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)
One Post Office Square, Boston, Massachusetts 02109
(Address of Principal Executive Offices)
Deidre E. Walsh
One Post Office Square, Boston, Massachusetts 02109
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
August 31
Date of Fiscal Year End
February 28, 2026
Date of Reporting Period
Item 1. Reports to Stockholders
(a)
(b) Not applicable.
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
| (a) | Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies
Eaton Vance
China Equity Fund
Semi-Annual Financial Statements and
Additional Information
Additional Information
February 28, 2026
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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.
Semi-Annual Financial Statements and Additional Information February 28, 2026
Eaton Vance
China Equity Fund
Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.
Eaton Vance
China Equity Fund
February 28, 2026
Portfolio of Investments (Unaudited)
1
See Notes to Financial Statements.
Eaton Vance
China Equity Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
2
See Notes to Financial Statements.
Eaton Vance
China Equity Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
| Short-Term Investments — 2.5% |
| Affiliated Fund — 1.9% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.59%(4) | 697,025 | $ 697,025 | |
| Total Affiliated Fund (identified cost $697,025) |
$ 697,025 | ||
| Securities Lending Collateral — 0.6% |
| Security | Shares | Value | |
| State Street Navigator Securities Lending Government Money Market Portfolio, 3.70%(5) | 228,350 | $ 228,350 | |
| Total Securities Lending Collateral (identified cost $228,350) |
$ 228,350 | ||
| Total Short-Term Investments (identified cost $925,375) |
$ 925,375 | ||
| Total Investments — 100.3% (identified cost $24,038,381) |
$37,599,847 | ||
| Other Assets, Less Liabilities — (0.3)% | $ (113,541) | ||
| Net Assets — 100.0% | $37,486,306 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| (1) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 28, 2026, the aggregate value of these securities is $3,911,298 or 10.4% of the Fund's net assets. |
| (2) | All or a portion of this security was on loan at February 28, 2026. The aggregate market value of securities on loan at February 28, 2026 was $2,818,378. |
| (3) | Non-income producing security. |
| (4) | May be deemed to be an affiliated investment company (see Note 11). The rate shown is the annualized seven-day yield as of February 28, 2026. |
| (5) | Represents investment of cash collateral received in connection with securities lending. |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
3
See Notes to Financial Statements.
Eaton Vance
China Equity Fund
February 28, 2026
Statement of Assets and Liabilities (Unaudited)
| February 28, 2026 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $23,341,356) — including $2,818,378 of securities on loan | $36,902,822 |
| Affiliated investments, at value (identified cost $697,025) | 697,025 |
| Cash | 578 |
| Dividends receivable from affiliated investments | 3,228 |
| Receivable for investments sold | 663,842 |
| Receivable for Fund shares sold | 1,600 |
| Securities lending income receivable | 688 |
| Receivable from affiliates | 98,845 |
| Trustees' deferred compensation plan | 11,807 |
| Total assets | $38,380,435 |
| Liabilities | |
| Collateral for securities loaned | $228,350 |
| Payable for investments purchased | 457,331 |
| Payable for Fund shares redeemed | 17,853 |
| Payable to affiliates: | |
| Investment adviser fee | 22,624 |
| Administration fee | 4,551 |
| Distribution and service fees | 7,040 |
| Sub-transfer agency fee | 12,408 |
| Trustees' deferred compensation plan | 11,807 |
| Payable for legal and accounting services | 86,932 |
| Accrued expenses | 45,233 |
| Total liabilities | $894,129 |
| Net Assets | $37,486,306 |
| Sources of Net Assets | |
| Paid-in capital | $30,980,685 |
| Distributable earnings | 6,505,621 |
| Net Assets | $37,486,306 |
| Class A Shares | |
| Net Assets | $33,242,935 |
| Shares Outstanding | 1,901,093 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$17.49 |
| Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$18.46 |
| Class C Shares | |
| Net Assets | $373,169 |
| Shares Outstanding | 23,899 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$15.61 |
| Class I Shares | |
| Net Assets | $3,870,202 |
| Shares Outstanding | 217,370 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$17.80 |
| 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. |
4
See Notes to Financial Statements.
Eaton Vance
China Equity Fund
February 28, 2026
Statement of Operations (Unaudited)
| Six Months Ended | |
| February 28, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $24,132) | $254,855 |
| Dividend income from affiliated investments | 34,871 |
| Securities lending income, net | 2,405 |
| Total investment income | $292,131 |
| Expenses | |
| Investment adviser fee | $158,725 |
| Administration fee | 31,745 |
| Distribution and service fees: | |
| Class A | 47,204 |
| Class C | 2,023 |
| Trustees’ fees and expenses | 1,386 |
| Custodian fee | 20,667 |
| Transfer and dividend disbursing agent fees | 46,693 |
| Legal and accounting services | 99,043 |
| Printing and postage | 6,544 |
| Registration fees | 21,295 |
| Miscellaneous | 17,999 |
| Total expenses | $453,324 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $140,404 |
| Total expense reductions | $140,404 |
| Net expenses | $312,920 |
| Net investment loss | $(20,789) |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $3,371,642 |
| Futures contracts | 99,669 |
| Foreign currency transactions | (1,871) |
| Net realized gain | $3,469,440 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $(4,068,281) |
| Futures contracts | (107,203) |
| Foreign currency | (378) |
| Net change in unrealized appreciation (depreciation) | $(4,175,862) |
| Net realized and unrealized loss | $(706,422) |
| Net decrease in net assets from operations | $(727,211) |
5
See Notes to Financial Statements.
Eaton Vance
China Equity Fund
February 28, 2026
Statements of Changes in Net Assets
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income (loss) | $(20,789) | $419,082 |
| Net realized gain (loss) | 3,469,440 | (93,052) |
| Net change in unrealized appreciation (depreciation) | (4,175,862) | 13,465,348 |
| Net increase (decrease) in net assets from operations | $(727,211) | $13,791,378 |
| Distributions to shareholders: | ||
| Class A | $(580,846) | $(655,566) |
| Class C | (4,653) | (4,473) |
| Class I | (72,586) | (92,016) |
| Total distributions to shareholders | $(658,085) | $(752,055) |
| Transactions in shares of beneficial interest: | ||
| Class A | $(3,649,271) | $(1,596,080) |
| Class C | 5,318 | (116,640) |
| Class I | (106,822) | (816,851) |
| Net decrease in net assets from Fund share transactions | $(3,750,775) | $(2,529,571) |
| Net increase (decrease) in net assets | $(5,136,071) | $10,509,752 |
| Net Assets | ||
| At beginning of period | $42,622,377 | $32,112,625 |
| At end of period | $37,486,306 | $42,622,377 |
6
See Notes to Financial Statements.
Eaton Vance
China Equity Fund
February 28, 2026
Financial Highlights
| Class A | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $18.15 | $12.69 | $15.80 | $18.88 | $26.87 | $27.28 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $(0.01) | $0.17 | $0.32(2) | $0.09 | $0.03 | $(0.02) |
| Net realized and unrealized gain (loss) | (0.37) | 5.60 | (2.29) | (2.09) | (6.71) | 2.39 |
| Total income (loss) from operations | $(0.38) | $5.77 | $(1.97) | $(2.00) | $(6.68) | $2.37 |
| Less Distributions | ||||||
| From net investment income | $(0.28) | $(0.31) | $(0.03) | $— | $— | $(0.07) |
| From net realized gain | — | — | (1.11) | (1.08) | (1.31) | (2.71) |
| Total distributions | $(0.28) | $(0.31) | $(1.14) | $(1.08) | $(1.31) | $(2.78) |
| Net asset value — End of period | $17.49 | $18.15 | $12.69 | $15.80 | $18.88 | $26.87 |
| Total Return(3) | (2.14)%(4) | 46.20% | (12.81)% | (11.28)% | (26.08)% | 8.48% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $33,243 | $38,104 | $28,164 | $40,926 | $53,597 | $84,359 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 2.16%(6) | 1.96% | 1.93%(7) | 1.68% | 1.60% | 1.73% |
| Net expenses | 1.50%(6)(8) | 1.50%(8) | 1.51%(7)(8) | 1.50%(8) | 1.53%(8) | 1.73% |
| Net investment income (loss) | (0.12)%(6) | 1.11% | 2.33%(2) | 0.52% | 0.13% | (0.05)% |
| Portfolio Turnover | 25%(4) | 48% | 77% | 34% | 78% | 10% |
| (1) | Computed using average shares outstanding. |
| (2) | Net investment income (loss) per share includes special dividends which amounted to $0.20 per share. Excluding special dividends, the ratio of net investment income (loss) to average daily net assets would have been 0.89%. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes interest expense of 0.01% for the year ended August 31, 2024. |
| (8) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended February 28, 2026 and less than 0.005% of average daily net assets for the years ended August 31, 2025, 2024, 2023 and 2022). |
7
See Notes to Financial Statements.
Eaton Vance
China Equity Fund
February 28, 2026
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $16.20 | $11.32 | $14.30 | $17.32 | $24.93 | $25.35 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $(0.07) | $0.03 | $0.16(2) | $(0.04) | $(0.13) | $(0.21) |
| Net realized and unrealized gain (loss) | (0.33) | 5.02 | (2.03) | (1.90) | (6.17) | 2.23 |
| Total income (loss) from operations | $(0.40) | $5.05 | $(1.87) | $(1.94) | $(6.30) | $2.02 |
| Less Distributions | ||||||
| From net investment income | $(0.19) | $(0.17) | $— | $— | $— | $— |
| From net realized gain | — | — | (1.11) | (1.08) | (1.31) | (2.44) |
| Total distributions | $(0.19) | $(0.17) | $(1.11) | $(1.08) | $(1.31) | $(2.44) |
| Net asset value — End of period | $15.61 | $16.20 | $11.32 | $14.30 | $17.32 | $24.93 |
| Total Return(3) | (2.54)%(4) | 45.10% | (13.47)% | (11.98)% | (26.60)% | 7.74% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $373 | $384 | $376 | $669 | $955 | $1,460 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 2.92%(6) | 2.71% | 2.68%(7) | 2.43% | 2.35% | 2.43% |
| Net expenses | 2.25%(6)(8) | 2.25%(8) | 2.26%(7)(8) | 2.25%(8) | 2.28%(8) | 2.43% |
| Net investment income (loss) | (0.88)%(6) | 0.19% | 1.33%(2) | (0.26)% | (0.61)% | (0.77)% |
| Portfolio Turnover | 25%(4) | 48% | 77% | 34% | 78% | 10% |
| (1) | Computed using average shares outstanding. |
| (2) | Net investment income (loss) per share includes special dividends which amounted to $0.18 per share. Excluding special dividends, the ratio of net investment income (loss) to average daily net assets would have been (0.11)%. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes interest expense of 0.01% for the year ended August 31, 2024. |
| (8) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended February 28, 2026 and less than 0.005% of average daily net assets for the years ended August 31, 2025, 2024, 2023 and 2022). |
8
See Notes to Financial Statements.
Eaton Vance
China Equity Fund
February 28, 2026
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $18.50 | $12.93 | $16.09 | $19.15 | $27.17 | $27.55 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.01 | $0.20 | $0.29(2) | $0.12 | $0.07 | $0.09 |
| Net realized and unrealized gain (loss) | (0.38) | 5.72 | (2.26) | (2.10) | (6.78) | 2.39 |
| Total income (loss) from operations | $(0.37) | $5.92 | $(1.97) | $(1.98) | $(6.71) | $2.48 |
| Less Distributions | ||||||
| From net investment income | $(0.33) | $(0.35) | $(0.08) | $— | $— | $(0.15) |
| From net realized gain | — | — | (1.11) | (1.08) | (1.31) | (2.71) |
| Total distributions | $(0.33) | $(0.35) | $(1.19) | $(1.08) | $(1.31) | $(2.86) |
| Net asset value — End of period | $17.80 | $18.50 | $12.93 | $16.09 | $19.15 | $27.17 |
| Total Return(3) | (2.09)%(4) | 46.56% | (12.59)% | (11.00)% | (25.89)% | 8.81% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $3,870 | $4,134 | $3,573 | $6,006 | $8,483 | $24,472 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.92%(6) | 1.72% | 1.68%(7) | 1.43% | 1.35% | 1.43% |
| Net expenses | 1.25%(6)(8) | 1.25%(8) | 1.26%(7)(8) | 1.25%(8) | 1.28%(8) | 1.43% |
| Net investment income | 0.13%(6) | 1.24% | 2.11%(2) | 0.71% | 0.29% | 0.32% |
| Portfolio Turnover | 25%(4) | 48% | 77% | 34% | 78% | 10% |
| (1) | Computed using average shares outstanding. |
| (2) | Net investment income per share includes special dividends which amounted to $0.20 per share. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 0.67%. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes interest expense of 0.01% for the year ended August 31, 2024. |
| (8) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.01% of average daily net assets for the six months ended February 28, 2026 and less than 0.005% of average daily net assets for the years ended August 31, 2025, 2024, 2023 and 2022). |
9
See Notes to Financial Statements.
Eaton Vance
China Equity Fund
February 28, 2026
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance China Equity 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 appreciation. 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 November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries’ tax rules and rates.
D Federal and Other 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, 2026, 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.
10
Eaton Vance
China Equity Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
F Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Futures Contracts—Upon entering into a futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, index or currency, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.
J Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.
K Interim Financial Statements—The interim financial statements relating to February 28, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. 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.
At August 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $10,015,108 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year, and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at August 31, 2025, $3,018,967 are short-term and $6,996,141 are long-term.
11
Eaton Vance
China Equity Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
The cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2026, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $24,163,821 |
| Gross unrealized appreciation | $13,702,986 |
| Gross unrealized depreciation | (266,960) |
| Net unrealized appreciation | $13,436,026 |
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.750% |
| $500 million but less than $1 billion | 0.700% |
| $1 billion but less than $1.5 billion | 0.675% |
| $1.5 billion but less than $2 billion | 0.675% |
| $2 billion but less than $3 billion | 0.660% |
| $3 billion and over | 0.580% |
For the six months ended February 28, 2026, the investment adviser fee amounted to $158,725 or 0.75% (annualized) of the Fund's average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Fund to Morgan Stanley Investment Management Company (MSIM Company), a wholly-owned subsidiary of Morgan Stanley. MSIM Company uses the portfolio management, research and other resources of its affiliate, Morgan Stanley Asia Limited (MSAL), in rendering investment advisory services to the Fund. MSAL has entered into a Memorandum of Understanding with MSIM Company pursuant to which MSAL is considered a participating affiliate of the sub-adviser as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission allowing U.S. registered investment advisers to use portfolio management or research resources of unregistered advisory affiliates subject to the supervision of a U.S. registered adviser. BMR pays MSIM Company a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended February 28, 2026, the investment adviser fee paid was reduced by $1,288 relating to the Fund’s investment in the Liquidity Fund.
The administration fee is earned by Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended February 28, 2026, the administration fee amounted to $31,745.
EVM and MSIM Company have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.50%, 2.25% and 1.25% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 1, 2027. Pursuant to this agreement, EVM and MSIM Company were allocated $139,116 in total of the Fund’s operating expenses for the six months ended February 28, 2026.
EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended February 28, 2026, EVM earned $16,304 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 $136 as its portion of the sales charge on sales of Class A shares for the six months ended February 28, 2026. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).
12
Eaton Vance
China Equity Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
Trustees and officers of the Fund who are members of EVM’s or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser and administrator 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. Certain officers and Trustees of the Fund are officers of the above organizations.
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 six months ended February 28, 2026 amounted to $47,204 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 six months ended February 28, 2026, the Fund paid or accrued to EVD $1,517 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 six months ended February 28, 2026 amounted to $506 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 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended February 28, 2026, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations, aggregated $10,138,435 and $12,816,355, respectively, for the six months ended February 28, 2026.
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, including direct exchanges pursuant to share class conversions, were as follows:
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 32,088 | $ 597,744 | 235,999 | $3,838,803 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 28,639 | 521,794 | 41,293 | 574,801 | |
| Redemptions | (258,989) | (4,768,809) | (396,663) | (6,009,684) | |
| Net decrease | (198,262) | $(3,649,271) | (119,371) | $(1,596,080) | |
13
Eaton Vance
China Equity Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class C | |||||
| Sales | 2,362 | $ 41,390 | 6,058 | $ 91,197 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 285 | 4,653 | 358 | 4,473 | |
| Redemptions | (2,468) | (40,725) | (15,867) | (212,310) | |
| Net increase (decrease) | 179 | $ 5,318 | (9,451) | $ (116,640) | |
| Class I | |||||
| Sales | 26,991 | $ 517,469 | 110,947 | $1,842,088 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 3,811 | 70,650 | 6,334 | 89,688 | |
| Redemptions | (36,943) | (694,941) | (170,114) | (2,748,627) | |
| Net decrease | (6,141) | $ (106,822) | (52,833) | $ (816,851) | |
8 Financial Instruments
The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. At February 28, 2026, there were no obligations outstanding under these financial instruments.
The Fund is subject to equity price risk in the normal course of pursuing its investment objective. During the six months ended February 28, 2026, the Fund entered into equity index futures contracts to manage cash flows.
The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the six months ended February 28, 2026 was as follows:
| Derivative | Realized Gain (Loss) on Derivatives Recognized in Income |
Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| Futures contracts | $99,669(1) | $(107,203)(2) |
| (1) | Statement of Operations location: Net realized gain (loss): Futures contracts. |
| (2) | Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts. |
The average notional cost of futures contracts (long) outstanding during the six months ended February 28, 2026, which is indicative of the volume of this derivative type, was approximately $843,000.
9 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended February 28, 2026.
14
Eaton Vance
China Equity Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
10 Securities Lending Agreement
The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.
At February 28, 2026, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $2,818,378 and $2,987,102, respectively. Collateral received was comprised of cash of $228,350 and U.S. government and/or agencies securities of $2,758,752. 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, 2026.
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $228,350 | $ — | $ — | $ — | $228,350 |
The carrying amount of the liability for collateral for securities loaned at February 28, 2026 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 12) at February 28, 2026.
11 Affiliated Investments
At February 28, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $697,025, which represents 1.9% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended February 28, 2026 were as follows:
| Name | Value, beginning of period |
Purchases | Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $1,813,577 | $6,675,752 | $(7,792,304) | $ — | $ — | $697,025 | $34,871 | 697,025 |
12 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) |
15
Eaton Vance
China Equity Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At February 28, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Communication Services | $ — | $ 7,587,392 | $ — | $ 7,587,392 |
| Consumer Discretionary | 565,086 | 7,741,032 | — | 8,306,118 |
| Consumer Staples | — | 1,035,492 | — | 1,035,492 |
| Energy | — | 1,533,753 | — | 1,533,753 |
| Financials | — | 7,199,632 | — | 7,199,632 |
| Health Care | — | 1,126,828 | — | 1,126,828 |
| Industrials | 159,192 | 3,203,841 | — | 3,363,033 |
| Information Technology | 315,442 | 3,228,678 | — | 3,544,120 |
| Materials | — | 2,079,294 | — | 2,079,294 |
| Real Estate | — | 526,212 | — | 526,212 |
| Utilities | — | 372,598 | — | 372,598 |
| Total Common Stocks | $1,039,720 | $35,634,752* | $ — | $36,674,472 |
| Short-Term Investments: | ||||
| Affiliated Fund | $ 697,025 | $ — | $ — | $ 697,025 |
| Securities Lending Collateral | 228,350 | — | — | 228,350 |
| Total Investments | $1,965,095 | $ 35,634,752 | $ — | $37,599,847 |
| * | 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. |
13 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
The securities markets in the China region, which includes Hong Kong, are impacted by the economies of countries in the region, which differ from the U.S. economy in various ways, such as structure, general development, government involvement, wealth distribution, interest rates, rate of growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. As export-driven economies, the economies of countries in the China region are affected by developments in the economies and governmental actions of their principal trading partners, such as the imposition of trading restrictions and tariffs. China’s governmental actions and the actions of other governments can also have a significant effect on the economic conditions in the China region or a particular issuer or industry, which could adversely affect the value and liquidity of investments. A government may restrict investment in companies or industries considered important to national interests, intervene in the financial markets, maintain strict currency controls, or impose repatriation restrictions. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the Fund. Although larger and/or more established than many emerging markets, markets in the China region carry the high levels of risk associated with emerging markets.
16
EVCGX-NCSR 2.28.26
Eaton Vance
Worldwide Health Sciences Fund
Semi-Annual Financial Statements and
Additional Information
Additional Information
February 28, 2026
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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.
Semi-Annual Financial Statements and Additional Information February 28, 2026
Eaton Vance
Worldwide Health Sciences Fund
Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Portfolio of Investments (Unaudited)
1
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| † | Amount is less than 0.05% or (0.05)%, as applicable. |
| (1) | Non-income producing security. |
| (2) | May be deemed to be an affiliated investment company (see Note 9). The rate shown is the annualized seven-day yield as of February 28, 2026. |
| Country Concentration of Portfolio | ||
| Country | Percentage of Net Assets |
Value |
| United States | 83.8% | $718,134,766 |
| United Kingdom | 6.6 | 56,155,662 |
| Switzerland | 3.0 | 25,344,886 |
| Netherlands | 1.9 | 16,349,458 |
| Denmark | 1.8 | 15,637,552 |
| Australia | 1.6 | 14,044,960 |
| Italy | 1.0 | 8,731,783 |
| France | 0.3 | 2,818,385 |
| Canada | 0.3 | 2,221,028 |
| Total Investments | 100.3% | $859,438,480 |
| Abbreviations: | |
| ADR | – American Depositary Receipt |
| PC | – Participation Certificate |
2
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Statement of Assets and Liabilities (Unaudited)
| February 28, 2026 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $477,696,570) | $859,195,700 |
| Affiliated investments, at value (identified cost $242,780) | 242,780 |
| Dividends receivable | 1,175,059 |
| Dividends receivable from affiliated investments | 2,805 |
| Receivable for Fund shares sold | 521,940 |
| Tax reclaims receivable | 2,763,017 |
| Receivable from affiliates | 96,348 |
| Trustees' deferred compensation plan | 84,076 |
| Total assets | $864,081,725 |
| Liabilities | |
| Payable for investments purchased | $5,000,000 |
| Payable for Fund shares redeemed | 897,256 |
| Payable to affiliates: | |
| Investment adviser fee | 416,721 |
| Administration fee | 97,684 |
| Distribution and service fees | 147,494 |
| Sub-transfer agency fee | 60,066 |
| Trustees' deferred compensation plan | 84,076 |
| Accrued expenses | 268,205 |
| Total liabilities | $6,971,502 |
| Net Assets | $857,110,223 |
| Sources of Net Assets | |
| Paid-in capital | $438,720,806 |
| Distributable earnings | 418,389,417 |
| Net Assets | $857,110,223 |
| Class A Shares | |
| Net Assets | $603,300,831 |
| Shares Outstanding | 44,610,481 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$13.52 |
| Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$14.27 |
| Class C Shares | |
| Net Assets | $16,605,708 |
| Shares Outstanding | 1,227,813 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$13.52 |
| Class I Shares | |
| Net Assets | $184,771,953 |
| Shares Outstanding | 13,140,070 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$14.06 |
3
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Statement of Assets and Liabilities (Unaudited) — continued
| February 28, 2026 | |
| Class R Shares | |
| Net Assets | $52,431,731 |
| Shares Outstanding | 3,521,962 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$14.89 |
| 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. |
4
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Statement of Operations (Unaudited)
| Six Months Ended | |
| February 28, 2026 | |
| Investment Income | |
| Dividend income | $5,298,895 |
| Dividend income from affiliated investments | 18,643 |
| Total investment income | $5,317,538 |
| Expenses | |
| Investment adviser fee | $2,691,509 |
| Administration fee | 632,164 |
| Distribution and service fees: | |
| Class A | 740,798 |
| Class C | 86,731 |
| Class R | 130,280 |
| Trustees’ fees and expenses | 24,130 |
| Custodian fee | 100,625 |
| Transfer and dividend disbursing agent fees | 397,633 |
| Legal and accounting services | 67,789 |
| Printing and postage | 22,764 |
| Registration fees | 33,299 |
| ReFlow liquidity program fees | 28,948 |
| Miscellaneous | 42,390 |
| Total expenses | $4,999,060 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $227,612 |
| Total expense reductions | $227,612 |
| Net expenses | $4,771,448 |
| Net investment income | $546,090 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $63,784,797(1) |
| Foreign currency transactions | (29,671) |
| Net realized gain | $63,755,126 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $36,599,177 |
| Foreign currency | 87,029 |
| Net change in unrealized appreciation (depreciation) | $36,686,206 |
| Net realized and unrealized gain | $100,441,332 |
| Net increase in net assets from operations | $100,987,422 |
| (1) | Includes $13,293,230 of net realized gains from redemptions in-kind. |
5
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Statements of Changes in Net Assets
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $546,090 | $3,050,060 |
| Net realized gain | 63,755,126(1) | 55,603,714 |
| Net change in unrealized appreciation (depreciation) | 36,686,206 | (209,976,236) |
| Net increase (decrease) in net assets from operations | $100,987,422 | $(151,322,462) |
| Distributions to shareholders: | ||
| Class A | $(42,486,396) | $(30,208,128) |
| Class C | (1,128,430) | (963,793) |
| Class I | (12,841,644) | (9,938,999) |
| Class R | (3,283,324) | (2,264,964) |
| Total distributions to shareholders | $(59,739,794) | $(43,375,884) |
| Transactions in shares of beneficial interest: | ||
| Class A | $(9,166,857) | $(58,555,740) |
| Class C | (1,996,660) | (3,738,867) |
| Class I | (5,822,543) | (19,975,882) |
| Class R | (1,272,423) | (4,669,086) |
| Net decrease in net assets from Fund share transactions | $(18,258,483) | $(86,939,575) |
| Net increase (decrease) in net assets | $22,989,145 | $(281,637,921) |
| Net Assets | ||
| At beginning of period | $834,121,078 | $1,115,758,999 |
| At end of period | $857,110,223 | $834,121,078 |
| (1) | Includes $13,293,230 of net realized gains from redemptions in-kind. |
6
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Financial Highlights
| Class A | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $12.90 | $15.66 | $13.15 | $12.45 | $15.26 | $13.38 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.01 | $0.04 | $0.03 | $0.04 | $0.03 | $0.04 |
| Net realized and unrealized gain (loss) | 1.59 | (2.18) | 2.81 | 1.22 | (1.63) | 2.80 |
| Total income (loss) from operations | $1.60 | $(2.14) | $2.84 | $1.26 | $(1.60) | $2.84 |
| Less Distributions | ||||||
| From net investment income | $(0.07) | $(0.02) | $(0.02) | $(0.02) | $(0.04) | $(0.07) |
| From net realized gain | (0.91) | (0.60) | (0.31) | (0.54) | (1.17) | (0.89) |
| Total distributions | $(0.98) | $(0.62) | $(0.33) | $(0.56) | $(1.21) | $(0.96) |
| Net asset value — End of period | $13.52 | $12.90 | $15.66 | $13.15 | $12.45 | $15.26 |
| Total Return(2) | 12.63%(3) | (13.86)% | 22.17% | 10.21% | (11.32)% | 22.58% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $603,301 | $583,943 | $777,744 | $708,283 | $703,965 | $853,051 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 1.21%(5) | 1.20% | 1.19% | 1.17% | 1.21% | 1.17% |
| Net expenses | 1.15%(5)(6) | 1.17%(6) | 1.16%(6) | 1.13%(6) | 1.20%(6) | 1.16% |
| Net investment income | 0.11%(5) | 0.30% | 0.21% | 0.28% | 0.22% | 0.30% |
| Portfolio Turnover | 16%(3) | 30% | 15% | 21% | 27% | 32% |
| (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) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 28, 2026 and the years ended August 31, 2025, 2024, 2023 and 2022). |
7
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $12.87 | $15.70 | $13.27 | $12.63 | $15.44 | $13.50 |
| Income (Loss) From Operations | ||||||
| Net investment loss(1) | $(0.04) | $(0.06) | $(0.07) | $(0.06) | $(0.08) | $(0.07) |
| Net realized and unrealized gain (loss) | 1.58 | (2.17) | 2.81 | 1.24 | (1.64) | 2.84 |
| Total income (loss) from operations | $1.54 | $(2.23) | $2.74 | $1.18 | $(1.72) | $2.77 |
| Less Distributions | ||||||
| From net realized gain | $(0.89) | $(0.60) | $(0.31) | $(0.54) | $(1.09) | $(0.83) |
| Total distributions | $(0.89) | $(0.60) | $(0.31) | $(0.54) | $(1.09) | $(0.83) |
| Net asset value — End of period | $13.52 | $12.87 | $15.70 | $13.27 | $12.63 | $15.44 |
| Total Return(2) | 12.14%(3) | (14.44)% | 21.20% | 9.35% | (11.91)% | 21.68% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $16,606 | $17,713 | $26,079 | $29,164 | $39,615 | $56,172 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 1.96%(5) | 1.95% | 1.94% | 1.92% | 1.96% | 1.92% |
| Net expenses | 1.90%(5)(6) | 1.92%(6) | 1.91%(6) | 1.88%(6) | 1.95%(6) | 1.91% |
| Net investment loss | (0.65)%(5) | (0.46)% | (0.54)% | (0.49)% | (0.54)% | (0.47)% |
| Portfolio Turnover | 16%(3) | 30% | 15% | 21% | 27% | 32% |
| (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) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 28, 2026 and the years ended August 31, 2025, 2024, 2023 and 2022). |
8
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $13.40 | $16.23 | $13.62 | $12.88 | $15.74 | $13.77 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.02 | $0.08 | $0.07 | $0.07 | $0.07 | $0.08 |
| Net realized and unrealized gain (loss) | 1.65 | (2.25) | 2.90 | 1.27 | (1.69) | 2.88 |
| Total income (loss) from operations | $1.67 | $(2.17) | $2.97 | $1.34 | $(1.62) | $2.96 |
| Less Distributions | ||||||
| From net investment income | $(0.10) | $(0.06) | $(0.05) | $(0.06) | $(0.07) | $(0.10) |
| From net realized gain | (0.91) | (0.60) | (0.31) | (0.54) | (1.17) | (0.89) |
| Total distributions | $(1.01) | $(0.66) | $(0.36) | $(0.60) | $(1.24) | $(0.99) |
| Net asset value — End of period | $14.06 | $13.40 | $16.23 | $13.62 | $12.88 | $15.74 |
| Total Return(2) | 12.73%(3) | (13.58)% | 22.46% | 10.46% | (11.07)% | 22.89% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $184,772 | $181,656 | $245,070 | $203,614 | $209,646 | $221,892 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.96%(5) | 0.95% | 0.94% | 0.92% | 0.96% | 0.92% |
| Net expenses | 0.90%(5)(6) | 0.92%(6) | 0.91%(6) | 0.88%(6) | 0.95%(6) | 0.91% |
| Net investment income | 0.36%(5) | 0.56% | 0.46% | 0.52% | 0.47% | 0.55% |
| Portfolio Turnover | 16%(3) | 30% | 15% | 21% | 27% | 32% |
| (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) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 28, 2026 and the years ended August 31, 2025, 2024, 2023 and 2022). |
9
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Financial Highlights — continued
| Class R | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $14.09 | $17.05 | $14.31 | $13.52 | $16.45 | $14.35 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $(0.01) | $0.01 | $(0.01) | $0.00(2) | $(0.00)(2) | $0.01 |
| Net realized and unrealized gain (loss) | 1.75 | (2.37) | 3.06 | 1.33 | (1.76) | 3.01 |
| Total income (loss) from operations | $1.74 | $(2.36) | $3.05 | $1.33 | $(1.76) | $3.02 |
| Less Distributions | ||||||
| From net investment income | $(0.03) | $— | $— | $— | $— | $(0.03) |
| From net realized gain | (0.91) | (0.60) | (0.31) | (0.54) | (1.17) | (0.89) |
| Total distributions | $(0.94) | $(0.60) | $(0.31) | $(0.54) | $(1.17) | $(0.92) |
| Net asset value — End of period | $14.89 | $14.09 | $17.05 | $14.31 | $13.52 | $16.45 |
| Total Return(3) | 12.54%(4) | (14.05)% | 21.83% | 9.86% | (11.46)% | 22.24% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $52,432 | $50,809 | $66,865 | $62,885 | $59,042 | $70,502 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.46%(6) | 1.45% | 1.44% | 1.42% | 1.46% | 1.42% |
| Net expenses | 1.40%(6)(7) | 1.42%(7) | 1.41%(7) | 1.38%(7) | 1.45%(7) | 1.41% |
| Net investment income (loss) | (0.14)%(6) | 0.05% | (0.04)% | 0.03% | (0.02)% | 0.05% |
| Portfolio Turnover | 16%(4) | 30% | 15% | 21% | 27% | 32% |
| (1) | Computed using average shares outstanding. |
| (2) | Amount is less than $0.005 or $(0.005), as applicable. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 28, 2026 and the years ended August 31, 2025, 2024, 2023 and 2022). |
10
See Notes to Financial Statements.
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Worldwide Health Sciences Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital growth by investing in a worldwide and diversified portfolio of health sciences companies. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.
The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.
Equity Securities. Equity securities (common stocks and exchange-traded funds) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries’ tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder’s income tax
11
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund’s shareholders. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal and Other 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, 2026, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.
E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.
F Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.
J Interim Financial Statements—The interim financial statements relating to February 28, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. 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.
12
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
The cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2026, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $485,350,722 |
| Gross unrealized appreciation | $382,923,961 |
| Gross unrealized depreciation | (8,836,203) |
| Net unrealized appreciation | $374,087,758 |
3 Investment Adviser Fee and Other Transactions with Affiliates
The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.675% |
| $500 million but less than $1 billion | 0.590% |
| $1 billion but less than $1.5 billion | 0.520% |
| $1.5 billion but less than $2 billion | 0.490% |
| $2 billion but less than $2.5 billion | 0.470% |
| $2.5 billion and over | 0.450% |
In addition, EVM’s fee is subject to an upward or downward performance adjustment of up to 0.15% (annually) of the average daily net assets of the Fund depending on whether, and to what extent, the investment performance of the Fund differs by at least one percentage point from the record of the MSCI World Health Care Index over a 36-month performance period. For the six months ended February 28, 2026, the investment adviser fee, including a downward performance adjustment of $5,757, amounted to $2,691,509 or 0.64% (annualized) of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended February 28, 2026, the investment adviser fee paid was reduced by $750 relating to the Fund’s investment in the Liquidity Fund.
The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended February 28, 2026, the administration fee amounted to $632,164.
EVM and EVAIL have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, any performance-based adjustment to an asset-based investment advisory fee, borrowing costs, taxes or litigation expenses) exceed 1.15%, 1.90%, 0.90% and 1.40% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after January 1, 2027. Pursuant to this agreement, EVM and EVAIL waived and/or reimbursed $226,862 in total of the Fund’s operating expenses for the six months ended February 28, 2026.
EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended February 28, 2026, EVM earned $78,472 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 $1,147 as its portion of the sales charge on sales of Class A shares for the six months ended February 28, 2026. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).
Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.
13
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
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 six months ended February 28, 2026 amounted to $740,798 for Class A shares.
The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended February 28, 2026, the Fund paid or accrued to EVD $65,048 for Class C shares.
The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended February 28, 2026, the Fund paid or accrued to EVD $65,140 for Class R shares.
Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended February 28, 2026 amounted to $21,683 and $65,140 for Class C and Class R shares, respectively.
Distribution and service fees are subject to the limitations contained in the Financial Industry Regulatory Authority Rule 2341(d).
5 Contingent Deferred Sales Charges
A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended February 28, 2026, the Fund was informed that EVD received $237 and $145 of CDSCs paid by Class A and Class C shareholders, respectively.
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $133,972,541 and $186,906,851, respectively, for the six months ended February 28, 2026. In-kind sales for the six months ended February 28, 2026 aggregated $19,390,106.
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. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 520,299 | $ 6,880,663 | 995,825 | $13,528,246 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 2,907,065 | 38,082,547 | 1,984,694 | 27,091,075 | |
| Redemptions | (4,067,827) | (54,130,067) | (7,402,605) | (99,175,061) | |
| Net decrease | (640,463) | $(9,166,857) | (4,422,086) | $(58,555,740) | |
14
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class C | |||||
| Sales | 42,289 | $ 555,063 | 158,128 | $ 2,156,471 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 84,336 | 1,107,333 | 69,384 | 949,167 | |
| Redemptions | (275,501) | (3,659,056) | (511,770) | (6,844,505) | |
| Net decrease | (148,876) | $(1,996,660) | (284,258) | $(3,738,867) | |
| Class I | |||||
| Sales | 2,039,954 | $28,153,920 | 1,988,838 | $27,983,692 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 791,211 | 10,776,299 | 589,818 | 8,340,029 | |
| Redemptions | (3,249,285) | (44,752,762) | (4,118,614) | (56,299,603) | |
| Net decrease | (418,120) | $(5,822,543) | (1,539,958) | $(19,975,882) | |
| Class R | |||||
| Sales | 121,252 | $ 1,763,989 | 264,956 | $ 3,912,119 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 227,258 | 3,279,337 | 151,493 | 2,261,796 | |
| Redemptions | (431,432) | (6,315,749) | (732,602) | (10,843,001) | |
| Net decrease | (82,922) | $(1,272,423) | (316,153) | $(4,669,086) | |
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended February 28, 2026.
9 Affiliated Investments
At February 28, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $242,780, which represents less than 0.05% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended February 28, 2026 were as follows:
| Name | Value, beginning of period |
Purchases | Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $812,863 | $56,397,807 | $(56,967,890) | $ — | $ — | $242,780 | $18,643 | 242,780 |
15
Eaton Vance
Worldwide Health Sciences Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
10 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At February 28, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Biotechnology | $152,276,969 | $ 18,958,937 | $ — | $171,235,906 |
| Health Care Distributors | 6,242,153 | 3,494,205 | — | 9,736,358 |
| Health Care Equipment | 126,572,901 | 10,054,081 | — | 136,626,982 |
| Health Care Services | 5,810,178 | — | — | 5,810,178 |
| Health Care Supplies | 10,728,251 | 2,818,385 | — | 13,546,636 |
| Health Care Technology | 5,071,530 | — | — | 5,071,530 |
| Life Sciences Tools & Services | 50,263,667 | 15,290,805 | — | 65,554,472 |
| Managed Health Care | 32,068,781 | — | — | 32,068,781 |
| Pharmaceuticals | 260,514,079 | 159,030,778 | — | 419,544,857 |
| Total Common Stocks | $649,548,509 | $ 209,647,191* | $ — | $859,195,700 |
| Short-Term Investments | $ 242,780 | $ — | $ — | $ 242,780 |
| Total Investments | $649,791,289 | $ 209,647,191 | $ — | $859,438,480 |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
11 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
Concentration of Risk
As the Fund invests a significant portion of its assets in pharmaceutical, biotechnology, life sciences, and health care equipment and services companies, it may be affected by developments that adversely affect such companies. These developments include product obsolescence, the failure of a company to develop new products and the expiration of patent rights. The value of the Fund’s shares can also be impacted by regulatory activities that affect health sciences companies. The Fund has historically held approximately 60 stocks or less at any one time; therefore, it is more sensitive to developments affecting particular stocks than would be a more broadly diversified fund.
16
ETHSX-NCSR 2.28.26
Eaton Vance
Equity Strategy Fund
Semi-Annual Financial Statements and
Additional Information
Additional Information
February 28, 2026
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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.
Semi-Annual Financial Statements and Additional Information February 28, 2026
Eaton Vance
Equity Strategy Fund
Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited)
1
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
2
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
3
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
4
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
5
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
| (4) | Represents investment of cash collateral received in connection with securities lending. |
| Country Concentration of Portfolio | ||
| Country | Percentage of Net Assets |
Value |
| United States | 73.6% | $424,046,036 |
| Germany | 4.3 | 24,579,534 |
| Japan | 4.0 | 23,310,958 |
| France | 3.0 | 16,984,813 |
| Spain | 1.7 | 9,984,430 |
| United Kingdom | 1.4 | 7,924,693 |
| Italy | 1.4 | 7,902,348 |
| Sweden | 1.3 | 7,697,477 |
| United Arab Emirates | 1.3 | 7,233,444 |
| Netherlands | 0.7 | 4,311,655 |
| Switzerland | 0.6 | 3,174,763 |
| Australia | 0.2 | 1,342,256 |
| Canada | 0.2 | 1,228,940 |
| Ireland | 0.2 | 1,226,260 |
| Exchange-Traded Funds | 9.4 | 53,844,741 |
| Total Investments | 103.3% | $594,792,348 |
| Abbreviations: | |
| REITs | – Real Estate Investment Trusts |
6
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Statement of Assets and Liabilities (Unaudited)
| February 28, 2026 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $370,086,219) — including $25,440,243 of securities on loan | $580,144,481 |
| Affiliated investments, at value (identified cost $14,647,867) | 14,647,867 |
| Foreign currency, at value (identified cost $842,884) | 844,770 |
| Dividends receivable | 378,541 |
| Dividends receivable from affiliated investments | 37,613 |
| Receivable for Fund shares sold | 73,186 |
| Securities lending income receivable | 4,947 |
| Tax reclaims receivable | 953,324 |
| Receivable from affiliates | 16,611 |
| Trustees' deferred compensation plan | 93,384 |
| Total assets | $597,194,724 |
| Liabilities | |
| Collateral for securities loaned | $20,213,172 |
| Payable for Fund shares redeemed | 400,662 |
| Payable to affiliates: | |
| Investment adviser and administration fee | 328,559 |
| Distribution and service fees | 42,280 |
| Sub-transfer agency fee | 4,959 |
| Trustees' deferred compensation plan | 93,384 |
| Accrued expenses | 178,798 |
| Total liabilities | $21,261,814 |
| Net Assets | $575,932,910 |
| Sources of Net Assets | |
| Paid-in capital | $341,753,700 |
| Distributable earnings | 234,179,210 |
| Net Assets | $575,932,910 |
| Class A Shares | |
| Net Assets | $163,832,606 |
| Shares Outstanding | 8,660,697 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$18.92 |
| Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$19.97 |
| Class C Shares | |
| Net Assets | $13,612,023 |
| Shares Outstanding | 739,714 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$18.40 |
| Class I Shares | |
| Net Assets | $398,488,281 |
| Shares Outstanding | 21,045,976 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$18.93 |
| 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. |
7
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Statement of Operations (Unaudited)
| Six Months Ended | |
| February 28, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $91,005) | $3,450,552 |
| Dividend income from affiliated investments | 203,762 |
| Interest income | 618 |
| Securities lending income, net | 16,715 |
| Total investment income | $3,671,647 |
| Expenses | |
| Investment adviser and administration fee | $1,826,194 |
| Distribution and service fees: | |
| Class A | 204,230 |
| Class C | 76,382 |
| Trustees’ fees and expenses | 12,898 |
| Custodian fee | 86,667 |
| Transfer and dividend disbursing agent fees | 108,332 |
| Legal and accounting services | 73,011 |
| Printing and postage | 18,026 |
| Registration fees | 22,825 |
| Miscellaneous | 30,132 |
| Total expenses | $2,458,697 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $110,335 |
| Total expense reductions | $110,335 |
| Net expenses | $2,348,362 |
| Net investment income | $1,323,285 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $30,141,652 |
| Foreign currency transactions | (10,866) |
| Capital gain distributions received | 180,289 |
| Net realized gain | $30,311,075 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $24,358,490 |
| Foreign currency | 28,832 |
| Net change in unrealized appreciation (depreciation) | $24,387,322 |
| Net realized and unrealized gain | $54,698,397 |
| Net increase in net assets from operations | $56,021,682 |
8
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Statements of Changes in Net Assets
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $1,323,285 | $6,177,954 |
| Net realized gain | 30,311,075 | 93,682,568 |
| Net change in unrealized appreciation (depreciation) | 24,387,322 | (39,301,890) |
| Net increase in net assets from operations | $56,021,682 | $60,558,632 |
| Distributions to shareholders: | ||
| Class A | $(25,099,710) | $(6,442,090) |
| Class C | (2,246,409) | (645,569) |
| Class I | (45,333,238) | (19,876,791) |
| Total distributions to shareholders | $(72,679,357) | $(26,964,450) |
| Transactions in shares of beneficial interest: | ||
| Class A | $4,924,642 | $(24,560,736) |
| Class C | (1,919,614) | (6,447,767) |
| Class I | 119,888,909 | (254,547,920) |
| Net increase (decrease) in net assets from Fund share transactions | $122,893,937 | $(285,556,423) |
| Net increase (decrease) in net assets | $106,236,262 | $(251,962,241) |
| Net Assets | ||
| At beginning of period | $469,696,648 | $721,658,889 |
| At end of period | $575,932,910 | $469,696,648 |
9
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Financial Highlights
| Class A | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $19.87 | $18.84 | $17.09 | $16.35 | $21.35 | $17.83 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.04 | $0.14 | $0.15 | $0.19 | $0.18 | $0.12 |
| Net realized and unrealized gain (loss) | 2.25 | 1.59 | 3.00 | 1.43 | (2.70) | 3.86 |
| Total income (loss) from operations | $2.29 | $1.73 | $3.15 | $1.62 | $(2.52) | $3.98 |
| Less Distributions | ||||||
| From net investment income | $(0.17) | $(0.11) | $(0.19) | $(0.09) | $(0.37) | $(0.09) |
| From net realized gain | (3.07) | (0.59) | (1.21) | (0.79) | (2.11) | (0.37) |
| Total distributions | $(3.24) | $(0.70) | $(1.40) | $(0.88) | $(2.48) | $(0.46) |
| Net asset value — End of period | $18.92 | $19.87 | $18.84 | $17.09 | $16.35 | $21.35 |
| Total Return(2) | 12.12%(3) | 9.53% | 19.67% | 10.44% | (13.48)% | 22.71% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $163,833 | $165,159 | $180,756 | $170,105 | $167,077 | $198,721 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 1.14%(5) | 1.20% | 1.19% | 1.20% | 1.18% | 1.21% |
| Net expenses | 1.10%(5)(6) | 1.20%(6) | 1.19%(6) | 1.20%(6) | 1.18%(6) | 1.21% |
| Net investment income | 0.42%(5) | 0.75% | 0.86% | 1.13% | 0.94% | 0.63% |
| Portfolio Turnover | 109%(3) | 56% | 35% | 35% | 33% | 31% |
| (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) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 28, 2026 and the years ended August 31, 2025 and 2024 and less than 0.01% of average daily net assets for the years ended August 31, 2023 and 2022). |
10
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $19.32 | $18.35 | $16.65 | $15.98 | $20.90 | $17.50 |
| Income (Loss) From Operations | ||||||
| Net investment income (loss)(1) | $(0.03) | $0.00(2) | $0.02 | $0.07 | $0.03 | $(0.03) |
| Net realized and unrealized gain (loss) | 2.18 | 1.55 | 2.93 | 1.39 | (2.65) | 3.80 |
| Total income (loss) from operations | $2.15 | $1.55 | $2.95 | $1.46 | $(2.62) | $3.77 |
| Less Distributions | ||||||
| From net investment income | $— | $— | $(0.04) | $— | $(0.19) | $— |
| From net realized gain | (3.07) | (0.58) | (1.21) | (0.79) | (2.11) | (0.37) |
| Total distributions | $(3.07) | $(0.58) | $(1.25) | $(0.79) | $(2.30) | $(0.37) |
| Net asset value — End of period | $18.40 | $19.32 | $18.35 | $16.65 | $15.98 | $20.90 |
| Total Return(3) | 11.67%(4) | 8.71% | 18.82% | 9.59% | (14.18)% | 21.88% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $13,612 | $16,067 | $21,704 | $24,526 | $32,995 | $54,977 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.89%(6) | 1.95% | 1.94% | 1.95% | 1.93% | 1.96% |
| Net expenses | 1.85%(6)(7) | 1.95%(7) | 1.94%(7) | 1.95%(7) | 1.93%(7) | 1.96% |
| Net investment income (loss) | (0.32)%(6) | 0.00%(8) | 0.12% | 0.42% | 0.17% | (0.15)% |
| Portfolio Turnover | 109%(4) | 56% | 35% | 35% | 33% | 31% |
| (1) | Computed using average shares outstanding. |
| (2) | Amount is less than $0.005. |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 28, 2026 and the years ended August 31, 2025 and 2024 and less than 0.01% of average daily net assets for the years ended August 31, 2023 and 2022). |
| (8) | Amount is less than 0.005%. |
11
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $19.91 | $18.88 | $17.12 | $16.39 | $21.40 | $17.85 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.06 | $0.19 | $0.19 | $0.22 | $0.22 | $0.17 |
| Net realized and unrealized gain (loss) | 2.25 | 1.59 | 3.01 | 1.44 | (2.70) | 3.87 |
| Total income (loss) from operations | $2.31 | $1.78 | $3.20 | $1.66 | $(2.48) | $4.04 |
| Less Distributions | ||||||
| From net investment income | $(0.22) | $(0.16) | $(0.23) | $(0.14) | $(0.42) | $(0.12) |
| From net realized gain | (3.07) | (0.59) | (1.21) | (0.79) | (2.11) | (0.37) |
| Total distributions | $(3.29) | $(0.75) | $(1.44) | $(0.93) | $(2.53) | $(0.49) |
| Net asset value — End of period | $18.93 | $19.91 | $18.88 | $17.12 | $16.39 | $21.40 |
| Total Return(2) | 12.22%(3) | 9.79% | 19.99% | 10.68% | (13.27)% | 23.09% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $398,488 | $288,471 | $519,198 | $531,680 | $557,452 | $667,963 |
| Ratios (as a percentage of average daily net assets):(4) | ||||||
| Total expenses | 0.89%(5) | 0.95% | 0.94% | 0.95% | 0.93% | 0.96% |
| Net expenses | 0.85%(5)(6) | 0.95%(6) | 0.94%(6) | 0.95%(6) | 0.93%(6) | 0.96% |
| Net investment income | 0.65%(5) | 1.01% | 1.11% | 1.36% | 1.19% | 0.87% |
| Portfolio Turnover | 109%(3) | 56% | 35% | 35% | 33% | 31% |
| (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) | Not annualized. |
| (4) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (5) | Annualized. |
| (6) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended February 28, 2026 and the years ended August 31, 2025 and 2024 and less than 0.01% of average daily net assets for the years ended August 31, 2023 and 2022). |
12
See Notes to Financial Statements.
Eaton Vance
Equity Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance Equity Strategy Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek 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 November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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 (common stocks and exchange-traded funds) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. 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. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder’s income tax
13
Eaton Vance
Equity Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund’s shareholders. Interest income is recorded on the basis of interest accrued.
D Federal and Other 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, 2026, 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. Expenses do not include the Fund’s pro rata share of the indirect expenses borne by the Fund from its investments in exchange-traded funds.
F Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.
J Interim Financial Statements—The interim financial statements relating to February 28, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
2 Distributions to Shareholders and Income Tax Information
It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. 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.
14
Eaton Vance
Equity Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
The cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2026, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $385,871,066 |
| Gross unrealized appreciation | $211,023,672 |
| Gross unrealized depreciation | (2,102,390) |
| Net unrealized appreciation | $208,921,282 |
3 Investment Adviser and Administration Fee and Other Transactions with Affiliates
The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.750% |
| $500 million but less than $1 billion | 0.700% |
| $1 billion but less than $2.5 billion | 0.675% |
| $2.5 billion but less than $5 billion | 0.650% |
| $5 billion and over | 0.630% |
For the six months ended February 28, 2026, the investment adviser and administration fee amounted to $1,826,194 or 0.75% (annualized) of the Fund’s average daily net assets.
The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the six months ended February 28, 2026, the investment adviser and administration fee paid was reduced by $7,832 relating to the Fund’s investment in the Liquidity Fund.
EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses) exceed 1.10%, 1.85% and 0.85% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $102,503 of the Fund’s operating expenses for the six months ended February 28, 2026.
EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended February 28, 2026, EVM earned $6,549 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 $742 as its portion of the sales charge on sales of Class A shares for the six months ended February 28, 2026. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the six months ended February 28, 2026 in the amount of less than $100. 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. Certain officers and Trustees of the Fund are officers of EVM.
15
Eaton Vance
Equity Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
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 six months ended February 28, 2026 amounted to $204,230 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 six months ended February 28, 2026, the Fund paid or accrued to EVD $57,287 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 six months ended February 28, 2026 amounted to $19,095 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 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended February 28, 2026, the Fund was informed that EVD received $998 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 $570,700,234 and $525,125,658, respectively, for the six months ended February 28, 2026.
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, including direct exchanges pursuant to share class conversions, were as follows:
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 639,393 | $ 12,101,783 | 857,396 | $ 15,900,497 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 816,931 | 14,917,160 | 191,912 | 3,483,194 | |
| Redemptions | (1,107,535) | (22,094,301) | (2,333,925) | (43,944,427) | |
| Net increase (decrease) | 348,789 | $ 4,924,642 | (1,284,617) | $(24,560,736) | |
| Class C | |||||
| Sales | 49,558 | $ 925,819 | 88,070 | $ 1,572,425 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 102,379 | 1,821,328 | 27,303 | 484,365 | |
| Redemptions | (243,769) | (4,666,761) | (466,751) | (8,504,557) | |
| Net decrease | (91,832) | $ (1,919,614) | (351,378) | $ (6,447,767) | |
16
Eaton Vance
Equity Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class I | |||||
| Sales | 8,857,100 | $167,665,699 | 2,441,939 | $ 45,314,349 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 1,635,466 | 29,879,953 | 467,878 | 8,496,662 | |
| Redemptions | (3,934,481) | (77,656,743) | (15,925,473) | (308,358,931) | |
| Net increase (decrease) | 6,558,085 | $119,888,909 | (13,015,656) | $(254,547,920) | |
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended February 28, 2026.
9 Securities Lending Agreement
The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.
At February 28, 2026, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $25,440,243 and $26,403,886, respectively. Collateral received was comprised of cash of $20,213,172 and U.S. government and/or agencies securities of $6,190,714. 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, 2026.
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $2,508,308 | $ — | $ — | $ — | $2,508,308 |
| Exchange-Traded Funds | 17,704,864 | — | — | — | 17,704,864 |
| Total | $20,213,172 | $ — | $ — | $ — | $20,213,172 |
17
Eaton Vance
Equity Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
The carrying amount of the liability for collateral for securities loaned at February 28, 2026 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, 2026.
10 Affiliated Investments
At February 28, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $14,647,867, which represents 2.6% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended February 28, 2026 were as follows:
| Name | Value, beginning of period |
Purchases | Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Short-Term Investments | ||||||||
| Liquidity Fund | $10,425,633 | $217,027,963 | $(212,805,729) | $ — | $ — | $14,647,867 | $203,762 | 14,647,867 |
11 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At February 28, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Communication Services | $ 36,218,904 | $ 1,220,087 | $ — | $ 37,438,991 |
| Consumer Discretionary | 37,394,376 | 2,824,333 | — | 40,218,709 |
| Consumer Staples | 12,572,574 | 3,250,917 | — | 15,823,491 |
| Energy | 11,530,991 | — | — | 11,530,991 |
| Financials | 53,955,122 | 47,693,793 | — | 101,648,915 |
| Health Care | 37,133,849 | 5,944,251 | — | 43,078,100 |
| Industrials | 64,217,453 | 34,439,885 | — | 98,657,338 |
| Information Technology | 107,452,111 | 2,817,189 | — | 110,269,300 |
| Materials | 11,053,976 | 8,132,714 | — | 19,186,690 |
| Real Estate | 5,088,178 | 2,792,756 | — | 7,880,934 |
| Utilities | 8,440,187 | 11,912,922 | — | 20,353,109 |
| Total Common Stocks | $385,057,721 | $121,028,847* | $ — | $506,086,568 |
| Exchange-Traded Funds | $ 53,844,741 | $ — | $ — | $ 53,844,741 |
| Short-Term Investments: | ||||
| Affiliated Fund | 14,647,867 | — | — | 14,647,867 |
18
Eaton Vance
Equity Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
| Asset Description (continued) | Level 1 | Level 2 | Level 3 | Total |
| Securities Lending Collateral | $ 20,213,172 | $ — | $ — | $ 20,213,172 |
| Total Investments | $473,763,501 | $ 121,028,847 | $ — | $594,792,348 |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
12 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
19
ERBAX-NCSR 2.28.26
Eaton Vance
All Asset Strategy Fund
Semi-Annual Financial Statements and
Additional Information
Additional Information
February 28, 2026
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 prospectus and/or statement of additional information, which can be obtained by calling 1-800-262-1122 or from a financial intermediary. Prospective investors should read the prospectus carefully before investing.
Semi-Annual Financial Statements and Additional Information February 28, 2026
Eaton Vance
All Asset Strategy Fund
Items 8, 9 and 11 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited)
1
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
2
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
3
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
4
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
5
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Portfolio of Investments (Unaudited) — continued
6
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Statement of Assets and Liabilities (Unaudited)
| February 28, 2026 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $124,373,478) — including $4,729,793 of securities on loan | $181,326,363 |
| Affiliated investments, at value (identified cost $54,602,240) | 55,624,671 |
| Foreign currency, at value (identified cost $251,943) | 252,592 |
| Dividends receivable | 112,319 |
| Dividends receivable from affiliated investments | 194,425 |
| Receivable for Fund shares sold | 10,402 |
| Securities lending income receivable | 1,095 |
| Tax reclaims receivable | 363,088 |
| Receivable from affiliates | 64,645 |
| Trustees' deferred compensation plan | 54,903 |
| Total assets | $238,004,503 |
| Liabilities | |
| Collateral for securities loaned | $3,016,959 |
| Payable for Fund shares redeemed | 473,550 |
| Payable to affiliates: | |
| Investment adviser and administration fee | 136,175 |
| Distribution and service fees | 32,727 |
| Sub-transfer agency fee | 5,261 |
| Trustees' deferred compensation plan | 54,903 |
| Accrued expenses | 123,208 |
| Total liabilities | $3,842,783 |
| Net Assets | $234,161,720 |
| Sources of Net Assets | |
| Paid-in capital | $175,344,332 |
| Distributable earnings | 58,817,388 |
| Net Assets | $234,161,720 |
| Class A Shares | |
| Net Assets | $81,410,749 |
| Shares Outstanding | 5,005,775 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$16.26 |
| Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$17.16 |
| Class C Shares | |
| Net Assets | $21,622,887 |
| Shares Outstanding | 1,353,603 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$15.97 |
| Class I Shares | |
| Net Assets | $131,128,084 |
| Shares Outstanding | 8,030,295 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$16.33 |
| 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. |
7
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Statement of Operations (Unaudited)
| Six Months Ended | |
| February 28, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $30,143) | $1,879,518 |
| Dividend income from affiliated investments | 1,400,460 |
| Interest income | 80,367 |
| Securities lending income, net | 7,977 |
| Total investment income | $3,368,322 |
| Expenses | |
| Investment adviser and administration fee | $922,640 |
| Distribution and service fees: | |
| Class A | 99,849 |
| Class C | 117,126 |
| Trustees’ fees and expenses | 6,919 |
| Custodian fee | 43,934 |
| Transfer and dividend disbursing agent fees | 76,743 |
| Legal and accounting services | 49,211 |
| Printing and postage | 14,190 |
| Registration fees | 25,861 |
| Miscellaneous | 13,337 |
| Total expenses | $1,369,810 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $222,213 |
| Total expense reductions | $222,213 |
| Net expenses | $1,147,597 |
| Net investment income | $2,220,725 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $2,391,580 |
| Investment transactions - affiliated investments | 208,059 |
| Foreign currency transactions | (12,604) |
| Capital gain distributions received | 61,609 |
| Net realized gain | $2,648,644 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $16,411,505 |
| Investments - affiliated investments | 962,220 |
| Foreign currency | 10,032 |
| Net change in unrealized appreciation (depreciation) | $17,383,757 |
| Net realized and unrealized gain | $20,032,401 |
| Net increase in net assets from operations | $22,253,126 |
8
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Statements of Changes in Net Assets
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $2,220,725 | $8,343,892 |
| Net realized gain | 2,648,644 | 23,350,865 |
| Net change in unrealized appreciation (depreciation) | 17,383,757 | (18,900,753) |
| Net increase in net assets from operations | $22,253,126 | $12,794,004 |
| Distributions to shareholders: | ||
| Class A | $(1,989,722) | $(1,768,236) |
| Class C | (361,774) | (441,683) |
| Class I | (3,826,964) | (6,456,747) |
| Total distributions to shareholders | $(6,178,460) | $(8,666,666) |
| Transactions in shares of beneficial interest: | ||
| Class A | $(4,149,365) | $(12,685,287) |
| Class C | (5,215,721) | (15,921,411) |
| Class I | (30,512,102) | (142,565,439) |
| Net decrease in net assets from Fund share transactions | $(39,877,188) | $(171,172,137) |
| Net decrease in net assets | $(23,802,522) | $(167,044,799) |
| Net Assets | ||
| At beginning of period | $257,964,242 | $425,009,041 |
| At end of period | $234,161,720 | $257,964,242 |
9
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Financial Highlights
| Class A | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $15.26 | $14.69 | $13.50 | $13.48 | $16.21 | $15.14 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.14 | $0.33 | $0.31 | $0.26 | $0.15 | $0.13 |
| Net realized and unrealized gain (loss) | 1.26 | 0.54 | 1.20 | (0.13) | (2.04) | 1.39 |
| Total income (loss) from operations | $1.40 | $0.87 | $1.51 | $0.13 | $(1.89) | $1.52 |
| Less Distributions | ||||||
| From net investment income | $(0.40) | $(0.30) | $(0.32) | $(0.11) | $(0.14) | $(0.09) |
| From net realized gain | — | — | — | (0.00)(2) | (0.70) | (0.36) |
| Total distributions | $(0.40) | $(0.30) | $(0.32) | $(0.11) | $(0.84) | $(0.45) |
| Net asset value — End of period | $16.26 | $15.26 | $14.69 | $13.50 | $13.48 | $16.21 |
| Total Return(3) | 9.26%(4) | 6.06% | 11.34% | 0.95% | (12.29)% | 10.23% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $81,411 | $80,384 | $89,981 | $94,064 | $102,903 | $118,419 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.19%(6) | 1.25% | 1.23% | 1.23% | 1.18% | 1.18% |
| Net expenses | 1.01%(6)(7) | 1.24%(7) | 1.23%(7) | 1.23%(7) | 1.18%(7) | 1.18% |
| Net investment income | 1.74%(6) | 2.22% | 2.27% | 1.91% | 1.03% | 0.82% |
| Portfolio Turnover | 50%(4) | 76% | 49% | 35% | 70% | 63% |
| (1) | Computed using average shares outstanding. |
| (2) | Amount is less than $(0.005). |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund and in other affiliated funds (equal to 0.09% of average daily net assets for the six months ended February 28, 2026 and less than 0.01% of average daily net assets for the years ended August 31, 2025, 2024, 2023 and 2022). |
10
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Financial Highlights — continued
| Class C | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $14.90 | $14.34 | $13.17 | $13.14 | $15.81 | $14.78 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.07 | $0.21 | $0.21 | $0.15 | $0.04 | $0.01 |
| Net realized and unrealized gain (loss) | 1.25 | 0.52 | 1.16 | (0.12) | (1.99) | 1.35 |
| Total income (loss) from operations | $1.32 | $0.73 | $1.37 | $0.03 | $(1.95) | $1.36 |
| Less Distributions | ||||||
| From net investment income | $(0.25) | $(0.17) | $(0.20) | $— | $(0.02) | $— |
| From net realized gain | — | — | — | (0.00)(2) | (0.70) | (0.33) |
| Total distributions | $(0.25) | $(0.17) | $(0.20) | $(0.00)(2) | $(0.72) | $(0.33) |
| Net asset value — End of period | $15.97 | $14.90 | $14.34 | $13.17 | $13.14 | $15.81 |
| Total Return(3) | 8.89%(4) | 5.18% | 10.50% | 0.24% | (12.92)% | 9.34% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $21,623 | $25,171 | $40,187 | $54,117 | $69,060 | $95,493 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 1.94%(6) | 2.00% | 1.98% | 1.98% | 1.93% | 1.93% |
| Net expenses | 1.76%(6)(7) | 1.99%(7) | 1.98%(7) | 1.98%(7) | 1.93%(7) | 1.93% |
| Net investment income | 0.97%(6) | 1.49% | 1.54% | 1.15% | 0.28% | 0.05% |
| Portfolio Turnover | 50%(4) | 76% | 49% | 35% | 70% | 63% |
| (1) | Computed using average shares outstanding. |
| (2) | Amount is less than $(0.005). |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund and in other affiliated funds (equal to 0.09% of average daily net assets for the six months ended February 28, 2026 and less than 0.01% of average daily net assets for the years ended August 31, 2025, 2024, 2023 and 2022). |
11
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Financial Highlights — continued
| Class I | ||||||
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, | |||||
| 2025 | 2024 | 2023 | 2022 | 2021 | ||
| Net asset value — Beginning of period | $15.34 | $14.77 | $13.57 | $13.56 | $16.30 | $15.22 |
| Income (Loss) From Operations | ||||||
| Net investment income(1) | $0.16 | $0.37 | $0.35 | $0.29 | $0.19 | $0.17 |
| Net realized and unrealized gain (loss) | 1.27 | 0.54 | 1.20 | (0.13) | (2.05) | 1.39 |
| Total income (loss) from operations | $1.43 | $0.91 | $1.55 | $0.16 | $(1.86) | $1.56 |
| Less Distributions | ||||||
| From net investment income | $(0.44) | $(0.34) | $(0.35) | $(0.15) | $(0.18) | $(0.12) |
| From net realized gain | — | — | — | (0.00)(2) | (0.70) | (0.36) |
| Total distributions | $(0.44) | $(0.34) | $(0.35) | $(0.15) | $(0.88) | $(0.48) |
| Net asset value — End of period | $16.33 | $15.34 | $14.77 | $13.57 | $13.56 | $16.30 |
| Total Return(3) | 9.42%(4) | 6.30% | 11.64% | 1.18% | (12.06)% | 10.47% |
| Ratios/Supplemental Data | ||||||
| Net assets, end of period (000’s omitted) | $131,128 | $152,409 | $294,841 | $358,320 | $537,988 | $665,055 |
| Ratios (as a percentage of average daily net assets):(5) | ||||||
| Total expenses | 0.94%(6) | 0.99% | 0.98% | 0.98% | 0.93% | 0.93% |
| Net expenses | 0.76%(6)(7) | 0.98%(7) | 0.98%(7) | 0.98%(7) | 0.93%(7) | 0.93% |
| Net investment income | 1.98%(6) | 2.50% | 2.52% | 2.16% | 1.28% | 1.06% |
| Portfolio Turnover | 50%(4) | 76% | 49% | 35% | 70% | 63% |
| (1) | Computed using average shares outstanding. |
| (2) | Amount is less than $(0.005). |
| (3) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (4) | Not annualized. |
| (5) | Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Fund. |
| (6) | Annualized. |
| (7) | Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund and in other affiliated funds (equal to 0.09% of average daily net assets for the six months ended February 28, 2026 and less than 0.01% of average daily net assets for the years ended August 31, 2025, 2024, 2023 and 2022). |
12
See Notes to Financial Statements.
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited)
1 Significant Accounting Policies
Eaton Vance All Asset Strategy Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek 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 November 5, 2020, Class C shares automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I 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 (common stocks and exchange-traded funds) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.
Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.
C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. 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. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those
13
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder’s income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund’s shareholders. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.
D Federal and Other 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, 2026, 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. Expenses do not include the Fund’s pro rata share of the indirect expenses borne by the Fund from its investments in exchange-traded funds.
F Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.
G Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.
H Indemnifications—Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.
I Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.
J Interim Financial Statements—The interim financial statements relating to February 28, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.
14
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
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.
At August 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $1,589,131 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at August 31, 2025, $1,589,131 are short-term.
The cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2026, as determined on a federal income tax basis, were as follows:
| Aggregate cost | $179,498,799 |
| Gross unrealized appreciation | $57,812,409 |
| Gross unrealized depreciation | (360,174) |
| Net unrealized appreciation | $57,452,235 |
3 Investment Adviser and Administration Fee and Other Transactions with Affiliates
The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.750% |
| $500 million but less than $1 billion | 0.700% |
| $1 billion but less than $2.5 billion | 0.675% |
| $2.5 billion but less than $5 billion | 0.650% |
| $5 billion and over | 0.630% |
For the six months ended February 28, 2026, the investment adviser and administration fee amounted to $922,640 or 0.75% (annualized) of the Fund’s average daily net assets.
The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley, and in other affiliated funds. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund and in other affiliated funds. For the six months ended February 28, 2026, the investment adviser and administration fee paid was reduced by $115,197 relating to the Fund’s investment in the Liquidity Fund and in other affiliated funds.
EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses) exceed 1.10%, 1.85% and 0.85% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $107,016 of the Fund's operating expenses for the six months ended February 28, 2026.
15
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended February 28, 2026, EVM earned $6,914 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 $402 as its portion of the sales charge on sales of Class A shares for the six months ended February 28, 2026. 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. 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 six months ended February 28, 2026 amounted to $99,849 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 six months ended February 28, 2026, the Fund paid or accrued to EVD $87,844 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 six months ended February 28, 2026 amounted to $29,282 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 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended February 28, 2026, the Fund was informed that EVD received $827 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 $121,872,545 and $163,288,713, respectively, for the six months ended February 28, 2026.
16
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — 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, including direct exchanges pursuant to share class conversions, were as follows:
| Six Months Ended February 28, 2026 (Unaudited) |
Year Ended August 31, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 304,078 | $ 4,830,309 | 901,656 | $ 13,172,904 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 75,815 | 1,194,851 | 70,413 | 1,008,312 | |
| Redemptions | (643,057) | (10,174,525) | (1,827,916) | (26,866,503) | |
| Net decrease | (263,164) | $(4,149,365) | (855,847) | $(12,685,287) | |
| Class C | |||||
| Sales | 14,929 | $ 231,290 | 72,228 | $ 1,035,133 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 19,520 | 302,557 | 24,447 | 343,719 | |
| Redemptions | (369,856) | (5,749,568) | (1,210,853) | (17,300,263) | |
| Net decrease | (335,407) | $(5,215,721) | (1,114,178) | $(15,921,411) | |
| Class I | |||||
| Sales | 272,908 | $ 4,338,847 | 2,033,614 | $ 29,728,159 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 155,851 | 2,465,560 | 326,204 | 4,687,550 | |
| Redemptions | (2,336,221) | (37,316,509) | (12,384,378) | (176,981,148) | |
| Net decrease | (1,907,462) | $(30,512,102) | (10,024,560) | $(142,565,439) | |
8 Line of Credit
The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. 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 generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended February 28, 2026.
17
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
9 Securities Lending Agreement
The Fund has established a securities lending agreement with State Street Bank and Trust Company (SSBT) as securities lending agent in which the Fund lends portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned is determined daily and any additional required collateral is delivered to the Fund on the next business day. Cash collateral is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earns interest on the amount invested but it must pay (and at times receive from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earns a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received is allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations. Non-cash collateral is held by the lending agent on behalf of the Fund and cannot be sold or re-pledged by the Fund; accordingly, such collateral is not reflected in the Statement of Assets and Liabilities.
The Fund is subject to possible delay in the recovery of loaned securities. Pursuant to the securities lending agreement, SSBT has provided indemnification to the Fund in the event of default by a borrower with respect to a loan. The Fund bears the risk of loss with respect to the investment of cash collateral.
At February 28, 2026, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $4,729,793 and $4,888,501, respectively. Collateral received was comprised of cash of $3,016,959 and U.S. government and/or agencies securities of $1,871,542. 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, 2026.
| Remaining Contractual Maturity of the Transactions | |||||
| Overnight and Continuous |
<30 days | 30 to 90 days | >90 days | Total | |
| Common Stocks | $27,680 | $ — | $ — | $ — | $27,680 |
| Exchange-Traded Funds | 2,989,279 | — | — | — | 2,989,279 |
| Total | $3,016,959 | $ — | $ — | $ — | $3,016,959 |
The carrying amount of the liability for collateral for securities loaned at February 28, 2026 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, 2026.
10 Affiliated Investments
At February 28, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $55,624,671, which represents 23.8% of the Fund's net assets. Transactions in such investments by the Fund for the six months ended February 28, 2026 were as follows:
| Name | Value, beginning of period |
Purchases | Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end of period |
Dividend income |
Shares, end of period |
| Exchange-Traded Funds | ||||||||
| Eaton Vance Mortgage Opportunities ETF | $28,421,809 | $ 53,105 | $(3,047,868) | $ 44,718 | $529,185 | $26,000,949 | $631,620 | 507,960 |
| Eaton Vance Total Return Bond ETF | 39,406,889 | 48,434 | (14,578,345) | 163,341 | 433,035 | 25,473,354 | 701,754 | 489,778 |
| Short-Term Investments | ||||||||
| Liquidity Fund | 6,505,773 | 32,138,262 | (34,493,667) | — | — | 4,150,368 | 67,086 | 4,150,368 |
| Total | $208,059 | $962,220 | $55,624,671 | $1,400,460 | ||||
18
Eaton Vance
All Asset Strategy Fund
February 28, 2026
Notes to Financial Statements (Unaudited) — continued
11 Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 – quoted prices in active markets for identical investments |
| • | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
| • | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
At February 28, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3 | Total |
| Common Stocks: | ||||
| Communication Services | $ 8,742,094 | $ 752,728 | $ — | $ 9,494,822 |
| Consumer Discretionary | 9,815,536 | 712,203 | — | 10,527,739 |
| Consumer Staples | 3,612,167 | 601,546 | — | 4,213,713 |
| Energy | 3,011,136 | — | — | 3,011,136 |
| Financials | 15,430,969 | 11,494,047 | — | 26,925,016 |
| Health Care | 10,045,684 | 1,875,071 | — | 11,920,755 |
| Industrials | 14,894,938 | 8,995,343 | — | 23,890,281 |
| Information Technology | 27,020,596 | 770,432 | — | 27,791,028 |
| Materials | 3,568,893 | 1,451,229 | — | 5,020,122 |
| Real Estate | 887,289 | 1,542,765 | — | 2,430,054 |
| Utilities | 2,267,427 | 2,985,840 | — | 5,253,267 |
| Total Common Stocks | $ 99,296,729 | $31,181,204* | $ — | $130,477,933 |
| Exchange-Traded Funds | $ 91,828,489 | $ — | $ — | $ 91,828,489 |
| Sovereign Government Bonds | — | 7,477,285 | — | 7,477,285 |
| Short-Term Investments: | ||||
| Affiliated Fund | 4,150,368 | — | — | 4,150,368 |
| Securities Lending Collateral | 3,016,959 | — | — | 3,016,959 |
| Total Investments | $198,292,545 | $ 38,658,489 | $ — | $236,951,034 |
| * | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
12 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.
19
EARAX-NCSR 2.28.26
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.
Item 16. 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 control 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19. Exhibits
| (a)(1) |
Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
| (a)(2)(i) |
Principal Financial Officer’s Section 302 certification. | |
| (a)(2)(ii) |
Principal Executive Officer’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/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: | April 21, 2026 | |
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 | ||
| Principal Financial Officer | ||
| Date: April 21, 2026 | ||
| By: | /s/ Kenneth A. Topping | |
| Kenneth A. Topping | ||
| Principal Executive Officer | ||
| Date: | April 21, 2026 | |