Eaton Vance Growth Trust NCSRS 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)

September 30

Date of Fiscal Year End

March 31, 2021

Date of Reporting Period

Item 1.

Reports to Stockholders

LOGO

Eaton Vance

Atlanta Capital SMID-Cap Fund

Semiannual Report

March 31, 2021

LOGO

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

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

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

Semiannual Report March 31, 2021

Eaton Vance

Atlanta Capital SMID-Cap 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			22
Board of Trustees’ Contract Approval			23
Officers and Trustees			28
Privacy Notice			29
Important Notices			31

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Performance^1,2

Portfolio Managers Charles B. Reed, CFA, William O. Bell IV, CFA and W. Matthew Hereford, CFA, each of Atlanta Capital Management Company, LLC


% Average Annual Total Returns	Class Inception Date		Performance Inception Date			Six Months			One Year			Five Years			Ten Years

Class A at NAV		11/28/2003		04/30/2002			31.33	%		65.45	%		15.26	%		13.70	%
Class A with 5.75% Maximum Sales Charge		—		—			23.79			55.92			13.91			13.03
Class C at NAV		10/01/2009		04/30/2002			30.86			64.29			14.40			12.86
Class C with 1% Maximum Sales Charge		—		—			29.86			63.29			14.40			12.86
Class I at NAV		04/30/2002		04/30/2002			31.50			65.90			15.56			13.98
Class R at NAV		08/03/2009		04/30/2002			31.16			65.12			14.98			13.42
Class R6 at NAV		07/01/2014		04/30/2002			31.54			66.05			15.65			14.05



Russell 2500^TM Index		—		—			41.33	%		89.40	%		15.92	%		12.19	%
Russell 2000^® Index		—		—			48.05			94.85			16.34			11.67

% Total Annual Operating Expense Ratios³			Class A			Class C			Class I			Class R			Class R6

				1.17	%		1.92	%		0.92	%		1.42	%		0.82	%

Fund Profile

Sector Allocation (% of net assets)⁴

LOGO

Top 10 Holdings (% of net assets)⁴


W.R. Berkley Corp.	4.5	%

Carlisle Cos., Inc.	3.9

Aramark	3.5

WEX, Inc.	3.3

J.B. Hunt Transport Services, Inc.	3.2

Envista Holdings Corp.	3.1

AptarGroup, Inc.	3.0

DENTSPLY SIRONA, Inc.	2.9

Terminix Global Holdings, Inc.	2.7

RPM International, Inc.	2.6

Total	32.7	%

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

Atlanta Capital SMID-Cap Fund

March 31, 2021

Endnotes and Additional Disclosures

Russell 2500^TM Index is an unmanaged index of approximately 2,500 small- and mid-cap U.S. stocks. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

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

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

Atlanta Capital SMID-Cap Fund

March 31, 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 (October 1, 2020 – March 31, 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 (10/1/20)		Ending Account Value (3/31/21)		Expenses Paid During Period* (10/1/20 – 3/31/21)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,313.30	$	6.63		1.15	%
Class C	$	1,000.00	$	1,308.60	$	10.94		1.90	%
Class I	$	1,000.00	$	1,315.00	$	5.19		0.90	%
Class R	$	1,000.00	$	1,311.60	$	8.07		1.40	%
Class R6	$	1,000.00	$	1,315.40	$	4.68		0.81	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.20	$	5.79		1.15	%
Class C	$	1,000.00	$	1,015.50	$	9.55		1.90	%
Class I	$	1,000.00	$	1,020.40	$	4.53		0.90	%
Class R	$	1,000.00	$	1,018.00	$	7.04		1.40	%
Class R6	$	1,000.00	$	1,020.90	$	4.08		0.81	%

Expenses are equal to the Fund’s annualized expense ratio for the indicated Class, multiplied by the average account value over the period, multiplied by 182/365 (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 September 30, 2020.


		4

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Portfolio of Investments (Unaudited)


Common Stocks — 98.7%
Security	Shares		Value

Aerospace & Defense — 1.7%

Hexcel Corp.⁽¹⁾		3,857,162	$	216,001,072

			$	216,001,072

Banks — 2.2%

Prosperity Bancshares, Inc.		2,163,160	$	161,999,052

Umpqua Holdings Corp.		6,782,371		119,030,611

			$	281,029,663

Building Products — 2.1%

Lennox International, Inc.		879,050	$	273,903,190

			$	273,903,190

Capital Markets — 7.0%

Affiliated Managers Group, Inc.		2,093,048	$	311,926,943

FactSet Research Systems, Inc.		326,293		100,690,757

Morningstar, Inc.		872,445		196,335,023

SEI Investments Co.		4,540,469		276,650,776

			$	885,603,499

Chemicals — 2.6%

RPM International, Inc.⁽²⁾		3,543,753	$	325,493,713

			$	325,493,713

Commercial Services & Supplies — 2.0%

IAA, Inc.⁽¹⁾		4,549,232	$	250,844,653

			$	250,844,653

Containers & Packaging — 3.0%

AptarGroup, Inc.		2,700,310	$	382,552,918

			$	382,552,918

Distributors — 2.3%

LKQ Corp.⁽¹⁾		4,402,922	$	186,375,688

Pool Corp.		291,208		100,536,650

			$	286,912,338

Diversified Consumer Services — 4.7%

frontdoor, inc.⁽¹⁾		2,712,006	$	145,770,322

Service Corp. International		2,128,575		108,663,754

Terminix Global Holdings, Inc.⁽¹⁾⁽³⁾		7,100,922		338,500,952

			$	592,935,028


Security	Shares		Value

Electrical Equipment — 1.7%

Acuity Brands, Inc.⁽²⁾		1,325,331	$	218,679,615

			$	218,679,615

Electronic Equipment, Instruments & Components — 4.3%

Dolby Laboratories, Inc., Class A		2,261,188	$	223,224,479

FLIR Systems, Inc.		2,237,572		126,355,691

Trimble, Inc.⁽¹⁾		2,541,313		197,688,738

			$	547,268,908

Food & Staples Retailing — 1.1%

Casey’s General Stores, Inc.		645,879	$	139,632,581

			$	139,632,581

Health Care Equipment & Supplies — 6.8%

DENTSPLY SIRONA, Inc.		5,755,850	$	367,280,788

Envista Holdings Corp.⁽¹⁾⁽³⁾		9,800,041		399,841,673

Teleflex, Inc.		228,289		94,844,948

			$	861,967,409

Health Care Providers & Services — 0.7%

Henry Schein, Inc.⁽¹⁾		1,336,213	$	92,519,388

			$	92,519,388

Hotels, Restaurants & Leisure — 5.4%

Aramark		11,639,049	$	439,723,271

Choice Hotels International, Inc.		2,358,483		253,041,641

			$	692,764,912

Industrial Conglomerates — 3.9%

Carlisle Cos., Inc.⁽²⁾⁽³⁾		2,980,034	$	490,453,996

			$	490,453,996

Insurance — 8.8%

Brown & Brown, Inc.		5,667,318	$	259,053,106

Markel Corp.⁽¹⁾		247,113		281,614,917

W.R. Berkley Corp.		7,597,491		572,470,947

			$	1,113,138,970

IT Services — 7.9%

Broadridge Financial Solutions, Inc.		1,205,816	$	184,610,430

Gartner, Inc.⁽¹⁾		1,543,035		281,681,039

Jack Henry & Associates, Inc.⁽²⁾		729,574		110,690,967

WEX, Inc.⁽¹⁾		2,026,444		423,972,614

			$	1,000,955,050


		5		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued


Security	Shares		Value

Life Sciences Tools & Services — 1.5%

Bio-Techne Corp.		503,220	$	192,194,815

			$	192,194,815

Machinery — 6.1%

Donaldson Co., Inc.		2,084,943	$	121,260,285

Graco, Inc.		1,796,482		128,664,041

IDEX Corp.		896,894		187,737,852

Nordson Corp.		963,817		191,491,161

Woodward, Inc.		1,179,208		142,247,861

			$	771,401,200

Marine — 1.5%

Kirby Corp.⁽¹⁾⁽³⁾		3,155,908	$	190,238,134

			$	190,238,134

Professional Services — 4.2%

Booz Allen Hamilton Holding Corp., Class A		2,430,572	$	195,733,963

CACI International, Inc., Class A⁽¹⁾		1,010,743		249,309,869

TransUnion		962,400		86,616,000

			$	531,659,832

Real Estate Management & Development — 2.2%

Jones Lang LaSalle, Inc.⁽¹⁾		1,543,437	$	276,336,961

			$	276,336,961

Road & Rail — 5.1%

J.B. Hunt Transport Services, Inc.		2,435,601	$	409,351,460

Landstar System, Inc.		1,489,053		245,783,088

			$	655,134,548

Software — 3.8%

Blackbaud, Inc.^(1)(2)(3)		2,702,133	$	192,067,613

Fair Isaac Corp.⁽¹⁾		181,959		88,441,172

Manhattan Associates, Inc.⁽¹⁾		1,778,826		208,798,596

			$	489,307,381

Specialty Retail — 3.3%

Burlington Stores, Inc.⁽¹⁾		702,554	$	209,923,135

Ulta Beauty, Inc.⁽¹⁾		682,636		211,050,572

			$	420,973,707

Textiles, Apparel & Luxury Goods — 2.8%

Columbia Sportswear Co.⁽²⁾		2,041,690	$	215,663,715


Security	Shares		Value

Textiles, Apparel & Luxury Goods (continued)

Deckers Outdoor Corp.⁽¹⁾		420,069	$	138,799,199

			$	354,462,914

Total Common Stocks (identified cost $6,947,540,759)			$	12,534,366,395

Short-Term Investments — 1.4%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽⁴⁾		178,657,740	$	178,657,740

Total Short-Term Investments (identified cost $178,657,740)			$	178,657,740

Total Investments — 100.1% (identified cost $7,126,198,499)			$	12,713,024,135

Other Assets, Less Liabilities — (0.1)%			$	(13,057,771	)

Net Assets — 100.0%			$	12,699,966,364

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 March 31, 2021. The aggregate market value of securities on loan at March 31, 2021 was $13,742,287.

⁽³⁾	Affiliated company (see Note 10).

⁽⁴⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2021.


		6		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Statement of Assets and Liabilities (Unaudited)


Assets	March 31, 2021

Unaffiliated investments, at value (identified cost, $6,043,079,011) — including $10,615,267 of securities on loan	$	10,923,264,027

Affiliated investments, at value (identified cost, $1,083,119,488) — including $3,127,020 of securities on loan		1,789,760,108

Dividends receivable		3,005,746

Dividends receivable from affiliated investments		8,638

Receivable for investments sold		22,221,295

Receivable for Fund shares sold		14,631,588

Securities lending income receivable		5,523

Total assets	$	12,752,896,925

Liabilities

Payable for Fund shares redeemed	$	41,094,332

Payable to affiliates:

Investment adviser fee		8,428,926

Distribution and service fees		585,471

Accrued expenses		2,821,832

Total liabilities	$	52,930,561

Net Assets	$	12,699,966,364

Sources of Net Assets

Paid-in capital	$	6,419,470,752

Distributable earnings		6,280,495,612

Total	$	12,699,966,364

Class A Shares

Net Assets	$	1,475,967,430

Shares Outstanding		41,294,105

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	35.74

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	37.92

Class C Shares

Net Assets	$	50,375,406

Shares Outstanding		1,594,879

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	31.59

Class I Shares

Net Assets	$	5,867,609,461

Shares Outstanding		143,934,110

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	40.77

Class R Shares

Net Assets	$	531,258,216

Shares Outstanding		15,471,317

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	34.34

Class R6 Shares

Net Assets	$	4,774,755,851

Shares Outstanding		116,278,051

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	41.06

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

Atlanta Capital SMID-Cap Fund

March 31, 2021

Statement of Operations (Unaudited)


Investment Income	Six Months Ended March 31, 2021

Dividends	$	38,750,939

Dividends from affiliated investments		3,096,051

Securities lending income, net		14,976

Total investment income	$	41,861,966

Expenses

Investment adviser fee	$	47,664,287

Distribution and service fees

Class A		1,842,481

Class C		345,441

Class R		1,291,420

Trustees’ fees and expenses		54,250

Custodian fee		826,618

Transfer and dividend disbursing agent fees		3,656,785

Legal and accounting services		129,467

Printing and postage		193,808

Registration fees		116,742

Miscellaneous		64,777

Total expenses	$	56,186,076

Net investment loss	$	(14,324,110	)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	862,630,756

Investment transactions — affiliated investments		(123,339,395	)

Net realized gain	$	739,291,361

Change in unrealized appreciation (depreciation) —

Investments	$	1,625,420,648

Investments — affiliated investments		904,583,372

Net change in unrealized appreciation (depreciation)	$	2,530,004,020

Net realized and unrealized gain	$	3,269,295,381

Net increase in net assets from operations	$	3,254,971,271


		8		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

From operations —

Net investment loss	$	(14,324,110	)	$	(8,929,012	)

Net realized gain		739,291,361			1,413,253,804

Net change in unrealized appreciation (depreciation)		2,530,004,020			(2,104,878,343	)

Net increase (decrease) in net assets from operations	$	3,254,971,271		$	(700,553,551	)

Distributions to shareholders —

Class A	$	(154,422,465	)	$	(118,485,141	)

Class C		(12,753,521	)		(13,171,852	)

Class I		(540,064,143	)		(434,441,377	)

Class R		(57,217,960	)		(40,829,936	)

Class R6		(399,558,828	)		(239,893,424	)

Total distributions to shareholders	$	(1,164,016,917	)	$	(846,821,730	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	121,514,898		$	271,681,617

Class C		3,278,575			3,623,558

Class I		643,520,905			1,234,996,774

Class R		14,458,799			55,368,341

Class R6		670,327,492			1,352,459,833

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

Class A		134,278,929			105,132,614

Class C		12,582,280			11,594,986

Class I		434,914,351			361,434,165

Class R		56,975,127			40,110,464

Class R6		343,313,653			202,187,227

Cost of shares redeemed

Class A		(441,684,186	)		(580,456,181	)

Class C		(15,201,126	)		(53,727,685	)

Class I		(1,375,073,762	)		(2,533,279,161	)

Class R		(102,284,521	)		(127,499,186	)

Class R6		(854,862,529	)		(911,921,901	)

Net asset value of shares converted

Class A		60,645,288			15,520,040

Class C		(60,645,288	)		(15,520,040	)

Net decrease in net assets from Fund share transactions	$	(353,941,115	)	$	(568,294,535	)

Net increase (decrease) in net assets	$	1,737,013,239		$	(2,115,669,816	)

Net Assets

At beginning of period	$	10,962,953,125		$	13,078,622,941

At end of period	$	12,699,966,364		$	10,962,953,125


		9		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Financial Highlights


	Class A

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	30.690		$	34.740		$	34.450		$	29.050		$	25.770		$	23.780

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.076	)	$	(0.088	)	$	(0.088	)	$	(0.096	)	$	(0.101	)	$	(0.087	)

Net realized and unrealized gain (loss)		8.811			(1.586	)		2.526			6.606			4.379			3.812

Total income (loss) from operations	$	8.735		$	(1.674	)	$	2.438		$	6.510		$	4.278		$	3.725

Less Distributions

From net realized gain	$	(3.685	)	$	(2.376	)	$	(2.148	)	$	(1.110	)	$	(0.998	)	$	(1.735	)

Total distributions	$	(3.685	)	$	(2.376	)	$	(2.148	)	$	(1.110	)	$	(0.998	)	$	(1.735	)

Net asset value — End of period	$	35.740		$	30.690		$	34.740		$	34.450		$	29.050		$	25.770

Total Return⁽²⁾		31.33	%⁽³⁾		(5.21	)%		8.29	%		22.97	%		17.06	%		16.27	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	1,475,967		$	1,360,610		$	1,764,848		$	1,935,900		$	1,711,298		$	1,764,805

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

Expenses		1.15	%⁽⁴⁾		1.17	%		1.17	%		1.16	%⁽⁵⁾		1.19	%⁽⁵⁾		1.21	%⁽⁵⁾

Net investment loss		(0.46	)%⁽⁴⁾		(0.29	)%		(0.28	)%		(0.30	)%⁽⁵⁾		(0.38	)%⁽⁵⁾		(0.35	)%⁽⁵⁾

Portfolio Turnover of the Portfolio⁽⁶⁾		—			—			—			3	%		11	%		17	%

Portfolio Turnover of the Fund		6	%⁽³⁾		21	%		16	%		5	%⁽⁷⁾		—			—

⁽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.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from May 21, 2018 through September 30, 2018 when the Fund was making investments directly in securities.

References to Portfolio herein are to SMID-Cap Portfolio, a Massachusetts business trust in which the Fund invested all of its investable assets prior to the close of business on May 18, 2018 and which had the same investment objective and policies as the Fund during such period.


		10		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Financial Highlights — continued


	Class C

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	27.620		$	31.700		$	31.870		$	27.140		$	24.320		$	22.690

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.176	)	$	(0.290	)	$	(0.298	)	$	(0.310	)	$	(0.284	)	$	(0.257	)

Net realized and unrealized gain (loss)		7.831			(1.429	)		2.276			6.150			4.102			3.622

Total income (loss) from operations	$	7.655		$	(1.719	)	$	1.978		$	5.840		$	3.818		$	3.365

Less Distributions

From net realized gain	$	(3.685	)	$	(2.361	)	$	(2.148	)	$	(1.110	)	$	(0.998	)	$	(1.735	)

Total distributions	$	(3.685	)	$	(2.361	)	$	(2.148	)	$	(1.110	)	$	(0.998	)	$	(1.735	)

Net asset value — End of period	$	31.590		$	27.620		$	31.700		$	31.870		$	27.140		$	24.320

Total Return⁽²⁾		30.86	%⁽³⁾		(5.89	)%		7.46	%		22.09	%		16.15	%		15.41	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	50,375		$	101,804		$	181,257		$	239,937		$	226,669		$	240,309

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

Expenses		1.90	%⁽⁴⁾		1.92	%		1.92	%		1.91	%⁽⁵⁾		1.94	%⁽⁵⁾		1.96	%⁽⁵⁾

Net investment loss		(1.22	)%⁽⁴⁾		(1.03	)%		(1.03	)%		(1.06	)%⁽⁵⁾		(1.13	)%⁽⁵⁾		(1.10	)%⁽⁵⁾

Portfolio Turnover of the Portfolio⁽⁶⁾		—			—			—			3	%		11	%		17	%

Portfolio Turnover of the Fund		6	%⁽³⁾		21	%		16	%		5	%⁽⁷⁾		—			—

⁽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.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from May 21, 2018 through September 30, 2018 when the Fund was making investments directly in securities.


		11		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Financial Highlights — continued


	Class I

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	34.480		$	38.710		$	38.030		$	31.880		$	28.120		$	25.740

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.040	)	$	(0.012	)	$	(0.009	)	$	(0.020	)	$	(0.039	)	$	(0.027	)

Net realized and unrealized gain (loss)		10.015			(1.767	)		2.837			7.280			4.797			4.142

Total income (loss) from operations	$	9.975		$	(1.779	)	$	2.828		$	7.260		$	4.758		$	4.115

Less Distributions

From net investment income	$	—		$	(0.015	)	$	—		$	—		$	—		$	—

From net realized gain		(3.685	)		(2.436	)		(2.148	)		(1.110	)		(0.998	)		(1.735	)

Total distributions	$	(3.685	)	$	(2.451	)	$	(2.148	)	$	(1.110	)	$	(0.998	)	$	(1.735	)

Net asset value — End of period	$	40.770		$	34.480		$	38.710		$	38.030		$	31.880		$	28.120

Total Return⁽²⁾		31.50	%⁽³⁾		(4.95	)%		8.55	%		23.30	%		17.35	%		16.56	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	5,867,609		$	5,185,675		$	6,906,251		$	7,422,332		$	6,245,313		$	4,816,563

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

Expenses		0.90	%⁽⁴⁾		0.92	%		0.92	%		0.91	%⁽⁵⁾		0.94	%⁽⁵⁾		0.96	%⁽⁵⁾

Net investment loss		(0.21	)%⁽⁴⁾		(0.04	)%		(0.03	)%		(0.06	)%⁽⁵⁾		(0.13	)%⁽⁵⁾		(0.10	)%⁽⁵⁾

Portfolio Turnover of the Portfolio⁽⁶⁾		—			—			—			3	%		11	%		17	%

Portfolio Turnover of the Fund		6	%⁽³⁾		21	%		16	%		5	%⁽⁷⁾		—			—

⁽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.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from May 21, 2018 through September 30, 2018 when the Fund was making investments directly in securities.


		12		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Financial Highlights — continued


	Class R

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	29.660		$	33.710		$	33.580		$	28.410		$	25.290		$	23.420

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.113	)	$	(0.161	)	$	(0.162	)	$	(0.171	)	$	(0.166	)	$	(0.147	)

Net realized and unrealized gain (loss)		8.478			(1.528	)		2.440			6.451			4.284			3.752

Total income (loss) from operations	$	8.365		$	(1.689	)	$	2.278		$	6.280		$	4.118		$	3.605

Less Distributions

From net realized gain	$	(3.685	)	$	(2.361	)	$	(2.148	)	$	(1.110	)	$	(0.998	)	$	(1.735	)

Total distributions	$	(3.685	)	$	(2.361	)	$	(2.148	)	$	(1.110	)	$	(0.998	)	$	(1.735	)

Net asset value — End of period	$	34.340		$	29.660		$	33.710		$	33.580		$	28.410		$	25.290

Total Return⁽²⁾		31.16	%⁽³⁾		(5.43	)%		8.01	%		22.67	%		16.74	%		16.00	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	531,258		$	480,822		$	588,076		$	583,049		$	458,145		$	337,874

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

Expenses		1.40	%⁽⁴⁾		1.42	%		1.42	%		1.41	%⁽⁵⁾		1.44	%⁽⁵⁾		1.46	%⁽⁵⁾

Net investment loss		(0.71	)%⁽⁴⁾		(0.54	)%		(0.53	)%		(0.55	)%⁽⁵⁾		(0.63	)%⁽⁵⁾		(0.60	)%⁽⁵⁾

Portfolio Turnover of the Portfolio⁽⁶⁾		—			—			—			3	%		11	%		17	%

Portfolio Turnover of the Fund		6	%⁽³⁾		21	%		16	%		5	%⁽⁷⁾		—			—

⁽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.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from May 21, 2018 through September 30, 2018 when the Fund was making investments directly in securities.


		13		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Financial Highlights — continued


	Class R6

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	34.690		$	38.930		$	38.200		$	31.990		$	28.190		$	25.780

Income (Loss) From Operations

Net investment income (loss)⁽¹⁾	$	(0.023	)	$	0.019		$	0.023		$	0.016		$	(0.010	)	$	(0.002	)

Net realized and unrealized gain (loss)		10.078			(1.774	)		2.855			7.304			4.808			4.147

Total income (loss) from operations	$	10.055		$	(1.755	)	$	2.878		$	7.320		$	4.798		$	4.145

Less Distributions

From net investment income	$	—		$	(0.049	)	$	—		$	—		$	—		$	—

From net realized gain		(3.685	)		(2.436	)		(2.148	)		(1.110	)		(0.998	)		(1.735	)

Total distributions	$	(3.685	)	$	(2.485	)	$	(2.148	)	$	(1.110	)	$	(0.998	)	$	(1.735	)

Net asset value — End of period	$	41.060		$	34.690		$	38.930		$	38.200		$	31.990		$	28.190

Total Return⁽²⁾		31.54	%⁽³⁾		(4.85	)%		8.64	%		23.41	%		17.45	%		16.66	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	4,774,756		$	3,834,042		$	3,638,192		$	2,828,862		$	1,642,985		$	798,553

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

Expenses		0.81	%⁽⁴⁾		0.82	%		0.82	%		0.82	%⁽⁵⁾		0.84	%⁽⁵⁾		0.87	%⁽⁵⁾

Net investment income (loss)		(0.12	)%⁽⁴⁾		0.06	%		0.07	%		0.05	%⁽⁵⁾		(0.03	)%⁽⁵⁾		(0.01	)%⁽⁵⁾

Portfolio Turnover of the Portfolio⁽⁶⁾		—			—			—			3	%		11	%		17	%

Portfolio Turnover of the Fund		6	%⁽³⁾		21	%		16	%		5	%⁽⁷⁾		—			—

⁽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.

⁽⁵⁾	Includes the Fund’s share of the Portfolio’s allocated expenses for the period while the Fund was investing in the Portfolio.

⁽⁶⁾	Portfolio turnover represents the rate of portfolio activity for the period while the Fund was investing in the Portfolio.

⁽⁷⁾	For the period from May 21, 2018 through September 30, 2018 when the Fund was making investments directly in securities.


		14		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Atlanta Capital SMID-Cap Fund (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital growth. The Fund offers five 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, Class R and Class R6 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. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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

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

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

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

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

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.

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 March 31, 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 Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.


		15

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

H Interim Financial Statements — The interim financial statements relating to March 31, 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.

At September 30, 2020, the Fund had a late year ordinary loss of $5,374,664 which it has elected to defer to the following taxable year pursuant to income tax regulations. Late year ordinary losses represent certain specified losses realized in that portion of a taxable year after October 31 that are treated as ordinary for tax purposes plus ordinary losses attributable to that portion of a taxable year after December 31.

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2021, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	7,125,439,679

Gross unrealized appreciation	$	5,587,584,456

Gross unrealized depreciation		—

Net unrealized appreciation	$	5,587,584,456

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR) as compensation for investment advisory services rendered 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 (the “New Agreement”) with BMR, which took effect on March 1, 2021. The Fund’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Fund’s investment advisory agreement with BMR in effect prior to March 1, 2021), the fee is computed at an annual rate of 1.00% of the Fund’s average daily net assets up to $500 million, 0.9375% on net assets of $500 million but less than $1 billion, 0.875% on net assets of $1 billion but less than $2.5 billion, 0.8125% on net assets of $2.5 billion but less than $5 billion, 0.75% on net assets of $5 billion but less than $7.5 billion, 0.73% on net assets of $7.5 billion but less than $10 billion, 0.72% on net assets of $10 billion but less than $15 billion and 0.70% on net assets of $15 billion and over, and is payable monthly. Pursuant to an amendment to the New Agreement, which took effect on May 1, 2021, the fee will be computed at an annual rate of 0.72% on net assets of $7.5 billion but less than $10 billion, 0.71% on net assets of $10 billion but less than $15 billion and 0.69% on net assets of $15 billion and over. For the six months ended March 31, 2021, the investment adviser fee amounted to $47,664,287 or 0.79% (annualized) of the Fund’s average daily net assets. EVM, an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley, serves as administrator of the Fund, but receives no compensation.

Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Fund to Atlanta Capital Management Company, LLC (Atlanta Capital), an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, BMR entered into a new sub-advisory agreement with Atlanta Capital, which took effect on March 1, 2021. Subsequently, there was an amendment to the new sub-advisory agreement, which took effect on May 1, 2021. BMR pays Atlanta Capital a portion of its investment adviser 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.


		16

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the six months ended March 31, 2021, EVM earned $2,099 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 $14,101 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 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 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 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 March 31, 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 0.25% 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 March 31, 2021 amounted to $1,842,481 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 March 31, 2021, the Fund paid or accrued to EVD $259,081 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 March 31, 2021, the Fund paid or accrued to EVD $645,710 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 March 31, 2021 amounted to $86,360 and $645,710 for Class C and Class R shares, respectively.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 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 March 31, 2021, the Fund was informed that EVD received approximately $1,000 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $670,234,696 and $2,180,561,484, respectively, for the six months ended March 31, 2021.


		17

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 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 March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		3,761,638			8,902,972

Issued to shareholders electing to receive payments of distributions in Fund shares		4,654,382			3,228,889

Redemptions		(13,371,241	)		(19,126,574	)

Converted from Class C shares		1,918,080			520,676

Net decrease		(3,037,141	)		(6,474,037	)

Class C	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		112,729			127,999

Issued to shareholders electing to receive payments of distributions in Fund shares		492,072			393,317

Redemptions		(531,227	)		(1,976,043	)

Converted to Class A shares		(2,165,130	)		(576,624	)

Net decrease		(2,091,556	)		(2,031,351	)

Class I	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		17,406,003			37,203,522

Issued to shareholders electing to receive payments of distributions in Fund shares		13,231,346			9,902,306

Redemptions		(37,113,267	)		(75,102,431	)

Net decrease		(6,475,918	)		(27,996,603	)

Class R	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		456,954			1,865,358

Issued to shareholders electing to receive payments of distributions in Fund shares		2,053,898			1,272,137

Redemptions		(3,252,616	)		(4,369,936	)

Net decrease		(741,764	)		(1,232,441	)


		18

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued


Class R6	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		18,033,002			38,372,196

Issued to shareholders electing to receive payments of distributions in Fund shares		10,372,014			5,509,189

Redemptions		(22,654,984	)		(26,798,959	)

Net increase		5,750,032			17,082,426

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 March 31, 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 March 31, 2021, the value of the securities loaned (all common stock) and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $13,742,287 and $14,604,420, respectively. Collateral received was comprised of U.S. government and/or agencies securities. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.


		19

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

10 Investments in Affiliated Companies/Funds

An affiliated company is a company in which a fund has a direct or indirect ownership of, control of, or voting power of 5 percent or more of the outstanding voting shares, or a company that is under common ownership or control with a fund. At March 31, 2021, the value of the Fund’s investments in affiliated companies and funds was $1,789,760,108, which represents 14.1% of the Fund’s net assets. Transactions in affiliated companies and funds by the Fund for the six months ended March 31, 2021 were as follows:


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

Common Stocks *

Blackbaud, Inc.⁽¹⁾⁽²⁾	$	182,967,527	$	—	$	(40,599,599	)	$	(2,194,288	)	$	51,893,973	$	192,067,613		$	—		2,702,133

Carlisle Cos., Inc.⁽¹⁾		352,737,154		43,300,842		(25,580,383	)		1,022,556			118,973,827		490,453,996			3,009,073		2,980,034

Envista Holdings Corp.⁽²⁾		292,019,264		—		(78,245,711	)		13,632,246			172,435,874		399,841,673			—		9,800,041

Hexcel Corp.⁽²⁾		180,913,846		—		(76,843,182	)		(46,449,806	)		158,380,214		—	⁽³⁾		—		—	⁽³⁾

Kirby Corp.⁽²⁾		114,149,192		—		—			—			76,088,942		190,238,134			—		3,155,908

Sally Beauty Holdings, Inc.		70,635,813		—		(73,736,721	)		(117,562,850	)		120,663,758		—			—		—

Terminix Global Holdings, Inc.⁽²⁾		301,927,931		—		(22,319,444	)		2,676,594			56,215,871		338,500,952			—		7,100,922

WEX, Inc.⁽²⁾		351,240,560				(102,735,012	)		25,536,153			149,930,913		—	⁽³⁾		—		—	⁽³⁾

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC		203,022,465		1,240,953,230		(1,265,317,955	)		—			—		178,657,740			86,978		178,657,740

Totals								$	(123,339,395	)	$	904,583,372	$	1,789,760,108		$	3,096,051

*	The related industry is the same as the presentation in the Portfolio of Investments.

⁽¹⁾	All or portion of this security was on loan at March 31, 2021.

⁽²⁾	Non-income producing security.

⁽³⁾	Company is no longer an affiliate as of March 31, 2021.

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.


		20

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

At March 31, 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	$	12,534,366,395	*	$	—	$	—	$	12,534,366,395

Short-Term Investments		—			178,657,740		—		178,657,740

Total Investments	$	12,534,366,395		$	178,657,740	$	—	$	12,713,024,135

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

12 Risks and Uncertainties

Pandemic Risk

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


		21

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Atlanta Capital SMID-Cap 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 Atlanta Capital Management Company, 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		165,886,691.148		2,956,121.540		5,578,127.765		0

Proposal 2		165,318,663.649		3,299,265.363		5,803,011.441		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 Proposal 1 and Proposal 2.


		22

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 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 Atlanta Capital SMID-Cap Fund.


Fund	Investment Adviser	Investment Sub-Adviser

Eaton Vance Atlanta Capital SMID-Cap Fund	Boston Management and Research	Atlanta Capital Management Company, 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;

•

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

⁽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.


		23

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Board of Trustees’ Contract Approval — continued

•

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;

•

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;


		24

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Board of Trustees’ Contract Approval — continued

•

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.


		25

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Board of Trustees’ Contract Approval — continued

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 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.


		26

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 2021

Board of Trustees’ Contract Approval — continued

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.


		27

Eaton Vance

Atlanta Capital SMID-Cap Fund

March 31, 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

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Atlanta Capital Management Company, LLC

1075 Peachtree Street NE

Suite 2100

Atlanta, GA 30309

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.

LOGO

7726 3.31.21

LOGO

Eaton Vance

Atlanta Capital Focused Growth Fund

Semiannual Report

March 31, 2021

LOGO

Semiannual Report March 31, 2021

Eaton Vance

Atlanta Capital Focused 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			24
Privacy Notice			25
Important Notices			27

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Performance^1,2

Portfolio Managers Joseph B. Hudepohl, CFA, Robert R. Walton, Jr., CFA, Jeffrey A. Miller, CFA and Lance V. Garrison, CFA, each of Atlanta Capital Management Company, LLC


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Ten Years

Class A at NAV		11/28/2003		04/30/2002		11.54	%		49.21	%		20.61	%		13.71	%
Class A with 5.75% Maximum Sales Charge		—		—		5.13			40.64			19.20			13.03
Class C at NAV		05/02/2011		04/30/2002		11.21			48.01			19.71			12.88
Class C with 1% Maximum Sales Charge		—		—		10.21			47.01			19.71			12.88
Class I at NAV		04/30/2002		04/30/2002		11.74			49.48			20.90			13.99



Russell 1000^® Growth Index		—		—		12.44	%		62.74	%		21.04	%		16.62	%

% Total Annual Operating Expense Ratios³								Class A			Class C			Class I

Gross									1.10	%		1.85	%		0.85	%
Net									1.05			1.80			0.80

Fund Profile

Sector Allocation (% of net assets)⁴

LOGO

Top 10 Holdings (% of net assets)⁴


Visa, Inc., Class A	7.0	%

Danaher Corp.	6.5

Alphabet, Inc., Class C	6.5

Microsoft Corp.	6.2

Thermo Fisher Scientific, Inc.	5.4

Facebook, Inc., Class A	4.7

Fiserv, Inc.	4.7

American Tower Corp.	4.3

Verisk Analytics, Inc.	4.1

Zoetis, Inc.	4.0

Total	53.4	%

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Endnotes and Additional Disclosures

¹	Russell 1000^® Growth Index is an unmanaged index of U.S. large- cap growth stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

³	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/22. 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.


		3

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Fund Expenses


	Beginning Account Value (10/1/20)		Ending Account Value (3/31/21)		Expenses Paid During Period* (10/1/20 – 3/31/21)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,115.40	$	5.54		1.05	%
Class C	$	1,000.00	$	1,112.10	$	9.48		1.80	%
Class I	$	1,000.00	$	1,117.40	$	4.22		0.80	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.70	$	5.29		1.05	%
Class C	$	1,000.00	$	1,016.00	$	9.05		1.80	%
Class I	$	1,000.00	$	1,020.90	$	4.03		0.80	%


		4

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Portfolio of Investments (Unaudited)


Common Stocks — 96.9%
Security	Shares		Value

Capital Markets — 3.2%

Intercontinental Exchange, Inc.		109,144	$	12,189,202

			$	12,189,202

Chemicals — 7.7%

Ecolab, Inc.		66,941	$	14,330,060

Linde PLC		54,244		15,195,914

			$	29,525,974

Electronic Equipment, Instruments & Components — 3.9%

Amphenol Corp., Class A		225,679	$	14,888,044

			$	14,888,044

Equity Real Estate Investment Trusts (REITs) — 4.3%

American Tower Corp.		68,669	$	16,416,011

			$	16,416,011

Health Care Equipment & Supplies — 6.5%

Danaher Corp.		112,065	$	25,223,590

			$	25,223,590

Insurance — 3.0%

Marsh & McLennan Cos., Inc.		95,255	$	11,602,059

			$	11,602,059

Interactive Media & Services — 11.2%

Alphabet, Inc., Class C⁽¹⁾		12,110	$	25,051,109

Facebook, Inc., Class A⁽¹⁾		61,397		18,083,259

			$	43,134,368

IT Services — 17.7%

Fiserv, Inc.⁽¹⁾		150,453	$	17,909,925

Gartner, Inc.⁽¹⁾		50,191		9,162,367

Mastercard, Inc., Class A		40,236		14,326,028

Visa, Inc., Class A		126,609		26,806,924

			$	68,205,244

Life Sciences Tools & Services — 5.4%

Thermo Fisher Scientific, Inc.		45,924	$	20,958,795

			$	20,958,795


Security	Shares		Value

Machinery — 3.0%

Xylem, Inc.		109,144	$	11,479,766

			$	11,479,766

Multiline Retail — 3.7%

Dollar General Corp.		69,802	$	14,143,281

			$	14,143,281

Pharmaceuticals — 4.0%

Zoetis, Inc.		96,984	$	15,273,040

			$	15,273,040

Professional Services — 7.4%

IHS Markit, Ltd.		132,093	$	12,783,960

Verisk Analytics, Inc.		89,652		15,840,612

			$	28,624,572

Software — 11.9%

Adobe, Inc.⁽¹⁾		16,154	$	7,679,127

Intuit, Inc.		37,911		14,522,188

Microsoft Corp.		100,620		23,723,177

			$	45,924,492

Specialty Retail — 4.0%

TJX Cos., Inc. (The)		230,507	$	15,248,038

			$	15,248,038

Total Common Stocks (identified cost $259,504,588)			$	372,836,476

Short-Term Investments — 3.1%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽²⁾		11,847,411	$	11,847,411

Total Short-Term Investments (identified cost $11,847,411)			$	11,847,411

Total Investments — 100.0% (identified cost $271,351,999)			$	384,683,887

Other Assets, Less Liabilities — (0.0)%⁽³⁾			$	(172,859	)

Net Assets — 100.0%			$	384,511,028

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


		5		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued

⁽¹⁾	Non-income producing security.

⁽²⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2021.

⁽³⁾	Amount is less than (0.05)%.


		6		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Statement of Assets and Liabilities (Unaudited)


Assets	March 31, 2021

Unaffiliated investments, at value (identified cost, $259,504,588)	$	372,836,476

Affiliated investment, at value (identified cost, $11,847,411)		11,847,411

Dividends receivable		99,020

Dividends receivable from affiliated investment		540

Receivable for Fund shares sold		696,075

Total assets	$	385,479,522

Liabilities

Payable for Fund shares redeemed	$	564,148

Payable to affiliates:

Investment adviser fee		208,935

Distribution and service fees		38,904

Other		4,063

Accrued expenses		152,444

Total liabilities	$	968,494

Net Assets	$	384,511,028

Sources of Net Assets

Paid-in capital	$	261,275,367

Distributable earnings		123,235,661

Total	$	384,511,028

Class A Shares

Net Assets	$	55,037,681

Shares Outstanding		3,478,392

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	15.82

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	16.79

Class C Shares

Net Assets	$	32,944,638

Shares Outstanding		2,294,519

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	14.36

Class I Shares

Net Assets	$	296,528,709

Shares Outstanding		21,531,568

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	13.77

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

Atlanta Capital Focused Growth Fund

March 31, 2021

Statement of Operations (Unaudited)


Investment Income	Six Months Ended March 31, 2021

Dividends	$	1,173,933

Dividends from affiliated investment		3,752

Total investment income	$	1,177,685

Expenses

Investment adviser fee	$	1,221,791

Distribution and service fees

Class A		67,236

Class C		160,113

Trustees’ fees and expenses		9,878

Custodian fee		42,023

Transfer and dividend disbursing agent fees		120,818

Legal and accounting services		24,324

Printing and postage		24,072

Registration fees		45,992

Miscellaneous		14,956

Total expenses	$	1,731,203

Net investment loss	$	(553,518	)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	11,839,049

Investment transactions — affiliated investment		188

Net realized gain	$	11,839,237

Change in unrealized appreciation (depreciation) —

Investments	$	29,908,144

Investments — affiliated investment		(188	)

Net change in unrealized appreciation (depreciation)	$	29,907,956

Net realized and unrealized gain	$	41,747,193

Net increase in net assets from operations	$	41,193,675


		8		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

From operations —

Net investment loss	$	(553,518	)	$	(327,829	)

Net realized gain		11,839,237			2,223,874

Net change in unrealized appreciation (depreciation)		29,907,956			62,313,924

Net increase in net assets from operations	$	41,193,675		$	64,209,969

Distributions to shareholders —

Class A	$	(297,329	)	$	(52,041	)

Class C		(193,944	)		(20,820	)

Class I		(1,869,445	)		(316,561	)

Total distributions to shareholders	$	(2,360,718	)	$	(389,422	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	7,089,454		$	31,597,700

Class C		3,786,092			19,661,797

Class I		67,068,612			275,752,936

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

Class A		286,856			49,668

Class C		193,795			20,604

Class I		1,866,715			316,509

Cost of shares redeemed

Class A		(10,004,631	)		(31,884,538	)

Class C		(4,236,545	)		(3,080,018	)

Class I		(74,393,386	)		(144,884,149	)

Net asset value of shares converted

Class A		552,294			150,057

Class C		(552,294	)		(150,057	)

Net increase (decrease) in net assets from Fund share transactions	$	(8,343,038	)	$	147,550,509

Net increase in net assets	$	30,489,919		$	211,371,056

Net Assets

At beginning of period	$	354,021,109		$	142,650,053

At end of period	$	384,511,028		$	354,021,109


		9		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Financial Highlights


	Class A

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	14.260		$	11.580		$	11.320		$	13.260		$	12.880		$	14.130

Income (Loss) From Operations

Net investment income (loss)⁽¹⁾	$	(0.032	)	$	(0.031	)	$	(0.008	)	$	(0.023	)	$	(0.003	)	$	0.005

Net realized and unrealized gain		1.676			2.727			1.788			2.629			2.170			1.398

Total income from operations	$	1.644		$	2.696		$	1.780		$	2.606		$	2.167		$	1.403

Less Distributions

From net investment income	$	—		$	—		$	—		$	—		$	—		$	(0.006	)

From net realized gain		(0.084	)		(0.016	)		(1.520	)		(4.546	)		(1.787	)		(2.647	)

Total distributions	$	(0.084	)	$	(0.016	)	$	(1.520	)	$	(4.546	)	$	(1.787	)	$	(2.653	)

Net asset value — End of period	$	15.820		$	14.260		$	11.580		$	11.320		$	13.260		$	12.880

Total Return⁽²⁾		11.54	%⁽³⁾		23.31	%⁽⁴⁾		18.91	%⁽⁴⁾		26.96	%⁽⁴⁾		19.35	%⁽⁴⁾		10.35	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	55,038		$	51,523		$	42,531		$	18,938		$	19,896		$	54,078

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

Expenses		1.05	%⁽⁵⁾		1.05	%⁽⁴⁾		1.10	%⁽⁴⁾		1.25	%⁽⁴⁾		1.27	%⁽⁴⁾		1.21	%

Net investment income (loss)		(0.42	)%⁽⁵⁾		(0.25	)%		(0.08	)%		(0.21	)%		(0.03	)%		0.04	%

Portfolio Turnover		8	%⁽³⁾		23	%		18	%		14	%		28	%		39	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Not annualized.

⁽⁴⁾	The administrator and sub-adviser reimbursed certain operating expenses (equal to 0.05%, 0.19%, 0.27% and 0.13% of average daily net assets for the years ended September 30, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Annualized.


		10		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Financial Highlights — continued


	Class C

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	12.990		$	10.630		$	10.590		$	12.750		$	12.540		$	13.840

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.081	)	$	(0.117	)	$	(0.082	)	$	(0.098	)	$	(0.095	)	$	(0.090	)

Net realized and unrealized gain		1.535			2.493			1.642			2.484			2.092			1.365

Total income from operations	$	1.454		$	2.376		$	1.560		$	2.386		$	1.997		$	1.275

Less Distributions

From net realized gain	$	(0.084	)	$	(0.016	)	$	(1.520	)	$	(4.546	)	$	(1.787	)	$	(2.575	)

Total distributions	$	(0.084	)	$	(0.016	)	$	(1.520	)	$	(4.546	)	$	(1.787	)	$	(2.575	)

Net asset value — End of period	$	14.360		$	12.990		$	10.630		$	10.590		$	12.750		$	12.540

Total Return⁽²⁾		11.21	%⁽³⁾		22.38	%⁽⁴⁾		18.02	%⁽⁴⁾		26.01	%⁽⁴⁾		18.41	%⁽⁴⁾		9.52	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	32,945		$	30,580		$	9,245		$	2,326		$	2,194		$	3,157

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

Expenses		1.80	%⁽⁵⁾		1.80	%⁽⁴⁾		1.83	%⁽⁴⁾		2.00	%⁽⁴⁾		2.02	%⁽⁴⁾		1.96	%

Net investment loss		(1.17	)%⁽⁵⁾		(1.01	)%		(0.82	)%		(0.96	)%		(0.80	)%		(0.71	)%

Portfolio Turnover		8	%⁽³⁾		23	%		18	%		14	%		28	%		39	%

⁽¹⁾	Computed using average shares outstanding.

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

⁽³⁾	Not annualized.

⁽⁴⁾	The administrator and sub-adviser reimbursed certain operating expenses (equal to 0.05%, 0.19%, 0.27% and 0.17% of average daily net assets for the years ended September 30, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Annualized.


		11		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Financial Highlights — continued


	Class I

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	12.400		$	10.050		$	10.010		$	12.210		$	12.010		$	13.350

Income (Loss) From Operations

Net investment income (loss)⁽¹⁾	$	(0.011	)	$	(0.000	)⁽²⁾	$	0.017		$	0.003		$	0.024		$	0.039

Net realized and unrealized gain		1.465			2.368			1.543			2.343			1.993			1.318

Total income from operations	$	1.454		$	2.368		$	1.560		$	2.346		$	2.017		$	1.357

Less Distributions

From net investment income	$	—		$	(0.001	)	$	—		$	—		$	(0.030	)	$	(0.050	)

From net realized gain		(0.084	)		(0.017	)		(1.520	)		(4.546	)		(1.787	)		(2.647	)

Total distributions	$	(0.084	)	$	(0.018	)	$	(1.520	)	$	(4.546	)	$	(1.817	)	$	(2.697	)

Net asset value — End of period	$	13.770		$	12.400		$	10.050		$	10.010		$	12.210		$	12.010

Total Return⁽³⁾		11.74	%⁽⁴⁾		23.60	%⁽⁵⁾		19.22	%⁽⁵⁾		27.21	%⁽⁵⁾		19.58	%⁽⁵⁾		10.66	%

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	296,529		$	271,918		$	90,874		$	7,150		$	7,826		$	12,780

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

Expenses		0.80	%⁽⁶⁾		0.80	%⁽⁵⁾		0.82	%⁽⁵⁾		1.00	%⁽⁵⁾		1.02	%⁽⁵⁾		0.96	%

Net investment income (loss)		(0.17	)%⁽⁶⁾		(0.00	)%⁽⁷⁾		0.18	%		0.03	%		0.21	%		0.32	%

Portfolio Turnover		8	%⁽⁴⁾		23	%		18	%		14	%		28	%		39	%

⁽¹⁾	Computed using average shares outstanding.

⁽²⁾	Amount is less than $(0.0005).

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾	Not annualized.

⁽⁵⁾	The administrator and sub-adviser reimbursed certain operating expenses (equal to 0.05%, 0.19%, 0.27% and 0.16% of average daily net assets for the years ended September 30, 2020, 2019, 2018 and 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Annualized.

⁽⁷⁾	Amount is less than (0.005)%.


		12		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Atlanta Capital Focused 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 growth. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective January 25, 2019, Class C shares generally automatically convert to Class A shares ten years after their purchase and, effective November 5, 2020, automatically convert to Class A shares eight years after their purchase as described in the Fund’s prospectus. Class I shares are sold at net asset value and are not subject to a sales charge. Each class represents a pro-rata interest in the Fund, but votes separately on class-specific matters and (as noted below) is subject to different expenses. Realized and unrealized gains and losses and net investment income and losses, other than class-specific expenses, are allocated daily to each class of shares based on the relative net assets of each class to the total net assets of the Fund. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities.


		13

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

2 Distributions to Shareholders and Income Tax Information

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2021, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	272,731,891

Gross unrealized appreciation	$	111,951,996

Gross unrealized depreciation		—

Net unrealized appreciation	$	111,951,996

3 Investment Adviser Fee and Other Transactions with Affiliates

Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Fund to Atlanta Capital Management Company, LLC (Atlanta Capital), an affiliate of BMR and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, BMR entered into a new sub-advisory agreement with Atlanta Capital, which took effect on March 1, 2021. BMR pays Atlanta Capital a portion of its investment adviser 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.

EVM and Atlanta Capital have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only) exceed 1.05%, 1.80% and 0.80% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 31, 2022. Pursuant to this agreement, EVM and Atlanta Capital reimbursed no operating expenses for the six months ended March 31, 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 March 31, 2021, EVM earned $10,716 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 $11,830 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 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).


		14

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

Trustees and officers of the Fund who are members of EVM’s or BMR’s organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser and administrator may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the six months ended March 31, 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 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 March 31, 2021, the Fund paid or accrued to EVD $120,085 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 March 31, 2021 amounted to $40,028 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 March 31, 2021, the Fund was informed that EVD received approximately $5,000 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 $29,640,738 and $44,935,896, respectively, for the six months ended March 31, 2021.

7 Shares of Beneficial Interest


Class A	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		467,761			2,598,542

Issued to shareholders electing to receive payments of distributions in Fund shares		18,639			4,206

Redemptions		(658,262	)		(2,673,204	)

Converted from Class C shares		36,571			11,395

Net decrease		(135,291	)		(59,061	)


		15

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued


Class C	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		272,569			1,765,571

Issued to shareholders electing to receive payments of distributions in Fund shares		13,843			1,903

Redemptions		(305,236	)		(270,935	)

Converted to Class A shares		(40,180	)		(12,458	)

Net increase (decrease)		(59,004	)		1,484,081

Class I	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		5,057,837			26,551,307

Issued to shareholders electing to receive payments of distributions in Fund shares		139,515			30,879

Redemptions		(5,586,735	)		(13,700,568	)

Net increase (decrease)		(389,383	)		12,881,618

8 Line of Credit

9 Investments in Affiliated Funds

At March 31, 2021, the value of the Fund’s investment in affiliated funds was $11,847,411, which represents 3.1% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended March 31, 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	$	9,923,038	$	58,326,425	$	(56,402,052	)	$	188	$	(188	)	$	11,847,411	$	3,752		11,847,411

10 Fair Value Measurements

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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


		16

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

At March 31, 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	$	372,836,476	*	$	—	$	—	$	372,836,476

Short-Term Investments		—			11,847,411		—		11,847,411

Total Investments	$	372,836,476		$	11,847,411	$	—	$	384,683,887

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

11 Risks and Uncertainties

Pandemic Risk


		17

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Atlanta Capital Focused Growth Fund (the “Fund”) held a Joint Special Meeting of Shareholders with certain other Eaton Vance funds on February 18, 2021 and adjourned until 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 Atlanta Capital Management Company, 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		13,413,969.682		191,691.294		1,026,078.761		0

Proposal 2		13,409,532.416		199,879.572		1,022,327.748		0

⁽¹⁾	Fractional shares were voted proportionately.

⁽²⁾


		18

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process


Fund	Investment Adviser	Investment Sub-Adviser

Eaton Vance Atlanta Capital Focused Growth Fund	Boston Management and Research	Atlanta Capital Management Company, LLC

Information about the Transaction and its Terms

•

⁽¹⁾


		19

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 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;

•

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

Information about Morgan Stanley

•

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

•

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

•

Information about the New Agreements for Funds

•

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

•

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

•

Information about Fund Performance, Fees and Expenses

•

Information about Portfolio Management and Trading

•

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


		20	��

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 2021

Board of Trustees’ Contract Approval — continued

•

Information about the Advisers and the Sub-Advisers

•

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

•

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

•

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

•

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

Other Relevant Information

•

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

•

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

•

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

•

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

•

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

•

Nature, Extent and Quality of Services


		21

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 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.

Management Fees and Expenses


		22

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 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.

Profitability and “Fall-Out” Benefits

Economies of Scale

Conclusion


		23

Eaton Vance

Atlanta Capital Focused Growth Fund

March 31, 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


		24

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


		25

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.


		26

Eaton Vance Funds

IMPORTANT NOTICES


		27

This Page Intentionally Left Blank

Investment Adviser

Boston Management and Research

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Atlanta Capital Management Company, LLC

1075 Peachtree Street NE

Suite 2100

Atlanta, GA 30309

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

LOGO

7725 3.31.21

LOGO

Eaton Vance

Atlanta Capital Select Equity Fund

Semiannual Report

March 31, 2021

LOGO

Semiannual Report March 31, 2021

Eaton Vance

Atlanta Capital Select Equity 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			19
Board of Trustees’ Contract Approval			20
Officers and Trustees			25
Privacy Notice			26
Important Notices			28

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Performance^1,2

Portfolio Managers William O. Bell IV, CFA, W. Matthew Hereford, CFA and Charles B. Reed, CFA, each of Atlanta Capital Management Company, LLC


% Average Annual Total Returns	Class Inception Date		Performance Inception Date		Six Months			One Year			Five Years			Since Inception

Class A at NAV		01/03/2012		01/03/2012		19.69	%		45.47	%		15.07	%		14.97	%
Class A with 5.75% Maximum Sales Charge		—		—		12.79			37.13			13.72			14.23
Class C at NAV		03/19/2013		01/03/2012		19.21			44.40			14.20			14.22
Class C with 1% Maximum Sales Charge		—		—		18.21			43.40			14.20			14.22
Class I at NAV		01/03/2012		01/03/2012		19.83			45.83			15.35			15.25
Class R6 at NAV		02/01/2017		01/03/2012		19.82			45.88			15.40			15.27



Russell 1000^®Index		—		—		20.41	%		60.59	%		16.65	%		15.58	%

% Total Annual Operating Expense Ratios³					Class A			Class C			Class I			Class R6

Gross						1.06	%		1.81	%		0.81	%		0.76	%
Net						1.05			1.80			0.80			0.75

Fund Profile

Sector Allocation (% of net assets)⁴

LOGO

Top 10 Holdings (% of net assets)⁴


White Mountains Insurance Group, Ltd.	7.3	%

Fiserv, Inc.	6.3

TJX Cos., Inc. (The)	6.1

CDW Corp.	5.1

Global Payments, Inc.	4.7

Teleflex, Inc.	4.5

Cooper Cos., Inc. (The)	4.3

Alphabet, Inc., Class C	4.2

Markel Corp.	4.2

U.S. Bancorp	4.0

Total	50.7	%

See Endnotes and Additional Disclosures in this report.


		2

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Endnotes and Additional Disclosures

¹	Russell 1000^® Index is an unmanaged index of 1,000 U.S. large-cap stocks. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index.

Performance prior to the inception date of a class may be linked to the performance of an older class of the Fund. This linked performance is adjusted for any applicable sales charge, but is not adjusted for class expense differences. If adjusted for such differences, the performance would be different. The performance of Class C is linked to Class A and the performance of Class R6 is linked to Class I. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. Performance presented in the Financial Highlights included in the financial statements is not linked.

³	Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 1/31/22. 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.


		3

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Fund Expenses


	Beginning Account Value (10/1/20)		Ending Account Value (3/31/21)		Expenses Paid During Period* (10/1/20 – 3/31/21)		Annualized Expense Ratio

Actual
Class A	$	1,000.00	$	1,196.90	$	5.70		1.04	%
Class C	$	1,000.00	$	1,192.10	$	9.78		1.79	%
Class I	$	1,000.00	$	1,198.30	$	4.33		0.79	%
Class R6	$	1,000.00	$	1,198.20	$	4.11		0.75	%

Hypothetical
(5% return per year before expenses)
Class A	$	1,000.00	$	1,019.70	$	5.24		1.04	%
Class C	$	1,000.00	$	1,016.00	$	9.00		1.79	%
Class I	$	1,000.00	$	1,021.00	$	3.98		0.79	%
Class R6	$	1,000.00	$	1,021.20	$	3.78		0.75	%


		4

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Portfolio of Investments (Unaudited)


Common Stocks — 98.7%
Security	Shares		Value

Banks — 4.0%

U.S. Bancorp		732,706	$	40,525,969

			$	40,525,969

Beverages — 2.8%

Diageo PLC ADR		173,162	$	28,434,932

			$	28,434,932

Chemicals — 3.6%

Sherwin-Williams Co. (The)		49,359	$	36,427,436

			$	36,427,436

Construction Materials — 2.6%

Martin Marietta Materials, Inc.		80,015	$	26,870,637

			$	26,870,637

Containers & Packaging — 1.7%

Ball Corp.		201,207	$	17,050,281

			$	17,050,281

Electrical Equipment — 2.1%

AMETEK, Inc.		166,427	$	21,257,721

			$	21,257,721

Electronic Equipment, Instruments & Components — 5.1%

CDW Corp.		309,041	$	51,223,546

			$	51,223,546

Food Products — 1.4%

Nestle S.A. ADR⁽¹⁾		126,951	$	14,156,306

			$	14,156,306

Health Care Equipment & Supplies — 16.2%

Cooper Cos., Inc. (The)		112,931	$	43,375,668

Danaher Corp.		86,748		19,525,240

DENTSPLY SIRONA, Inc.		399,798		25,511,110

STERIS PLC		156,915		29,889,169

Teleflex, Inc.		109,883		45,651,991

			$	163,953,178


Security	Shares		Value

Hotels, Restaurants & Leisure — 3.0%

Aramark		793,554	$	29,980,470

			$	29,980,470

Insurance — 11.5%

Markel Corp.⁽²⁾		37,401	$	42,622,928

White Mountains Insurance Group, Ltd.		65,919		73,493,093

			$	116,116,021

Interactive Media & Services — 4.2%

Alphabet, Inc., Class C⁽²⁾		20,739	$	42,901,318

			$	42,901,318

IT Services — 19.5%

Fidelity National Information Services, Inc.		150,734	$	21,194,708

Fiserv, Inc.⁽²⁾		535,677		63,766,990

Global Payments, Inc.		235,789		47,530,347

GoDaddy, Inc., Class A⁽²⁾		452,517		35,124,369

Visa, Inc., Class A		142,922		30,260,875

			$	197,877,289

Life Sciences Tools & Services — 2.3%

Thermo Fisher Scientific, Inc.		51,636	$	23,565,638

			$	23,565,638

Professional Services — 4.1%

TransUnion		258,048	$	23,224,320

Verisk Analytics, Inc.		106,413		18,802,113

			$	42,026,433

Software — 1.6%

Autodesk, Inc.⁽²⁾		57,135	$	15,834,965

			$	15,834,965

Specialty Retail — 13.0%

O’Reilly Automotive, Inc.⁽²⁾		66,974	$	33,972,562

Ross Stores, Inc.		302,842		36,313,784

TJX Cos., Inc. (The)		933,930		61,779,469

			$	132,065,815

Total Common Stocks (identified cost $664,524,213)			$	1,000,267,955


		5		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Portfolio of Investments (Unaudited) — continued


Short-Term Investments — 1.3%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽³⁾		13,235,003	$	13,235,003

Total Short-Term Investments (identified cost $13,235,003)			$	13,235,003

Total Investments — 100.0% (identified cost $677,759,216)			$	1,013,502,958

Other Assets, Less Liabilities — (0.0)%⁽⁴⁾			$	(241,632	)

Net Assets — 100.0%			$	1,013,261,326

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

⁽¹⁾	All or a portion of this security was on loan at March 31, 2021. The aggregate market value of securities on loan at March 31, 2021 was $33,453.

⁽²⁾	Non-income producing security.

⁽³⁾	Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of March 31, 2021.

⁽⁴⁾	Amount is less than (0.05)%.

Abbreviations:



ADR	–	American Depositary Receipt


		6		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Statement of Assets and Liabilities (Unaudited)


Assets	March 31, 2021

Unaffiliated investments, at value including $33,453 of securities on loan (identified cost, $664,524,213)	$	1,000,267,955

Affiliated investment, at value (identified cost, $13,235,003)		13,235,003

Dividends receivable		645,124

Dividends receivable from affiliated investment		1,443

Receivable for Fund shares sold		3,523,375

Tax reclaims receivable		197,014

Total assets	$	1,017,869,914

Liabilities

Payable for Fund shares redeemed	$	3,657,011

Payable to affiliates:

Investment adviser and administration fee		589,246

Distribution and service fees		63,129

Other		171

Accrued expenses		299,031

Total liabilities	$	4,608,588

Net Assets	$	1,013,261,326

Sources of Net Assets

Paid-in capital	$	647,153,836

Distributable earnings		366,107,490

Total	$	1,013,261,326

Class A Shares

Net Assets	$	87,064,540

Shares Outstanding		2,788,205

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	31.23

Maximum Offering Price Per Share

(100 ÷ 94.25 of net asset value per share)	$	33.14

Class C Shares

Net Assets	$	52,764,766

Shares Outstanding		1,805,733

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)	$	29.22

Class I Shares

Net Assets	$	847,701,894

Shares Outstanding		26,533,135

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	31.95

Class R6 Shares

Net Assets	$	25,730,126

Shares Outstanding		803,481

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)	$	32.02

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

Atlanta Capital Select Equity Fund

March 31, 2021

Statement of Operations (Unaudited)


Investment Income	Six Months Ended March 31, 2021

Dividends	$	2,980,268

Dividends from affiliated investment		10,388

Securities lending income, net		110

Total investment income	$	2,990,766

Expenses

Investment adviser and administration fee	$	3,368,196

Distribution and service fees

Class A		102,369

Class C		253,472

Trustees’ fees and expenses		25,848

Custodian fee		117,470

Transfer and dividend disbursing agent fees		225,529

Legal and accounting services		28,384

Printing and postage		30,395

Registration fees		52,552

Miscellaneous		26,067

Total expenses	$	4,230,282

Net investment loss	$	(1,239,516	)

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	31,360,299

Net realized gain	$	31,360,299

Change in unrealized appreciation (depreciation) —

Investments	$	143,406,606

Net change in unrealized appreciation (depreciation)	$	143,406,606

Net realized and unrealized gain	$	174,766,905

Net increase in net assets from operations	$	173,527,389


		8		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Statements of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

From operations —

Net investment loss	$	(1,239,516	)	$	(655,843	)

Net realized gain		31,360,299			41,128,426

Net change in unrealized appreciation (depreciation)		143,406,606			13,278,974

Net increase in net assets from operations	$	173,527,389		$	53,751,557

Distributions to shareholders —

Class A	$	(2,687,346	)	$	(710,247	)

Class C		(1,737,010	)		(372,027	)

Class I		(26,777,021	)		(5,067,461	)

Class R6		(763,566	)		(240,915	)

Total distributions to shareholders	$	(31,964,943	)	$	(6,390,650	)

Transactions in shares of beneficial interest —

Proceeds from sale of shares

Class A	$	10,619,751		$	30,894,593

Class C		8,095,423			24,061,229

Class I		120,213,011			525,718,724

Class R6		3,796,363			12,806,672

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

Class A		2,234,863			592,067

Class C		1,275,972			264,400

Class I		19,796,272			3,938,288

Class R6		690,573			217,601

Cost of shares redeemed

Class A		(12,756,596	)		(41,799,756	)

Class C		(7,303,620	)		(11,394,433	)

Class I		(162,330,749	)		(285,152,500	)

Class R6		(3,768,197	)		(12,371,668	)

Net asset value of shares converted

Class A		2,397,790			1,523,888

Class C		(2,397,790	)		(1,523,888	)

Net increase (decrease) in net assets from Fund share transactions	$	(19,436,934	)	$	247,775,217

Net increase in net assets	$	122,125,512		$	295,136,124

Net Assets

At beginning of period	$	891,135,814		$	595,999,690

At end of period	$	1,013,261,326		$	891,135,814


		9		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Financial Highlights


	Class A

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	26.970		$	25.680		$	23.050		$	19.980		$	17.590		$	16.320

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.063	)	$	(0.071	)	$	(0.030	)	$	(0.051	)	$	(0.034	)	$	(0.054	)

Net realized and unrealized gain		5.307			1.612			3.567			3.448			2.427			1.870

Total income from operations	$	5.244		$	1.541		$	3.537		$	3.397		$	2.393		$	1.816

Less Distributions

From net realized gain	$	(0.984	)	$	(0.251	)	$	(0.907	)	$	(0.327	)	$	(0.003	)	$	(0.546	)

Total distributions	$	(0.984	)	$	(0.251	)	$	(0.907	)	$	(0.327	)	$	(0.003	)	$	(0.546	)

Net asset value — End of period	$	31.230		$	26.970		$	25.680		$	23.050		$	19.980		$	17.590

Total Return⁽²⁾		19.69	%⁽³⁾		6.03	%⁽⁴⁾		16.23	%⁽⁴⁾		17.20	%⁽⁴⁾		13.67	%⁽⁴⁾		11.23	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	87,065		$	72,953		$	78,208		$	46,288		$	84,692		$	72,865

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

Expenses		1.04	%⁽⁵⁾		1.05	%⁽⁴⁾		1.05	%⁽⁴⁾		1.05	%⁽⁴⁾		1.10	%⁽⁴⁾		1.20	%⁽⁴⁾

Net investment loss		(0.42	)%⁽⁵⁾		(0.28	)%		(0.13	)%		(0.24	)%		(0.18	)%		(0.32	)%

Portfolio Turnover		8	%⁽³⁾		18	%		18	%		3	%		14	%		16	%

⁽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, administrator and sub-adviser reimbursed certain operating expenses (equal to 0.01%, 0.02%, 0.04%, 0.07% and 0.05% of average daily net assets for the years ended September 30, 2020, 2019, 2018, 2017 and 2016, respectively). Absent this reimbursement, total return would be lower.

⁽⁵⁾	Annualized.


		10		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Financial Highlights — continued


	Class C

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	25.390		$	24.360		$	22.080		$	19.290		$	17.110		$	16.000

Income (Loss) From Operations

Net investment loss⁽¹⁾	$	(0.164	)	$	(0.246	)	$	(0.195	)	$	(0.196	)	$	(0.168	)	$	(0.175	)

Net realized and unrealized gain		4.978			1.527			3.382			3.313			2.351			1.831

Total income from operations	$	4.814		$	1.281		$	3.187		$	3.117		$	2.183		$	1.656

Less Distributions

From net realized gain	$	(0.984	)	$	(0.251	)	$	(0.907	)	$	(0.327	)	$	(0.003	)	$	(0.546	)

Total distributions	$	(0.984	)	$	(0.251	)	$	(0.907	)	$	(0.327	)	$	(0.003	)	$	(0.546	)

Net asset value — End of period	$	29.220		$	25.390		$	24.360		$	22.080		$	19.290		$	17.110

Total Return⁽²⁾		19.21	%⁽³⁾		5.28	%⁽⁴⁾		15.32	%⁽⁴⁾		16.36	%⁽⁴⁾		12.76	%⁽⁴⁾		10.49	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	52,765		$	46,117		$	32,809		$	24,222		$	22,588		$	19,479

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

Expenses		1.79	%⁽⁵⁾		1.80	%⁽⁴⁾		1.80	%⁽⁴⁾		1.80	%⁽⁴⁾		1.85	%⁽⁴⁾		1.95	%⁽⁴⁾

Net investment loss		(1.18	)%⁽⁵⁾		(1.01	)%		(0.89	)%		(0.96	)%		(0.93	)%		(1.05	)%

Portfolio Turnover		8	%⁽³⁾		18	%		18	%		3	%		14	%		16	%

⁽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⁾

⁽⁵⁾	Annualized.


		11		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Financial Highlights — continued


	Class I

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017			2016

Net asset value — Beginning of period	$	27.540		$	26.150		$	23.400		$	20.220		$	17.760		$	16.430

Income (Loss) From Operations

Net investment income (loss)⁽¹⁾	$	(0.028	)	$	(0.002	)	$	0.028		$	0.009		$	0.015		$	(0.007	)

Net realized and unrealized gain		5.422			1.643			3.629			3.498			2.448			1.883

Total income from operations	$	5.394		$	1.641		$	3.657		$	3.507		$	2.463		$	1.876

Less Distributions

From net realized gain	$	(0.984	)	$	(0.251	)	$	(0.907	)	$	(0.327	)	$	(0.003	)	$	(0.546	)

Total distributions	$	(0.984	)	$	(0.251	)	$	(0.907	)	$	(0.327	)	$	(0.003	)	$	(0.546	)

Net asset value — End of period	$	31.950		$	27.540		$	26.150		$	23.400		$	20.220		$	17.760

Total Return⁽²⁾		19.83	%⁽³⁾		6.30	%⁽⁴⁾		16.51	%⁽⁴⁾		17.49	%⁽⁴⁾		13.93	%⁽⁴⁾		11.58	%⁽⁴⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	847,702		$	750,584		$	464,862		$	294,066		$	252,429		$	168,322

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

Expenses		0.79	%⁽⁵⁾		0.80	%⁽⁴⁾		0.80	%⁽⁴⁾		0.80	%⁽⁴⁾		0.85	%⁽⁴⁾		0.95	%⁽⁴⁾

Net investment income (loss)		(0.18	)%⁽⁵⁾		(0.01	)%		0.12	%		0.04	%		0.08	%		(0.04	)%

Portfolio Turnover		8	%⁽³⁾		18	%		18	%		3	%		14	%		16	%

⁽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⁾

⁽⁵⁾	Annualized.


		12		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Financial Highlights — continued


	Class R6

	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30,
	Six Months Ended March 31, 2021 (Unaudited)			2020			2019			2018			2017⁽¹⁾

Net asset value — Beginning of period	$	27.600		$	26.190		$	23.420		$	20.230		$	18.230

Income (Loss) From Operations

Net investment income (loss)⁽²⁾	$	(0.020	)	$	0.011		$	0.039		$	0.025		$	0.040

Net realized and unrealized gain		5.424			1.650			3.638			3.492			1.960

Total income from operations	$	5.404		$	1.661		$	3.677		$	3.517		$	2.000

Less Distributions

From net realized gain	$	(0.984	)	$	(0.251	)	$	(0.907	)	$	(0.327	)	$	—

Total distributions	$	(0.984	)	$	(0.251	)	$	(0.907	)	$	(0.327	)	$	—

Net asset value — End of period	$	32.020		$	27.600		$	26.190		$	23.420		$	20.230

Total Return⁽³⁾		19.82	%⁽⁴⁾		6.37	%⁽⁵⁾		16.58	%⁽⁵⁾		17.59	%⁽⁵⁾		10.97	%⁽⁴⁾⁽⁵⁾

Ratios/Supplemental Data

Net assets, end of period (000’s omitted)	$	25,730		$	21,482		$	20,121		$	14,603		$	11

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

Expenses		0.75	%⁽⁶⁾		0.75	%⁽⁵⁾		0.75	%⁽⁵⁾		0.75	%⁽⁵⁾		0.75	%⁽⁵⁾⁽⁶⁾

Net investment income (loss)		(0.13	)%⁽⁶⁾		0.04	%		0.17	%		0.11	%		0.32	%⁽⁶⁾

Portfolio Turnover		8	%⁽⁴⁾		18	%		18	%		3	%		14	%⁽⁷⁾

⁽¹⁾	For the period from the commencement of operations, February 1, 2017, to September 30, 2017.

⁽²⁾	Computed using average shares outstanding.

⁽³⁾	Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested.

⁽⁴⁾	Not annualized.

⁽⁵⁾

The investment adviser, administrator and sub-adviser reimbursed certain operating expenses (equal to 0.01%, 0.02%, 0.04% and 0.06% of average daily net assets for the years ended September 30, 2020, 2019, 2018 and the period from the commencement of operations, February 1, 2017, to September 30, 2017, respectively). Absent this reimbursement, total return would be lower.

⁽⁶⁾	Annualized.

⁽⁷⁾	For the Fund’s year ended September 30, 2017.


		13		See Notes to Financial Statements.

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Eaton Vance Atlanta Capital Select Equity Fund (the Fund) is a non-diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund’s investment objective is to seek long-term capital growth. 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 R6 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. Sub-accounting, recordkeeping and similar administrative fees payable to financial intermediaries, which are a component of transfer and dividend disbursing agent fees on the Statement of Operations, are not allocated to Class R6 shares. Each class of shares differs in its distribution plan and certain other class-specific expenses.

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

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.

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.


		14

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

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

2 Distributions to Shareholders and Income Tax Information

The cost and unrealized appreciation (depreciation) of investments of the Fund at March 31, 2021, as determined on a federal income tax basis, were as follows:



Aggregate cost	$	677,514,659

Gross unrealized appreciation	$	337,382,671

Gross unrealized depreciation		(1,394,372	)

Net unrealized appreciation	$	335,988,299

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. 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 (the “New Agreement”) with EVM, which took effect on March 1, 2021. The Fund’s prior fee reduction agreement was incorporated into the New Agreement. Pursuant to the New Agreement (and the Fund’s investment advisory and administrative agreement with EVM in effect prior to March 1, 2021), the investment adviser and administration fee is computed at an annual rate of 0.70% of the Fund’s average daily net assets up to $500 million, 0.675% on net assets of $500 million but less than $1 billion, 0.65% 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 March 31, 2021, the investment adviser and administration fee amounted to $3,368,196 or 0.69% (annualized) of the Fund’s average daily net assets.

Pursuant to an investment sub-advisory agreement, EVM has delegated the investment management of the Fund to Atlanta Capital Management Company, LLC (Atlanta Capital), an affiliate of EVM and, effective March 1, 2021, an indirect, wholly-owned subsidiary of Morgan Stanley. In connection with the Transaction, EVM entered into a new sub-advisory agreement with Atlanta Capital, which took effect on March 1, 2021. EVM pays Atlanta Capital 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.


		15

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

This agreement may be changed or terminated after January 31, 2022. Pursuant to this agreement, EVM and Atlanta Capital reimbursed no operating expenses for the six months ended March 31, 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 March 31, 2021, EVM earned $3,472 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $3,850 as its portion of the sales charge on sales of Class A shares for the six months ended March 31, 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 March 31, 2021, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

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

5 Contingent Deferred Sales Charges

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 March 31, 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, aggregated $79,751,074 and $121,471,116, respectively, for the six months ended March 31, 2021.

7 Shares of Beneficial Interest


Class A	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		354,735			1,206,068

Issued to shareholders electing to receive payments of distributions in Fund shares		76,379			22,486

Redemptions		(428,599	)		(1,631,151	)

Converted from Class C shares		80,907			61,397

Net increase (decrease)		83,422			(341,200	)


		16

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued


Class C	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		290,317			1,005,442

Issued to shareholders electing to receive payments of distributions in Fund shares		46,483			10,606

Redemptions		(261,430	)		(481,234	)

Converted to Class A shares		(86,075	)		(65,053	)

Net increase (decrease)		(10,705	)		469,761

Class I	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		3,954,134			20,519,960

Issued to shareholders electing to receive payments of distributions in Fund shares		661,861			146,787

Redemptions		(5,334,801	)		(11,192,686	)

Net increase (decrease)		(718,806	)		9,474,061

Class R6	Six Months Ended March 31, 2021 (Unaudited)			Year Ended September 30, 2020

Sales		126,944			490,778

Issued to shareholders electing to receive payments of distributions in Fund shares		23,042			8,098

Redemptions		(124,870	)		(488,814	)

Net increase		25,116			10,062

8 Line of Credit

9 Securities Lending Agreement


		17

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Notes to Financial Statements (Unaudited) — continued

At March 31, 2021, the value of the securities loaned (all common stock) and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $33,453 and $34,564, respectively. Collateral received was comprised of U.S. government and/or agencies securities. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

10 Investments in Affiliated Funds

At March 31, 2021, the value of the Fund’s investment in affiliated funds was $13,235,003, which represents 1.3% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the six months ended March 31, 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	$	23,292,874	$	101,422,506	$	(111,480,377	)	$	—	$	—	$	13,235,003	$	10,388		13,235,003

11 Fair Value Measurements

•

Level 1 – quoted prices in active markets for identical investments

•

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

•

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

At March 31, 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	$	1,000,267,955	*	$	—	$	—	$	1,000,267,955

Short-Term Investments		—			13,235,003		—		13,235,003

Total Investments	$	1,000,267,955		$	13,235,003	$	—	$	1,013,502,958

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

12 Risks and Uncertainties

Pandemic Risk


		18

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Joint Special Meeting of Shareholders (Unaudited)

Eaton Vance Atlanta Capital Select Equity 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 Atlanta Capital Management Company, 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		21,757,262.810		80,616.516		361,814.045		0

Proposal 2		21,732,467.321		97,253.308		369,972.743		0

⁽¹⁾	Fractional shares were voted proportionately.

⁽²⁾


		19

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Board of Trustees’ Contract Approval

Overview of the Contract Review Process


Fund	Investment Adviser	Investment Sub-Adviser

Eaton Vance Atlanta Capital Select Equity Fund	Eaton Vance Management	Atlanta Capital Management Company, LLC

Information about the Transaction and its Terms

•

⁽¹⁾


		20

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 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;

•

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

Information about Morgan Stanley

•

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

•

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

•

Information about the New Agreements for Funds

•

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

•

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

•

Information about Fund Performance, Fees and Expenses

•

Information about Portfolio Management and Trading

•

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


		21

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Board of Trustees’ Contract Approval — continued

•

Information about the Advisers and the Sub-Advisers

•

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

•

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

•

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

•

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

Other Relevant Information

•

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

•

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

•

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

•

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

•

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

•

Nature, Extent and Quality of Services


		22

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Board of Trustees’ Contract Approval — continued

Management Fees and Expenses


		23

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 2021

Board of Trustees’ Contract Approval — continued

Profitability and “Fall-Out” Benefits

Economies of Scale

Conclusion


		24

Eaton Vance

Atlanta Capital Select Equity Fund

March 31, 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


		28

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Atlanta Capital Management Company, LLC

1075 Peachtree Street NE

Suite 2100

Atlanta, GA 30309

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

LOGO

7782 3.31.21

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 second fiscal quarter of 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:		May 24, 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:		May 24, 2021

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

Date:		May 24, 2021

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