Eaton Vance Growth Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-01241

Eaton Vance Growth Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

August 31

Date of Fiscal Year End

February 28, 2021

Date of Reporting Period

Item 1. Reports to Stockholders

Eaton Vance

Greater China Growth Fund

Semiannual Report

February 28, 2021

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

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

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

Semiannual Report February 28, 2021

Eaton Vance

Greater China Growth Fund

Table of Contents
Performance	2
Fund Profile	2
Endnotes and Additional Disclosures	3
Fund Expenses	4
Financial Statements	5
Joint Special Meeting of Shareholders	18
Board of Trustees’ Contract Approval	19
Officers and Trustees	25
Privacy Notice	26
Important Notices	28

Eaton Vance

Greater China Growth Fund

February 28, 2021

Performance^1,2

Portfolio Managers June Lui, CFA and Christopher Darling, each of BMO Global Asset Management (Asia) Limited

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		10/28/1992		10/28/1992		19.95	%		37.43	%		20.11	%		9.03	%
Class A with 5.75% Maximum Sales Charge		—		—		13.07			29.54			18.70			8.39
Class C at NAV		12/28/1993		10/28/1992		19.54			36.44			19.27			8.27
Class C with 1% Maximum Sales Charge		—		—		18.54			35.44			19.27			8.27
Class I at NAV		10/01/2009		10/28/1992		20.14			37.86			20.48			9.35
MSCI Golden Dragon Index		—		—		20.09	%		44.57	%		19.64	%		9.19	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.80	%		2.50	%		1.50	%

Fund Profile

Regional Allocation (% of net assets)⁴

Sector Allocation (% of net assets)⁴

Top 10 Holdings (% of net assets)⁴

Tencent Holdings, Ltd.	10.8	%
AIA Group, Ltd.	8.9
Taiwan Semiconductor Manufacturing Co., Ltd.	7.5
Haier Smart Home Co., Ltd., Class H	5.9
Ping An Insurance (Group) Co. of China, Ltd., Class H	5.2
Hong Kong Exchanges & Clearing, Ltd.	4.5
Inner Mongolia Yili Industrial Group Co., Ltd., Class A	3.3
TravelSky Technology, Ltd., Class H	3.3
Link REIT	2.8
Zhejiang Supor Co., Ltd., Class A	2.5
Total	54.7	%

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Greater China Growth Fund

February 28, 2021

Endnotes and Additional Disclosures

¹  MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

3

Eaton Vance

Greater China Growth Fund

February 28, 2021

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2020 – February 28, 2021).

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

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

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

	Beginning Account Value (9/1/20)		Ending Account Value (2/28/21)		Expenses Paid During Period* (9/1/20 – 2/28/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,199.50	$	9.43		1.73	%
Class C	$	1,000.00	$	1,195.40	$	13.28		2.44	%
Class I	$	1,000.00	$	1,201.40	$	7.81		1.43	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,016.20	$	8.65		1.73	%
Class C	$	1,000.00	$	1,012.70	$	12.18		2.44	%
Class I	$	1,000.00	$	1,017.70	$	7.15		1.43	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2020.

4

Eaton Vance

Greater China Growth Fund

February 28, 2021

Portfolio of Investments (Unaudited)

Common Stocks — 95.7%
Security	Shares		Value
China — 61.7%
Biotechnology — 1.0%
Hualan Biological Engineering, Inc., Class A		186,029	$	1,232,883
			$	1,232,883
Food Products — 11.2%
China Mengniu Dairy Co., Ltd.		550,000	$	3,005,478
Dali Foods Group Co., Ltd.(1)		4,284,500		2,608,681
Foshan Haitian Flavouring & Food Co., Ltd., Class A		49,920		1,334,032
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		619,318		4,149,573
Tingyi (Cayman Islands) Holding Corp.		1,502,000		3,012,610
			$	14,110,374
Gas Utilities — 2.3%
China Resources Gas Group, Ltd.		590,000	$	2,949,601
			$	2,949,601
Health Care Equipment & Supplies — 0.2%
AK Medical Holdings, Ltd.(1)		202,000	$	297,008
			$	297,008
Health Care Providers & Services — 4.2%
Dian Diagnostics Group Co., Ltd., Class A		536,000	$	2,831,922
Sinopharm Group Co., Ltd., Class H		1,028,000		2,406,874
			$	5,238,796
Hotels, Restaurants & Leisure — 2.5%
Xiabuxiabu Catering Management China Holdings Co., Ltd.(1)		1,001,000	$	2,525,018
Yum China Holdings, Inc.		11,367		680,201
			$	3,205,219
Household Durables — 8.4%
Haier Smart Home Co., Ltd., Class H(2)		1,940,800	$	7,381,418
Zhejiang Supor Co., Ltd., Class A		272,925		3,182,129
			$	10,563,547
Insurance — 7.5%
China Pacific Insurance (Group) Co., Ltd., Class H		610,200	$	2,803,307
Ping An Insurance (Group) Co. of China, Ltd., Class H		532,500		6,589,458
			$	9,392,765

Security	Shares		Value
Interactive Media & Services — 10.8%
Tencent Holdings, Ltd.		156,100	$	13,580,222
			$	13,580,222
IT Services — 4.5%
Beijing Sinnet Technology Co., Ltd., Class A		516,300	$	1,522,133
TravelSky Technology, Ltd., Class H		1,630,000		4,110,420
			$	5,632,553
Marine — 1.7%
SITC International Holdings Co., Ltd.		805,000	$	2,114,781
			$	2,114,781
Personal Products — 1.6%
BYHEALTH Co., Ltd., Class A		600,297	$	2,029,733
			$	2,029,733
Professional Services — 1.9%
Centre Testing International Group Co., Ltd., Class A		643,372	$	2,437,295
			$	2,437,295
Software — 1.0%
Beijing SuperMap Software Co., Ltd., Class A		458,100	$	1,229,790
			$	1,229,790
Textiles, Apparel & Luxury Goods — 2.3%
ANTA Sports Products, Ltd.		185,000	$	2,834,273
			$	2,834,273
Transportation Infrastructure — 0.6%
Shanghai International Airport Co., Ltd., Class A		73,251	$	702,310
			$	702,310
Total China (identified cost $40,925,075)			$	77,551,150
Hong Kong — 20.6%
Capital Markets — 4.5%
Hong Kong Exchanges & Clearing, Ltd.		91,121	$	5,602,378
			$	5,602,378
Equity Real Estate Investment Trusts (REITs) — 2.8%
Link REIT		376,500	$	3,553,963
			$	3,553,963

5 See Notes to Financial Statements.

Eaton Vance

Greater China Growth Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Food & Staples Retailing — 0.7%
Dairy Farm International Holdings, Ltd.		197,294	$	853,062
			$	853,062
Food Products — 0.8%
Vitasoy International Holdings, Ltd.		242,000	$	1,065,873
			$	1,065,873
Hotels, Restaurants & Leisure — 2.1%
Sands China, Ltd.(2)		562,400	$	2,650,667
			$	2,650,667
Insurance — 8.9%
AIA Group, Ltd.		885,000	$	11,161,112
			$	11,161,112
Textiles, Apparel & Luxury Goods — 0.8%
Samsonite International S.A.(1)(2)		539,100	$	1,047,980
			$	1,047,980
Total Hong Kong (identified cost $12,800,109)			$	25,935,035
Taiwan — 13.4%
Banks — 0.4%
CTBC Financial Holding Co., Ltd.		781,881	$	561,342
			$	561,342
Electronic Equipment, Instruments & Components — 0.7%
Largan Precision Co., Ltd.		7,000	$	827,354
			$	827,354
Food & Staples Retailing — 1.8%
President Chain Store Corp.		243,000	$	2,284,190
			$	2,284,190
Insurance — 0.6%
Cathay Financial Holding Co., Ltd.		469,929	$	707,231
			$	707,231
Multiline Retail — 1.1%
Poya International Co., Ltd.		63,462	$	1,427,112
			$	1,427,112

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 8.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		428,839	$	9,368,857
Win Semiconductors Corp.		121,000		1,651,082
			$	11,019,939
Total Taiwan (identified cost $7,009,539)			$	16,827,168
Total Common Stocks — 95.7% (identified cost $60,734,723)			$	120,313,353
Other Assets, Less Liabilities — 4.3%			$	5,366,949
Net Assets — 100.0%			$	125,680,302

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

⁽¹⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 28, 2021, the aggregate value of these securities is $6,478,687 or 5.2% of the Fund’s net assets.

⁽²⁾  Non-income producing security.

6 See Notes to Financial Statements.

Eaton Vance

Greater China Growth Fund

February 28, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	February 28, 2021
Unaffiliated investments, at value (identified cost, $60,734,723)	$	120,313,353
Cash		5,453,821
Foreign currency, at value (identified cost, $305,878)		305,710
Receivable for Fund shares sold		104,324
Total assets	$	126,177,208
Liabilities
Payable for Fund shares redeemed	$	249,146
Payable to affiliates:
Investment adviser fee		99,943
Administration fee		14,991
Distribution and service fees		24,940
Accrued expenses		107,886
Total liabilities	$	496,906
Net Assets	$	125,680,302
Sources of Net Assets
Paid-in capital	$	68,375,020
Distributable earnings		57,305,282
Total	$	125,680,302
Class A Shares
Net Assets	$	97,581,044
Shares Outstanding		3,283,961
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	29.71
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	31.52
Class C Shares
Net Assets	$	1,725,173
Shares Outstanding		62,361
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	27.66
Class I Shares
Net Assets	$	26,374,085
Shares Outstanding		879,148
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	30.00

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

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

7 See Notes to Financial Statements.

Eaton Vance

Greater China Growth Fund

February 28, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended February 28, 2021
Dividends (net of foreign taxes, $21,892)	$	386,265
Total investment income	$	386,265
Expenses
Investment adviser fee	$	563,032
Administration fee		84,455
Distribution and service fees
Class A		135,795
Class C		9,804
Trustees’ fees and expenses		3,256
Custodian fee		25,893
Transfer and dividend disbursing agent fees		52,458
Legal and accounting services		32,471
Printing and postage		10,511
Registration fees		24,607
Miscellaneous		8,685
Total expenses	$	950,967
Net investment loss	$	(564,702	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	454,386
Foreign currency transactions		(12,386	)
Net realized gain	$	442,000
Change in unrealized appreciation (depreciation) —
Investments	$	20,456,835
Foreign currency		(218	)
Net change in unrealized appreciation (depreciation)	$	20,456,617
Net realized and unrealized gain	$	20,898,617
Net increase in net assets from operations	$	20,333,915

8 See Notes to Financial Statements.

Eaton Vance

Greater China Growth Fund

February 28, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
From operations —
Net investment income (loss)	$	(564,702	)	$	371,705
Net realized gain		442,000			11,258,100
Net change in unrealized appreciation (depreciation)		20,456,617			7,960,569
Net increase in net assets from operations	$	20,333,915		$	19,590,374
Distributions to shareholders —
Class A	$	(8,497,659	)	$	(2,635,114	)
Class C		(160,991	)		(114,375	)
Class I		(1,872,237	)		(876,678	)
Total distributions to shareholders	$	(10,530,887	)	$	(3,626,167	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	2,279,800		$	4,202,717
Class C		83,362			351,527
Class I		7,049,469			18,327,282
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		7,449,769			2,295,911
Class C		160,991			87,260
Class I		1,837,752			861,741
Cost of shares redeemed
Class A		(5,964,053	)		(13,656,951	)
Class C		(312,057	)		(1,779,339	)
Class I		(1,711,446	)		(25,880,698	)
Net asset value of shares converted
Class A		663,792			518,422
Class C		(663,792	)		(518,422	)
Net increase (decrease) in net assets from Fund share transactions	$	10,873,587		$	(15,190,550	)
Net increase in net assets	$	20,676,615		$	773,657
Net Assets
At beginning of period	$	105,003,687		$	104,230,030
At end of period	$	125,680,302		$	105,003,687

9 See Notes to Financial Statements.

Eaton Vance

Greater China Growth Fund

February 28, 2021

Financial Highlights

	Class A
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	27.280		$	23.200		$	24.560		$	25.480		$	20.380		$	19.210
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.148	)	$	0.086		$	0.094		$	0.094		$	0.168		$	0.092
Net realized and unrealized gain		5.356			4.785			0.604			1.861			5.111			2.210
Total income from operations	$	5.208		$	4.871		$	0.698		$	1.955		$	5.279		$	2.302
Less Distributions
From net investment income	$	(0.072	)	$	(0.074	)	$	(0.153	)	$	(0.165	)	$	(0.179	)	$	—
From net realized gain		(2.706	)		(0.717	)		(1.905	)		(2.710	)		—			(1.132	)
Total distributions	$	(2.778	)	$	(0.791	)	$	(2.058	)	$	(2.875	)	$	(0.179	)	$	(1.132	)
Net asset value — End of period	$	29.710		$	27.280		$	23.200		$	24.560		$	25.480		$	20.380
Total Return(2)		19.95	%(3)		21.44	%		3.65	%		7.69	%		26.19	%(4)		12.50	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	97,581		$	85,096		$	78,942		$	72,953		$	75,137		$	66,709
Ratios (as a percentage of average daily net assets):
Expenses		1.73	%(5)		1.80	%		1.83	%		1.82	%		1.91	%(4)		1.95	%(4)
Net investment income (loss)		(1.04	)%(5)		0.36	%		0.41	%		0.36	%		0.78	%		0.49	%
Portfolio Turnover		6	%(3)		9	%		17	%		12	%		14	%		8	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.05% and 0.08% of average daily net assets for the years ended August 31, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Annualized.

10 See Notes to Financial Statements.

Eaton Vance

Greater China Growth Fund

February 28, 2021

Financial Highlights — continued

	Class C
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	25.350		$	21.690		$	23.090		$	24.120		$	19.400		$	18.450
Income (Loss) From Operations
Net investment loss(1)	$	(0.213	)	$	(0.106	)	$	(0.170	)	$	(0.090	)	$	(0.018	)	$	(0.042	)
Net realized and unrealized gain		4.964			4.483			0.675			1.770			4.877			2.124
Total income from operations	$	4.751		$	4.377		$	0.505		$	1.680		$	4.859		$	2.082
Less Distributions
From net investment income	$	—		$	—		$	—		$	—		$	(0.139	)	$	—
From net realized gain		(2.441	)		(0.717	)		(1.905	)		(2.710	)		—			(1.132	)
Total distributions	$	(2.441	)	$	(0.717	)	$	(1.905	)	$	(2.710	)	$	(0.139	)	$	(1.132	)
Net asset value — End of period	$	27.660		$	25.350		$	21.690		$	23.090		$	24.120		$	19.400
Total Return(2)		19.54	%(3)		20.59	%		2.94	%		6.93	%		25.27	%(4)		11.73	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,725		$	2,261		$	3,736		$	12,163		$	12,855		$	13,856
Ratios (as a percentage of average daily net assets):
Expenses		2.44	%(5)		2.50	%		2.53	%		2.52	%		2.62	%(4)		2.65	%(4)
Net investment loss		(1.62	)%(5)		(0.47	)%		(0.80	)%		(0.37	)%		(0.09	)%		(0.24	)%
Portfolio Turnover		6	%(3)		9	%		17	%		12	%		14	%		8	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.05% and 0.08% of average daily net assets for the years ended August 31, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Annualized.

11 See Notes to Financial Statements.

Eaton Vance

Greater China Growth Fund

February 28, 2021

Financial Highlights — continued

	Class I
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	27.550		$	23.420		$	24.790		$	25.680		$	20.500		$	19.260
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.112	)	$	0.109		$	0.302		$	0.168		$	0.281		$	0.091
Net realized and unrealized gain		5.419			4.883			0.466			1.889			5.096			2.281
Total income from operations	$	5.307		$	4.992		$	0.768		$	2.057		$	5.377		$	2.372
Less Distributions
From net investment income	$	(0.151	)	$	(0.145	)	$	(0.233	)	$	(0.237	)	$	(0.197	)	$	—
From net realized gain		(2.706	)		(0.717	)		(1.905	)		(2.710	)		—			(1.132	)
Total distributions	$	(2.857	)	$	(0.862	)	$	(2.138	)	$	(2.947	)	$	(0.197	)	$	(1.132	)
Net asset value — End of period	$	30.000		$	27.550		$	23.420		$	24.790		$	25.680		$	20.500
Total Return(2)		20.14	%(3)		21.81	%		3.94	%		8.06	%		26.48	%(4)		12.90	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	26,374		$	17,646		$	21,552		$	9,875		$	11,067		$	8,307
Ratios (as a percentage of average daily net assets):
Expenses		1.43	%(5)		1.50	%		1.53	%		1.52	%		1.61	%(4)		1.65	%(4)
Net investment income (loss)		(0.78	)%(5)		0.45	%		1.29	%		0.64	%		1.29	%		0.49	%
Portfolio Turnover		6	%(3)		9	%		17	%		12	%		14	%		8	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  The investment adviser and sub-adviser reimbursed certain operating expenses (equal to 0.05% and 0.08% of average daily net assets for the years ended August 31, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾  Annualized.

12 See Notes to Financial Statements.

Eaton Vance

Greater China Growth Fund

February 28, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Greater China Growth Fund (the Fund) is a non-diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital appreciation. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

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

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

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

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

As of February 28, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

13

Eaton Vance

Greater China Growth Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

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

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

H  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Interim Financial Statements — The interim financial statements relating to February 28, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

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

Aggregate cost	$	62,054,064
Gross unrealized appreciation	$	61,796,596
Gross unrealized depreciation		(3,537,307	)
Net unrealized appreciation	$	58,259,289

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR) as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement between the Fund and BMR, in effect through February 28, 2021, the fee was computed at an annual rate of 1.00% of the Fund’s average daily net assets up to $500 million and was payable monthly. On net assets of $500 million and over, the annual fee would be reduced. For the six months ended February 28, 2021, the investment adviser fee amounted to $563,032 or 1.00% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, BMR pays BMO Global Asset Management (Asia) Limited (BMO GAM (Asia)) a portion of its investment adviser fee for sub-advisory services provided to the Fund.

On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and BMR became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement with BMR and BMR entered into a new investment sub-advisory agreement with BMO GAM (Asia) (the “New Agreements”). The New Agreements took effect on March 1, 2021. Effective March 1, 2021, the fee reduction agreement previously applicable to the Fund was incorporated into its new investment advisory agreement with BMR.

14

Eaton Vance

Greater China Growth Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

The administration fee is earned by Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended February 28, 2021, the administration fee amounted to $84,455.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended February 28, 2021, EVM earned $1,887 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 $1,365 as its portion of the sales charge on sales of Class A shares for the six months ended February 28, 2021. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser and administrator may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended February 28, 2021, no significant amounts have been deferred. 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 0.30% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended February 28, 2021 amounted to $135,795 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended February 28, 2021, the Fund paid or accrued to EVD $7,353 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended February 28, 2021 amounted to $2,451 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended February 28, 2021, the Fund was informed that EVD received less than $100 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $7,051,901 and $10,101,220, respectively, for the six months ended February 28, 2021.

15

Eaton Vance

Greater China Growth Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		79,067			172,688
Issued to shareholders electing to receive payments of distributions in Fund shares		271,889			95,108
Redemptions		(209,050	)		(573,481	)
Converted from Class C shares		22,435			22,133
Net increase (decrease)		164,341			(283,552	)
Class C	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		2,986			15,470
Issued to shareholders electing to receive payments of distributions in Fund shares		6,301			3,871
Redemptions		(11,982	)		(78,661	)
Converted to Class A shares		(24,148	)		(23,728	)
Net decrease		(26,843	)		(83,048	)
Class I	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		231,317			754,267
Issued to shareholders electing to receive payments of distributions in Fund shares		66,465			35,433
Redemptions		(59,217	)		(1,069,554	)
Net increase (decrease)		238,565			(279,854	)

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended February 28, 2021.

9  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

16

Eaton Vance

Greater China Growth Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

• 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, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Communication Services	$	—	$	13,580,222		$	—	$	13,580,222
Consumer Discretionary		8,061,619		13,667,179			—		21,728,798
Consumer Staples		—		20,343,232			—		20,343,232
Financials		—		27,424,828			—		27,424,828
Health Care		—		6,768,687			—		6,768,687
Industrials		—		5,254,386			—		5,254,386
Information Technology		—		18,709,636			—		18,709,636
Real Estate		—		3,553,963			—		3,553,963
Utilities		—		2,949,601			—		2,949,601
Total Common Stocks	$	8,061,619	$	112,251,734	*	$	—	$	120,313,353
Total Investments	$	8,061,619	$	112,251,734		$	—	$	120,313,353

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

10  Risks and Uncertainties

Risks Associated with Foreign Investments

Investments in foreign issuers could be affected by factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting, auditing and financial reporting standard practices and requirements and regulatory measures, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than in the United States. Evidence of ownership of certain foreign investments may be held outside the United States, and the Fund may be subject to the risks associated with the holding of such property overseas. Foreign issuers may become subject to sanctions imposed by the United States or another country, which could result in the immediate freeze of the foreign issuers’ assets or securities. Trading in certain foreign markets is also subject to liquidity risk. Political events in foreign countries may cause market disruptions.

The securities markets in the China region, which includes Hong Kong, China and Taiwan, are impacted by the economies of countries in the region, which differ from the U. S. economy in various ways, such as rate of growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. As export-driven economies, the economies of countries in the China region are affected by developments in the economies and governmental actions of their principal trading partners, such as the imposition of trading restrictions and tariffs. China’s governmental actions and the actions of other governments can also have a significant effect on the economic conditions in the China region or a particular issuer or industry, which could adversely affect the value and liquidity of investments. A government may restrict investment in companies or industries considered important to national interests, intervene in the financial markets, maintain strict currency controls, or impose repatriation restrictions. Although larger and/or more established than many emerging markets, markets in the China region carry the high levels of risk associated with emerging markets.

Pandemic Risk

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

17

Eaton Vance

Greater China Growth Fund

February 28, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Greater China Growth Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 and adjourned to February 26, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Boston Management and Research to serve as the Fund’s investment adviser (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with BMO Global Asset Management (Asia) Limited to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		1,721,497.722		81,326.513		173,222.458		0
Proposal 2		1,718,639.637		92,042.069		165,364.988		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the Meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

18

Eaton Vance

Greater China Growth Fund

February 28, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Greater China Growth Fund	Boston Management and Research	BMO Global Asset Management (Asia) Limited

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

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

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

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

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

Information about the Transaction and its Terms

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

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

19

Eaton Vance

Greater China Growth Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

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

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

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

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

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

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

Information about Morgan Stanley

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

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

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

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

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

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

Information about the New Agreements for Funds

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

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

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

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

Information about Fund Performance, Fees and Expenses

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

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

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

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

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

Information about Portfolio Management and Trading

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

20

Eaton Vance

Greater China Growth Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

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

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

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

Information about the Advisers and the Sub-Advisers

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

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

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

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

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

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

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

Other Relevant Information

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

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

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

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

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

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

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

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

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the

21

Eaton Vance

Greater China Growth Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

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

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

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

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

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

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

22

Eaton Vance

Greater China Growth Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Management Fees and Expenses

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

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

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

Profitability and “Fall-Out” Benefits

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

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

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

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

Economies of Scale

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

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

23

Eaton Vance

Greater China Growth Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Conclusion

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

24

Eaton Vance

Greater China Growth Fund

February 28, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

25

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

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

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

26

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

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

27

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

28

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Sub-Adviser

BMO Global Asset Management (Asia) Limited

Suite 3808, One Exchange Square

Central, Hong Kong

Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7705    2.28.21

Eaton Vance

Richard Bernstein All Asset Strategy Fund

Semiannual Report

February 28, 2021

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

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

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

Semiannual Report February 28, 2021

Eaton Vance

Richard Bernstein All Asset Strategy Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Joint Special Meeting of Shareholders	26
Board of Trustees’ Contract Approval	27
Officers and Trustees	32
Privacy Notice	33
Important Notices	35

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Performance^1,2

Portfolio Managers Richard Bernstein, Matthew Griswold, CFA, and Henry Timmons, CFA, each of Richard Bernstein Advisors LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception
Class A at NAV		09/30/2011		09/30/2011		4.11	%		11.86	%		7.74	%		6.61	%
Class A with 5.75% Maximum Sales Charge		—		—		–1.86			5.43			6.47			5.95
Class C at NAV		09/30/2011		09/30/2011		3.67			11.03			6.94			5.81
Class C with 1% Maximum Sales Charge		—		—		2.67			10.03			6.94			5.81
Class I at NAV		09/30/2011		09/30/2011		4.23			12.20			8.02			6.88
Bloomberg Barclays U.S. Aggregate Bond Index		—		—		–1.55	%		1.38	%		3.55	%		3.13	%
MSCI ACWI Index		—		—		13.04			30.25			14.23			11.64
Blended Index		—		—		4.25			12.75			8.00			6.71
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.36	%		2.11	%		1.11	%

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Fund Profile

Country Allocation (% of net assets)⁴

Asset Allocation (% of net assets)⁴

Top 10 Holdings (% of net assets)⁵

ProShares Investment Grade-Interest Rate Hedged ETF	16.0	%
First Trust Low Duration Opportunities ETF	10.7
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund	4.6
VanEck Vectors Emerging Markets High Yield Bond ETF	4.4
iShares MSCI China ETF	2.1
iShares MSCI Taiwan ETF	1.7
U.S. Treasury Bonds, 1.125%, 8/15/40	1.6
iShares MSCI South Korea ETF	1.6
Apple, Inc.	1.4
U.S. Treasury Notes, 2.375%, 5/15/29	1.4
Total	45.5	%

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Endnotes and Additional Disclosures

¹  Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index of domestic investment-grade bonds, including corporate, government and mortgage-backed securities. MSCI ACWI Index is an unmanaged free-float-adjusted market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. The Blended Index consists of 60% Bloomberg Barclays U.S. Aggregate Bond Index and 40% MSCI ACWI Index, rebalanced monthly. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  The Fund may obtain exposure to certain market segments through investments in exchange-traded funds (ETFs). For purposes of the charts, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2020 – February 28, 2021).

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

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

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

	Beginning Account Value (9/1/20)		Ending Account Value (2/28/21)		Expenses Paid During Period* (9/1/20 – 2/28/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,041.10	$	6.02		1.19	%
Class C	$	1,000.00	$	1,036.70	$	9.80		1.94	%
Class I	$	1,000.00	$	1,042.30	$	4.76		0.94	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.90	$	5.96		1.19	%
Class C	$	1,000.00	$	1,015.20	$	9.69		1.94	%
Class I	$	1,000.00	$	1,020.10	$	4.71		0.94	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2020.

5

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited)

Common Stocks — 40.9%
Security	Shares		Value
Air Freight & Logistics — 0.8%
C.H. Robinson Worldwide, Inc.		7,524	$	683,555
DSV PANALPINA A/S		4,672		854,510
Expeditors International of Washington, Inc.		10,334		949,075
FedEx Corp.		3,330		847,485
Hub Group, Inc., Class A(1)		16,497		949,897
United Parcel Service, Inc., Class B		12,230		1,930,261
			$	6,214,783
Airlines — 0.3%
Alaska Air Group, Inc.		18,946	$	1,231,869
Southwest Airlines Co.		21,432		1,245,842
			$	2,477,711
Auto Components — 0.1%
Tupy S.A.(1)		194,100	$	735,988
			$	735,988
Automobiles — 0.5%
Tesla, Inc.(1)		4,285	$	2,894,518
Volkswagen AG, PFC Shares		4,383		917,010
			$	3,811,528
Banks — 4.9%
BancorpSouth Bank		26,105	$	784,716
Bank of America Corp.		48,002		1,666,149
Banner Corp.		15,318		793,166
Canadian Western Bank(2)		43,009		1,130,482
Cathay General Bancorp		27,358		1,029,755
Community Bank System, Inc.		11,408		812,136
CVB Financial Corp.		36,966		791,442
First BanCorp/Puerto Rico		111,299		1,167,527
First Financial Bancorp		38,790		870,060
First Interstate BancSystem, Inc., Class A		18,470		838,907
First Merchants Corp.		36,360		1,528,938
First Midwest Bancorp, Inc.		43,549		861,399
Fulton Financial Corp.		53,873		832,338
Glacier Bancorp, Inc.		15,712		851,590
Grupo Elektra SAB de CV		20,591		1,366,106
Hancock Whitney Corp.		20,340		767,835
Heartland Financial USA, Inc.		17,157		801,918
Home BancShares, Inc.		36,236		885,608
Independent Bank Group, Inc.		11,676		813,701
International Bancshares Corp.		36,672		1,598,166

Security	Shares		Value
Banks (continued)
Investors Bancorp, Inc.		67,048	$	894,420
JPMorgan Chase & Co.		19,284		2,838,026
NBT Bancorp, Inc.		23,892		865,607
Old National Bancorp		45,817		830,662
Pacific Premier Bancorp, Inc.		21,960		884,988
Park National Corp.		6,922		858,328
PNC Financial Services Group, Inc. (The)		4,805		808,970
Renasant Corp.		30,657		1,204,207
Sandy Spring Bancorp, Inc.		22,124		831,420
Seacoast Banking Corp of Florida(1)		23,638		849,786
Simmons First National Corp., Class A		29,675		868,884
Sumitomo Mitsui Financial Group, Inc.		19,000		670,802
Towne Bank/Portsmouth VA		32,572		939,377
Trustmark Corp.		47,374		1,428,800
U.S. Bancorp		13,983		699,150
UMB Financial Corp.		10,589		893,394
United Bankshares, Inc.		22,055		814,932
Valley National Bancorp		78,406		960,474
WesBanco, Inc.		41,795		1,349,143
			$	39,683,309
Beverages — 0.4%
Coca-Cola Co. (The)		31,206	$	1,528,782
PepsiCo, Inc.		10,052		1,298,618
			$	2,827,400
Biotechnology — 0.5%
Amgen, Inc.		5,732	$	1,289,241
Biogen, Inc.(1)		3,379		922,062
CSL, Ltd.		6,121		1,247,452
Gilead Sciences, Inc.		8,927		548,118
			$	4,006,873
Building Products — 0.3%
Daikin Industries, Ltd.		3,700	$	721,089
Kingspan Group PLC(1)		8,400		609,273
Simpson Manufacturing Co., Inc.		7,506		731,535
			$	2,061,897
Capital Markets — 0.7%
Bank of New York Mellon Corp. (The)		20,065	$	845,940
BlackRock, Inc.		2,251		1,563,320
CME Group, Inc.		2,642		527,607
FactSet Research Systems, Inc.		2,663		809,312

6 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Capital Markets (continued)
Partners Group Holding AG		553	$	662,090
Sprott, Inc.(2)		27,449		955,517
			$	5,363,786
Chemicals — 2.2%
Air Liquide S.A.		11,839	$	1,782,894
Air Products and Chemicals, Inc.		1,947		497,692
Air Water, Inc.(2)		55,500		915,951
Akzo Nobel NV		11,053		1,142,989
Arkema S.A.		8,131		896,342
Asahi Kasei Corp.		94,700		1,027,365
BASF SE		12,457		1,019,118
Ecolab, Inc.		4,004		838,277
Ems-Chemie Holding AG		1,596		1,414,272
Givaudan S.A.		392		1,476,379
Linde PLC		6,127		1,496,642
Novozymes A/S, Class B		14,356		883,781
Sherwin-Williams Co. (The)		1,037		705,513
Shin-Etsu Chemical Co., Ltd.		8,500		1,393,101
Sika AG		4,982		1,317,437
Symrise AG		8,408		982,238
			$	17,789,991
Commercial Services & Supplies — 0.1%
Brink’s Co. (The)		9,542	$	733,112
Securitas AB, Class B		26,897		412,357
			$	1,145,469
Communications Equipment — 0.1%
Cisco Systems, Inc.		23,755	$	1,065,887
			$	1,065,887
Construction & Engineering — 0.2%
Eiffage S.A.(1)		4,734	$	486,584
Kandenko Co., Ltd.		116,300		959,342
			$	1,445,926
Construction Materials — 0.1%
CRH PLC		21,574	$	936,554
			$	936,554
Consumer Finance — 0.5%
Aeon Financial Service Co., Ltd.(2)		49,200	$	634,495
American Express Co.		8,303		1,123,064

Security	Shares		Value
Consumer Finance (continued)
Navient Corp.		87,165	$	1,079,103
PRA Group, Inc.(1)		23,062		850,065
			$	3,686,727
Containers & Packaging — 0.4%
Ball Corp.		15,656	$	1,336,866
Huhtamaki Oyj		19,077		857,221
SIG Combibloc Group AG		37,618		830,734
			$	3,024,821
Diversified Consumer Services — 0.2%
InvoCare, Ltd.(2)		103,588	$	899,671
TAL Education Group ADR(1)		10,952		849,218
			$	1,748,889
Diversified Financial Services — 0.2%
Berkshire Hathaway, Inc., Class B(1)		6,182	$	1,486,833
			$	1,486,833
Diversified Telecommunication Services — 0.4%
AT&T, Inc.		42,841	$	1,194,836
Elisa Oyj		8,337		498,502
Liberty Latin America, Ltd., Class C(1)		75,595		828,521
Verizon Communications, Inc.		10,781		596,189
			$	3,118,048
Electric Utilities — 0.1%
Red Electrica Corp. S.A.		28,050	$	468,612
			$	468,612
Electrical Equipment — 0.3%
AMETEK, Inc.		6,028	$	711,123
Eaton Corp. PLC		5,895		767,470
Emerson Electric Co.		9,012		774,131
			$	2,252,724
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		6,196	$	778,713
Canon Marketing Japan, Inc.		24,600		540,566
Hexagon AB, Class B		8,242		685,535
Sanmina Corp.(1)		27,934		995,009
			$	2,999,823

7 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Energy Equipment & Services — 0.7%
Halliburton Co.		76,310	$	1,665,847
Schlumberger NV		36,806		1,027,256
Technip Energies N.V. ADR(1)		25,832		327,291
TechnipFMC PLC		129,159		1,061,687
Tenaris S.A.		167,499		1,749,143
			$	5,831,224
Entertainment — 0.1%
Activision Blizzard, Inc.		7,889	$	754,267
			$	754,267
Food & Staples Retailing — 0.6%
Costco Wholesale Corp.		2,995	$	991,345
Loblaw Cos., Ltd.		18,837		907,806
Performance Food Group Co.(1)		19,981		1,083,769
Tsuruha Holdings, Inc.		4,700		605,141
Walmart, Inc.		6,925		899,696
			$	4,487,757
Food Products — 1.0%
AAK AB		65,737	$	1,408,591
Darling Ingredients, Inc.(1)		21,328		1,344,517
J&J Snack Foods Corp.		9,092		1,443,446
Nestle S.A.		16,445		1,716,342
Nisshin Seifun Group, Inc.		42,500		685,268
Saputo, Inc.		23,295		656,053
Simply Good Foods Co. (The)(1)		36,899		1,076,344
			$	8,330,561
Health Care Equipment & Supplies — 1.5%
Abbott Laboratories		14,240	$	1,705,667
Avanos Medical, Inc.(1)		33,810		1,554,584
Becton, Dickinson and Co.		2,823		680,766
Cooper Cos., Inc. (The)		2,747		1,060,699
Danaher Corp.		3,285		721,616
DENTSPLY SIRONA, Inc.		7,813		414,636
Edwards Lifesciences Corp.(1)		6,975		579,623
Fisher & Paykel Healthcare Corp., Ltd.		38,442		817,454
IDEXX Laboratories, Inc.(1)		1,878		976,879
Intuitive Surgical, Inc.(1)		1,267		933,526
Medtronic PLC		8,998		1,052,496
ResMed, Inc.		3,683		710,009
Stryker Corp.		3,160		766,900
			$	11,974,855

Security	Shares		Value
Health Care Providers & Services — 0.7%
Cigna Corp.		3,969	$	833,093
CVS Health Corp.		10,400		708,552
Henry Schein, Inc.(1)		10,993		679,917
Humana, Inc.		1,365		518,222
Quest Diagnostics, Inc.		5,101		589,625
Ryman Healthcare, Ltd.		72,431		764,775
UnitedHealth Group, Inc.		4,546		1,510,272
			$	5,604,456
Health Care Technology — 0.1%
Cerner Corp.		15,697	$	1,085,291
			$	1,085,291
Hotels, Restaurants & Leisure — 0.4%
Flutter Entertainment PLC(1)		3,869	$	741,116
J D Wetherspoon PLC(1)		54,501		939,239
La Francaise des Jeux SAEM(3)		20,657		932,451
McDonald’s Corp.		3,770		777,148
			$	3,389,954
Household Durables — 0.7%
Construtora Tenda S.A.		202,100	$	921,390
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		199,400		882,395
D.R. Horton, Inc.		12,370		950,882
Direcional Engenharia S.A.		342,700		784,562
Even Construtora e Incorporadora S.A.		372,000		663,124
JM AB(2)		38,235		1,338,532
			$	5,540,885
Household Products — 0.5%
Henkel AG & Co. KGaA		15,069	$	1,334,656
Kimberly-Clark Corp.		4,432		568,759
Procter & Gamble Co. (The)		7,596		938,334
Reckitt Benckiser Group PLC		10,759		902,475
			$	3,744,224
Industrial Conglomerates — 0.3%
3M Co.		5,247	$	918,540
Nolato AB, Class B(1)		11,960		1,067,316
Smiths Group PLC		32,780		671,298
			$	2,657,154
Insurance — 1.3%
Aflac, Inc.		17,242	$	825,719

8 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Insurance (continued)
Allianz SE		3,269	$	789,003
Aon PLC, Class A		7,732		1,760,654
Arthur J. Gallagher & Co.		6,437		771,153
AXA S.A.		19,916		500,853
Dai-ichi Life Holdings, Inc.		38,000		675,380
Markel Corp.(1)		483		525,890
Marsh & McLennan Cos., Inc.		12,079		1,391,742
Muenchener Rueckversicherungs-Gesellschaft AG		1,789		526,246
NN Group NV		17,829		823,231
Swiss Life Holding AG		2,805		1,394,191
Tokio Marine Holdings, Inc.		10,300		511,690
			$	10,495,752
Interactive Media & Services — 1.5%
Alphabet, Inc., Class A(1)		1,800	$	3,639,438
Alphabet, Inc., Class C(1)		1,852		3,772,265
Facebook, Inc., Class A(1)		14,272		3,676,752
Tencent Holdings, Ltd.		14,100		1,226,657
			$	12,315,112
Internet & Direct Marketing Retail — 0.9%
Amazon.com, Inc.(1)		2,403	$	7,432,311
			$	7,432,311
IT Services — 1.6%
Amdocs, Ltd.		8,111	$	614,895
Atos SE(1)		5,537		432,769
Automatic Data Processing, Inc.		9,732		1,693,563
Broadridge Financial Solutions, Inc.		4,673		665,856
Cognizant Technology Solutions Corp., Class A		9,586		704,379
Fidelity National Information Services, Inc.		6,569		906,522
Fiserv, Inc.(1)		4,882		563,236
Mastercard, Inc., Class A		2,446		865,517
Nexi SpA(1)(3)		39,711		710,649
Otsuka Corp.		11,400		529,572
Shopify, Inc., Class A(1)		1,247		1,615,564
Sopra Steria Group(1)		4,293		697,655
TIS, Inc.		27,100		564,153
Visa, Inc., Class A		11,259		2,391,299
			$	12,955,629
Life Sciences Tools & Services — 0.4%
Illumina, Inc.(1)		1,779	$	781,710
Mettler-Toledo International, Inc.(1)		638		712,040

Security	Shares		Value
Life Sciences Tools & Services (continued)
PerkinElmer, Inc.		5,108	$	644,068
Thermo Fisher Scientific, Inc.		3,188		1,434,855
			$	3,572,673
Machinery — 0.6%
Interroll Holding AG		388	$	1,238,352
Mueller Industries, Inc.		26,569		1,079,764
Mueller Water Products, Inc., Class A		75,063		967,562
PACCAR, Inc.		8,381		762,587
Traton SE		20,857		580,989
			$	4,629,254
Media — 0.1%
Fuji Media Holdings, Inc.		48,400	$	587,956
			$	587,956
Metals & Mining — 0.6%
Acerinox S.A.		89,695	$	1,039,696
Boliden AB		25,829		1,022,918
Gerdau S.A., PFC Shares		186,200		859,533
Metalurgica Gerdau S.A., PFC Shares		451,500		932,938
Vale S.A.		61,000		1,028,821
			$	4,883,906
Multiline Retail — 0.4%
Big Lots, Inc.		18,119	$	1,151,281
Dollar General Corp.		2,807		530,495
Dollarama, Inc.		16,364		622,748
Pan Pacific International Holdings Corp.		25,800		605,051
			$	2,909,575
Oil, Gas & Consumable Fuels — 2.5%
Chevron Corp.		18,107	$	1,810,700
ConocoPhillips		31,867		1,657,403
Eni SpA		79,500		908,925
EOG Resources, Inc.		13,646		880,986
Exxon Mobil Corp.		46,508		2,528,640
Hess Corp.		27,154		1,779,402
ONEOK, Inc.		17,847		790,444
Petroleo Brasileiro S.A.		320,200		1,265,556
Pioneer Natural Resources Co.		9,794		1,455,094
Repsol S.A.		121,410		1,528,285
Suncor Energy, Inc.		67,351		1,337,388
TC Energy Corp.		22,945		961,000

9 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
TOTAL SE		18,222	$	849,694
Valero Energy Corp.		10,843		834,694
World Fuel Services Corp.		39,169		1,217,372
			$	19,805,583
Paper & Forest Products — 0.1%
Mondi PLC		40,460	$	976,364
			$	976,364
Personal Products — 0.4%
Beiersdorf AG		8,756	$	865,155
Edgewell Personal Care Co.		24,778		757,959
Kose Corp.		5,400		867,997
Unilever PLC		17,493		911,864
			$	3,402,975
Pharmaceuticals — 1.5%
Bayer AG		6,498	$	394,696
Bristol-Myers Squibb Co.		8,348		511,983
Eli Lilly & Co.		5,860		1,200,655
Johnson & Johnson		15,548		2,463,736
Merck & Co., Inc.		8,604		624,823
Novo Nordisk A/S, Class B		29,536		2,107,012
Pfizer, Inc.		52,564		1,760,368
Roche Holding AG PC		6,578		2,157,971
Sanofi		11,110		1,019,572
			$	12,240,816
Professional Services — 0.2%
AF Poyry AB(1)		19,925	$	542,571
Korn Ferry		23,371		1,438,485
			$	1,981,056
Real Estate Management & Development — 0.2%
BR Malls Participacoes S.A.(1)		488,200	$	727,396
Nexity S.A.		21,705		1,060,635
			$	1,788,031
Road & Rail — 1.4%
Central Japan Railway Co.		2,900	$	477,845
CSX Corp.		22,173		2,029,938
J.B. Hunt Transport Services, Inc.		5,205		764,458
Kansas City Southern		5,008		1,063,399
Norfolk Southern Corp.		8,340		2,102,180

Security	Shares		Value
Road & Rail (continued)
Old Dominion Freight Line, Inc.		4,771	$	1,024,668
Rumo S.A.(1)		290,400		937,911
Union Pacific Corp.		10,956		2,256,498
Werner Enterprises, Inc.		19,166		822,605
			$	11,479,502
Semiconductors & Semiconductor Equipment — 0.8%
Applied Materials, Inc.		9,778	$	1,155,662
ASML Holding NV		1,735		983,955
Intel Corp.		28,347		1,722,931
NVIDIA Corp.		3,379		1,853,652
QUALCOMM, Inc.		6,460		879,787
			$	6,595,987
Software — 1.8%
Adobe, Inc.(1)		1,526	$	701,456
ANSYS, Inc.(1)		1,943		662,544
Constellation Software, Inc.		516		668,100
Hilan, Ltd.		18,349		808,444
Microsoft Corp.		39,237		9,117,894
Oracle Corp.		13,008		839,146
Topicus.com, Inc.(1)		959		49,781
Tyler Technologies, Inc.(1)		2,255		1,045,012
VMware, Inc., Class A(1)		3,756		519,117
			$	14,411,494
Specialty Retail — 0.5%
Advance Auto Parts, Inc.		4,683	$	750,919
Bilia AB, Class A(1)		44,656		598,435
Home Depot, Inc. (The)		3,993		1,031,552
Industria de Diseno Textil S.A.		17,060		562,523
Petrobras Distribuidora S.A.		304,100		1,080,916
			$	4,024,345
Technology Hardware, Storage & Peripherals — 1.5%
Apple, Inc.		95,036	$	11,524,066
Samsung Electronics Co., Ltd. GDR		394		729,171
			$	12,253,237
Textiles, Apparel & Luxury Goods — 0.3%
Alpargatas S.A., PFC Shares		98,600	$	614,557
NIKE, Inc., Class B		6,191		834,423
Swatch Group AG (The)		2,653		791,845
			$	2,240,825

10 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Thrifts & Mortgage Finance — 0.7%
Capitol Federal Financial, Inc.		106,044	$	1,411,446
Equitable Group, Inc.		14,329		1,527,030
Washington Federal, Inc.		48,486		1,465,247
WSFS Financial Corp.		26,287		1,396,891
			$	5,800,614
Tobacco — 0.1%
Philip Morris International, Inc.		11,064	$	929,597
			$	929,597
Trading Companies & Distributors — 0.5%
Brenntag SE		10,953	$	848,714
Bunzl PLC		17,838		556,914
Fastenal Co.		14,534		673,942
Indutrade AB(1)		42,915		979,530
Mitsui & Co., Ltd.		34,500		738,791
			$	3,797,891
Transportation Infrastructure — 0.3%
EcoRodovias Infraestrutura e Logistica S.A.(1)		500,100	$	984,280
Hamburger Hafen und Logistik AG		40,880		1,040,612
			$	2,024,892
Wireless Telecommunication Services — 0.4%
America Movil SAB de CV, Series L		2,235,840	$	1,428,860
SoftBank Group Corp.		12,500		1,166,618
T-Mobile US, Inc.(1)		6,064		727,498
			$	3,322,976
Total Common Stocks (identified cost $236,351,804)			$	328,612,560
Exchange-Traded Funds(4) — 43.6%
Security	Shares		Value
Equity Funds — 5.4%
iShares MSCI China ETF(2)		198,106	$	17,257,014
iShares MSCI South Korea ETF		144,000		12,667,680
iShares MSCI Taiwan ETF		234,000		13,677,300
			$	43,601,994
Fixed Income Funds — 36.8%
First Trust Low Duration Opportunities ETF		1,673,828	$	85,900,853
iShares 10+ Year Investment Grade Corporate Bond ETF(2)		116,000		7,946,000

Security	Shares		Value
Fixed Income Funds (continued)
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund		377,800	$	37,062,180
ProShares Investment Grade-Interest Rate Hedged ETF		1,690,000		128,558,300
VanEck Vectors Emerging Markets High Yield Bond ETF(2)		1,490,000		35,640,800
			$	295,108,133
Short-Term Fixed Income Funds — 1.4%
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund		108,947	$	11,115,862
			$	11,115,862
Total Exchange-Traded Funds (identified cost $341,037,369)			$	349,825,989
U.S. Treasury Obligations — 13.9%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bonds:
1.125%, 5/15/40	$	11,301	$	9,721,999
1.125%, 8/15/40		15,405		13,185,632
3.875%, 8/15/40		5,183		6,833,250
4.25%, 5/15/39		4,647		6,373,607
4.375%, 11/15/39		7,989		11,142,889
4.50%, 2/15/36(2)		1,239		1,702,841
4.625%, 2/15/40		5,866		8,444,087
			$	57,404,305
U.S. Treasury Notes:
0.625%, 5/15/30	$	6,786		6,357,992
1.50%, 2/15/30		7,493		7,608,603
2.375%, 5/15/29		10,529		11,461,392
2.625%, 2/15/29(2)		8,964		9,925,307
2.875%, 5/15/28(2)		4,006		4,491,840
2.875%, 8/15/28(2)		5,210		5,850,576
3.125%, 11/15/28		7,534		8,608,640
			$	54,304,350
Total U.S. Treasury Obligations (identified cost $120,923,802)			$	111,708,655

11 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Short-Term Investments — 4.0%
Description	Units/Shares		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%(5)		16,050,897	$	16,050,897
State Street Navigator Securities Lending Government Money Market Portfolio, 0.05%(6)		16,313,680		16,313,680
Total Short-Term Investments (identified cost $32,364,577)			$	32,364,577
Total Investments — 102.4% (identified cost $730,677,552)			$	822,511,781
Other Assets, Less Liabilities — (2.4)%			$	(19,200,758	)
Net Assets — 100.0%			$	803,311,023

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

⁽¹⁾  Non-income producing security.

⁽²⁾  All or a portion of this security was on loan at February 28, 2021. The aggregate market value of securities on loan at February 28, 2021 was $44,049,554.

⁽³⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 28, 2021, the aggregate value of these securities is $1,643,100 or 0.2% of the Fund’s net assets.

⁽⁴⁾  The Fund is permitted to invest in certain Exchange-Traded Funds (ETFs) in excess of the limits set forth in the Investment Company Act of 1940, as amended, in reliance upon exemptive relief provided to the ETFs by the Securities and Exchange Commission and meeting certain conditions set forth in the exemptive orders.

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of February 28, 2021.

⁽⁶⁾  Represents investment of cash collateral received in connection with securities lending.

Country Concentration of Portfolio
Country	Percentage of Net Assets			Value
United States		44.7	%	$	358,959,949
Japan		1.8			14,878,173
Switzerland		1.6			12,999,613
Brazil		1.5			12,419,367
Canada		1.3			10,431,469
Germany		1.2			9,298,437
France		1.1			8,986,740
Sweden		1.0			8,055,785
United Kingdom		0.9			7,516,483
Denmark		0.5			3,845,303
Spain		0.4			3,599,116
Ireland		0.4			3,054,413
Netherlands		0.4			2,950,175
Mexico		0.3			2,794,966
Australia		0.3			2,147,123
China		0.3			2,075,875
Luxembourg		0.2			1,749,143
Italy		0.2			1,619,574
New Zealand		0.2			1,582,229
Finland		0.2			1,355,723
Chile		0.1			828,521
Israel		0.1			808,444
South Korea		0.1			729,171
Exchange-Traded Funds		43.6			349,825,989
Total Investments		102.4	%	$	822,511,781

Abbreviations:

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PC	–	Participation Certificate
PFC Shares	–	Preference Shares

12 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	February 28, 2021
Unaffiliated investments, at value including $44,049,554 of securities on loan (identified cost, $714,626,655)	$	806,460,884
Affiliated investment, at value (identified cost, $16,050,897)		16,050,897
Foreign currency, at value (identified cost, $1,440)		1,617
Dividends receivable		373,575
Interest receivable		432,077
Dividends receivable from affiliated investment		1,388
Receivable for investments sold		1,686,161
Receivable for Fund shares sold		3,340,513
Securities lending income receivable		5,515
Tax reclaims receivable		224,176
Total assets	$	828,576,803
Liabilities
Collateral for securities loaned	$	16,313,680
Payable for investments purchased		5,042,400
Payable for Fund shares redeemed		3,012,017
Payable to affiliates:
Investment adviser and administration fee		515,527
Distribution and service fees		95,060
Accrued expenses		287,096
Total liabilities	$	25,265,780
Net Assets	$	803,311,023
Sources of Net Assets
Paid-in capital	$	688,805,537
Distributable earnings		114,505,486
Total	$	803,311,023
Class A Shares
Net Assets	$	107,955,757
Shares Outstanding		7,051,586
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.31
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	16.24
Class C Shares
Net Assets	$	94,477,342
Shares Outstanding		6,301,529
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	14.99
Class I Shares
Net Assets	$	600,877,924
Shares Outstanding		39,082,918
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	15.37

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.

13 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended February 28, 2021
Dividends (net of foreign taxes, $69,407)	$	5,869,931
Non-cash dividends		433,679
Interest		678,081
Dividends from affiliated investment		21,752
Securities lending income, net		31,226
Total investment income	$	7,034,669
Expenses
Investment adviser and administration fee	$	3,186,361
Distribution and service fees
Class A		125,910
Class C		489,360
Trustees’ fees and expenses		19,889
Custodian fee		105,715
Transfer and dividend disbursing agent fees		174,630
Legal and accounting services		35,017
Printing and postage		24,842
Registration fees		28,901
Miscellaneous		24,006
Total expenses	$	4,214,631
Net investment income	$	2,820,038
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	24,343,352
Investment transactions — affiliated investment		485
Foreign currency transactions		(207,229	)
Net realized gain	$	24,136,608
Change in unrealized appreciation (depreciation) —
Investments	$	4,809,297
Investments — affiliated investment		(485	)
Foreign currency		(7,772	)
Net change in unrealized appreciation (depreciation)	$	4,801,040
Net realized and unrealized gain	$	28,937,648
Net increase in net assets from operations	$	31,757,686

14 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
From operations —
Net investment income	$	2,820,038		$	4,738,314
Net realized gain		24,136,608			22,420,859
Net change in unrealized appreciation (depreciation)		4,801,040			40,821,808
Net increase in net assets from operations	$	31,757,686		$	67,980,981
Distributions to shareholders —
Class A	$	(2,975,278	)	$	(3,202,531	)
Class C		(2,138,197	)		(4,129,164	)
Class I		(17,709,120	)		(20,042,888	)
Total distributions to shareholders	$	(22,822,595	)	$	(27,374,583	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	16,395,418		$	32,264,614
Class C		7,861,807			19,027,947
Class I		105,911,296			192,018,296
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		1,784,346			2,290,521
Class C		1,588,915			2,643,861
Class I		12,285,864			12,596,767
Cost of shares redeemed
Class A		(12,558,443	)		(19,598,825	)
Class C		(14,172,401	)		(45,389,523	)
Class I		(70,558,765	)		(155,773,403	)
Net asset value of shares converted
Class A		3,377,558			1,800,943
Class C		(3,377,558	)		(1,800,943	)
Net increase in net assets from Fund share transactions	$	48,538,037		$	40,080,255
Net increase in net assets	$	57,473,128		$	80,686,653
Net Assets
At beginning of period	$	745,837,895		$	665,151,242
At end of period	$	803,311,023		$	745,837,895

15 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Financial Highlights

	Class A
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	15.140		$	14.370		$	15.110		$	14.330		$	13.060		$	12.250
Income (Loss) From Operations
Net investment income(1)	$	0.049		$	0.097		$	0.161		$	0.157		$	0.156		$	0.150
Net realized and unrealized gain (loss)		0.568			1.284			(0.542	)		0.934			1.176			0.824
Total income (loss) from operations	$	0.617		$	1.381		$	(0.381	)	$	1.091		$	1.332		$	0.974
Less Distributions
From net investment income	$	(0.084	)	$	(0.191	)	$	(0.071	)	$	(0.154	)	$	(0.062	)	$	(0.164	)
From net realized gain		(0.363	)		(0.420	)		(0.288	)		(0.157	)		—			—
Total distributions	$	(0.447	)	$	(0.611	)	$	(0.359	)	$	(0.311	)	$	(0.062	)	$	(0.164	)
Net asset value — End of period	$	15.310		$	15.140		$	14.370		$	15.110		$	14.330		$	13.060
Total Return(2)		4.11	%(3)		9.93	%		(2.43	)%		7.67	%		10.24	%		8.02	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	107,956		$	97,873		$	76,453		$	87,728		$	84,551		$	91,816
Ratios (as a percentage of average daily net assets):
Expenses		1.19	%(4)		1.21	%		1.22	%		1.20	%		1.26	%		1.30	%
Net investment income		0.65	%(4)		0.68	%		1.14	%		1.05	%		1.15	%		1.20	%
Portfolio Turnover		53	%(3)		70	%		85	%		44	%		41	%		51	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

16 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Financial Highlights — continued

	Class C
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	14.780		$	14.030		$	14.790		$	14.030		$	12.830		$	12.040
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.008	)	$	(0.010	)	$	0.054		$	0.045		$	0.053		$	0.058
Net realized and unrealized gain (loss)		0.547			1.258			(0.531	)		0.920			1.147			0.802
Total income (loss) from operations	$	0.539		$	1.248		$	(0.477	)	$	0.965		$	1.200		$	0.860
Less Distributions
From net investment income	$	—		$	(0.078	)	$	—		$	(0.048	)	$	—		$	(0.070	)
From net realized gain		(0.329	)		(0.420	)		(0.283	)		(0.157	)		—			—
Total distributions	$	(0.329	)	$	(0.498	)	$	(0.283	)	$	(0.205	)	$	—		$	(0.070	)
Net asset value — End of period	$	14.990		$	14.780		$	14.030		$	14.790		$	14.030		$	12.830
Total Return(2)		3.67	%(3)		9.14	%		(3.16	)%		6.91	%		9.35	%		7.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	94,477		$	101,075		$	121,049		$	141,787		$	124,228		$	134,720
Ratios (as a percentage of average daily net assets):
Expenses		1.94	%(4)		1.96	%		1.97	%		1.95	%		2.01	%		2.05	%
Net investment income (loss)		(0.11	)%(4)		(0.07	)%		0.39	%		0.31	%		0.40	%		0.48	%
Portfolio Turnover		53	%(3)		70	%		85	%		44	%		41	%		51	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

17 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Financial Highlights — continued

	Class I
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	15.220		$	14.440		$	15.190		$	14.390		$	13.130		$	12.310
Income (Loss) From Operations
Net investment income(1)	$	0.068		$	0.133		$	0.199		$	0.196		$	0.192		$	0.184
Net realized and unrealized gain (loss)		0.561			1.294			(0.552	)		0.952			1.164			0.833
Total income (loss) from operations	$	0.629		$	1.427		$	(0.353	)	$	1.148		$	1.356		$	1.017
Less Distributions
From net investment income	$	(0.116	)	$	(0.227	)	$	(0.109	)	$	(0.191	)	$	(0.096	)	$	(0.197	)
From net realized gain		(0.363	)		(0.420	)		(0.288	)		(0.157	)		—			—
Total distributions	$	(0.479	)	$	(0.647	)	$	(0.397	)	$	(0.348	)	$	(0.096	)	$	(0.197	)
Net asset value — End of period	$	15.370		$	15.220		$	14.440		$	15.190		$	14.390		$	13.130
Total Return(2)		4.23	%(3)		10.24	%		(2.22	)%		8.04	%		10.40	%		8.34	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	600,878		$	546,890		$	467,649		$	563,130		$	415,089		$	274,566
Ratios (as a percentage of average daily net assets):
Expenses		0.94	%(4)		0.96	%		0.97	%		0.95	%		1.01	%		1.05	%
Net investment income		0.90	%(4)		0.92	%		1.40	%		1.32	%		1.40	%		1.47	%
Portfolio Turnover		53	%(3)		70	%		85	%		44	%		41	%		51	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

18 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Richard Bernstein All Asset Strategy Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

Equity Securities. Equity securities (common stocks and exchange-traded funds) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

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

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Distributions from investment companies are

19

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Non-cash dividends are recorded at the fair value of the securities received. 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. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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

As of February 28, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds. Expenses do not include the Fund’s pro rata share of the expenses of the exchange-traded funds in which it invests.

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

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

H  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Interim Financial Statements — The interim financial statements relating to February 28, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

20

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

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

Aggregate cost	$	730,639,622
Gross unrealized appreciation	$	107,278,452
Gross unrealized depreciation		(15,406,293	)
Net unrealized appreciation	$	91,872,159

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.85% of the Fund’s average daily net assets up to $500 million, 0.80% on net assets of $500 million but less than $1 billion and at reduced rates on average daily net assets of $1 billion or more, and is payable monthly. For the six months ended February 28, 2021, the investment adviser and administration fee amounted to $3,186,361 or 0.83% (annualized) of the Fund’s average daily net assets.

Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Richard Bernstein Advisors LLC (RBA). EVM pays RBA a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement with EVM and EVM entered into a new investment sub-advisory agreement with RBA (the “New Agreements”). The New Agreements took effect on March 1, 2021.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended February 28, 2021, EVM earned $385 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 $8,142 as its portion of the sales charge on sales of Class A shares for the six months ended February 28, 2021. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended February 28, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended February 28, 2021 amounted to $125,910 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended February 28, 2021, the Fund paid or accrued to EVD $367,020 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended February 28, 2021 amounted to $122,340 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is

21

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended February 28, 2021, the Fund was informed that EVD received approximately $3,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the six months ended February 28, 2021 were as follows:

	Purchases		Sales
Investments (non-U.S. Government)	$	329,146,751	$	279,494,351
U.S. Government and Agency Securities		121,930,954		112,489,547
	$	451,077,705	$	391,983,898

7  Shares of Beneficial Interest

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

Class A	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		1,075,510			2,224,775
Issued to shareholders electing to receive payments of distributions in Fund shares		117,856			162,795
Redemptions		(826,856	)		(1,369,666	)
Converted from Class C shares		220,592			126,134
Net increase		587,102			1,144,038
Class C	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		529,335			1,369,490
Issued to shareholders electing to receive payments of distributions in Fund shares		106,998			191,584
Redemptions		(949,295	)		(3,220,026	)
Converted to Class A shares		(226,012	)		(128,967	)
Net decrease		(538,974	)		(1,787,919	)
Class I	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		6,940,682			13,591,031
Issued to shareholders electing to receive payments of distributions in Fund shares		808,813			892,755
Redemptions		(4,610,505	)		(10,928,776	)
Net increase		3,138,990			3,555,010

22

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended February 28, 2021.

9  Securities Lending Agreement

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

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

At February 28, 2021, the value of the securities loaned, including accrued interest, and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $44,071,006 and $45,230,161, respectively. Collateral received was comprised of cash of $16,313,680 and U.S. government and/or agencies securities of $28,916,481. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

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

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	1,108,285	$	—	$	—	$	—	$	1,108,285
Exchange-Traded Funds		15,205,395								15,205,395
Total	$	16,313,680	$	—	$	—	$	—	$	16,313,680

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

23

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

10  Investments in Affiliated Funds

At February 28, 2021, the value of the Fund’s investment in affiliated funds was $16,050,897, which represents 2.0% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended February 28, 2021 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	43,481,868	$	61,284,184	$	(88,715,155	)	$	485	$	(485	)	$	16,050,897	$	21,752		16,050,897

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, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Communication Services	$	16,618,626	$	3,479,733		$	—	$	20,098,359
Consumer Discretionary		23,508,427		8,325,873			—		31,834,300
Consumer Staples		14,425,025		9,297,489			—		23,722,514
Energy		20,600,760		5,036,047			—		25,636,807
Financials		59,329,040		7,187,981			—		66,517,021
Health Care		29,976,032		8,508,932			—		38,484,964
Industrials		29,382,172		12,786,087			—		42,168,259
Information Technology		43,599,588		6,682,469			—		50,282,057
Materials		7,696,282		19,915,354			—		27,611,636
Real Estate		727,396		1,060,635			—		1,788,031
Utilities		—		468,612			—		468,612
Total Common Stocks	$	245,863,348	$	82,749,212	*	$	—	$	328,612,560
Exchange-Traded Funds	$	349,825,989	$	—		$	—	$	349,825,989
U.S. Treasury Obligations		—		111,708,655			—		111,708,655
Short-Term Investments		16,313,680		16,050,897			—		32,364,577
Total Investments	$	612,003,017	$	210,508,764		$	—	$	822,511,781

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

24

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

12  Risks and Uncertainties

Risks Associated with Foreign Investments

Investments in foreign issuers could be affected by factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting, auditing and financial reporting standard practices and requirements and regulatory measures, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than in the United States. Evidence of ownership of certain foreign investments may be held outside the United States, and the Fund may be subject to the risks associated with the holding of such property overseas. Foreign issuers may become subject to sanctions imposed by the United States or another country, which could result in the immediate freeze of the foreign issuers’ assets or securities. Trading in certain foreign markets is also subject to liquidity risk. Political events in foreign countries may cause market disruptions.

Pandemic Risk

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

25

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Richard Bernstein All Asset Strategy Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 for the following purposes: (1) to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser and administrator (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Richard Bernstein Advisors LLC to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		32,675,286.900		111,078.913		507,575.774		0
Proposal 2		32,660,841.527		116,857.265		516,242.795		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

26

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Richard Bernstein All Asset Strategy Fund	Eaton Vance Management	Richard Bernstein Advisors LLC

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

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

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

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

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

Information about the Transaction and its Terms

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

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

27

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

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

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

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

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

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

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

Information about Morgan Stanley

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

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

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

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

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

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

Information about the New Agreements for Funds

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

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

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

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

Information about Fund Performance, Fees and Expenses

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

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

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

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

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

Information about Portfolio Management and Trading

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

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

28

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

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

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

Information about the Advisers and the Sub-Advisers

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

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

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

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

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

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

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

Other Relevant Information

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

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

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

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

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

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

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

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

Nature, Extent and Quality of Services

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

29

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

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

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

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

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

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

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

Management Fees and Expenses

The Board considered contractual fee rates payable by each Fund for advisory and administrative services (referred to collectively as “management fees”) in connection with the 2020 Annual Approval Process, as well as information provided as of a more recent date. As part of its review, the Board considered each Fund’s management fees and total expense ratio over various periods, as compared to those of comparable funds, before and after giving effect to any

30

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

undertaking to waive fees or reimburse expenses. The Board also considered factors, and, where applicable, certain Fund-specific factors, that had an impact on a Fund’s total expense ratio relative to comparable funds, as identified by the Advisers in response to inquiries from the Contract Review Committee. The Board considered that the New Agreements do not change a Fund’s management fee rate or the computation method for calculating such fees, including any separately executed permanent contractual management fee reduction currently in place for the Fund.

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

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

Profitability and “Fall-Out” Benefits

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

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

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

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

Economies of Scale

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

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

Conclusion

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

31

Eaton Vance

Richard Bernstein All Asset Strategy Fund

February 28, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

32

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

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

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

33

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

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

34

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

35

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Richard Bernstein Advisors LLC

Tower 45

120 West 45^th Street, 36^th Floor

New York, NY 10036

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7781    2.28.21

Eaton Vance

Richard Bernstein Equity Strategy Fund

Semiannual Report

February 28, 2021

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

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

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

Semiannual Report February 28, 2021

Eaton Vance

Richard Bernstein Equity Strategy Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Joint Special Meeting of Shareholders	25
Board of Trustees’ Contract Approval	26
Officers and Trustees	32
Privacy Notice	33
Important Notices	35

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Performance^1,2

Portfolio Managers Richard Bernstein, Matthew Griswold, CFA, and Henry Timmons, CFA, each of Richard Bernstein Advisors LLC

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		10/12/2010		10/12/2010		10.12	%		28.08	%		13.14	%		8.47	%
Class A with 5.75% Maximum Sales Charge		—		—		3.78			20.68			11.81			7.83
Class C at NAV		10/12/2010		10/12/2010		9.75			27.11			12.29			7.66
Class C with 1% Maximum Sales Charge		—		—		8.75			26.11			12.29			7.66
Class I at NAV		10/12/2010		10/12/2010		10.32			28.37			13.42			8.74
MSCI ACWI Index		—		—		13.04	%		30.25	%		14.23	%		8.84	%
% Total Annual Operating Expense Ratios3								Class A			Class C			Class I
									1.32	%		2.07	%		1.07	%

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Fund Profile

Country Allocation (% of net assets)⁴

Equity Sector Allocation (% of net assets)⁴

Top 10 Holdings (% of net assets)⁵

iShares MSCI China ETF	5.7	%
Apple, Inc.	3.4
Microsoft Corp.	2.7
iShares MSCI Taiwan ETF	2.5
iShares MSCI South Korea ETF	2.3
Amazon.com, Inc.	2.2
Alphabet, Inc., Class A	1.0
Facebook, Inc., Class A	0.9
Alphabet, Inc., Class C	0.9
JPMorgan Chase & Co.	0.9
Total	22.5	%

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Endnotes and Additional Disclosures

¹  MSCI ACWI Index is an unmanaged free-float-adjusted market- capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

³  Source: Fund prospectus. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  The Fund may obtain exposure to certain market segments through investments in exchange-traded funds (ETFs). For purposes of the charts, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

⁵  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2020 – February 28, 2021).

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

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

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

	Beginning Account Value (9/1/20)		Ending Account Value (2/28/21)		Expenses Paid During Period* (9/1/20 – 2/28/21)		Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,101.20	$	6.46		1.24	%
Class C	$	1,000.00	$	1,097.50	$	10.35		1.99	%
Class I	$	1,000.00	$	1,103.20	$	5.16		0.99	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.60	$	6.21		1.24	%
Class C	$	1,000.00	$	1,014.90	$	9.94		1.99	%
Class I	$	1,000.00	$	1,019.90	$	4.96		0.99	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2020.

5

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited)

Common Stocks — 88.3%
Security	Shares		Value
Aerospace & Defense — 0.8%
Cubic Corp.		42,478	$	2,950,097
Embraer S.A.(1)		1,014,200		2,213,280
Thales S.A.		12,529		1,186,619
			$	6,349,996
Air Freight & Logistics — 1.3%
C.H. Robinson Worldwide, Inc.		17,404	$	1,581,153
Expeditors International of Washington, Inc.		19,904		1,827,983
FedEx Corp.		8,076		2,055,342
Hub Group, Inc., Class A(1)		47,895		2,757,794
United Parcel Service, Inc., Class B		17,938		2,831,155
			$	11,053,427
Airlines — 1.2%
Alaska Air Group, Inc.		34,123	$	2,218,677
Gol Linhas Aereas Inteligentes S.A., PFC Shares(1)		391,600		1,511,421
SkyWest, Inc.		76,480		4,311,178
Southwest Airlines Co.		40,514		2,355,079
			$	10,396,355
Auto Components — 0.2%
Cie Generale des Etablissements Michelin SCA		13,654	$	1,974,244
			$	1,974,244
Automobiles — 0.8%
Tesla, Inc.(1)		9,885	$	6,677,318
			$	6,677,318
Banks — 10.0%
Ameris Bancorp		37,992	$	1,809,939
Atlantic Union Bankshares Corp.		46,133		1,694,465
BancorpSouth Bank		56,300		1,692,378
Bank of America Corp.		81,541		2,830,288
BankUnited, Inc.		43,563		1,750,797
Banner Corp.		32,830		1,699,937
Cadence Bancorp, Class A		257,428		5,282,423
Cathay General Bancorp		71,898		2,706,241
CIT Group, Inc.		42,408		1,923,203
Columbia Banking System, Inc.		40,398		1,789,227
Community Bank System, Inc.		30,086		2,141,822
CVB Financial Corp.		78,936		1,690,020
First BanCorp/Puerto Rico		276,632		2,901,870

Security	Shares		Value
Banks (continued)
First Financial Bancorp		82,708	$	1,855,140
First Horizon Corp.		112,713		1,825,951
First Midwest Bancorp, Inc.		102,659		2,030,595
Fulton Financial Corp.		114,617		1,770,833
Glacier Bancorp, Inc.		40,247		2,181,387
Hancock Whitney Corp.		42,345		1,598,524
Hilltop Holdings, Inc.		51,451		1,699,941
Home BancShares, Inc.		83,567		2,042,378
Independent Bank Corp.		21,394		1,829,401
Independent Bank Group, Inc.		25,489		1,776,328
Investors Bancorp, Inc.		170,251		2,271,148
JPMorgan Chase & Co.		48,155		7,086,971
Old National Bancorp		124,003		2,248,174
Pacific Premier Bancorp, Inc.		51,132		2,060,620
Renasant Corp.		89,127		3,500,909
Seacoast Banking Corp of Florida(1)		50,727		1,823,636
Simmons First National Corp., Class A		64,012		1,874,271
South State Corp.		21,077		1,662,132
Sumitomo Mitsui Financial Group, Inc.		56,300		1,987,693
U.S. Bancorp		37,916		1,895,800
UMB Financial Corp.		24,611		2,076,430
United Bankshares, Inc.		49,983		1,846,872
United Community Banks, Inc.		53,563		1,770,793
Valley National Bancorp		232,858		2,852,511
			$	83,481,048
Beverages — 1.2%
Asahi Group Holdings, Ltd.		35,500	$	1,549,827
Britvic PLC		136,160		1,539,500
Coca-Cola Co. (The)		65,853		3,226,139
PepsiCo, Inc.		26,321		3,400,410
			$	9,715,876
Biotechnology — 0.7%
Amgen, Inc.		13,030	$	2,930,707
CSL, Ltd.		9,551		1,946,482
Gilead Sciences, Inc.		14,614		897,300
			$	5,774,489
Building Products — 0.4%
Daikin Industries, Ltd.		8,000	$	1,559,111
Kingspan Group PLC(1)		25,698		1,863,942
			$	3,423,053

6 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Capital Markets — 0.7%
BlackRock, Inc.		1,520	$	1,055,640
Moody’s Corp.		6,984		1,919,832
Morgan Stanley		18,369		1,412,025
Partners Group Holding AG		1,400		1,676,176
			$	6,063,673
Chemicals — 5.1%
Air Liquide S.A.		24,986	$	3,762,766
Air Products and Chemicals, Inc.		8,502		2,173,281
Air Water, Inc.(2)		100,100		1,652,012
Akzo Nobel NV		14,153		1,463,559
Arkema S.A.		14,645		1,614,430
Asahi Kasei Corp.		170,600		1,850,775
BASF SE		22,436		1,835,509
Ecolab, Inc.		11,393		2,385,238
Ems-Chemie Holding AG		3,263		2,891,460
Givaudan S.A.		1,172		4,414,070
Linde PLC		14,715		3,594,433
Nippon Shokubai Co., Ltd.		26,400		1,409,952
NOF Corp.		41,700		2,203,884
Novozymes A/S, Class B		25,857		1,591,804
PPG Industries, Inc.		12,793		1,724,752
Shin-Etsu Chemical Co., Ltd.		13,700		2,245,351
Sika AG		14,489		3,831,463
Symrise AG		15,299		1,787,258
			$	42,431,997
Commercial Services & Supplies — 0.2%
Securitas AB, Class B		123,582	$	1,894,631
			$	1,894,631
Communications Equipment — 0.3%
Cisco Systems, Inc.		51,887	$	2,328,170
			$	2,328,170
Construction & Engineering — 0.3%
Eiffage S.A.(1)		21,746	$	2,235,162
			$	2,235,162
Construction Materials — 0.4%
Cemex SAB de CV, Series CPO(1)		2,542,919	$	1,685,879
CRH PLC		38,857		1,686,830
			$	3,372,709

Security	Shares		Value
Consumer Finance — 1.2%
Aeon Financial Service Co., Ltd.(2)		101,800	$	1,312,837
American Express Co.		12,901		1,744,989
Navient Corp.		353,362		4,374,622
PRA Group, Inc.(1)		62,911		2,318,899
			$	9,751,347
Containers & Packaging — 1.1%
AptarGroup, Inc.		9,421	$	1,225,390
Ball Corp.		31,934		2,726,844
Huhtamaki Oyj		34,360		1,543,959
Klabin S.A.(1)		308,700		1,623,316
Sonoco Products Co.		29,777		1,773,816
			$	8,893,325
Diversified Financial Services — 0.3%
Berkshire Hathaway, Inc., Class B(1)		11,101	$	2,669,902
			$	2,669,902
Diversified Telecommunication Services — 0.7%
AT&T, Inc.		59,453	$	1,658,144
Liberty Latin America, Ltd., Class C(1)		186,956		2,049,038
Swisscom AG		1,746		877,062
Verizon Communications, Inc.		22,653		1,252,711
			$	5,836,955
Electrical Equipment — 0.6%
AMETEK, Inc.		13,315	$	1,570,771
Eaton Corp. PLC		13,323		1,734,521
Emerson Electric Co.		20,763		1,783,542
			$	5,088,834
Electronic Equipment, Instruments & Components — 1.1%
Amphenol Corp., Class A		13,874	$	1,743,684
Canon Marketing Japan, Inc.		52,000		1,142,659
Hexagon AB, Class B		30,429		2,530,958
Kyocera Corp.		17,600		1,139,202
Sanmina Corp.(1)		77,527		2,761,512
			$	9,318,015
Energy Equipment & Services — 1.4%
Halliburton Co.		166,136	$	3,626,749
NOV, Inc.		96,990		1,464,549
Schlumberger NV		66,292		1,850,210
Technip Energies N.V. ADR(1)		85,677		1,085,527

7 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Energy Equipment & Services (continued)
TechnipFMC PLC		428,385	$	3,521,325
			$	11,548,360
Entertainment — 0.7%
Activision Blizzard, Inc.		15,826	$	1,513,124
Netflix, Inc.(1)		3,633		1,957,642
Walt Disney Co. (The)(1)		13,142		2,484,364
			$	5,955,130
Equity Real Estate Investment Trusts (REITs) — 0.2%
Primary Health Properties PLC		879,192	$	1,862,992
			$	1,862,992
Food & Staples Retailing — 0.9%
Costco Wholesale Corp.		4,976	$	1,647,056
Loblaw Cos., Ltd.		42,809		2,063,080
Walgreens Boots Alliance, Inc.		21,476		1,029,345
Walmart, Inc.		22,939		2,980,235
			$	7,719,716
Food Products — 1.9%
AAK AB		74,534	$	1,597,090
Associated British Foods PLC(1)		51,739		1,715,800
Cranswick PLC		32,176		1,532,053
Kerry Group PLC, Class A		12,198		1,467,684
MEIJI Holdings Co., Ltd.		19,800		1,259,610
Nestle S.A.		48,581		5,070,332
Saputo, Inc.		88,320		2,487,340
Yakult Honsha Co., Ltd.		21,600		1,071,200
			$	16,201,109
Health Care Equipment & Supplies — 4.3%
Abbott Laboratories		40,038	$	4,795,752
Avanos Medical, Inc.(1)		49,041		2,254,905
Becton, Dickinson and Co.		10,916		2,632,393
Cooper Cos., Inc. (The)		6,148		2,373,927
Danaher Corp.		7,156		1,571,959
Edwards Lifesciences Corp.(1)		23,112		1,920,607
IDEXX Laboratories, Inc.(1)		5,396		2,806,837
Intuitive Surgical, Inc.(1)		3,682		2,712,898
Medtronic PLC		25,618		2,996,538
ResMed, Inc.		11,959		2,305,456
Siemens Healthineers AG(3)		46,046		2,551,684
STERIS PLC		13,681		2,391,439

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Stryker Corp.		12,385	$	3,005,716
Zimmer Biomet Holdings, Inc.		9,189		1,498,358
			$	35,818,469
Health Care Providers & Services — 1.2%
Anthem, Inc.		7,993	$	2,423,398
Centene Corp.(1)		25,709		1,505,005
Humana, Inc.		6,036		2,291,567
Quest Diagnostics, Inc.		8,630		997,542
UnitedHealth Group, Inc.		7,796		2,589,987
			$	9,807,499
Health Care Technology — 0.3%
Cerner Corp.		31,317	$	2,165,257
			$	2,165,257
Hotels, Restaurants & Leisure — 1.1%
Evolution Gaming Group AB(3)		16,519	$	2,059,831
McDonald’s Corp.		11,541		2,379,062
Resorttrust, Inc.		135,600		2,351,507
Starbucks Corp.		18,191		1,965,174
			$	8,755,574
Household Durables — 0.5%
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes		318,300	$	1,408,558
JM AB(2)		81,118		2,839,781
			$	4,248,339
Household Products — 1.1%
Henkel AG & Co. KGaA		25,073	$	2,220,707
Kimberly-Clark Corp.		9,787		1,255,966
Procter & Gamble Co. (The)		30,044		3,711,335
Reckitt Benckiser Group PLC		18,809		1,577,718
			$	8,765,726
Industrial Conglomerates — 0.7%
3M Co.		10,984	$	1,922,859
Siemens AG		14,387		2,226,551
Smiths Group PLC		73,039		1,495,758
			$	5,645,168
Insurance — 4.3%
Aflac, Inc.		39,535	$	1,893,331
Allianz SE		15,355		3,706,072

8 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Insurance (continued)
Allstate Corp. (The)		9,993	$	1,065,254
Aon PLC, Class A		7,862		1,790,256
Arthur J. Gallagher & Co.		16,854		2,019,109
ASR Nederland NV		78,080		3,262,215
AXA S.A.		103,320		2,598,317
Dai-ichi Life Holdings, Inc.		79,700		1,416,520
Marsh & McLennan Cos., Inc.		18,563		2,138,829
Muenchener Rueckversicherungs-Gesellschaft AG		9,951		2,927,150
Porto Seguro S.A.		180,900		1,407,057
Progressive Corp. (The)		30,987		2,663,333
Sampo Oyj, Class A		30,319		1,349,554
Swiss Life Holding AG		10,703		5,319,795
Travelers Cos., Inc. (The)		13,951		2,029,871
			$	35,586,663
Interactive Media & Services — 2.8%
Alphabet, Inc., Class A(1)		4,293	$	8,680,060
Alphabet, Inc., Class C(1)		3,545		7,220,669
Facebook, Inc., Class A(1)		28,989		7,468,146
			$	23,368,875
Internet & Direct Marketing Retail — 2.8%
Alibaba Group Holding, Ltd. ADR(1)		13,001	$	3,091,117
Amazon.com, Inc.(1)		5,946		18,390,562
Booking Holdings, Inc.(1)		645		1,501,889
			$	22,983,568
IT Services — 3.1%
Amdocs, Ltd.		17,485	$	1,325,538
Atos SE(1)		17,015		1,329,882
Automatic Data Processing, Inc.		12,580		2,189,171
Bechtle AG		7,756		1,460,492
Cognizant Technology Solutions Corp., Class A		21,873		1,607,228
Fidelity National Information Services, Inc.		11,831		1,632,678
Mastercard, Inc., Class A		2,700		955,395
Nexi SpA(1)(3)		101,631		1,818,741
Otsuka Corp.		23,700		1,100,953
Shopify, Inc., Class A(1)		2,661		3,447,486
Sopra Steria Group(1)		9,501		1,544,008
TIS, Inc.		58,900		1,226,147
Visa, Inc., Class A		21,878		4,646,668
Worldline S.A.(1)(3)		18,709		1,668,874
			$	25,953,261

Security	Shares		Value
Life Sciences Tools & Services — 1.3%
Agilent Technologies, Inc.		21,312	$	2,601,556
Illumina, Inc.(1)		5,736		2,520,456
Lonza Group AG		2,829		1,784,379
PerkinElmer, Inc.		11,214		1,413,973
Thermo Fisher Scientific, Inc.		4,656		2,095,572
			$	10,415,936
Machinery — 1.3%
Knorr-Bremse AG		18,315	$	2,332,458
Mueller Water Products, Inc., Class A		210,573		2,714,286
PACCAR, Inc.		20,379		1,854,285
Randon S.A. Implementos e Participacoes, PFC Shares		677,200		1,575,727
Stadler Rail AG(2)		49,361		2,462,590
			$	10,939,346
Marine — 0.2%
Kirby Corp.(1)		23,917	$	1,496,248
			$	1,496,248
Media — 0.4%
Comcast Corp., Class A		43,528	$	2,294,796
Fuji Media Holdings, Inc.		104,200		1,265,806
			$	3,560,602
Metals & Mining — 1.1%
Acerinox S.A.		161,549	$	1,872,589
Bradespar S.A., PFC Shares		126,900		1,423,385
Gerdau S.A., PFC Shares		378,900		1,749,071
Metalurgica Gerdau S.A., PFC Shares		917,700		1,896,250
Rio Tinto, Ltd.		21,173		2,077,494
			$	9,018,789
Multiline Retail — 0.8%
Big Lots, Inc.(2)		42,783	$	2,718,432
Dollar General Corp.		5,595		1,057,399
Dollarama, Inc.		34,863		1,326,744
Lojas Americanas S.A., PFC Shares		369,200		1,641,050
			$	6,743,625
Oil, Gas & Consumable Fuels — 5.2%
Chevron Corp.		38,314	$	3,831,400
CNX Resources Corp.(1)		209,332		2,639,677
ConocoPhillips		30,001		1,560,352
Cosan S.A.		109,200		1,586,110

9 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources, Inc.		24,578	$	1,586,756
Exxon Mobil Corp.		103,330		5,618,052
Hess Corp.		56,250		3,686,062
Idemitsu Kosan Co., Ltd.		102,800		2,703,973
Kinder Morgan, Inc.		87,187		1,281,649
ONEOK, Inc.		32,144		1,423,658
Pioneer Natural Resources Co.		13,146		1,953,101
Repsol S.A.		382,582		4,815,866
Royal Dutch Shell PLC, Class B ADR		40,504		1,574,796
Suncor Energy, Inc.		214,683		4,262,957
Valero Energy Corp.		19,530		1,503,419
World Fuel Services Corp.		106,963		3,324,410
			$	43,352,238
Paper & Forest Products — 0.4%
Duratex S.A.		427,900	$	1,405,667
Mondi PLC		76,463		1,845,174
			$	3,250,841
Personal Products — 0.7%
Beiersdorf AG		27,236	$	2,691,110
Edgewell Personal Care Co.		63,184		1,932,799
Unilever PLC		23,093		1,203,777
			$	5,827,686
Pharmaceuticals — 3.5%
Bayer AG		28,385	$	1,724,138
Bristol-Myers Squibb Co.		36,600		2,244,678
Eli Lilly & Co.		13,203		2,705,163
Johnson & Johnson		41,881		6,636,463
Merck & Co., Inc.		25,096		1,822,471
Novartis AG		16,795		1,446,493
Novo Nordisk A/S, Class B		38,198		2,724,933
Pfizer, Inc.		92,426		3,095,347
Roche Holding AG PC		11,052		3,625,706
Sanofi		33,055		3,033,480
			$	29,058,872
Professional Services — 0.7%
Korn Ferry		59,677	$	3,673,119
Teleperformance		7,220		2,557,724
			$	6,230,843

Security	Shares		Value
Real Estate Management & Development — 0.5%
BR Malls Participacoes S.A.(1)		965,600	$	1,438,699
Iguatemi Empresa de Shopping Centers S.A.		259,900		1,463,161
Multiplan Empreendimentos Imobiliarios S.A.		424,500		1,490,696
			$	4,392,556
Road & Rail — 2.9%
CSX Corp.		45,674	$	4,181,455
Kansas City Southern		9,878		2,097,495
Knight-Swift Transportation Holdings, Inc.		35,817		1,547,294
Norfolk Southern Corp.		17,028		4,292,078
Old Dominion Freight Line, Inc.		9,839		2,113,122
Rumo S.A.(1)		676,700		2,185,552
Seino Holdings Co., Ltd.		87,400		1,228,884
Union Pacific Corp.		23,478		4,835,529
Werner Enterprises, Inc.		34,519		1,481,555
			$	23,962,964
Semiconductors & Semiconductor Equipment — 1.7%
Applied Materials, Inc.		22,452	$	2,653,602
ASML Holding NV		3,858		2,187,953
Intel Corp.		34,478		2,095,573
Micron Technology, Inc.(1)		23,030		2,107,936
NVIDIA Corp.		9,429		5,172,561
			$	14,217,625
Software — 4.0%
Adobe, Inc.(1)		3,233	$	1,486,113
Constellation Software, Inc.		1,075		1,391,874
Microsoft Corp.		95,286		22,142,561
Oracle Corp.		33,833		2,182,567
SAP SE		10,289		1,272,612
Topicus.com, Inc.(1)		1,999		103,767
TOTVS S.A.		304,700		1,706,129
Tyler Technologies, Inc.(1)		3,324		1,540,408
VMware, Inc., Class A(1)		8,115		1,121,574
			$	32,947,605
Specialty Retail — 1.4%
Home Depot, Inc. (The)		16,642	$	4,299,295
Industria de Diseno Textil S.A.		70,800		2,334,503
Petrobras Distribuidora S.A.		419,700		1,491,814
TJX Cos., Inc. (The)		18,374		1,212,500
WH Smith PLC(1)		87,180		2,325,004
			$	11,663,116

10 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 3.6%
Apple, Inc.		234,631	$	28,451,355
Samsung Electronics Co., Ltd. GDR		859		1,589,741
			$	30,041,096
Textiles, Apparel & Luxury Goods — 0.4%
Alpargatas S.A., PFC Shares		216,700	$	1,350,653
NIKE, Inc., Class B		14,363		1,935,845
			$	3,286,498
Thrifts & Mortgage Finance — 0.7%
Capitol Federal Financial, Inc.		190,804	$	2,539,601
WSFS Financial Corp.		58,380		3,102,313
			$	5,641,914
Tobacco — 0.4%
British American Tobacco PLC		45,038	$	1,563,952
Philip Morris International, Inc.		18,363		1,542,859
			$	3,106,811
Trading Companies & Distributors — 0.7%
Brenntag SE		49,143	$	3,807,938
Mitsui & Co., Ltd.		85,500		1,830,916
			$	5,638,854
Transportation Infrastructure — 0.2%
CCR S.A.		899,300	$	1,805,276
			$	1,805,276
Wireless Telecommunication Services — 0.3%
SoftBank Group Corp.		27,700	$	2,585,226
			$	2,585,226
Total Common Stocks (identified cost $513,155,905)			$	734,300,799
Exchange-Traded Funds (4) — 10.5%
Security	Shares		Value
Equity Funds — 10.5%
iShares MSCI China ETF(2)		544,052	$	47,392,370
iShares MSCI South Korea ETF		220,000		19,353,400
iShares MSCI Taiwan ETF		360,000		21,042,000
Total Exchange-Traded Funds (identified cost $76,010,142)			$	87,787,770

Short-Term Investments — 5.4%
Description	Units/Shares		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%(5)		5,512,470	$	5,512,470
State Street Navigator Securities Lending Government Money Market Portfolio, 0.05%(6)		39,206,952		39,206,952
Total Short-Term Investments (identified cost $44,719,422)			$	44,719,422
Total Investments — 104.2% (identified cost $633,885,469)			$	866,807,991
Other Assets, Less Liabilities — (4.2)%			$	(34,890,029	)
Net Assets — 100.0%			$	831,917,962

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

⁽¹⁾  Non-income producing security.

⁽²⁾  All or a portion of this security was on loan at February 28, 2021. The aggregate market value of securities on loan at February 28, 2021 was $54,296,615.

⁽³⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 28, 2021, the aggregate value of these securities is $8,099,130 or 1.0% of the Fund’s net assets.

⁽⁴⁾  The Fund is permitted to invest in certain Exchange-Traded Funds (ETFs) in excess of the limits set forth in the Investment Company Act of 1940, as amended, in reliance upon exemptive relief provided to the ETFs by the Securities and Exchange Commission and meeting certain conditions set forth in the exemptive orders.

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of February 28, 2021.

⁽⁶⁾  Represents investment of cash collateral received in connection with securities lending.

11 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Country Concentration of Portfolio
Country	Percentage of Net Assets			Value
United States		63.4	%	$	526,502,841
Japan		4.3			36,094,045
Switzerland		4.0			33,399,526
Brazil		3.9			32,372,872
Germany		3.7			30,543,679
France		3.0			24,591,033
United Kingdom		2.9			23,777,486
Canada		1.8			15,083,248
Sweden		1.3			10,922,291
Spain		1.1			9,022,958
Netherlands		1.0			8,488,523
Ireland		0.8			6,752,977
Denmark		0.5			4,316,737
Australia		0.5			4,023,976
China		0.4			3,091,117
Finland		0.3			2,893,513
Chile		0.2			2,049,038
Italy		0.2			1,818,741
Mexico		0.2			1,685,879
South Korea		0.2			1,589,741
Exchange-Traded Funds		10.5			87,787,770
Total Investments		104.2	%	$	866,807,991

Abbreviations:

ADR	–	American Depositary Receipt
GDR	–	Global Depositary Receipt
PC	–	Participation Certificate
PFC Shares	–	Preference Shares

12 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	February 28, 2021
Unaffiliated investments, at value including $54,296,615 of securities on loan (identified cost, $628,372,999)	$	861,295,521
Affiliated investment, at value (identified cost, $5,512,470)		5,512,470
Foreign currency, at value (identified cost, $185,184)		184,057
Dividends receivable		774,322
Dividends receivable from affiliated investment		181
Receivable for investments sold		3,928,025
Receivable for Fund shares sold		1,473,179
Securities lending income receivable		11,010
Tax reclaims receivable		334,402
Total assets	$	873,513,167
Liabilities
Collateral for securities loaned	$	39,206,952
Payable for Fund shares redeemed		1,443,658
Payable to affiliates:
Investment adviser and administration fee		568,539
Distribution and service fees		79,315
Accrued expenses		296,741
Total liabilities	$	41,595,205
Net Assets	$	831,917,962
Sources of Net Assets
Paid-in capital	$	544,316,091
Distributable earnings		287,601,871
Total	$	831,917,962
Class A Shares
Net Assets	$	178,941,048
Shares Outstanding		9,339,464
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	19.16
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	20.33
Class C Shares
Net Assets	$	55,781,916
Shares Outstanding		2,963,753
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	18.82
Class I Shares
Net Assets	$	597,194,998
Shares Outstanding		31,140,031
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	19.18

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.

13 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended February 28, 2021
Dividends (net of foreign taxes, $124,151)	$	6,124,147
Dividends from affiliated investment		13,569
Securities lending income, net		49,489
Other income		154,996
Total investment income	$	6,342,201
Expenses
Investment adviser and administration fee	$	3,472,730
Distribution and service fees
Class A		204,888
Class C		305,265
Trustees’ fees and expenses		20,907
Custodian fee		105,309
Transfer and dividend disbursing agent fees		174,125
Legal and accounting services		32,986
Printing and postage		18,524
Registration fees		33,463
Miscellaneous		33,515
Total expenses	$	4,401,712
Net investment income	$	1,940,489
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	54,835,334
Investment transactions — affiliated investment		72
Foreign currency transactions		(811,753	)
Net realized gain	$	54,023,653
Change in unrealized appreciation (depreciation) —
Investments	$	22,592,310
Investments — affiliated investment		(73	)
Foreign currency		(18,825	)
Net change in unrealized appreciation (depreciation)	$	22,573,412
Net realized and unrealized gain	$	76,597,065
Net increase in net assets from operations	$	78,537,554

14 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
From operations —
Net investment income	$	1,940,489		$	4,703,519
Net realized gain		54,023,653			25,220,961
Net change in unrealized appreciation (depreciation)		22,573,412			92,984,743
Net increase in net assets from operations	$	78,537,554		$	122,909,223
Distributions to shareholders —
Class A	$	(4,144,424	)	$	(9,807,505	)
Class C		(1,207,416	)		(9,544,225	)
Class I		(15,176,052	)		(45,268,987	)
Total distributions to shareholders	$	(20,527,892	)	$	(64,620,717	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	14,180,150		$	56,080,878
Class C		2,456,448			7,985,404
Class I		56,162,831			131,892,239
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		2,069,861			6,332,662
Class C		941,717			4,912,453
Class I		7,225,360			22,002,483
Cost of shares redeemed
Class A		(14,651,525	)		(35,046,924	)
Class C		(10,796,102	)		(73,303,177	)
Class I		(56,594,180	)		(189,061,756	)
Net asset value of shares converted
Class A		8,742,853			1,647,017
Class C		(8,742,853	)		(1,647,017	)
Net increase (decrease) in net assets from Fund share transactions	$	994,560		$	(68,205,738	)
Net increase (decrease) in net assets	$	59,004,222		$	(9,917,232	)
Net Assets
At beginning of period	$	772,913,740		$	782,830,972
At end of period	$	831,917,962		$	772,913,740

15 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Financial Highlights

	Class A
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	17.830		$	16.500		$	17.590		$	16.720		$	14.810		$	13.940
Income (Loss) From Operations
Net investment income(1)	$	0.034		$	0.093		$	0.100		$	0.082		$	0.115		$	0.161
Net realized and unrealized gain (loss)		1.752			2.675			(0.386	)		1.731			2.290			0.995
Total income (loss) from operations	$	1.786		$	2.768		$	(0.286	)	$	1.813		$	2.405		$	1.156
Less Distributions
From net investment income	$	(0.084	)	$	(0.155	)	$	(0.003	)	$	(0.045	)	$	(0.120	)	$	(0.286	)
From net realized gain		(0.372	)		(1.283	)		(0.801	)		(0.898	)		(0.375	)		—
Total distributions	$	(0.456	)	$	(1.438	)	$	(0.804	)	$	(0.943	)	$	(0.495	)	$	(0.286	)
Net asset value — End of period	$	19.160		$	17.830		$	16.500		$	17.590		$	16.720		$	14.810
Total Return(2)		10.12	%(3)		17.89	%		(1.29	)%		11.01	%		16.63	%		8.38	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	178,941		$	156,477		$	117,095		$	138,250		$	144,164		$	172,992
Ratios (as a percentage of average daily net assets):
Expenses		1.24	%(4)		1.26	%		1.26	%		1.23	%		1.25	%		1.26	%
Net investment income		0.38	%(4)		0.57	%		0.62	%		0.47	%		0.74	%		1.15	%
Portfolio Turnover		24	%(3)		29	%		69	%		43	%		24	%		57	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

16 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Financial Highlights — continued

	Class C
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	17.500		$	16.210		$	17.350		$	16.500		$	14.610		$	13.750
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.035	)	$	(0.025	)	$	(0.020	)	$	(0.047	)	$	(0.001	)	$	0.057
Net realized and unrealized gain (loss)		1.727			2.617			(0.386	)		1.703			2.267			0.981
Total income (loss) from operations	$	1.692		$	2.592		$	(0.406	)	$	1.656		$	2.266		$	1.038
Less Distributions
From net investment income	$	—		$	(0.019	)	$	—		$	—		$	(0.001	)	$	(0.178	)
From net realized gain		(0.372	)		(1.283	)		(0.734	)		(0.806	)		(0.375	)		—
Total distributions	$	(0.372	)	$	(1.302	)	$	(0.734	)	$	(0.806	)	$	(0.376	)	$	(0.178	)
Net asset value — End of period	$	18.820		$	17.500		$	16.210		$	17.350		$	16.500		$	14.610
Total Return(2)		9.75	%(3)		16.96	%		(2.05	)%		10.15	%		15.80	%		7.60	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	55,782		$	67,549		$	124,789		$	163,931		$	164,218		$	189,050
Ratios (as a percentage of average daily net assets):
Expenses		1.99	%(4)		2.01	%		2.01	%		1.98	%		2.00	%		2.01	%
Net investment income (loss)		(0.39	)%(4)		(0.16	)%		(0.13	)%		(0.27	)%		(0.01	)%		0.41	%
Portfolio Turnover		24	%(3)		29	%		69	%		43	%		24	%		57	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

17 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Financial Highlights — continued

	Class I
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	17.850		$	16.530		$	17.630		$	16.760		$	14.840		$	13.970
Income (Loss) From Operations
Net investment income(1)	$	0.057		$	0.134		$	0.141		$	0.128		$	0.156		$	0.201
Net realized and unrealized gain (loss)		1.764			2.667			(0.393	)		1.730			2.300			0.995
Total income (loss) from operations	$	1.821		$	2.801		$	(0.252	)	$	1.858		$	2.456		$	1.196
Less Distributions
From net investment income	$	(0.119	)	$	(0.198	)	$	(0.047	)	$	(0.090	)	$	(0.161	)	$	(0.326	)
From net realized gain		(0.372	)		(1.283	)		(0.801	)		(0.898	)		(0.375	)		—
Total distributions	$	(0.491	)	$	(1.481	)	$	(0.848	)	$	(0.988	)	$	(0.536	)	$	(0.326	)
Net asset value — End of period	$	19.180		$	17.850		$	16.530		$	17.630		$	16.760		$	14.840
Total Return(2)		10.32	%(3)		18.11	%		(1.06	)%		11.27	%		16.99	%		8.67	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	597,195		$	548,888		$	540,946		$	722,505		$	597,452		$	485,693
Ratios (as a percentage of average daily net assets):
Expenses		0.99	%(4)		1.01	%		1.01	%		0.98	%		1.00	%		1.01	%
Net investment income		0.62	%(4)		0.83	%		0.87	%		0.74	%		1.00	%		1.43	%
Portfolio Turnover		24	%(3)		29	%		69	%		43	%		24	%		57	%

⁽¹⁾  Computed using average shares outstanding.

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

⁽³⁾  Not annualized.

⁽⁴⁾  Annualized.

18 See Notes to Financial Statements.

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Richard Bernstein Equity Strategy Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

Equity Securities. Equity securities (common stocks and exchange-traded funds) listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

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

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the six months ended February 28, 2021, the Fund received approximately $155,000 from Finland for previously withheld foreign taxes and interest thereon. Such amount is included in other income on the Statement of Operations. No other amounts for additional tax reclaims are reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment.

19

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

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

As of February 28, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E  Expenses — The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds. Expenses do not include the Fund’s pro rata share of the expenses of the exchange-traded funds in which it invests.

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

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

H  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Interim Financial Statements — The interim financial statements relating to February 28, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make at least one distribution annually (normally in December) of all or substantially all of its net investment income and to distribute annually all or substantially all of its net realized capital gains. Distributions to shareholders are recorded on the ex-dividend date. Distributions are declared separately for each class of shares. Shareholders may reinvest income and capital gain distributions in additional shares of the same class of the Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

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

Aggregate cost	$	634,142,507
Gross unrealized appreciation	$	241,238,262
Gross unrealized depreciation		(8,572,778	)
Net unrealized appreciation	$	232,665,484

20

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by EVM as compensation for investment advisory and administrative services rendered to the Fund. The fee is computed at an annual rate of 0.90% of the Fund’s average daily net assets up to $500 million, 0.85% on net assets of $500 million but less than $1 billion, 0.825% on net assets of $1 billion but less than $2.5 billion and at reduced rates on average daily net assets of $2.5 billion or more, and is payable monthly. For the six months ended February 28, 2021, the investment adviser and administration fee amounted to $3,472,730 or 0.88% (annualized) of the Fund’s average daily net assets.

Pursuant to a sub-advisory agreement, EVM has delegated the investment management of the Fund to Richard Bernstein Advisors LLC (RBA). EVM pays RBA a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. The Fund may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM became an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory and administrative agreement with EVM and EVM entered into a new investment sub-advisory agreement with RBA (the “New Agreements”). The New Agreements took effect on March 1, 2021.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended February 28, 2021, EVM earned $527 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 $2,533 as its portion of the sales charge on sales of Class A shares for the six months ended February 28, 2021. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended February 28, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended February 28, 2021 amounted to $204,888 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended February 28, 2021, the Fund paid or accrued to EVD $228,949 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended February 28, 2021 amounted to $76,316 for Class C shares.

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

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended February 28, 2021, the Fund was informed that EVD received approximately $400 and $700 of CDSCs paid by Class A and Class C shareholders, respectively.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $187,196,586 and $180,707,541, respectively, for the six months ended February 28, 2021.

21

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

7  Shares of Beneficial Interest

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

Class A	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		764,620			3,390,625
Issued to shareholders electing to receive payments of distributions in Fund shares		112,554			400,801
Redemptions		(790,050	)		(2,212,581	)
Converted from Class C shares		474,329			101,728
Net increase		561,453			1,680,573
Class C	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		135,569			507,083
Issued to shareholders electing to receive payments of distributions in Fund shares		52,029			314,901
Redemptions		(599,295	)		(4,558,084	)
Converted to Class A shares		(483,552	)		(103,424	)
Net decrease		(895,249	)		(3,839,524	)
Class I	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		3,087,928			8,674,234
Issued to shareholders electing to receive payments of distributions in Fund shares		392,683			1,393,444
Redemptions		(3,084,505	)		(12,056,796	)
Net increase (decrease)		396,106			(1,989,118	)

8   Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the six months ended February 28, 2021.

9  Securities Lending Agreement

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

22

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

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, 2021, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $54,296,615 and $56,378,174, respectively. Collateral received was comprised of cash of $39,206,952 and U.S. government and/or agencies securities of $17,171,222. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

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

	Remaining Contractual Maturity of the Transactions
	Overnight and Continuous		<30 days		30 to 90 days		>90 days		Total
Common Stocks	$	4,259,232	$	—	$	—	$	—	$	4,259,232
Exchange-Traded Funds		34,947,720								34,947,720
Total	$	39,206,952	$	—	$	—	$	—	$	39,206,952

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

10  Investments in Affiliated Funds

At February 28, 2021, the value of the Fund’s investment in affiliated funds was $5,512,470, which represents 0.7% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended February 28, 2021 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)			Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	34,771,375	$	59,038,743	$	(88,297,647	)	$	72	$	(73	)	$	5,512,470	$	13,569		5,512,470

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.

23

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

At February 28, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Communication Services	$	36,578,694	$	4,728,094		$	—	$	41,306,788
Consumer Discretionary		52,447,412		13,884,870			—		66,332,282
Consumer Staples		25,276,564		26,060,360			—		51,336,924
Energy		47,380,759		7,519,839			—		54,900,598
Financials		117,638,218		25,556,329			—		143,194,547
Health Care		74,203,227		18,837,295			—		93,040,522
Industrials		69,477,873		26,682,284			—		96,160,157
Information Technology		94,793,550		20,012,222			—		114,805,772
Materials		25,387,322		41,580,339			—		66,967,661
Real Estate		4,392,556		1,862,992			—		6,255,548
Total Common Stocks	$	547,576,175	$	186,724,624	*	$	—	$	734,300,799
Exchange-Traded Funds	$	87,787,770	$	—		$	—	$	87,787,770
Short-Term Investments		39,206,952		5,512,470			—		44,719,422
Total Investments	$	674,570,897	$	192,237,094		$	—	$	866,807,991

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

12  Risks and Uncertainties

Risks Associated with Foreign Investments

Investments in foreign issuers could be affected by factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting, auditing and financial reporting standard practices and requirements and regulatory measures, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than in the United States. Evidence of ownership of certain foreign investments may be held outside the United States, and the Fund may be subject to the risks associated with the holding of such property overseas. Foreign issuers may become subject to sanctions imposed by the United States or another country, which could result in the immediate freeze of the foreign issuers’ assets or securities. Trading in certain foreign markets is also subject to liquidity risk. Political events in foreign countries may cause market disruptions.

Pandemic Risk

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

24

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Richard Bernstein Equity Strategy Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 for the following purposes: (1) to approve a new investment advisory and administrative agreement with Eaton Vance Management to serve as the Fund’s investment adviser and administrator (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Richard Bernstein Advisors LLC to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		26,279,692.112		171,557.974		530,888.828		0
Proposal 2		26,264,670.353		185,714.021		531,754.540		0

⁽¹⁾   Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

25

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Richard Bernstein Equity Strategy Fund	Eaton Vance Management	Richard Bernstein Advisors LLC

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

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

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

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

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

Information about the Transaction and its Terms

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

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

26

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

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

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

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

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

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

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

Information about Morgan Stanley

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

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

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

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

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

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

Information about the New Agreements for Funds

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

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

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

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

Information about Fund Performance, Fees and Expenses

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

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

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

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

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

Information about Portfolio Management and Trading

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

27

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

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

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

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

Information about the Advisers and the Sub-Advisers

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

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

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

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

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

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

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

Other Relevant Information

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

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

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

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

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

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

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

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

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the

28

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

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

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

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

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

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

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

29

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Management Fees and Expenses

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

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

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

Profitability and “Fall-Out” Benefits

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

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

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

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

Economies of Scale

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

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

30

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Conclusion

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

31

Eaton Vance

Richard Bernstein Equity Strategy Fund

February 28, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

32

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

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

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

33

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

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

34

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

35

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Richard Bernstein Advisors LLC

Tower 45

120 West 45^th Street, 36^th Floor

New York, NY 10036

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7773    2.28.21

Eaton Vance

Worldwide Health Sciences Fund

Semiannual Report

February 28, 2021

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

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

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

Semiannual Report February 28, 2021

Eaton Vance

Worldwide Health Sciences Fund

Table of Contents
Performance	2
Fund Profile	3
Endnotes and Additional Disclosures	4
Fund Expenses	5
Financial Statements	6
Joint Special Meeting of Shareholders	21
Board of Trustees’ Contract Approval	22
Officers and Trustees	28
Privacy Notice	29
Important Notices	31

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Performance^1,2

Portfolio Managers Jason Kritzer, CFA, of Eaton Vance Management and Samantha Pandolfi, CFA, of Eaton Vance Advisers International Ltd.

% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years
Class A at NAV		07/26/1985		07/26/1985		2.74	%		20.69	%		11.11	%		13.10	%
Class A with 5.75% Maximum Sales Charge		—		—		–3.20			13.79			9.80			12.43
Class C at NAV		01/05/1998		07/26/1985		2.37			19.76			10.25			12.24
Class C with 1% Maximum Sales Charge		—		—		1.41			18.76			10.25			12.24
Class I at NAV		10/01/2009		07/26/1985		2.91			21.01			11.39			13.39
Class R at NAV		09/08/2003		07/26/1985		2.62			20.31			10.83			12.83
MSCI World Health Care Index		—		—		3.59	%		21.52	%		11.58	%		12.82	%
S&P 500® Index		—		—		9.74			31.29			16.81			13.42
% Total Annual Operating Expense Ratios3					Class A			Class C			Class I			Class R
Gross						1.27	%		2.02	%		1.02	%		1.52	%
Net						1.23			1.98			0.98			1.48

See Endnotes and Additional Disclosures in this report.

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

2

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Fund Profile

Common Stock Sector Allocation (% of net assets)

Country Allocation (% of net assets)

Top 10 Holdings (% of net assets)⁴

Johnson & Johnson	8.0	%
UnitedHealth Group, Inc.	6.3
Eli Lilly & Co.	4.6
AbbVie, Inc.	4.3
Thermo Fisher Scientific, Inc.	4.0
Roche Holding AG PC	4.0
Merck & Co., Inc.	3.8
Abbott Laboratories	3.8
Medtronic PLC	3.7
Sanofi	3.4
Total	45.9	%

See Endnotes and Additional Disclosures in this report.

3

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Endnotes and Additional Disclosures

¹  MSCI World Health Care Index is an unmanaged index of health care sector equities within the MSCI World Index. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for use. S&P^® and S&P 500^® are registered trademarks of S&P DJI; Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

²  Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.

³  Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 12/31/21. Without the reimbursement, performance would have been lower. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report.

⁴  Excludes cash and cash equivalents.

Fund profile subject to change due to active management.

4

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Fund Expenses

Example:  As a Fund shareholder, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases and redemption fees (if applicable); and (2) ongoing costs, including management fees; distribution and/or service fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of Fund investing and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (September 1, 2020 – February 28, 2021).

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

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

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

	Beginning Account Value (9/1/20)		Ending Account Value (2/28/21)		Expenses Paid During Period* (9/1/20 – 2/28/21)			Annualized Expense Ratio
Actual
Class A	$	1,000.00	$	1,027.40	$	6.23	**		1.24	%
Class C	$	1,000.00	$	1,023.70	$	9.99	**		1.99	%
Class I	$	1,000.00	$	1,029.10	$	4.98	**		0.99	%
Class R	$	1,000.00	$	1,026.20	$	7.49	**		1.49	%
Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,018.60	$	6.21	**		1.24	%
Class C	$	1,000.00	$	1,014.90	$	9.94	**		1.99	%
Class I	$	1,000.00	$	1,019.90	$	4.96	**		0.99	%
Class R	$	1,000.00	$	1,017.40	$	7.45	**		1.49	%

* Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The Example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on August 31, 2020.

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

5

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Portfolio of Investments (Unaudited)

Common Stocks — 99.6%
Security	Shares		Value
Biotechnology — 13.2%
AbbVie, Inc.		419,596	$	45,207,273
Abcam PLC		237,947		5,627,567
Agility Private Capital II, LLC(1)		247,646		5,278,723
Amgen, Inc.		24,251		5,454,535
Argenx SE ADR(2)		14,886		4,922,502
Biogen, Inc.(2)		20,508		5,596,223
Blueprint Medicines Corp.(2)		51,234		5,032,204
CSL, Ltd.		119,726		24,400,010
Incyte Corp.(2)		90,483		7,117,393
Neurocrine Biosciences, Inc.(2)		129,210		14,149,787
Vertex Pharmaceuticals, Inc.(2)		73,771		15,680,026
			$	138,466,243
Health Care Distributors — 0.7%
Apria, Inc.(2)		209,956	$	4,522,452
Galenica AG(3)		50,872		3,273,584
			$	7,796,036
Health Care Equipment — 20.7%
Abbott Laboratories		335,788	$	40,220,687
Boston Scientific Corp.(2)		668,988		25,943,355
Danaher Corp.		81,747		17,957,363
Edwards Lifesciences Corp.(2)		216,859		18,020,983
Fisher & Paykel Healthcare Corp., Ltd.		306,830		6,524,621
Inari Medical, Inc.(2)		37,326		3,904,300
Intuitive Surgical, Inc.(2)		36,257		26,714,157
Medtronic PLC		336,513		39,361,926
Ortho Clinical Diagnostics Holdings PLC(2)		388,099		6,714,113
Straumann Holding AG		9,060		10,941,425
Tandem Diabetes Care, Inc.(2)		63,011		6,048,426
Teleflex, Inc.		36,830		14,662,759
			$	217,014,115
Health Care Services — 1.9%
Accolade, Inc.(2)		145,814	$	6,462,477
LHC Group, Inc.(2)		49,928		9,072,417
R1 RCM, Inc.(2)		178,836		4,943,027
			$	20,477,921
Health Care Supplies — 5.0%
Alcon, Inc.(2)		249,826	$	17,206,025
Cooper Cos., Inc. (The)		40,187		15,517,406
Haemonetics Corp.(2)		92,247		11,669,245

Security	Shares		Value
Health Care Supplies (continued)
ICU Medical, Inc.(2)		26,230	$	5,442,725
Pulmonx Corp.(2)		45,079		2,561,840
			$	52,397,241
Health Care Technology — 0.7%
JMDC, Inc.(2)		150,000	$	7,118,193
			$	7,118,193
Life Sciences Tools & Services — 7.1%
Agilent Technologies, Inc.		94,159	$	11,493,989
Lonza Group AG		20,485		12,920,819
Thermo Fisher Scientific, Inc.		93,866		42,247,209
Waters Corp.(2)		30,353		8,313,080
			$	74,975,097
Managed Health Care — 11.1%
Anthem, Inc.		67,880	$	20,580,537
Centene Corp.(2)		252,149		14,760,803
Humana, Inc.		39,445		14,975,294
UnitedHealth Group, Inc.		198,542		65,959,623
			$	116,276,257
Pharmaceuticals — 39.2%
AstraZeneca PLC		290,200	$	28,188,297
Bristol-Myers Squibb Co.		174,196		10,683,441
Dechra Pharmaceuticals PLC		109,086		5,225,852
Eli Lilly & Co.		234,623		48,071,906
Ipsen S.A.		99,658		8,485,460
Johnson & Johnson		530,197		84,015,017
Merck & Co., Inc.		554,831		40,291,827
Novartis AG		266,551		22,957,082
Novo Nordisk A/S, Class B		389,197		27,764,170
Pfizer, Inc.		417,239		13,973,334
Roche Holding AG PC		127,478		41,820,278
Royalty Pharma PLC, Class A		242,995		11,316,277
Sanofi		393,094		36,074,507
Santen Pharmaceutical Co., Ltd.		340,197		4,683,681
Zoetis, Inc.		180,802		28,067,703
			$	411,618,832
Total Common Stocks (identified cost $695,715,684)			$	1,046,139,935

6 See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Portfolio of Investments (Unaudited) — continued

Exchange-Traded Funds — 0.1%
Security	Shares		Value
Equity Funds — 0.1%
iShares Global Healthcare ETF		12,606	$	940,029
Total Exchange-Traded Funds (identified cost $979,037)			$	940,029
Short-Term Investments — 0.0%(4)
Description	Units		Value
Eaton Vance Cash Reserves Fund, LLC, 0.10%(5)		76,690	$	76,690
Total Short-Term Investments (identified cost $76,690)			$	76,690
Total Investments — 99.7% (identified cost $696,771,411)			$	1,047,156,654
Other Assets, Less Liabilities — 0.3%			$	2,834,992
Net Assets — 100.0%			$	1,049,991,646

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

⁽¹⁾  For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽²⁾  Non-income producing security.

⁽³⁾  Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At February 28, 2021, the aggregate value of these securities is $3,273,584 or 0.3% of the Fund’s net assets.

⁽⁴⁾  Amount is less than 0.05%.

⁽⁵⁾  Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of February 28, 2021.

Country Concentration of Portfolio
Country	Percentage of Net Assets			Value
United States		72.4	%	$	760,052,162
Switzerland		10.4			109,119,213
United Kingdom		5.4			57,072,106
France		4.2			44,559,967
Denmark		2.7			27,764,170
Australia		2.3			24,400,010
Japan		1.1			11,801,874
New Zealand		0.6			6,524,621
Netherlands		0.5			4,922,502
Exchange-Traded Funds		0.1			940,029
Total Investments		99.7	%	$	1,047,156,654

Abbreviations:

ADR	–	American Depositary Receipt
PC	–	Participation Certificate

7 See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Statement of Assets and Liabilities (Unaudited)

Assets	February 28, 2021
Unaffiliated investments, at value (identified cost, $696,694,721)	$	1,047,079,964
Affiliated investment, at value (identified cost, $76,690)		76,690
Dividends receivable		1,645,219
Dividends receivable from affiliated investment		286
Receivable for investments sold		1,998,565
Receivable for Fund shares sold		643,493
Tax reclaims receivable		2,048,311
Receivable from affiliates		27,332
Total assets	$	1,053,519,860
Liabilities
Demand note payable	$	200,000
Payable for Fund shares redeemed		1,959,265
Payable to affiliates:
Investment adviser fee		590,859
Administration fee		124,655
Distribution and service fees		213,408
Accrued expenses		440,027
Total liabilities	$	3,528,214
Net Assets	$	1,049,991,646
Sources of Net Assets
Paid-in capital	$	674,419,856
Distributable earnings		375,571,790
Total	$	1,049,991,646
Class A Shares
Net Assets	$	747,773,726
Shares Outstanding		58,459,156
Net Asset Value and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	12.79
Maximum Offering Price Per Share
(100 ÷ 94.25 of net asset value per share)	$	13.57
Class C Shares
Net Assets	$	52,280,754
Shares Outstanding		4,023,417
Net Asset Value and Offering Price Per Share*
(net assets ÷ shares of beneficial interest outstanding)	$	12.99
Class I Shares
Net Assets	$	189,678,839
Shares Outstanding		14,392,714
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.18
Class R Shares
Net Assets	$	60,258,327
Shares Outstanding		4,363,592
Net Asset Value, Offering Price and Redemption Price Per Share
(net assets ÷ shares of beneficial interest outstanding)	$	13.81

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.

8 See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Statement of Operations (Unaudited)

Investment Income	Six Months Ended February 28, 2021
Dividends (net of foreign taxes, $203,685)	$	6,056,810
Dividends from affiliated investment		1,199
Total investment income	$	6,058,009
Expenses
Investment adviser fee	$	3,780,522
Administration fee		795,461
Distribution and service fees
Class A		941,090
Class C		284,623
Class R		150,096
Trustees’ fees and expenses		27,418
Custodian fee		137,852
Transfer and dividend disbursing agent fees		470,217
Legal and accounting services		42,625
Printing and postage		45,823
Registration fees		36,085
Miscellaneous		39,165
Total expenses	$	6,750,977
Deduct —
Allocation of expenses to affiliates	$	135,162
Total expense reductions	$	135,162
Net expenses	$	6,615,815
Net investment loss	$	(557,806	)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) —
Investment transactions	$	45,614,283
Foreign currency transactions		41,311
Net realized gain	$	45,655,594
Change in unrealized appreciation (depreciation) —
Investments	$	(15,755,447	)
Foreign currency		(114,063	)
Net change in unrealized appreciation (depreciation)	$	(15,869,510	)
Net realized and unrealized gain	$	29,786,084
Net increase in net assets from operations	$	29,228,278

9 See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
From operations —
Net investment income (loss)	$	(557,806	)	$	4,854,684
Net realized gain		45,655,594			95,072,092
Net change in unrealized appreciation (depreciation)		(15,869,510	)		98,739,316
Net increase in net assets from operations	$	29,228,278		$	198,666,092
Distributions to shareholders —
Class A	$	(53,425,015	)	$	(38,895,122	)
Class C		(3,333,250	)		(2,794,600	)
Class I		(13,675,898	)		(9,345,359	)
Class R		(3,772,416	)		(2,794,464	)
Total distributions to shareholders	$	(74,206,579	)	$	(53,829,545	)
Transactions in shares of beneficial interest —
Proceeds from sale of shares
Class A	$	15,449,904		$	26,437,948
Class C		2,451,968			5,891,481
Class I		16,595,572			33,452,685
Class R		4,137,106			8,293,986
Net asset value of shares issued to shareholders in payment of distributions declared
Class A		47,731,596			34,921,270
Class C		3,252,290			2,583,400
Class I		11,048,703			7,484,138
Class R		3,764,588			2,753,988
Cost of shares redeemed
Class A		(51,262,506	)		(105,304,532	)
Class C		(7,423,048	)		(14,069,258	)
Class I		(22,453,859	)		(42,685,076	)
Class R		(5,902,077	)		(16,454,661	)
Net asset value of shares converted
Class A		6,656,622			4,708,730
Class C		(6,656,622	)		(4,708,730	)
Net increase (decrease) in net assets from Fund share transactions	$	17,390,237		$	(56,694,631	)
Net increase (decrease) in net assets	$	(27,588,064	)	$	88,141,916
Net Assets
At beginning of period	$	1,077,579,710		$	989,437,794
At end of period	$	1,049,991,646		$	1,077,579,710

10 See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Financial Highlights

	Class A
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	13.380		$	11.610		$	11.700		$	10.710		$	11.140		$	13.210
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.006	)	$	0.061		$	0.069		$	0.033		$	(0.002	)	$	(0.074	)
Net realized and unrealized gain (loss)		0.371			2.377			0.413			1.248			0.733			(0.824	)
Total income (loss) from operations	$	0.365		$	2.438		$	0.482		$	1.281		$	0.731		$	(0.898	)
Less Distributions
From net investment income	$	(0.066	)	$	(0.072	)	$	(0.035	)	$	—		$	—		$	—
From net realized gain		(0.889	)		(0.596	)		(0.537	)		(0.291	)		(1.161	)		(1.172	)
Total distributions	$	(0.955	)	$	(0.668	)	$	(0.572	)	$	(0.291	)	$	(1.161	)	$	(1.172	)
Net asset value — End of period	$	12.790		$	13.380		$	11.610		$	11.700		$	10.710		$	11.140
Total Return(2)(3)		2.74	%(4)		21.74	%		4.35	%		12.31	%		8.50	%		(7.31	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	747,774		$	761,814		$	698,865		$	654,296		$	707,485		$	857,636
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.24	%(5)		1.22	%		1.09	%(6)		1.06	%(6)		1.30	%(6)		1.48	%(6)
Net investment income (loss)		(0.09	)%(5)		0.50	%		0.61	%(6)		0.31	%(6)		(0.02	)%(6)		(0.64	)%(6)
Portfolio Turnover of the Portfolio(7)		—			—			32	%		37	%		36	%		70	%
Portfolio Turnover of the Fund		16	%(4)		38	%		3	%(8)		—			—			—

⁽¹⁾   Computed using average shares outstanding.

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

⁽³⁾  The investment adviser, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.03%, 0.04%, 0.07%, 0.06%, 0.05% and less than 0.005% of average daily net assets for the six months ended February 28, 2021 and the years ended August 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾  For the period from August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities.

References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period.

11 See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Financial Highlights — continued

	Class C
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	13.500		$	11.690		$	11.770		$	10.850		$	11.350		$	13.530
Income (Loss) From Operations
Net investment loss(1)	$	(0.057	)	$	(0.032	)	$	(0.040	)	$	(0.048	)	$	(0.079	)	$	(0.165	)
Net realized and unrealized gain (loss)		0.378			2.384			0.437			1.259			0.740			(0.843	)
Total income (loss) from operations	$	0.321		$	2.352		$	0.397		$	1.211		$	0.661		$	(1.008	)
Less Distributions
From net realized gain	$	(0.831	)	$	(0.542	)	$	(0.477	)	$	(0.291	)	$	(1.161	)	$	(1.172	)
Total distributions	$	(0.831	)	$	(0.542	)	$	(0.477	)	$	(0.291	)	$	(1.161	)	$	(1.172	)
Net asset value — End of period	$	12.990		$	13.500		$	11.690		$	11.770		$	10.850		$	11.350
Total Return(2)(3)		2.37	%(4)		20.70	%		3.54	%		11.49	%		7.67	%		(8.00	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	52,281		$	62,657		$	63,886		$	177,727		$	204,069		$	294,299
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.99	%(5)		1.97	%		1.84	%(6)		1.81	%(6)		2.05	%(6)		2.23	%(6)
Net investment loss		(0.86	)%(5)		(0.26	)%		(0.35	)%(6)		(0.45	)%(6)		(0.76	)%(6)		(1.39	)%(6)
Portfolio Turnover of the Portfolio(7)		—			—			32	%		37	%		36	%		70	%
Portfolio Turnover of the Fund		16	%(4)		38	%		3	%(8)		—			—			—

⁽¹⁾   Computed using average shares outstanding.

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

⁽³⁾  The investment adviser, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.03%, 0.04%, 0.07%, 0.06%, 0.05% and less than 0.005% of average daily net assets for the six months ended February 28, 2021 and the years ended August 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾  For the period from August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities.

References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period.

12 See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Financial Highlights — continued

	Class I
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	13.770		$	11.930		$	12.010		$	10.960		$	11.340		$	13.400
Income (Loss) From Operations
Net investment income (loss)(1)	$	0.010		$	0.094		$	0.098		$	0.061		$	0.025		$	(0.046	)
Net realized and unrealized gain (loss)		0.388			2.443			0.424			1.280			0.756			(0.842	)
Total income (loss) from operations	$	0.398		$	2.537		$	0.522		$	1.341		$	0.781		$	(0.888	)
Less Distributions
From net investment income	$	(0.099	)	$	(0.101	)	$	(0.065	)	$	—		$	—		$	—
From net realized gain		(0.889	)		(0.596	)		(0.537	)		(0.291	)		(1.161	)		(1.172	)
Total distributions	$	(0.988	)	$	(0.697	)	$	(0.602	)	$	(0.291	)	$	(1.161	)	$	(1.172	)
Net asset value — End of period	$	13.180		$	13.770		$	11.930		$	12.010		$	10.960		$	11.340
Total Return(2)(3)		2.91	%(4)		22.04	%		4.60	%		12.59	%		8.82	%		(7.13	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	189,679		$	192,629		$	169,013		$	173,054		$	173,116		$	176,958
Ratios (as a percentage of average daily net assets):
Expenses(3)		0.99	%(5)		0.97	%		0.84	%(6)		0.81	%(6)		1.05	%(6)		1.23	%(6)
Net investment income (loss)		0.16	%(5)		0.75	%		0.84	%(6)		0.56	%(6)		0.24	%(6)		(0.39	)%(6)
Portfolio Turnover of the Portfolio(7)		—			—			32	%		37	%		36	%		70	%
Portfolio Turnover of the Fund		16	%(4)		38	%		3	%(8)		—			—			—

⁽¹⁾   Computed using average shares outstanding.

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

⁽³⁾  The investment adviser, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.03%, 0.04%, 0.07%, 0.06%, 0.05% and less than 0.005% of average daily net assets for the six months ended February 28, 2021 and the years ended August 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾  For the period from August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities.

References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period.

13 See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Financial Highlights — continued

	Class R
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31,
				2020			2019			2018			2017			2016
Net asset value — Beginning of period	$	14.350		$	12.400		$	12.460		$	11.410		$	11.810		$	13.980
Income (Loss) From Operations
Net investment income (loss)(1)	$	(0.024	)	$	0.033		$	0.042		$	0.008		$	(0.029	)	$	(0.110	)
Net realized and unrealized gain (loss)		0.400			2.547			0.440			1.333			0.790			(0.888	)
Total income (loss) from operations	$	0.376		$	2.580		$	0.482		$	1.341		$	0.761		$	(0.998	)
Less Distributions
From net investment income	$	(0.027	)	$	(0.034	)	$	(0.005	)	$	—		$	—		$	—
From net realized gain		(0.889	)		(0.596	)		(0.537	)		(0.291	)		(1.161	)		(1.172	)
Total distributions	$	(0.916	)	$	(0.630	)	$	(0.542	)	$	(0.291	)	$	(1.161	)	$	(1.172	)
Net asset value — End of period	$	13.810		$	14.350		$	12.400		$	12.460		$	11.410		$	11.810
Total Return(2)(3)		2.62	%(4)		21.46	%		4.07	%		12.08	%		8.25	%		(7.64	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	60,258		$	60,480		$	57,674		$	60,883		$	61,724		$	66,361
Ratios (as a percentage of average daily net assets):
Expenses(3)		1.49	%(5)		1.47	%		1.34	%(6)		1.31	%(6)		1.55	%(6)		1.73	%(6)
Net investment income (loss)		(0.34	)%(5)		0.25	%		0.35	%(6)		0.07	%(6)		(0.27	)%(6)		(0.89	)%(6)
Portfolio Turnover of the Portfolio(7)		—			—			32	%		37	%		36	%		70	%
Portfolio Turnover of the Fund		16	%(4)		38	%		3	%(8)		—			—			—

⁽¹⁾   Computed using average shares outstanding.

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

⁽³⁾  The investment adviser, sub-adviser(s) and administrator reimbursed certain operating expenses (equal to 0.03%, 0.04%, 0.07%, 0.06%, 0.05% and less than 0.005% of average daily net assets for the six months ended February 28, 2021 and the years ended August 31, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁴⁾  Not annualized.

⁽⁵⁾  Annualized.

⁽⁶⁾  Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁷⁾  Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁸⁾  For the period from August 12, 2019 through August 31, 2019 when the Fund was making investments directly in securities.

References to Portfolio herein are to Worldwide Health Sciences Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on August 9, 2019 and which had the same investment objective and policies as the Fund during such period.

14 See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Notes to Financial Statements (Unaudited)

1  Significant Accounting Policies

Eaton Vance Worldwide Health Sciences Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital growth by investing in a worldwide and diversified portfolio of health sciences companies. The Fund offers four classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I and Class R shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

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

Other. Investments in registered investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value per share on the valuation day.

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

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

C  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

15

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

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

As of February 28, 2021, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

H  Indemnifications — Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

I  Interim Financial Statements — The interim financial statements relating to February 28, 2021 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Distributions to Shareholders and Income Tax Information

It is the present policy of the Fund to make 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 cost and unrealized appreciation (depreciation) of investments of the Fund at February 28, 2021, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	711,449,684
Gross unrealized appreciation	$	338,680,170
Gross unrealized depreciation		(2,973,200	)
Net unrealized appreciation	$	335,706,970

16

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate of 0.675% of the Fund’s average daily net assets up to $500 million, 0.59% on net assets of $500 million but less than $1 billion, 0.52% on net assets of $1 billion but less than $1.5 billion, 0.49% on net assets of $1.5 billion but less than $2 billion and at reduced rates on average daily net assets of $2 billion and over, and is payable monthly. In addition, EVM’s fee is subject to an upward or downward performance adjustment of up to 0.15% (annually) of the average daily net assets of the Fund depending on whether, and to what extent, the investment performance of the Fund differs by at least one percentage point from the record of the MSCI World Health Care Index over a 36-month performance period. For the six months ended February 28, 2021, the investment adviser fee, including an upward performance adjustment of $465,058, amounted to $3,780,522 or 0.71% (annualized) of the Fund’s average daily net assets. Pursuant to a sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM, and pays EVAIL a portion of its advisory fee for sub-advisory services provided to the Fund. The Fund may invest its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund.

On March 1, 2021, Morgan Stanley acquired Eaton Vance Corp. (the “Transaction”) and EVM and EVAIL became indirect, wholly-owned subsidiaries of Morgan Stanley. In connection with the Transaction, the Fund entered into a new investment advisory agreement with EVM and EVM entered into a new investment sub-advisory agreement with EVAIL (the “New Agreements”). The New Agreements took effect on March 1, 2021.

The administration fee is earned by EVM as compensation for administrative services rendered to the Fund. The fee is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the six months ended February 28, 2021, the administration fee amounted to $795,461.

EVM and EVAIL have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding such expenses as borrowing costs, taxes or litigation expenses and any performance-based adjustment to an asset-based investment advisory fee) exceed 1.15%, 1.90%, 0.90% and 1.40% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after December 31, 2021. Pursuant to this agreement, EVM and EVAIL were allocated $135,162 in total of the Fund’s operating expenses for the six months ended February 28, 2021.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended February 28, 2021, EVM earned $47,474 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 $11,498 as its portion of the sales charge on sales of Class A shares for the six months ended February 28, 2021. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended February 28, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4  Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the six months ended February 28, 2021 amounted to $941,090 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the six months ended February 28, 2021, the Fund paid or accrued to EVD $213,467 for Class C shares.

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the six months ended February 28, 2021, the Fund paid or accrued to EVD $75,048 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the six months ended February 28, 2021 amounted to $71,156 and $75,048 for Class C and Class R shares, respectively.

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

17

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

5  Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 18 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the six months ended February 28, 2021, the Fund was informed that EVD received approximately $2,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $163,768,211 and $216,195,598, respectively, for the six months ended February 28, 2021.

7  Shares of Beneficial Interest

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

Class A	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		1,177,549			2,171,756
Issued to shareholders electing to receive payments of distributions in Fund shares		3,737,791			2,951,925
Redemptions		(3,897,893	)		(8,757,424	)
Converted from Class C shares		500,448			385,971
Net increase (decrease)		1,517,895			(3,247,772	)
Class C	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		183,289			483,587
Issued to shareholders electing to receive payments of distributions in Fund shares		250,176			215,283
Redemptions		(553,959	)		(1,140,722	)
Converted to Class A shares		(495,878	)		(381,942	)
Net decrease		(616,372	)		(823,794	)
Class I	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		1,225,095			2,671,727
Issued to shareholders electing to receive payments of distributions in Fund shares		840,206			615,978
Redemptions		(1,659,873	)		(3,464,442	)
Net increase (decrease)		405,428			(176,737	)

18

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

Class R	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Sales		291,319			632,882
Issued to shareholders electing to receive payments of distributions in Fund shares		272,796			216,679
Redemptions		(415,654	)		(1,284,803	)
Net increase (decrease)		148,461			(435,242	)

8  Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in an $800 million unsecured line of credit agreement with a group of banks, which is in effect through October 26, 2021. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2020, an upfront fee and arrangement fee totaling $950,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. At February 28, 2021, the Fund had a balance outstanding pursuant to this line of credit of $200,000 at an annual interest rate of 1.32%. 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, 2021. 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, 2021. The Fund did not have any significant borrowings or allocated fees during the six months ended February 28, 2021.

9  Investments in Affiliated Funds

At February 28, 2021, the value of the Fund’s investment in affiliated funds was $76,690, which represents less than 0.05% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended February 28, 2021 were as follows:

Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)		Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period
Short-Term Investments
Eaton Vance Cash Reserves Fund, LLC	$	2,567,649	$	41,081,743	$	(43,572,702	)	$	—	$	—	$	76,690	$	1,199		76,690

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.

19

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Notes to Financial Statements (Unaudited) — continued

At February 28, 2021, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Common Stocks
Biotechnology	$	103,159,943	$	30,027,577		$	5,278,723	$	138,466,243
Health Care Distributors		4,522,452		3,273,584			—		7,796,036
Health Care Equipment		199,548,069		17,466,046			—		217,014,115
Health Care Services		20,477,921		—			—		20,477,921
Health Care Supplies		35,191,216		17,206,025			—		52,397,241
Health Care Technology		—		7,118,193			—		7,118,193
Life Sciences Tools & Services		62,054,278		12,920,819			—		74,975,097
Managed Health Care		116,276,257		—			—		116,276,257
Pharmaceuticals		236,419,505		175,199,327			—		411,618,832
Total Common Stocks	$	777,649,641	$	263,211,571	**	$	5,278,723	$	1,046,139,935
Exchange-Traded Funds	$	940,029	$	—		$	—	$	940,029
Short-Term Investments		—		76,690			—		76,690
Total Investments	$	778,589,670	$	263,288,261		$	5,278,723	$	1,047,156,654

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund.

** Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the six months ended February 28, 2021 is not presented.

11  Risk and Uncertainties

Risks Associated with Foreign Investments

Investments in foreign issuers could be affected by factors not present in the United States, including expropriation, armed conflict, confiscatory taxation, lack of uniform accounting, auditing and financial reporting standard practices and requirements and regulatory measures, less publicly available financial and other information, and potential difficulties in enforcing contractual obligations. Settlements of securities transactions in foreign countries are subject to risk of loss, may be delayed and are generally less frequent than in the United States. Evidence of ownership of certain foreign investments may be held outside the United States, and the Fund may be subject to the risks associated with the holding of such property overseas. Foreign issuers may become subject to sanctions imposed by the United States or another country, which could result in the immediate freeze of the foreign issuers’ assets or securities. Trading in certain foreign markets is also subject to liquidity risk. Political events in foreign countries may cause market disruptions.

Concentration of Risk

As the Fund invests a significant portion of its assets in pharmaceutical, biotechnology, life sciences, and health care equipment and services companies, it may be affected by developments that adversely affect such companies. These developments include product obsolescence, the failure of a company to develop new products and the expiration of patent rights. The value of the Fund’s interests can also be impacted by regulatory activities that affect health sciences companies. The Fund has historically held approximately 60 stocks or less at any one time; therefore, it is more sensitive to developments affecting particular stocks than would be a more broadly diversified fund.

Pandemic Risk

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

20

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Worldwide Health Sciences Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 for the following purposes: (1) to approve a new investment advisory agreement with Eaton Vance Management to serve as the Fund’s investment adviser (“Proposal 1”); and (2) to approve a new investment sub-advisory agreement with Eaton Vance Advisers International Ltd. to serve as the Fund’s investment sub-adviser (“Proposal 2”). The shareholder meeting results are as follows:

	Number of Shares(1)
	For		Against		Abstain(2)		Broker Non-Votes(2)
Proposal 1		38,682,476.768		1,199,893.195		2,746,338.981		0
Proposal 2		38,586,402.131		1,226,781.136		2,815,525.677		0

⁽¹⁾  Fractional shares were voted proportionately.

⁽²⁾ Abstentions and broker non-votes (i.e., shares for which a broker returns a proxy but for which (i) the beneficial owner has not voted and (ii) the broker holding the shares does not have discretionary authority to vote on the particular matter) were treated as shares that were present at the Meeting for purposes of establishing a quorum, but had the effect of a negative vote on each Proposal.

21

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

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

Fund	Investment Adviser	Investment Sub-Adviser
Eaton Vance Worldwide Health Sciences Fund	Eaton Vance Management	Eaton Vance Advisers International Ltd.

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

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

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

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

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

Information about the Transaction and its Terms

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

⁽¹⁾  With respect to certain of the Funds, the applicable Adviser is currently a party to a sub-advisory agreement (collectively, the “Current Sub-Advisory Agreements”) with Atlanta Capital Management Company, LLC (“Atlanta Capital”), BMO Global Asset Management (Asia) Limited, Eaton Vance Advisers International Ltd. (“EVAIL”), Goldman Sachs Asset Management, L.P., Hexavest Inc. (“Hexavest”), Parametric Portfolio Associates LLC (“Parametric”) or Richard Bernstein Advisors LLC (collectively, the “Sub-Advisers” and, with respect to Atlanta Capital, EVAIL, Hexavest and Parametric, each an affiliate of the Advisers, the “Affiliated Sub-Advisers”). Accordingly, references to the “Sub-Advisers,” the “Affiliated Sub-Advisers” or the “New Sub-Advisory Agreements” are not applicable to all Funds.

22

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

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

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

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

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

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

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

Information about Morgan Stanley

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

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

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

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

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

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

Information about the New Agreements for Funds

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

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

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

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

Information about Fund Performance, Fees and Expenses

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

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

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

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

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

Information about Portfolio Management and Trading

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

23

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

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

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

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

Information about the Advisers and the Sub-Advisers

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

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

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

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

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

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

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

Other Relevant Information

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

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

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

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

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

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

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

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

Nature, Extent and Quality of Services

In considering whether to approve the New Agreements, the Board evaluated the nature, extent and quality of services currently provided to each Fund by the Advisers and, as applicable, the Sub-Advisers under the Current Agreements. In evaluating the nature, extent and quality of services to be provided by the Advisers and the Sub-Advisers under the New Agreements, the Board considered, among other information, the expected impact, if any, of the Transaction on the operations, facilities, organization and personnel of the Advisers and the Sub-Advisers, and that Morgan Stanley and the Advisers have advised the Board that, following the Transaction, there is not expected to be any diminution in the nature, extent and quality of services provided by the

24

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Advisers and the Sub-Advisers, as applicable, to the Funds and their shareholders, including compliance and other non-advisory services, and that there are not expected to be any changes in portfolio management personnel as a result of the Transaction.

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

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

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

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

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

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

25

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Management Fees and Expenses

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

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

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

Profitability and “Fall-Out” Benefits

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

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

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

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

Economies of Scale

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

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

26

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Board of Trustees’ Contract Approval — continued

Conclusion

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

27

Eaton Vance

Worldwide Health Sciences Fund

February 28, 2021

Officers and Trustees

Officers

Eric A. Stein

President

Deidre E. Walsh

Vice President

Maureen A. Gemma

Secretary and Chief Legal Officer

James F. Kirchner

Treasurer

Richard F. Froio

Chief Compliance Officer

Trustees

William H. Park

Chairperson

Thomas E. Faust Jr.*

Mark R. Fetting

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Keith Quinton

Marcus L. Smith

Susan J. Sutherland

Scott E. Wennerholm

* Interested Trustee

28

Eaton Vance Funds

Privacy Notice April 2021

FACTS	WHAT DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: ∎   Social Security number and income ∎   investment experience and risk tolerance ∎   checking account number and wire transfer instructions
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance chooses to share; and whether you can limit this sharing.

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

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

29

Eaton Vance Funds

Privacy Notice — continued April 2021

Page 2

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

30

Eaton Vance Funds

IMPORTANT NOTICES

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

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

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

31

This Page Intentionally Left Blank

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Principal Underwriter*

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

(617) 482-8260

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

Attn: Eaton Vance Funds

P.O. Box 9653

Providence, RI 02940-9653

(800) 262-1122

Fund Offices

Two International Place

Boston, MA 02110

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

7707    2.28.21

Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Not required in this filing.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No material changes.

Item 11. Controls and Procedures

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

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

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

Not applicable.

Item 13. Exhibits

(a)(1)	Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)	Treasurer’s Section 302 certification.
(a)(2)(ii)	President’s Section 302 certification.
(b)	Combined Section 906 certification.

Signatures

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

Eaton Vance Growth Trust
By:	/s/ Eric A. Stein
	Eric A. Stein
	President

Date: April 22, 2021

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

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

Date: April 22, 2021

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

Date: April 22, 2021