<Page>
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: 811-7303
Global Growth Portfolio
-----------------------
(Exact Name of registrant as Specified in Charter)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Address of Principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
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(Name and Address of Agent for Services)
(617) 482-8260
--------------
(registrant's Telephone Number)
August 31
---------
Date of Fiscal Year End
August 31, 2004
---------------
Date of Reporting Period
<Page>
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
GLOBAL GROWTH PORTFOLIO as of August 31, 2004
PORTFOLIO OF INVESTMENTS
COMMON STOCKS -- 96.4%
<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
ADVERTISING -- 3.8%
Havas Advertising 300,000 $ 1,435,288
WPP Group PLC 205,850 1,848,287
- --------------------------------------------------------------------------------
$ 3,283,575
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AEROSPACE AND DEFENSE -- 2.9%
Precision Castparts Corp. 11,000 $ 605,990
Thales SA 57,000 1,930,168
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$ 2,536,158
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AUTOMOBILES -- 2.4%
Toyota Motor Corp. 53,000 $ 2,092,217
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$ 2,092,217
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BEVERAGES -- 0.6%
Cott Corp.(1) 18,000 $ 487,980
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$ 487,980
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BIOTECHNOLOGY -- 1.0%
Celgene Corp.(1) 15,000 $ 851,250
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$ 851,250
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BROADCASTING -- 3.2%
British Sky Broadcasting Group PLC 133,240 $ 1,149,893
Television Broadcasts, Ltd. 396,000 1,646,127
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$ 2,796,020
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BUILDING MATERIALS -- 1.3%
Eagle Materials, Inc. 7,000 $ 454,370
Sumitomo Osaka Cement Co., Ltd. 287,000 669,809
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$ 1,124,179
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BUSINESS SERVICES -- 9.6%
CheckFree Corp.(1) 18,400 $ 501,400
Cognizant Technology Solutions Corp.(1) 22,000 603,240
Dun & Bradstreet Corp.(1) 17,600 970,464
MDC Partners, Inc., Class A(1) 33,000 396,363
PMI Group, Inc., (The) 26,000 1,079,780
Providian Financial Corp.(1) 33,000 476,520
Singapore Post Ltd. 3,540,000 1,624,352
Sirva, Inc.(1) 69,400 1,469,892
Sotheby's Holdings, Inc.(1) 72,000 1,151,280
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$ 8,273,291
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CHEMICALS -- 1.1%
Kingboard Chemical Holdings Ltd. 492,000 $ 927,653
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$ 927,653
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COMMERCIAL BANKS -- 3.0%
ABN AMRO Holdings NV 76,691 $ 1,633,141
Commerce Bancorp, Inc. 9,300 487,971
Mitsubishi Tokyo Financial Group, Inc., ADR 50,000 453,000
- --------------------------------------------------------------------------------
$ 2,574,112
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COMMERCIAL SERVICES -- 1.4%
Coinstar, Inc.(1) 38,000 $ 749,360
Intersections, Inc.(1) 33,100 419,708
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$ 1,169,068
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COMPUTERS AND BUSINESS EQUIPMENT -- 9.1%
PalmOne, Inc.(1) 134,314 $ 4,385,352
Research in Motion Ltd.(1) 37,300 2,246,206
Sindo Ricoh Co. 25,400 1,214,736
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$ 7,846,294
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DATA PROCESSING & Outsourced Services -- 0.1%
Intellisync Corp.(1) 57,400 $ 128,576
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$ 128,576
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DISTRIBUTION / WHOLESALE -- 0.3%
Central European Distribution Corp.(1) 12,000 $ 293,880
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$ 293,880
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 8.7%
Citizens Communications Co. 83,000 $ 1,048,290
KT Corp. ADR 82,907 1,452,531
Leap Wireless International, Inc.(1) 17,000 470,050
</Table>
See notes to financial statements
20
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<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION
SERVICES (CONTINUED)
NII Holdings, Inc., Class B(1) 51,000 $ 1,869,150
NTL, Inc.(1) 10,500 570,255
Swisscom AG(1) 6,400 2,116,961
- --------------------------------------------------------------------------------
$ 7,527,237
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EDUCATION -- 0.9%
EVCI Career Colleges Holding Corp.(1) 43,800 $ 317,112
Laureate Education, Inc.(1) 14,000 478,660
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$ 795,772
- --------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT -- 2.1%
Fujikura Ltd. 391,000 $ 1,775,152
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$ 1,775,152
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ELECTRONIC COMPONENTS -- 0.1%
Min Aik Technology Co., Ltd. 38,700 $ 67,438
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$ 67,438
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ELECTRONIC EQUIPMENT & INSTRUMENTS -- 0.3%
FLIR Systems, Inc.(1) 5,000 $ 291,850
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$ 291,850
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FINANCIAL SERVICES -- 0.1%
Student Loan Corp., (The) 400 $ 57,500
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$ 57,500
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GAMING EQUIPMENT -- 1.4%
WMS Industries, Inc.(1) 60,200 $ 1,216,642
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$ 1,216,642
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GENERIC DRUGS -- 1.0%
Taro Pharmaceutical Industries Ltd.(1) 43,000 $ 891,390
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$ 891,390
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HARDWARE - NETWORKING -- 0.5%
Blue Coat Systems, Inc.(1) 12,000 $ 175,440
RADWARE Ltd.(1) 12,500 234,375
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$ 409,815
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HEALTH CARE - PROVIDERS & SERVICES -- 1.3%
PacifiCare Health Systems, Inc.(1) 34,000 $ 1,108,740
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$ 1,108,740
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INSURANCE -- 3.4%
Prudential PLC 250,600 $ 1,990,574
Radian Group, Inc. 22,000 974,600
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$ 2,965,174
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INVESTMENT COMPANIES -- 0.5%
Japan Asia Investment Co., Ltd. 107,100 $ 388,669
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$ 388,669
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IT CONSULTING & SERVICES -- 2.8%
Affiliated Computer Services, Inc.(1) 24,000 $ 1,303,920
Answerthink, Inc.(1) 50,000 282,500
Kanbay International, Inc.(1) 42,300 842,193
- --------------------------------------------------------------------------------
$ 2,428,613
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MEDICAL PRODUCTS -- 0.8%
DENTSPLY International, Inc. 11,000 $ 560,450
I-Flow Corp.(1) 11,227 170,426
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$ 730,876
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MINING -- 0.5%
Bema Gold Corp.(1) 180,000 $ 469,800
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$ 469,800
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OIL AND GAS - EQUIPMENT AND SERVICES -- 0.6%
Baker Hughes, Inc. 13,000 $ 511,290
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$ 511,290
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OIL COMPANIES - EXPLORATION & PRODUCTION -- 4.2%
BP PLC 189,000 $ 1,679,388
Harvest Natural Resources, Inc.(1) 70,000 929,600
Plains Exploration & Production Co.(1) 30,000 582,300
Spinnaker Exploration Co.(1) 14,000 477,960
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$ 3,669,248
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</Table>
See notes to financial statements
21
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<Table>
<Caption>
SECURITY SHARES VALUE
- --------------------------------------------------------------------------------
PERSONAL PRODUCTS -- 2.3%
Estee Lauder Cos., Inc. (The), Class A 6,500 $ 285,675
Gillette Co. (The) 40,000 1,700,000
- --------------------------------------------------------------------------------
$ 1,985,675
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PHARMACEUTICALS -- 0.7%
Isolagen, Inc.(1) 38,400 $ 322,560
Oscient Pharmaceuticals Corp.(1) 50,000 210,500
Pharmion Corp.(1) 800 39,336
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$ 572,396
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PRINTING -- 2.2%
St. Ives PLC 285,430 $ 1,904,028
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$ 1,904,028
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PUBLISHING -- 6.7%
Promotora de Informaciones S.A. (Prisa) 145,740 $ 2,315,889
Trinity Mirror PLC 215,650 2,505,109
Wolters Kluwer N.V. - CVA 60,650 1,001,106
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$ 5,822,104
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RETAIL -- 1.6%
Metro Cash & Carry Ltd.(1) 3,566,762 $ 1,393,214
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$ 1,393,214
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SEMICONDUCTOR EQUIPMENT AND PRODUCTS -- 1.1%
NVIDIA Corp.(1) 74,000 $ 922,040
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$ 922,040
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SOFTWARE -- 0.8%
Microsoft Corp. 16,500 $ 450,450
Salesforce.com, Inc.(1) 800 10,400
VERITAS Software Corp.(1) 16,000 267,520
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$ 728,370
- --------------------------------------------------------------------------------
SPECIALTY RETAIL -- 6.1%
CVS Corp. 26,000 $ 1,040,000
Pep Boys - Manny, Moe & Jack (The) 26,500 421,350
Select Comfort Corp.(1) 30,000 476,400
Tesco PLC 433,000 2,077,837
Tweeter Home Entertainment Group, Inc.(1) 86,500 493,915
Walgreen Co. 22,000 801,900
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$ 5,311,402
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TELECOMMUNICATION EQUIPMENT -- 0.6%
ECI Telecom Ltd.(1) 81,000 $ 558,900
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$ 558,900
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TRANSPORTATION -- 4.6%
BAA PLC 212,000 $ 2,120,859
Nippon Konpo Unyu Soko Co., Ltd. 177,000 1,862,146
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$ 3,983,005
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UTILITIES -- 0.7%
NRG Energy, Inc.(1) 22,000 $ 601,700
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$ 601,700
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TOTAL COMMON STOCKS
(IDENTIFIED COST $80,212,069) $ 83,472,293
- --------------------------------------------------------------------------------
</Table>
SHORT-TERM INVESTMENTS -- 1.9%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- --------------------------------------------------------------------------------
Investors Bank and Trust Time Deposit,
1.58%, 9/1/04 $ 1,694 $ 1,694,000
- --------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(AT AMORTIZED COST, $1,694,000) $ 1,694,000
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TOTAL INVESTMENTS -- 98.3%
(IDENTIFIED COST $81,906,069) $ 85,166,293
- --------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 1.7% $ 1,450,797
- --------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 86,617,090
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</Table>
ADR - American Depositary Receipt
(1) Non-income producing security.
See notes to financial statements
22
<Page>
COUNTRY CONCENTRATION OF PORTFOLIO
<Table>
<Caption>
PERCENTAGE
COUNTRY OF NET ASSETS VALUE
- -------------------------------------------------------------
United States 44.6% $ 38,605,707
United Kingdom 17.6 15,275,975
Japan 8.4 7,240,993
Canada 4.1 3,600,349
France 3.9 3,365,456
Republic of Korea 3.1 2,667,267
Netherlands 3.0 2,634,247
Hong Kong 3.0 2,573,780
Spain 2.7 2,315,889
Switzerland 2.4 2,116,961
Israel 1.9 1,684,665
Singapore 1.9 1,624,352
South Africa 1.6 1,393,214
Taiwan 0.1 67,438
</Table>
See notes to financial statements
23
<Page>
GLOBAL GROWTH PORTFOLIO as of August 31, 2004
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
AS OF AUGUST 31, 2004
<Table>
ASSETS
Investments, at value (identified cost, $81,906,069) $ 85,166,293
Cash 1,202
Foreign currency, at value (identified cost, $753,647) 743,977
Receivable for investments sold 481,041
Interest and dividends receivable 250,660
Tax reclaim receivable 32,776
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TOTAL ASSETS $ 86,675,949
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LIABILITIES
Payable for investments purchased $ 24,872
Accrued expenses 33,987
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TOTAL LIABILITIES $ 58,859
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NET ASSETS APPLICABLE TO INVESTORS' INTEREST IN PORTFOLIO $ 86,617,090
- ----------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Net proceeds from capital contributions and withdrawals $ 83,365,995
Net unrealized appreciation (computed on the basis of identified cost) 3,251,095
- ----------------------------------------------------------------------------------------
TOTAL $ 86,617,090
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</Table>
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 2004
<Table>
INVESTMENT INCOME
Dividends (net of foreign taxes, $166,042) $ 1,706,813
Interest and other 93,503
- ----------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 1,800,316
- ----------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 748,081
Administration fee 249,351
Trustees' fees and expenses 14,356
Custodian fee 195,838
Legal and accounting services 37,076
Miscellaneous 4,216
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TOTAL EXPENSES $ 1,248,918
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Deduct --
Reduction of custodian fee $ 27
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TOTAL EXPENSE REDUCTIONS $ 27
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NET EXPENSES $ 1,248,891
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NET INVESTMENT INCOME $ 551,425
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REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 7,104,476
Foreign currency and forward foreign currency exchange
contract transactions (169,728)
- ----------------------------------------------------------------------------------------
NET REALIZED GAIN $ 6,934,748
- ----------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (net of foreign taxes of ($20,307))
(identified cost basis) $ (1,566,676)
Foreign currency and forward foreign currency exchange
contracts (7,557)
- ----------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ (1,574,233)
- ----------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 5,360,515
- ----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 5,911,940
- ----------------------------------------------------------------------------------------
</Table>
See notes to financial statements
24
<Page>
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
YEAR ENDED YEAR ENDED
AUGUST 31, 2004 AUGUST 31, 2003
- --------------------------------------------------------------------------------------------
INCREASE (DECREASE)
IN NET ASSETS
From operations --
Net investment income $ 551,425 $ 340,425
Net realized gain (loss)
from investments and
foreign currency transactions 6,934,748 (1,215,767)
Net change in unrealized
appreciation (depreciation)
from investments and foreign currency (1,574,233) 13,858,554
- --------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 5,911,940 $ 12,983,212
- --------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 8,698,998 $ 45,660,906
Withdrawals (27,066,514) (69,128,396)
- --------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS FROM
CAPITAL TRANSACTIONS $ (18,367,516) $ (23,467,490)
- --------------------------------------------------------------------------------------------
NET DECREASE IN NET ASSETS $ (12,455,576) $ (10,484,278)
- --------------------------------------------------------------------------------------------
NET ASSETS
At beginning of year $ 99,072,666 $ 109,556,944
- --------------------------------------------------------------------------------------------
AT END OF YEAR $ 86,617,090 $ 99,072,666
- --------------------------------------------------------------------------------------------
</Table>
See notes to financial statements
25
<Page>
SUPPLEMENTARY DATA
<Table>
<Caption>
YEAR ENDED AUGUST 31,
----------------------------------------------------------------------
2004 2003 2002 2001 2000
- ------------------------------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratios (As a percentage of average daily net assets):
Expenses 1.25% 1.24% 1.15% 1.11% 1.13%
Expenses after custodian fee reduction 1.25% 1.24% 1.15% 1.11% 1.13%
Net investment income (loss) 0.55% 0.35% 0.08% 0.08% (0.13)%
Portfolio Turnover 164% 93% 107% 160% 173%
- ------------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN(1) 5.42% 15.23% (17.67)% -- --
- ------------------------------------------------------------------------------------------------------------------------------
NET ASSETS, END OF YEAR (000'S OMITTED) $ 86,617 $ 99,073 $ 109,557 $ 204,969 $ 334,611
- ------------------------------------------------------------------------------------------------------------------------------
</Table>
(1) Total return is required to be disclosed for fiscal years beginning after
December 15, 2000.
See notes to financial statements
26
<Page>
GLOBAL GROWTH PORTFOLIO as of August 31, 2004
NOTES TO FINANCIAL STATEMENTS
1 SIGNIFICANT ACCOUNTING POLICIES
Global Growth Portfolio (formerly known as Information Age Portfolio) (the
Portfolio) is registered under the Investment Company Act of 1940 as a
diversified, open-end management investment company, which was organized as a
trust under the laws of the State of New York on June 1, 1995. The Portfolio
seeks to provide long-term capital growth by investing in a global and
diversified portfolio of securities expected to grow in value. The
Declaration of Trust permits the Trustees to issue interests in the
Portfolio. At August 31, 2004, the Eaton Vance Global Growth Fund held an
approximate 99.9% interest in the Portfolio. The following is a summary of
the significant accounting policies of the Portfolio. The policies are in
conformity with accounting principles generally accepted in the United States
of America.
A INVESTMENT VALUATIONS -- Securities listed on a U.S. securities exchange
generally are valued at the last sale price on the day of valuation or, if no
sales took place on such date, at the mean between the closing bid and asked
prices therefore on the exchange where such securities are principally
traded. Equity securities listed on NASDAQ National Market System generally
are valued at the official NASDAQ 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 asked
prices or, in the case of preferred equity securities that are not listed or
traded in the over-the-counter market, by an independent pricing service.
Exchange-traded options are valued at the last sale price for the day of
valuation as quoted on the principal exchange or board of trade on which the
options are traded or, in the absence of sales on such date, at the mean
between the latest bid and asked prices therefore. Futures positions on
securities and currencies generally are valued at closing settlement prices.
Short-term debt securities with a remaining maturity of 60 days or less are
valued at amortized cost. If short-term debt securities were acquired with a
remaining maturity of more than 60 days, their amortized cost value will be
based on their value on the sixty-first day prior to maturity. Other fixed
income and debt securities, including listed securities and securities for
which price quotations are available, will normally be valued on the basis of
valuations furnished by a pricing service. The daily valuation of foreign
securities generally is determined as of the close of trading on the
principal exchange on which such securities trade. Events occurring after the
close of trading on foreign exchanges may result in adjustments to the
valuation of foreign securities to more accurately reflect their fair value
as of the close of regular trading on the New York Stock Exchange. The
Portfolio may rely on an independent fair valuation service in adjusting the
valuations of foreign securities. Foreign securities and currencies are
valued in U.S. dollars, based on foreign currency exchange rate quotations
supplied by an independent quotation service. Investments held by the
Portfolio for which valuations or market quotations are unavailable are
valued at fair value using methods determined in good faith by or at the
direction of the Trustees of the Portfolio considering relevant factors, data
and information including the market value of freely tradable securities of
the same class in the principal market on which such securities are normally
traded.
B INCOME TAXES -- The Portfolio has elected to be treated as a partnership
for federal tax purposes. No provision is made by the Portfolio for federal
or state taxes on any taxable income of the Portfolio because each investor
in the Portfolio is ultimately responsible for the payment of any taxes.
Since one of the Portfolio's investors is a regulated investment company that
invests all or substantially all of its assets in the Portfolio, the
Portfolio normally must satisfy the applicable source of income and
diversification requirements (under the Internal Revenue Code) in order for
its investors to satisfy them. The Portfolio will allocate at least annually
among its investors each investor's distributive share of the Portfolio's net
investment income, net realized capital gains, and any other items of income,
gain, loss, deduction or credit. Withholding taxes on foreign dividends and
capital gains have been provided for in accordance with the Portfolio's
understanding of the applicable countries' tax rules and rates.
C FINANCIAL FUTURES CONTRACTS -- Upon the entering of a financial futures
contract, the Portfolio is required to deposit (initial margin) either in
cash or securities an amount equal to a certain percentage of the purchase
price indicated in the financial futures contract. Subsequent payments are
made or received by the Portfolio (margin maintenance) each day, dependent on
the daily fluctuations in the value of the underlying security, and are
recorded for book purposes as unrealized gains or losses by the Portfolio.
The Portfolio's investment in financial futures contracts is designed only to
hedge against anticipated future changes in interest or currency exchange
rates. Should interest or currency exchange rates move unexpectedly, the
Portfolio may not achieve the anticipated benefits of the financial futures
contracts and may realize a loss.
D OPTIONS ON FINANCIAL FUTURES -- Upon the purchase of a put option on
foreign currency by the Portfolio, the premium paid is recorded as an
investment, the value of which is marked-to-market daily. When the
27
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purchased option expires, the Portfolio will realize a loss in the amount of
the cost of the option. When the Portfolio enters into a closing sales
transaction, the Portfolio will realize a gain or loss depending upon whether
the sales proceeds from the closing sales transaction are greater or less
than the cost of the option. When the Portfolio exercises a put option,
settlement is made in cash. The risk associated with purchasing options is
limited to the premium originally paid.
E FOREIGN CURRENCY TRANSLATION -- Investment valuations, other assets, and
liabilities initially expressed in foreign currencies are converted each
business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investment securities and income and expenses are
converted into U.S. dollars based upon currency exchange rates prevailing on
the respective dates of such transactions. Realized gains or losses on
investment transactions attributable to changes in foreign currency exchange
rates are recorded for financial statement purposes as net realized gains and
losses on investments. That portion of unrealized gains and losses on
investments that results from fluctuations in foreign currency exchange rates
is not separately disclosed.
F FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS -- The Portfolio may enter into
forward foreign currency exchange contracts for the purchase or sale of a
specific foreign currency at a fixed price on a future date. Risks may arise
upon entering these contracts from the potential inability of counterparties
to meet the terms of their contracts and from movements in the value of a
foreign currency relative to the U.S. dollar. The Portfolio will enter into
forward contracts for hedging purposes as well as non-hedging purposes. The
forward foreign currency exchange contracts are adjusted by the daily
exchange rate of the underlying currency and any gains or losses are recorded
for financial statement purposes as unrealized until such time as the
contracts have been closed or offset.
G EXPENSE REDUCTION -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolio. Pursuant to the custodian agreement, IBT receives
a fee reduced by credits which are determined based on the average daily cash
balance the Portfolio maintains with IBT. All credit balances used to reduce
the Portfolio's custodian fees are reported as a reduction of total expenses
on the Statement of Operations.
H USE OF ESTIMATES -- The preparation of the financial statements in
conformity with accounting principles generally accepted in the United States
of America 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.
I INDEMNIFICATIONS -- Under the Portfolio'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 Portfolio.
Interestholders in the Portfolio are jointly and severally liable for the
liabilities and obligations of the Portfolio in the event that the Portfolio
fails to satisfy such liabilities and obligations; provided, however, that,
to the extent assets are available in the Portfolio, the Portfolio may, under
certain circumstances, indemnify interestholders from and against any claim
or liability to which such holder may become subject by reason of being or
having been an interestholder in the Portfolio. Additionally, in the normal
course of business, the Portfolio enters into agreements with service
providers that may contain indemnification clauses. The Portfolio's maximum
exposure under these arrangements is unknown as this would involve future
claims that may be made against the Portfolio that have not yet occurred.
J OTHER -- Investment transactions are accounted for on a trade-date basis.
Dividend income is recorded on the ex-dividend date. However, if the
ex-dividend date has passed, certain dividends from foreign securities are
recorded as the Portfolio is informed of the ex-dividend date. Interest
income is recorded on the accrual basis.
2 INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), and Lloyd George
Investment Management (Bermuda) Limited, an affiliate of EVM (the Advisers),
as compensation for management and investment advisory services rendered to
the Portfolio. Under the advisory agreement, the Advisers receive a monthly
fee, divided equally between them, of 0.0625% (0.75% annually) of the average
daily net assets of the Portfolio up to $500,000,000, and at reduced rates as
daily net assets exceed that level. For the year ended August 31, 2004, the
adviser fee was 0.75% of average net assets for such period and amounted to
$748,081. In addition, an administrative fee is earned by EVM for managing
and administering the business affairs of the Portfolio. Under the
administration agreement, EVM earns a monthly fee in the amount of 1/48th of
1% (equal to 0.25% annually) of the average
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daily net assets of the Portfolio up to $500,000,000, and at reduced rates as
daily net assets exceed that level. For the year ended August 31, 2004, the
administration fee was 0.25% of average net assets for such period and
amounted to $249,351. Except as to the Trustees of the Portfolio who are not
members of the Advisers or EVM's organization, officers and Trustees receive
remuneration for their services to the Portfolio out of such investment
adviser and administrative fees.
Trustees of the Portfolio that are not affiliated with the Advisers 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 year ended
August 31, 2004, no significant amounts have been deferred.
Certain officers and Trustees of the Portfolio are officers of the above
organizations.
3 INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than short-term obligations,
aggregated $153,922,338 and $169,883,420, respectively, for the year ended
August 31, 2004.
4 FEDERAL INCOME TAX BASIS OF UNREALIZED APPRECIATION (DEPRECIATION)
The cost and unrealized appreciation (depreciation) in value of the
investments owned at August 31, 2004, as computed on a federal income tax
basis, are as follows:
<Table>
AGGREGATE COST $ 82,473,891
-----------------------------------------------------------------------------
Gross unrealized appreciation $ 7,729,934
Gross unrealized depreciation (5,037,532)
-----------------------------------------------------------------------------
NET UNREALIZED APPRECIATION $ 2,692,402
-----------------------------------------------------------------------------
</Table>
The net unrealized depreciation on foreign currency was $9,129.
5 RISKS ASSOCIATED WITH FOREIGN INVESTMENTS
Investing in securities issued by companies whose principal business
activities are outside the United States may involve significant risks not
present in domestic investments. For example, there is generally less
publicly available information about foreign companies, particularly those
not subject to the disclosure and reporting requirements of the U.S.
securities laws. Foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and standards of
practice comparable to those applicable to domestic issuers. Investments in
foreign securities also involve the risk of possible adverse changes in
investment or exchange control regulations, expropriation or confiscatory
taxation, limitation on the removal of funds or other assets of the
Portfolio, political or financial instability or diplomatic and other
developments which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as developed as
those in the United States, and securities of some foreign issuers
(particularly those in developing countries) may be less liquid and more
volatile than securities of comparable U.S. companies. In general, there is
less overall governmental supervision and regulation of foreign securities
markets, broker-dealers, and issuers than in the United States.
6 FINANCIAL INSTRUMENTS
The Portfolio regularly trades in financial instruments with off-balance
sheet risk in the normal course of its investing activities to assist in
managing exposure to various market risks. These financial instruments may
include written options, forward foreign currency exchange contracts and
financial futures contracts and may involve, to a varying degree, elements of
risk in excess of the amounts recognized for financial statement purposes.
The notional or contractual amounts of these instruments represent the
investment the Portfolio has in particular classes of financial instruments
and does not necessarily represent the amounts potentially subject to risk.
The measurement of the risks associated with these instruments is meaningful
only when all related and offsetting transactions are considered.
The Portfolio did not have any open obligations under these financial
instruments at August 31, 2004.
7 LINE OF CREDIT
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each portfolio or 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 0.10% on the daily
unused portion of the facility is allocated among the participating funds and
portfolios at the end of each quarter. The Portfolio did not have any
significant borrowings or allocated fees during the year ended August 31,
2004.
8 NAME CHANGE
Effective January 1, 2004, the Information Age Portfolio's name was changed
to Global Growth Portfolio.
29
<Page>
GLOBAL GROWTH PORTFOLIO as of August 31, 2004
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE TRUSTEES AND INVESTORS OF GLOBAL GROWTH PORTFOLIO:
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the supplementary data present fairly, in all material
respects, the financial position of Global Growth Portfolio (formerly
Information Age Portfolio) (the "Portfolio") at August 31, 2004, and the results
of its operations, the changes in its net assets and the supplementary data for
each of the periods indicated, in conformity with accounting principles
generally accepted in the United States of America. These financial statements
and supplementary data (hereafter referred to as "financial statements") are the
responsibility of the Portfolio's management; our responsibility is to express
an opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at August 31, 2004 by correspondence with the
custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2004
30
<Page>
EATON VANCE GLOBAL GROWTH FUND
MANAGEMENT AND ORGANIZATION
FUND MANAGEMENT. The Trustees of Eaton Vance Growth Trust (the Trust) and Global
Growth Portfolio (the Portfolio) are responsible for the overall management and
supervision of the Trust's and Portfolio's affairs. The Trustees and officers of
the Trust and the Portfolio are listed below. Except as indicated, each
individual has held the office shown or other offices in the same company for
the last five years. Trustees and officers of the Trust and the Portfolio hold
indefinite terms of office. The "noninterested Trustees" consist of those
Trustees who are not "interested persons" of the Trust and the Portfolio, as
that term is defined under the 1940 Act. The business address of each Trustee
and officer, with the exception of Messrs. Chen and Lloyd George, is The Eaton
Vance Building, 255 State Street, Boston, Massachusetts 02109. As used below,
"EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM"
refers to Eaton Vance Management, "BMR" refers to Boston Management and
Research, "EVD" refers to Eaton Vance Distributors, Inc., "Atlanta Capital"
refers to Atlanta Capital Management Company, LLC, "LGM" refers to Lloyd George
Management (B.V.I.) Limited and "Lloyd George" refers to Lloyd George Management
(Bermuda) Limited. EVC and EV are the corporate parent and trustee,
respectively, of EVM and BMR. EVD is the Fund's principal underwriter, the
Portfolio's placement agent and a wholly-owned subsidiary of EVM. Lloyd George
is a wholly-owned subsidiary of LGM.
<Table>
<Caption>
POSITION(S) TERM OF NUMBER OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX
NAME AND TRUST AND THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
- ---------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(S)
James B. Hawkes Trustee Trustee of Chairman, President and 195 Director of EVC
11/9/41 the Trust Chief Executive Officer
since 1989; of BMR, EVC, EVM
of the and EV; Director of EV;
Portfolio Vice President and
since 1995 Director of EVD. Trustee
and/or officer of
195 registered investment
companies in the Eaton
Vance Fund Complex.
Mr. Hawkes is an
interested person because
of his positions with
BMR, EVM, EVC and EV
which are affiliates of
the Trust and the
Portfolio.
Hon. Robert Lloyd Trustee and Trustee Chief Executive Officer 5 Chairman of LGM
George(2) Vice of since 1996; of LGM and Lloyd George.
8/13/52 President the Vice Mr. LloydGeorge is an
Portfolio President interested person because
since 1995 of his positions with LGM
and Lloyd George, which
are affiliates of the
Portfolio.
NONINTERESTED TRUSTEE(S)
Edward K.Y. Chen(2) Trustee of Since 1996 President of Lingnan 5 Director of First Pacific
1/14/45 the Portfolio University in Hong Kong. Company, Asia Satellite
Telecommunications
Holdings Ltd. and Wharf
Holdings Limited (property
management and
communications)
Samuel L. Hayes, III Trustee Trustee of Jacob H. Schiff Professor 196 Director of Tiffany & Co.
2/23/35 the Trust of Investment Banking (specialty retailer) and
since 1989; Emeritus, Harvard Telect, Inc.
of the University Graduate (telecommunication services
Portfolio School of Business company)
since 1995 Administration.
William H. Park Trustee Since 2003 President and Chief 194 None
9/19/47 Executive Officer, Prizm
Capital Management, LLC
(investment management
firm) (since 2002).
Executive Vice President
and Chief Financial
Officer, United Asset
Management Corporation (a
holding company owning
institutional investment
management firms)
(1982-2001).
Ronald A. Pearlman Trustee Since 2003 Professor of Law, 194 None
7/10/40 Georgetown University Law
Center (since 1999). Tax
Partner, Covington &
Burling, Washington, DC
(1991-2000).
</Table>
31
<Page>
<Table>
<Caption>
POSITION(S) TERM OF NUMBER OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX
NAME AND TRUST AND THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
- ---------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(S) (CONTINUED)
Norton H. Reamer Trustee Trustee of President, Chief 195 None
9/21/35 the Trust Executive Officer and a
since 1989; Director of Asset
of the Management Finance Corp.
Portfolio (a specialty finance
since 1995 company serving the
investment management
industry) (since October
2003). President, Unicorn
Corporation (an
investment and financial
advisory services
company) (since September
2000). Formerly,
Chairman, Hellman, Jordan
Management Co., Inc. (an
investment management
company) (2000-2003).
Formerly, Advisory
Director of Berkshire
Capital Corporation
(investment banking firm)
(2002-2003). Formerly,
Chairman of the Board,
United Asset Management
Corporation (a holding
company owning
institutional investment
management firms) and
Chairman, President and
Director, UAM Funds
(mutual funds)
(1980-2000).
Lynn A. Stout Trustee Since 1998 Professor of Law, 195 None
9/14/57 University of California
at Los Angeles School of
Law (since July2001).
Formerly, Professor of
Law, Georgetown
University Law Center.
</Table>
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
<Table>
<Caption>
POSITION(S) TERM OF
WITH THE OFFICE AND
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS
- ---------------------------------------------------------------------------------------------------------------------------------
Thomas E. Faust Jr. President of the Since 2002(3) Executive Vice President of EVM, BMR, EVC and EV; Chief Investment
5/31/58 Trust Officer of EVM and BMR and Director of EVC. Chief Executive Officer
of Belair Capital Fund LLC, Belcrest Capital Fund LLC, Belmar
Capital Fund LLC, Belport Capital Fund LLC and Belrose Capital Fund
LLC (private investment companies sponsored by EVM). Officer of
57 registered investment companies managed by EVM or BMR.
Gregory L. Coleman Vice President of Since 2001 Partner of Atlanta Capital. Officer of 10 registered investment
10/28/49 theTrust companies managed by EVM or BMR.
Arieh Coll Vice President of Since 2003 Vice President of EVM and BMR. Officer of 7 registered investment
11/9/63 the Portfolio companies managed by EVM and BMR.
Duncan W. Richardson President of Since 2002 Senior Vice President and Chief Equity Investment Officer of EVM
10/26/57 the Portfolio and BMR. Officer of 43 registered investment companies managed by
EVM or BMR.
James A. Womack Vice President of Since 2001 Vice President of Atlanta Capital. Officer of 10 registered
11/20/68 the Trust investment companies managed by EVM or BMR.
Alan R. Dynner Secretary Since 1997 Vice President, Secretary and Chief Legal Officer of BMR, EVM, EVD,
10/10/40 EV and EVC. Officer of 195 registered investment companies managed
by EVM or BMR.
William J. Austin, Jr. Treasurer of Since 2002(3) Vice President of EVM and BMR. Officer of 56 registered investment
12/27/51 the Portfolio companies managed by EVM or BMR.
</Table>
32
<Page>
<Table>
<Caption>
POSITION(S) TERM OF
WITH THE OFFICE AND
NAME AND TRUST AND LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH THE PORTFOLIO SERVICE DURING PAST FIVE YEARS
- ---------------------------------------------------------------------------------------------------------------------------------
James L. OConnor Treasurer of the Since 1989 Vice President of BMR, EVM and EVD. Officer of 116 registered
4/1/45 Trust investment companies managed by EVM or BMR.
</Table>
(1) Includes both master and feeder funds in a master-feeder structure.
(2) The business address for Mr. Lloyd George is 3803 One Exchange Square,
Central, Hong Kong and for Mr. Chen is President's Office, Lingnan College,
Tuen Mun, Hong Kong.
(3) Prior to 2002, Mr. Faust served as Vice President of the Trust since 1999
and Mr. Austin served as Assistant Treasurer of the Portfolio since 2001.
The SAI for the Fund includes additional information about the Trustees and
officers of the Fund and Portfolio and can be obtained without charge by calling
1-800-225-6265.
33
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. Mr. Reamer is the President, Chief Executive
Officer and a Director of Asset Management Finance Corp. (a specialty finance
company serving the investment management industry) and is President of Unicorn
Corporation (an investment and financial advisory services company). Formerly,
Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment
management company) and Advisory Director of Berkshire Capital Corporation (an
investment banking firm), Chairman of the Board of UAM and Chairman, President
and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a)-(d)
The following table presents aggregate fees billed to the registrant for the
fiscal years ended August 31, 2003, and August 31, 2004 by the registrant's
principal accountant for professional services rendered for the audit of the
registrant's annual financial statements and fees billed for other services
rendered by the principal accountant during those periods.
<Table>
<Caption>
FISCAL YEARS ENDED 08/31/03 08/31/04
- -----------------------------------------------------------------------------
Audit Fees $ 31,400 $ 30,875
Audit-Related Fees(1) $ 0 $ 0
Tax Fees(2) $ 5,575 $ 5,700
All Other Fees(3) $ 0 $ 0
----------------------------------------------
Total $ 36,975 $ 36,575
==============================================
</Table>
(1) Audit-related fees consist of the aggregate fees billed for assurance
and related services that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under the category
of audit fees.
(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax advice, and
tax planning and specifically include fees for tax return preparation.
(3) All other fees consist of the aggregate fees billed for products and
services provided by the registrant's principal accountant other than audit,
audit-related, and tax services.
(e)(1) The registrant's audit committee has adopted policies and procedures
relating to the pre-approval of services provided by the registrant's principal
accountant (the "Pre-Approval Policies"). The Pre-Approval Policies establish a
framework intended to assist the audit committee in the proper discharge of its
pre-approval responsibilities. As a general matter, the Pre-Approval Policies
(i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate
specific procedures governing the mechanics
<Page>
of the pre-approval process, including the approval and monitoring of audit and
non-audit service fees. Unless a service is specifically pre-approved under the
Pre-Approval Policies, it must be separately pre-approved by the audit
committee.
The Pre-Approval Policies and the types of audit and non-audit services
pre-approved therein must be reviewed and ratified by the registrant's audit
committee at least annually. The registrant's audit committee maintains full
responsibility for the appointment, compensation, and oversight of the work of
the registrant's principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the
registrant's audit committee pursuant to the "de minimis exception" set forth in
Rule 2-01 (c)(7)(i)(C) of Regulation S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees
for audit-related, tax, and other services) billed to the registrant by the
registrant's principal accountant for the last two fiscal years of the
registrant; and (ii) the aggregate non-audit fees (i.e., fees for audit-related,
tax, and other services) billed to the Eaton Vance organization by the
registrant's principal accountant for the last two fiscal years of the
registrant. For the last two fiscal years of the registrant, no non-audit fees
were billed by the registrant's principal accountant for services rendered to
Lloyd George Investment Management (Bermuda) Limited, co-investment advisor to
the registrant.
<Table>
<Caption>
FISCAL YEARS ENDED 08/31/03 08/31/04
- ---------------------------------------------------------------------------
Registrant $ 5,575 $ 5,700
Eaton Vance (1) $ 0 $ 4,490
</Table>
(1) Boston Management and Research, a co-investment adviser to the
registrant, as well as certain of its affiliates that provide ongoing
services to the registrant, are subsidiaries of Eaton Vance Corp.
(h) The registrant's audit committee has considered whether the provision by the
registrant's principal accountant of non-audit services to the registrant's
investment adviser and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant that
were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of
1934, as amended. Norton H. Reamer (Chair), Samuel L. Hayes, III, William H.
Park and Lynn A. Stout are the members of the registrant's audit committee.
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
<Page>
Not required in this filing.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not required in this filing.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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.
<Page>
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.
GLOBAL GROWTH PORTFOLIO
By: /s/Duncan W. Richardson
--------------------------
Duncan W. Richardson
President
Date: October 19, 2004
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/William J. Austin, Jr.
-----------------------------
William J. Austin, Jr.
Treasurer
Date: October 19, 2004
By: /s/Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: October 19, 2004