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)
February 28
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
The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by the report. The new Fund policy is substantially similar to the superseded Fund policy but now has an expanded scope that applies to 1940 Act Fund families. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The registrant’s Board of Trustees has determined that George J. Gorman, an “independent” Trustee, is an “audit committee financial expert” serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.
Item 4. Principal Accountant Fees and Services
Eaton Vance Focused Growth Opportunities Fund and Eaton Vance Focused Value Opportunities Fund (the “Fund(s)”) are series of Eaton Vance Growth Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 10 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-5end management investment company. This Form N-CSR relates to the Funds’ annual reports.
(a)-(d)
The following tables present the aggregate fees billed to each Fund for each Fund’s fiscal years ended February 28, 2025 and February 28, 2026 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by D&T during those periods.
Eaton Vance Focused Growth Opportunities Fund
| Fiscal Years Ended |
2/28/25 | 2/28/26 | ||||||
| Audit Fees |
$ | 35,100 | $ | 34,600 | ||||
| Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
| Tax Fees(2) |
$ | 0 | $ | 0 | ||||
| All Other Fees(3) |
$ | 0 | $ | 0 | ||||
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| Total |
$ | 35,100 | $ | 34,600 | ||||
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Eaton Vance Focused Value Opportunities Fund
| Fiscal Years Ended |
2/28/25 | 2/28/26 | ||||||
| Audit Fees |
$ | 31,500 | $ | 34,600 | ||||
| Audit-Related Fees(1) |
$ | 0 | $ | 0 | ||||
| Tax Fees(2) |
$ | 0 | $ | 0 | ||||
| All Other Fees(3) |
$ | 0 | $ | 0 | ||||
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| Total |
$ | 31,500 | $ | 34,600 | ||||
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| (1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
| (2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
| (3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
The various Series comprising the Trust have varying fiscal year ends (February 28/29, August 31, September 30 or November 30). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.
| Fiscal Years Ended |
8/31/24 | 9/30/24 | 11/30/24 | 2/28/25 | 8/31/25 | 9/30/25 | 11/30/25 | 2/28/26 | ||||||||||||||||||||||||
| Audit Fees |
$ | 172,300 | $ | 119,800 | $ | 33,900 | $ | 70,200 | $ | 172,300 | $ | 119,800 | $ | 28,900 | $ | 69,200 | ||||||||||||||||
| Audit-Related Fees(1) |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
| Tax Fees(2) |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
| All Other Fees(3) |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
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| Total |
$ | 172,300 | $ | 119,800 | $ | 33,900 | $ | 70,200 | $ | 172,300 | $ | 119,800 | $ | 28,900 | $ | 69,200 | ||||||||||||||||
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| (1) | Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees. |
| (2) | Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters. |
| (3) | All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last 2 fiscal years of each Series.
| Fiscal Years Ended |
8/31/24 | 9/30/24 | 11/30/24 | 2/28/25 | 8/31/25 | 9/30/25 | 11/30/25 | 2/28/26 | ||||||||||||||||||||||||
| Registrant(1) |
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
| Eaton Vance(2) |
$ | 18,490 | $ | 18,490 | $ | 18,490 | $ | 18,490 | $ | 18,490 | $ | 18,490 | $ | 18,490 | $ | 18,490 | ||||||||||||||||
| (1) | Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds. |
| (2) | Various subsidiaries of Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable). |
(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.
(i) Not applicable.
(j) Not applicable.
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
Focused Value Opportunities Fund
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.
Annual Financial Statements and Additional Information February 28, 2026
Eaton Vance
Focused Value Opportunities 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
Focused Value Opportunities Fund
February 28, 2026
Portfolio of Investments
1
See Notes to Financial Statements.
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Portfolio of Investments — continued
2
See Notes to Financial Statements.
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Statement of Assets and Liabilities
| February 28, 2026 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $53,265,900) | $69,915,934 |
| Affiliated investments, at value (identified cost $4,945) | 4,945 |
| Cash | 78 |
| Dividends receivable | 137,575 |
| Dividends receivable from affiliated investments | 1,437 |
| Receivable for investments sold | 768,817 |
| Receivable for Fund shares sold | 210,987 |
| Receivable from affiliates | 33,433 |
| Trustees' deferred compensation plan | 11,648 |
| Total assets | $71,084,854 |
| Liabilities | |
| Payable for line of credit | $430,000 |
| Payable for Fund shares redeemed | 65,087 |
| Payable to affiliates: | |
| Investment adviser and administration fee | 35,309 |
| Distribution and service fees | 8,753 |
| Sub-transfer agency fee | 3,180 |
| Trustees' deferred compensation plan | 11,648 |
| Payable for legal and accounting services | 46,373 |
| Accrued expenses | 57,368 |
| Total liabilities | $657,718 |
| Net Assets | $70,427,136 |
| Sources of Net Assets | |
| Paid-in capital | $38,535,450 |
| Distributable earnings | 31,891,686 |
| Net Assets | $70,427,136 |
| Class A Shares | |
| Net Assets | $16,629,311 |
| Shares Outstanding | 749,883 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$22.18 |
| Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$23.41 |
| Class C Shares | |
| Net Assets | $7,216,385 |
| Shares Outstanding | 338,044 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$21.35 |
| Class I Shares | |
| Net Assets | $46,581,440 |
| Shares Outstanding | 2,088,189 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$22.31 |
| 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. |
3
See Notes to Financial Statements.
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Statement of Operations
| Year Ended | |
| February 28, 2026 | |
| Investment Income | |
| Dividend income | $3,997,256 |
| Dividend income from affiliated investments | 143,915 |
| Total investment income | $4,141,171 |
| Expenses | |
| Investment adviser and administration fee | $1,355,137 |
| Distribution and service fees: | |
| Class A | 39,250 |
| Class C | 68,319 |
| Trustees’ fees and expenses | 13,877 |
| Custodian fee | 66,238 |
| Transfer and dividend disbursing agent fees | 84,919 |
| Legal and accounting services | 74,017 |
| Printing and postage | 10,979 |
| Registration fees | 38,760 |
| ReFlow liquidity program fees | 40,912 |
| Miscellaneous | 26,865 |
| Total expenses | $1,819,273 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $171,798 |
| Total expense reductions | $171,798 |
| Net expenses | $1,647,475 |
| Net investment income | $2,493,696 |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $44,765,875(1) |
| Net realized gain | $44,765,875 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $(22,352,312) |
| Net change in unrealized appreciation (depreciation) | $(22,352,312) |
| Net realized and unrealized gain | $22,413,563 |
| Net increase in net assets from operations | $24,907,259 |
| (1) | Includes $11,073,100 of net realized gains from redemptions in-kind. |
4
See Notes to Financial Statements.
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Statements of Changes in Net Assets
| Year Ended February 28, | ||
| 2026 | 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment income | $2,493,696 | $3,245,506 |
| Net realized gain | 44,765,875(1) | 35,068,182(2) |
| Net change in unrealized appreciation (depreciation) | (22,352,312) | (3,137,693) |
| Net increase in net assets from operations | $24,907,259 | $35,175,995 |
| Distributions to shareholders: | ||
| Class A | $(800,145) | $(999,628) |
| Class C | (326,193) | (402,911) |
| Class I | (9,339,618) | (13,556,213) |
| Total distributions to shareholders | $(10,465,956) | $(14,958,752) |
| Transactions in shares of beneficial interest: | ||
| Class A | $(1,276,761) | $(509,946) |
| Class C | (300,581) | 257,073 |
| Class I | (181,454,222) | (50,282,875) |
| Net decrease in net assets from Fund share transactions | $(183,031,564) | $(50,535,748) |
| Net decrease in net assets | $(168,590,261) | $(30,318,505) |
| Net Assets | ||
| At beginning of year | $239,017,397 | $269,335,902 |
| At end of year | $70,427,136 | $239,017,397 |
| (1) | Includes $11,073,100 of net realized gains from redemptions in-kind. |
| (2) | Includes $11,321,634 of net realized gains from redemptions in-kind. |
5
See Notes to Financial Statements.
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Financial Highlights
| Class A | |||||
| Year Ended February 28, | Year Ended February 29, 2024 |
Year Ended February 28, | |||
| 2026 | 2025 | 2023 | 2022 | ||
| Net asset value — Beginning of year | $20.28 | $19.06 | $18.08 | $19.40 | $18.07 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $0.20 | $0.21 | $0.20 | $0.19 | $0.19 |
| Net realized and unrealized gain (loss) | 2.81 | 2.34 | 1.28 | (0.82) | 3.01 |
| Total income (loss) from operations | $3.01 | $2.55 | $1.48 | $(0.63) | $3.20 |
| Less Distributions | |||||
| From net investment income | $(0.21) | $(0.23) | $(0.17) | $(0.13) | $(0.20) |
| From net realized gain | (0.90) | (1.10) | (0.33) | (0.56) | (1.67) |
| Total distributions | $(1.11) | $(1.33) | $(0.50) | $(0.69) | $(1.87) |
| Net asset value — End of year | $22.18 | $20.28 | $19.06 | $18.08 | $19.40 |
| Total Return(2) | 15.32% | 13.27% | 8.38% | (3.30)% | 18.11% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $16,629 | $16,478 | $15,921 | $18,635 | $22,658 |
| Ratios (as a percentage of average daily net assets):(3) | |||||
| Total expenses | 1.07% | 1.06% | 1.04% | 1.06% | 1.07% |
| Net expenses | 0.99%(4) | 0.99%(4) | 0.99%(4) | 1.01%(4) | 1.05% |
| Net investment income | 0.99% | 1.03% | 1.13% | 1.01% | 0.92% |
| Portfolio Turnover | 118% | 88% | 97% | 113% | 87% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | 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. |
| (4) | Includes a reduction by the investment adviser and administrator 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 years ended February 28, 2026, 2025, February 29, 2024 and February 28, 2023). |
6
See Notes to Financial Statements.
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Financial Highlights — continued
| Class C | |||||
| Year Ended February 28, | Year Ended February 29, 2024 |
Year Ended February 28, | |||
| 2026 | 2025 | 2023 | 2022 | ||
| Net asset value — Beginning of year | $19.57 | $18.44 | $17.51 | $18.87 | $17.65 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $0.05 | $0.06 | $0.07 | $0.04 | $0.03 |
| Net realized and unrealized gain (loss) | 2.69 | 2.26 | 1.22 | (0.79) | 2.94 |
| Total income (loss) from operations | $2.74 | $2.32 | $1.29 | $(0.75) | $2.97 |
| Less Distributions | |||||
| From net investment income | $(0.06) | $(0.09) | $(0.03) | $(0.05) | $(0.08) |
| From net realized gain | (0.90) | (1.10) | (0.33) | (0.56) | (1.67) |
| Total distributions | $(0.96) | $(1.19) | $(0.36) | $(0.61) | $(1.75) |
| Net asset value — End of year | $21.35 | $19.57 | $18.44 | $17.51 | $18.87 |
| Total Return(2) | 14.45% | 12.48% | 7.53% | (4.02)% | 17.21% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $7,216 | $6,894 | $6,264 | $6,830 | $5,575 |
| Ratios (as a percentage of average daily net assets):(3) | |||||
| Total expenses | 1.82% | 1.81% | 1.79% | 1.81% | 1.82% |
| Net expenses | 1.74%(4) | 1.74%(4) | 1.74%(4) | 1.76%(4) | 1.80% |
| Net investment income | 0.24% | 0.29% | 0.38% | 0.20% | 0.18% |
| Portfolio Turnover | 118% | 88% | 97% | 113% | 87% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
| (3) | 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. |
| (4) | Includes a reduction by the investment adviser and administrator 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 years ended February 28, 2026, 2025, February 29, 2024 and February 28, 2023). |
7
See Notes to Financial Statements.
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Financial Highlights — continued
| Class I | |||||
| Year Ended February 28, | Year Ended February 29, 2024 |
Year Ended February 28, | |||
| 2026 | 2025 | 2023 | 2022 | ||
| Net asset value — Beginning of year | $20.40 | $19.16 | $18.18 | $19.51 | $18.15 |
| Income (Loss) From Operations | |||||
| Net investment income(1) | $0.25 | $0.26 | $0.25 | $0.23 | $0.24 |
| Net realized and unrealized gain (loss) | 2.82 | 2.37 | 1.28 | (0.82) | 3.03 |
| Total income (loss) from operations | $3.07 | $2.63 | $1.53 | $(0.59) | $3.27 |
| Less Distributions | |||||
| From net investment income | $(0.26) | $(0.29) | $(0.22) | $(0.18) | $(0.24) |
| From net realized gain | (0.90) | (1.10) | (0.33) | (0.56) | (1.67) |
| Total distributions | $(1.16) | $(1.39) | $(0.55) | $(0.74) | $(1.91) |
| Net asset value — End of year | $22.31 | $20.40 | $19.16 | $18.18 | $19.51 |
| Total Return(2) | 15.57% | 13.60% | 8.67% | (3.12)% | 18.45% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $46,581 | $215,645 | $247,151 | $259,612 | $247,117 |
| Ratios (as a percentage of average daily net assets):(3) | |||||
| Total expenses | 0.82% | 0.81% | 0.79% | 0.81% | 0.82% |
| Net expenses | 0.74%(4) | 0.74%(4) | 0.74%(4) | 0.76%(4) | 0.80% |
| Net investment income | 1.25% | 1.26% | 1.39% | 1.22% | 1.18% |
| Portfolio Turnover | 118% | 88% | 97% | 113% | 87% |
| (1) | Computed using average shares outstanding. |
| (2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
| (3) | 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. |
| (4) | Includes a reduction by the investment adviser and administrator 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 years ended February 28, 2026, 2025, February 29, 2024 and February 28, 2023). |
8
See Notes to Financial Statements.
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Notes to Financial Statements
1 Significant Accounting Policies
Eaton Vance Focused Value Opportunities Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective 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.
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.
During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.
The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.
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 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.
9
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Notes to Financial Statements — continued
G 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.
H 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.
2 Distributions to Shareholders and Income Tax Information
It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared for the years ended February 28, 2026 and February 28, 2025 was as follows:
| Year Ended February 28, | ||
| 2026 | 2025 | |
| Ordinary income | $2,321,966 | $3,619,411 |
| Long-term capital gains | $8,143,990 | $11,339,341 |
During the year ended February 28, 2026, distributable earnings was decreased by $28,967,630 and paid-in capital was increased by $28,967,630 due to the Fund’s use of equalization accounting and differences between book and tax accounting, primarily for redemptions in-kind. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.
As of February 28, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Undistributed ordinary income | $ 3,108,799 |
| Undistributed long-term capital gains | 12,571,191 |
| Net unrealized appreciation | 16,211,696 |
| Distributable earnings | $31,891,686 |
10
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Notes to Financial Statements — 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 | $53,709,183 |
| Gross unrealized appreciation | $17,499,776 |
| Gross unrealized depreciation | (1,288,080) |
| Net unrealized appreciation | $16,211,696 |
3 Investment Adviser and Administration Fee and Other Transactions with Affiliates
The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.650% |
| $500 million but less than $1 billion | 0.625% |
| $1 billion but less than $2.5 billion | 0.600% |
| $2.5 billion but less than $5 billion | 0.580% |
| $5 billion and over | 0.565% |
For the year ended February 28, 2026, the investment adviser and administration fee amounted to $1,355,137 or 0.65% 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 year ended February 28, 2026, the investment adviser and administration fee paid was reduced by $5,004 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, taxes or litigation expenses) exceed 0.99%, 1.74% and 0.74% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively, through July 1, 2026. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM waived and/or reimbursed $166,794 of the Fund's operating expenses for the year 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 year ended February 28, 2026, EVM earned $7,547 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 $1,075 as its portion of the sales charge on sales of Class A shares for the year 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 year ended February 28, 2026 in the amount of $750. 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 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 year ended February 28, 2026 amounted to $39,250 for Class A shares.
11
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Notes to Financial Statements — continued
The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended February 28, 2026, the Fund paid or accrued to EVD $51,239 for Class C shares.
Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended February 28, 2026 amounted to $17,080 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 year ended February 28, 2026, the Fund was informed that EVD received $412 of CDSCs paid by Class A shareholders and no CDSCs paid by Class C shareholders.
6 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $238,276,467 and $396,971,790, respectively, for the year ended February 28, 2026. In-kind sales for the year ended February 28, 2026 aggregated $25,720,930.
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. The Fund began participating in the ReFlow liquidity program on March 22, 2024. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:
| Year Ended February 28, 2026 |
Year Ended February 28, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 44,000 | $ 883,527 | 105,265 | $ 2,145,915 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 39,237 | 799,263 | 48,406 | 999,087 | |
| Redemptions | (145,841) | (2,959,551) | (176,625) | (3,654,948) | |
| Net decrease | (62,604) | $ (1,276,761) | (22,954) | $ (509,946) | |
| Class C | |||||
| Sales | 13,365 | $ 248,718 | 59,127 | $ 1,185,563 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 16,609 | 326,193 | 20,196 | 402,911 | |
| Redemptions | (44,224) | (875,492) | (66,627) | (1,331,401) | |
| Net increase (decrease) | (14,250) | $ (300,581) | 12,696 | $ 257,073 | |
12
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Notes to Financial Statements — continued
| Year Ended February 28, 2026 |
Year Ended February 28, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class I | |||||
| Sales | 3,988,380 | $ 81,032,233 | 4,691,718 | $ 96,965,945 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 455,673 | 9,332,187 | 653,413 | 13,551,792 | |
| Redemptions | (12,928,771) | (271,818,642) | (7,671,515) | (160,800,612) | |
| Net decrease | (8,484,718) | $(181,454,222) | (2,326,384) | $(50,282,875) | |
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. At February 28, 2026, the Fund had a balance outstanding pursuant to this line of credit of $430,000 at an annual interest rate of 4.64%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at February 28, 2026. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 10) at February 28, 2026. The Fund’s average borrowings or allocated fees during the year ended February 28, 2026 were not significant.
9 Affiliated Investments
At February 28, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $4,945, which represents less than 0.05% of the Fund's net assets. Transactions in such investments by the Fund for the year 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 | $6,801,555 | $95,242,954 | $(102,039,564) | $ — | $ — | $4,945 | $143,915 | 4,945 |
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.
13
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Notes to Financial Statements — continued
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 | $69,915,934* | $ — | $ — | $69,915,934 |
| Short-Term Investments | 4,945 | — | — | 4,945 |
| Total Investments | $ 69,920,879 | $ — | $ — | $69,920,879 |
| * | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
14
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Report of Independent Registered Public Accounting Firm
To the Trustees of Eaton Vance Growth Trust and Shareholders of Eaton Vance Focused Value Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Eaton Vance Focused Value Opportunities Fund (the "Fund") (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of February 28, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
April 17, 2026
Boston, Massachusetts
April 17, 2026
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
15
Eaton Vance
Focused Value Opportunities Fund
February 28, 2026
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified business income, qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.
Qualified Business Income. For the fiscal year ended February 28, 2026 the Fund designates approximately $27,577, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.
Qualified Dividend Income. For the fiscal year ended February 28, 2026, the Fund designates approximately $3,652,503, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2026 ordinary income dividends, 51.47% qualifies for the corporate dividends received deduction.
Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended February 28, 2026, $27,933,932 or, if subsequently determined to be different, the net capital gain of such year.
16
EAFVX-NCSR 2.28.26
Eaton Vance
Focused Growth
Opportunities Fund
Opportunities Fund
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.
Annual Financial Statements and Additional Information February 28, 2026
Eaton Vance
Focused Growth Opportunities 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
Focused Growth Opportunities Fund
February 28, 2026
Portfolio of Investments
1
See Notes to Financial Statements.
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Portfolio of Investments — continued
| Security | Shares | Value | |
| Software (continued) | |||
| Fortinet, Inc.(1) | 21,768 | $ 1,720,325 | |
| Intuit, Inc. | 2,803 | 1,146,511 | |
| Microsoft Corp. | 27,741 | 10,895,000 | |
| Synopsys, Inc.(1) | 4,306 | 1,782,684 | |
| $ 17,356,957 | |||
| Specialty Retail — 3.8% | |||
| Burlington Stores, Inc.(1) | 5,574 | $ 1,710,493 | |
| TJX Cos., Inc. | 15,234 | 2,462,729 | |
| $ 4,173,222 | |||
| Technology Hardware, Storage & Peripherals — 9.8% | |||
| Apple, Inc. | 40,275 | $ 10,639,850 | |
| $ 10,639,850 | |||
| Total Common Stocks (identified cost $48,044,948) |
$108,069,671 | ||
| Short-Term Investments — 1.0% |
| Security | Shares | Value | |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.59%(3) | 1,056,507 | $ 1,056,507 | |
| Total Short-Term Investments (identified cost $1,056,507) |
$ 1,056,507 | ||
| Total Investments — 100.2% (identified cost $49,101,455) |
$109,126,178 | ||
| Other Assets, Less Liabilities — (0.2)% | $ (186,568) | ||
| Net Assets — 100.0% | $108,939,610 | ||
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
| (1) | Non-income producing security. |
| (2) | All or a portion of this security was on loan at February 28, 2026. The aggregate market value of securities on loan at February 28, 2026 was $1,463,150. |
| (3) | May be deemed to be an affiliated investment company (see Note 10). The rate shown is the annualized seven-day yield as of February 28, 2026. |
2
See Notes to Financial Statements.
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Statement of Assets and Liabilities
| February 28, 2026 | |
| Assets | |
| Unaffiliated investments, at value (identified cost $48,044,948) — including $1,463,150 of securities on loan | $108,069,671 |
| Affiliated investments, at value (identified cost $1,056,507) | 1,056,507 |
| Dividends receivable | 49,558 |
| Dividends receivable from affiliated investments | 4,302 |
| Receivable for Fund shares sold | 157,556 |
| Securities lending income receivable | 117 |
| Receivable from affiliates | 20,265 |
| Trustees' deferred compensation plan | 17,288 |
| Total assets | $109,375,264 |
| Liabilities | |
| Payable for Fund shares redeemed | $255,655 |
| Payable to affiliates: | |
| Investment adviser and administration fee | 55,986 |
| Distribution and service fees | 11,684 |
| Sub-transfer agency fee | 6,538 |
| Trustees' deferred compensation plan | 17,288 |
| Payable for legal and accounting services | 44,608 |
| Accrued expenses | 43,895 |
| Total liabilities | $435,654 |
| Net Assets | $108,939,610 |
| Sources of Net Assets | |
| Paid-in capital | $46,469,363 |
| Distributable earnings | 62,470,247 |
| Net Assets | $108,939,610 |
| Class A Shares | |
| Net Assets | $35,650,390 |
| Shares Outstanding | 1,521,120 |
| Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$23.44 |
| Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) |
$24.74 |
| Class C Shares | |
| Net Assets | $5,978,678 |
| Shares Outstanding | 327,463 |
| Net Asset Value and Offering Price Per Share* (net assets ÷ shares of beneficial interest outstanding) |
$18.26 |
| Class I Shares | |
| Net Assets | $67,310,542 |
| Shares Outstanding | 2,695,075 |
| Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) |
$24.98 |
| 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. |
3
See Notes to Financial Statements.
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Statement of Operations
| Year Ended | |
| February 28, 2026 | |
| Investment Income | |
| Dividend income (net of foreign taxes withheld of $2,084) | $553,736 |
| Dividend income from affiliated investments | 59,003 |
| Securities lending income, net | 5,030 |
| Total investment income | $617,769 |
| Expenses | |
| Investment adviser and administration fee | $760,330 |
| Distribution and service fees: | |
| Class A | 91,686 |
| Class C | 73,826 |
| Trustees’ fees and expenses | 7,663 |
| Custodian fee | 40,907 |
| Transfer and dividend disbursing agent fees | 71,296 |
| Legal and accounting services | 61,079 |
| Printing and postage | 9,856 |
| Registration fees | 40,664 |
| ReFlow liquidity program fees | 25,717 |
| Miscellaneous | 18,306 |
| Total expenses | $1,201,330 |
| Deduct: | |
| Waiver and/or reimbursement of expenses by affiliates | $104,334 |
| Total expense reductions | $104,334 |
| Net expenses | $1,096,996 |
| Net investment loss | $(479,227) |
| Realized and Unrealized Gain (Loss) | |
| Net realized gain (loss): | |
| Investment transactions | $19,654,694(1) |
| Foreign currency transactions | 1 |
| Net realized gain | $19,654,695 |
| Change in unrealized appreciation (depreciation): | |
| Investments | $(7,858,752) |
| Net change in unrealized appreciation (depreciation) | $(7,858,752) |
| Net realized and unrealized gain | $11,795,943 |
| Net increase in net assets from operations | $11,316,716 |
| (1) | Includes $11,167,894 of net realized gains from redemptions in-kind. |
4
See Notes to Financial Statements.
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Statements of Changes in Net Assets
| Year Ended February 28, | ||
| 2026 | 2025 | |
| Increase (Decrease) in Net Assets | ||
| From operations: | ||
| Net investment loss | $(479,227) | $(654,569) |
| Net realized gain | 19,654,695(1) | 62,646,978(2) |
| Net change in unrealized appreciation (depreciation) | (7,858,752) | (27,388,739) |
| Net increase in net assets from operations | $11,316,716 | $34,603,670 |
| Distributions to shareholders: | ||
| Class A | $(8,415,823) | $(2,008,951) |
| Class C | (1,802,641) | (571,501) |
| Class I | (15,242,899) | (4,315,952) |
| Total distributions to shareholders | $(25,461,363) | $(6,896,404) |
| Transactions in shares of beneficial interest: | ||
| Class A | $4,705,392 | $(51,673) |
| Class C | (1,644,607) | (544,336) |
| Class I | (702,382) | (96,467,149) |
| Net increase (decrease) in net assets from Fund share transactions | $2,358,403 | $(97,063,158) |
| Net decrease in net assets | $(11,786,244) | $(69,355,892) |
| Net Assets | ||
| At beginning of year | $120,725,854 | $190,081,746 |
| At end of year | $108,939,610 | $120,725,854 |
| (1) | Includes $11,167,894 of net realized gains from redemptions in-kind. |
| (2) | Includes $13,151,305 of net realized gains from redemptions in-kind. |
5
See Notes to Financial Statements.
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Financial Highlights
| Class A | |||||
| Year Ended February 28, | Year Ended February 29, 2024 |
Year Ended February 28, | |||
| 2026 | 2025 | 2023 | 2022 | ||
| Net asset value — Beginning of year | $26.90 | $23.89 | $16.26 | $26.40 | $31.15 |
| Income (Loss) From Operations | |||||
| Net investment loss(1) | $(0.14) | $(0.14) | $(0.08) | $(0.04) | $(0.09) |
| Net realized and unrealized gain (loss) | 3.26 | 4.68 | 8.32 | (4.85) | 0.36 |
| Total income (loss) from operations | $3.12 | $4.54 | $8.24 | $(4.89) | $0.27 |
| Less Distributions | |||||
| From net realized gain | $(6.58) | $(1.53) | $(0.61) | $(5.25) | $(5.02) |
| Total distributions | $(6.58) | $(1.53) | $(0.61) | $(5.25) | $(5.02) |
| Net asset value — End of year | $23.44 | $26.90 | $23.89 | $16.26 | $26.40 |
| Total Return(2) | 10.42% | 18.85% | 51.23% | (18.71)% | (0.97)% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $35,650 | $35,745 | $31,801 | $25,228 | $43,385 |
| Ratios (as a percentage of average daily net assets):(3) | |||||
| Total expenses | 1.14% | 1.08% | 1.09% | 1.09% | 1.01% |
| Net expenses | 1.05%(4) | 1.05%(4) | 1.07%(4) | 1.09%(4) | 1.01% |
| Net investment loss | (0.52)% | (0.52)% | (0.39)% | (0.21)% | (0.28)% |
| Portfolio Turnover | 25% | 23% | 26% | 30% | 39% |
| (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) | 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. |
| (4) | Includes a reduction by the investment adviser and administrator 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 years ended February 28, 2026, 2025, February 29, 2024 and February 28, 2023). |
6
See Notes to Financial Statements.
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Financial Highlights — continued
| Class C | |||||
| Year Ended February 28, | Year Ended February 29, 2024 |
Year Ended February 28, | |||
| 2026 | 2025 | 2023 | 2022 | ||
| Net asset value — Beginning of year | $22.37 | $20.22 | $13.94 | $23.72 | $28.48 |
| Income (Loss) From Operations | |||||
| Net investment loss(1) | $(0.28) | $(0.28) | $(0.19) | $(0.18) | $(0.30) |
| Net realized and unrealized gain (loss) | 2.75 | 3.96 | 7.08 | (4.35) | 0.38 |
| Total income (loss) from operations | $2.47 | $3.68 | $6.89 | $(4.53) | $0.08 |
| Less Distributions | |||||
| From net realized gain | $(6.58) | $(1.53) | $(0.61) | $(5.25) | $(4.84) |
| Total distributions | $(6.58) | $(1.53) | $(0.61) | $(5.25) | $(4.84) |
| Net asset value — End of year | $18.26 | $22.37 | $20.22 | $13.94 | $23.72 |
| Total Return(2) | 9.59% | 17.94% | 50.14% | (19.34)% | (1.68)% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $5,979 | $8,694 | $8,410 | $8,250 | $15,700 |
| Ratios (as a percentage of average daily net assets):(3) | |||||
| Total expenses | 1.89% | 1.83% | 1.84% | 1.84% | 1.76% |
| Net expenses | 1.80%(4) | 1.80%(4) | 1.82%(4) | 1.84%(4) | 1.76% |
| Net investment loss | (1.27)% | (1.27)% | (1.14)% | (0.96)% | (1.03)% |
| Portfolio Turnover | 25% | 23% | 26% | 30% | 39% |
| (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) | 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. |
| (4) | Includes a reduction by the investment adviser and administrator 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 years ended February 28, 2026, 2025, February 29, 2024 and February 28, 2023). |
7
See Notes to Financial Statements.
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Financial Highlights — continued
| Class I | |||||
| Year Ended February 28, | Year Ended February 29, 2024 |
Year Ended February 28, | |||
| 2026 | 2025 | 2023 | 2022 | ||
| Net asset value — Beginning of year | $28.23 | $24.94 | $16.91 | $27.15 | $31.88 |
| Income (Loss) From Operations | |||||
| Net investment income (loss)(1) | $(0.08) | $(0.07) | $(0.03) | $0.01 | $(0.01) |
| Net realized and unrealized gain (loss) | 3.41 | 4.89 | 8.67 | (5.00) | 0.37 |
| Total income (loss) from operations | $3.33 | $4.82 | $8.64 | $(4.99) | $0.36 |
| Less Distributions | |||||
| From net investment income | $— | $— | $— | $— | $(0.06) |
| From net realized gain | (6.58) | (1.53) | (0.61) | (5.25) | (5.03) |
| Total distributions | $(6.58) | $(1.53) | $(0.61) | $(5.25) | $(5.09) |
| Net asset value — End of year | $24.98 | $28.23 | $24.94 | $16.91 | $27.15 |
| Total Return(2) | 10.69% | 19.18% | 51.63% | (18.56)% | (0.68)% |
| Ratios/Supplemental Data | |||||
| Net assets, end of year (000’s omitted) | $67,311 | $76,288 | $149,871 | $86,774 | $144,352 |
| Ratios (as a percentage of average daily net assets):(3) | |||||
| Total expenses | 0.89% | 0.83% | 0.84% | 0.84% | 0.76% |
| Net expenses | 0.80%(4) | 0.80%(4) | 0.82%(4) | 0.84%(4) | 0.76% |
| Net investment income (loss) | (0.27)% | (0.26)% | (0.14)% | 0.04% | (0.03)% |
| Portfolio Turnover | 25% | 23% | 26% | 30% | 39% |
| (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) | 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. |
| (4) | Includes a reduction by the investment adviser and administrator 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 years ended February 28, 2026, 2025, February 29, 2024 and February 28, 2023). |
8
See Notes to Financial Statements.
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Notes to Financial Statements
1 Significant Accounting Policies
Eaton Vance Focused Growth Opportunities Fund (the Fund) is a non-diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital growth. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective 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.
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.
During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.
The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.
E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds.
F Foreign Currency Translation—Other assets and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions.
9
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Notes to Financial Statements — continued
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.
2 Distributions to Shareholders and Income Tax Information
It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.
The tax character of distributions declared for the years ended February 28, 2026 and February 28, 2025 was as follows:
| Year Ended February 28, | ||
| 2026 | 2025 | |
| Long-term capital gains | $25,461,363 | $6,896,404 |
During the year ended February 28, 2026, distributable earnings was decreased by $15,988,906 and paid-in capital was increased by $15,988,906 due to the Fund’s use of equalization accounting and differences between book and tax accounting, primarily for redemptions in-kind. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.
As of February 28, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows:
| Undistributed long-term capital gains | $ 2,484,491 |
| Net unrealized appreciation | 59,985,756 |
| Distributable earnings | $62,470,247 |
10
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Notes to Financial Statements — 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 | $49,140,422 |
| Gross unrealized appreciation | $61,151,499 |
| Gross unrealized depreciation | (1,165,743) |
| Net unrealized appreciation | $59,985,756 |
3 Investment Adviser and Administration Fee and Other Transactions with Affiliates
The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly:
| Average Daily Net Assets | Annual Fee Rate |
| Up to $500 million | 0.650% |
| $500 million but less than $1 billion | 0.625% |
| $1 billion but less than $2.5 billion | 0.600% |
| $2.5 billion but less than $5 billion | 0.580% |
| $5 billion and over | 0.565% |
For the year ended February 28, 2026, the investment adviser and administration fee amounted to $760,330 or 0.65% 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 year ended February 28, 2026, the investment adviser and administration fee paid was reduced by $2,128 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, taxes or litigation expenses) exceed 1.05%, 1.80% and 0.80% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively, through July 1, 2026. Thereafter, the reimbursement may be changed or terminated at any time. Pursuant to this agreement, EVM waived and/or reimbursed $102,206 of the Fund's operating expenses for the year 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 year ended February 28, 2026, EVM earned $15,036 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 $4,936 as its portion of the sales charge on sales of Class A shares for the year 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 year ended February 28, 2026 in the amount of $3,492. 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 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 year ended February 28, 2026 amounted to $91,686 for Class A shares.
11
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Notes to Financial Statements — continued
The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended February 28, 2026, the Fund paid or accrued to EVD $55,369 for Class C shares.
Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended February 28, 2026 amounted to $18,457 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 year ended February 28, 2026, the Fund was informed that EVD received $1,426 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 and in-kind transactions, aggregated $29,366,842 and $37,972,137, respectively, for the year ended February 28, 2026. In-kind sales for the year ended February 28, 2026 aggregated $15,172,199.
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. The Fund began participating in the ReFlow liquidity program on February 7, 2023. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows:
| Year Ended February 28, 2026 |
Year Ended February 28, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class A | |||||
| Sales | 211,568 | $ 5,733,744 | 139,191 | $ 3,681,263 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 329,032 | 8,097,490 | 70,244 | 1,936,627 | |
| Redemptions | (348,058) | (9,125,842) | (212,053) | (5,669,563) | |
| Net increase (decrease) | 192,542 | $ 4,705,392 | (2,618) | $ (51,673) | |
| Class C | |||||
| Sales | 24,934 | $ 553,285 | 65,548 | $ 1,475,499 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 93,862 | 1,802,156 | 24,857 | 570,960 | |
| Redemptions | (179,927) | (4,000,048) | (117,632) | (2,590,795) | |
| Net decrease | (61,131) | $(1,644,607) | (27,227) | $ (544,336) | |
12
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Notes to Financial Statements — continued
| Year Ended February 28, 2026 |
Year Ended February 28, 2025 | ||||
| Shares | Amount | Shares | Amount | ||
| Class I | |||||
| Sales | 1,015,574 | $28,179,403 | 1,338,664 | $ 37,611,534 | |
| Issued to shareholders electing to receive payments of distributions in Fund shares | 576,239 | 15,103,218 | 144,150 | 4,168,824 | |
| Redemptions | (1,598,989) | (43,985,003) | (4,789,210) | (138,247,507) | |
| Net decrease | (7,176) | $ (702,382) | (3,306,396) | $(96,467,149) | |
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 year 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 amounted to $1,463,150 and $1,458,931, respectively. The value of the securities loaned, net of the collateral received, was $4,219 at February 28, 2026. Collateral received was comprised of U.S. Government and/or agencies securities. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.
10 Affiliated Investments
At February 28, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,056,507, which represents 1.0% of the Fund's net assets. Transactions in such investments by the Fund for the year 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 | $792,629 | $14,864,089 | $(14,600,211) | $ — | $ — | $1,056,507 | $59,003 | 1,056,507 |
13
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Notes to Financial Statements — 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 | $108,069,671* | $ — | $ — | $108,069,671 |
| Short-Term Investments | 1,056,507 | — | — | 1,056,507 |
| Total Investments | $109,126,178 | $— | $— | $109,126,178 |
| * | The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments. |
14
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Report of Independent Registered Public Accounting Firm
To the Trustees of Eaton Vance Growth Trust and Shareholders of Eaton Vance Focused Growth Opportunities Fund:
Opinion on the Financial Statements and Financial Highlights
We have audited the accompanying statement of assets and liabilities of Eaton Vance Focused Growth Opportunities Fund (the “Fund”) (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of February 28, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of February 28, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
April 17, 2026
Boston, Massachusetts
April 17, 2026
We have served as the auditor of one or more Eaton Vance investment companies since 1959.
15
Eaton Vance
Focused Growth Opportunities Fund
February 28, 2026
Federal Tax Information (Unaudited)
The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and capital gains dividends.
Qualified Dividend Income. For the fiscal year ended February 28, 2026, the Fund designates approximately $554,116, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.
Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended February 28, 2026, $8,545,242 or, if subsequently determined to be different, the net capital gain of such year.
16
EAFGX-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 | |