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)
Deidre E. Walsh
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number)
November 30
Date of Fiscal Year End
May 31, 2023
Date of Reporting Period
Item 1. Reports to Stockholders
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class A at NAV | 12/14/2021 | 12/17/2015 | 6.45% | 5.32% | 8.71% | 8.81% |
Class A with 5.25% Maximum Sales Charge | — | — | 0.83 | (0.18) | 7.55 | 8.03 |
Class I at NAV | 12/17/2015 | 12/17/2015 | 6.64 | 5.28 | 8.73 | 8.82 |
MSCI World Index | — | — | 3.92% | 2.07% | 7.78% | 9.24% |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
Gross | 2.91% | 2.66% |
Net | 1.20 | 0.95 |
Sector Allocation (% of net assets)1 |
Geographic Allocation (% of net assets) |
Top 10 Holdings (% of net assets)1 | |
Microsoft Corp. | 7.2% |
Alphabet, Inc., Class A | 4.6 |
Nestle S.A. | 3.9 |
Amazon.com, Inc. | 3.8 |
Coca-Cola Co. (The) | 3.5 |
JPMorgan Chase & Co. | 3.4 |
Visa, Inc., Class A | 3.4 |
Mondelez International, Inc., Class A | 3.2 |
Danaher Corp. | 2.8 |
Sanofi | 2.7 |
Total | 38.5% |
1 | Excludes cash and cash equivalents. |
1 | MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares.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 A 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 3/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (12/1/22) | Ending Account Value (5/31/23) | Expenses Paid During Period* (12/1/22 – 5/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,064.50 | $6.28** | 1.22% |
Class I | $1,000.00 | $1,066.40 | $5.00** | 0.97% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.85 | $6.14** | 1.22% |
Class I | $1,000.00 | $1,020.10 | $4.89** | 0.97% |
* | 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 November 30, 2022. |
** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
Common Stocks — 99.9% |
Security | Shares | Value | |
Australia — 2.3% | |||
CSL, Ltd. | 900 | $ 179,241 | |
$ 179,241 | |||
Denmark — 2.1% | |||
Novo Nordisk A/S, Class B | 1,020 | $ 164,150 | |
$ 164,150 | |||
France — 8.1% | |||
LVMH Moet Hennessy Louis Vuitton SE | 179 | $ 156,505 | |
Safran S.A. | 953 | 138,418 | |
Sanofi | 2,080 | 212,216 | |
Schneider Electric SE | 713 | 123,348 | |
$ 630,487 | |||
Germany — 2.1% | |||
Siemens AG | 972 | $ 159,955 | |
$ 159,955 | |||
Hong Kong — 2.2% | |||
AIA Group, Ltd. | 17,785 | $ 170,971 | |
$ 170,971 | |||
India — 2.1% | |||
HDFC Bank, Ltd. ADR | 2,513 | $ 161,837 | |
$ 161,837 | |||
Japan — 5.1% | |||
Dentsu Group, Inc. | 3,295 | $ 105,639 | |
Keyence Corp. | 211 | 102,288 | |
Nihon M&A Center Holdings, Inc. | 10,566 | 73,869 | |
Recruit Holdings Co., Ltd. | 3,787 | 115,853 | |
$ 397,649 | |||
Netherlands — 1.9% | |||
ASML Holding NV | 199 | $ 143,942 | |
$ 143,942 | |||
Spain — 4.1% | |||
Amadeus IT Group S.A.(1) | 1,900 | $ 136,354 | |
Iberdrola S.A. | 15,128 | 184,740 | |
$ 321,094 |
Security | Shares | Value | |
Switzerland — 7.7% | |||
Nestle S.A. | 2,549 | $ 302,149 | |
Roche Holding AG PC | 527 | 167,854 | |
TE Connectivity, Ltd. | 1,026 | 125,664 | |
$ 595,667 | |||
Taiwan — 1.5% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1,148 | $ 113,181 | |
$ 113,181 | |||
United Kingdom — 0.9% | |||
RELX PLC | 2,128 | $ 66,552 | |
$ 66,552 | |||
United States — 59.8% | |||
Alphabet, Inc., Class A(1) | 2,887 | $ 354,726 | |
Amazon.com, Inc.(1) | 2,448 | 295,180 | |
AMETEK, Inc. | 999 | 144,925 | |
Boston Scientific Corp.(1) | 3,643 | 187,542 | |
CDW Corp. | 917 | 157,440 | |
Citigroup, Inc. | 4,449 | 197,180 | |
Coca-Cola Co. (The) | 4,557 | 271,870 | |
Danaher Corp. | 958 | 219,976 | |
Dollar Tree, Inc.(1) | 1,356 | 182,897 | |
GXO Logistics, Inc.(1) | 3,392 | 189,681 | |
Ingersoll Rand, Inc. | 2,082 | 117,966 | |
Intuit, Inc. | 446 | 186,927 | |
Intuitive Surgical, Inc.(1) | 427 | 131,448 | |
JPMorgan Chase & Co. | 1,928 | 261,649 | |
Microsoft Corp. | 1,694 | 556,293 | |
Mondelez International, Inc., Class A | 3,395 | 249,227 | |
TJX Cos., Inc. (The) | 2,201 | 169,015 | |
Verisk Analytics, Inc. | 704 | 154,253 | |
Visa, Inc., Class A | 1,172 | 259,047 | |
Walt Disney Co. (The)(1) | 2,146 | 188,762 | |
Zoetis, Inc. | 916 | 149,317 | |
$4,625,321 | |||
Total Common Stocks (identified cost $5,961,615) | $7,730,047 |
Short-Term Investments — 2.2% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.00%(2) | 170,619 | $ 170,619 | |
Total Short-Term Investments (identified cost $170,619) | $ 170,619 |
Total Investments — 102.1% (identified cost $6,132,234) | $7,900,666 | ||
Other Assets, Less Liabilities — (2.1)% | $ (165,404) | ||
Net Assets — 100.0% | $7,735,262 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of May 31, 2023. |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Health Care | 18.2% | $1,411,744 |
Information Technology | 17.9 | 1,385,735 |
Industrials | 16.6 | 1,284,820 |
Financials | 13.6 | 1,050,684 |
Consumer Staples | 13.0 | 1,006,143 |
Consumer Discretionary | 9.8 | 757,054 |
Communication Services | 8.4 | 649,127 |
Utilities | 2.4 | 184,740 |
Short-Term Investments | 2.2 | 170,619 |
Total Investments | 102.1% | $7,900,666 |
Abbreviations: | |
ADR | – American Depositary Receipt |
PC | – Participation Certificate |
May 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $5,961,615) | $ 7,730,047 |
Affiliated investment, at value (identified cost $170,619) | 170,619 |
Dividends receivable | 16,849 |
Dividends receivable from affiliated investment | 612 |
Receivable for investments sold | 85,243 |
Receivable for Fund shares sold | 13,369 |
Tax reclaims receivable | 8,749 |
Receivable from affiliates | 8,537 |
Total assets | $8,034,025 |
Liabilities | |
Payable for investments purchased | $ 229,941 |
Payable for Fund shares redeemed | 13,257 |
Payable to affiliates: | |
Investment adviser and administration fee | 5,304 |
Distribution and service fees | 4 |
Trustees' fees | 370 |
Accrued expenses | 49,887 |
Total liabilities | $ 298,763 |
Net Assets | $7,735,262 |
Sources of Net Assets | |
Paid-in capital | $ 5,954,746 |
Distributable earnings | 1,780,516 |
Net Assets | $7,735,262 |
Class A Shares | |
Net Assets | $ 20,814 |
Shares Outstanding | 1,421 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 14.65 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 15.46 |
Class I Shares | |
Net Assets | $ 7,714,448 |
Shares Outstanding | 526,947 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 14.64 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Six Months Ended | |
May 31, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $5,756) | $ 63,437 |
Dividend income from affiliated investment | 1,775 |
Non-cash dividend income | 4,648 |
Total investment income | $ 69,860 |
Expenses | |
Investment adviser and administration fee | $ 33,281 |
Distribution and service fees: | |
Class A | 23 |
Trustees’ fees and expenses | 602 |
Custodian fee | 11,551 |
Transfer and dividend disbursing agent fees | 1,323 |
Legal and accounting services | 17,095 |
Printing and postage | 2,030 |
Registration fees | 19,390 |
Interest expense and fees | 1,019 |
Miscellaneous | 3,974 |
Total expenses | $ 90,288 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 49,782 |
Total expense reductions | $ 49,782 |
Net expenses | $ 40,506 |
Net investment income | $ 29,354 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ 34,522 |
Foreign currency transactions | 701 |
Net realized gain | $ 35,223 |
Change in unrealized appreciation (depreciation): | |
Investments | $ 444,639 |
Foreign currency | 44 |
Net change in unrealized appreciation (depreciation) | $444,683 |
Net realized and unrealized gain | $479,906 |
Net increase in net assets from operations | $509,260 |
Six Months Ended May 31, 2023 (Unaudited) | Year Ended November 30, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 29,354 | $ 46,050 |
Net realized gain | 35,223 | 109,561 |
Net change in unrealized appreciation (depreciation) | 444,683 | (941,350) |
Net increase (decrease) in net assets from operations | $ 509,260 | $ (785,739) |
Distributions to shareholders: | ||
Class A | $ (282) | $ (868)(1) |
Class I | (175,579) | (751,865) |
Total distributions to shareholders | $ (175,861) | $ (752,733) |
Transactions in shares of beneficial interest: | ||
Class A | $ 2,882 | $ 19,082(1) |
Class I | (2,449,684) | 3,065,908 |
Net increase (decrease) in net assets from Fund share transactions | $(2,446,802) | $3,084,990 |
Net increase (decrease) in net assets | $(2,113,403) | $1,546,518 |
Net Assets | ||
At beginning of period | $ 9,848,665 | $ 8,302,147 |
At end of period | $ 7,735,262 | $9,848,665 |
(1) | For the period from the commencement of operations, December 14, 2021, to November 30, 2022. |
Class A | ||
Six Months Ended May 31, 2023 (Unaudited) | Period Ended November 30, 2022(1) | |
Net asset value — Beginning of period | $ 14.000 | $ 17.460 |
Income (Loss) From Operations | ||
Net investment income(2) | $ 0.037 | $ 0.041 |
Net realized and unrealized gain (loss) | 0.841 | (1.985) |
Total income (loss) from operations | $ 0.878 | $ (1.944) |
Less Distributions | ||
From net investment income | $ (0.040) | $ (0.081) |
From net realized gain | (0.188) | (1.435) |
Total distributions | $ (0.228) | $ (1.516) |
Net asset value — End of period | $14.650 | $14.000 |
Total Return(3)(4) | 6.45% (5) | (12.48)% (5) |
Ratios/Supplemental Data | ||
Net assets, end of period (000’s omitted) | $ 21 | $ 17 |
Ratios (as a percentage of average daily net assets): | ||
Expenses (4) | 1.22% (6)(7)(8) | 1.20% (6)(7) |
Net investment income | 0.52% (6) | 0.31% (6) |
Portfolio Turnover | 11% (5) | 29% (9) |
(1) | For the period from the commencement of operations, December 14, 2021, to November 30, 2022. |
(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 and do not reflect the effect of sales charges. |
(4) | The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 1.20% and 1.71% of average daily net assets for the six months ended May 31, 2023 and the period ended November 30, 2022, respectively). Absent this reimbursement, total return would be lower. |
(5) | Not annualized. |
(6) | Annualized. |
(7) | Includes a reduction by the investment adviser of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended May 31, 2023 and the period ended November 30, 2022). |
(8) | Includes interest expense of 0.02%. |
(9) | For the year ended November 30, 2022. |
Class I | ||||||
Six Months Ended May 31, 2023 (Unaudited) | Year Ended November 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 13.990 | $ 17.250 | $ 13.780 | $ 12.420 | $ 11.530 | $ 11.830 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.050 | $ 0.083 | $ 0.029 | $ 0.068 | $ 0.103 | $ 0.142 |
Net realized and unrealized gain (loss) | 0.851 | (1.827) | 3.492 | 1.419 | 1.648 | (0.015) |
Total income (loss) from operations | $ 0.901 | $ (1.744) | $ 3.521 | $ 1.487 | $ 1.751 | $ 0.127 |
Less Distributions | ||||||
From net investment income | $ (0.063) | $ (0.081) | $ (0.051) | $ (0.127) | $ (0.120) | $ (0.120) |
From net realized gain | (0.188) | (1.435) | — | — | (0.741) | (0.307) |
Total distributions | $ (0.251) | $ (1.516) | $ (0.051) | $ (0.127) | $ (0.861) | $ (0.427) |
Net asset value — End of period | $14.640 | $13.990 | $17.250 | $13.780 | $12.420 | $11.530 |
Total Return(2)(3) | 6.64% (4) | (11.48)% | 25.62% | 12.06% | 17.28% | 1.06% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 7,714 | $ 9,832 | $ 8,302 | $ 5,801 | $ 5,186 | $ 4,350 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 0.97% (5)(6)(7) | 0.95% (7) | 0.95% | 0.95% | 0.96% (6) | 0.95% |
Net investment income | 0.71% (5) | 0.58% | 0.18% | 0.55% | 0.92% | 1.20% |
Portfolio Turnover | 11% (4) | 29% | 57% | 54% | 46% | 82% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 1.20%, 1.71%, 1.37%, 1.95%, 2.07% and 2.32% of average daily net assets for the six months ended May 31, 2023 and the years ended November 30, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Includes interest expense of 0.02% and 0.01% for the six months ended May 31, 2023 and the year ended November 30, 2019, respectively. |
(7) | Includes a reduction by the investment adviser of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended May 31, 2023 and the period ended November 30, 2022). |
Aggregate cost | $6,183,294 |
Gross unrealized appreciation | $ 1,995,706 |
Gross unrealized depreciation | (278,334) |
Net unrealized appreciation | $1,717,372 |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.800% |
$500 million but less than $1 billion | 0.775% |
$1 billion but less than $2.5 billion | 0.750% |
$2.5 billion but less than $5 billion | 0.730% |
$5 billion and over | 0.715% |
Six Months Ended May 31, 2023 (Unaudited) | Year Ended November 30, 2022(1) | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 185 | $ 2,600 | 1,163 | $ 18,214 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 21 | 282 | 52 | 868 | |
Net increase | 206 | $ 2,882 | 1,215 | $ 19,082 | |
Class I | |||||
Sales | 22,051 | $ 309,075 | 264,722 | $ 3,660,472 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 13,322 | 175,579 | 45,348 | 751,865 | |
Redemptions | (211,003) | (2,934,338) | (88,763) | (1,346,429) | |
Net increase (decrease) | (175,630) | $(2,449,684) | 221,307 | $ 3,065,908 |
(1) | For Class A, for the period from the commencement of operations, December 14, 2021, to November 30, 2022. |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $60,947 | $724,770 | $(615,098) | $ — | $ — | $170,619 | $1,775 | 170,619 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Asia/Pacific | $ 275,018 | $ 747,861 | $ — | $ 1,022,879 |
Developed Europe | 125,664 | 1,956,183 | — | 2,081,847 |
North America | 4,625,321 | — | — | 4,625,321 |
Total Common Stocks | $5,026,003 | $ 2,704,044* | $ — | $7,730,047 |
Short-Term Investments | $ 170,619 | $ — | $ — | $ 170,619 |
Total Investments | $5,196,622 | $ 2,704,044 | $ — | $7,900,666 |
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Number of Shares | ||
For | Against | Abstain |
532,385 | 568 | 475 |
Officers | |
Eric A. Stein President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Anchal Pachnanda*(1) | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
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.comPlease 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 |
Privacy Notice — continued | April 2021 |
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 informationWe 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 youState 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. |
Two International Place
Boston, MA 02110
125 Old Broad Street
London, EC2N 1AR
United Kingdom
Two International Place
Boston, MA 02110
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Boston, MA 02110
% Average Annual Total Returns1,2 | Class Inception Date | Performance Inception Date | Six Months | One Year | Five Years | Since Inception |
Class A at NAV | 12/16/2015 | 12/16/2015 | 0.90% | (3.59)% | 0.52% | 5.16% |
Class A with 5.25% Maximum Sales Charge | — | — | (4.42) | (8.66) | (0.56) | 4.41 |
Class I at NAV | 12/16/2015 | 12/16/2015 | 1.05 | (3.36) | 0.77 | 5.41 |
MSCI World ex USA Small Cap Index | — | — | 3.02% | (5.16)% | 0.87% | 5.21% |
% Total Annual Operating Expense Ratios3 | Class A | Class I |
Gross | 1.45% | 1.20% |
Net | 1.32 | 1.07 |
Sector Allocation (% of net assets)1 |
Geographic Allocation (% of net assets) |
Top 10 Holdings (% of net assets)1 | |
iShares MSCI Hong Kong ETF | 1.6% |
ATS Corp. | 1.6 |
Diploma PLC | 1.5 |
Games Workshop Group PLC | 1.5 |
Azelis Group NV | 1.5 |
BE Semiconductor Industries NV | 1.4 |
Greggs PLC | 1.4 |
Volution Group PLC | 1.4 |
DiscoverIE Group PLC | 1.4 |
IMCD NV | 1.4 |
Total | 14.7% |
1 | Excludes cash and cash equivalents. |
1 | MSCI World ex USA Small Cap Index is an unmanaged index of small-cap equity securities in the developed markets, excluding the United States. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 | Total Returns at NAV do not include applicable sales charges. If sales charges were deducted, the returns would be lower. Total Returns shown with maximum sales charge reflect the stated maximum sales charge. Unless otherwise stated, performance does not reflect the deduction of taxes on Fund distributions or redemptions of Fund shares. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable. |
3 | Source: Fund prospectus. Net expense ratios reflect a contractual expense reimbursement that continues through 3/31/24. The expense ratios for the current reporting period can be found in the Financial Highlights section of this report. Performance reflects expenses waived and/or reimbursed, if applicable. Without such waivers and/or reimbursements, performance would have been lower. |
Fund profile subject to change due to active management. |
Beginning Account Value (12/1/22) | Ending Account Value (5/31/23) | Expenses Paid During Period* (12/1/22 – 5/31/23) | Annualized Expense Ratio | |
Actual | ||||
Class A | $1,000.00 | $1,009.00 | $6.51** | 1.30% |
Class I | $1,000.00 | $1,010.50 | $5.26** | 1.05% |
Hypothetical | ||||
(5% return per year before expenses) | ||||
Class A | $1,000.00 | $1,018.45 | $6.54** | 1.30% |
Class I | $1,000.00 | $1,019.70 | $5.29** | 1.05% |
* | 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 November 30, 2022. |
** | Absent an allocation of certain expenses to affiliates, expenses would be higher. |
Common Stocks — 92.2% |
Security | Shares | Value | |
Australia — 8.6% | |||
Bapcor, Ltd. | 89,006 | $ 356,877 | |
BlueScope Steel, Ltd. | 14,498 | 174,848 | |
carsales.com, Ltd. | 51,812 | 781,901 | |
Data#3, Ltd. | 129,701 | 597,051 | |
Dexus | 54,059 | 288,632 | |
Dicker Data, Ltd. | 110,870 | 615,754 | |
Evolution Mining, Ltd. | 132,174 | 297,980 | |
IGO, Ltd. | 30,849 | 286,501 | |
Lynas Rare Earths, Ltd. (1) | 22,847 | 111,514 | |
Northern Star Resources, Ltd. | 37,275 | 315,227 | |
Steadfast Group, Ltd. | 180,221 | 694,756 | |
Westgold Resources, Ltd.(1) | 150,339 | 152,085 | |
WiseTech Global, Ltd. | 6,293 | 305,850 | |
$ 4,978,976 | |||
Austria — 1.4% | |||
ams-OSRAM AG(1) | 43,470 | $ 320,316 | |
BAWAG Group AG(1)(2) | 10,872 | 474,655 | |
$ 794,971 | |||
Belgium — 2.0% | |||
Azelis Group NV | 34,265 | $ 840,772 | |
VGP NV | 3,054 | 303,319 | |
$ 1,144,091 | |||
Canada — 8.6% | |||
Agnico Eagle Mines, Ltd. | 4,684 | $ 238,358 | |
ARC Resources, Ltd. | 39,041 | 470,505 | |
ATS Corp.(1) | 20,777 | 909,902 | |
CAE, Inc.(1) | 11,735 | 239,973 | |
Granite Real Estate Investment Trust | 11,134 | 653,359 | |
Keyera Corp. | 16,442 | 366,993 | |
Killam Apartment Real Estate Investment Trust | 49,896 | 643,227 | |
Pan American Silver Corp. | 7,395 | 112,709 | |
Peyto Exploration & Development Corp. | 37,930 | 305,955 | |
Quebecor, Inc., Class B | 15,712 | 374,657 | |
TMX Group, Ltd. | 5,913 | 643,613 | |
$ 4,959,251 | |||
Denmark — 0.7% | |||
Topdanmark A/S | 7,331 | $ 380,907 | |
$ 380,907 |
Security | Shares | Value | |
France — 1.2% | |||
IPSOS | 14,304 | $ 700,971 | |
$ 700,971 | |||
Germany — 2.1% | |||
Encavis AG(1) | 15,038 | $ 243,895 | |
Jenoptik AG | 19,994 | 667,590 | |
LEG Immobilien SE(1) | 5,759 | 299,940 | |
$ 1,211,425 | |||
Israel — 0.6% | |||
Amot Investments, Ltd. | 73,370 | $ 360,914 | |
$ 360,914 | |||
Italy — 5.5% | |||
Amplifon SpA | 12,088 | $ 419,296 | |
BFF Bank SpA(2) | 75,153 | 780,530 | |
DiaSorin SpA | 2,135 | 220,516 | |
FinecoBank Banca Fineco SpA | 35,400 | 472,879 | |
MARR SpA | 38,591 | 603,015 | |
Moncler SpA | 9,929 | 675,739 | |
$ 3,171,975 | |||
Japan — 27.0% | |||
As One Corp. | 11,367 | $ 432,806 | |
Asahi Intecc Co., Ltd. | 26,737 | 509,488 | |
Azbil Corp. | 9,387 | 296,343 | |
BayCurrent Consulting, Inc. | 12,942 | 473,046 | |
Chiba Bank, Ltd. (The) | 100,199 | 625,153 | |
Cosmos Pharmaceutical Corp. | 7,124 | 676,922 | |
Daiseki Co., Ltd. | 13,731 | 352,569 | |
Dip Corp. | 24,823 | 598,940 | |
Fukuoka Financial Group, Inc. | 30,419 | 563,801 | |
Goldwin, Inc. | 7,005 | 588,298 | |
Hoshizaki Corp. | 8,166 | 293,221 | |
JMDC, Inc. | 9,297 | 379,830 | |
Kobe Bussan Co., Ltd. | 8,098 | 223,183 | |
Kose Corp. | 4,938 | 494,946 | |
Kyoritsu Maintenance Co., Ltd. | 13,970 | 491,402 | |
LaSalle Logiport REIT | 613 | 738,383 | |
Lion Corp. | 56,514 | 545,363 | |
Mitsubishi Research Institute, Inc. | 9,573 | 351,230 | |
Mitsui Fudosan Logistics Park, Inc. | 185 | 666,056 | |
Miura Co., Ltd. | 21,516 | 570,468 | |
Nihon M&A Center Holdings, Inc. | 40,220 | 281,187 | |
Nissan Chemical Corp. | 10,095 | 437,923 | |
NOF Corp. | 11,518 | 489,668 |
Security | Shares | Value | |
Japan (continued) | |||
Nomura Co., Ltd. | 62,894 | $ 419,539 | |
Sakata Seed Corp. | 17,170 | 480,083 | |
Sanwa Holdings Corp. | 52,903 | 615,227 | |
Sumco Corp. | ��� 46,768 | 665,711 | |
T Hasegawa Co., Ltd. | 22,681 | 489,337 | |
Tosei Corp. | 48,730 | 581,957 | |
USS Co., Ltd. | 38,752 | 629,740 | |
Yamaha Corp. | 16,641 | 658,283 | |
$15,620,103 | |||
Luxembourg — 0.2% | |||
APERAM S.A. | 4,533 | $ 148,982 | |
$ 148,982 | |||
Netherlands — 3.9% | |||
BE Semiconductor Industries NV | 7,425 | $ 820,986 | |
Euronext NV(2) | 9,478 | 632,421 | |
IMCD NV | 5,195 | 783,082 | |
$ 2,236,489 | |||
New Zealand — 1.7% | |||
EBOS Group, Ltd. | 21,980 | $ 556,252 | |
Spark New Zealand, Ltd. | 132,811 | 412,219 | |
$ 968,471 | |||
Norway — 1.5% | |||
Entra ASA(2) | 36,342 | $ 315,159 | |
SmartCraft ASA(1) | 254,722 | 465,883 | |
TGS ASA | 8,667 | 119,123 | |
$ 900,165 | |||
Portugal — 0.7% | |||
NOS SGPS S.A. | 105,613 | $ 390,007 | |
$ 390,007 | |||
Singapore — 0.8% | |||
Daiwa House Logistics Trust | 1,087,439 | $ 458,458 | |
$ 458,458 | |||
Spain — 1.5% | |||
Acciona S.A. | 2,484 | $ 402,598 | |
Inmobiliaria Colonial Socimi S.A. | 81,699 | 479,684 | |
$ 882,282 |
Security | Shares | Value | |
Sweden — 5.6% | |||
AddTech AB, Class B | 31,449 | $ 647,098 | |
Boliden AB(1) | 6,053 | 184,930 | |
Bravida Holding AB(2) | 59,748 | 584,874 | |
Indutrade AB | 20,885 | 493,044 | |
Lagercrantz Group AB, Class B | 31,900 | 387,105 | |
Sdiptech AB, Class B(1) | 28,866 | 673,295 | |
SSAB AB, Class B | 44,168 | 273,917 | |
$ 3,244,263 | |||
Switzerland — 0.7% | |||
Galenica AG(2) | 5,471 | $ 428,002 | |
$ 428,002 | |||
United Kingdom — 16.9% | |||
Abcam PLC, ADR(1) | 42,910 | $ 692,997 | |
Bellway PLC | 6,967 | 196,263 | |
Capricorn Energy PLC | 55,089 | 133,945 | |
Cranswick PLC | 19,344 | 779,523 | |
Diploma PLC | 23,811 | 898,989 | |
DiscoverIE Group PLC | 79,858 | 787,185 | |
Games Workshop Group PLC | 7,154 | 843,521 | |
Grainger PLC | 102,806 | 318,168 | |
Greggs PLC | 24,428 | 816,462 | |
JTC PLC(2) | 82,054 | 713,877 | |
Judges Scientific PLC | 6,009 | 727,182 | |
Nomad Foods, Ltd.(1) | 16,009 | 272,953 | |
Shaftesbury Capital PLC | 264,743 | 396,199 | |
St. James's Place PLC | 45,188 | 629,159 | |
Volution Group PLC | 143,959 | 801,599 | |
Watches of Switzerland Group PLC(1)(2) | 29,425 | 246,069 | |
Wise PLC, Class A(1) | 76,378 | 553,476 | |
$ 9,807,567 | |||
United States — 1.0% | |||
Autoliv, Inc. | 6,959 | $ 567,159 | |
$ 567,159 | |||
Total Common Stocks (identified cost $51,350,907) | $53,355,429 |
Exchange-Traded Funds — 4.7% |
Security | Shares | Value | |
Equity Funds — 4.7% | |||
iShares MSCI EAFE Small-Cap ETF | 9,848 | $ 573,055 | |
iShares MSCI Hong Kong ETF | 49,978 | 947,083 |
Security | Shares | Value | |
Equity Funds (continued) | |||
iShares MSCI Singapore ETF | 35,976 | $ 674,910 | |
iShares S&P/TSX SmallCap Index ETF | 40,960 | 525,616 | |
Total Exchange-Traded Funds (identified cost $3,021,276) | $ 2,720,664 |
Short-Term Investments — 3.0% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.00%(3) | 1,713,865 | $ 1,713,865 | |
Total Short-Term Investments (identified cost $1,713,865) | $ 1,713,865 |
Total Investments — 99.9% (identified cost $56,086,048) | $57,789,958 | ||
Other Assets, Less Liabilities — 0.1% | $ 84,642 | ||
Net Assets — 100.0% | $57,874,600 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
(1) | Non-income producing security. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At May 31, 2023, the aggregate value of these securities is $4,175,587 or 7.2% of the Fund's net assets. |
(3) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of May 31, 2023. |
Abbreviations: | |
ADR | – American Depositary Receipt |
Sector Classification of Portfolio | ||
Sector | Percentage of Net Assets | Value |
Industrials | 20.7% | $11,991,192 |
Financials | 12.4 | 7,165,227 |
Real Estate | 11.2 | 6,503,455 |
Consumer Discretionary | 10.5 | 6,069,813 |
Information Technology | 9.5 | 5,493,819 |
Consumer Staples | 7.1 | 4,075,988 |
Materials | 6.4 | 3,713,979 |
Health Care | 6.3 | 3,639,187 |
Exchange-Traded Funds | 4.7 | 2,720,664 |
Communication Services | 4.6 | 2,659,755 |
Energy | 2.4 | 1,396,521 |
Utilities | 1.1 | 646,493 |
Short-Term Investments | 3.0 | 1,713,865 |
Total Investments | 99.9% | $57,789,958 |
May 31, 2023 | |
Assets | |
Unaffiliated investments, at value (identified cost $54,372,183) | $ 56,076,093 |
Affiliated investment, at value (identified cost $1,713,865) | 1,713,865 |
Foreign currency, at value (identified cost $20,825) | 20,872 |
Dividends receivable | 132,960 |
Dividends receivable from affiliated investment | 5,192 |
Tax reclaims receivable | 52,770 |
Total assets | $58,001,752 |
Liabilities | |
Payable for Fund shares redeemed | $ 10,999 |
Payable to affiliates: | |
Investment adviser and administration fee | 45,266 |
Distribution and service fees | 245 |
Trustees' fees | 1,406 |
Other | 3,164 |
Accrued expenses | 66,072 |
Total liabilities | $ 127,152 |
Net Assets | $57,874,600 |
Sources of Net Assets | |
Paid-in capital | $ 60,859,418 |
Accumulated loss | (2,984,818) |
Net Assets | $57,874,600 |
Class A Shares | |
Net Assets | $ 1,109,575 |
Shares Outstanding | 92,315 |
Net Asset Value and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.02 |
Maximum Offering Price Per Share (100 ÷ 94.75 of net asset value per share) | $ 12.69 |
Class I Shares | |
Net Assets | $ 56,765,025 |
Shares Outstanding | 4,706,747 |
Net Asset Value, Offering Price and Redemption Price Per Share (net assets ÷ shares of beneficial interest outstanding) | $ 12.06 |
On sales of $50,000 or more, the offering price of Class A shares is reduced. |
Six Months Ended | |
May 31, 2023 | |
Investment Income | |
Dividend income (net of foreign taxes withheld of $93,466) | $ 1,014,964 |
Dividend income from affiliated investment | 26,562 |
Total investment income | $ 1,041,526 |
Expenses | |
Investment adviser and administration fee | $ 263,467 |
Distribution and service fees: | |
Class A | 1,432 |
Trustees’ fees and expenses | 2,056 |
Custodian fee | 22,258 |
Transfer and dividend disbursing agent fees | 3,614 |
Legal and accounting services | 15,350 |
Printing and postage | 1,996 |
Registration fees | 18,298 |
Miscellaneous | 5,249 |
Total expenses | $ 333,720 |
Deduct: | |
Waiver and/or reimbursement of expenses by affiliates | $ 25,827 |
Total expense reductions | $ 25,827 |
Net expenses | $ 307,893 |
Net investment income | $ 733,633 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss): | |
Investment transactions | $ (1,944,962) |
Foreign currency transactions | (6,854) |
Net realized loss | $(1,951,816) |
Change in unrealized appreciation (depreciation): | |
Investments | $ 1,844,195 |
Foreign currency | (5,655) |
Net change in unrealized appreciation (depreciation) | $ 1,838,540 |
Net realized and unrealized loss | $ (113,276) |
Net increase in net assets from operations | $ 620,357 |
Six Months Ended May 31, 2023 (Unaudited) | Year Ended November 30, 2022 | |
Increase (Decrease) in Net Assets | ||
From operations: | ||
Net investment income | $ 733,633 | $ 811,831 |
Net realized loss | (1,951,816) | (2,753,544) |
Net change in unrealized appreciation (depreciation) | 1,838,540 | (12,502,076) |
Net increase (decrease) in net assets from operations | $ 620,357 | $(14,443,789) |
Distributions to shareholders: | ||
Class A | $ (10,863) | $ (41,567) |
Class I | (613,137) | (4,506,072) |
Total distributions to shareholders | $ (624,000) | $ (4,547,639) |
Transactions in shares of beneficial interest: | ||
Class A | $ 19,852 | $ 505,079 |
Class I | 1,355,820 | 993,061 |
Net increase in net assets from Fund share transactions | $ 1,375,672 | $ 1,498,140 |
Net increase (decrease) in net assets | $ 1,372,029 | $(17,493,288) |
Net Assets | ||
At beginning of period | $ 56,502,571 | $ 73,995,859 |
At end of period | $57,874,600 | $ 56,502,571 |
Class A | ||||||
Six Months Ended May 31, 2023 (Unaudited) | Year Ended November 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 12.030 | $ 15.960 | $ 13.790 | $ 12.670 | $ 11.790 | $ 13.440 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.136 | $ 0.125 | $ 0.065 | $ 0.037 | $ 0.131 | $ 0.138 |
Net realized and unrealized gain (loss) | (0.031) | (3.141) | 2.221 | 1.287 | 1.233 | (1.329) |
Total income (loss) from operations | $ 0.105 | $ (3.016) | $ 2.286 | $ 1.324 | $ 1.364 | $ (1.191) |
Less Distributions | ||||||
From net investment income | $ (0.115) | $ (0.198) | $ (0.116) | $ (0.204) | $ (0.096) | $ (0.202) |
From net realized gain | — | (0.716) | — | — | (0.388) | (0.257) |
Total distributions | $ (0.115) | $ (0.914) | $ (0.116) | $ (0.204) | $ (0.484) | $ (0.459) |
Net asset value — End of period | $12.020 | $12.030 | $15.960 | $13.790 | $12.670 | $11.790 |
Total Return(2)(3) | 0.90% (4) | (20.24)% | 16.66% | 10.54% | 12.37% | (9.22)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 1,110 | $ 1,090 | $ 703 | $ 1,417 | $ 1,717 | $ 1,511 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 1.30% (5)(6) | 1.36% (6) | 1.40% | 1.40% | 1.40% | 1.40% |
Net investment income | 2.26% (5) | 0.99% | 0.42% | 0.30% | 1.12% | 1.05% |
Portfolio Turnover | 21% (4) | 51% | 59% | 61% | 70% | 65% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect the effect of sales charges. |
(3) | The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.09%, 0.07%, 0.01%, 0.16%, 0.21% and 0.26% of average daily net assets for the six months ended May 31, 2023 and the years ended November 30, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended May 31, 2023 and the year ended November 30, 2022). |
Class I | ||||||
Six Months Ended May 31, 2023 (Unaudited) | Year Ended November 30, | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value — Beginning of period | $ 12.070 | $ 16.030 | $ 13.850 | $ 12.720 | $ 11.840 | $ 13.470 |
Income (Loss) From Operations | ||||||
Net investment income(1) | $ 0.152 | $ 0.171 | $ 0.131 | $ 0.074 | $ 0.161 | $ 0.143 |
Net realized and unrealized gain (loss) | (0.031) | (3.169) | 2.200 | 1.289 | 1.242 | (1.311) |
Total income (loss) from operations | $ 0.121 | $ (2.998) | $ 2.331 | $ 1.363 | $ 1.403 | $ (1.168) |
Less Distributions | ||||||
From net investment income | $ (0.131) | $ (0.246) | $ (0.151) | $ (0.233) | $ (0.135) | $ (0.205) |
From net realized gain | — | (0.716) | — | — | (0.388) | (0.257) |
Total distributions | $ (0.131) | $ (0.962) | $ (0.151) | $ (0.233) | $ (0.523) | $ (0.462) |
Net asset value — End of period | $12.060 | $12.070 | $16.030 | $13.850 | $12.720 | $11.840 |
Total Return(2)(3) | 1.05% (4) | (20.05)% | 16.86% | 10.82% | 12.73% | (9.03)% |
Ratios/Supplemental Data | ||||||
Net assets, end of period (000’s omitted) | $ 56,765 | $ 55,413 | $ 73,293 | $ 49,028 | $ 42,132 | $ 31,389 |
Ratios (as a percentage of average daily net assets): | ||||||
Expenses (3) | 1.05% (5)(6) | 1.11% (6) | 1.15% | 1.15% | 1.15% | 1.15% |
Net investment income | 2.51% (5) | 1.35% | 0.82% | 0.61% | 1.37% | 1.08% |
Portfolio Turnover | 21% (4) | 51% | 59% | 61% | 70% | 65% |
(1) | Computed using average shares outstanding. |
(2) | Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested. |
(3) | The investment adviser and administrator and sub-adviser reimbursed certain operating expenses (equal to 0.09%, 0.07%, 0.01%, 0.16%, 0.21% and 0.26% of average daily net assets for the six months ended May 31, 2023 and the years ended November 30, 2022, 2021, 2020, 2019 and 2018, respectively). Absent this reimbursement, total return would be lower. |
(4) | Not annualized. |
(5) | Annualized. |
(6) | Includes a reduction by the investment adviser of a portion of its investment adviser and administration fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended May 31, 2023 and the year ended November 30, 2022). |
Aggregate cost | $ 56,887,053 |
Gross unrealized appreciation | $ 6,471,025 |
Gross unrealized depreciation | (5,568,120) |
Net unrealized appreciation | $ 902,905 |
Average Daily Net Assets | Annual Fee Rate |
Up to $500 million | 0.900% |
$500 million but less than $1 billion | 0.850% |
$1 billion but less than $2.5 billion | 0.825% |
$2.5 billion but less than $5 billion | 0.800% |
$5 billion and over | 0.780% |
Six Months Ended May 31, 2023 (Unaudited) | Year Ended November 30, 2022 | ||||
Shares | Amount | Shares | Amount | ||
Class A | |||||
Sales | 8,538 | $ 102,785 | 57,659 | $ 640,603 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 729 | 8,475 | 2,643 | 41,567 | |
Redemptions | (7,535) | (91,408) | (13,775) | (177,091) | |
Net increase | 1,732 | $ 19,852 | 46,527 | $ 505,079 | |
Class I | |||||
Sales | 312,378 | $ 3,737,316 | 1,005,433 | $ 13,884,660 | |
Issued to shareholders electing to receive payments of distributions in Fund shares | 52,675 | 613,137 | 286,100 | 4,506,072 | |
Redemptions | (248,014) | (2,994,633) | (1,275,435) | (17,397,671) | |
Net increase | 117,039 | $ 1,355,820 | 16,098 | $ 993,061 |
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Shares, end of period |
Short-Term Investments | ||||||||
Liquidity Fund | $1,443,827 | $9,809,169 | $(9,539,131) | $ — | $ — | $1,713,865 | $26,562 | 1,713,865 |
• | 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) |
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Asia/Pacific | $ — | $ 22,026,008 | $ — | $ 22,026,008 |
Developed Europe | 965,950 | 24,476,147 | — | 25,442,097 |
Developed Middle East | — | 360,914 | — | 360,914 |
North America | 5,526,410 | — | — | 5,526,410 |
Total Common Stocks | $ 6,492,360 | $ 46,863,069* | $ — | $53,355,429 |
Exchange-Traded Funds | $ 2,720,664 | $ — | $ — | $ 2,720,664 |
Short-Term Investments | 1,713,865 | — | — | 1,713,865 |
Total Investments | $ 10,926,889 | $ 46,863,069 | $ — | $57,789,958 |
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Officers | |
Eric A. Stein President | Nicholas S. Di Lorenzo Secretary |
Deidre E. Walsh Vice President and Chief Legal Officer | Richard F. Froio Chief Compliance Officer |
James F. Kirchner Treasurer |
Trustees |
George J. Gorman Chairperson | |
Alan C. Bowser | |
Thomas E. Faust Jr.* | |
Mark R. Fetting | |
Cynthia E. Frost | |
Valerie A. Mosley |
Anchal Pachnanda*(1) | |
Keith Quinton | |
Marcus L. Smith | |
Susan J. Sutherland | |
Scott E. Wennerholm | |
Nancy A. Wiser |
* | Interested Trustee |
(1) | Ms. Pachnanda began serving as Trustee effective April 1, 2023. |
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.comPlease 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 |
Privacy Notice — continued | April 2021 |
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 informationWe 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 youState 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. |
Two International Place
Boston, MA 02110
125 Old Broad Street
London, EC2N 1AR
United Kingdom
Two International Place
Boston, MA 02110
(617) 482-8260
One Congress Street, Suite 1
Boston, MA 02114-2016
Attn: Eaton Vance Funds
P.O. Box 534439
Pittsburgh, PA 15253-4439
(800) 262-1122
Boston, MA 02110
Item 2. Code of Ethics
Not required in this filing.
Item 3. Audit Committee Financial Expert
Not required in this filing.
Item 4. Principal Accountant Fees and Services
Not required in this filing.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
No material changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable.
Item 13. Exhibits
(a)(1) | Registrant’s Code of Ethics – Not applicable (please see Item 2). | |
(a)(2)(i) | Treasurer’s Section 302 certification. | |
(a)(2)(ii) | President’s Section 302 certification. | |
(b) | Combined Section 906 certification. |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Growth Trust
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: July 25, 2023
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: July 25, 2023
By: | /s/ Eric A. Stein | |
Eric A. Stein | ||
President |
Date: July 25, 2023