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SEC · EDGAR 财务披露·· 13 小时前AI 评分20

Eaton Vance Growth Trust年度报告披露多只基金业绩、持仓与财务数据

Eaton Vance Growth Trust (0000102816) (Filer)

AI 导读

Eaton Vance Growth Trust提交的年度报告节选涵盖多只基金截至2026年8月31日财年的业绩、持仓、费用及财务披露。Eaton Vance Worldwide Health Sciences Fund A、C、I类年度总回报分别为14.46%、13.55%和14.66%，均未计销售费用；基金年末净资产为8.0568亿美元。报告同时披露基金风险、分配及投资顾问协议审议情况。

正文

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-01241

Eaton Vance Growth Trust

(Exact Name of Registrant as Specified in Charter)

One Post Office Square, Boston, Massachusetts 02109

(Address of Principal Executive Offices)

Deidre E. Walsh

One Post Office Square, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

August 31

Date of Fiscal Year End

August 31, 2026

Date of Reporting Period

Item 1. Reports to Stockholders

(a)

Eaton Vance All Asset Strategy Fund

Image

Class A EARAX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance All Asset Strategy Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class A

$108

1.01%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to 60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index (the Blended Index):

↑ An overweight exposure to equities and an underweight exposure to fixed income assets helped relative returns

↑ An overweight exposure to emerging markets (EM), particularly South Korea and Taiwan, contributed to performance

↑ An overweight exposure to EM government bonds also added to returns

↓ Exposure to the global equities basket detracted from performance

↓ Exposure to Treasury Inflation-Protected Securities mildly detracted from performance

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class A with Maximum Sales Charge

MSCI World Index

MSCI ACWI Index

Bloomberg U.S. Aggregate Bond Index

8/16

$10,000

$10,000

$10,000

$10,000

9/16

$9,526

$10,053

$10,061

$9,994

10/16

$9,395

$9,859

$9,891

$9,918

11/16

$9,417

$10,000

$9,966

$9,683

12/16

$9,578

$10,240

$10,181

$9,697

1/17

$9,760

$10,487

$10,459

$9,716

2/17

$9,935

$10,778

$10,753

$9,781

3/17

$10,008

$10,892

$10,884

$9,776

4/17

$10,081

$11,054

$11,054

$9,851

5/17

$10,147

$11,288

$11,298

$9,927

6/17

$10,198

$11,331

$11,349

$9,917

7/17

$10,438

$11,602

$11,667

$9,960

8/17

$10,445

$11,619

$11,711

$10,049

9/17

$10,584

$11,879

$11,938

$10,001

10/17

$10,773

$12,104

$12,185

$10,007

11/17

$10,861

$12,366

$12,421

$9,994

12/17

$10,986

$12,533

$12,622

$10,040

1/18

$11,492

$13,195

$13,334

$9,925

2/18

$11,113

$12,648

$12,774

$9,831

3/18

$10,927

$12,373

$12,500

$9,894

4/18

$10,860

$12,515

$12,620

$9,820

5/18

$11,016

$12,593

$12,635

$9,890

6/18

$10,904

$12,587

$12,567

$9,878

7/18

$11,157

$12,980

$12,946

$9,880

8/18

$11,247

$13,141

$13,048

$9,944

9/18

$11,276

$13,214

$13,104

$9,880

10/18

$10,569

$12,244

$12,122

$9,802

11/18

$10,703

$12,383

$12,300

$9,860

12/18

$10,148

$11,441

$11,433

$10,041

1/19

$10,500

$12,332

$12,336

$10,148

2/19

$10,675

$12,703

$12,666

$10,142

3/19

$10,782

$12,869

$12,825

$10,337

4/19

$10,912

$13,326

$13,258

$10,340

5/19

$10,629

$12,557

$12,472

$10,523

6/19

$10,950

$13,384

$13,289

$10,655

7/19

$10,958

$13,451

$13,327

$10,679

8/19

$10,973

$13,175

$13,011

$10,955

9/19

$11,004

$13,456

$13,285

$10,897

10/19

$11,110

$13,798

$13,649

$10,930

11/19

$11,240

$14,182

$13,982

$10,924

12/19

$11,417

$14,607

$14,474

$10,917

1/20

$11,473

$14,518

$14,314

$11,127

2/20

$11,226

$13,291

$13,158

$11,327

3/20

$10,692

$11,532

$11,382

$11,260

4/20

$11,154

$12,792

$12,601

$11,460

5/20

$11,346

$13,410

$13,149

$11,514

6/20

$11,465

$13,765

$13,569

$11,586

7/20

$11,792

$14,423

$14,287

$11,759

8/20

$12,063

$15,387

$15,161

$11,665

9/20

$11,895

$14,856

$14,672

$11,658

10/20

$11,712

$14,400

$14,316

$11,606

11/20

$12,302

$16,242

$16,080

$11,720

12/20

$12,509

$16,930

$16,827

$11,736

1/21

$12,402

$16,762

$16,751

$11,652

2/21

$12,558

$17,192

$17,139

$11,484

3/21

$12,755

$17,764

$17,596

$11,340

4/21

$13,018

$18,590

$18,366

$11,430

5/21

$13,182

$18,858

$18,651

$11,467

6/21

$13,198

$19,139

$18,897

$11,548

7/21

$13,157

$19,482

$19,027

$11,677

8/21

$13,296

$19,967

$19,504

$11,655

9/21

$12,952

$19,138

$18,698

$11,554

10/21

$13,255

$20,222

$19,652

$11,551

11/21

$13,059

$19,779

$19,179

$11,585

12/21

$13,376

$20,624

$19,946

$11,555

1/22

$13,030

$19,533

$18,967

$11,306

2/22

$12,805

$19,039

$18,477

$11,180

3/22

$12,805

$19,561

$18,877

$10,869

4/22

$12,191

$17,936

$17,366

$10,457

5/22

$12,242

$17,950

$17,386

$10,524

6/22

$11,715

$16,395

$15,921

$10,359

7/22

$12,104

$17,697

$17,033

$10,612

8/22

$11,663

$16,957

$16,406

$10,313

9/22

$10,901

$15,380

$14,835

$9,867

10/22

$10,945

$16,485

$15,730

$9,739

11/22

$11,620

$17,631

$16,950

$10,097

12/22

$11,381

$16,882

$16,283

$10,052

1/23

$11,852

$18,077

$17,451

$10,361

2/23

$11,486

$17,642

$16,950

$10,093

3/23

$11,887

$18,188

$17,473

$10,350

4/23

$12,009

$18,506

$17,724

$10,412

5/23

$11,791

$18,322

$17,534

$10,299

6/23

$11,939

$19,430

$18,552

$10,262

7/23

$12,000

$20,082

$19,232

$10,255

8/23

$11,774

$19,603

$18,694

$10,189

9/23

$11,294

$18,757

$17,921

$9,931

10/23

$11,032

$18,213

$17,382

$9,774

11/23

$11,669

$19,920

$18,987

$10,216

12/23

$12,118

$20,898

$19,899

$10,608

1/24

$12,056

$21,149

$20,015

$10,578

2/24

$12,198

$22,046

$20,874

$10,429

3/24

$12,421

$22,754

$21,530

$10,525

4/24

$12,118

$21,909

$20,819

$10,259

5/24

$12,475

$22,887

$21,665

$10,433

6/24

$12,627

$23,353

$22,147

$10,532

7/24

$12,930

$23,765

$22,504

$10,778

8/24

$13,109

$24,393

$23,076

$10,933

9/24

$13,287

$24,839

$23,612

$11,079

10/24

$13,010

$24,347

$23,082

$10,805

11/24

$13,323

$25,464

$23,945

$10,919

12/24

$13,019

$24,800

$23,379

$10,740

1/25

$13,201

$25,675

$24,163

$10,797

2/25

$13,237

$25,491

$24,018

$11,035

3/25

$12,982

$24,356

$23,069

$11,039

4/25

$13,091

$24,572

$23,284

$11,082

5/25

$13,356

$26,027

$24,622

$11,003

6/25

$13,702

$27,150

$25,728

$11,172

7/25

$13,693

$27,499

$26,077

$11,143

8/25

$13,902

$28,217

$26,721

$11,276

9/25

$14,248

$29,124

$27,689

$11,399

10/25

$14,494

$29,707

$28,309

$11,470

11/25

$14,540

$29,791

$28,305

$11,541

12/25

$14,657

$30,032

$28,601

$11,524

1/26

$15,021

$30,704

$29,449

$11,537

2/26

$15,189

$30,929

$29,827

$11,726

3/26

$14,395

$28,959

$27,685

$11,519

4/26

$15,311

$31,736

$30,502

$11,532

5/26

$15,731

$33,181

$32,075

$11,568

6/26

$15,787

$32,943

$31,818

$11,596

7/26

$15,581

$33,112

$31,842

$11,445

8/26

$15,857

$33,965

$32,693

$11,489

Average Annual Total Returns (%)Footnote Reference1

Table Summary

Fund

1 Year

5 Years

10 Years

Class A

14.03%

3.58%

5.28%

Class A with 5.25% Maximum Sales Charge

8.01%

2.46%

4.72%

MSCI World Index (net of foreign withholding taxes)

20.37%

11.20%

13.00%

MSCI ACWI Index (net of foreign withholding taxes)

22.35%

10.88%

12.57%

Bloomberg U.S. Aggregate Bond Index

1.89%

(0.29)%

1.40%

Blended Index (60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index)

13.95%

6.45%

8.20%

Footnote Description

Footnote1

 Performance prior to August 18, 2025 reflects the Fund’s performance under its former principal investment strategies and is that of the Fund’s former investment sub-adviser.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$206,898,592

# of Portfolio Holdings

232

Portfolio Turnover Rate

107%

Total Advisory Fees Paid

$1,310,691

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Sovereign Government Bonds

3.1%

Short-Term Investments

4.4%

Exchange-Traded Funds

37.2%

Common Stocks

55.3%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Eaton Vance Total Return Bond ETF

11.0%

Eaton Vance Mortgage Opportunities ETF

8.6%

Vanguard Emerging Markets Government Bond ETF

5.0%

iShares Core MSCI Emerging Markets ETF

5.0%

iShares TIPS Bond ETF

3.5%

NVIDIA Corp.

3.2%

Brazil Letras do Tesouro Nacional, 0.00%, 1/1/29

3.1%

Microsoft Corp.

2.5%

Apple, Inc.

2.4%

Amazon.com, Inc.

1.7%

Total

46.0%

Footnote Description

Footnotea

 Excluding cash equivalents

Material Fund Changes 

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 1, 2027 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily because the reduction in the investment adviser and administration fee and the agreement to reimburse the Fund’s expenses, both effective August 18, 2025, were in effect throughout the current fiscal year. The decrease also reflected a reduction in the investment adviser and administration fee due to the Fund’s investments in affiliated funds.

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

EARAX-TSR-AR

Eaton Vance All Asset Strategy Fund

Image

Class C ECRAX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance All Asset Strategy Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class C

$188

1.76%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to 60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index (the Blended Index):

↓ Exposure to the global equities basket detracted from performance

↓ Exposure to Treasury Inflation-Protected Securities mildly detracted from performance

↑ An overweight exposure to equities and an underweight exposure to fixed income assets helped relative returns

↑ An overweight exposure to emerging markets (EM), particularly South Korea and Taiwan, contributed to performance

↑ An overweight exposure to EM government bonds also added to returns

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class C

MSCI World Index

MSCI ACWI Index

Bloomberg U.S. Aggregate Bond Index

8/16

$10,000

$10,000

$10,000

$10,000

9/16

$10,047

$10,053

$10,061

$9,994

10/16

$9,899

$9,859

$9,891

$9,918

11/16

$9,922

$10,000

$9,966

$9,683

12/16

$10,078

$10,240

$10,181

$9,697

1/17

$10,265

$10,487

$10,459

$9,716

2/17

$10,444

$10,778

$10,753

$9,781

3/17

$10,507

$10,892

$10,884

$9,776

4/17

$10,577

$11,054

$11,054

$9,851

5/17

$10,647

$11,288

$11,298

$9,927

6/17

$10,694

$11,331

$11,349

$9,917

7/17

$10,935

$11,602

$11,667

$9,960

8/17

$10,935

$11,619

$11,711

$10,049

9/17

$11,083

$11,879

$11,938

$10,001

10/17

$11,263

$12,104

$12,185

$10,007

11/17

$11,348

$12,366

$12,421

$9,994

12/17

$11,477

$12,533

$12,622

$10,040

1/18

$11,991

$13,195

$13,334

$9,925

2/18

$11,588

$12,648

$12,774

$9,831

3/18

$11,390

$12,373

$12,500

$9,894

4/18

$11,319

$12,515

$12,620

$9,820

5/18

$11,469

$12,593

$12,635

$9,890

6/18

$11,343

$12,587

$12,567

$9,878

7/18

$11,604

$12,980

$12,946

$9,880

8/18

$11,690

$13,141

$13,048

$9,944

9/18

$11,714

$13,214

$13,104

$9,880

10/18

$10,971

$12,244

$12,122

$9,802

11/18

$11,106

$12,383

$12,300

$9,860

12/18

$10,522

$11,441

$11,433

$10,041

1/19

$10,885

$12,332

$12,336

$10,148

2/19

$11,054

$12,703

$12,666

$10,142

3/19

$11,159

$12,869

$12,825

$10,337

4/19

$11,288

$13,326

$13,258

$10,340

5/19

$10,982

$12,557

$12,472

$10,523

6/19

$11,313

$13,384

$13,289

$10,655

7/19

$11,313

$13,451

$13,327

$10,679

8/19

$11,321

$13,175

$13,011

$10,955

9/19

$11,345

$13,456

$13,285

$10,897

10/19

$11,450

$13,798

$13,649

$10,930

11/19

$11,571

$14,182

$13,982

$10,924

12/19

$11,745

$14,607

$14,474

$10,917

1/20

$11,795

$14,518

$14,314

$11,127

2/20

$11,536

$13,291

$13,158

$11,327

3/20

$10,985

$11,532

$11,382

$11,260

4/20

$11,444

$12,792

$12,601

$11,460

5/20

$11,637

$13,410

$13,149

$11,514

6/20

$11,754

$13,765

$13,569

$11,586

7/20

$12,088

$14,423

$14,287

$11,759

8/20

$12,356

$15,387

$15,161

$11,665

9/20

$12,172

$14,856

$14,672

$11,658

10/20

$11,979

$14,400

$14,316

$11,606

11/20

$12,573

$16,242

$16,080

$11,720

12/20

$12,774

$16,930

$16,827

$11,736

1/21

$12,663

$16,762

$16,751

$11,652

2/21

$12,809

$17,192

$17,139

$11,484

3/21

$13,005

$17,764

$17,596

$11,340

4/21

$13,262

$18,590

$18,366

$11,430

5/21

$13,424

$18,858

$18,651

$11,467

6/21

$13,432

$19,139

$18,897

$11,548

7/21

$13,373

$19,482

$19,027

$11,677

8/21

$13,509

$19,967

$19,504

$11,655

9/21

$13,159

$19,138

$18,698

$11,554

10/21

$13,450

$20,222

$19,652

$11,551

11/21

$13,244

$19,779

$19,179

$11,585

12/21

$13,554

$20,624

$19,946

$11,555

1/22

$13,205

$19,533

$18,967

$11,306

2/22

$12,963

$19,039

$18,477

$11,180

3/22

$12,954

$19,561

$18,877

$10,869

4/22

$12,327

$17,936

$17,366

$10,457

5/22

$12,372

$17,950

$17,386

$10,524

6/22

$11,835

$16,395

$15,921

$10,359

7/22

$12,220

$17,697

$17,033

$10,612

8/22

$11,763

$16,957

$16,406

$10,313

9/22

$10,993

$15,380

$14,835

$9,867

10/22

$11,020

$16,485

$15,730

$9,739

11/22

$11,692

$17,631

$16,950

$10,097

12/22

$11,443

$16,882

$16,283

$10,052

1/23

$11,918

$18,077

$17,451

$10,361

2/23

$11,550

$17,642

$16,950

$10,093

3/23

$11,935

$18,188

$17,473

$10,350

4/23

$12,052

$18,506

$17,724

$10,412

5/23

$11,828

$18,322

$17,534

$10,299

6/23

$11,971

$19,430

$18,552

$10,262

7/23

$12,025

$20,082

$19,232

$10,255

8/23

$11,792

$19,603

$18,694

$10,189

9/23

$11,300

$18,757

$17,921

$9,931

10/23

$11,031

$18,213

$17,382

$9,774

11/23

$11,658

$19,920

$18,987

$10,216

12/23

$12,103

$20,898

$19,899

$10,608

1/24

$12,031

$21,149

$20,015

$10,578

2/24

$12,167

$22,046

$20,874

$10,429

3/24

$12,385

$22,754

$21,530

$10,525

4/24

$12,067

$21,909

$20,819

$10,259

5/24

$12,421

$22,887

$21,665

$10,433

6/24

$12,567

$23,353

$22,147

$10,532

7/24

$12,857

$23,765

$22,504

$10,778

8/24

$13,030

$24,393

$23,076

$10,933

9/24

$13,194

$24,839

$23,612

$11,079

10/24

$12,912

$24,347

$23,082

$10,805

11/24

$13,212

$25,464

$23,945

$10,919

12/24

$12,905

$24,800

$23,379

$10,740

1/25

$13,070

$25,675

$24,163

$10,797

2/25

$13,107

$25,491

$24,018

$11,035

3/25

$12,850

$24,356

$23,069

$11,039

4/25

$12,951

$24,572

$23,284

$11,082

5/25

$13,199

$26,027

$24,622

$11,003

6/25

$13,530

$27,150

$25,728

$11,172

7/25

$13,512

$27,499

$26,077

$11,143

8/25

$13,705

$28,217

$26,721

$11,276

9/25

$14,045

$29,124

$27,689

$11,399

10/25

$14,275

$29,707

$28,309

$11,470

11/25

$14,312

$29,791

$28,305

$11,541

12/25

$14,419

$30,032

$28,601

$11,524

1/26

$14,774

$30,704

$29,449

$11,537

2/26

$14,924

$30,929

$29,827

$11,726

3/26

$14,139

$28,959

$27,685

$11,519

4/26

$15,027

$31,736

$30,502

$11,532

5/26

$15,428

$33,181

$32,075

$11,568

6/26

$15,475

$32,943

$31,818

$11,596

7/26

$15,260

$33,112

$31,842

$11,445

8/26

$15,758

$33,965

$32,693

$11,489

Average Annual Total Returns (%)Footnote Reference1

Table Summary

Fund

1 Year

5 Years

10 Years

Class C, with conversion to Class A after 8 years

13.26%

2.81%

4.65%

Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years

12.26%

2.81%

4.65%

MSCI World Index (net of foreign withholding taxes)

20.37%

11.20%

13.00%

MSCI ACWI Index (net of foreign withholding taxes)

22.35%

10.88%

12.57%

Bloomberg U.S. Aggregate Bond Index

1.89%

(0.29)%

1.40%

Blended Index (60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index)

13.95%

6.45%

8.20%

Footnote Description

Footnote1

 Performance prior to August 18, 2025 reflects the Fund’s performance under its former principal investment strategies and is that of the Fund’s former investment sub-adviser.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$206,898,592

# of Portfolio Holdings

232

Portfolio Turnover Rate

107%

Total Advisory Fees Paid

$1,310,691

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Sovereign Government Bonds

3.1%

Short-Term Investments

4.4%

Exchange-Traded Funds

37.2%

Common Stocks

55.3%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Eaton Vance Total Return Bond ETF

11.0%

Eaton Vance Mortgage Opportunities ETF

8.6%

Vanguard Emerging Markets Government Bond ETF

5.0%

iShares Core MSCI Emerging Markets ETF

5.0%

iShares TIPS Bond ETF

3.5%

NVIDIA Corp.

3.2%

Brazil Letras do Tesouro Nacional, 0.00%, 1/1/29

3.1%

Microsoft Corp.

2.5%

Apple, Inc.

2.4%

Amazon.com, Inc.

1.7%

Total

46.0%

Footnote Description

Footnotea

 Excluding cash equivalents

Material Fund Changes 

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 1, 2027 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily because the reduction in the investment adviser and administration fee and the agreement to reimburse the Fund’s expenses, both effective August 18, 2025, were in effect throughout the current fiscal year. The decrease also reflected a reduction in the investment adviser and administration fee due to the Fund’s investments in affiliated funds.

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

ECRAX-TSR-AR

Eaton Vance All Asset Strategy Fund

Image

Class I EIRAX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance All Asset Strategy Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class I

$81

0.76%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to 60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index (the Blended Index):

↑ An overweight exposure to equities and an underweight exposure to fixed income assets helped relative returns

↑ An overweight exposure to emerging markets (EM), particularly South Korea and Taiwan, contributed to performance

↑ An overweight exposure to EM government bonds also added to returns

↓ Exposure to the global equities basket detracted from performance

↓ Exposure to Treasury Inflation-Protected Securities mildly detracted from performance

Fund Performance

Comparison of the change in value of a $1,000,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class I

MSCI World Index

MSCI ACWI Index

Bloomberg U.S. Aggregate Bond Index

8/16

$1,000,000

$1,000,000

$1,000,000

$1,000,000

9/16

$1,005,331

$1,005,312

$1,006,129

$999,414

10/16

$991,622

$985,856

$989,052

$991,770

11/16

$993,907

$1,000,032

$996,568

$968,311

12/16

$1,011,146

$1,023,961

$1,018,096

$969,676

1/17

$1,030,325

$1,048,674

$1,045,934

$971,579

2/17

$1,049,505

$1,077,768

$1,075,274

$978,109

3/17

$1,057,177

$1,089,249

$1,088,428

$977,596

4/17

$1,064,849

$1,105,377

$1,105,391

$985,140

5/17

$1,072,521

$1,128,761

$1,129,801

$992,723

6/17

$1,077,891

$1,133,104

$1,134,939

$991,724

7/17

$1,103,208

$1,160,221

$1,166,656

$995,991

8/17

$1,103,975

$1,161,855

$1,171,126

$1,004,925

9/17

$1,120,086

$1,187,932

$1,193,752

$1,000,139

10/17

$1,139,265

$1,210,382

$1,218,541

$1,000,718

11/17

$1,149,239

$1,236,608

$1,242,130

$999,434

12/17

$1,162,905

$1,253,332

$1,262,155

$1,004,021

1/18

$1,216,300

$1,319,508

$1,333,361

$992,458

2/18

$1,176,254

$1,264,844

$1,277,362

$983,050

3/18

$1,156,623

$1,237,275

$1,250,018

$989,354

4/18

$1,150,341

$1,251,493

$1,261,955

$981,996

5/18

$1,166,831

$1,259,335

$1,263,531

$989,004

6/18

$1,155,053

$1,258,734

$1,256,688

$987,788

7/18

$1,182,535

$1,298,049

$1,294,586

$988,022

8/18

$1,192,743

$1,314,109

$1,304,757

$994,380

9/18

$1,195,884

$1,321,427

$1,310,435

$987,977

10/18

$1,121,288

$1,224,397

$1,212,233

$980,169

11/18

$1,135,422

$1,238,306

$1,229,962

$986,020

12/18

$1,076,602

$1,144,148

$1,143,330

$1,004,135

1/19

$1,114,561

$1,233,169

$1,233,607

$1,014,798

2/19

$1,133,137

$1,270,250

$1,266,603

$1,014,210

3/19

$1,145,252

$1,286,934

$1,282,532

$1,033,685

4/19

$1,158,175

$1,332,568

$1,325,837

$1,033,950

5/19

$1,128,291

$1,255,678

$1,247,190

$1,052,304

6/19

$1,163,021

$1,338,421

$1,328,855

$1,065,519

7/19

$1,164,636

$1,345,050

$1,332,749

$1,067,862

8/19

$1,166,251

$1,317,538

$1,301,133

$1,095,533

9/19

$1,170,289

$1,345,576

$1,328,511

$1,089,698

10/19

$1,181,597

$1,379,818

$1,364,871

$1,092,980

11/19

$1,195,327

$1,418,246

$1,398,189

$1,092,424

12/19

$1,214,669

$1,460,734

$1,447,427

$1,091,662

1/20

$1,220,581

$1,451,843

$1,431,439

$1,112,671

2/20

$1,194,396

$1,329,126

$1,315,822

$1,132,697

3/20

$1,138,646

$1,153,226

$1,138,181

$1,126,032

4/20

$1,186,794

$1,279,209

$1,260,109

$1,146,048

5/20

$1,207,911

$1,341,005

$1,314,912

$1,151,384

6/20

$1,220,581

$1,376,476

$1,356,927

$1,158,637

7/20

$1,256,059

$1,442,329

$1,428,691

$1,175,943

8/20

$1,285,623

$1,538,697

$1,516,134

$1,166,451

9/20

$1,267,884

$1,485,613

$1,467,249

$1,165,812

10/20

$1,248,456

$1,440,042

$1,431,582

$1,160,606

11/20

$1,310,964

$1,624,168

$1,608,043

$1,171,994

12/20

$1,333,971

$1,693,027

$1,682,704

$1,173,609

1/21

$1,322,644

$1,676,201

$1,675,051

$1,165,195

2/21

$1,340,071

$1,719,152

$1,713,851

$1,148,369

3/21

$1,360,982

$1,776,352

$1,759,627

$1,134,029

4/21

$1,388,864

$1,859,024

$1,836,562

$1,142,988

5/21

$1,407,161

$1,885,804

$1,865,143

$1,146,722

6/21

$1,409,775

$1,913,915

$1,889,724

$1,154,779

7/21

$1,404,547

$1,948,195

$1,902,743

$1,167,691

8/21

$1,420,231

$1,996,683

$1,950,367

$1,165,468

9/21

$1,383,636

$1,913,779

$1,869,798

$1,155,377

10/21

$1,415,874

$2,022,177

$1,965,239

$1,155,059

11/21

$1,394,963

$1,977,865

$1,917,915

$1,158,476

12/21

$1,429,455

$2,062,399

$1,994,633

$1,155,512

1/22

$1,393,534

$1,953,276

$1,896,671

$1,130,617

2/22

$1,369,587

$1,903,875

$1,847,686

$1,118,004

3/22

$1,369,587

$1,956,124

$1,887,705

$1,086,944

4/22

$1,304,194

$1,793,622

$1,736,609

$1,045,696

5/22

$1,309,720

$1,794,980

$1,738,642

$1,052,438

6/22

$1,254,457

$1,639,496

$1,592,081

$1,035,928

7/22

$1,295,904

$1,769,666

$1,703,260

$1,061,240

8/22

$1,248,931

$1,695,680

$1,640,554

$1,031,253

9/22

$1,167,880

$1,538,049

$1,483,505

$986,696

10/22

$1,172,485

$1,648,501

$1,573,030

$973,916

11/22

$1,244,326

$1,763,122

$1,695,040

$1,009,733

12/22

$1,218,947

$1,688,247

$1,628,338

$1,005,178

1/23

$1,270,164

$1,807,701

$1,745,053

$1,036,102

2/23

$1,231,984

$1,764,247

$1,695,039

$1,009,313

3/23

$1,274,820

$1,818,761

$1,747,302

$1,034,952

4/23

$1,287,857

$1,850,643

$1,772,415

$1,041,224

5/23

$1,265,508

$1,832,168

$1,753,431

$1,029,887

6/23

$1,281,338

$1,942,973

$1,855,237

$1,026,214

7/23

$1,287,857

$2,008,243

$1,923,154

$1,025,498

8/23

$1,263,645

$1,960,275

$1,869,413

$1,018,948

9/23

$1,212,429

$1,875,711

$1,792,112

$993,055

10/23

$1,185,424

$1,821,286

$1,738,228

$977,383

11/23

$1,253,402

$1,992,035

$1,898,660

$1,021,645

12/23

$1,301,898

$2,089,833

$1,989,860

$1,060,753

1/24

$1,296,167

$2,114,912

$2,001,525

$1,057,840

2/24

$1,311,449

$2,204,579

$2,087,417

$1,042,894

3/24

$1,335,329

$2,275,423

$2,152,955

$1,052,524

4/24

$1,302,853

$2,190,903

$2,081,923

$1,025,939

5/24

$1,341,060

$2,288,731

$2,166,477

$1,043,332

6/24

$1,358,253

$2,335,302

$2,214,729

$1,053,210

7/24

$1,391,684

$2,376,456

$2,250,447

$1,077,810

8/24

$1,410,787

$2,439,267

$2,307,601

$1,093,298

9/24

$1,429,891

$2,483,939

$2,361,209

$1,107,936

10/24

$1,401,236

$2,434,666

$2,308,207

$1,080,461

11/24

$1,433,711

$2,546,384

$2,394,543

$1,091,884

12/24

$1,401,904

$2,480,024

$2,337,860

$1,074,015

1/25

$1,421,456

$2,567,540

$2,416,333

$1,079,713

2/25

$1,426,344

$2,549,061

$2,401,776

$1,103,468

3/25

$1,398,971

$2,435,576

$2,306,894

$1,103,883

4/25

$1,411,680

$2,457,221

$2,328,410

$1,108,222

5/25

$1,440,031

$2,602,668

$2,462,244

$1,100,287

6/25

$1,477,180

$2,714,981

$2,572,802

$1,117,205

7/25

$1,477,180

$2,749,930

$2,607,694

$1,114,258

8/25

$1,499,665

$2,821,663

$2,672,080

$1,127,585

9/25

$1,537,793

$2,912,368

$2,768,921

$1,139,886

10/25

$1,564,188

$2,970,689

$2,830,851

$1,147,008

11/25

$1,570,054

$2,979,081

$2,830,536

$1,154,135

12/25

$1,582,680

$3,003,162

$2,860,077

$1,152,428

1/26

$1,621,870

$3,070,370

$2,944,863

$1,153,658

2/26

$1,640,962

$3,092,861

$2,982,721

$1,172,551

3/26

$1,554,543

$2,895,861

$2,768,510

$1,151,886

4/26

$1,654,026

$3,173,627

$3,050,166

$1,153,181

5/26

$1,700,250

$3,318,094

$3,207,544

$1,156,768

6/26

$1,706,279

$3,294,285

$3,181,815

$1,159,558

7/26

$1,685,177

$3,311,191

$3,184,249

$1,144,450

8/26

$1,714,318

$3,396,519

$3,269,271

$1,148,905

Average Annual Total Returns (%)Footnote Reference1

Table Summary

Fund

1 Year

5 Years

10 Years

Class I

14.31%

3.83%

5.53%

MSCI World Index (net of foreign withholding taxes)

20.37%

11.20%

13.00%

MSCI ACWI Index (net of foreign withholding taxes)

22.35%

10.88%

12.57%

Bloomberg U.S. Aggregate Bond Index

1.89%

(0.29)%

1.40%

Blended Index (60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index)

13.95%

6.45%

8.20%

Footnote Description

Footnote1

 Performance prior to August 18, 2025 reflects the Fund’s performance under its former principal investment strategies and is that of the Fund’s former investment sub-adviser.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$206,898,592

# of Portfolio Holdings

232

Portfolio Turnover Rate

107%

Total Advisory Fees Paid

$1,310,691

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Asset Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Sovereign Government Bonds

3.1%

Short-Term Investments

4.4%

Exchange-Traded Funds

37.2%

Common Stocks

55.3%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Eaton Vance Total Return Bond ETF

11.0%

Eaton Vance Mortgage Opportunities ETF

8.6%

Vanguard Emerging Markets Government Bond ETF

5.0%

iShares Core MSCI Emerging Markets ETF

5.0%

iShares TIPS Bond ETF

3.5%

NVIDIA Corp.

3.2%

Brazil Letras do Tesouro Nacional, 0.00%, 1/1/29

3.1%

Microsoft Corp.

2.5%

Apple, Inc.

2.4%

Amazon.com, Inc.

1.7%

Total

46.0%

Footnote Description

Footnotea

 Excluding cash equivalents

Material Fund Changes 

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 1, 2027 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily because the reduction in the investment adviser and administration fee and the agreement to reimburse the Fund’s expenses, both effective August 18, 2025, were in effect throughout the current fiscal year. The decrease also reflected a reduction in the investment adviser and administration fee due to the Fund’s investments in affiliated funds.

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

EIRAX-TSR-AR

Eaton Vance Equity Strategy Fund

Image

Class A ERBAX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance Equity Strategy Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class A

$121

1.10%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI ACWI Index (the Index):

↓ Security selection in the global equities basket detracted from returns during the period

↓ Exposure to Brazil and India equity markets also detracted from performance

↓ Exposure to China equity markets modestly detracted from performance

↑ Exposure to core emerging markets contributed to returns

↑ Exposure to Taiwan and South Korea equities also contributed to returns

↑ Exposure to S&P 500 stocks basket also added to returns during the period

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class A with Maximum Sales Charge

MSCI ACWI Index

8/16

$10,000

$10,000

9/16

$9,533

$10,061

10/16

$9,385

$9,891

11/16

$9,673

$9,966

12/16

$9,875

$10,181

1/17

$10,099

$10,459

2/17

$10,350

$10,753

3/17

$10,443

$10,884

4/17

$10,555

$11,054

5/17

$10,648

$11,298

6/17

$10,727

$11,349

7/17

$11,064

$11,667

8/17

$11,051

$11,711

9/17

$11,296

$11,938

10/17

$11,593

$12,185

11/17

$11,765

$12,421

12/17

$11,919

$12,622

1/18

$12,679

$13,334

2/18

$12,149

$12,774

3/18

$11,891

$12,500

4/18

$11,772

$12,620

5/18

$12,037

$12,635

6/18

$11,870

$12,567

7/18

$12,211

$12,946

8/18

$12,267

$13,048

9/18

$12,288

$13,104

10/18

$11,228

$12,122

11/18

$11,493

$12,300

12/18

$10,495

$11,433

1/19

$11,207

$12,336

2/19

$11,544

$12,666

3/19

$11,786

$12,825

4/19

$12,080

$13,258

5/19

$11,427

$12,472

6/19

$12,080

$13,289

7/19

$12,102

$13,327

8/19

$12,109

$13,011

9/19

$12,212

$13,285

10/19

$12,462

$13,649

11/19

$12,755

$13,982

12/19

$13,155

$14,474

1/20

$13,139

$14,314

2/20

$12,274

$13,158

3/20

$11,089

$11,382

4/20

$12,018

$12,601

5/20

$12,547

$13,149

6/20

$12,771

$13,569

7/20

$13,500

$14,287

8/20

$14,276

$15,161

9/20

$13,788

$14,672

10/20

$13,451

$14,316

11/20

$14,741

$16,080

12/20

$15,287

$16,827

1/21

$15,131

$16,751

2/21

$15,721

$17,139

3/21

$16,296

$17,596

4/21

$16,928

$18,366

5/21

$17,297

$18,651

6/21

$17,297

$18,897

7/21

$17,174

$19,027

8/21

$17,518

$19,504

9/21

$16,805

$18,698

10/21

$17,576

$19,652

11/21

$17,149

$19,179

12/21

$17,919

$19,946

1/22

$17,382

$18,967

2/22

$16,955

$18,477

3/22

$17,187

$18,877

4/22

$15,973

$17,366

5/22

$16,084

$17,386

6/22

$14,981

$15,921

7/22

$15,769

$17,033

8/22

$15,157

$16,406

9/22

$13,729

$14,835

10/22

$14,499

$15,730

11/22

$15,750

$16,950

12/22

$15,240

$16,283

1/23

$15,995

$17,451

2/23

$15,475

$16,950

3/23

$16,151

$17,473

4/23

$16,475

$17,724

5/23

$16,053

$17,534

6/23

$16,749

$18,552

7/23

$17,287

$19,232

8/23

$16,739

$18,694

9/23

$15,936

$17,921

10/23

$15,564

$17,382

11/23

$16,710

$18,987

12/23

$17,426

$19,899

1/24

$17,278

$20,015

2/24

$18,022

$20,874

3/24

$18,596

$21,530

4/24

$18,139

$20,819

5/24

$18,936

$21,665

6/24

$19,245

$22,147

7/24

$19,744

$22,504

8/24

$20,031

$23,076

9/24

$20,287

$23,612

10/24

$19,925

$23,082

11/24

$20,712

$23,945

12/24

$19,985

$23,379

1/25

$20,471

$24,163

2/25

$20,195

$24,018

3/25

$19,433

$23,069

4/25

$19,544

$23,284

5/25

$20,593

$24,622

6/25

$21,365

$25,728

7/25

$21,531

$26,077

8/25

$21,940

$26,721

9/25

$22,713

$27,689

10/25

$23,265

$28,309

11/25

$23,298

$28,305

12/25

$23,597

$28,601

1/26

$24,351

$29,449

2/26

$24,598

$29,827

3/26

$22,921

$27,685

4/26

$25,144

$30,502

5/26

$26,132

$32,075

6/26

$26,236

$31,818

7/26

$25,820

$31,842

8/26

$26,484

$32,693

Average Annual Total Returns (%)Footnote Reference1

Table Summary

Fund

1 Year

5 Years

10 Years

Class A

20.71%

8.61%

10.82%

Class A with 5.25% Maximum Sales Charge

14.38%

7.45%

10.22%

MSCI ACWI Index (net of foreign withholding taxes)

22.35%

10.88%

12.57%

Footnote Description

Footnote1

 Performance prior to August 18, 2025 reflects the Fund’s performance under its former principal investment strategies and is that of the Fund’s former investment sub-adviser.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$605,561,232

# of Portfolio Holdings

250

Portfolio Turnover Rate

190%

Total Advisory Fees Paid

$3,824,222

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Real Estate

1.0%

Materials

1.5%

Consumer Staples

1.6%

Energy

1.8%

Short-Term Investments

3.7%

Communication Services

5.3%

Utilities

5.5%

Consumer Discretionary

6.7%

Health Care

7.7%

Exchange-Traded Funds

11.2%

Industrials

11.6%

Financials

15.8%

Information Technology

26.6%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

iShares Core MSCI Emerging Markets ETF

4.8%

NVIDIA Corp.

4.8%

Microsoft Corp.

3.7%

Apple, Inc.

3.5%

Amazon.com, Inc.

2.5%

Alphabet, Inc., Class A

2.3%

Broadcom, Inc.

1.8%

iShares MSCI Brazil ETF

1.8%

iShares MSCI Taiwan ETF

1.6%

Micron Technology, Inc.

1.3%

Total

28.1%

Footnote Description

Footnotea

 Excluding cash equivalents

Material Fund Changes 

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 1, 2027 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily because the reduction in the investment adviser and administration fee and the agreement to reimburse the Fund’s expenses, both effective August 18, 2025, were in effect throughout the current fiscal year.

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

ERBAX-TSR-AR

Eaton Vance Equity Strategy Fund

Image

Class C ERBCX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance Equity Strategy Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class C

$203

1.85%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI ACWI Index (the Index):

↓ Security selection in the global equities basket detracted from returns during the period

↓ Exposure to Brazil and India equity markets also detracted from performance

↓ Exposure to China equity markets modestly detracted from performance

↑ Exposure to core emerging markets contributed to returns

↑ Exposure to Taiwan and South Korea equities also contributed to returns

↑ Exposure to S&P 500 stocks basket also added to returns during the period

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class C

MSCI ACWI Index

8/16

$10,000

$10,000

9/16

$10,055

$10,061

10/16

$9,890

$9,891

11/16

$10,192

$9,966

12/16

$10,394

$10,181

1/17

$10,626

$10,459

2/17

$10,886

$10,753

3/17

$10,977

$10,884

4/17

$11,089

$11,054

5/17

$11,180

$11,298

6/17

$11,251

$11,349

7/17

$11,601

$11,667

8/17

$11,580

$11,711

9/17

$11,826

$11,938

10/17

$12,128

$12,185

11/17

$12,296

$12,421

12/17

$12,455

$12,622

1/18

$13,241

$13,334

2/18

$12,675

$12,774

3/18

$12,403

$12,500

4/18

$12,271

$12,620

5/18

$12,536

$12,635

6/18

$12,352

$12,567

7/18

$12,705

$12,946

8/18

$12,756

$13,048

9/18

$12,764

$13,104

10/18

$11,653

$12,122

11/18

$11,925

$12,300

12/18

$10,884

$11,433

1/19

$11,609

$12,336

2/19

$11,955

$12,666

3/19

$12,202

$12,825

4/19

$12,495

$13,258

5/19

$11,809

$12,472

6/19

$12,480

$13,289

7/19

$12,495

$13,327

8/19

$12,495

$13,011

9/19

$12,595

$13,285

10/19

$12,850

$13,649

11/19

$13,135

$13,982

12/19

$13,546

$14,474

1/20

$13,520

$14,314

2/20

$12,619

$13,158

3/20

$11,391

$11,382

4/20

$12,335

$12,601

5/20

$12,877

$13,149

6/20

$13,095

$13,569

7/20

$13,838

$14,287

8/20

$14,614

$15,161

9/20

$14,113

$14,672

10/20

$13,763

$14,316

11/20

$15,065

$16,080

12/20

$15,614

$16,827

1/21

$15,452

$16,751

2/21

$16,040

$17,139

3/21

$16,611

$17,596

4/21

$17,250

$18,366

5/21

$17,608

$18,651

6/21

$17,600

$18,897

7/21

$17,472

$19,027

8/21

$17,813

$19,504

9/21

$17,071

$18,698

10/21

$17,847

$19,652

11/21

$17,395

$19,179

12/21

$18,167

$19,946

1/22

$17,613

$18,967

2/22

$17,172

$18,477

3/22

$17,393

$18,877

4/22

$16,158

$17,366

5/22

$16,254

$17,386

6/22

$15,135

$15,921

7/22

$15,919

$17,033

8/22

$15,288

$16,406

9/22

$13,843

$14,835

10/22

$14,609

$15,730

11/22

$15,862

$16,950

12/22

$15,335

$16,283

1/23

$16,090

$17,451

2/23

$15,556

$16,950

3/23

$16,220

$17,473

4/23

$16,542

$17,724

5/23

$16,110

$17,534

6/23

$16,784

$18,552

7/23

$17,317

$19,232

8/23

$16,754

$18,694

9/23

$15,949

$17,921

10/23

$15,566

$17,382

11/23

$16,703

$18,987

12/23

$17,400

$19,899

1/24

$17,248

$20,015

2/24

$17,975

$20,874

3/24

$18,539

$21,530

4/24

$18,073

$20,819

5/24

$18,854

$21,665

6/24

$19,158

$22,147

7/24

$19,635

$22,504

8/24

$19,906

$23,076

9/24

$20,145

$23,612

10/24

$19,776

$23,082

11/24

$20,546

$23,945

12/24

$19,815

$23,379

1/25

$20,285

$24,163

2/25

$19,994

$24,018

3/25

$19,232

$23,069

4/25

$19,322

$23,284

5/25

$20,353

$24,622

6/25

$21,103

$25,728

7/25

$21,249

$26,077

8/25

$21,641

$26,721

9/25

$22,391

$27,689

10/25

$22,929

$28,309

11/25

$22,940

$28,305

12/25

$23,221

$28,601

1/26

$23,944

$29,449

2/26

$24,167

$29,827

3/26

$22,512

$27,685

4/26

$24,679

$30,502

5/26

$25,625

$32,075

6/26

$25,717

$31,818

7/26

$25,297

$31,842

8/26

$26,317

$32,693

Average Annual Total Returns (%)Footnote Reference1

Table Summary

Fund

1 Year

5 Years

10 Years

Class C, with conversion to Class A after 8 years

19.81%

7.79%

10.15%

Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years

18.81%

7.79%

10.15%

MSCI ACWI Index (net of foreign withholding taxes)

22.35%

10.88%

12.57%

Footnote Description

Footnote1

 Performance prior to August 18, 2025 reflects the Fund’s performance under its former principal investment strategies and is that of the Fund’s former investment sub-adviser.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$605,561,232

# of Portfolio Holdings

250

Portfolio Turnover Rate

190%

Total Advisory Fees Paid

$3,824,222

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Real Estate

1.0%

Materials

1.5%

Consumer Staples

1.6%

Energy

1.8%

Short-Term Investments

3.7%

Communication Services

5.3%

Utilities

5.5%

Consumer Discretionary

6.7%

Health Care

7.7%

Exchange-Traded Funds

11.2%

Industrials

11.6%

Financials

15.8%

Information Technology

26.6%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

iShares Core MSCI Emerging Markets ETF

4.8%

NVIDIA Corp.

4.8%

Microsoft Corp.

3.7%

Apple, Inc.

3.5%

Amazon.com, Inc.

2.5%

Alphabet, Inc., Class A

2.3%

Broadcom, Inc.

1.8%

iShares MSCI Brazil ETF

1.8%

iShares MSCI Taiwan ETF

1.6%

Micron Technology, Inc.

1.3%

Total

28.1%

Footnote Description

Footnotea

 Excluding cash equivalents

Material Fund Changes 

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 1, 2027 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily because the reduction in the investment adviser and administration fee and the agreement to reimburse the Fund’s expenses, both effective August 18, 2025, were in effect throughout the current fiscal year.

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

ERBCX-TSR-AR

Eaton Vance Equity Strategy Fund

Image

Class I ERBIX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance Equity Strategy Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

This report describes changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class I

$94

0.85%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI ACWI Index (the Index):

↓ Security selection in the global equities basket detracted from returns during the period

↓ Exposure to Brazil and India equity markets also detracted from performance

↓ Exposure to China equity markets modestly detracted from performance

↑ Exposure to core emerging markets contributed to returns

↑ Exposure to Taiwan and South Korea equities also contributed to returns

↑ Exposure to S&P 500 stocks basket also added to returns during the period

Fund Performance

Comparison of the change in value of a $1,000,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class I

MSCI ACWI Index

8/16

$1,000,000

$1,000,000

9/16

$1,006,065

$1,006,129

10/16

$990,566

$989,052

11/16

$1,021,563

$996,568

12/16

$1,043,527

$1,018,096

1/17

$1,066,561

$1,045,934

2/17

$1,093,784

$1,075,274

3/17

$1,103,556

$1,088,428

4/17

$1,116,120

$1,105,391

5/17

$1,126,590

$1,129,801

6/17

$1,134,269

$1,134,939

7/17

$1,170,565

$1,166,656

8/17

$1,169,867

$1,171,126

9/17

$1,195,694

$1,193,752

10/17

$1,227,104

$1,218,541

11/17

$1,245,252

$1,242,130

12/17

$1,261,858

$1,262,155

1/18

$1,343,078

$1,333,361

2/18

$1,286,962

$1,277,362

3/18

$1,259,643

$1,250,018

4/18

$1,247,829

$1,261,955

5/18

$1,275,887

$1,263,531

6/18

$1,258,166

$1,256,688

7/18

$1,295,084

$1,294,586

8/18

$1,301,730

$1,304,757

9/18

$1,303,206

$1,310,435

10/18

$1,190,975

$1,212,233

11/18

$1,219,772

$1,229,962

12/18

$1,114,141

$1,143,330

1/19

$1,189,715

$1,233,607

2/19

$1,226,334

$1,266,603

3/19

$1,252,045

$1,282,532

4/19

$1,283,210

$1,325,837

5/19

$1,213,868

$1,247,190

6/19

$1,283,989

$1,328,855

7/19

$1,286,326

$1,332,749

8/19

$1,287,884

$1,301,133

9/19

$1,298,792

$1,328,511

10/19

$1,326,061

$1,364,871

11/19

$1,357,226

$1,398,189

12/19

$1,400,109

$1,447,427

1/20

$1,399,257

$1,431,439

2/20

$1,307,223

$1,315,822

3/20

$1,180,250

$1,138,181

4/20

$1,279,953

$1,260,109

5/20

$1,337,049

$1,314,912

6/20

$1,360,909

$1,356,927

7/20

$1,438,456

$1,428,691

8/20

$1,521,116

$1,516,134

9/20

$1,469,986

$1,467,249

10/20

$1,435,048

$1,431,582

11/20

$1,572,246

$1,608,043

12/20

$1,630,816

$1,682,704

1/21

$1,615,068

$1,675,051

2/21

$1,678,061

$1,713,851

3/21

$1,739,304

$1,759,627

4/21

$1,807,546

$1,836,562

5/21

$1,846,917

$1,865,143

6/21

$1,847,792

$1,889,724

7/21

$1,834,668

$1,902,743

8/21

$1,872,289

$1,950,367

9/21

$1,796,172

$1,869,798

10/21

$1,879,288

$1,965,239

11/21

$1,832,918

$1,917,915

12/21

$1,916,047

$1,994,633

1/22

$1,859,576

$1,896,671

2/22

$1,814,003

$1,847,686

3/22

$1,839,761

$1,887,705

4/22

$1,709,978

$1,736,609

5/22

$1,721,866

$1,738,642

6/22

$1,603,971

$1,592,081

7/22

$1,689,172

$1,703,260

8/22

$1,623,785

$1,640,554

9/22

$1,471,215

$1,483,505

10/22

$1,554,435

$1,573,030

11/22

$1,688,182

$1,695,040

12/22

$1,633,368

$1,628,338

1/23

$1,715,246

$1,745,053

2/23

$1,659,611

$1,695,039

3/23

$1,732,041

$1,747,302

4/23

$1,767,732

$1,772,415

5/23

$1,723,644

$1,753,431

6/23

$1,797,124

$1,855,237

7/23

$1,855,909

$1,923,154

8/23

$1,797,124

$1,869,413

9/23

$1,712,097

$1,792,112

10/23

$1,672,207

$1,738,228

11/23

$1,796,075

$1,898,660

12/23

$1,872,026

$1,989,860

1/24

$1,857,178

$2,001,525

2/24

$1,937,130

$2,087,417

3/24

$1,999,950

$2,152,955

4/24

$1,950,836

$2,081,923

5/24

$2,037,641

$2,166,477

6/24

$2,071,907

$2,214,729

7/24

$2,125,589

$2,250,447

8/24

$2,156,428

$2,307,601

9/24

$2,183,840

$2,361,209

10/24

$2,145,006

$2,308,207

11/24

$2,230,669

$2,394,543

12/24

$2,153,543

$2,337,860

1/25

$2,207,055

$2,416,333

2/25

$2,176,137

$2,401,776

3/25

$2,095,275

$2,306,894

4/25

$2,107,166

$2,328,410

5/25

$2,221,324

$2,462,244

6/25

$2,304,564

$2,572,802

7/25

$2,323,591

$2,607,694

8/25

$2,367,589

$2,672,080

9/25

$2,450,829

$2,768,921

10/25

$2,512,665

$2,830,851

11/25

$2,516,232

$2,830,536

12/25

$2,548,882

$2,860,077

1/26

$2,631,693

$2,944,863

2/26

$2,656,957

$2,982,721

3/26

$2,477,300

$2,768,510

4/26

$2,717,311

$3,050,166

5/26

$2,825,385

$3,207,544

6/26

$2,838,018

$3,181,815

7/26

$2,793,103

$3,184,249

8/26

$2,864,685

$3,269,271

Average Annual Total Returns (%)Footnote Reference1

Table Summary

Fund

1 Year

5 Years

10 Years

Class I

21.00%

8.87%

11.09%

MSCI ACWI Index (net of foreign withholding taxes)

22.35%

10.88%

12.57%

Footnote Description

Footnote1

 Performance prior to August 18, 2025 reflects the Fund’s performance under its former principal investment strategies and is that of the Fund’s former investment sub-adviser.

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$605,561,232

# of Portfolio Holdings

250

Portfolio Turnover Rate

190%

Total Advisory Fees Paid

$3,824,222

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Real Estate

1.0%

Materials

1.5%

Consumer Staples

1.6%

Energy

1.8%

Short-Term Investments

3.7%

Communication Services

5.3%

Utilities

5.5%

Consumer Discretionary

6.7%

Health Care

7.7%

Exchange-Traded Funds

11.2%

Industrials

11.6%

Financials

15.8%

Information Technology

26.6%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

iShares Core MSCI Emerging Markets ETF

4.8%

NVIDIA Corp.

4.8%

Microsoft Corp.

3.7%

Apple, Inc.

3.5%

Amazon.com, Inc.

2.5%

Alphabet, Inc., Class A

2.3%

Broadcom, Inc.

1.8%

iShares MSCI Brazil ETF

1.8%

iShares MSCI Taiwan ETF

1.6%

Micron Technology, Inc.

1.3%

Total

28.1%

Footnote Description

Footnotea

 Excluding cash equivalents

Material Fund Changes 

This is a summary of certain changes to the Fund since August 31, 2025. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by January 1, 2027 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

The net expense ratio decreased from the prior fiscal year primarily because the reduction in the investment adviser and administration fee and the agreement to reimburse the Fund’s expenses, both effective August 18, 2025, were in effect throughout the current fiscal year.

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

ERBIX-TSR-AR

Eaton Vance China Equity Fund

Image

Class A EVCGX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance China Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class A

$146

1.50%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI China Index (the Index):

↑ An overweight position in global semiconductor equipment maker NAURA Technology helped as the stock gained from ongoing semiconductor production localization

↑ An overweight position in China Construction Bank helped as net interest margin stabilized and state-owned enterprise bank re-rating strengthened capital base

↑ An out-of-index position in Shanghai Xizhi Technology helped as shares rallied from the initial public offering price on the AI optical-interconnect theme. The position was sold by the end of the period

↑ On a sector basis, stock selection in information technology and health care helped performance

↓ Overweight positions in Alibaba and Tencent Holdings detracted as stocks fell sharply amid a broad selloff in Chinese internet and communication services names

↓ No holdings in Bank of China Ltd. detracted as the stock rose amid demand for high-dividend-yielding financials as investors sought portfolio diversification

↓ On a sector basis, stock selection in consumer discretionary, an underweight to materials and an overweight to communication services hurt returns

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class A with Maximum Sales Charge

MSCI China Index

8/16

$10,000

$10,000

9/16

$9,768

$10,253

10/16

$9,498

$10,054

11/16

$9,336

$9,934

12/16

$8,897

$9,527

1/17

$9,394

$10,174

2/17

$9,676

$10,534

3/17

$10,013

$10,759

4/17

$10,347

$11,046

5/17

$10,774

$11,629

6/17

$11,032

$11,896

7/17

$11,595

$12,953

8/17

$11,956

$13,500

9/17

$11,980

$13,640

10/17

$12,468

$14,182

11/17

$12,848

$14,403

12/17

$13,290

$14,679

1/18

$14,359

$16,512

2/18

$13,709

$15,454

3/18

$13,583

$14,946

4/18

$13,348

$14,942

5/18

$13,746

$15,217

6/18

$13,447

$14,422

7/18

$13,264

$14,063

8/18

$12,876

$13,529

9/18

$12,787

$13,340

10/18

$11,492

$11,810

11/18

$12,147

$12,675

12/18

$11,965

$11,908

1/19

$12,811

$13,225

2/19

$13,340

$13,681

3/19

$13,915

$14,015

4/19

$14,001

$14,327

5/19

$13,012

$12,452

6/19

$13,794

$13,452

7/19

$13,599

$13,379

8/19

$13,346

$12,819

9/19

$13,317

$12,816

10/19

$13,984

$13,333

11/19

$13,875

$13,571

12/19

$14,746

$14,701

1/20

$14,092

$13,995

2/20

$14,145

$14,131

3/20

$12,844

$13,200

4/20

$13,801

$14,033

5/20

$13,670

$13,964

6/20

$14,555

$15,218

7/20

$15,530

$16,655

8/20

$16,207

$17,600

9/20

$15,761

$17,119

10/20

$16,148

$18,025

11/20

$17,205

$18,525

12/20

$18,452

$19,037

1/21

$19,355

$20,439

2/21

$19,440

$20,227

3/21

$19,113

$18,956

4/21

$19,388

$19,219

5/21

$19,807

$19,367

6/21

$19,074

$19,386

7/21

$17,706

$16,702

8/21

$17,582

$16,703

9/21

$16,986

$15,864

10/21

$17,176

$16,365

11/21

$16,672

$15,387

12/21

$16,673

$14,903

1/22

$16,246

$14,463

2/22

$15,427

$13,899

3/22

$13,541

$12,788

4/22

$13,052

$12,265

5/22

$13,334

$12,410

6/22

$14,071

$13,224

7/22

$13,045

$11,968

8/22

$12,997

$11,995

9/22

$11,317

$10,249

10/22

$9,273

$8,526

11/22

$12,412

$11,059

12/22

$12,889

$11,634

1/23

$14,371

$13,005

2/23

$13,101

$11,656

3/23

$13,079

$12,182

4/23

$12,422

$11,554

5/23

$11,043

$10,580

6/23

$11,400

$10,999

7/23

$12,458

$12,183

8/23

$11,532

$11,092

9/23

$10,991

$10,786

10/23

$10,714

$10,327

11/23

$11,094

$10,587

12/23

$10,656

$10,332

1/24

$9,183

$9,235

2/24

$9,705

$10,010

3/24

$9,801

$10,105

4/24

$10,387

$10,771

5/24

$10,775

$11,030

6/24

$10,609

$10,821

7/24

$10,125

$10,678

8/24

$10,054

$10,785

9/24

$11,987

$13,363

10/24

$11,559

$12,573

11/24

$11,132

$12,015

12/24

$11,646

$12,338

1/25

$11,832

$12,452

2/25

$12,812

$13,916

3/25

$13,339

$14,192

4/25

$12,691

$13,586

5/25

$13,088

$13,958

6/25

$13,549

$14,476

7/25

$13,946

$15,172

8/25

$14,699

$15,921

9/25

$15,825

$17,473

10/25

$15,274

$16,807

11/25

$14,959

$16,387

12/25

$14,681

$16,184

1/26

$15,117

$16,944

2/26

$14,385

$15,967

3/26

$13,488

$14,738

4/26

$14,237

$15,273

5/26

$13,710

$14,810

6/26

$13,266

$13,761

7/26

$14,031

$14,999

8/26

$13,932

$14,948

Average Annual Total Returns (%)

Table Summary

Fund

1 Year

5 Years

10 Years

Class A

(5.22)%

(4.54)%

3.93%

Class A with 5.25% Maximum Sales Charge

(10.21)%

(5.57)%

3.37%

MSCI China Index (net of foreign withholding taxes)

(6.11)%

(2.19)%

4.10%

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$33,702,059

# of Portfolio Holdings

63

Portfolio Turnover Rate

34%

Total Advisory Fees Paid

$101,348

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Short-Term Investments

0.0%Footnote Reference*

Utilities

1.1%

Real Estate

1.3%

Consumer Staples

2.1%

Energy

4.0%

Health Care

5.0%

Materials

5.3%

Industrials

7.9%

Information Technology

14.7%

Communication Services

17.7%

Consumer Discretionary

18.2%

Financials

22.7%

Footnote Description

Footnote*

 Amount is less than 0.05%.

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Tencent Holdings Ltd.

17.7%

Alibaba Group Holding Ltd.

11.2%

China Construction Bank Corp., Class H

10.0%

NAURA Technology Group Co. Ltd., Class A

4.6%

Industrial & Commercial Bank of China Ltd., Class H

3.7%

Zijin Mining Group Co. Ltd., Class H

3.6%

Wuxi Biologics Cayman, Inc.

3.3%

Ping An Insurance Group Co. of China Ltd., Class H

3.0%

Contemporary Amperex Technology Co. Ltd., Class A

2.7%

China Shenhua Energy Co. Ltd., Class H

2.1%

Total

61.9%

Footnote Description

Footnotea

 Excluding cash equivalents

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

EVCGX-TSR-AR

Eaton Vance China Equity Fund

Image

Class C ECCGX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance China Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class C

$218

2.25%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI China Index (the Index):

↑ An overweight position in global semiconductor equipment maker NAURA Technology helped as the stock gained from ongoing semiconductor production localization

↑ An overweight position in China Construction Bank helped as net interest margin stabilized and state-owned enterprise bank re-rating strengthened capital base

↑ An out-of-index position in Shanghai Xizhi Technology helped as shares rallied from the initial public offering price on the AI optical-interconnect theme. The position was sold by the end of the period

↑ On a sector basis, stock selection in information technology and health care helped performance

↓ Overweight positions in Alibaba and Tencent Holdings detracted as stocks fell sharply amid a broad selloff in Chinese internet and communication services names

↓ No holdings in Bank of China Ltd. detracted as the stock rose amid demand for high-dividend-yielding financials as investors sought portfolio diversification

↓ On a sector basis, stock selection in consumer discretionary, an underweight to materials and an overweight to communication services hurt returns

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class C

MSCI China Index

8/16

$10,000

$10,000

9/16

$10,304

$10,253

10/16

$10,010

$10,054

11/16

$9,830

$9,934

12/16

$9,364

$9,527

1/17

$9,884

$10,174

2/17

$10,175

$10,534

3/17

$10,523

$10,759

4/17

$10,865

$11,046

5/17

$11,307

$11,629

6/17

$11,572

$11,896

7/17

$12,154

$12,953

8/17

$12,527

$13,500

9/17

$12,543

$13,640

10/17

$13,047

$14,182

11/17

$13,436

$14,403

12/17

$13,889

$14,679

1/18

$14,997

$16,512

2/18

$14,312

$15,454

3/18

$14,173

$14,946

4/18

$13,923

$14,942

5/18

$14,330

$15,217

6/18

$14,005

$14,422

7/18

$13,807

$14,063

8/18

$13,396

$13,529

9/18

$13,297

$13,340

10/18

$11,939

$11,810

11/18

$12,612

$12,675

12/18

$12,422

$11,908

1/19

$13,287

$13,225

2/19

$13,827

$13,681

3/19

$14,418

$14,015

4/19

$14,501

$14,327

5/19

$13,471

$12,452

6/19

$14,266

$13,452

7/19

$14,056

$13,379

8/19

$13,789

$12,819

9/19

$13,751

$12,816

10/19

$14,431

$13,333

11/19

$14,310

$13,571

12/19

$15,198

$14,701

1/20

$14,516

$13,995

2/20

$14,569

$14,131

3/20

$13,217

$13,200

4/20

$14,195

$14,033

5/20

$14,050

$13,964

6/20

$14,949

$15,218

7/20

$15,939

$16,655

8/20

$16,628

$17,600

9/20

$16,162

$17,119

10/20

$16,543

$18,025

11/20

$17,625

$18,525

12/20

$18,885

$19,037

1/21

$19,805

$20,439

2/21

$19,877

$20,227

3/21

$19,532

$18,956

4/21

$19,798

$19,219

5/21

$20,215

$19,367

6/21

$19,453

$19,386

7/21

$18,052

$16,702

8/21

$17,915

$16,703

9/21

$17,297

$15,864

10/21

$17,477

$16,365

11/21

$16,952

$15,387

12/21

$16,946

$14,903

1/22

$16,505

$14,463

2/22

$15,663

$13,899

3/22

$13,734

$12,788

4/22

$13,233

$12,265

5/22

$13,514

$12,410

6/22

$14,251

$13,224

7/22

$13,203

$11,968

8/22

$13,150

$11,995

9/22

$11,441

$10,249

10/22

$9,369

$8,526

11/22

$12,535

$11,059

12/22

$13,007

$11,634

1/23

$14,489

$13,005

2/23

$13,202

$11,656

3/23

$13,169

$12,182

4/23

$12,505

$11,554

5/23

$11,105

$10,580

6/23

$11,461

$10,999

7/23

$12,514

$12,183

8/23

$11,575

$11,092

9/23

$11,032

$10,786

10/23

$10,741

$10,327

11/23

$11,113

$10,587

12/23

$10,662

$10,332

1/24

$9,193

$9,235

2/24

$9,706

$10,010

3/24

$9,795

$10,105

4/24

$10,379

$10,771

5/24

$10,750

$11,030

6/24

$10,582

$10,821

7/24

$10,096

$10,678

8/24

$10,016

$10,785

9/24

$11,936

$13,363

10/24

$11,503

$12,573

11/24

$11,069

$12,015

12/24

$11,572

$12,338

1/25

$11,752

$12,452

2/25

$12,721

$13,916

3/25

$13,232

$14,192

4/25

$12,577

$13,586

5/25

$12,963

$13,958

6/25

$13,412

$14,476

7/25

$13,797

$15,172

8/25

$14,533

$15,921

9/25

$15,645

$17,473

10/25

$15,080

$16,807

11/25

$14,766

$16,387

12/25

$14,481

$16,184

1/26

$14,899

$16,944

2/26

$14,164

$15,967

3/26

$13,275

$14,738

4/26

$14,010

$15,273

5/26

$13,483

$14,810

6/26

$13,039

$13,761

7/26

$13,774

$14,999

8/26

$13,674

$14,948

Average Annual Total Returns (%)

Table Summary

Fund

1 Year

5 Years

10 Years

Class C, with conversion to Class A after 8 years

(5.91)%

(5.26)%

3.18%

Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years

(6.84)%

(5.26)%

3.18%

MSCI China Index (net of foreign withholding taxes)

(6.11)%

(2.19)%

4.10%

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$33,702,059

# of Portfolio Holdings

63

Portfolio Turnover Rate

34%

Total Advisory Fees Paid

$101,348

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Short-Term Investments

0.0%Footnote Reference*

Utilities

1.1%

Real Estate

1.3%

Consumer Staples

2.1%

Energy

4.0%

Health Care

5.0%

Materials

5.3%

Industrials

7.9%

Information Technology

14.7%

Communication Services

17.7%

Consumer Discretionary

18.2%

Financials

22.7%

Footnote Description

Footnote*

 Amount is less than 0.05%.

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Tencent Holdings Ltd.

17.7%

Alibaba Group Holding Ltd.

11.2%

China Construction Bank Corp., Class H

10.0%

NAURA Technology Group Co. Ltd., Class A

4.6%

Industrial & Commercial Bank of China Ltd., Class H

3.7%

Zijin Mining Group Co. Ltd., Class H

3.6%

Wuxi Biologics Cayman, Inc.

3.3%

Ping An Insurance Group Co. of China Ltd., Class H

3.0%

Contemporary Amperex Technology Co. Ltd., Class A

2.7%

China Shenhua Energy Co. Ltd., Class H

2.1%

Total

61.9%

Footnote Description

Footnotea

 Excluding cash equivalents

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

ECCGX-TSR-AR

Eaton Vance China Equity Fund

Image

Class I EICGX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance China Equity Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class I

$122

1.25%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI China Index (the Index):

↑ An overweight position in global semiconductor equipment maker NAURA Technology helped as the stock gained from ongoing semiconductor production localization

↑ An overweight position in China Construction Bank helped as net interest margin stabilized and state-owned enterprise bank re-rating strengthened capital base

↑ An out-of-index position in Shanghai Xizhi Technology helped as shares rallied from the initial public offering price on the AI optical-interconnect theme. The position was sold by the end of the period

↑ On a sector basis, stock selection in information technology and health care helped performance

↓ Overweight positions in Alibaba and Tencent Holdings detracted as stocks fell sharply amid a broad selloff in Chinese internet and communication services names

↓ No holdings in Bank of China Ltd. detracted as the stock rose amid demand for high-dividend-yielding financials as investors sought portfolio diversification

↓ On a sector basis, stock selection in consumer discretionary, an underweight to materials and an overweight to communication services hurt returns

Fund Performance

Comparison of the change in value of a $1,000,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class I

MSCI China Index

8/16

$1,000,000

$1,000,000

9/16

$1,030,717

$1,025,273

10/16

$1,002,438

$1,005,418

11/16

$985,373

$993,384

12/16

$939,247

$952,740

1/17

$992,440

$1,017,407

2/17

$1,022,484

$1,053,408

3/17

$1,058,438

$1,075,898

4/17

$1,093,407

$1,104,590

5/17

$1,139,212

$1,162,868

6/17

$1,166,794

$1,189,635

7/17

$1,226,882

$1,295,339

8/17

$1,264,806

$1,349,963

9/17

$1,268,254

$1,363,990

10/17

$1,319,969

$1,418,200

11/17

$1,360,356

$1,440,307

12/17

$1,407,534

$1,467,879

1/18

$1,521,107

$1,651,189

2/18

$1,452,743

$1,545,446

3/18

$1,440,063

$1,494,579

4/18

$1,415,253

$1,494,225

5/18

$1,457,705

$1,521,668

6/18

$1,426,279

$1,442,237

7/18

$1,407,534

$1,406,264

8/18

$1,366,736

$1,352,880

9/18

$1,357,364

$1,333,953

10/18

$1,220,084

$1,180,958

11/18

$1,290,102

$1,267,519

12/18

$1,271,429

$1,190,805

1/19

$1,361,206

$1,322,495

2/19

$1,417,619

$1,368,147

3/19

$1,479,492

$1,401,473

4/19

$1,488,591

$1,432,692

5/19

$1,384,256

$1,245,195

6/19

$1,467,360

$1,345,194

7/19

$1,446,736

$1,337,904

8/19

$1,420,652

$1,281,904

9/19

$1,417,619

$1,281,578

10/19

$1,489,198

$1,333,312

11/19

$1,477,672

$1,357,086

12/19

$1,570,873

$1,470,134

1/20

$1,501,783

$1,399,521

2/20

$1,508,064

$1,413,130

3/20

$1,369,254

$1,319,951

4/20

$1,471,634

$1,403,296

5/20

$1,458,444

$1,396,369

6/20

$1,553,287

$1,521,788

7/20

$1,657,551

$1,665,506

8/20

$1,730,410

$1,760,031

9/20

$1,683,303

$1,711,938

10/20

$1,724,757

$1,802,486

11/20

$1,838,443

$1,852,470

12/20

$1,972,259

$1,903,735

1/21

$2,069,278

$2,043,908

2/21

$2,078,980

$2,022,744

3/21

$2,044,330

$1,895,620

4/21

$2,074,129

$1,921,928

5/21

$2,119,173

$1,936,712

6/21

$2,041,558

$1,938,608

7/21

$1,896,030

$1,670,242

8/21

$1,882,863

$1,670,309

9/21

$1,819,107

$1,586,413

10/21

$1,839,897

$1,636,472

11/21

$1,786,537

$1,538,745

12/21

$1,786,615

$1,490,256

1/22

$1,741,439

$1,446,293

2/22

$1,654,003

$1,389,890

3/22

$1,452,171

$1,278,753

4/22

$1,399,709

$1,226,532

5/22

$1,430,312

$1,240,988

6/22

$1,509,733

$1,322,394

7/22

$1,399,709

$1,196,805

8/22

$1,395,337

$1,199,478

9/22

$1,215,364

$1,024,901

10/22

$996,045

$852,618

11/22

$1,333,403

$1,105,916

12/22

$1,385,367

$1,163,435

1/23

$1,544,356

$1,300,495

2/23

$1,408,521

$1,165,571

3/23

$1,406,205

$1,218,208

4/23

$1,335,972

$1,155,384

5/23

$1,187,788

$1,057,964

6/23

$1,226,378

$1,099,940

7/23

$1,340,603

$1,218,279

8/23

$1,241,813

$1,109,177

9/23

$1,183,929

$1,078,634

10/23

$1,154,601

$1,032,657

11/23

$1,195,506

$1,058,683

12/23

$1,147,615

$1,033,160

1/24

$989,786

$923,522

2/24

$1,046,034

$1,001,044

3/24

$1,056,948

$1,010,485

4/24

$1,119,911

$1,077,137

5/24

$1,161,887

$1,102,973

6/24

$1,144,257

$1,082,132

7/24

$1,093,047

$1,067,756

8/24

$1,085,491

$1,078,484

9/24

$1,293,690

$1,336,293

10/24

$1,248,357

$1,257,259

11/24

$1,202,183

$1,201,479

12/24

$1,258,133

$1,233,793

1/25

$1,278,772

$1,245,152

2/25

$1,384,548

$1,391,616

3/25

$1,441,306

$1,419,162

4/25

$1,371,649

$1,358,564

5/25

$1,414,647

$1,395,796

6/25

$1,465,385

$1,447,649

7/25

$1,508,383

$1,517,194

8/25

$1,590,940

$1,592,095

9/25

$1,713,056

$1,747,347

10/25

$1,652,858

$1,680,662

11/25

$1,620,179

$1,638,654

12/25

$1,590,020

$1,618,400

1/26

$1,637,274

$1,694,413

2/26

$1,557,642

$1,596,683

3/26

$1,461,383

$1,473,795

4/26

$1,543,641

$1,527,345

5/26

$1,485,886

$1,481,044

6/26

$1,438,631

$1,376,106

7/26

$1,521,764

$1,499,929

8/26

$1,511,263

$1,494,793

Average Annual Total Returns (%)

Table Summary

Fund

1 Year

5 Years

10 Years

Class I

(5.01)%

(4.30)%

4.21%

MSCI China Index (net of foreign withholding taxes)

(6.11)%

(2.19)%

4.10%

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$33,702,059

# of Portfolio Holdings

63

Portfolio Turnover Rate

34%

Total Advisory Fees Paid

$101,348

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Short-Term Investments

0.0%Footnote Reference*

Utilities

1.1%

Real Estate

1.3%

Consumer Staples

2.1%

Energy

4.0%

Health Care

5.0%

Materials

5.3%

Industrials

7.9%

Information Technology

14.7%

Communication Services

17.7%

Consumer Discretionary

18.2%

Financials

22.7%

Footnote Description

Footnote*

 Amount is less than 0.05%.

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Tencent Holdings Ltd.

17.7%

Alibaba Group Holding Ltd.

11.2%

China Construction Bank Corp., Class H

10.0%

NAURA Technology Group Co. Ltd., Class A

4.6%

Industrial & Commercial Bank of China Ltd., Class H

3.7%

Zijin Mining Group Co. Ltd., Class H

3.6%

Wuxi Biologics Cayman, Inc.

3.3%

Ping An Insurance Group Co. of China Ltd., Class H

3.0%

Contemporary Amperex Technology Co. Ltd., Class A

2.7%

China Shenhua Energy Co. Ltd., Class H

2.1%

Total

61.9%

Footnote Description

Footnotea

 Excluding cash equivalents

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

EICGX-TSR-AR

Eaton Vance Worldwide Health Sciences Fund

Image

Class A ETHSX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance Worldwide Health Sciences Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class A

$121

1.13%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Health Care Index (the Index):

↓ Overweight to Zoetis, Inc. detracted due to its lowered 2026 guidance on weaker US pet demand and competition in dermatology and parasiticide products. This was sold by period end

↓ Overweight to Boston Scientific Corp. detracted as its 2026 growth outlook was cut on weaker WATCHMAN demand and electrophysiology US market share losses. This was sold by period end

↓ Overweight to CSL Ltd. hurt due to weaker US flu vaccine demand, lower immunoglobulin and China albumin sales and a chief executive officer change. This was sold by period end

↓ On an industry basis, stock selection in biotechnology detracted the most, followed by health care equipment and supplies, and life science tools and services

↑ Overweight to Eli Lilly & Co. helped as strong Mounjaro and Zepbound GLP-1 drugs sales and US approval of obesity pill Foundayo supported shares

↑ Out-of-index allocation to Structure Therapeutics, Inc. added as shares rose on strong mid-stage trial results for its oral weight-loss drug. This was sold by period end

↑ Overweight to Bristol Myers Squibb Co. helped as growth from newer drugs in cardiomyopathy and blood cancers more than offset declines in older drugs

↑ Stock selection in pharmaceuticals and health care technology helped returns

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class A with Maximum Sales Charge

MSCI World Index

MSCI World Health Care Index

S&P 500® Index

8/16

$10,000

$10,000

$10,000

$10,000

9/16

$9,475

$10,053

$9,987

$10,002

10/16

$8,624

$9,859

$9,297

$9,819

11/16

$8,607

$10,000

$9,306

$10,183

12/16

$8,745

$10,240

$9,452

$10,384

1/17

$8,975

$10,487

$9,659

$10,581

2/17

$9,493

$10,778

$10,217

$11,001

3/17

$9,551

$10,892

$10,250

$11,014

4/17

$9,781

$11,054

$10,443

$11,127

5/17

$9,724

$11,288

$10,671

$11,284

6/17

$10,069

$11,331

$10,961

$11,354

7/17

$10,137

$11,602

$10,969

$11,588

8/17

$10,281

$11,619

$11,077

$11,623

9/17

$10,329

$11,879

$11,226

$11,863

10/17

$9,983

$12,104

$11,080

$12,140

11/17

$10,233

$12,366

$11,331

$12,512

12/17

$10,165

$12,533

$11,324

$12,651

1/18

$10,717

$13,195

$11,958

$13,376

2/18

$10,204

$12,648

$11,422

$12,883

3/18

$10,046

$12,373

$11,184

$12,555

4/18

$10,175

$12,515

$11,291

$12,604

5/18

$10,332

$12,593

$11,345

$12,907

6/18

$10,530

$12,587

$11,495

$12,987

7/18

$11,201

$12,980

$12,202

$13,470

8/18

$11,546

$13,141

$12,562

$13,909

9/18

$11,763

$13,214

$12,817

$13,988

10/18

$11,023

$12,244

$11,974

$13,032

11/18

$11,684

$12,383

$12,627

$13,297

12/18

$10,772

$11,441

$11,608

$12,097

1/19

$11,488

$12,332

$12,206

$13,066

2/19

$11,748

$12,703

$12,447

$13,486

3/19

$11,976

$12,869

$12,553

$13,748

4/19

$11,613

$13,326

$12,229

$14,304

5/19

$11,385

$12,557

$11,936

$13,395

6/19

$12,205

$13,384

$12,741

$14,339

7/19

$12,049

$13,451

$12,600

$14,546

8/19

$12,049

$13,175

$12,596

$14,315

9/19

$11,966

$13,456

$12,583

$14,583

10/19

$12,485

$13,798

$13,211

$14,899

11/19

$13,056

$14,182

$13,835

$15,440

12/19

$13,572

$14,607

$14,306

$15,906

1/20

$13,353

$14,518

$14,103

$15,899

2/20

$12,487

$13,291

$13,139

$14,591

3/20

$12,071

$11,532

$12,664

$12,788

4/20

$13,419

$12,792

$14,134

$14,428

5/20

$13,923

$13,410

$14,705

$15,115

6/20

$13,781

$13,765

$14,508

$15,416

7/20

$14,285

$14,423

$15,103

$16,285

8/20

$14,669

$15,387

$15,414

$17,455

9/20

$14,439

$14,856

$15,201

$16,792

10/20

$13,781

$14,400

$14,460

$16,346

11/20

$14,789

$16,242

$15,754

$18,135

12/20

$15,341

$16,930

$16,240

$18,832

1/21

$15,282

$16,762

$16,413

$18,642

2/21

$15,070

$17,192

$15,967

$19,156

3/21

$15,400

$17,764

$16,358

$19,995

4/21

$16,037

$18,590

$16,982

$21,062

5/21

$16,367

$18,858

$17,332

$21,209

6/21

$16,814

$19,139

$17,851

$21,704

7/21

$17,392

$19,482

$18,515

$22,220

8/21

$17,981

$19,967

$19,029

$22,895

9/21

$16,932

$19,138

$18,032

$21,831

10/21

$18,063

$20,222

$18,793

$23,360

11/21

$17,274

$19,779

$18,122

$23,198

12/21

$18,725

$20,624

$19,457

$24,238

1/22

$17,060

$19,533

$18,019

$22,984

2/22

$17,124

$19,039

$17,939

$22,295

3/22

$18,059

$19,561

$18,803

$23,123

4/22

$17,124

$17,936

$17,932

$21,107

5/22

$17,009

$17,950

$18,020

$21,146

6/22

$16,714

$16,395

$17,448

$19,400

7/22

$17,278

$17,697

$18,018

$21,189

8/22

$15,946

$16,957

$16,933

$20,325

9/22

$15,241

$15,380

$16,266

$18,453

10/22

$16,368

$16,485

$17,633

$19,947

11/22

$17,239

$17,631

$18,624

$21,062

12/22

$16,959

$16,882

$18,403

$19,848

1/23

$16,866

$18,077

$18,284

$21,095

2/23

$16,238

$17,642

$17,538

$20,581

3/23

$16,893

$18,188

$18,109

$21,336

4/23

$17,494

$18,506

$18,742

$21,669

5/23

$16,959

$18,322

$17,974

$21,763

6/23

$17,467

$19,430

$18,547

$23,201

7/23

$17,681

$20,082

$18,787

$23,947

8/23

$17,574

$19,603

$18,642

$23,566

9/23

$16,906

$18,757

$18,036

$22,442

10/23

$16,171

$18,213

$17,294

$21,970

11/23

$17,173

$19,920

$18,286

$23,977

12/23

$17,920

$20,898

$19,095

$25,066

1/24

$18,386

$21,149

$19,608

$25,487

2/24

$18,990

$22,046

$20,049

$26,848

3/24

$19,346

$22,754

$20,521

$27,712

4/24

$18,565

$21,909

$19,710

$26,580

5/24

$19,223

$22,887

$20,236

$27,898

6/24

$19,730

$23,353

$20,619

$28,899

7/24

$20,361

$23,765

$21,294

$29,251

8/24

$21,471

$24,393

$22,463

$29,960

9/24

$20,868

$24,839

$21,794

$30,600

10/24

$19,894

$24,347

$20,743

$30,323

11/24

$19,771

$25,464

$20,562

$32,102

12/24

$18,552

$24,800

$19,310

$31,337

1/25

$19,770

$25,675

$20,545

$32,210

2/25

$20,000

$25,491

$20,776

$31,790

3/25

$19,197

$24,356

$20,295

$29,998

4/25

$18,853

$24,572

$19,911

$29,795

5/25

$18,179

$26,027

$19,187

$31,670

6/25

$18,365

$27,150

$19,465

$33,281

7/25

$17,634

$27,499

$18,886

$34,028

8/25

$18,494

$28,217

$19,858

$34,718

9/25

$18,437

$29,124

$20,050

$35,985

10/25

$19,082

$29,707

$20,672

$36,827

11/25

$20,544

$29,791

$22,351

$36,918

12/25

$20,460

$30,032

$22,174

$36,940

1/26

$20,522

$30,704

$22,417

$37,476

2/26

$20,830

$30,929

$23,065

$37,191

3/26

$19,243

$28,959

$21,154

$35,339

4/26

$19,074

$31,736

$21,103

$39,047

5/26

$19,212

$33,181

$21,507

$41,102

6/26

$20,337

$32,943

$22,582

$40,711

7/26

$20,460

$33,112

$22,909

$40,685

8/26

$21,164

$33,965

$23,759

$41,793

Average Annual Total Returns (%)

Table Summary

Fund

1 Year

5 Years

10 Years

Class A

14.46%

3.32%

8.37%

Class A with 5.25% Maximum Sales Charge

8.49%

2.20%

7.78%

MSCI World Index (net of foreign withholding taxes)

20.37%

11.20%

13.00%

MSCI World Health Care Index (net of foreign withholding taxes)

19.65%

4.54%

9.03%

S&P 500® Index

20.38%

12.78%

15.37%

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$805,680,610

# of Portfolio Holdings

41

Portfolio Turnover Rate

30%

Total Advisory Fees Paid

$4,518,327

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Short-Term Investments

0.7%

Health Care Technology

1.4%

Health Care Supplies

1.9%

Health Care Services

3.6%

Managed Health Care

5.3%

Life Sciences Tools & Services

8.6%

Health Care Equipment

11.6%

Biotechnology

21.5%

Pharmaceuticals

45.4%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Eli Lilly & Co.

12.0%

Johnson & Johnson

7.2%

AbbVie, Inc

7.2%

Merck & Co., Inc.

6.0%

Roche Holding AG

5.3%

UnitedHealth Group, Inc.

5.3%

AstraZeneca PLC

4.3%

Bristol-Myers Squibb Co.

4.3%

Vertex Pharmaceuticals, Inc.

3.7%

Abbott Laboratories

3.3%

Total

58.6%

Footnote Description

Footnotea

 Excluding cash equivalents

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

ETHSX-TSR-AR

Eaton Vance Worldwide Health Sciences Fund

Image

Class C ECHSX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance Worldwide Health Sciences Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class C

$201

1.88%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Health Care Index (the Index):

↓ Overweight to Zoetis, Inc. detracted due to its lowered 2026 guidance on weaker US pet demand and competition in dermatology and parasiticide products. This was sold by period end

↓ Overweight to Boston Scientific Corp. detracted as its 2026 growth outlook was cut on weaker WATCHMAN demand and electrophysiology US market share losses. This was sold by period end

↓ Overweight to CSL Ltd. hurt due to weaker US flu vaccine demand, lower immunoglobulin and China albumin sales and a chief executive officer change. This was sold by period end

↓ On an industry basis, stock selection in biotechnology detracted the most, followed by health care equipment and supplies, and life science tools and services

↑ Overweight to Eli Lilly & Co. helped as strong Mounjaro and Zepbound GLP-1 drugs sales and US approval of obesity pill Foundayo supported shares

↑ Out-of-index allocation to Structure Therapeutics, Inc. added as shares rose on strong mid-stage trial results for its oral weight-loss drug. This was sold by period end

↑ Overweight to Bristol Myers Squibb Co. helped as growth from newer drugs in cardiomyopathy and blood cancers more than offset declines in older drugs

↑ Stock selection in pharmaceuticals and health care technology helped returns

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class C

MSCI World Index

MSCI World Health Care Index

S&P 500® Index

8/16

$10,000

$10,000

$10,000

$10,000

9/16

$9,991

$10,053

$9,987

$10,002

10/16

$9,093

$9,859

$9,297

$9,819

11/16

$9,075

$10,000

$9,306

$10,183

12/16

$9,199

$10,240

$9,452

$10,384

1/17

$9,447

$10,487

$9,659

$10,581

2/17

$9,973

$10,778

$10,217

$11,001

3/17

$10,033

$10,892

$10,250

$11,014

4/17

$10,271

$11,054

$10,443

$11,127

5/17

$10,212

$11,288

$10,671

$11,284

6/17

$10,559

$11,331

$10,961

$11,354

7/17

$10,628

$11,602

$10,969

$11,588

8/17

$10,767

$11,619

$11,077

$11,623

9/17

$10,817

$11,879

$11,226

$11,863

10/17

$10,450

$12,104

$11,080

$12,140

11/17

$10,698

$12,366

$11,331

$12,512

12/17

$10,618

$12,533

$11,324

$12,651

1/18

$11,189

$13,195

$11,958

$13,376

2/18

$10,648

$12,648

$11,422

$12,883

3/18

$10,485

$12,373

$11,184

$12,555

4/18

$10,597

$12,515

$11,291

$12,604

5/18

$10,771

$12,593

$11,345

$12,907

6/18

$10,965

$12,587

$11,495

$12,987

7/18

$11,648

$12,980

$12,202

$13,470

8/18

$12,005

$13,141

$12,562

$13,909

9/18

$12,219

$13,214

$12,817

$13,988

10/18

$11,444

$12,244

$11,974

$13,032

11/18

$12,127

$12,383

$12,627

$13,297

12/18

$11,175

$11,441

$11,608

$12,097

1/19

$11,909

$12,332

$12,206

$13,066

2/19

$12,164

$12,703

$12,447

$13,486

3/19

$12,398

$12,869

$12,553

$13,748

4/19

$12,015

$13,326

$12,229

$14,304

5/19

$11,771

$12,557

$11,936

$13,395

6/19

$12,611

$13,384

$12,741

$14,339

7/19

$12,440

$13,451

$12,600

$14,546

8/19

$12,430

$13,175

$12,596

$14,315

9/19

$12,324

$13,456

$12,583

$14,583

10/19

$12,855

$13,798

$13,211

$14,899

11/19

$13,429

$14,182

$13,835

$15,440

12/19

$13,958

$14,607

$14,306

$15,906

1/20

$13,725

$14,518

$14,103

$15,899

2/20

$12,825

$13,291

$13,139

$14,591

3/20

$12,380

$11,532

$12,664

$12,788

4/20

$13,769

$12,792

$14,134

$14,428

5/20

$14,281

$13,410

$14,705

$15,115

6/20

$14,114

$13,765

$14,508

$15,416

7/20

$14,625

$14,423

$15,103

$16,285

8/20

$15,003

$15,387

$15,414

$17,455

9/20

$14,758

$14,856

$15,201

$16,792

10/20

$14,081

$14,400

$14,460

$16,346

11/20

$15,103

$16,242

$15,754

$18,135

12/20

$15,655

$16,930

$16,240

$18,832

1/21

$15,584

$16,762

$16,413

$18,642

2/21

$15,359

$17,192

$15,967

$19,156

3/21

$15,690

$17,764

$16,358

$19,995

4/21

$16,329

$18,590

$16,982

$21,062

5/21

$16,660

$18,858

$17,332

$21,209

6/21

$17,097

$19,139

$17,851

$21,704

7/21

$17,677

$19,482

$18,515

$22,220

8/21

$18,256

$19,967

$19,029

$22,895

9/21

$17,180

$19,138

$18,032

$21,831

10/21

$18,315

$20,222

$18,793

$23,360

11/21

$17,511

$19,779

$18,122

$23,198

12/21

$18,972

$20,624

$19,457

$24,238

1/22

$17,265

$19,533

$18,019

$22,984

2/22

$17,329

$19,039

$17,939

$22,295

3/22

$18,259

$19,561

$18,803

$23,123

4/22

$17,304

$17,936

$17,932

$21,107

5/22

$17,176

$17,950

$18,020

$21,146

6/22

$16,871

$16,395

$17,448

$19,400

7/22

$17,418

$17,697

$18,018

$21,189

8/22

$16,081

$16,957

$16,933

$20,325

9/22

$15,356

$15,380

$16,266

$18,453

10/22

$16,476

$16,485

$17,633

$19,947

11/22

$17,342

$17,631

$18,624

$21,062

12/22

$17,041

$16,882

$18,403

$19,848

1/23

$16,949

$18,077

$18,284

$21,095

2/23

$16,313

$17,642

$17,538

$20,581

3/23

$16,949

$18,188

$18,109

$21,336

4/23

$17,545

$18,506

$18,742

$21,669

5/23

$17,002

$18,322

$17,974

$21,763

6/23

$17,492

$19,430

$18,547

$23,201

7/23

$17,704

$20,082

$18,787

$23,947

8/23

$17,585

$19,603

$18,642

$23,566

9/23

$16,896

$18,757

$18,036

$22,442

10/23

$16,167

$18,213

$17,294

$21,970

11/23

$17,147

$19,920

$18,286

$23,977

12/23

$17,878

$20,898

$19,095

$25,066

1/24

$18,326

$21,149

$19,608

$25,487

2/24

$18,923

$22,046

$20,049

$26,848

3/24

$19,276

$22,754

$20,521

$27,712

4/24

$18,475

$21,909

$19,710

$26,580

5/24

$19,127

$22,887

$20,236

$27,898

6/24

$19,615

$23,353

$20,619

$28,899

7/24

$20,240

$23,765

$21,294

$29,251

8/24

$21,312

$24,393

$22,463

$29,960

9/24

$20,715

$24,839

$21,794

$30,600

10/24

$19,724

$24,347

$20,743

$30,323

11/24

$19,602

$25,464

$20,562

$32,102

12/24

$18,363

$24,800

$19,310

$31,337

1/25

$19,567

$25,675

$20,545

$32,210

2/25

$19,794

$25,491

$20,776

$31,790

3/25

$18,972

$24,356

$20,295

$29,998

4/25

$18,632

$24,572

$19,911

$29,795

5/25

$17,952

$26,027

$19,187

$31,670

6/25

$18,122

$27,150

$19,465

$33,281

7/25

$17,385

$27,499

$18,886

$34,028

8/25

$18,235

$28,217

$19,858

$34,718

9/25

$18,150

$29,124

$20,050

$35,985

10/25

$18,774

$29,707

$20,672

$36,827

11/25

$20,205

$29,791

$22,351

$36,918

12/25

$20,100

$30,032

$22,174

$36,940

1/26

$20,161

$30,704

$22,417

$37,476

2/26

$20,448

$30,929

$23,065

$37,191

3/26

$18,875

$28,959

$21,154

$35,339

4/26

$18,694

$31,736

$21,103

$39,047

5/26

$18,830

$33,181

$21,507

$41,102

6/26

$19,919

$32,943

$22,582

$40,711

7/26

$20,025

$33,112

$22,909

$40,685

8/26

$20,705

$33,965

$23,759

$41,793

Average Annual Total Returns (%)

Table Summary

Fund

1 Year

5 Years

10 Years

Class C, with conversion to Class A after 8 years

13.55%

2.55%

7.55%

Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years

12.55%

2.55%

7.55%

MSCI World Index (net of foreign withholding taxes)

20.37%

11.20%

13.00%

MSCI World Health Care Index (net of foreign withholding taxes)

19.65%

4.54%

9.03%

S&P 500® Index

20.38%

12.78%

15.37%

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$805,680,610

# of Portfolio Holdings

41

Portfolio Turnover Rate

30%

Total Advisory Fees Paid

$4,518,327

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Short-Term Investments

0.7%

Health Care Technology

1.4%

Health Care Supplies

1.9%

Health Care Services

3.6%

Managed Health Care

5.3%

Life Sciences Tools & Services

8.6%

Health Care Equipment

11.6%

Biotechnology

21.5%

Pharmaceuticals

45.4%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Eli Lilly & Co.

12.0%

Johnson & Johnson

7.2%

AbbVie, Inc

7.2%

Merck & Co., Inc.

6.0%

Roche Holding AG

5.3%

UnitedHealth Group, Inc.

5.3%

AstraZeneca PLC

4.3%

Bristol-Myers Squibb Co.

4.3%

Vertex Pharmaceuticals, Inc.

3.7%

Abbott Laboratories

3.3%

Total

58.6%

Footnote Description

Footnotea

 Excluding cash equivalents

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

ECHSX-TSR-AR

Eaton Vance Worldwide Health Sciences Fund

Image

Class I EIHSX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance Worldwide Health Sciences Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class I

$94

0.88%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Health Care Index (the Index):

↓ Overweight to Zoetis, Inc. detracted due to its lowered 2026 guidance on weaker US pet demand and competition in dermatology and parasiticide products. This was sold by period end

↓ Overweight to Boston Scientific Corp. detracted as its 2026 growth outlook was cut on weaker WATCHMAN demand and electrophysiology US market share losses. This was sold by period end

↓ Overweight to CSL Ltd. hurt due to weaker US flu vaccine demand, lower immunoglobulin and China albumin sales and a chief executive officer change. This was sold by period end

↓ On an industry basis, stock selection in biotechnology detracted the most, followed by health care equipment and supplies, and life science tools and services

↑ Overweight to Eli Lilly & Co. helped as strong Mounjaro and Zepbound GLP-1 drugs sales and US approval of obesity pill Foundayo supported shares

↑ Out-of-index allocation to Structure Therapeutics, Inc. added as shares rose on strong mid-stage trial results for its oral weight-loss drug. This was sold by period end

↑ Overweight to Bristol Myers Squibb Co. helped as growth from newer drugs in cardiomyopathy and blood cancers more than offset declines in older drugs

↑ Stock selection in pharmaceuticals and health care technology helped returns

Fund Performance

Comparison of the change in value of a $1,000,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class I

MSCI World Index

MSCI World Health Care Index

S&P 500® Index

8/16

$1,000,000

$1,000,000

$1,000,000

$1,000,000

9/16

$1,000,882

$1,005,312

$998,682

$1,000,189

10/16

$910,935

$985,856

$929,748

$981,944

11/16

$910,053

$1,000,032

$930,578

$1,018,311

12/16

$923,384

$1,023,961

$945,203

$1,038,439

1/17

$949,199

$1,048,674

$965,864

$1,058,134

2/17

$1,002,815

$1,077,768

$1,021,719

$1,100,148

3/17

$1,009,765

$1,089,249

$1,024,978

$1,101,432

4/17

$1,034,587

$1,105,377

$1,044,335

$1,112,743

5/17

$1,028,630

$1,128,761

$1,067,108

$1,128,403

6/17

$1,065,367

$1,133,104

$1,096,060

$1,135,446

7/17

$1,072,317

$1,160,221

$1,096,879

$1,158,793

8/17

$1,088,203

$1,161,855

$1,107,685

$1,162,341

9/17

$1,094,160

$1,187,932

$1,122,575

$1,186,318

10/17

$1,057,424

$1,210,382

$1,108,042

$1,214,001

11/17

$1,083,239

$1,236,608

$1,133,096

$1,251,234

12/17

$1,076,222

$1,253,332

$1,132,355

$1,265,146

1/18

$1,135,389

$1,319,508

$1,195,817

$1,337,581

2/18

$1,081,322

$1,264,844

$1,142,206

$1,288,281

3/18

$1,065,001

$1,237,275

$1,118,444

$1,255,542

4/18

$1,078,262

$1,251,493

$1,129,123

$1,260,359

5/18

$1,096,624

$1,259,335

$1,134,461

$1,290,711

6/18

$1,117,026

$1,258,734

$1,149,547

$1,298,656

7/18

$1,188,435

$1,298,049

$1,220,164

$1,346,983

8/18

$1,225,159

$1,314,109

$1,256,240

$1,390,875

9/18

$1,248,621

$1,321,427

$1,281,698

$1,398,792

10/18

$1,170,072

$1,224,397

$1,197,421

$1,303,184

11/18

$1,240,460

$1,238,306

$1,262,679

$1,329,741

12/18

$1,143,967

$1,144,148

$1,160,819

$1,209,678

1/19

$1,220,232

$1,233,169

$1,220,580

$1,306,616

2/19

$1,248,159

$1,270,250

$1,244,670

$1,348,569

3/19

$1,272,865

$1,286,934

$1,255,274

$1,374,774

4/19

$1,234,195

$1,332,568

$1,222,914

$1,430,438

5/19

$1,210,564

$1,255,678

$1,193,620

$1,339,537

6/19

$1,297,570

$1,338,421

$1,274,142

$1,433,942

7/19

$1,281,458

$1,345,050

$1,259,971

$1,454,551

8/19

$1,281,458

$1,317,538

$1,259,593

$1,431,511

9/19

$1,272,865

$1,345,576

$1,258,271

$1,458,295

10/19

$1,328,720

$1,379,818

$1,321,088

$1,489,881

11/19

$1,388,873

$1,418,246

$1,383,514

$1,543,962

12/19

$1,444,651

$1,460,734

$1,430,637

$1,590,562

1/20

$1,421,936

$1,451,843

$1,410,306

$1,589,938

2/20

$1,329,942

$1,329,126

$1,313,907

$1,459,056

3/20

$1,285,649

$1,153,226

$1,266,442

$1,278,844

4/20

$1,429,886

$1,279,209

$1,413,443

$1,442,783

5/20

$1,484,402

$1,341,005

$1,470,475

$1,511,500

6/20

$1,468,501

$1,376,476

$1,450,803

$1,541,560

7/20

$1,523,016

$1,442,329

$1,510,310

$1,628,481

8/20

$1,563,903

$1,538,697

$1,541,354

$1,745,537

9/20

$1,540,052

$1,485,613

$1,520,141

$1,679,212

10/20

$1,469,637

$1,440,042

$1,445,978

$1,634,556

11/20

$1,577,532

$1,624,168

$1,575,398

$1,813,481

12/20

$1,637,445

$1,693,027

$1,624,043

$1,883,206

1/21

$1,631,340

$1,676,201

$1,641,339

$1,864,193

2/21

$1,609,361

$1,719,152

$1,596,701

$1,915,598

3/21

$1,644,772

$1,776,352

$1,635,794

$1,999,493

4/21

$1,713,151

$1,859,024

$1,698,242

$2,106,204

5/21

$1,748,562

$1,885,804

$1,733,170

$2,120,914

6/21

$1,796,184

$1,913,915

$1,785,103

$2,170,427

7/21

$1,858,458

$1,948,195

$1,851,526

$2,221,985

8/21

$1,921,953

$1,996,683

$1,902,892

$2,289,546

9/21

$1,809,615

$1,913,779

$1,803,151

$2,183,059

10/21

$1,931,722

$2,022,177

$1,879,271

$2,336,009

11/21

$1,848,689

$1,977,865

$1,812,183

$2,319,822

12/21

$2,003,808

$2,062,399

$1,945,660

$2,423,788

1/22

$1,825,986

$1,953,276

$1,801,902

$2,298,364

2/22

$1,832,621

$1,903,875

$1,793,858

$2,229,548

3/22

$1,933,475

$1,956,124

$1,880,252

$2,312,330

4/22

$1,832,621

$1,793,622

$1,793,158

$2,110,690

5/22

$1,822,005

$1,794,980

$1,801,999

$2,114,563

6/22

$1,791,484

$1,639,496

$1,744,836

$1,940,019

7/22

$1,851,200

$1,769,666

$1,801,797

$2,118,897

8/22

$1,709,208

$1,695,680

$1,693,263

$2,032,484

9/22

$1,634,895

$1,538,049

$1,626,587

$1,845,295

10/22

$1,754,327

$1,648,501

$1,763,274

$1,994,693

11/22

$1,848,546

$1,763,122

$1,862,377

$2,106,165

12/22

$1,818,650

$1,688,247

$1,840,318

$1,984,819

1/23

$1,810,333

$1,807,701

$1,828,409

$2,109,533

2/23

$1,742,410

$1,764,247

$1,753,803

$2,058,063

3/23

$1,813,105

$1,818,761

$1,810,868

$2,133,623

4/23

$1,878,255

$1,850,643

$1,874,184

$2,166,925

5/23

$1,820,036

$1,832,168

$1,797,438

$2,176,344

6/23

$1,875,482

$1,942,973

$1,854,727

$2,320,147

7/23

$1,899,047

$2,008,243

$1,878,665

$2,394,681

8/23

$1,887,958

$1,960,275

$1,864,194

$2,356,554

9/23

$1,817,263

$1,875,711

$1,803,564

$2,244,199

10/23

$1,738,252

$1,821,286

$1,729,396

$2,197,011

11/23

$1,844,987

$1,992,035

$1,828,560

$2,397,654

12/23

$1,927,315

$2,089,833

$1,909,460

$2,506,581

1/24

$1,977,172

$2,114,912

$1,960,751

$2,548,702

2/24

$2,042,698

$2,204,579

$2,004,918

$2,684,791

3/24

$2,081,159

$2,275,423

$2,052,115

$2,771,174

4/24

$1,997,114

$2,190,903

$1,971,005

$2,657,986

5/24

$2,069,763

$2,288,731

$2,023,648

$2,789,782

6/24

$2,123,893

$2,335,302

$2,061,944

$2,889,885

7/24

$2,193,692

$2,376,456

$2,129,370

$2,925,062

8/24

$2,311,924

$2,439,267

$2,246,342

$2,996,014

9/24

$2,249,247

$2,483,939

$2,179,380

$3,060,000

10/24

$2,143,835

$2,434,666

$2,074,300

$3,032,250

11/24

$2,131,015

$2,546,384

$2,056,189

$3,210,247

12/24

$1,999,397

$2,480,024

$1,931,039

$3,133,720

1/25

$2,130,602

$2,567,540

$2,054,537

$3,220,986

2/25

$2,157,440

$2,549,061

$2,077,635

$3,178,958

3/25

$2,070,963

$2,435,576

$2,029,457

$2,999,842

4/25

$2,035,180

$2,457,221

$1,991,067

$2,979,501

5/25

$1,962,122

$2,602,668

$1,918,694

$3,167,044

6/25

$1,981,505

$2,714,981

$1,946,455

$3,328,097

7/25

$1,903,974

$2,749,930

$1,888,646

$3,402,789

8/25

$1,997,906

$2,821,663

$1,985,798

$3,471,769

9/25

$1,990,451

$2,912,368

$2,004,972

$3,598,489

10/25

$2,060,527

$2,970,689

$2,067,162

$3,682,743

11/25

$2,218,570

$2,979,081

$2,235,131

$3,691,769

12/25

$2,210,607

$3,003,162

$2,217,402

$3,694,029

1/26

$2,218,616

$3,070,370

$2,241,688

$3,747,593

2/26

$2,252,256

$3,092,861

$2,306,469

$3,719,112

3/26

$2,080,854

$2,895,861

$2,115,381

$3,533,918

4/26

$2,061,631

$3,173,627

$2,110,320

$3,904,720

5/26

$2,079,252

$3,318,094

$2,150,733

$4,110,236

6/26

$2,200,995

$3,294,285

$2,258,203

$4,071,094

7/26

$2,213,810

$3,311,191

$2,290,852

$4,068,511

8/26

$2,290,701

$3,396,519

$2,375,934

$4,179,309

Average Annual Total Returns (%)

Table Summary

Fund

1 Year

5 Years

10 Years

Class I

14.66%

3.57%

8.64%

MSCI World Index (net of foreign withholding taxes)

20.37%

11.20%

13.00%

MSCI World Health Care Index (net of foreign withholding taxes)

19.65%

4.54%

9.03%

S&P 500® Index

20.38%

12.78%

15.37%

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$805,680,610

# of Portfolio Holdings

41

Portfolio Turnover Rate

30%

Total Advisory Fees Paid

$4,518,327

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Short-Term Investments

0.7%

Health Care Technology

1.4%

Health Care Supplies

1.9%

Health Care Services

3.6%

Managed Health Care

5.3%

Life Sciences Tools & Services

8.6%

Health Care Equipment

11.6%

Biotechnology

21.5%

Pharmaceuticals

45.4%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Eli Lilly & Co.

12.0%

Johnson & Johnson

7.2%

AbbVie, Inc

7.2%

Merck & Co., Inc.

6.0%

Roche Holding AG

5.3%

UnitedHealth Group, Inc.

5.3%

AstraZeneca PLC

4.3%

Bristol-Myers Squibb Co.

4.3%

Vertex Pharmaceuticals, Inc.

3.7%

Abbott Laboratories

3.3%

Total

58.6%

Footnote Description

Footnotea

 Excluding cash equivalents

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

EIHSX-TSR-AR

Eaton Vance Worldwide Health Sciences Fund

Image

Class R ERHSX

Annual Shareholder Report August 31, 2026 

This annual shareholder report contains important information about the Eaton Vance Worldwide Health Sciences Fund for the period of September 1, 2025 to August 31, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Table Summary

Class Name

Costs of a $10,000 investment

Costs paid as a percentage of a $10,000 investment

Class R

$148

1.38%

How did the Fund perform last year and what affected its performance?

Key contributors to (↑) and detractors from (↓) performance, relative to the MSCI World Health Care Index (the Index):

↓ Overweight to Zoetis, Inc. detracted due to its lowered 2026 guidance on weaker US pet demand and competition in dermatology and parasiticide products. This was sold by period end

↓ Overweight to Boston Scientific Corp. detracted as its 2026 growth outlook was cut on weaker WATCHMAN demand and electrophysiology US market share losses. This was sold by period end

↓ Overweight to CSL Ltd. hurt due to weaker US flu vaccine demand, lower immunoglobulin and China albumin sales and a chief executive officer change. This was sold by period end

↓ On an industry basis, stock selection in biotechnology detracted the most, followed by health care equipment and supplies, and life science tools and services

↑ Overweight to Eli Lilly & Co. helped as strong Mounjaro and Zepbound GLP-1 drugs sales and US approval of obesity pill Foundayo supported shares

↑ Out-of-index allocation to Structure Therapeutics, Inc. added as shares rose on strong mid-stage trial results for its oral weight-loss drug. This was sold by period end

↑ Overweight to Bristol Myers Squibb Co. helped as growth from newer drugs in cardiomyopathy and blood cancers more than offset declines in older drugs

↑ Stock selection in pharmaceuticals and health care technology helped returns

Fund Performance

Comparison of the change in value of a $10,000 investment for the period indicated.

Growth of 10K Chart

Table Summary

Class R

MSCI World Index

MSCI World Health Care Index

S&P 500® Index

8/16

$10,000

$10,000

$10,000

$10,000

9/16

$10,000

$10,053

$9,987

$10,002

10/16

$9,102

$9,859

$9,297

$9,819

11/16

$9,086

$10,000

$9,306

$10,183

12/16

$9,222

$10,240

$9,452

$10,384

1/17

$9,468

$10,487

$9,659

$10,581

2/17

$10,009

$10,778

$10,217

$11,001

3/17

$10,066

$10,892

$10,250

$11,014

4/17

$10,313

$11,054

$10,443

$11,127

5/17

$10,256

$11,288

$10,671

$11,284

6/17

$10,607

$11,331

$10,961

$11,354

7/17

$10,683

$11,602

$10,969

$11,588

8/17

$10,825

$11,619

$11,077

$11,623

9/17

$10,882

$11,879

$11,226

$11,863

10/17

$10,512

$12,104

$11,080

$12,140

11/17

$10,768

$12,366

$11,331

$12,512

12/17

$10,691

$12,533

$11,324

$12,651

1/18

$11,276

$13,195

$11,958

$13,376

2/18

$10,740

$12,648

$11,422

$12,883

3/18

$10,574

$12,373

$11,184

$12,555

4/18

$10,691

$12,515

$11,291

$12,604

5/18

$10,867

$12,593

$11,345

$12,907

6/18

$11,071

$12,587

$11,495

$12,987

7/18

$11,772

$12,980

$12,202

$13,470

8/18

$12,132

$13,141

$12,562

$13,909

9/18

$12,356

$13,214

$12,817

$13,988

10/18

$11,577

$12,244

$11,974

$13,032

11/18

$12,269

$12,383

$12,627

$13,297

12/18

$11,313

$11,441

$11,608

$12,097

1/19

$12,066

$12,332

$12,206

$13,066

2/19

$12,321

$12,703

$12,447

$13,486

3/19

$12,565

$12,869

$12,553

$13,748

4/19

$12,189

$13,326

$12,229

$14,304

5/19

$11,934

$12,557

$11,936

$13,395

6/19

$12,800

$13,384

$12,741

$14,339

7/19

$12,627

$13,451

$12,600

$14,546

8/19

$12,627

$13,175

$12,596

$14,315

9/19

$12,535

$13,456

$12,583

$14,583

10/19

$13,075

$13,798

$13,211

$14,899

11/19

$13,675

$14,182

$13,835

$15,440

12/19

$14,214

$14,607

$14,306

$15,906

1/20

$13,979

$14,518

$14,103

$15,899

2/20

$13,081

$13,291

$13,139

$14,591

3/20

$12,632

$11,532

$12,664

$12,788

4/20

$14,043

$12,792

$14,134

$14,428

5/20

$14,567

$13,410

$14,705

$15,115

6/20

$14,417

$13,765

$14,508

$15,416

7/20

$14,941

$14,423

$15,103

$16,285

8/20

$15,336

$15,387

$15,414

$17,455

9/20

$15,090

$14,856

$15,201

$16,792

10/20

$14,396

$14,400

$14,460

$16,346

11/20

$15,443

$16,242

$15,754

$18,135

12/20

$16,023

$16,930

$16,240

$18,832

1/21

$15,966

$16,762

$16,413

$18,642

2/21

$15,738

$17,192

$15,967

$19,156

3/21

$16,069

$17,764

$16,358

$19,995

4/21

$16,741

$18,590

$16,982

$21,062

5/21

$17,083

$18,858

$17,332

$21,209

6/21

$17,539

$19,139

$17,851

$21,704

7/21

$18,143

$19,482

$18,515

$22,220

8/21

$18,747

$19,967

$19,029

$22,895

9/21

$17,653

$19,138

$18,032

$21,831

10/21

$18,826

$20,222

$18,793

$23,360

11/21

$18,006

$19,779

$18,122

$23,198

12/21

$19,521

$20,624

$19,457

$24,238

1/22

$17,765

$19,533

$18,019

$22,984

2/22

$17,839

$19,039

$17,939

$22,295

3/22

$18,809

$19,561

$18,803

$23,123

4/22

$17,826

$17,936

$17,932

$21,107

5/22

$17,704

$17,950

$18,020

$21,146

6/22

$17,397

$16,395

$17,448

$19,400

7/22

$17,974

$17,697

$18,018

$21,189

8/22

$16,599

$16,957

$16,933

$20,325

9/22

$15,862

$15,380

$16,266

$18,453

10/22

$17,016

$16,485

$17,633

$19,947

11/22

$17,912

$17,631

$18,624

$21,062

12/22

$17,623

$16,882

$18,403

$19,848

1/23

$17,534

$18,077

$18,284

$21,095

2/23

$16,871

$17,642

$17,538

$20,581

3/23

$17,547

$18,188

$18,109

$21,336

4/23

$18,171

$18,506

$18,742

$21,669

5/23

$17,610

$18,322

$17,974

$21,763

6/23

$18,120

$19,430

$18,547

$23,201

7/23

$18,350

$20,082

$18,787

$23,947

8/23

$18,235

$19,603

$18,642

$23,566

9/23

$17,534

$18,757

$18,036

$22,442

10/23

$16,782

$18,213

$17,294

$21,970

11/23

$17,802

$19,920

$18,286

$23,977

12/23

$18,581

$20,898

$19,095

$25,066

1/24

$19,050

$21,149

$19,608

$25,487

2/24

$19,675

$22,046

$20,049

$26,848

3/24

$20,053

$22,754

$20,521

$27,712

4/24

$19,232

$21,909

$19,710

$26,580

5/24

$19,910

$22,887

$20,236

$27,898

6/24

$20,431

$23,353

$20,619

$28,899

7/24

$21,083

$23,765

$21,294

$29,251

8/24

$22,216

$24,393

$22,463

$29,960

9/24

$21,604

$24,839

$21,794

$30,600

10/24

$20,574

$24,347

$20,743

$30,323

11/24

$20,457

$25,464

$20,562

$32,102

12/24

$19,177

$24,800

$19,310

$31,337

1/25

$20,437

$25,675

$20,545

$32,210

2/25

$20,681

$25,491

$20,776

$31,790

3/25

$19,841

$24,356

$20,295

$29,998

4/25

$19,488

$24,572

$19,911

$29,795

5/25

$18,784

$26,027

$19,187

$31,670

6/25

$18,974

$27,150

$19,465

$33,281

7/25

$18,215

$27,499

$18,886

$34,028

8/25

$19,095

$28,217

$19,858

$34,718

9/25

$19,028

$29,124

$20,050

$35,985

10/25

$19,692

$29,707

$20,672

$36,827

11/25

$21,196

$29,791

$22,351

$36,918

12/25

$21,100

$30,032

$22,174

$36,940

1/26

$21,172

$30,704

$22,417

$37,476

2/26

$21,490

$30,929

$23,065

$37,191

3/26

$19,830

$28,959

$21,154

$35,339

4/26

$19,657

$31,736

$21,103

$39,047

5/26

$19,801

$33,181

$21,507

$41,102

6/26

$20,956

$32,943

$22,582

$40,711

7/26

$21,071

$33,112

$22,909

$40,685

8/26

$21,793

$33,965

$23,759

$41,793

Average Annual Total Returns (%)

Table Summary

Fund

1 Year

5 Years

10 Years

Class R

14.13%

3.06%

8.10%

MSCI World Index (net of foreign withholding taxes)

20.37%

11.20%

13.00%

MSCI World Health Care Index (net of foreign withholding taxes)

19.65%

4.54%

9.03%

S&P 500® Index

20.38%

12.78%

15.37%

Performance does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Performance assumes that all dividends and distributions, if any, were reinvested. For more recent performance information, visit www.eatonvance.com/performance.php.   

THE FUND'S PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Key Fund Statistics

Table Summary

Total Net Assets

$805,680,610

# of Portfolio Holdings

41

Portfolio Turnover Rate

30%

Total Advisory Fees Paid

$4,518,327

What did the Fund invest in? 

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Group By Asset Type Chart

Table Summary

Value

Value

Short-Term Investments

0.7%

Health Care Technology

1.4%

Health Care Supplies

1.9%

Health Care Services

3.6%

Managed Health Care

5.3%

Life Sciences Tools & Services

8.6%

Health Care Equipment

11.6%

Biotechnology

21.5%

Pharmaceuticals

45.4%

Top Ten Holdings (% of total investments)Footnote Referencea

Table Summary

Eli Lilly & Co.

12.0%

Johnson & Johnson

7.2%

AbbVie, Inc

7.2%

Merck & Co., Inc.

6.0%

Roche Holding AG

5.3%

UnitedHealth Group, Inc.

5.3%

AstraZeneca PLC

4.3%

Bristol-Myers Squibb Co.

4.3%

Vertex Pharmaceuticals, Inc.

3.7%

Abbott Laboratories

3.3%

Total

58.6%

Footnote Description

Footnotea

 Excluding cash equivalents

Additional Information 

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.eatonvance.com/open-end-mutual-fund-documents.php

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php. For proxy information, please visit www.eatonvance.com/proxyvoting. 

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee 

Annual Shareholder Report August 31, 2026 

ERHSX-TSR-AR

(b) Not applicable.

Item 2. Code of Ethics

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has amended the code of ethics as described in Form N-CSR during the period covered by the report. The new Fund policy is substantially similar to the superseded Fund policy but now has an expanded scope that applies to 1940 Act Fund families. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

Item 3. Audit Committee Financial Expert

The registrant’s Board of Trustees has determined that George J. Gorman, an “independent” Trustee, is an “audit committee financial expert” serving on its audit committee. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or the liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Trustees in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services

Eaton Vance China Equity Fund, Eaton Vance All Asset Strategy Fund, Eaton Vance Equity Strategy Fund and Eaton Vance Worldwide Health Sciences Fund (the “Fund(s)”) are series of Eaton Vance Growth Trust (the “Trust”), a Massachusetts business trust, which, including the Funds, contains a total of 9 series (the “Series”). The Trust is registered under the Investment Company Act of 1940 as an open-end management investment company. This Form N-CSR relates to the Funds’ annual reports.

(a)-(d)

The following tables present the aggregate fees billed to each Fund for each Fund’s fiscal years ended August 31, 2025 and August 31, 2026 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the Funds’ annual financial statements and fees billed for other services rendered by D&T during those periods.

Eaton Vance China Equity Fund

Fiscal Years Ended

    8/31/25      8/31/26  

Audit Fees

    $ 33,900      $ 33,900  

Audit-Related Fees(1)

    $ 0      $ 0  

Tax Fees(2)

    $ 0      $ 0  

All Other Fees(3)

    $ 0      $ 0  
         

Total

    $ 33,900      $ 33,900  
         

Eaton Vance All Asset Strategy Fund

Fiscal Years Ended

    8/31/25      8/31/26  

Audit Fees

    $ 35,100      $ 35,100  

Audit-Related Fees(1)

    $ 0      $ 0  

Tax Fees(2)

    $ 0      $ 0  

All Other Fees(3)

    $ 0      $ 0  
         

Total

    $ 35,100      $ 35,100  
         

Eaton Vance Equity Strategy Fund

Fiscal Years Ended

    8/31/25      8/31/26  

Audit Fees

    $ 35,100      $ 35,100  

Audit-Related Fees(1)

    $ 0      $ 0  

Tax Fees(2)

    $ 0      $ 0  

All Other Fees(3)

    $ 0      $ 0  
         

Total

    $ 35,100      $ 35,100  
         

Eaton Vance Worldwide Health Sciences Fund

Fiscal Years Ended

    8/31/25      8/31/26  

Audit Fees

    $ 68,200      $ 68,200  

Audit-Related Fees(1)

    $ 0      $ 0  

Tax Fees(2)

    $ 0      $ 0  

All Other Fees(3)

    $ 0      $ 0  
         

Total

    $ 68,200      $ 68,200  
         
(1) 

Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

(2) 

Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

(3) 

All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

The various Series comprising the Trust have varying fiscal year ends (February 28/29, August 31, September 30 or November 30). The following table presents the aggregate audit, audit-related, tax, and other fees billed to all of the Series in the Trust by D&T for the last two fiscal years of each Series.

Fiscal Years Ended

    9/30/24      11/30/24      2/28/25      8/31/25      9/30/25      11/30/25      2/28/26      8/31/26  

Audit Fees

    $ 119,800      $ 33,900      $ 70,200      $ 172,300      $ 119,800      $ 28,900      $ 69,200      $ 172,300  

Audit-Related Fees(1)

    $ 0      $ 0      $ 0      $ 0      $ 0      $ 0      $ 0      $ 0  

Tax Fees(2)

    $ 0      $ 0      $ 0      $ 0      $ 0      $ 0      $ 0      $ 0  

All Other Fees(3)

    $ 0      $ 0      $ 0      $ 0      $ 0      $ 0      $ 0      $ 0  
                                       

Total

    $ 119,800      $ 33,900      $ 70,200      $ 172,300      $ 119,800      $ 28,900      $ 69,200      $ 172,300  
                                       
(1) 

Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the category of audit fees.

(2) 

Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation and other related tax compliance/planning matters.

(3) 

All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

(f) Not applicable.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to all of the Series in the Trust by D&T for the last two fiscal years of each Series; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization by D&T for the last 2 fiscal years of each Series.

Fiscal Years Ended

    9/30/24      11/30/24      2/28/25      8/31/25      9/30/25      11/30/25      2/28/26      8/31/26  

Registrant(1)

    $ 0      $ 0      $ 0      $ 0      $ 0      $ 0      $ 0      $ 0  

Eaton Vance(2)

    $ 18,490      $ 18,490      $ 18,490      $ 18,490      $ 18,490      $ 18,490      $ 18,490      $ 19,414  
(1)

Includes all of the Series of the Trust. During the fiscal years reported above, certain of the Funds were “feeder” funds in a “master-feeder” fund structure or funds of funds.

(2)

Various subsidiaries of Morgan Stanley act in either an investment advisory and/or service provider capacity with respect to the Series and/or their respective “master” funds (if applicable).

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable. 

Item 6. Schedule of Investments

(a)

Please see schedule of investments contained in the Financial Statements and Financial Highlights included under Item 7 of this Form N-CSR.

(b)

Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

Eaton Vance

China Equity Fund

Annual Financial Statements and
Additional Information

August 31, 2026

 

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

Annual Financial Statements and Additional Information August 31, 2026

Eaton Vance

China Equity Fund

Table of Contents

Items 6 and 7 of Form N-CSR:

Portfolio of Investments

1

Statement of Assets and Liabilities

4

Statement of Operations

6

Statements of Changes in Net Assets

7

Financial Highlights

8

Notes to Financial Statements

11

Report of Independent Registered Public Accounting Firm

19

Federal Tax Information

20

Item 11 of Form N-CSR:

Board of Trustees’ Contract Approval

21

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

Eaton Vance

China Equity Fund

August 31, 2026

Portfolio of Investments

Common Stocks — 99.4%

Security

Shares

Value

China — 98.9%

Automobile Components — 0.7%

Fuyao Glass Industry Group Co. Ltd., Class H(1)

   31,600

$   220,966

$   220,966

Automobiles — 1.6%

BYD Co. Ltd., Class H

   49,600

$   547,477

$   547,477

Banks — 15.3%

Bank of Jiangsu Co. Ltd., Class A

  146,200

$   263,042

Bank of Ningbo Co. Ltd., Class A

   57,200

   290,400

China Construction Bank Corp., Class H

2,774,000

 3,353,296

Industrial & Commercial Bank of China Ltd., Class H

1,289,000

 1,241,492

$ 5,148,230

Beverages — 0.7%

Eastroc Beverage Group Co. Ltd., Class A

    7,280

$   129,961

Nongfu Spring Co. Ltd., Class H(1)

   16,800

    91,791

$   221,752

Biotechnology — 0.3%

Innovent Biologics, Inc.(1)(2)

    8,000

$   105,519

$   105,519

Broadline Retail — 12.3%

Alibaba Group Holding Ltd.

  263,100

$ 3,760,953

PDD Holdings, Inc. ADR(2)

    4,558

   382,872

$ 4,143,825

Capital Markets — 2.4%

China International Capital Corp. Ltd., Class H(1)

  109,200

$   313,263

Huatai Securities Co. Ltd., Class H(1)

  218,000

   490,389

$   803,652

Chemicals — 0.8%

Wanhua Chemical Group Co. Ltd., Class A

   24,100

$   273,374

$   273,374

Communications Equipment — 1.6%

Suzhou TFC Optical Communication Co. Ltd., Class A

    1,820

$    71,452

Security

Shares

Value

Communications Equipment (continued)

Zhongji Innolight Co. Ltd., Class A

    3,800

$   482,958

$   554,410

Consumer Staples Distribution & Retail — 0.3%

JD Health International, Inc.(1)(2)

   24,550

$   113,645

$   113,645

Electrical Equipment — 4.1%

Contemporary Amperex Technology Co. Ltd., Class A

   16,700

$   902,445

Dongfang Electric Corp. Ltd., Class H

   24,000

    63,416

Huaming Power Equipment Co. Ltd., Class A

   65,500

   193,889

Shenzhen Megmeet Electrical Co. Ltd., Class A

    5,700

   110,499

Sieyuan Electric Co. Ltd., Class A

    6,200

   129,102

$ 1,399,351

Electronic Equipment, Instruments & Components — 1.0%

Luxshare Precision Industry Co. Ltd., Class A

   15,600

$   133,355

Shanghai BOCHU Electronic Technology Corp. Ltd., Class A

    9,177

   135,066

Victory Giant Technology Huizhou Co. Ltd., Class A

    1,600

    57,759

$   326,180

Food Products — 1.1%

Foshan Haitian Flavouring & Food Co. Ltd., Class H

  105,100

$   376,584

$   376,584

Gas Utilities — 0.5%

Kunlun Energy Co. Ltd.

  174,000

$   171,771

$   171,771

Hotels, Restaurants & Leisure — 2.8%

Atour Lifestyle Holdings Ltd. ADR

    2,350

$    82,203

H World Group Ltd.

  102,000

   478,375

Meituan, Class B(1)(2)

   16,200

   162,070

Yum China Holdings, Inc.

    4,600

   205,861

$   928,509

Household Durables — 0.8%

Midea Group Co. Ltd., Class H(3)

   20,700

$   267,096

$   267,096

Independent Power and Renewable Electricity Producers — 0.6%

China Yangtze Power Co. Ltd., Class A

   49,000

$   204,798

$   204,798

1

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Portfolio of Investments — continued

Security

Shares

Value

Insurance — 4.9%

PICC Property & Casualty Co. Ltd., Class H

  298,000

$   645,452

Ping An Insurance Group Co. of China Ltd., Class H

  139,000

   996,985

$ 1,642,437

Interactive Media & Services — 17.5%

Tencent Holdings Ltd.

  102,900

$ 5,910,079

$ 5,910,079

IT Services — 0.5%

Vnet Group, Inc. ADR(2)(3)

   27,987

$   169,601

$   169,601

Life Sciences Tools & Services — 4.7%

WuXi AppTec Co. Ltd., Class H(1)(3)

   20,000

$   481,652

WuXi Biologics Cayman, Inc.(1)(2)

  177,500

 1,100,864

$ 1,582,516

Machinery — 2.3%

Anhui Yingliu Electromechanical Co. Ltd., Class A

   31,900

$   209,783

Jiangsu Hengli Hydraulic Co. Ltd., Class A

    6,100

    92,930

Sany Heavy Industry Co. Ltd., Class H

  136,200

   340,286

Shenzhen Han's CNC Technology Co. Ltd., Class H(3)

    9,900

   143,534

$   786,533

Metals & Mining — 4.4%

China Hongqiao Group Ltd.

   94,500

$   274,122

Zijin Mining Group Co. Ltd., Class H

  260,000

 1,212,348

$ 1,486,470

Oil, Gas & Consumable Fuels — 4.0%

China Shenhua Energy Co. Ltd., Class H(3)

  121,000

$   714,657

PetroChina Co. Ltd., Class H

  482,000

   624,669

$ 1,339,326

Real Estate Management & Development — 1.3%

China Resources Mixc Lifestyle Services Ltd.(1)

   86,800

$   431,919

$   431,919

Semiconductors & Semiconductor Equipment — 9.9%

Advanced Micro-Fabrication Equipment, Inc. China, Class A

    6,757

$   363,546

Cambricon Technologies Corp. Ltd., Class A

      815

   134,648

Hangzhou Chang Chuan Technology Co. Ltd., Class A

    3,700

   153,388

Hua Hong Grace Semiconductor Ltd., Class H(1)(2)

   15,000

   234,390

Hygon Information Technology Co. Ltd., Class A

    2,632

    99,197

Montage Technology Co. Ltd., Class A

    4,488

   136,484

Security

Shares

Value

Semiconductors & Semiconductor Equipment (continued)

Montage Technology Co. Ltd., Class H(2)(3)

      600

$    20,425

NAURA Technology Group Co. Ltd., Class A

   14,900

 1,550,746

Nexchip Semiconductor Corp., Class H(2)

   80,300

   306,307

Piotech, Inc., Class A

    3,212

   323,331

$ 3,322,462

Technology Hardware, Storage & Peripherals — 1.2%

Lenovo Group Ltd.

  102,000

$   390,793

$   390,793

Transportation Infrastructure — 1.3%

China Merchants Port Holdings Co. Ltd.

  222,000

$   455,032

$   455,032

Total China

(identified cost $21,559,613)

$33,324,307

Hong Kong — 0.5%

Metals & Mining — 0.0%†

Zijin Gold International Co. Ltd.(3)

      638

$    12,293

$    12,293

Semiconductors & Semiconductor Equipment — 0.5%

ASMPT Ltd.

    7,300

$   152,333

$   152,333

Total Hong Kong

(identified cost $103,411)

$   164,626

Total Common Stocks

(identified cost $21,663,024)

$33,488,933

Short-Term Investments — 0.0%†

Security

Shares

Value

Morgan Stanley Institutional Liquidity Funds - Government

Portfolio, Institutional Class, 3.58%(4)

    3,539

$     3,539

Total Short-Term Investments

(identified cost $3,539)

$     3,539

Total Investments — 99.4%

(identified cost $21,666,563)

$33,492,472

Other Assets, Less Liabilities — 0.6%

$   209,587

Net Assets — 100.0%

$33,702,059

2

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Portfolio of Investments — continued

The percentage shown for each investment category in the Portfolio of

Investments is based on net assets.

†

Amount is less than 0.05% or (0.05)%, as applicable.

(1)

Security exempt from registration under Rule 144A of the Securities Act

of 1933, as amended. These securities may be sold in certain

transactions in reliance on an exemption from registration (normally to

qualified institutional buyers). At August 31, 2026, the aggregate value of

these securities is $3,746,468 or 11.1% of the Fund's net assets.

(2)

Non-income producing security.

(3)

All or a portion of this security was on loan at August 31, 2026. The

aggregate market value of securities on loan at August 31, 2026 was

$1,725,577.

(4)

May be deemed to be an affiliated investment company (see Note 11).

The rate shown is the annualized seven-day yield as of August 31, 2026.

Abbreviations:

ADR

– American Depositary Receipt

3

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Statement of Assets and Liabilities

August 31, 2026

Assets

Unaffiliated investments, at value (identified cost $21,663,024) — including $1,725,577 of securities on loan

$33,488,933

Affiliated investments, at value (identified cost $3,539)

3,539

Cash

87

Foreign currency, at value (identified cost $903)

903

Dividends receivable

9,698

Dividends receivable from affiliated investments

410

Receivable for investments sold

399,804

Receivable for Fund shares sold

507

Securities lending income receivable

3,435

Trustees' deferred compensation plan

12,822

Total assets

$33,920,138

Liabilities

Notes payable

$10,000

Payable for Fund shares redeemed

41

Payable to affiliates:

 Investment adviser fee

21,929

Administration fee

4,389

Distribution and service fees

6,760

Sub-transfer agency fee

8,779

Trustees' deferred compensation plan

12,822

Other

28,449

Payable for custodian fee

12,587

Payable for legal and accounting services

72,503

Payable for printing and postage

13,567

Payable for registration fees

10,946

Accrued expenses

15,307

Total liabilities

$218,079

Net Assets

$33,702,059

Sources of Net Assets

Paid-in capital

$28,417,703

Distributable earnings

5,284,356

Net Assets

$33,702,059

Class A Shares

Net Assets

$29,901,213

Shares Outstanding

1,764,943

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)

$16.94

Maximum Offering Price Per Share

(100 ÷ 94.75 of net asset value per share)

$17.88

Class C Shares

Net Assets

$343,184

Shares Outstanding

22,772

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)

$15.07

4

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Statement of Assets and Liabilities — continued

August 31, 2026

Class I Shares

Net Assets

$3,457,662

Shares Outstanding

200,183

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)

$17.27

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

*

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

5

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Statement of Operations

Year Ended

August 31, 2026

Investment Income

Dividend income (net of foreign taxes withheld of $62,705)

$788,749

Dividend income from affiliated investments

42,270

Securities lending income, net

15,608

Total investment income

$846,627

Expenses

Investment adviser fee

$291,277

Administration fee

58,255

Distribution and service fees:

Class A

86,352

Class C

3,744

Trustees’ fees and expenses

2,561

Custodian fee

40,099

Transfer and dividend disbursing agent fees

94,577

Legal and accounting services

100,471

Printing and postage

28,900

Registration fees

31,703

Miscellaneous

24,265

Total expenses

$762,204

Deduct:

Waiver and/or reimbursement of expenses by affiliates

$189,929

Total expense reductions

$189,929

Net expenses

$572,275

Net investment income

$274,352

Realized and Unrealized Gain (Loss)

Net realized gain (loss):

Investment transactions

$3,604,567

Futures contracts

99,669

Foreign currency transactions

(2,947

)

Net realized gain

$3,701,289

Change in unrealized appreciation (depreciation):

Investments

$(5,803,838

)

Futures contracts

(107,203

)

Foreign currency

(261

)

Net change in unrealized appreciation (depreciation)

$(5,911,302

)

Net realized and unrealized loss

$(2,210,013

)

Net decrease in net assets from operations

$(1,935,661

)

6

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Statements of Changes in Net Assets

Year Ended August 31,

2026

2025

Increase (Decrease) in Net Assets

From operations:

Net investment income

$274,352

$419,082

Net realized gain (loss)

3,701,289

(93,052

)

Net change in unrealized appreciation (depreciation)

(5,911,302

)

13,465,348

Net increase (decrease) in net assets from operations

$(1,935,661

)

$13,791,378

Distributions to shareholders:

Class A

$(581,565

)

$(655,566

)

Class C

(4,653

)

(4,473

)

Class I

(72,586

)

(92,016

)

Total distributions to shareholders

$(658,804

)

$(752,055

)

Transactions in shares of beneficial interest:

Class A

$(5,923,564

)

$(1,596,080

)

Class C

(11,920

)

(116,640

)

Class I

(390,369

)

(816,851

)

Net decrease in net assets from Fund share transactions

$(6,325,853

)

$(2,529,571

)

Net increase (decrease) in net assets

$(8,920,318

)

$10,509,752

Net Assets

At beginning of year

$42,622,377

$32,112,625

At end of year

$33,702,059

$42,622,377

7

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Financial Highlights

Class A

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$18.15

$12.69

$15.80

$18.88

$26.87

Income (Loss) From Operations

Net investment income(1)

$0.12

$0.17

$0.32

(2)

$0.09

$0.03

Net realized and unrealized gain (loss)

(1.05

)

5.60

(2.29

)

(2.09

)

(6.71

)

Total income (loss) from operations

$(0.93

)

$5.77

$(1.97

)

$(2.00

)

$(6.68

)

Less Distributions

From net investment income

$(0.28

)

$(0.31

)

$(0.03

)

$—

$—

From net realized gain

—

—

(1.11

)

(1.08

)

(1.31

)

Total distributions

$(0.28

)

$(0.31

)

$(1.14

)

$(1.08

)

$(1.31

)

Net asset value — End of year

$16.94

$18.15

$12.69

$15.80

$18.88

Total Return(3)

(5.22

)%

46.20

%

(12.81

)%

(11.28

)%

(26.08

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$29,901

$38,104

$28,164

$40,926

$53,597

Ratios (as a percentage of average daily net assets):(4)

Total expenses

1.99

%

1.96

%

1.93

%(5)

1.68

%

1.60

%

Net expenses(6)

1.50

%

1.50

%

1.51

%(5)

1.50

%

1.53

%

Net investment income

0.69

%

1.11

%

2.33

%(2)

0.52

%

0.13

%

Portfolio Turnover

34

%

48

%

77

%

34

%

78

%

(1)

Computed using average shares outstanding.

(2)

Net investment income (loss) per share includes special dividends which amounted to $0.20 per share. Excluding special dividends, the ratio of net

investment income (loss) to average daily net assets would have been 0.89%.

(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)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses

are net of all reductions and represent the net expenses paid by the Fund.

(5)

Includes interest expense of 0.01% for the year ended August 31, 2024.

(6)

Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than

0.005% of average daily net assets for the years ended August 31, 2026, 2025, 2024, 2023 and 2022).

8

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Financial Highlights — continued

Class C

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$16.20

$11.32

$14.30

$17.32

$24.93

Income (Loss) From Operations

Net investment income (loss)(1)

$(0.01

)

$0.03

$0.16

(2)

$(0.04

)

$(0.13

)

Net realized and unrealized gain (loss)

(0.93

)

5.02

(2.03

)

(1.90

)

(6.17

)

Total income (loss) from operations

$(0.94

)

$5.05

$(1.87

)

$(1.94

)

$(6.30

)

Less Distributions

From net investment income

$(0.19

)

$(0.17

)

$—

$—

$—

From net realized gain

—

—

(1.11

)

(1.08

)

(1.31

)

Total distributions

$(0.19

)

$(0.17

)

$(1.11

)

$(1.08

)

$(1.31

)

Net asset value — End of year

$15.07

$16.20

$11.32

$14.30

$17.32

Total Return(3)

(5.91

)%

45.10

%

(13.47

)%

(11.98

)%

(26.60

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$343

$384

$376

$669

$955

Ratios (as a percentage of average daily net assets):(4)

Total expenses

2.74

%

2.71

%

2.68

%(5)

2.43

%

2.35

%

Net expenses(6)

2.25

%

2.25

%

2.26

%(5)

2.25

%

2.28

%

Net investment income (loss)

(0.07

)%

0.19

%

1.33

%(2)

(0.26

)%

(0.61

)%

Portfolio Turnover

34

%

48

%

77

%

34

%

78

%

(1)

Computed using average shares outstanding.

(2)

Net investment income (loss) per share includes special dividends which amounted to $0.18 per share. Excluding special dividends, the ratio of net

investment income (loss) to average daily net assets would have been (0.11)%.

(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)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses

are net of all reductions and represent the net expenses paid by the Fund.

(5)

Includes interest expense of 0.01% for the year ended August 31, 2024.

(6)

Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than

0.005% of average daily net assets for the years ended August 31, 2026, 2025, 2024, 2023 and 2022).

9

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Financial Highlights — continued

Class I

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$18.50

$12.93

$16.09

$19.15

$27.17

Income (Loss) From Operations

Net investment income(1)

$0.17

$0.20

$0.29

(2)

$0.12

$0.07

Net realized and unrealized gain (loss)

(1.07

)

5.72

(2.26

)

(2.10

)

(6.78

)

Total income (loss) from operations

$(0.90

)

$5.92

$(1.97

)

$(1.98

)

$(6.71

)

Less Distributions

From net investment income

$(0.33

)

$(0.35

)

$(0.08

)

$—

$—

From net realized gain

—

—

(1.11

)

(1.08

)

(1.31

)

Total distributions

$(0.33

)

$(0.35

)

$(1.19

)

$(1.08

)

$(1.31

)

Net asset value — End of year

$17.27

$18.50

$12.93

$16.09

$19.15

Total Return(3)

(5.01

)%

46.56

%

(12.59

)%

(11.00

)%

(25.89

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$3,458

$4,134

$3,573

$6,006

$8,483

Ratios (as a percentage of average daily net assets):(4)

Total expenses

1.74

%

1.72

%

1.68

%(5)

1.43

%

1.35

%

Net expenses(6)

1.25

%

1.25

%

1.26

%(5)

1.25

%

1.28

%

Net investment income

0.96

%

1.24

%

2.11

%(2)

0.71

%

0.29

%

Portfolio Turnover

34

%

48

%

77

%

34

%

78

%

(1)

Computed using average shares outstanding.

(2)

Net investment income per share includes special dividends which amounted to $0.20 per share. Excluding special dividends, the ratio of net

investment income to average daily net assets would have been 0.67%.

(3)

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

(4)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses

are net of all reductions and represent the net expenses paid by the Fund.

(5)

Includes interest expense of 0.01% for the year ended August 31, 2024.

(6)

Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than

0.005% of average daily net assets for the years ended August 31, 2026, 2025, 2024, 2023 and 2022).

10

See Notes to Financial Statements.

Eaton Vance

China Equity Fund

August 31, 2026

Notes to Financial Statements

1 Significant Accounting Policies

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

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

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

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

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

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

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

D Federal and Other Taxes—The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital

gains. Accordingly, no provision for federal income or excise tax is necessary. As of August 31, 2026, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state,

and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid.

11

Eaton Vance

China Equity Fund

August 31, 2026

Notes to Financial Statements — continued

The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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

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

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

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

I Futures Contracts—Upon entering into a futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, index or currency, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.

K Recently Issued Accounting Pronouncements—In September 2026, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. ASU 2026-03 requires investment companies to consider the effects of certain contractual sale restrictions when measuring the fair value of equity securities and to provide related disclosures. ASU 2026-03 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of adopting ASU 2026-03; however, it does not currently expect the implementation of the standard to have a material effect on the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

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

12

Eaton Vance

China Equity Fund

August 31, 2026

Notes to Financial Statements — continued

The tax character of distributions declared for the years ended August 31, 2026 and August 31, 2025 was as follows: 

Year Ended August 31,

2026

2025

Ordinary income

$658,804

$752,055

During the year ended August 31, 2026, distributable earnings was decreased by $12,096 and paid-in capital was increased by $12,096 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of August 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows: 

Undistributed ordinary income

$12,053

Deferred capital losses

(6,449,394

)

Net unrealized appreciation

11,721,697

Distributable earnings

$5,284,356

At August 31, 2026, the Fund, for federal income tax purposes, had deferred capital losses of $6,449,394 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at August 31, 2026, $3,202,189 are short-term and $3,247,205 are long-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at August 31, 2026, as determined on a federal income tax basis, were as follows: 

Aggregate cost

$21,770,760

Gross unrealized appreciation

$13,007,292

Gross unrealized depreciation

(1,285,580

)

Net unrealized appreciation

$11,721,712

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily net assets as follows and is payable monthly: 

Average Daily Net Assets

Annual Fee Rate

Up to $500 million

0.750

%

$500 million but less than $1 billion

0.700

%

$1 billion but less than $1.5 billion

0.675

%

$1.5 billion but less than $2 billion

0.675

%

$2 billion but less than $3 billion

0.660

%

$3 billion and over

0.580

%

For the year ended August 31, 2026, the investment adviser fee amounted to $291,277 or 0.75% of the Fund's average daily net assets. Pursuant to an investment sub-advisory agreement, BMR has delegated the investment management of the Fund to Morgan Stanley Investment Management Company

13

Eaton Vance

China Equity Fund

August 31, 2026

Notes to Financial Statements — continued

(MSIM Company), a wholly-owned subsidiary of Morgan Stanley. MSIM Company uses the portfolio management, research and other resources of its affiliate, Morgan Stanley Asia Limited (MSAL), in rendering investment advisory services to the Fund. MSAL has entered into a Memorandum of Understanding with MSIM Company pursuant to which MSAL is considered a participating affiliate of the sub-adviser as that term is used in relief granted by the staff of the U.S. Securities and Exchange Commission allowing U.S. registered investment advisers to use portfolio management or research resources of unregistered advisory affiliates subject to the supervision of a U.S. registered adviser. BMR pays MSIM Company a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended August 31, 2026, the investment adviser fee paid was reduced by $1,593 relating to the Fund’s investment in the Liquidity Fund.

The administration fee is earned by Eaton Vance Management (EVM), an affiliate of BMR and an indirect, wholly-owned subsidiary of Morgan Stanley, for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended August 31, 2026, the administration fee amounted to $58,255.

EVM and MSIM Company have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs, taxes or litigation expenses) exceed 1.50%, 2.25% and 1.25% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 1, 2027. Pursuant to this agreement, EVM and MSIM Company were allocated $188,336 in total of the Fund’s operating expenses for the year ended August 31, 2026.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended August 31, 2026, EVM earned $34,092 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on

the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter,

received $151 as its portion of the sales charge on sales of Class A shares for the year ended August 31, 2026. EVD also received distribution and service fees from Class A and Class C shares (see Note 4).

Trustees and officers of the Fund who are members of EVM’s or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser and administrator may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of the above organizations.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended August 31, 2026 amounted to $86,352 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended August 31, 2026, the Fund paid or accrued to EVD $2,808 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended August 31, 2026 amounted to $936 for Class C shares.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended August 31, 2026, the Fund was informed that EVD received no CDSCs paid by Class A and Class C shareholders.

14

Eaton Vance

China Equity Fund

August 31, 2026

Notes to Financial Statements — continued

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $12,646,155 and $17,006,983, respectively, for the year ended August 31, 2026.

7 Shares of Beneficial Interest

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

Year Ended

August 31, 2026

Year Ended

August 31, 2025

Shares

Amount

Shares

Amount

Class A

Sales

 65,888

$1,181,586

235,999

$3,838,803

Issued to shareholders electing to receive payments of distributions

in Fund shares

 28,678

  522,513

 41,293

  574,801

Redemptions

(428,978)

(7,627,663)

(396,663)

(6,009,684)

Net decrease

(334,412)

$(5,923,564)

(119,371)

$(1,596,080)

Class C

Sales

  6,565

$  103,990

  6,058

$   91,197

Issued to shareholders electing to receive payments of distributions

in Fund shares

    285

    4,653

    358

    4,473

Redemptions

 (7,798)

 (120,563)

(15,867)

 (212,310)

Net decrease

   (948)

$  (11,920)

 (9,451)

$ (116,640)

Class I

Sales

 89,874

$1,599,162

110,947

$1,842,088

Issued to shareholders electing to receive payments of distributions

in Fund shares

  3,811

   70,650

  6,334

   89,688

Redemptions

(117,013)

(2,060,181)

(170,114)

(2,748,627)

Net decrease

(23,328)

$ (390,369)

(52,833)

$ (816,851)

8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include 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 Fund has in particular classes of financial instruments and do 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. At August 31, 2026, there were no obligations outstanding under these financial instruments.

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. During the year ended August 31, 2026, the Fund entered into equity index futures contracts to manage cash flows.

15

Eaton Vance

China Equity Fund

August 31, 2026

Notes to Financial Statements — continued

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended August 31, 2026 was as follows: 

Derivative

Realized Gain (Loss)

on Derivatives Recognized

in Income

Change in Unrealized

Appreciation (Depreciation) on

Derivatives Recognized in Income

Futures contracts

$99,669

(1)

$(107,203

)(2)

(1)

Statement of Operations location: Net realized gain (loss): Futures contracts.

(2)

Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) outstanding during the year ended August 31, 2026, which is indicative of the volume of this derivative type, was approximately $454,000.

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. At August 31, 2026, the Fund had a balance outstanding pursuant to this line of credit of $10,000 at an annual interest rate of 4.63%. Based on the short-term nature of the borrowings under the line of credit and variable interest rate, the carrying value of the borrowings approximated its fair value at August 31, 2026. If measured at fair value, borrowings under the line of credit would have been considered as Level 2 in the fair value hierarchy (see Note 12) at August 31, 2026. The Fund’s average borrowings and allocated fees for the year ended August 31, 2026 were not significant.

10 Securities Lending Agreement

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

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

At August 31, 2026, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $1,725,577 and $1,824,740, respectively. Collateral received was comprised of U.S. Government and/or agencies securities. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

16

Eaton Vance

China Equity Fund

August 31, 2026

Notes to Financial Statements — continued

11 Affiliated Investments

At August 31, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $3,539, which represents less than 0.05% of the Fund's net assets. Transactions in such investments by the Fund for the year ended August 31, 2026 were as follows: 

Name

Value,

beginning

of period

Purchases

Sales

proceeds

Net

realized

gain (loss)

Change in

unrealized

appreciation

(depreciation)

Value, end

of period

Dividend

income

Shares,

end of period

Short-Term Investments

Liquidity Fund

$1,813,577

$10,321,300

$(12,131,338)

$ —

$ —

$3,539

$42,270

3,539

12 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

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

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At August 31, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows: 

Asset Description 

Level 1

Level 2

Level 3

Total

Common Stocks:

Communication Services

$ —

$5,910,079

$ —

$5,910,079

Consumer Discretionary

465,075

5,642,798

 —

6,107,873

Consumer Staples

 —

711,981

 —

711,981

Energy

 —

1,339,326

 —

1,339,326

Financials

 —

7,594,319

 —

7,594,319

Health Care

 —

1,688,035

 —

1,688,035

Industrials

 —

2,640,916

 —

2,640,916

Information Technology

475,908

4,439,871

 —

4,915,779

Materials

 —

1,772,137

 —

1,772,137

Real Estate

 —

431,919

 —

431,919

Utilities

 —

376,569

 —

376,569

Total Common Stocks

$940,983

$32,547,950

*

$ —

$33,488,933

Short-Term Investments

$3,539

$ —

$ —

$3,539

Total Investments

$944,522

$32,547,950

$ —

$33,492,472

*

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.

17

Eaton Vance

China Equity Fund

August 31, 2026

Notes to Financial Statements — continued

13 Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

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

18

Eaton Vance

China Equity Fund

August 31, 2026

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Growth Trust and Shareholders of Eaton Vance China Equity Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance China Equity Fund (the “Fund”) (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of August 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 19, 2026

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

19

Eaton Vance

China Equity Fund

August 31, 2026

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders

are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the foreign tax credit.

Qualified Dividend Income. For the fiscal year ended August 31, 2026, the Fund designates approximately $618,431, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Foreign Tax Credit. For the fiscal year ended August 31, 2026, the Fund paid foreign taxes of $61,805 and recognized foreign source income of $843,995.

20

Eaton Vance

China Equity Fund

August 31, 2026

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 11, 2026, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2026, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a “fund”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and the cost allocation methodology used to determine such analyses;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of “fair value” by the adviser in its role as each fund’s valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

Information about each Adviser and Sub-Adviser

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

1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the “adviser.”

21

Eaton Vance

China Equity Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

Other Relevant Information

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 11, 2026 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance China Equity Fund (the “Fund”) and Boston Management and Research (the “Adviser”) and the sub-advisory agreement between the Adviser and Morgan Stanley Investment Management

22

Eaton Vance

China Equity Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

Company (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser. With respect to the Sub-adviser, the Board took into account the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement and the Sub-adviser’s experience in managing equity portfolios. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2025. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was lower than its benchmark index for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to requests from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2025, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

23

Eaton Vance

China Equity Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are not excessive.

The Board also considered direct and indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the other Eaton Vance Funds, including, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agent(s), and research received by the Adviser and/or the Sub-adviser generated from commission dollars spent on funds’ portfolio trading.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

24

EVCGX-NCSR 8.31.26

Eaton Vance

Worldwide Health Sciences Fund

Annual Financial Statements and
Additional Information

August 31, 2026

 

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

Annual Financial Statements and Additional Information August 31, 2026

Eaton Vance

Worldwide Health Sciences Fund

Table of Contents

Items 6 and 7 of Form N-CSR:

Portfolio of Investments

1

Statement of Assets and Liabilities

3

Statement of Operations

5

Statements of Changes in Net Assets

6

Financial Highlights

7

Notes to Financial Statements

11

Report of Independent Registered Public Accounting Firm

18

Federal Tax Information

19

Item 11 of Form N-CSR:

Board of Trustees’ Contract Approval

20

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Portfolio of Investments

Common Stocks — 99.1%

Security

Shares

Value

Biotechnology — 21.5%

AbbVie, Inc.

  224,713

$ 57,620,908

argenx SE ADR(1)

   14,849

 15,319,119

Caris Life Sciences, Inc.(1)

  275,438

  7,020,915

Generate Biomedicines, Inc.(1)

  308,946

  4,717,605

Genmab AS(1)

   34,172

 11,292,834

Gilead Sciences, Inc.

  180,882

 26,470,272

Neurocrine Biosciences, Inc.(1)

   78,152

 12,037,753

NewAmsterdam Pharma Co. NV(1)

   80,724

  2,045,546

Vertex Pharmaceuticals, Inc.(1)

   56,632

 30,837,257

Xenon Pharmaceuticals, Inc.(1)

   99,010

  5,962,382

$173,324,591

Health Care Equipment — 11.5%

Abbott Laboratories

  240,391

$ 26,529,551

Fisher & Paykel Healthcare Corp. Ltd., Class C

  221,563

  5,819,937

Intuitive Surgical, Inc.(1)

   56,833

 21,418,084

Medtronic PLC

   75,646

  6,857,310

STERIS PLC

   34,338

  7,988,392

Straumann Holding AG

   66,212

  7,681,502

Stryker Corp.

   51,623

 16,715,528

$ 93,010,304

Health Care Services — 3.6%

CVS Health Corp.

  159,207

$ 14,951,129

Quest Diagnostics, Inc.

   57,117

 13,725,215

$ 28,676,344

Health Care Supplies — 2.0%

Cooper Cos., Inc.(1)

  126,763

$  8,884,819

EssilorLuxottica SA

   10,527

  1,953,575

Medline, Inc., Class A(1)

  145,899

  5,110,842

$ 15,949,236

Health Care Technology — 1.4%

HeartFlow, Inc.(1)

  216,487

$ 10,908,780

$ 10,908,780

Life Sciences Tools & Services — 8.6%

Danaher Corp.

   79,206

$ 16,915,233

Lonza Group AG

   20,771

 14,802,543

Security

Shares

Value

Life Sciences Tools & Services (continued)

Mettler-Toledo International, Inc.(1)

    8,632

$ 12,129,169

Thermo Fisher Scientific, Inc.

   41,239

 25,448,587

$ 69,295,532

Managed Health Care — 5.3%

UnitedHealth Group, Inc.

  109,349

$ 42,581,594

$ 42,581,594

Pharmaceuticals — 45.2%

AstraZeneca PLC

  213,849

$ 34,476,306

Bristol-Myers Squibb Co.

  513,118

 34,281,414

Eli Lilly & Co.

   83,346

 96,408,819

Enliven Therapeutics, Inc.(1)

   37,350

  2,162,191

Johnson & Johnson

  216,808

 57,638,407

MBX Biosciences, Inc.(1)

   31,519

  1,941,570

Merck & Co., Inc.

  324,173

 47,899,802

Novartis AG

  109,500

 16,655,096

Novo Nordisk AS, Class B

  131,275

  5,945,179

Roche Holding AG

   98,026

 42,731,580

Royalty Pharma PLC, Class A

  181,508

 11,146,406

Sanofi SA

  149,028

 13,249,921

$364,536,691

Total Common Stocks

(identified cost $436,476,973)

$798,283,072

Short-Term Investments — 0.7%

Security

Shares

Value

Morgan Stanley Institutional Liquidity Funds - Government

Portfolio, Institutional Class, 3.58%(2)

5,492,356

$  5,492,356

Total Short-Term Investments

(identified cost $5,492,356)

$  5,492,356

Total Investments — 99.8%

(identified cost $441,969,329)

$803,775,428

Other Assets, Less Liabilities — 0.2%

$  1,905,182

Net Assets — 100.0%

$805,680,610

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 (see Note 9). The

rate shown is the annualized seven-day yield as of August 31, 2026.

1

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Portfolio of Investments — continued

Country Concentration of Portfolio

Country

Percentage

of Net Assets

Value

United States

86.7%

$698,476,505

United Kingdom

4.3

34,476,306

Switzerland

2.8

22,484,045

Denmark

2.1

17,238,013

Belgium

1.9

15,319,119

Canada

0.7

5,962,382

New Zealand

0.7

5,819,937

Netherlands

0.3

2,045,546

France

0.3

1,953,575

Total Investments

99.8%

$803,775,428

Abbreviations:

ADR

– American Depositary Receipt

2

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Statement of Assets and Liabilities

August 31, 2026

Assets

Unaffiliated investments, at value (identified cost $436,476,973)

$798,283,072

Affiliated investments, at value (identified cost $5,492,356)

5,492,356

Dividends receivable

715,108

Dividends receivable from affiliated investments

13,215

Receivable for Fund shares sold

252,107

Tax reclaims receivable

3,009,285

Trustees' deferred compensation plan

93,539

Total assets

$807,858,682

Liabilities

Payable for Fund shares redeemed

$997,940

Payable to affiliates:

 Investment adviser fee

376,587

Administration fee

102,494

Distribution and service fees

154,108

Sub-transfer agency fee

35,193

Trustees' deferred compensation plan

93,539

Other

68,798

Payable for transfer and dividend disbursing agent fees

131,308

Accrued expenses

218,105

Total liabilities

$2,178,072

Net Assets

$805,680,610

Sources of Net Assets

Paid-in capital

$419,262,544

Distributable earnings

386,418,066

Net Assets

$805,680,610

Class A Shares

Net Assets

$570,857,582

Shares Outstanding

41,552,802

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)

$13.74

Maximum Offering Price Per Share

(100 ÷ 94.75 of net asset value per share)

$14.50

Class C Shares

Net Assets

$13,277,729

Shares Outstanding

970,120

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)

$13.69

Class I Shares

Net Assets

$170,584,608

Shares Outstanding

11,927,267

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)

$14.30

3

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Statement of Assets and Liabilities — continued

August 31, 2026

Class R Shares

Net Assets

$50,960,691

Shares Outstanding

3,373,917

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)

$15.10

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

*

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

4

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Statement of Operations

Year Ended

August 31, 2026

Investment Income

Dividend income (net of foreign taxes withheld of $539,917)

$13,523,765

Dividend income from affiliated investments

66,654

Other income

434,192

Total investment income

$14,024,611

Expenses

Investment adviser fee

$4,969,002

Administration fee

1,222,791

Distribution and service fees:

Class A

1,437,041

Class C

157,112

Class R

253,166

Trustees’ fees and expenses

46,464

Custodian fee

214,625

Transfer and dividend disbursing agent fees

771,153

Legal and accounting services

152,265

Printing and postage

69,024

Registration fees

58,863

ReFlow liquidity program fees

77,787

Miscellaneous

89,017

Total expenses

$9,518,310

Deduct:

Waiver and/or reimbursement of expenses by affiliates

$450,675

Total expense reductions

$450,675

Net expenses

$9,067,635

Net investment income

$4,956,976

Realized and Unrealized Gain (Loss)

Net realized gain (loss):

Investment transactions

$88,047,409

(1)

Foreign currency transactions

(30,964

)

Net realized gain

$88,016,445

Change in unrealized appreciation (depreciation):

Investments

$16,906,146

Foreign currency

(43,492

)

Net change in unrealized appreciation (depreciation)

$16,862,654

Net realized and unrealized gain

$104,879,099

Net increase in net assets from operations

$109,836,075

(1)

Includes $37,216,305 of net realized gains from redemptions in-kind.

5

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Statements of Changes in Net Assets

Year Ended August 31,

2026

2025

Increase (Decrease) in Net Assets

From operations:

Net investment income

$4,956,976

$3,050,060

Net realized gain

88,016,445

(1)

55,603,714

Net change in unrealized appreciation (depreciation)

16,862,654

(209,976,236

)

Net increase (decrease) in net assets from operations

$109,836,075

$(151,322,462

)

Distributions to shareholders:

Class A

$(42,486,396

)

$(30,208,128

)

Class C

(1,128,430

)

(963,793

)

Class I

(12,841,644

)

(9,938,999

)

Class R

(3,283,324

)

(2,264,964

)

Total distributions to shareholders

$(59,739,794

)

$(43,375,884

)

Transactions in shares of beneficial interest:

Class A

$(48,162,764

)

$(58,555,740

)

Class C

(5,258,808

)

(3,738,867

)

Class I

(21,698,128

)

(19,975,882

)

Class R

(3,417,049

)

(4,669,086

)

Net decrease in net assets from Fund share transactions

$(78,536,749

)

$(86,939,575

)

Net decrease in net assets

$(28,440,468

)

$(281,637,921

)

Net Assets

At beginning of year

$834,121,078

$1,115,758,999

At end of year

$805,680,610

$834,121,078

(1)

Includes $37,216,305 of net realized gains from redemptions in-kind.

6

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Financial Highlights

Class A

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$12.90

$15.66

$13.15

$12.45

$15.26

Income (Loss) From Operations

Net investment income(1)

$0.08

$0.04

$0.03

$0.04

$0.03

Net realized and unrealized gain (loss)

1.74

(2.18

)

2.81

1.22

(1.63

)

Total income (loss) from operations

$1.82

$(2.14

)

$2.84

$1.26

$(1.60

)

Less Distributions

From net investment income

$(0.07

)

$(0.02

)

$(0.02

)

$(0.02

)

$(0.04

)

From net realized gain

(0.91

)

(0.60

)

(0.31

)

(0.54

)

(1.17

)

Total distributions

$(0.98

)

$(0.62

)

$(0.33

)

$(0.56

)

$(1.21

)

Net asset value — End of year

$13.74

$12.90

$15.66

$13.15

$12.45

Total Return(2)

14.46

%

(13.86

)%

22.17

%

10.21

%

(11.32

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$570,858

$583,943

$777,744

$708,283

$703,965

Ratios (as a percentage of average daily net assets):(3)

Total expenses

1.19

%

1.20

%

1.19

%

1.17

%

1.21

%

Net expenses

1.13

%(4)

1.17

%(4)

1.16

%(4)

1.13

%(4)

1.20

%(4)

Net investment income

0.59

%

0.30

%

0.21

%

0.28

%

0.22

%

Portfolio Turnover

30

%

30

%

15

%

21

%

27

%

(1)

Computed using average shares outstanding.

(2)

Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect

the effect of sales charges.

(3)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses

are net of all reductions and represent the net expenses paid by the Fund.

(4)

Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than

0.005% of average daily net assets for the years ended August 31, 2026, 2025, 2024, 2023 and 2022).

7

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Financial Highlights — continued

Class C

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$12.87

$15.70

$13.27

$12.63

$15.44

Income (Loss) From Operations

Net investment loss(1)

$(0.02

)

$(0.06

)

$(0.07

)

$(0.06

)

$(0.08

)

Net realized and unrealized gain (loss)

1.73

(2.17

)

2.81

1.24

(1.64

)

Total income (loss) from operations

$1.71

$(2.23

)

$2.74

$1.18

$(1.72

)

Less Distributions

From net realized gain

$(0.89

)

$(0.60

)

$(0.31

)

$(0.54

)

$(1.09

)

Total distributions

$(0.89

)

$(0.60

)

$(0.31

)

$(0.54

)

$(1.09

)

Net asset value — End of year

$13.69

$12.87

$15.70

$13.27

$12.63

Total Return(2)

13.55

%

(14.44

)%

21.20

%

9.35

%

(11.91

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$13,278

$17,713

$26,079

$29,164

$39,615

Ratios (as a percentage of average daily net assets):(3)

Total expenses

1.94

%

1.95

%

1.94

%

1.92

%

1.96

%

Net expenses

1.88

%(4)

1.92

%(4)

1.91

%(4)

1.88

%(4)

1.95

%(4)

Net investment loss

(0.18

)%

(0.46

)%

(0.54

)%

(0.49

)%

(0.54

)%

Portfolio Turnover

30

%

30

%

15

%

21

%

27

%

(1)

Computed using average shares outstanding.

(2)

Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect

the effect of sales charges.

(3)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses

are net of all reductions and represent the net expenses paid by the Fund.

(4)

Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than

0.005% of average daily net assets for the years ended August 31, 2026, 2025, 2024, 2023 and 2022).

8

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Financial Highlights — continued

Class I

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$13.40

$16.23

$13.62

$12.88

$15.74

Income (Loss) From Operations

Net investment income(1)

$0.11

$0.08

$0.07

$0.07

$0.07

Net realized and unrealized gain (loss)

1.80

(2.25

)

2.90

1.27

(1.69

)

Total income (loss) from operations

$1.91

$(2.17

)

$2.97

$1.34

$(1.62

)

Less Distributions

From net investment income

$(0.10

)

$(0.06

)

$(0.05

)

$(0.06

)

$(0.07

)

From net realized gain

(0.91

)

(0.60

)

(0.31

)

(0.54

)

(1.17

)

Total distributions

$(1.01

)

$(0.66

)

$(0.36

)

$(0.60

)

$(1.24

)

Net asset value — End of year

$14.30

$13.40

$16.23

$13.62

$12.88

Total Return(2)

14.66

%

(13.58

)%

22.46

%

10.46

%

(11.07

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$170,585

$181,656

$245,070

$203,614

$209,646

Ratios (as a percentage of average daily net assets):(3)

Total expenses

0.94

%

0.95

%

0.94

%

0.92

%

0.96

%

Net expenses

0.88

%(4)

0.92

%(4)

0.91

%(4)

0.88

%(4)

0.95

%(4)

Net investment income

0.83

%

0.56

%

0.46

%

0.52

%

0.47

%

Portfolio Turnover

30

%

30

%

15

%

21

%

27

%

(1)

Computed using average shares outstanding.

(2)

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

(3)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses

are net of all reductions and represent the net expenses paid by the Fund.

(4)

Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than

0.005% of average daily net assets for the years ended August 31, 2026, 2025, 2024, 2023 and 2022).

9

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Financial Highlights — continued

Class R

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$14.09

$17.05

$14.31

$13.52

$16.45

Income (Loss) From Operations

Net investment income (loss)(1)

$0.05

$0.01

$(0.01

)

$0.00

(2)

$(0.00

)(2)

Net realized and unrealized gain (loss)

1.90

(2.37

)

3.06

1.33

(1.76

)

Total income (loss) from operations

$1.95

$(2.36

)

$3.05

$1.33

$(1.76

)

Less Distributions

From net investment income

$(0.03

)

$—

$—

$—

$—

From net realized gain

(0.91

)

(0.60

)

(0.31

)

(0.54

)

(1.17

)

Total distributions

$(0.94

)

$(0.60

)

$(0.31

)

$(0.54

)

$(1.17

)

Net asset value — End of year

$15.10

$14.09

$17.05

$14.31

$13.52

Total Return(3)

14.13

%

(14.05

)%

21.83

%

9.86

%

(11.46

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$50,961

$50,809

$66,865

$62,885

$59,042

Ratios (as a percentage of average daily net assets):(4)

Total expenses

1.44

%

1.45

%

1.44

%

1.42

%

1.46

%

Net expenses

1.38

%(5)

1.42

%(5)

1.41

%(5)

1.38

%(5)

1.45

%(5)

Net investment income (loss)

0.33

%

0.05

%

(0.04

)%

0.03

%

(0.02

)%

Portfolio Turnover

30

%

30

%

15

%

21

%

27

%

(1)

Computed using average shares outstanding.

(2)

Amount is less than $0.005 or $(0.005), as applicable.

(3)

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

(4)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and administrator and certain of its affiliates, if applicable. Net expenses

are net of all reductions and represent the net expenses paid by the Fund.

(5)

Includes a reduction by the investment adviser of a portion of its adviser fee due to the Fund's investment in the Liquidity Fund (equal to less than

0.005% of average daily net assets for the years ended August 31, 2026, 2025, 2024, 2023 and 2022).

10

See Notes to Financial Statements.

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Notes to Financial Statements

1 Significant Accounting Policies

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

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

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

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

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

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries’ tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder’s income tax

11

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Notes to Financial Statements — continued

return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund’s shareholders. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

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

As of August 31, 2026, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state,

and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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

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

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

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

I Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.

J Recently Issued Accounting Pronouncements—In September 2026, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. ASU 2026-03 requires investment companies to consider the effects of certain contractual sale restrictions when measuring the fair value of equity securities and to provide related disclosures. ASU 2026-03 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of adopting ASU 2026-03; however, it does not currently expect the implementation of the standard to have a material effect on the Fund's financial statements.

12

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended August 31, 2026 and August 31, 2025 was as follows: 

Year Ended August 31,

2026

2025

Ordinary income

$5,807,143

$2,102,751

Long-term capital gains

$53,932,651

$41,273,133

During the year ended August 31, 2026, distributable earnings was decreased by $40,820,004 and paid-in capital was increased by $40,820,004 due to the Fund’s use of equalization accounting and differences between book and tax accounting, primarily for redemptions in-kind. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of August 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows: 

Undistributed ordinary income

$12,027,902

Undistributed long-term capital gains

21,697,038

Net unrealized appreciation

352,693,126

Distributable earnings

$386,418,066

The cost and unrealized appreciation (depreciation) of investments of the Fund at August 31, 2026, as determined on a federal income tax basis, were as follows: 

Aggregate cost

$451,332,876

Gross unrealized appreciation

$356,524,239

Gross unrealized depreciation

(4,081,687

)

Net unrealized appreciation

$352,442,552

13

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Notes to Financial Statements — continued

3 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly: 

Average Daily Net Assets

Annual Fee Rate

Up to $500 million

0.675

%

$500 million but less than $1 billion

0.590

%

$1 billion but less than $1.5 billion

0.520

%

$1.5 billion but less than $2 billion

0.490

%

$2 billion but less than $2.5 billion

0.470

%

$2.5 billion and over

0.450

%

In addition, EVM’s fee is subject to an upward or downward performance adjustment of up to 0.15% (annually) of the average daily net assets of the Fund depending on whether, and to what extent, the investment performance of the Fund differs by at least one percentage point from the record of the MSCI World Health Care Index over a 36-month performance period. For the year ended August 31, 2026, the investment adviser fee, including a downward performance adjustment of $265,644, amounted to $4,969,002 or 0.61% of the Fund’s average daily net assets. Pursuant to an investment sub-advisory agreement, EVM has delegated a portion of the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays EVAIL a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended August 31, 2026, the investment adviser fee paid was reduced by $2,629 relating to the Fund’s investment in the Liquidity Fund.

The administration fee is earned by EVM for administering the business affairs of the Fund and is computed at an annual rate of 0.15% of the Fund’s average daily net assets. For the year ended August 31, 2026, the administration fee amounted to $1,222,791.

EVM and EVAIL have agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, any performance-based adjustment to an asset-based investment advisory fee, borrowing costs, taxes or litigation expenses) exceed 1.15%, 1.90%, 0.90% and 1.40% of the Fund’s average daily net assets for Class A, Class C, Class I and Class R, respectively. This agreement may be changed or terminated after January 1, 2027. Pursuant to this agreement, EVM and EVAIL waived and/or reimbursed $448,046 in total of the Fund’s operating expenses for the year ended August 31, 2026.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended August 31, 2026, EVM earned $156,220 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $2,203 as its portion of the sales charge on sales of Class A shares for the year ended August 31, 2026. EVD also received distribution and service fees from Class A, Class C and Class R shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended August 31, 2026 amounted to $1,437,041 for Class A shares.

The Fund also has in effect distribution plans for Class C shares (Class C Plan) and Class R shares (Class R Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended August 31, 2026, the Fund paid or accrued to EVD $117,834 for Class C shares.

14

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Notes to Financial Statements — continued

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended August 31, 2026, the Fund paid or accrued to EVD $126,583 for Class R shares.

Pursuant to the Class C and Class R Plans, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended August 31, 2026 amounted to $39,278 and $126,583 for Class C and Class R shares, respectively.

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

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended August 31, 2026, the Fund was informed that EVD received $247 and $760 of CDSCs paid by Class A and Class C shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $240,185,514 and $324,829,373, respectively, for the year ended August 31, 2026. In-kind sales for the year ended August 31, 2026 aggregated $53,162,068.

7 Shares of Beneficial Interest

The Fund’s Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Such shares may be issued in a number of different series (such as the Fund) and classes. Sales and redemptions of Class I shares include shares purchased and redeemed in connection with the ReFlow liquidity program, a program designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Transactions in Fund shares, including direct exchanges pursuant to share class conversions, were as follows: 

Year Ended

August 31, 2026

Year Ended

August 31, 2025

Shares

Amount

Shares

Amount

Class A

Sales

  826,052

$ 10,775,165

  995,825

$13,528,246

Issued to shareholders electing to receive payments of distributions

in Fund shares

2,907,065

 38,082,547

1,984,694

27,091,075

Redemptions

(7,431,259)

(97,020,476)

(7,402,605)

(99,175,061)

Net decrease

(3,698,142)

$(48,162,764)

(4,422,086)

$(58,555,740)

Class C

Sales

   54,995

$    715,521

  158,128

$ 2,156,471

Issued to shareholders electing to receive payments of distributions

in Fund shares

   84,336

  1,107,333

   69,384

   949,167

Redemptions

 (545,900)

 (7,081,662)

 (511,770)

(6,844,505)

Net decrease

 (406,569)

$ (5,258,808)

 (284,258)

$(3,738,867)

15

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Notes to Financial Statements — continued

Year Ended

August 31, 2026

Year Ended

August 31, 2025

Shares

Amount

Shares

Amount

Class I

Sales

5,136,219

$ 69,219,039

1,988,838

$27,983,692

Issued to shareholders electing to receive payments of distributions

in Fund shares

  791,211

 10,776,299

  589,818

 8,340,029

Redemptions

(7,558,353)

(101,693,466)

(4,118,614)

(56,299,603)

Net decrease

(1,630,923)

$(21,698,128)

(1,539,958)

$(19,975,882)

Class R

Sales

  312,113

$  4,418,791

  264,956

$ 3,912,119

Issued to shareholders electing to receive payments of distributions

in Fund shares

  227,258

  3,279,337

  151,493

 2,261,796

Redemptions

 (770,338)

(11,115,177)

 (732,602)

(10,843,001)

Net decrease

 (230,967)

$ (3,417,049)

 (316,153)

$(4,669,086)

8 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended August 31, 2026.

9 Affiliated Investments

At August 31, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $5,492,356, which represents 0.7% of the Fund's net assets. Transactions in such investments by the Fund for the year ended August 31, 2026 were as follows: 

Name

Value,

beginning

of period

Purchases

Sales

proceeds

Net

realized

gain (loss)

Change in

unrealized

appreciation

(depreciation)

Value, end

of period

Dividend

income

Shares,

end of period

Short-Term Investments

Liquidity Fund

$812,863

$102,530,502

$(97,851,009)

$ —

$ —

$5,492,356

$66,654

5,492,356

10 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

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

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

16

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Notes to Financial Statements — continued

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At August 31, 2026, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows: 

Asset Description 

Level 1

Level 2

Level 3

Total

Common Stocks:

Biotechnology

$162,031,757

$11,292,834

$ —

$173,324,591

Health Care Equipment

79,508,865

13,501,439

 —

93,010,304

Health Care Services

28,676,344

 —

 —

28,676,344

Health Care Supplies

13,995,661

1,953,575

 —

15,949,236

Health Care Technology

10,908,780

 —

 —

10,908,780

Life Sciences Tools & Services

54,492,989

14,802,543

 —

69,295,532

Managed Health Care

42,581,594

 —

 —

42,581,594

Pharmaceuticals

251,478,609

113,058,082

 —

364,536,691

Total Common Stocks

$643,674,599

$154,608,473

*

$ —

$798,283,072

Short-Term Investments

$5,492,356

$ —

$ —

$5,492,356

Total Investments

$649,166,955

$154,608,473

$ —

$803,775,428

*

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.

11 Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

Concentration of Risk

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

17

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Growth Trust and Shareholders of Eaton Vance Worldwide Health Sciences Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Worldwide Health Sciences Fund (the "Fund") (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of August 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 19, 2026

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

18

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders

are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

Qualified Dividend Income. For the fiscal year ended August 31, 2026, the Fund designates approximately $13,907,618, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2026 ordinary income dividends, 82.22% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2026, $42,097,014
or, if subsequently determined to be different, the net capital gain of such year.

19

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 11, 2026, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2026, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a “fund”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and the cost allocation methodology used to determine such analyses;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of “fair value” by the adviser in its role as each fund’s valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

Information about each Adviser and Sub-Adviser

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

1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the “adviser.”

20

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

Other Relevant Information

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 11, 2026 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Worldwide Health Sciences Fund (the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International

21

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

Ltd. (the “Sub-adviser”), an affiliate of the Adviser, with respect to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.

The Board considered the Adviser’s and the Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser. With respect to the Sub-adviser, the Board considered the resources available to the Sub-adviser in fulfilling its duties under the sub-advisory agreement. In particular, the Board considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in investing in equity securities, particularly in managing health sciences portfolios and in the health care sector more broadly. The Board also considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and the Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement and the sub-advisory agreement.

Fund Performance

The Board compared the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as an appropriate benchmark index. The Board’s review included comparative performance data with respect to the Fund for the one-, three-, five- and ten-year periods ended December 31, 2025. In this regard, the Board noted that the performance of the Fund was lower than the median performance of the Fund’s peer group for the three-year period. The Board also noted that the performance of the Fund was higher than its primary performance benchmark index for the three-year period. On the basis of the foregoing, the performance of the Fund over other periods, and other relevant information provided by the Adviser in response to requests from the Contract Review Committee, the Board concluded that the performance of the Fund was satisfactory.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2025, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to comparable funds.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

22

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof, including the Sub-adviser, in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates, including the Sub-adviser, are not excessive.

The Board also considered direct and indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund and the other Eaton Vance Funds, including, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agent(s), and research received by the Adviser and/or the Sub-adviser generated from commission dollars spent on funds’ portfolio trading.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

23

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ETHSX-NCSR 8.31.26

Eaton Vance

Equity Strategy Fund

Annual Financial Statements and
Additional Information

August 31, 2026

 

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

Annual Financial Statements and Additional Information August 31, 2026

Eaton Vance

Equity Strategy Fund

Table of Contents

Items 6 and 7 of Form N-CSR:

Portfolio of Investments

1

Statement of Assets and Liabilities

7

Statement of Operations

8

Statements of Changes in Net Assets

9

Financial Highlights

10

Notes to Financial Statements

13

Report of Independent Registered Public Accounting Firm

21

Federal Tax Information

22

Item 11 of Form N-CSR:

Board of Trustees’ Contract Approval

23

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Portfolio of Investments

Common Stocks — 85.9%

Security

Shares

Value

Aerospace & Defense — 3.5%

AeroVironment, Inc.(1)(2)

     7,010

$  1,039,934

Airbus SE

     5,067

  1,156,413

BAE Systems PLC

    47,060

  1,291,124

Boeing Co.(1)

     5,502

  1,143,206

Chemring Group PLC

   168,855

  1,247,950

General Dynamics Corp.

     5,238

  1,945,131

General Electric Co.

     9,158

  3,074,432

Howmet Aerospace, Inc.

     6,048

  1,481,458

Kratos Defense & Security Solutions, Inc.(1)

    21,822

  1,112,486

L3Harris Technologies, Inc.

     4,496

  1,197,060

Lockheed Martin Corp.

     2,168

  1,216,747

Mercury Systems, Inc.(1)

    12,480

  1,089,878

Northrop Grumman Corp.

     2,410

  1,300,677

RTX Corp.

     7,221

  1,500,018

Saab AB, Class B

    18,979

  1,254,205

$ 21,050,719

Automobiles — 0.9%

Tesla, Inc.(1)

    13,974

$  5,141,733

$  5,141,733

Banks — 10.9%

Banc of California, Inc.

    63,977

$  1,191,252

Banca Monte dei Paschi di Siena SpA

    88,634

  1,191,051

Banco Bilbao Vizcaya Argentaria SA

    91,405

  2,644,571

Banco de Sabadell SA

   289,075

  1,216,867

Banco Santander SA

   225,948

  3,306,477

Bank of America Corp.

    34,840

  2,157,990

BNP Paribas SA

    43,130

  5,134,946

CaixaBank SA

    82,101

  1,251,864

Chiba Bank Ltd.(2)

    77,425

  1,358,631

Citigroup, Inc.

     9,088

  1,196,163

Citizens Financial Group, Inc.

    17,199

  1,184,495

Fifth Third Bancorp

    21,764

  1,170,250

Fukuoka Financial Group, Inc.

    28,348

  1,391,976

Gunma Bank Ltd.

    79,428

  1,405,780

Hirogin Holdings, Inc.

    97,098

  1,455,686

Huntington Bancshares, Inc.

    70,199

  1,171,270

ING Groep NV

    40,093

  1,419,312

Intesa Sanpaolo SpA

   208,299

  1,641,019

Japan Post Bank Co. Ltd.

    79,265

  1,678,736

JPMorgan Chase & Co.

    12,222

  4,351,276

Kyushu Financial Group, Inc.

   139,950

  1,383,166

M&T Bank Corp.

     4,933

  1,154,026

Security

Shares

Value

Banks (continued)

Mizuho Financial Group, Inc.

    39,371

$  2,097,234

National Bank of Greece SA

    63,851

  1,247,874

Piraeus Bank SA

   104,793

  1,246,821

Regions Financial Corp.

    40,615

  1,213,576

Resona Holdings, Inc.

    91,532

  1,435,249

Shizuoka Financial Group, Inc.

    62,402

  1,433,037

Societe Generale SA

    13,538

  1,140,390

Sumitomo Mitsui Financial Group, Inc.

    43,101

  1,850,229

Sumitomo Mitsui Trust Group, Inc.

   141,221

  1,563,355

Swedbank AB, Class A

    30,877

  1,209,614

Truist Financial Corp.

    24,240

  1,201,819

UMB Financial Corp.

    10,955

  1,551,557

UniCredit SpA

    18,540

  1,809,505

United Bankshares, Inc.

    27,443

  1,293,389

Wells Fargo & Co.

    21,511

  1,858,335

Western Alliance Bancorp

    15,191

  1,186,873

Wintrust Financial Corp.

     8,193

  1,231,899

Yokohama Financial Group, Inc.

   108,896

  1,321,790

$ 65,949,350

Beverages — 0.4%

Coca-Cola Co.

    27,944

$  2,477,795

$  2,477,795

Biotechnology — 0.8%

AbbVie, Inc.

     8,267

$  2,119,824

Amgen, Inc.

     3,055

  1,313,283

Gilead Sciences, Inc.

    11,073

  1,620,423

$  5,053,530

Broadline Retail — 2.7%

Amazon.com, Inc.(1)

    58,483

$ 15,192,129

Macy's, Inc.

    51,295

  1,126,438

$ 16,318,567

Building Products — 0.4%

Carrier Global Corp.

    19,817

$  1,153,746

Johnson Controls International PLC

    10,478

  1,448,478

$  2,602,224

Capital Markets — 1.8%

Blackstone, Inc.

     9,581

$  1,372,383

Charles Schwab Corp.

    11,361

  1,247,665

Goldman Sachs Group, Inc.

     2,001

  2,052,826

KKR & Co., Inc.

    10,953

  1,201,763

Nomura Holdings, Inc.

   130,397

  1,327,660

1

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Portfolio of Investments — continued

Security

Shares

Value

Capital Markets (continued)

Northern Trust Corp.

     6,693

$  1,241,953

S&P Global, Inc.

     2,831

  1,233,863

SBI Holdings, Inc.(2)

    65,578

  1,354,793

$ 11,032,906

Chemicals — 0.9%

Air Products and Chemicals, Inc.

     4,176

$  1,292,305

Corteva, Inc.

    16,316

  1,380,823

Linde PLC

     2,861

  1,400,688

PPG Industries, Inc.

    10,697

  1,199,883

$  5,273,699

Commercial Services & Supplies — 0.4%

SPIE SA(2)

    23,053

$  1,164,619

Waste Management, Inc.

     5,350

  1,171,222

$  2,335,841

Communications Equipment — 0.8%

Arista Networks, Inc.(1)

     8,671

$  1,696,828

Ciena Corp.(1)

     3,176

  1,215,773

Cisco Systems, Inc.

    19,717

  2,178,531

$  5,091,132

Construction & Engineering — 0.2%

Quanta Services, Inc.

     1,800

$  1,092,762

$  1,092,762

Consumer Finance — 0.2%

American Express Co.

     3,559

$  1,175,075

$  1,175,075

Consumer Staples Distribution & Retail — 0.4%

Walmart, Inc.

    24,570

$  2,576,656

$  2,576,656

Electric Utilities — 3.1%

American Electric Power Co., Inc.

     9,656

$  1,182,184

Constellation Energy Corp.

     4,711

  1,294,441

EDP SA

   236,793

  1,285,884

Enel SpA

   332,737

  3,638,600

Entergy Corp.

    11,262

  1,197,263

Exelon Corp.

    27,061

  1,183,107

Iberdrola SA

   250,454

  5,831,017

Security

Shares

Value

Electric Utilities (continued)

NextEra Energy, Inc.

    14,788

$  1,217,644

SSE PLC

    66,956

  2,201,016

$ 19,031,156

Electrical Equipment — 3.0%

Eaton Corp. PLC

     4,064

$  1,633,240

GE Vernova, Inc.

     2,475

  2,223,862

Nexans SA

    13,655

  2,211,836

NKT AS(1)

    19,643

  2,791,318

Nordex SE(1)

    55,411

  2,432,953

nVent Electric PLC

     8,166

  1,231,024

Prysmian SpA

     8,755

  1,223,745

Siemens Energy AG

    11,142

  1,835,171

Vestas Wind Systems AS

    85,156

  2,823,833

$ 18,406,982

Electronic Equipment, Instruments & Components — 0.6%

Amphenol Corp., Class A

     7,758

$  1,230,031

Corning, Inc.

     9,634

  1,432,865

Next Vision Stabilized Systems Ltd.

    16,896

  1,182,580

$  3,845,476

Energy Equipment & Services — 0.3%

SLB Ltd.

    26,807

$  1,611,101

$  1,611,101

Entertainment — 0.3%

Netflix, Inc.(1)

    20,495

$  1,661,120

$  1,661,120

Financial Services — 1.8%

Berkshire Hathaway, Inc., Class B(1)

     7,087

$  3,572,060

Fiserv, Inc.(1)

    23,122

  1,232,634

Mastercard, Inc., Class A

     4,210

  2,480,995

ORIX Corp.

    37,305

  1,451,381

Visa, Inc., Class A

     6,453

  2,448,075

$ 11,185,145

Food Products — 0.3%

Danone SA

    26,286

$  1,960,250

$  1,960,250

Ground Transportation — 0.6%

CSX Corp.

    25,734

$  1,299,824

2

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Portfolio of Investments — continued

Security

Shares

Value

Ground Transportation (continued)

Uber Technologies, Inc.(1)

    16,864

$  1,275,762

Union Pacific Corp.

     4,001

  1,202,981

$  3,778,567

Health Care Equipment & Supplies — 0.8%

Abbott Laboratories

    11,106

$  1,225,658

Boston Scientific Corp.(1)

    24,550

  1,185,765

Insulet Corp.(1)

     8,026

  1,193,145

Intuitive Surgical, Inc.(1)

     3,241

  1,221,404

$  4,825,972

Health Care Providers & Services — 4.0%

Cencora, Inc.

     4,905

$  1,587,258

Centene Corp.(1)

    35,767

  2,301,249

Cigna Group

     8,877

  2,450,762

CVS Health Corp.

    32,164

  3,020,521

Elevance Health, Inc.

     8,288

  3,253,372

Humana, Inc.

     8,758

  3,356,328

McKesson Corp.

     1,824

  1,614,824

Molina Healthcare, Inc.(1)

     7,712

  1,532,914

UnitedHealth Group, Inc.

    12,982

  5,055,321

$ 24,172,549

Hotels, Restaurants & Leisure — 1.0%

Booking Holdings, Inc.

     6,583

$  1,310,609

Expedia Group, Inc.

     3,682

  1,167,636

Marriott International, Inc., Class A

     3,482

  1,190,008

Red Rock Resorts, Inc., Class A

    19,705

  1,106,633

Starbucks Corp.

    11,883

  1,262,569

$  6,037,455

Household Durables — 0.4%

Century Communities, Inc.

    17,091

$  1,154,497

PulteGroup, Inc.

     9,243

  1,167,576

$  2,322,073

Household Products — 0.2%

Procter & Gamble Co.

     8,430

$  1,223,362

$  1,223,362

Independent Power and Renewable Electricity Producers — 0.3%

RWE AG

    30,405

$  2,068,059

$  2,068,059

Security

Shares

Value

Industrial Conglomerates — 0.2%

Siemens AG

     3,823

$  1,267,356

$  1,267,356

Industrial REITs — 0.2%

Prologis, Inc.

     7,863

$  1,100,191

$  1,100,191

Insurance — 1.2%

Allianz SE

     2,804

$  1,462,329

American International Group, Inc.

    16,022

  1,223,440

Hartford Insurance Group, Inc.

     9,230

  1,268,017

Markel Group, Inc.(1)

       937

  1,689,327

Muenchener Rueckversicherungs-Gesellschaft AG in

Muenchen

     2,943

  1,769,008

$  7,412,121

Interactive Media & Services — 4.5%

Alphabet, Inc., Class A

    41,319

$ 14,021,603

Alphabet, Inc., Class C

    17,496

  5,868,333

Meta Platforms, Inc., Class A

    12,632

  7,229,799

$ 27,119,735

IT Services — 0.9%

Accenture PLC, Class A

     7,115

$  1,350,142

Cloudflare, Inc., Class A(1)

     4,427

  1,350,722

International Business Machines Corp.

     5,259

  1,229,922

Snowflake, Inc.(1)

     3,820

  1,266,063

$  5,196,849

Leisure Products — 0.2%

YETI Holdings, Inc.(1)(2)

    27,729

$  1,138,275

$  1,138,275

Life Sciences Tools & Services — 0.2%

Thermo Fisher Scientific, Inc.

     2,062

$  1,272,460

$  1,272,460

Machinery — 1.6%

Caterpillar, Inc.

     3,401

$  2,712,195

Cummins, Inc.

     2,054

  1,159,278

Deere & Co.

     2,074

  1,358,283

FANUC Corp.

    32,606

  1,221,783

PACCAR, Inc.

    14,246

  1,768,356

Parker-Hannifin Corp.

     1,257

  1,231,156

$  9,451,051

3

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Portfolio of Investments — continued

Security

Shares

Value

Media — 0.4%

Fox Corp., Class B

    21,520

$  1,295,934

News Corp., Class B

    37,231

  1,281,119

$  2,577,053

Metals & Mining — 0.7%

Freeport-McMoRan, Inc.

    17,624

$  1,334,842

Newmont Corp.

    11,796

  1,487,004

Nucor Corp.

     4,738

  1,182,794

$  4,004,640

Multi-Utilities — 1.6%

E.ON SE

    92,559

$  1,911,302

Engie SA

    60,687

  1,733,585

National Grid PLC

   160,027

  2,524,583

Sempra

    14,105

  1,152,378

Unitil Corp.

    24,715

  1,323,241

Veolia Environnement SA

    30,604

  1,156,876

$  9,801,965

Office REITs — 0.6%

BXP, Inc.

    18,142

$  1,233,474

SL Green Realty Corp.(2)

    21,207

  1,187,168

Vornado Realty Trust

    31,871

  1,191,338

$  3,611,980

Oil, Gas & Consumable Fuels — 1.6%

Antero Midstream Corp.

    66,556

$  1,492,186

Chevron Corp.

     6,627

  1,366,090

ConocoPhillips

     9,860

  1,306,351

Devon Energy Corp.

    28,951

  1,404,413

ExxonMobil Holdings Corp.

    15,292

  2,461,247

Targa Resources Corp.

     4,763

  1,398,655

$  9,428,942

Passenger Airlines — 0.2%

Delta Air Lines, Inc.

    17,522

$  1,366,716

$  1,366,716

Pharmaceuticals — 1.9%

AstraZeneca PLC

     7,421

$  1,196,399

Eli Lilly & Co.

     3,547

  4,102,921

Johnson & Johnson

     8,374

  2,226,228

Merck & Co., Inc.

    11,967

  1,768,244

Novartis AG

    15,685

  2,385,709

$ 11,679,501

Security

Shares

Value

Professional Services — 1.3%

Automatic Data Processing, Inc.

     4,451

$  1,273,698

CACI International, Inc., Class A(1)

     2,347

  1,462,205

Leidos Holdings, Inc.

     9,187

  1,288,109

Parsons Corp.(1)

    25,696

  1,249,853

Paychex, Inc.

    10,323

  1,314,531

Science Applications International Corp.

     9,830

  1,260,403

$  7,848,799

Semiconductors & Semiconductor Equipment — 13.4%

Advanced Micro Devices, Inc.(1)

    12,270

$  5,775,734

Advantest Corp.

     6,428

  1,345,299

Analog Devices, Inc.

     3,330

  1,205,926

Applied Materials, Inc.

     4,753

  2,178,728

ASML Holding NV

     1,702

  2,886,647

Broadcom, Inc.

    30,287

 11,216,488

Disco Corp.

     3,420

  1,227,759

Intel Corp.(1)

    30,390

  2,720,209

KLA Corp.

     8,228

  1,443,603

Lam Research Corp.

     8,117

  2,447,194

Marvell Technology, Inc.

     5,286

  1,118,835

Micron Technology, Inc.

     8,083

  7,749,415

NVIDIA Corp.

   132,475

 29,247,830

Qualcomm, Inc.

     7,718

  1,315,765

SK hynix, Inc. GDR(3)

     1,045

  1,268,441

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

    12,731

  5,287,439

Texas Instruments, Inc.

     4,488

  1,170,964

Tokyo Electron Ltd.

     3,651

  1,277,855

$ 80,884,131

Software — 6.5%

Adobe, Inc.(1)

     4,660

$  1,364,401

C3.ai, Inc., Class A(1)(2)

   122,266

  1,322,918

Crowdstrike Holdings, Inc., Class A(1)

     6,271

  1,448,601

Datadog, Inc., Class A(1)

     5,222

  1,237,823

Intuit, Inc.

     3,597

  1,292,402

Microsoft Corp.

    44,310

 22,478,020

Oracle Corp.

     8,835

  1,317,475

Palantir Technologies, Inc., Class A(1)

    14,048

  2,618,266

Palo Alto Networks, Inc.(1)

     4,461

  1,704,682

Salesforce, Inc.

     6,115

  1,574,857

ServiceNow, Inc.(1)

    10,142

  1,500,915

Zscaler, Inc.(1)

     7,503

  1,413,453

$ 39,273,813

4

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Portfolio of Investments — continued

Security

Shares

Value

Specialized REITs — 0.2%

Public Storage

     3,739

$  1,147,836

$  1,147,836

Specialty Retail — 1.5%

Abercrombie & Fitch Co., Class A(1)

    11,429

$  1,635,261

Boot Barn Holdings, Inc.(1)(2)

     7,440

  1,120,687

Home Depot, Inc.

     3,990

  1,308,042

Sally Beauty Holdings, Inc.(1)(2)

    74,181

  1,215,085

Signet Jewelers Ltd.(2)

    14,150

  1,164,262

TJX Cos., Inc.

     8,343

  1,117,211

Tractor Supply Co.

    37,556

  1,310,705

$  8,871,253

Technology Hardware, Storage & Peripherals — 4.7%

Apple, Inc.

    67,282

$ 21,318,302

Dell Technologies, Inc., Class C

     2,748

  1,253,115

Sandisk Corp.(1)

       775

  1,214,193

Seagate Technology Holdings PLC

     1,568

  1,298,900

Western Digital Corp.

     7,742

  3,488,158

$ 28,572,668

Textiles, Apparel & Luxury Goods — 0.2%

Deckers Outdoor Corp.(1)

    13,263

$  1,154,942

$  1,154,942

Tobacco — 0.2%

Philip Morris International, Inc.

     6,921

$  1,296,303

$  1,296,303

Trading Companies & Distributors — 0.3%

United Rentals, Inc.

     1,474

$  1,530,012

$  1,530,012

Water Utilities — 0.4%

Severn Trent PLC

    31,730

$  1,343,883

United Utilities Group PLC

    71,015

  1,368,182

$  2,712,065

Wireless Telecommunication Services — 0.2%

SoftBank Group Corp.

    36,839

$  1,186,755

$  1,186,755

Total Common Stocks

(identified cost $307,014,822)

$520,208,668

Exchange-Traded Funds — 11.4%

Security

Shares

Value

Equity Funds — 11.4%

Franklin FTSE China ETF

   336,545

$  7,292,930

Franklin FTSE Latin America ETF

    81,874

  2,241,710

Franklin FTSE South Korea ETF(2)

    53,068

  3,163,914

iShares Core MSCI Emerging Markets ETF

   358,283

 29,282,470

iShares MSCI Brazil ETF(2)

   306,134

 11,030,008

iShares MSCI South Korea ETF

    31,170

  5,637,406

iShares MSCI Taiwan ETF(2)

    92,608

 10,004,443

Total Exchange-Traded Funds

(identified cost $54,348,221)

$ 68,652,881

Short-Term Investments — 3.7%

Affiliated Fund — 1.8%

Security

Shares

Value

Morgan Stanley Institutional Liquidity Funds - Government

Portfolio, Institutional Class, 3.58%(4)

11,189,122

$ 11,189,122

Total Affiliated Fund

(identified cost $11,189,122)

$ 11,189,122

Securities Lending Collateral — 1.9%

Security

Shares

Value

State Street Navigator Securities Lending Government

Money Market Portfolio, 3.70%(5)

11,402,356

$ 11,402,356

Total Securities Lending Collateral

(identified cost $11,402,356)

$ 11,402,356

Total Short-Term Investments

(identified cost $22,591,478)

$ 22,591,478

Total Investments — 101.0%

(identified cost $383,954,521)

$611,453,027

Other Assets, Less Liabilities — (1.0)%

$ (5,891,795)

Net Assets — 100.0%

$605,561,232

The percentage shown for each investment category in the Portfolio of

Investments is based on net assets.

(1)

Non-income producing security.

(2)

All or a portion of this security was on loan at August 31, 2026. The

aggregate market value of securities on loan at August 31, 2026 was

$22,936,127.

5

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Portfolio of Investments — continued

(3)

Security exempt from registration under Rule 144A of the Securities Act

of 1933, as amended. These securities may be sold in certain

transactions in reliance on an exemption from registration (normally to

qualified institutional buyers). At August 31, 2026, the aggregate value of

these securities is $1,268,441 or 0.2% of the Fund's net assets.

(4)

May be deemed to be an affiliated investment company (see Note 11).

The rate shown is the annualized seven-day yield as of August 31, 2026.

(5)

Represents investment of cash collateral received in connection with

securities lending.

Country Concentration of Portfolio

Country

Percentage

of Net Assets

Value

United States

70.5%

$426,795,078

Japan

4.7

28,768,154

France

2.6

15,658,915

Spain

2.4

14,250,796

Germany

2.1

12,746,178

United Kingdom

1.8

11,173,137

Italy

1.6

9,503,920

Denmark

0.9

5,615,151

Taiwan

0.9

5,287,439

Netherlands

0.7

4,305,959

Greece

0.4

2,494,695

Sweden

0.4

2,463,819

Portugal

0.2

1,285,884

Republic of Korea

0.2

1,268,441

Israel

0.2

1,182,580

Exchange-Traded Funds

11.4

68,652,881

Total Investments

101.0%

$611,453,027

Futures Contracts 

Description

Number of

Contracts

Position

Expiration

Date

Notional

Amount

Value/Unrealized

Appreciation

(Depreciation)

Equity Futures

MSCI USA Index

51

Long

9/18/26

$18,233,520

$(43,861

)

$(43,861

)

Abbreviations:

ADR

– American Depositary Receipt

GDR

– Global Depositary Receipt

REITs

– Real Estate Investment Trusts

6

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Statement of Assets and Liabilities

August 31, 2026

Assets

Unaffiliated investments, at value (identified cost $372,765,399) — including $22,936,127 of securities on loan

$600,263,905

Affiliated investments, at value (identified cost $11,189,122)

11,189,122

Deposits for derivatives collateral - futures contracts

2,056,402

Foreign currency, at value (identified cost $2,810,909)

2,800,777

Dividends receivable

281,857

Dividends receivable from affiliated investments

40,508

Receivable for Fund shares sold

1,016,086

Securities lending income receivable

4,447

Receivable for variation margin on open futures contracts

22,170

Tax reclaims receivable

957,409

Receivable from affiliates

8,042

Trustees' deferred compensation plan

102,158

Total assets

$618,742,883

Liabilities

Collateral for securities loaned

$11,402,356

Payable for Fund shares redeemed

1,038,987

Payable to affiliates:

 Investment adviser and administration fee

378,580

Distribution and service fees

45,460

Sub-transfer agency fee

1,184

Trustees' deferred compensation plan

102,158

Accrued expenses

212,926

Total liabilities

$13,181,651

Net Assets

$605,561,232

Sources of Net Assets

Paid-in capital

$337,579,522

Distributable earnings

267,981,710

Net Assets

$605,561,232

Class A Shares

Net Assets

$165,595,532

Shares Outstanding

8,130,146

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)

$20.37

Maximum Offering Price Per Share

(100 ÷ 94.75 of net asset value per share)

$21.50

Class C Shares

Net Assets

$11,609,364

Shares Outstanding

588,120

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)

$19.74

Class I Shares

Net Assets

$428,356,336

Shares Outstanding

20,985,284

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)

$20.41

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

*

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

7

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Statement of Operations

Year Ended

August 31, 2026

Investment Income

Dividend income (net of foreign taxes withheld of $386,865)

$8,330,172

Dividend income from affiliated investments

428,130

Interest income

1,250

Securities lending income, net

74,665

Total investment income

$8,834,217

Expenses

Investment adviser and administration fee

$3,982,445

Distribution and service fees:

Class A

409,584

Class C

138,074

Trustees’ fees and expenses

29,946

Custodian fee

177,103

Transfer and dividend disbursing agent fees

228,784

Legal and accounting services

115,031

Printing and postage

43,470

Registration fees

31,537

Miscellaneous

69,817

Total expenses

$5,225,791

Deduct:

Waiver and/or reimbursement of expenses by affiliates

$158,223

Total expense reductions

$158,223

Net expenses

$5,067,568

Net investment income

$3,766,649

Realized and Unrealized Gain (Loss)

Net realized gain (loss):

Investment transactions

$53,216,357

Foreign currency transactions

80,736

Capital gain distributions received

180,289

Net realized gain

$53,477,382

Change in unrealized appreciation (depreciation):

Investments

$41,798,734

Futures contracts

(43,861

)

Foreign currency

(24,262

)

Net change in unrealized appreciation (depreciation)

$41,730,611

Net realized and unrealized gain

$95,207,993

Net increase in net assets from operations

$98,974,642

8

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Statements of Changes in Net Assets

Year Ended August 31,

2026

2025

Increase (Decrease) in Net Assets

From operations:

Net investment income

$3,766,649

$6,177,954

Net realized gain

53,477,382

93,682,568

Net change in unrealized appreciation (depreciation)

41,730,611

(39,301,890

)

Net increase in net assets from operations

$98,974,642

$60,558,632

Distributions to shareholders:

Class A

$(25,099,710

)

$(6,442,090

)

Class C

(2,246,409

)

(645,569

)

Class I

(45,333,238

)

(19,876,791

)

Total distributions to shareholders

$(72,679,357

)

$(26,964,450

)

Transactions in shares of beneficial interest:

Class A

$(5,394,694

)

$(24,560,736

)

Class C

(4,734,704

)

(6,447,767

)

Class I

119,698,697

(254,547,920

)

Net increase (decrease) in net assets from Fund share transactions

$109,569,299

$(285,556,423

)

Net increase (decrease) in net assets

$135,864,584

$(251,962,241

)

Net Assets

At beginning of year

$469,696,648

$721,658,889

At end of year

$605,561,232

$469,696,648

9

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Financial Highlights

Class A

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$19.87

$18.84

$17.09

$16.35

$21.35

Income (Loss) From Operations

Net investment income(1)

$0.11

$0.14

$0.15

$0.19

$0.18

Net realized and unrealized gain (loss)

3.63

1.59

3.00

1.43

(2.70

)

Total income (loss) from operations

$3.74

$1.73

$3.15

$1.62

$(2.52

)

Less Distributions

From net investment income

$(0.17

)

$(0.11

)

$(0.19

)

$(0.09

)

$(0.37

)

From net realized gain

(3.07

)

(0.59

)

(1.21

)

(0.79

)

(2.11

)

Total distributions

$(3.24

)

$(0.70

)

$(1.40

)

$(0.88

)

$(2.48

)

Net asset value — End of year

$20.37

$19.87

$18.84

$17.09

$16.35

Total Return(2)

20.71

%

9.53

%

19.67

%

10.44

%

(13.48

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$165,596

$165,159

$180,756

$170,105

$167,077

Ratios (as a percentage of average daily net assets):(3)

Total expenses

1.13

%

1.20

%

1.19

%

1.20

%

1.18

%

Net expenses(4)

1.10

%

1.20

%

1.19

%

1.20

%

1.18

%

Net investment income

0.57

%

0.75

%

0.86

%

1.13

%

0.94

%

Portfolio Turnover

190

%

56

%

35

%

35

%

33

%

(1)

Computed using average shares outstanding.

(2)

Returns are historical and are calculated by determining the percentage change in net asset value with all distributions reinvested and do not reflect

the effect of sales charges.

(3)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all

reductions and represent the net expenses paid by the Fund.

(4)

Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund

(equal to less than 0.005% of average daily net assets for the years ended August 31, 2026, 2025 and 2024 and less than 0.01% of average daily net

assets for the years ended August 31, 2023 and 2022).

10

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Financial Highlights — continued

Class C

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$19.32

$18.35

$16.65

$15.98

$20.90

Income (Loss) From Operations

Net investment income (loss)(1)

$(0.04

)

$0.00

(2)

$0.02

$0.07

$0.03

Net realized and unrealized gain (loss)

3.53

1.55

2.93

1.39

(2.65

)

Total income (loss) from operations

$3.49

$1.55

$2.95

$1.46

$(2.62

)

Less Distributions

From net investment income

$—

$—

$(0.04

)

$—

$(0.19

)

From net realized gain

(3.07

)

(0.58

)

(1.21

)

(0.79

)

(2.11

)

Total distributions

$(3.07

)

$(0.58

)

$(1.25

)

$(0.79

)

$(2.30

)

Net asset value — End of year

$19.74

$19.32

$18.35

$16.65

$15.98

Total Return(3)

19.81

%

8.71

%

18.82

%

9.59

%

(14.18

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$11,609

$16,067

$21,704

$24,526

$32,995

Ratios (as a percentage of average daily net assets):(4)

Total expenses

1.88

%

1.95

%

1.94

%

1.95

%

1.93

%

Net expenses(5)

1.85

%

1.95

%

1.94

%

1.95

%

1.93

%

Net investment income (loss)

(0.18

)%

0.00

%(6)

0.12

%

0.42

%

0.17

%

Portfolio Turnover

190

%

56

%

35

%

35

%

33

%

(1)

Computed using average shares outstanding.

(2)

Amount is less than $0.005.

(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)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all

reductions and represent the net expenses paid by the Fund.

(5)

Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund

(equal to less than 0.005% of average daily net assets for the years ended August 31, 2026, 2025 and 2024 and less than 0.01% of average daily net

assets for the years ended August 31, 2023 and 2022).

(6)

Amount is less than 0.005%.

11

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Financial Highlights — continued

Class I

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$19.91

$18.88

$17.12

$16.39

$21.40

Income (Loss) From Operations

Net investment income(1)

$0.16

$0.19

$0.19

$0.22

$0.22

Net realized and unrealized gain (loss)

3.63

1.59

3.01

1.44

(2.70

)

Total income (loss) from operations

$3.79

$1.78

$3.20

$1.66

$(2.48

)

Less Distributions

From net investment income

$(0.22

)

$(0.16

)

$(0.23

)

$(0.14

)

$(0.42

)

From net realized gain

(3.07

)

(0.59

)

(1.21

)

(0.79

)

(2.11

)

Total distributions

$(3.29

)

$(0.75

)

$(1.44

)

$(0.93

)

$(2.53

)

Net asset value — End of year

$20.41

$19.91

$18.88

$17.12

$16.39

Total Return(2)

21.00

%

9.79

%

19.99

%

10.68

%

(13.27

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$428,356

$288,471

$519,198

$531,680

$557,452

Ratios (as a percentage of average daily net assets):(3)

Total expenses

0.88

%

0.95

%

0.94

%

0.95

%

0.93

%

Net expenses(4)

0.85

%

0.95

%

0.94

%

0.95

%

0.93

%

Net investment income

0.80

%

1.01

%

1.11

%

1.36

%

1.19

%

Portfolio Turnover

190

%

56

%

35

%

35

%

33

%

(1)

Computed using average shares outstanding.

(2)

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

(3)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all

reductions and represent the net expenses paid by the Fund.

(4)

Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund

(equal to less than 0.005% of average daily net assets for the years ended August 31, 2026, 2025 and 2024 and less than 0.01% of average daily net

assets for the years ended August 31, 2023 and 2022).

12

See Notes to Financial Statements.

Eaton Vance

Equity Strategy Fund

August 31, 2026

Notes to Financial Statements

1 Significant Accounting Policies

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

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

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

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

Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

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

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. As a result of several court cases in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their

13

Eaton Vance

Equity Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder’s income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund’s shareholders. Interest income is recorded on the basis of interest accrued.

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

As of August 31, 2026, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state,

and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Fund's financial statement presentation or disclosure.

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

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

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

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

I Futures Contracts—Upon entering into a futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.

K Recently Issued Accounting Pronouncements—In September 2026, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. ASU 2026-03 requires investment companies to consider the effects of certain contractual sale restrictions when measuring the fair value of equity securities and to provide related disclosures. ASU 2026-03 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of adopting ASU 2026-03; however, it does not currently expect the implementation of the standard to have a material effect on the Fund's financial statements.

14

Eaton Vance

Equity Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended August 31, 2026 and August 31, 2025 was as follows: 

Year Ended August 31,

2026

2025

Ordinary income

$4,402,760

$5,619,212

Long-term capital gains

$68,276,597

$21,345,238

During the year ended August 31, 2026, distributable earnings was decreased by $9,150,460 and paid-in capital was increased by $9,150,460 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of August 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows: 

Undistributed ordinary income

$10,606,602

Undistributed long-term capital gains

36,417,192

Net unrealized appreciation

220,957,916

Distributable earnings

$267,981,710

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at August 31, 2026, as determined on a federal income tax basis, were as follows: 

Aggregate cost

$390,560,593

Gross unrealized appreciation

$227,522,932

Gross unrealized depreciation

(6,630,498

)

Net unrealized appreciation

$220,892,434

15

Eaton Vance

Equity Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly: 

Average Daily Net Assets

Annual Fee Rate

Up to $500 million

0.750

%

$500 million but less than $1 billion

0.700

%

$1 billion but less than $2.5 billion

0.675

%

$2.5 billion but less than $5 billion

0.650

%

$5 billion and over

0.630

%

For the year ended August 31, 2026, the investment adviser and administration fee amounted to $3,982,445 or 0.75% of the Fund’s average daily net assets.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund. For the year ended August 31, 2026, the investment adviser and administration fee paid was reduced by $16,889 relating to the Fund’s investment in the Liquidity Fund.

EVM has agreed to reimburse the Fund’s expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses) exceed 1.10%, 1.85% and 0.85% of the Fund’s average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $141,334 of the Fund’s operating expenses for the year ended August 31, 2026.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended August 31, 2026, EVM earned $12,021 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $1,648 as its portion of the sales charge on sales of Class A shares for the year ended August 31, 2026. The Fund was informed that Morgan Stanley affiliated broker-dealers, which may be deemed to be affiliates of EVM and EVD, also received a portion of the sales charge on sales of Class A shares for the year ended August 31, 2026 in the amount of less than $100. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended August 31, 2026 amounted to $409,584 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended August 31, 2026, the Fund paid or accrued to EVD $103,556 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended August 31, 2026 amounted to $34,518 for Class C shares.

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

16

Eaton Vance

Equity Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended August 31, 2026, the Fund was informed that EVD received $1,631 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $1,024,534,764 and $990,542,529, respectively, for the year ended August 31, 2026.

7 Shares of Beneficial Interest

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

Year Ended

August 31, 2026

Year Ended

August 31, 2025

Shares

Amount

Shares

Amount

Class A

Sales

   931,389

$ 17,712,213

   857,396

$ 15,900,497

Issued to shareholders electing to receive payments of

distributions in Fund shares

   816,931

 14,917,160

   191,912

  3,483,194

Redemptions

(1,930,082)

(38,024,067)

(2,333,925)

(43,944,427)

Net decrease

  (181,762)

$ (5,394,694)

(1,284,617)

$(24,560,736)

Class C

Sales

    75,825

$  1,434,435

    88,070

$  1,572,425

Issued to shareholders electing to receive payments of

distributions in Fund shares

   102,379

  1,821,328

    27,303

    484,365

Redemptions

  (421,630)

 (7,990,467)

  (466,751)

 (8,504,557)

Net decrease

  (243,426)

$ (4,734,704)

  (351,378)

$ (6,447,767)

Class I

Sales

11,224,794

$214,631,047

 2,441,939

$ 45,314,349

Issued to shareholders electing to receive payments of

distributions in Fund shares

 1,635,466

 29,879,952

   467,878

  8,496,662

Redemptions

(6,362,867)

(124,812,302)

(15,925,473)

(308,358,931)

Net increase (decrease)

 6,497,393

$119,698,697

(13,015,656)

$(254,547,920)

8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include 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 Fund has in particular classes of financial instruments and do 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. A summary of obligations under these financial instruments at August 31, 2026 is included in the Portfolio of Investments. At August 31, 2026, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

17

Eaton Vance

Equity Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund enters into equity index futures contracts to enhance total return and/or to manage certain investment risks.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at August 31, 2026 was as follows: 

Fair Value

Derivative

Asset Derivative

Liability Derivative(1)

Futures contracts

$ —

$(43,861

)

(1)

Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for

variation margin on open futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended August 31, 2026 was as follows: 

Derivative

Realized Gain (Loss)

on Derivatives Recognized

in Income

Change in Unrealized

Appreciation (Depreciation) on

Derivatives Recognized in Income(1)

Futures contracts

$ —

$(43,861

)

(1)

Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) outstanding during the year ended August 31, 2026, which is indicative of the volume of this derivative type, was approximately $551,000.

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended August 31, 2026.

10 Securities Lending Agreement

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

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

18

Eaton Vance

Equity Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

At August 31, 2026, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $22,936,127 and $23,658,966, respectively. Collateral received was comprised of cash of $11,402,356 and U.S. government and/or agencies securities of $12,256,610. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2026. 

Remaining Contractual Maturity of the Transactions

Overnight and

Continuous

˂30 days

30 to 90 days

˃90 days

Total

Common Stocks

$3,908,664

$ —

$ —

$ —

$3,908,664

Exchange-Traded Funds

7,493,692

 —

 —

 —

7,493,692

Total

$11,402,356

$ —

$ —

$ —

$11,402,356

The carrying amount of the liability for collateral for securities loaned at August 31, 2026 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 12) at August 31, 2026.

11 Affiliated Investments

At August 31, 2026, the value of the Fund's investment in funds that may be deemed to be affiliated was $11,189,122, which represents 1.8% of the Fund's net assets. Transactions in such investments by the Fund for the year ended August 31, 2026 were as follows: 

Name

Value,

beginning

of period

Purchases

Sales

proceeds

Net

realized

gain (loss)

Change in

unrealized

appreciation

(depreciation)

Value, end

of period

Dividend

income

Shares,

end of period

Short-Term Investments

Liquidity Fund

$10,425,633

$330,966,374

$(330,202,885)

$ —

$ —

$11,189,122

$428,130

11,189,122

12 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

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

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At August 31, 2026, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows: 

Asset Description 

Level 1

Level 2

Level 3

Total

Common Stocks:

Communication Services

$31,357,908

$1,186,755

$ —

$32,544,663

Consumer Discretionary

40,984,298

 —

 —

40,984,298

Consumer Staples

7,574,116

1,960,250

 —

9,534,366

19

Eaton Vance

Equity Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

Asset Description (continued)

Level 1

Level 2

Level 3

Total

Energy

$11,040,043

$ —

$ —

$11,040,043

Financials

46,554,246

50,200,351

 —

96,754,597

Health Care

43,421,904

3,582,108

 —

47,004,012

Industrials

48,808,723

21,922,306

 —

70,731,029

Information Technology

154,943,929

7,920,140

 —

162,864,069

Materials

9,278,339

 —

 —

9,278,339

Real Estate

5,860,007

 —

 —

5,860,007

Utilities

8,550,258

25,062,987

 —

33,613,245

Total Common Stocks

$408,373,771

$111,834,897

*

$ —

$520,208,668

Exchange-Traded Funds

$68,652,881

$ —

$ —

$68,652,881

Short-Term Investments:

Affiliated Fund

11,189,122

 —

 —

11,189,122

Securities Lending Collateral

11,402,356

 —

 —

11,402,356

Total Investments

$499,618,130

$111,834,897

$ —

$611,453,027

Liability Description 

Futures Contracts

$(43,861

)

$ —

$ —

$(43,861

)

Total

$(43,861

)

$ —

$ —

$(43,861

)

*

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.

13 Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

20

Eaton Vance

Equity Strategy Fund

August 31, 2026

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Growth Trust and Shareholders of Eaton Vance Equity Strategy Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance Equity Strategy Fund (the "Fund") (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of August 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 19, 2026

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

21

Eaton Vance

Equity Strategy Fund

August 31, 2026

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders

are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains dividends.

Qualified Dividend Income. For the fiscal year ended August 31, 2026, the Fund designates approximately $6,609,771, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2026 ordinary income dividends, 50.79% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2026, $48,234,999
or, if subsequently determined to be different, the net capital gain of such year.

22

Eaton Vance

Equity Strategy Fund

August 31, 2026

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 11, 2026, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2026, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a “fund”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and the cost allocation methodology used to determine such analyses;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of “fair value” by the adviser in its role as each fund’s valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

Information about each Adviser and Sub-Adviser

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

1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the “adviser.”

23

Eaton Vance

Equity Strategy Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

Other Relevant Information

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 11, 2026 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

24

Eaton Vance

Equity Strategy Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance Equity Strategy Fund (formerly, Eaton Vance RBA Equity Strategy Fund) (the “Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund, including recent changes to such personnel. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. In particular, the Board considered the principal elements of the Adviser’s investment process and portfolio construction techniques. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.

Fund Performance

The Board noted that, effective August 18, 2025, the name and investment strategies of the Fund were changed to provide the Fund with the flexibility to achieve diversified, superior risk adjusted returns by dynamically allocating to multiple strategies, regions, sectors and factors in a changing and diverse growth cycle. Although the Board considered information comparing the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), the Board determined, in light of the recent changes, to continue to monitor and evaluate the effectiveness of such changes over time.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2025, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds. The Board also considered that the management fees paid by the Fund are for services provided in addition to, and are not duplicative of, services provided under the advisory contract(s) of the exchange traded funds in which the Fund may invest.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

25

Eaton Vance

Equity Strategy Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.

The Board also considered direct and indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the other Eaton Vance Funds, including, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agent(s), and research received by each Adviser generated from commission dollars spent on funds’ portfolio trading.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

26

ERBAX-NCSR 8.31.26

Eaton Vance

All Asset Strategy Fund

Annual Financial Statements and
Additional Information

August 31, 2026

 

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

Annual Financial Statements and Additional Information August 31, 2026

Eaton Vance

All Asset Strategy Fund

Table of Contents

Items 6 and 7 of Form N-CSR:

Portfolio of Investments

1

Statement of Assets and Liabilities

7

Statement of Operations

8

Statements of Changes in Net Assets

9

Financial Highlights

10

Notes to Financial Statements

13

Report of Independent Registered Public Accounting Firm

22

Federal Tax Information

23

Item 11 of Form N-CSR:

Board of Trustees’ Contract Approval

24

Items 8 and 9 of Form N-CSR are Not Applicable. For Item 10 of Form N-CSR, see Item 7.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Portfolio of Investments

Common Stocks — 56.4%

Security

Shares

Value

Aerospace & Defense — 2.5%

AeroVironment, Inc.(1)(2)

    1,561

$    231,574

Airbus SE

    1,252

    285,737

BAE Systems PLC

   10,860

    297,952

Boeing Co.(1)

    1,288

    267,621

Cohort PLC(2)

   17,270

    282,569

Elbit Systems Ltd.

      358

    251,859

General Dynamics Corp.

    1,586

    588,961

General Electric Co.

    1,583

    531,429

Howmet Aerospace, Inc.

    2,073

    507,781

Lockheed Martin Corp.

    1,004

    563,475

Mercury Systems, Inc.(1)

    2,743

    239,546

Northrop Grumman Corp.

      714

    385,346

Red Cat Holdings, Inc.(1)(2)

   27,630

    237,342

RTX Corp.

    2,518

    523,064

$  5,194,256

Automobiles — 0.7%

Ford Motor Co.

   19,225

$    267,997

Tesla, Inc.(1)

    3,230

  1,188,478

$  1,456,475

Banks — 7.2%

Alpha Bank SA

   53,256

$    282,456

Associated Banc-Corp.

   11,769

    360,249

Atlantic Union Bankshares Corp.(2)

    7,512

    302,959

Banca Monte dei Paschi di Siena SpA

   19,807

    266,164

Banco Bilbao Vizcaya Argentaria SA

   22,617

    654,365

Banco Santander SA

   63,235

    925,368

Bank of America Corp.

    8,469

    524,570

BNP Paribas SA

   12,346

  1,469,883

Chiba Bank Ltd.(2)

   16,870

    296,030

Citigroup, Inc.

    2,814

    370,379

Citizens Financial Group, Inc.

    6,920

    476,580

Columbia Banking System, Inc.

    9,701

    287,538

Fifth Third Bancorp

    4,931

    265,140

Fukuoka Financial Group, Inc.

    6,493

    318,827

Hachijuni Nagano Bank Ltd.

   18,222

    308,216

Hirogin Holdings, Inc.

   20,498

    307,305

Huntington Bancshares, Inc.

   16,070

    268,128

ING Groep NV

   10,523

    372,519

Japan Post Bank Co. Ltd.

   14,805

    313,552

JPMorgan Chase & Co.

    3,258

  1,159,913

KeyCorp

   12,433

    268,677

Kyushu Financial Group, Inc.

   34,404

    340,024

Security

Shares

Value

Banks (continued)

M&T Bank Corp.

    1,935

$    452,674

Mizuho Financial Group, Inc.

    8,503

    452,942

Old National Bancorp

   11,987

    306,627

Regions Financial Corp.

   12,616

    376,966

Resona Holdings, Inc.

   21,280

    333,677

Societe Generale SA

    3,518

    296,343

Sumitomo Mitsui Financial Group, Inc.

    7,507

    322,259

Swedbank AB, Class A

    8,619

    337,651

Truist Financial Corp.

    5,598

    277,549

U.S. Bancorp

    5,504

    338,936

UniCredit SpA

    5,422

    529,187

Wells Fargo & Co.

    5,379

    464,692

Yokohama Financial Group, Inc.

   24,538

    297,845

$ 14,926,190

Beverages — 0.4%

Coca-Cola Co.

    9,187

$    814,611

$    814,611

Biotechnology — 0.6%

AbbVie, Inc.

    2,289

$    586,946

Amgen, Inc.

      840

    361,099

Gilead Sciences, Inc.

    2,406

    352,094

$  1,300,139

Broadline Retail — 1.7%

Amazon.com, Inc.(1)

   13,608

$  3,534,950

$  3,534,950

Building Products — 0.2%

Johnson Controls International PLC

    3,097

$    428,129

$    428,129

Capital Markets — 0.9%

Ares Management Corp., Class A(2)

    2,034

$    291,208

Blackstone, Inc.

    2,108

    301,950

Carlyle Group, Inc.

    5,681

    274,904

CME Group, Inc.

    1,068

    304,914

Deutsche Bank AG

    7,845

    314,188

Goldman Sachs Group, Inc.

      459

    470,888

$  1,958,052

Chemicals — 0.3%

Air Products and Chemicals, Inc.

      977

$    302,342

1

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Portfolio of Investments — continued

Security

Shares

Value

Chemicals (continued)

Linde PLC

      577

$    282,488

$    584,830

Communications Equipment — 0.4%

Arista Networks, Inc.(1)

    2,480

$    485,311

Cisco Systems, Inc.

    3,141

    347,049

$    832,360

Construction & Engineering — 0.2%

Quanta Services, Inc.

      516

$    313,258

$    313,258

Consumer Staples Distribution & Retail — 0.3%

Walmart, Inc.

    5,916

$    620,411

$    620,411

Diversified Telecommunication Services — 0.2%

AT&T, Inc.

   12,685

$    328,415

$    328,415

Electric Utilities — 1.9%

Constellation Energy Corp.

    1,110

$    304,995

EDP SA

   52,929

    287,426

Enel SpA

   80,064

    875,529

Entergy Corp.

    3,153

    335,195

Exelon Corp.

    6,171

    269,796

Iberdrola SA

   45,727

  1,064,606

MGE Energy, Inc.

    3,439

    267,176

SSE PLC

   10,532

    346,214

Terna - Rete Elettrica Nazionale

   23,928

    270,609

$  4,021,546

Electrical Equipment — 1.9%

Eaton Corp. PLC

      868

$    348,832

GE Vernova, Inc.

      408

    366,600

Nexans SA

    3,117

    504,892

NKT AS(1)

    4,106

    583,473

Nordex SE(1)

   11,684

    513,014

nVent Electric PLC

    2,191

    330,293

Prysmian SpA

    2,160

    301,918

Siemens Energy AG

    2,389

    393,486

Vestas Wind Systems AS

   17,693

    586,712

$  3,929,220

Security

Shares

Value

Electronic Equipment, Instruments & Components — 0.5%

Amphenol Corp., Class A

    1,733

$    274,767

Corning, Inc.

    2,908

    432,507

Teledyne Technologies, Inc.(1)

      418

    256,213

$    963,487

Energy Equipment & Services — 0.2%

SLB Ltd.

    7,403

$    444,920

$    444,920

Entertainment — 0.2%

Netflix, Inc.(1)

    5,079

$    411,653

$    411,653

Financial Services — 1.6%

Berkshire Hathaway, Inc., Class B(1)

    2,223

$  1,120,459

Enact Holdings, Inc.

    5,695

    274,499

Equitable Holdings, Inc.

    6,888

    345,295

Mastercard, Inc., Class A

      979

    576,934

ORIX Corp.

   11,715

    455,782

Visa, Inc., Class A

    1,523

    577,781

$  3,350,750

Gas Utilities — 0.1%

Chesapeake Utilities Corp.(2)

    1,988

$    265,478

$    265,478

Ground Transportation — 0.1%

Union Pacific Corp.

    1,009

$    303,376

$    303,376

Health Care Equipment & Supplies — 0.6%

Abbott Laboratories

    2,906

$    320,706

Boston Scientific Corp.(1)

    5,779

    279,126

EssilorLuxottica SA

    1,426

    264,634

Intuitive Surgical, Inc.(1)

      735

    276,992

$  1,141,458

Health Care Providers & Services — 2.6%

Cardinal Health, Inc.

    1,372

$    321,899

Cencora, Inc.

    1,587

    513,553

Centene Corp.(1)

    6,843

    440,278

Cigna Group

    1,611

    444,765

CVS Health Corp.

    5,533

    519,604

Elevance Health, Inc.

    1,733

    680,272

Humana, Inc.

    1,913

    733,119

2

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Portfolio of Investments — continued

Security

Shares

Value

Health Care Providers & Services (continued)

McKesson Corp.

      541

$    478,958

Molina Healthcare, Inc.(1)

    1,696

    337,114

UnitedHealth Group, Inc.

    2,598

  1,011,687

$  5,481,249

Hotels, Restaurants & Leisure — 0.7%

Booking Holdings, Inc.

    2,005

$    399,175

Chipotle Mexican Grill, Inc.(1)

    7,762

    295,189

DoorDash, Inc., Class A(1)

    1,354

    313,776

Starbucks Corp.

    2,691

    285,919

United Parks & Resorts, Inc.(1)(2)

    5,939

    237,619

$  1,531,678

Household Durables — 0.3%

Century Communities, Inc.

    4,254

$    287,357

Ethan Allen Interiors, Inc.(2)

   12,018

    284,226

$    571,583

Household Products — 0.2%

Procter & Gamble Co.

    2,161

$    313,604

$    313,604

Independent Power and Renewable Electricity Producers — 0.4%

Clearway Energy, Inc., Class C(2)

    8,747

$    277,717

RWE AG

    6,981

    474,828

$    752,545

Industrial Conglomerates — 0.5%

Hitachi Ltd.

   13,200

$    448,124

Siemens AG

    1,124

    372,615

Smiths Group PLC

    8,120

    283,791

$  1,104,530

Industrial REITs — 0.1%

Rexford Industrial Realty, Inc.

    7,602

$    281,578

$    281,578

Insurance — 0.8%

Allianz SE

      613

$    319,689

American International Group, Inc.

    4,261

    325,370

Markel Group, Inc.(1)

      278

    501,209

Muenchener Rueckversicherungs-Gesellschaft AG in

Muenchen

      741

    445,408

$  1,591,676

Security

Shares

Value

Interactive Media & Services — 3.1%

Alphabet, Inc., Class A

    7,765

$  2,635,053

Alphabet, Inc., Class C

    5,722

  1,919,216

Autotrader Group PLC(3)

   38,255

    271,325

Meta Platforms, Inc., Class A

    2,652

  1,517,846

$  6,343,440

IT Services — 0.4%

Cloudflare, Inc., Class A(1)

      992

$    302,669

International Business Machines Corp.

    1,477

    345,426

Snowflake, Inc.(1)

      850

    281,716

$    929,811

Machinery — 1.0%

Caterpillar, Inc.

      913

$    728,090

Cummins, Inc.

      512

    288,973

Deere & Co.

      480

    314,357

PACCAR, Inc.

    2,638

    327,455

Parker-Hannifin Corp.

      347

    339,865

$  1,998,740

Media — 0.3%

Fox Corp., Class B

    5,125

$    308,628

News Corp., Class B

    8,874

    305,354

$    613,982

Metals & Mining — 0.6%

Freeport-McMoRan, Inc.

    3,950

$    299,173

Newmont Corp.

    2,893

    364,691

Nucor Corp.

    1,067

    266,366

Steel Dynamics, Inc.

    1,124

    261,465

$  1,191,695

Multi-Utilities — 0.6%

Centrica PLC

  132,671

$    277,850

E.ON SE

   22,049

    455,302

National Grid PLC

   27,057

    426,851

$  1,160,003

Office REITs — 0.2%

BXP, Inc.

    5,058

$    343,893

$    343,893

Oil, Gas & Consumable Fuels — 1.1%

Antero Midstream Corp.

   21,700

$    486,514

Chevron Corp.

    1,932

    398,263

3

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Portfolio of Investments — continued

Security

Shares

Value

Oil, Gas & Consumable Fuels (continued)

ConocoPhillips

    2,234

$    295,983

Devon Energy Corp.

    6,040

    293,000

ExxonMobil Holdings Corp.

    3,279

    527,755

Targa Resources Corp.

    1,253

    367,943

$  2,369,458

Passenger Airlines — 0.2%

Delta Air Lines, Inc.

    4,094

$    319,332

$    319,332

Pharmaceuticals — 1.7%

AstraZeneca PLC

    1,787

$    288,097

Eli Lilly & Co.

      868

  1,004,042

Johnson & Johnson

    3,358

    892,724

Merck & Co., Inc.

    3,371

    498,099

Novartis AG

    4,918

    748,034

$  3,430,996

Professional Services — 0.8%

Automatic Data Processing, Inc.

    1,067

$    305,333

Leidos Holdings, Inc.

    2,229

    312,528

Paychex, Inc.

    2,857

    363,810

Paylocity Holding Corp.(1)

    1,908

    305,700

Recruit Holdings Co. Ltd.

    3,612

    409,072

$  1,696,443

Semiconductors & Semiconductor Equipment — 8.6%

Advanced Micro Devices, Inc.(1)

    2,857

$  1,344,847

Advantest Corp.

    1,620

    339,046

Analog Devices, Inc.

      746

    270,157

Applied Materials, Inc.

    1,016

    465,724

ASML Holding NV

      258

    437,576

Broadcom, Inc.

    6,990

  2,588,677

Disco Corp.

      716

    257,040

Intel Corp.(1)

    7,296

    653,065

KLA Corp.

    2,096

    367,743

Lam Research Corp.

    1,878

    566,198

Marvell Technology, Inc.

    1,164

    246,372

Micron Technology, Inc.

    1,869

  1,791,866

NVIDIA Corp.

   30,546

  6,743,946

Qualcomm, Inc.

    1,734

    295,612

SK hynix, Inc. GDR(3)

      290

    352,008

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

      875

    363,405

Security

Shares

Value

Semiconductors & Semiconductor Equipment (continued)

Texas Instruments, Inc.

    1,407

$    367,100

Tokyo Electron Ltd.

      769

    269,151

$ 17,719,533

Software — 4.3%

C3.ai, Inc., Class A(1)

   28,187

$    304,983

Crowdstrike Holdings, Inc., Class A(1)

    1,607

    371,217

Datadog, Inc., Class A(1)

    1,162

    275,441

Docusign, Inc.(1)

    5,072

    336,122

Intuit, Inc.

      748

    268,756

Microsoft Corp.

   10,249

  5,199,215

Oracle Corp.

    2,127

    317,178

Palantir Technologies, Inc., Class A(1)

    3,050

    568,459

Palo Alto Networks, Inc.(1)

    1,407

    537,657

ServiceNow, Inc.(1)

    2,520

    372,935

Workday, Inc., Class A(1)

    1,811

    357,582

$  8,909,545

Specialized REITs — 0.1%

Digital Realty Trust, Inc.

    1,503

$    278,942

$    278,942

Specialty Retail — 1.0%

Abercrombie & Fitch Co., Class A(1)

    2,552

$    365,140

Boot Barn Holdings, Inc.(1)(2)

    1,673

    252,004

Floor & Decor Holdings, Inc., Class A(1)

    4,773

    239,939

Home Depot, Inc.

    1,134

    371,759

Nitori Holdings Co. Ltd.

   14,800

    282,374

Signet Jewelers Ltd.(2)

    3,166

    260,498

Ulta Beauty, Inc.(1)

      511

    274,458

$  2,046,172

Technology Hardware, Storage & Peripherals — 3.1%

Apple, Inc.

   16,320

$  5,170,992

Seagate Technology Holdings PLC

      392

    324,725

Western Digital Corp.

    2,043

    920,474

$  6,416,191

Tobacco — 0.2%

Philip Morris International, Inc.

    1,939

$    363,175

$    363,175

Trading Companies & Distributors — 0.3%

Toyota Tsusho Corp.

    6,688

$    310,419

4

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Portfolio of Investments — continued

Security

Shares

Value

Trading Companies & Distributors (continued)

United Rentals, Inc.

      271

$    281,298

$    591,717

Water Utilities — 0.4%

American Water Works Co., Inc.

    1,961

$    271,069

Severn Trent PLC

    6,677

    282,796

United Utilities Group PLC

   14,993

    288,856

$    842,721

Wireless Telecommunication Services — 0.1%

SoftBank Group Corp.

    8,240

$    265,449

$    265,449

Total Common Stocks

(identified cost $63,712,635)

$116,583,645

Exchange-Traded Funds — 37.9%

Security

Shares

Value

Equity Funds — 7.9%

Franklin FTSE China ETF(2)

   53,580

$  1,161,079

Franklin FTSE Latin America ETF

   10,039

    274,868

iShares Core MSCI Emerging Markets ETF

  129,370

 10,573,410

iShares MSCI South Korea ETF

    7,211

  1,304,181

iShares MSCI Taiwan ETF(2)

   28,453

  3,073,778

$ 16,387,316

Fixed-Income Funds — 30.0%

Eaton Vance Mortgage Opportunities ETF(4)

  367,680

$ 18,185,453

Eaton Vance Total Return Bond ETF(4)

  464,230

 23,179,004

iShares TIPS Bond ETF

   68,707

  7,339,282

Vanguard Emerging Markets Government Bond ETF

  160,803

 10,603,350

Vanguard Long-Term Treasury ETF(2)

   51,664

  2,737,158

$ 62,044,247

Total Exchange-Traded Funds

(identified cost $74,710,295)

$ 78,431,563

Sovereign Government Bonds — 3.1%

Security

Principal

Amount

(000's omitted)

Value

Brazil — 3.1%

Brazil Letras do Tesouro Nacional, 0.00%, 1/1/29

BRL

   45,819

$  6,503,986

Total Sovereign Government Bonds

(identified cost $6,682,258)

$  6,503,986

Short-Term Investments — 4.5%

Affiliated Fund — 1.7%

Security

Shares

Value

Morgan Stanley Institutional Liquidity Funds - Government

Portfolio, Institutional Class, 3.58%(5)

3,576,658

$  3,576,658

Total Affiliated Fund

(identified cost $3,576,658)

$  3,576,658

Securities Lending Collateral — 2.8%

Security

Shares

Value

State Street Navigator Securities Lending Government

Money Market Portfolio, 3.70%(6)

5,805,791

$  5,805,791

Total Securities Lending Collateral

(identified cost $5,805,791)

$  5,805,791

Total Short-Term Investments

(identified cost $9,382,449)

$  9,382,449

Total Investments — 101.9%

(identified cost $154,487,637)

$210,901,643

Other Assets, Less Liabilities — (1.9)%

$ (4,003,051)

Net Assets — 100.0%

$206,898,592

The percentage shown for each investment category in the Portfolio of

Investments is based on net assets.

(1)

Non-income producing security.

(2)

All or a portion of this security was on loan at August 31, 2026. The

aggregate market value of securities on loan at August 31, 2026 was

$7,918,918.

(3)

Security exempt from registration under Rule 144A of the Securities Act

of 1933, as amended. These securities may be sold in certain

transactions in reliance on an exemption from registration (normally to

qualified institutional buyers). At August 31, 2026, the aggregate value of

these securities is $623,333 or 0.3% of the Fund's net assets.

(4)

Affiliated fund (see Note 11).

(5)

May be deemed to be an affiliated investment company (see Note 11).

The rate shown is the annualized seven-day yield as of August 31, 2026.

5

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Portfolio of Investments — continued

(6)

Represents investment of cash collateral received in connection with

securities lending.

Country Concentration of Portfolio

Country

Percentage

of Net Assets

Value

United States

49.2%

$101,739,809

Brazil

3.1

6,503,986

Japan

3.0

6,327,134

Germany

1.6

3,288,530

United Kingdom

1.5

3,046,301

France

1.4

2,821,489

Spain

1.3

2,644,339

Italy

1.1

2,243,407

Denmark

0.6

1,170,185

Netherlands

0.4

810,095

Taiwan

0.2

363,405

Republic of Korea

0.2

352,008

Sweden

0.1

337,651

Portugal

0.1

287,426

Greece

0.1

282,456

Israel

0.1

251,859

Exchange-Traded Funds

37.9

78,431,563

Total Investments

101.9%

$210,901,643

Futures Contracts 

Description

Number of

Contracts

Position

Expiration

Date

Notional

Amount

Value/Unrealized

Appreciation

(Depreciation)

Equity Futures

MSCI USA Index

8

Long

9/18/26

$2,860,160

$(6,880

)

$(6,880

)

Abbreviations:

ADR

– American Depositary Receipt

GDR

– Global Depositary Receipt

REITs

– Real Estate Investment Trusts

Currency Abbreviations:

BRL

– Brazilian Real

6

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Statement of Assets and Liabilities

August 31, 2026

Assets

Unaffiliated investments, at value (identified cost $108,804,449) — including $7,918,918 of securities on loan

$165,960,528

Affiliated investments, at value (identified cost $45,683,188)

44,941,115

Deposits for derivatives collateral - futures contracts

215,002

Foreign currency, at value (identified cost $1,495,688)

1,483,420

Dividends receivable

76,816

Dividends receivable from affiliated investments

185,841

Receivable for Fund shares sold

6,468

Securities lending income receivable

3,769

Receivable for variation margin on open futures contracts

3,813

Tax reclaims receivable

209,432

Receivable from affiliates

16,066

Trustees' deferred compensation plan

59,720

Total assets

$213,161,990

Liabilities

Collateral for securities loaned

$5,805,791

Payable for Fund shares redeemed

85,912

Payable to affiliates:

 Investment adviser and administration fee

132,995

Distribution and service fees

30,511

Sub-transfer agency fee

2,797

Trustees' deferred compensation plan

59,720

Accrued expenses

145,672

Total liabilities

$6,263,398

Net Assets

$206,898,592

Sources of Net Assets

Paid-in capital

$141,128,378

Distributable earnings

65,770,214

Net Assets

$206,898,592

Class A Shares

Net Assets

$81,790,475

Shares Outstanding

4,818,680

Net Asset Value and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)

$16.97

Maximum Offering Price Per Share

(100 ÷ 94.75 of net asset value per share)

$17.91

Class C Shares

Net Assets

$14,853,336

Shares Outstanding

894,218

Net Asset Value and Offering Price Per Share*

(net assets ÷ shares of beneficial interest outstanding)

$16.61

Class I Shares

Net Assets

$110,254,781

Shares Outstanding

6,461,187

Net Asset Value, Offering Price and Redemption Price Per Share

(net assets ÷ shares of beneficial interest outstanding)

$17.06

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

*

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

7

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Statement of Operations

Year Ended

August 31, 2026

Investment Income

Dividend income (net of foreign taxes withheld of $95,323)

$3,672,318

Dividend income from affiliated investments

2,657,215

Interest income

491,546

Securities lending income, net

29,714

Total investment income

$6,850,793

Expenses

Investment adviser and administration fee

$1,732,896

Distribution and service fees:

Class A

201,271

Class C

206,009

Trustees’ fees and expenses

13,165

Custodian fee

99,242

Transfer and dividend disbursing agent fees

143,219

Legal and accounting services

100,963

Printing and postage

32,050

Registration fees

23,565

Miscellaneous

31,691

Total expenses

$2,584,071

Deduct:

Waiver and/or reimbursement of expenses by affiliates

$422,205

Total expense reductions

$422,205

Net expenses

$2,161,866

Net investment income

$4,688,927

Realized and Unrealized Gain (Loss)

Net realized gain (loss):

Investment transactions

$10,184,885

Investment transactions - affiliated investments

133,165

Foreign currency transactions

39,301

Capital gain distributions received

61,609

Net realized gain

$10,418,960

Change in unrealized appreciation (depreciation):

Investments

$16,614,699

Investments - affiliated investments

(802,284

)

Futures contracts

(6,880

)

Foreign currency

(36,117

)

Net change in unrealized appreciation (depreciation)

$15,769,418

Net realized and unrealized gain

$26,188,378

Net increase in net assets from operations

$30,877,305

8

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Statements of Changes in Net Assets

Year Ended August 31,

2026

2025

Increase (Decrease) in Net Assets

From operations:

Net investment income

$4,688,927

$8,343,892

Net realized gain

10,418,960

23,350,865

Net change in unrealized appreciation (depreciation)

15,769,418

(18,900,753

)

Net increase in net assets from operations

$30,877,305

$12,794,004

Distributions to shareholders:

Class A

$(1,989,722

)

$(1,768,236

)

Class C

(361,774

)

(441,683

)

Class I

(3,826,964

)

(6,456,747

)

Total distributions to shareholders

$(6,178,460

)

$(8,666,666

)

Transactions in shares of beneficial interest:

Class A

$(7,164,768

)

$(12,685,287

)

Class C

(12,582,480

)

(15,921,411

)

Class I

(56,017,247

)

(142,565,439

)

Net decrease in net assets from Fund share transactions

$(75,764,495

)

$(171,172,137

)

Net decrease in net assets

$(51,065,650

)

$(167,044,799

)

Net Assets

At beginning of year

$257,964,242

$425,009,041

At end of year

$206,898,592

$257,964,242

9

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Financial Highlights

Class A

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$15.26

$14.69

$13.50

$13.48

$16.21

Income (Loss) From Operations

Net investment income(1)

$0.32

$0.33

$0.31

$0.26

$0.15

Net realized and unrealized gain (loss)

1.79

0.54

1.20

(0.13

)

(2.04

)

Total income (loss) from operations

$2.11

$0.87

$1.51

$0.13

$(1.89

)

Less Distributions

From net investment income

$(0.40

)

$(0.30

)

$(0.32

)

$(0.11

)

$(0.14

)

From net realized gain

—

—

—

(0.00

)(2)

(0.70

)

Total distributions

$(0.40

)

$(0.30

)

$(0.32

)

$(0.11

)

$(0.84

)

Net asset value — End of year

$16.97

$15.26

$14.69

$13.50

$13.48

Total Return(3)

14.03

%

6.06

%

11.34

%

0.95

%

(12.29

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$81,790

$80,384

$89,981

$94,064

$102,903

Ratios (as a percentage of average daily net assets):(4)

Total expenses

1.19

%

1.25

%

1.23

%

1.23

%

1.18

%

Net expenses(5)

1.01

%

1.24

%

1.23

%

1.23

%

1.18

%

Net investment income

1.98

%

2.22

%

2.27

%

1.91

%

1.03

%

Portfolio Turnover

107

%

76

%

49

%

35

%

70

%

(1)

Computed using average shares outstanding.

(2)

Amount is less than $(0.005).

(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)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all

reductions and represent the net expenses paid by the Fund.

(5)

Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund and

in other affiliated funds (equal to 0.09% of average daily net assets for the year ended August 31, 2026 and less than 0.01% of average daily net

assets for the years ended August 31, 2025, 2024, 2023 and 2022).

10

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Financial Highlights — continued

Class C

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$14.90

$14.34

$13.17

$13.14

$15.81

Income (Loss) From Operations

Net investment income(1)

$0.19

$0.21

$0.21

$0.15

$0.04

Net realized and unrealized gain (loss)

1.77

0.52

1.16

(0.12

)

(1.99

)

Total income (loss) from operations

$1.96

$0.73

$1.37

$0.03

$(1.95

)

Less Distributions

From net investment income

$(0.25

)

$(0.17

)

$(0.20

)

$—

$(0.02

)

From net realized gain

—

—

—

(0.00

)(2)

(0.70

)

Total distributions

$(0.25

)

$(0.17

)

$(0.20

)

$(0.00

)(2)

$(0.72

)

Net asset value — End of year

$16.61

$14.90

$14.34

$13.17

$13.14

Total Return(3)

13.26

%

5.18

%

10.50

%

0.24

%

(12.92

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$14,853

$25,171

$40,187

$54,117

$69,060

Ratios (as a percentage of average daily net assets):(4)

Total expenses

1.94

%

2.00

%

1.98

%

1.98

%

1.93

%

Net expenses(5)

1.76

%

1.99

%

1.98

%

1.98

%

1.93

%

Net investment income

1.18

%

1.49

%

1.54

%

1.15

%

0.28

%

Portfolio Turnover

107

%

76

%

49

%

35

%

70

%

(1)

Computed using average shares outstanding.

(2)

Amount is less than $(0.005).

(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)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all

reductions and represent the net expenses paid by the Fund.

(5)

Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund and

in other affiliated funds (equal to 0.09% of average daily net assets for the year ended August 31, 2026 and less than 0.01% of average daily net

assets for the years ended August 31, 2025, 2024, 2023 and 2022).

11

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Financial Highlights — continued

Class I

Year Ended August 31,

2026

2025

2024

2023

2022

Net asset value — Beginning of year

$15.34

$14.77

$13.57

$13.56

$16.30

Income (Loss) From Operations

Net investment income(1)

$0.36

$0.37

$0.35

$0.29

$0.19

Net realized and unrealized gain (loss)

1.80

0.54

1.20

(0.13

)

(2.05

)

Total income (loss) from operations

$2.16

$0.91

$1.55

$0.16

$(1.86

)

Less Distributions

From net investment income

$(0.44

)

$(0.34

)

$(0.35

)

$(0.15

)

$(0.18

)

From net realized gain

—

—

—

(0.00

)(2)

(0.70

)

Total distributions

$(0.44

)

$(0.34

)

$(0.35

)

$(0.15

)

$(0.88

)

Net asset value — End of year

$17.06

$15.34

$14.77

$13.57

$13.56

Total Return(3)

14.31

%

6.30

%

11.64

%

1.18

%

(12.06

)%

Ratios/Supplemental Data

Net assets, end of year (000’s omitted)

$110,255

$152,409

$294,841

$358,320

$537,988

Ratios (as a percentage of average daily net assets):(4)

Total expenses

0.94

%

0.99

%

0.98

%

0.98

%

0.93

%

Net expenses(5)

0.76

%

0.98

%

0.98

%

0.98

%

0.93

%

Net investment income

2.20

%

2.50

%

2.52

%

2.16

%

1.28

%

Portfolio Turnover

107

%

76

%

49

%

35

%

70

%

(1)

Computed using average shares outstanding.

(2)

Amount is less than $(0.005).

(3)

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

(4)

Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all

reductions and represent the net expenses paid by the Fund.

(5)

Includes a reduction by the investment adviser of a portion of its adviser and administration fee due to the Fund’s investment in the Liquidity Fund and

in other affiliated funds (equal to 0.09% of average daily net assets for the year ended August 31, 2026 and less than 0.01% of average daily net

assets for the years ended August 31, 2025, 2024, 2023 and 2022).

12

See Notes to Financial Statements.

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Notes to Financial Statements

1 Significant Accounting Policies

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

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

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

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

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

Derivatives. Futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

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

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day. Exchange-traded funds are valued at the official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

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

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Fund's understanding of the applicable countries’ tax rules and rates. As a result of several court cases

13

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

in certain countries across the European Union (EU), the Fund filed additional tax reclaims for previously withheld taxes on dividends earned in those countries. Income recognized, if any, for EU reclaims and interest thereon is reflected as other income in the Statement of Operations, and any related receivable, if any, is reflected as European Union tax reclaims receivable in the Statement of Assets and Liabilities. Any fees associated with these filings are reflected in miscellaneous expenses in the Statement of Operations. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Fund, if any, may reduce the amount of foreign taxes Fund shareholders can use as tax deductions or credits on their income tax returns. In the event that EU reclaims received by the Fund during a fiscal year exceed foreign withholding taxes paid by the Fund, and the Fund previously passed through to its shareholders foreign taxes incurred by the Fund to be used as a credit or deduction on a shareholder’s income tax return, the Fund may be required to enter into a closing agreement with the Internal Revenue Service in order to pay the associated tax liability on behalf of the Fund’s shareholders. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

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

As of August 31, 2026, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires annual disclosure of the amount of income taxes paid (net of refunds received) disaggregated by federal, state,

and foreign taxes, and further disaggregated by individual jurisdiction in which income taxes paid is equal to or greater than 5% of total income taxes paid. The adoption of ASU 2023-09 did not result in any changes to the Fund’s financial statement presentation or disclosure.

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

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

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

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

I Futures Contracts—Upon entering into a futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

J Segment Reporting—The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Fund’s President acts as the Fund's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Fund's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Fund’s financial statements.

14

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

K Recently Issued Accounting Pronouncements—In September 2026, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2026-03, Fair Value Measurement (Topic 820): Investment Companies with Equity Securities Subject to Contractual Sale Restrictions. ASU 2026-03 requires investment companies to consider the effects of certain contractual sale restrictions when measuring the fair value of equity securities and to provide related disclosures. ASU 2026-03 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of adopting ASU 2026-03; however, it does not currently expect the implementation of the standard to have a material effect on the Fund's financial statements.

2 Distributions to Shareholders and Income Tax Information

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

The tax character of distributions declared for the years ended August 31, 2026 and August 31, 2025 was as follows: 

Year Ended August 31,

2026

2025

Ordinary income

$6,178,460

$8,666,666

During the year ended August 31, 2026, distributable earnings was decreased by $1,671,353 and paid-in capital was increased by $1,671,353 due to the Fund’s use of equalization accounting. Tax equalization accounting allows the Fund to treat as a distribution that portion of redemption proceeds representing a redeeming shareholder’s portion of undistributed taxable income and net capital gains. These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of August 31, 2026, the components of distributable earnings (accumulated loss) on a tax basis were as follows: 

Undistributed ordinary income

$3,594,729

Undistributed long-term capital gains

7,540,647

Net unrealized appreciation

54,634,838

Distributable earnings

$65,770,214

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at August 31, 2026, as determined on a federal income tax basis, were as follows: 

Aggregate cost

$156,263,414

Gross unrealized appreciation

$56,648,323

Gross unrealized depreciation

(2,010,094

)

Net unrealized appreciation

$54,638,229

15

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

3 Investment Adviser and Administration Fee and Other Transactions with Affiliates

The investment adviser and administration fee is earned by Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory and administrative services rendered to the Fund. The investment adviser and administration fee is computed at an annual rate as a percentage of the Fund’s average daily net assets as follows and is payable monthly: 

Average Daily Net Assets

Annual Fee Rate

Up to $500 million

0.750

%

$500 million but less than $1 billion

0.700

%

$1 billion but less than $2.5 billion

0.675

%

$2.5 billion but less than $5 billion

0.650

%

$5 billion and over

0.630

%

For the year ended August 31, 2026, the investment adviser and administration fee amounted to $1,732,896 or 0.75% of the Fund’s average daily net assets.

The Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley, and in other affiliated funds. The investment adviser and administration fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its investment in the Liquidity Fund and in other affiliated funds. For the year ended August 31, 2026, the investment adviser and administration fee paid was reduced by $205,923 relating to the Fund’s investment in the Liquidity Fund and in other affiliated funds.

EVM has agreed to reimburse the Fund's expenses to the extent that total annual operating expenses (relating to ordinary operating expenses only and excluding expenses such as brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses) exceed 1.10%, 1.85% and 0.85% of the Fund's average daily net assets for Class A, Class C and Class I, respectively. This agreement may be changed or terminated after January 1, 2027. Pursuant to this agreement, EVM waived and/or reimbursed $216,282 of the Fund's operating expenses for the year ended August 31, 2026.

EVM provides sub-transfer agency and related services to the Fund pursuant to a Sub-Transfer Agency Support Services Agreement. For the year ended August 31, 2026, EVM earned $13,438 from the Fund pursuant to such agreement, which is included in transfer and dividend disbursing agent fees on the Statement of Operations. The Fund was informed that Eaton Vance Distributors, Inc. (EVD), an affiliate of EVM and the Fund’s principal underwriter, received $669 as its portion of the sales charge on sales of Class A shares for the year ended August 31, 2026. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser and administration fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.

4 Distribution Plans

The Fund has in effect a distribution plan for Class A shares (Class A Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class A Plan, the Fund pays EVD a distribution and service fee of 0.25% per annum of its average daily net assets attributable to Class A shares for distribution services and facilities provided to the Fund by EVD, as well as for personal services and/or the maintenance of shareholder accounts. Distribution and service fees paid or accrued to EVD for the year ended August 31, 2026 amounted to $201,271 for Class A shares.

The Fund also has in effect a distribution plan for Class C shares (Class C Plan) pursuant to Rule 12b-1 under the 1940 Act. Pursuant to the Class C Plan, the Fund pays EVD amounts equal to 0.75% per annum of its average daily net assets attributable to Class C shares for providing ongoing distribution services and facilities to the Fund. For the year ended August 31, 2026, the Fund paid or accrued to EVD $154,507 for Class C shares.

Pursuant to the Class C Plan, the Fund also makes payments of service fees to EVD, financial intermediaries and other persons in amounts equal to 0.25% per annum of its average daily net assets attributable to that class. Service fees paid or accrued are for personal services and/or the maintenance of shareholder accounts. They are separate and distinct from the sales commissions and distribution fees payable to EVD. Service fees paid or accrued for the year ended August 31, 2026 amounted to $51,502 for Class C shares.

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

16

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

5 Contingent Deferred Sales Charges

A contingent deferred sales charge (CDSC) of 1% generally is imposed on redemptions of Class C shares made within 12 months of purchase. Class A shares may be subject to a 1% CDSC if redeemed within 12 months of purchase (depending on the circumstances of purchase). Generally, the CDSC is based upon the lower of the net asset value at date of redemption or date of purchase. No charge is levied on shares acquired by reinvestment of dividends or capital gain distributions. For the year ended August 31, 2026, the Fund was informed that EVD received $1,018 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $241,246,539 and $317,493,945, respectively, for the year ended August 31, 2026.

7 Shares of Beneficial Interest

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

Year Ended

August 31, 2026

Year Ended

August 31, 2025

Shares

Amount

Shares

Amount

Class A

Sales

  660,776

$10,675,208

   901,656

$ 13,172,904

Issued to shareholders electing to receive payments of distributions

in Fund shares

   75,815

 1,194,851

    70,413

  1,008,312

Redemptions

(1,186,850)

(19,034,827)

(1,827,916)

(26,866,503)

Net decrease

 (450,259)

$(7,164,768)

  (855,847)

$(12,685,287)

Class C

Sales

   29,042

$   464,626

    72,228

$  1,035,133

Issued to shareholders electing to receive payments of distributions

in Fund shares

   19,520

   302,557

    24,447

    343,719

Redemptions

 (843,354)

(13,349,663)

(1,210,853)

(17,300,263)

Net decrease

 (794,792)

$(12,582,480)

(1,114,178)

$(15,921,411)

Class I

Sales

  458,267

$ 7,419,642

 2,033,614

$ 29,728,159

Issued to shareholders electing to receive payments of distributions

in Fund shares

  155,851

 2,465,560

   326,204

  4,687,550

Redemptions

(4,090,688)

(65,902,449)

(12,384,378)

(176,981,148)

Net decrease

(3,476,570)

$(56,017,247)

(10,024,560)

$(142,565,439)

8 Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include 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 Fund has in particular classes of financial instruments and do 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. A summary of obligations under these financial instruments at August 31, 2026 is included in the Portfolio of Investments. At August 31, 2026, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

17

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund enters into equity index futures contracts to enhance total return and/or to manage certain investment risks.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at August 31, 2026 was as follows: 

Fair Value

Derivative

Asset Derivative

Liability Derivative(1)

Futures contracts

$ —

$(6,880

)

(1)

Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for

variation margin on open futures contracts, as applicable.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended August 31, 2026 was as follows: 

Derivative

Realized Gain (Loss)

on Derivatives Recognized

in Income

Change in Unrealized

Appreciation (Depreciation) on

Derivatives Recognized in Income(1)

Futures contracts

$ —

$(6,880

)

(1)

Statement of Operations location: Change in unrealized appreciation (depreciation): Futures contracts.

The average notional cost of futures contracts (long) outstanding during the year ended August 31, 2026, which is indicative of the volume of this derivative type, was approximately $86,000.

9 Line of Credit

The Fund participates with other portfolios and funds managed by EVM and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Fund solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Fund based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Fund, it may be unable to borrow some or all of its requested amounts at any particular time. The Fund did not have any significant borrowings or allocated fees during the year ended August 31, 2026.

10 Securities Lending Agreement

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

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

18

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

At August 31, 2026, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $7,918,918 and $8,137,313, respectively. Collateral received was comprised of cash of $5,805,791 and U.S. government and/or agencies securities of $2,331,522. The securities lending transactions have no contractual maturity date and each of the Fund and borrower has the option to terminate a loan at any time.

The following table provides a breakdown of securities lending transactions accounted for as secured borrowings, the obligations by class of collateral pledged, and the remaining contractual maturity of those transactions as of August 31, 2026. 

Remaining Contractual Maturity of the Transactions

Overnight and

Continuous

˂30 days

30 to 90 days

˃90 days

Total

Common Stocks

$649,619

$ —

$ —

$ —

$649,619

Exchange-Traded Funds

5,156,172

 —

 —

 —

5,156,172

Total

$5,805,791

$ —

$ —

$ —

$5,805,791

The carrying amount of the liability for collateral for securities loaned at August 31, 2026 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 12) at August 31, 2026.

11 Affiliated Investments

At August 31, 2026, the value of the Fund's investment in affiliated funds and funds that may be deemed to be affiliated was $44,941,115, which represents 21.7% of the Fund's net assets. Transactions in such investments by the Fund for the year ended August 31, 2026 were as follows: 

Name

Value,

beginning

of period

Purchases

Sales

proceeds

Net

realized

gain (loss)

Change in

unrealized

appreciation

(depreciation)

Value, end

of period

Dividend

income

Shares,

end of period

Exchange-Traded Funds

Eaton Vance Mortgage Opportunities ETF

$28,421,809

$ 1,359,311

$(11,432,500)

$ 94,845

$(258,012)

$18,185,453

$1,122,749

  367,680

Eaton Vance Total Return Bond ETF

39,406,889

10,082,388

(25,804,321)

 38,320

(544,272)

23,179,004

1,396,467

  464,230

Short-Term Investments

Liquidity Fund

 6,505,773

72,675,747

(75,604,862)

    —

    —

 3,576,658

137,999

3,576,658

Total

$133,165

$(802,284)

$44,941,115

$2,657,215

12 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical investments

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

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

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

19

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

At August 31, 2026, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows: 

Asset Description 

Level 1

Level 2

Level 3

Total

Common Stocks:

Communication Services

$7,426,165

$536,774

$ —

$7,962,939

Consumer Discretionary

8,858,484

282,374

 —

9,140,858

Consumer Staples

2,111,801

 —

 —

2,111,801

Energy

2,814,378

 —

 —

2,814,378

Financials

11,866,988

9,959,680

 —

21,826,668

Health Care

10,053,077

1,300,765

 —

11,353,842

Industrials

10,053,368

5,825,633

 —

15,879,001

Information Technology

34,468,114

1,302,813

 —

35,770,927

Materials

1,776,525

 —

 —

1,776,525

Real Estate

904,413

 —

 —

904,413

Utilities

1,991,426

5,050,867

 —

7,042,293

Total Common Stocks

$92,324,739

$24,258,906

*

$ —

$116,583,645

Exchange-Traded Funds

$78,431,563

$ —

$ —

$78,431,563

Sovereign Government Bonds

 —

6,503,986

 —

6,503,986

Short-Term Investments:

Affiliated Fund

3,576,658

 —

 —

3,576,658

Securities Lending Collateral

5,805,791

 —

 —

5,805,791

Total Investments

$180,138,751

$30,762,892

$ —

$210,901,643

Liability Description 

Futures Contracts

$(6,880

)

$ —

$ —

$(6,880

)

Total

$(6,880

)

$ —

$ —

$(6,880

)

*

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.

20

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Notes to Financial Statements — continued

13 Risks and Uncertainties

Risks Associated with Foreign Investments

Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country, and by acts of terrorism and war. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates.

21

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Report of Independent Registered Public Accounting Firm

To the Trustees of Eaton Vance Growth Trust and Shareholders of Eaton Vance All Asset Strategy Fund:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Eaton Vance All Asset Strategy Fund (the “Fund”) (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of August 31, 2026, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements and financial highlights”). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of August 31, 2026, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of August 31, 2026, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP
Boston, Massachusetts
October 19, 2026

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

22

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Federal Tax Information (Unaudited)

The Form 1099-DIV you receive in February 2027 will show the tax status of all distributions paid to your account in calendar year 2026. Shareholders

are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified business income, qualified dividend income for individuals, the dividends received deduction for corporations, capital gains dividends and 163(j) interest dividends.

Qualified Business Income. For the fiscal year ended August 31, 2026 the Fund designates approximately $31,071, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified business income.

Qualified Dividend Income. For the fiscal year ended August 31, 2026, the Fund designates approximately $1,804,095, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2026 ordinary income dividends, 15.81% qualifies for the corporate dividends received deduction.

Capital Gains Dividends. The Fund hereby designates as a capital gain dividend with respect to the taxable year ended August 31, 2026, $8,678,075
or, if subsequently determined to be different, the net capital gain of such year.

163(j) Interest Dividends. For the fiscal year ended August 31, 2026, the Fund designates 24.68% of distributions from net investment income as a 163(j) interest dividend.

23

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Board of Trustees’ Contract Approval

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s board of trustees, including a majority of the trustees who are not “interested persons” of the fund (“independent trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting held on June 11, 2026, the Boards of Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised of all of the Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings held between April and June 2026, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual evaluation of the investment advisory agreements and sub-advisory agreements.

In connection with its evaluation of the investment advisory agreements and sub-advisory agreements, the Board (directly or through one or more of its committees) considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of the Eaton Vance Funds, which is referenced immediately below, and information applicable to the particular Eaton Vance Fund covered by this report (each Eaton Vance Fund is referred to below as a “fund”). (For funds that invest through one or more underlying portfolios, references to “each fund” in this section may include information that was considered at the portfolio-level.)

Information about Fees, Performance and Expenses

• A report from an independent data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);

• A report from an independent data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;

• A report from an independent data provider comparing the investment performance of each fund to the investment performance of comparable funds and, as applicable, benchmark indices, over various time periods;

• In certain instances, data regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent Trustees);

• Comparative information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other funds, collective investment trusts and institutional accounts) with the same or substantially similar investment objective as the fund and with a significant overlap in holdings based on criteria set by the Board, if any;

• Profitability analyses on a fund-by-fund basis for the adviser and its affiliates and the cost allocation methodology used to determine such analyses;

Information about Portfolio Management and Trading

• Descriptions of the investment management services provided to each fund, as well as each of the funds’ investment strategies and policies;

• The procedures and processes used by the adviser to determine the value of fund assets, including, when necessary, the determination of “fair value” by the adviser in its role as each fund’s valuation designee and actions taken to monitor and test the effectiveness of such procedures and processes;

• Information about the policies and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;

• Information about the allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

• Data relating to the portfolio turnover rate of each fund and related information regarding active management in the context of particular strategies;

Information about each Adviser and Sub-Adviser

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

1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly, references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report. Eaton Vance Management and Boston Management and Research are referred to collectively as the “adviser.”

24

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

• Information regarding the adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent;

• Information regarding the adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;

• The personal trading codes of ethics of the adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;

• Policies and procedures relating to proxy voting, including regular reporting with respect to fund proxy voting activities;

• Information regarding the handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;

• Information concerning the resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, including descriptions of their various compliance programs and their record of compliance and remediation;

• Information concerning the business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund;

• A description of the adviser’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters, if any;

Other Relevant Information

• Information regarding ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;

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

• Information concerning oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;

• Information concerning efforts to maintain policies and procedures with respect to various regulations applicable to the funds, including, without limitation, Rule 22e-4 (the Liquidity Risk Management Rule), Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule), and Rule 2a-5 (the Fair Valuation Rule);

• For each Eaton Vance Fund structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates, and other relevant matters;

• The risks that the adviser and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, data privacy and cybersecurity, and other business risks (and the associated costs of such risks, if any); and

• The terms of each investment advisory agreement and sub-advisory agreement.

During the various meetings of the Board and its committees over the course of the year leading up to the June 11, 2026 meeting, the Board and its committees received information from portfolio managers and other investment professionals of the adviser and sub-advisers of the funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board and its committees also received information regarding risk management techniques employed in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the funds, and received and participated in reports and presentations provided by the adviser, sub-advisers, and certain other service providers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent Trustees met in executive sessions and held regular video or telephone conferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.

Each of the Contract Review Committee and the Board was advised throughout the contract review process by Kirkland & Ellis LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee and the members of the Board, with the advice of such counsel, exercised their own business judgment in determining the material factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee and Board may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the Contract Review Committee and Board were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.

25

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

Results of the Contract Review Process

Based on its consideration of the foregoing, and such other information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory and administrative agreement between Eaton Vance All Asset Strategy Fund (formerly, Eaton Vance RBA All Asset Strategy Fund) (the “Fund”) and Eaton Vance Management (the “Adviser”), including its fee structure, is in the interests of shareholders and, therefore, recommended to the Board approval of the agreement. Based on the recommendation of the Contract Review Committee, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory and administrative agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory and administrative agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education and experience of the investment professionals who provide services to the Fund, including recent changes to such personnel. The Board specifically noted that the Adviser has devoted extensive resources to in-house equity research and also draws upon independent research available from third-party sources. In particular, the Board evaluated the abilities and experience of the Adviser’s investment professionals in investing in assets around the world and among various asset classes, including equity, fixed-income, commodity, currency and cash investments. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund.

The Board considered the compliance programs of the Adviser and relevant affiliates thereof. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, compliance with policies and procedures, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered relevant examinations of the Adviser and its affiliates by regulatory authorities, such as the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The Board considered other administrative services provided or overseen by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large fund complex offering exposure to a variety of asset classes and investment disciplines, as well as the ability, in many cases, to exchange an investment among different funds without incurring additional sales charges.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory and administrative agreement.

Fund Performance

The Board noted that, effective August 18, 2025, the name and investment strategies of the Fund were changed to provide the Fund with the flexibility to allocate its assets in markets around the world and among various asset classes, including equity, fixed-income, commodity, currency and cash investments. Although the Board considered information comparing the Fund’s investment performance to that of comparable funds identified by an independent data provider (the peer group), the Board determined, in light of the recent changes, to continue to monitor and evaluate the effectiveness of such changes over time.

Management Fees and Expenses

The Board considered contractual fee rates payable by the Fund for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31, 2025, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered certain factors identified by management in response to requests from the Contract Review Committee regarding the Fund’s total expense ratio relative to comparable funds. The Board also considered that the management fees paid by the Fund are for services provided in addition to, and are not duplicative of, services provided under the advisory contract(s) of the exchange traded funds in which the Fund may invest.

After considering the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.

26

Eaton Vance

All Asset Strategy Fund

August 31, 2026

Board of Trustees’ Contract Approval — continued

Profitability and “Fall-Out” Benefits

The Board considered the level of profits realized by the Adviser and relevant affiliates thereof in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are not excessive.

The Board also considered direct and indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund and the other Eaton Vance Funds, including, among other things, fees for trading, distribution and/or shareholder servicing and for transaction processing and reporting platforms used by securities lending agent(s), and research received by each Adviser generated from commission dollars spent on funds’ portfolio trading.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. To assist in the evaluation of the sharing of any economies of scale, the Board received data for recent years showing asset levels, Adviser profitability and total expense ratios. Based upon the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.

27

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EARAX-NCSR 8.31.26

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

The information is included in Item 7 of this Form N-CSR.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominee to the Fund’s Board of Trustees since the Fund last provided disclosure in response to this item.

Item 16. Controls and Procedures

(a)

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

(b)

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits

(a)(1)   Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)  Principal Financial Officer’s Section 302 certification.

(a)(2)(ii) Principal Executive Officer’s Section 302 certification.

(b)    Combined Section 906 certification.

Signatures

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

Eaton Vance Growth Trust

By:

  

/s/ Kenneth A. Topping

 

Kenneth A. Topping

 

Principal Executive Officer

Date:

October 26, 2026

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

By:

  

/s/ James F. Kirchner

 

James F. Kirchner

 

Principal Financial Officer

Date:

October 26, 2026

By:

  

/s/ Kenneth A. Topping

 

Kenneth A. Topping

 

Principal Executive Officer

Date:

October 26, 2026

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