February 28, 2021. 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).

4 Distribution Plans

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


		17

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Notes to Financial Statements — continued

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 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 28, 2021, the Fund was informed that EVD received approximately $4,000 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 $281,667,445 and $235,120,381, respectively, for the year ended February 28, 2021.

7 Shares of Beneficial Interest


Class A	Year Ended February 28, 2021			Year Ended February 29, 2020

Sales		257,244			442,266

Issued to shareholders electing to receive payments of distributions in Fund shares		23,237			27,362

Redemptions		(471,249	)		(196,550	)

Converted from Class C shares		14,729			1,137

Net increase (decrease)		(176,039	)		274,215

Class C	Year Ended February 28, 2021			Year Ended February 29, 2020

Sales		114,913			89,807

Issued to shareholders electing to receive payments of distributions in Fund shares		4,111			3,651

Redemptions		(102,601	)		(32,913	)

Converted to Class A shares		(15,112	)		(1,160	)

Net increase		1,311			59,385

Class I	Year Ended February 28, 2021			Year Ended February 29, 2020

Sales		7,919,198			6,551,405

Issued to shareholders electing to receive payments of distributions in Fund shares		388,954			366,070

Redemptions		(5,018,256	)		(2,671,457	)

Net increase		3,289,896			4,246,018

At February 28, 2021, 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 46.3% of the value of the outstanding shares of the Fund.

8 Line of Credit


		18

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Notes to Financial Statements — continued

funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended February 28, 2021.

9 Investments in Affiliated Funds

At February 28, 2021, the value of the Fund’s investment in affiliated funds was $5,089,406, which represents 1.9% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended February 28, 2021 were as follows:


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

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	1,105,881	$	109,642,567	$	(105,656,092	)	$	(2,937	)	$	(13	)	$	5,089,406	$	4,425		5,089,406

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 28, 2021, 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	$	24,927,224	$	—		$	—	$	24,927,224

Consumer Discretionary		12,735,187		—			—		12,735,187

Consumer Staples		24,497,973		—			—		24,497,973

Energy		12,775,059		—			—		12,775,059

Financials		49,205,256		—			—		49,205,256

Health Care		36,450,276		4,442,435			—		40,892,711

Industrials		38,756,926		—			—		38,756,926

Information Technology		25,733,751		—			—		25,733,751

Materials		4,726,939		—			—		4,726,939

Real Estate		12,739,505		—			—		12,739,505

Utilities		13,636,821		—			—		13,636,821

Total Common Stocks	$	256,184,917	$	4,442,435	*	$	—	$	260,627,352

Short-Term Investments	$	—	$	5,089,406		$	—	$	5,089,406

Total Investments	$	256,184,917	$	9,531,841		$	—	$	265,716,758

*	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 28, 2021

Notes to Financial Statements — continued

11 Risks and Uncertainties

Pandemic Risk


		20

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

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 28, 2021, 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 28, 2021, 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 16, 2021

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


		21

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2022 will show the tax status of all distributions paid to your account in calendar year 2021. 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 28, 2021, the Fund designates approximately $89,220, 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 28, 2021, the Fund designates approximately $4,062,155, 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 2021 ordinary income dividends, 49.01% 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 28, 2021, $4,779,984 or, if subsequently determined to be different, the net capital gain of such year.


		22

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Focused Value Opportunities Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 in order to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser and administrator (the “Proposal”). The shareholder meeting results are as follows:


Number of Shares⁽¹⁾
For		Against		Abstain⁽²⁾		Broker Non-Votes⁽²⁾

	10,030,253.359		91,609.156		169,336.632		0

⁽¹⁾	Fractional shares were voted proportionately.

⁽²⁾


		23

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process


Fund	Investment Adviser	Investment Sub-Adviser

Eaton Vance Focused Value Opportunities Fund	Eaton Vance Management	None

⁽¹⁾


		24

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Information about the Transaction and its Terms

•

Information about the advantages of the Transaction as they relate to the Funds and their shareholders;

•

A commitment that the Funds would not bear any expenses, directly or indirectly, in connection with the Transaction;

•

Information regarding any changes that are expected with respect to the Funds’ slate of officers as a result of the Transaction;

Information about Morgan Stanley

•

Information about Morgan Stanley’s overall business, including information about the advisory, brokerage and related businesses that Morgan Stanley operates;

•

Information about Morgan Stanley’s financial condition, including its access to capital and other resources required to support the investment advisory businesses related to the Funds;

•

Information about the New Agreements for Funds

•

A representation that, after the Closing, all of the Funds will continue to be advised by their current Adviser and Sub-Adviser, as applicable;

•

Information confirming that the fee rates payable under the New Agreements are not changed as compared to the Current Agreements;

•

Information about Fund Performance, Fees and Expenses

•


		25

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Information about Portfolio Management and Trading

•

The procedures and processes used to determine the fair value of Fund assets, when necessary, and actions taken to monitor and test the effectiveness of such procedures and processes;

•

Information about the Advisers and the Sub-Advisers

•

The Code of Ethics of the Advisers and their affiliates, including the Affiliated Sub-Advisers, together with information relating to compliance with, and the administration of, such codes;

•

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

•

Information concerning the business continuity and disaster recovery plans of the Advisers and their affiliates, including the Affiliated Sub-Advisers;

•

A description of the Advisers’ oversight of the Sub-Advisers, including with respect to regulatory and compliance issues, investment management and other matters;

Other Relevant Information

•

Information concerning the nature, cost and character of the administrative and other non-investment advisory services provided by the Advisers and their affiliates;

•

Information concerning oversight of the relationship with the custodian, subcustodians and fund accountants by EVM and/or administrator to each of the Funds;

•

Confirmation that the Advisers intend to continue to manage the Funds in a manner materially consistent with each Fund’s current investment objective(s) and principal investment strategies;

•

Information regarding Morgan Stanley’s commitment to maintaining competitive compensation arrangements to attract and retain highly qualified personnel;

•

Confirmation that the Advisers’ current senior management teams have indicated their strong support of the Transaction; and

•

Nature, Extent and Quality of Services


		26

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued


		27

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Board concluded that the nature, extent and quality of services expected to be provided by the Advisers and the Sub-Advisers, taken as a whole, are appropriate and expected to be consistent with the terms of the New Agreements.

Management Fees and Expenses

Profitability and “Fall-Out” Benefits

Economies of Scale


		28

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

concluded that the Funds currently share in the benefits from economies of scale, if any, when they are realized by the Advisers, and that the Transaction is not expected to impede a Fund from continuing to benefit from any future economies of scale realized by its Adviser.

Conclusion


		29

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

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 of Morgan Stanley Investment Management, Inc. (MSIM), member of the Board of Managers and President of EV, Chief Executive Officer of EVM and BMR, and Director of EVD. Formerly, Chairman, Chief Executive Officer and President of EVC. Trustee and/or officer of 138 registered investment companies. Mr. Faust is an interested person because of his positions with MSIM, BMR, EVM, EVD, and EV, which are affiliates of the Trust, and his former position with EVC, which was an affiliate of the Trust prior to March 1, 2021. Directorships in the Last Five Years. Formerly, Director of EVC (2007-2021) and Hexavest Inc. (2012-2021) (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	Vice-Chairperson of the Board and Trustee	2021 (Vice-Chairperson) 2014 (Trustee)	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. None.

Valerie A. Mosley 1960	Trustee	2014	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUP, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


		30

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

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	Private investor, researcher and lecturer. 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 First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018).

Susan J. Sutherland 1957	Trustee	2015	Private investor. Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance and reinsurance) (2015-2018). Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships in the Last Five Years. Director of Kairos Acquisition Corp. (insurance/InsurTech acquisition company) (since 2021).

Scott E. Wennerholm 1959	Trustee	2016	Private investor. Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments Institutional Services (investment management firm) (1994-1997). Other Directorships 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

Eric A. Stein 1980	President	2020	Vice President and Chief Investment Officer, Fixed Income of EVM and BMR. Prior to November 1, 2020, Mr. Stein was a co-Director of Eaton Vance’s Global Income Investments. Also Vice President of Calvert Research and Management (“CRM”).

Deidre E. Walsh 1971	Vice President	2009	Vice President of EVM and BMR.


		31

Eaton Vance

Focused Value Opportunities Fund

February 28, 2021

Management and Organization — continued


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)

Maureen A. Gemma 1960	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.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).

⁽¹⁾	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.


		32

Eaton Vance Funds


Privacy Notice		April 2021



FACTS		WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?



Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.


What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎ Social Security number and income ∎ investment experience and risk tolerance ∎ checking account number and wire transfer instructions


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.


Reasons we can share your personal information	Does Eaton Vance share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness	Yes	Yes
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For our investment management affiliates to market to you	Yes	Yes
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share


To limit our sharing		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com Please note: If you are a new customer, we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact us at any time to limit our sharing.



Questions?		Call toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com


		33

Eaton Vance Funds


Privacy Notice — continued		April 2021


Page 2


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


		34

Eaton Vance Funds

IMPORTANT NOTICES


		35

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 2.28.21

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 11 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for each Fund’s fiscal years ended February 29, 2020 and February 28, 2021 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	2/29/20		2/28/21
Audit Fees	$	28,050	$	28,050
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	10,730	$	9,420
All Other Fees⁽³⁾	$	0	$	0

Total	$	38,780	$	37,470

Eaton Vance Focused Value Opportunities Fund


Fiscal Years Ended	2/29/20		2/28/21
Audit Fees	$	28,050	$	28,050
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	10,730	$	9,420
All Other Fees⁽³⁾	$	0	$	0

Total	$	38,780	$	37,470

⁽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 28/29, 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	7/31/19		8/31/19		9/30/19		11/30/19		2/29/20		7/31/20		8/31/20		9/30/20		11/30/20		2/28/21
Audit Fees	$	108,550	$	182,150	$	111,750	$	56,900	$	56,100	$	108,550	$	187,200	$	111,750	$	56,900	$	56,100
Audit-Related Fees⁽¹⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0
Tax Fees⁽²⁾	$	53,116	$	57,477	$	40,881	$	25,796	$	21,460	$	44,911	$	60,311	$	38,476	$	21,701	$	18,840
All Other Fees⁽³⁾	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0	$	0

Total	$	161,666	$	239,627	$	152,631	$	82,696	$	77,560	$	153,461	$	247,511	$	150,226	$	78,601	$	74,940

⁽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	7/31/19		8/31/19		9/30/19		11/30/19		2/29/20		7/31/20		8/31/20		9/30/20		11/30/20		2/28/21
Registrant⁽¹⁾	$	53,116	$	57,477	$	40,881	$	25,796	$	21,460	$	44,911	$	60,311	$	38,476	$	21,701	$	18,840
Eaton Vance⁽²⁾	$	60,131	$	8,000	$	59,903	$	59,903	$	59,903	$	51,800	$	51,800	$	51,800	$	51,800	$	150,300

⁽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 Morgan Stanley 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/ Eric A. Stein
		Eric A. Stein
		President

Date: April 22, 2021

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 22, 2021


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

Date: April 22, 2021

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 22, 2021								/s/ James F. Kirchner
								James F. Kirchner
								Treasurer

EATON VANCE GROWTH TRUST

FORM N-CSR

Exhibit 13(a)(2)(ii)

CERTIFICATION

I, Eric A. Stein, 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 22, 2021								/s/ Eric A. Stein
								Eric A. Stein
								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 28, 2021 (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 22, 2021

/s/ James F. Kirchner

James F. Kirchner

Treasurer

Date: April 22, 2021

/s/ Eric A. Stein

Eric A. Stein

President