# EDGAR Filing Document

**Accession Number:** 0000102816
**File Stem:** 0001193125-25-251259
**Filing Date:** 2025-10
**Character Count:** 685384
**Document Hash:** ab137b2b80a7b553b9142f0360a38fdf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-251259.hdr.sgml**: 20251027

**ACCESSION NUMBER**: 0001193125-25-251259

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 49

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251027

**DATE AS OF CHANGE**: 20251027

**EFFECTIVENESS DATE**: 20251027

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Eaton Vance Growth Trust
- **CENTRAL INDEX KEY:** 0000102816

**ORGANIZATION NAME:**
- **EIN:** 042325690

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-01241
- **FILM NUMBER:** 251419328

**BUSINESS ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-482-8260

**MAIL ADDRESS:**
- **STREET 1:** ONE POST OFFICE SQUARE
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE GROWTH TRUST
- **DATE OF NAME CHANGE:** 19930616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EATON VANCE GROWTH FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANCE SANDERS COMMON STOCK FUND INC
- **DATE OF NAME CHANGE:** 19820915

## Series and Classes Contracts Data

### Eaton Vance China Equity Fund (Series ID: S000005200)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000014184 | Eaton Vance China Equity Fund Class I | EICGX           |
| C000014185 | Eaton Vance China Equity Fund Class A | EVCGX           |
| C000014187 | Eaton Vance China Equity Fund Class C | ECCGX           |

### Eaton Vance Worldwide Health Sciences Fund (Series ID: S000005202)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000014191 | Eaton Vance Worldwide Health Sciences Fund Class A | ETHSX           |
| C000014193 | Eaton Vance Worldwide Health Sciences Fund Class C | ECHSX           |
| C000014194 | Eaton Vance Worldwide Health Sciences Fund Class R | ERHSX           |
| C000081646 | Eaton Vance Worldwide Health Sciences Fund Class I | EIHSX           |

### Eaton Vance Equity Strategy Fund (Series ID: S000030159)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000092730 | Eaton Vance Equity Strategy Fund Class A | ERBAX           |
| C000092731 | Eaton Vance Equity Strategy Fund Class C | ERBXC           |
| C000092732 | Eaton Vance Equity Strategy Fund Class I | ERBIX           |

### Eaton Vance All Asset Strategy Fund (Series ID: S000033974)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000104752 | Eaton Vance All Asset Strategy Fund Class A | EARAX           |
| C000104753 | Eaton Vance All Asset Strategy Fund Class C | ECRAX           |
| C000104754 | Eaton Vance All Asset Strategy Fund Class I | EIRAX           |

?xml version='1.0' encoding='ASCII'? Eaton Vance Growth Trust

### 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, 2025

#### Date of Reporting Period

------

#### Item 1. Reports to Stockholders
(a) # Eaton Vance All Asset Strategy Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

#### (formerly, Eaton Vance RBA All Asset Strategy Fund)

# Class A EARAX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance All Asset Strategy Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $128 | 1.24% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to 60% Bloomberg U.S. Aggregate Bond Index/40% MSCI ACWI Index (9/1/24-8/17/25) and 60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index (8/18/25-8/31/25):

↓ Stock selection in equities – mainly selection in large-cap stocks, and an overweight to small-cap stocks – detracted from returns

↓ Stock selection in the U.S. and an overweight exposure to emerging markets (ex. China) also hurt returns during the period

↓ On a sector basis, an underweight exposure to, and stock selection in the information technology sector detracted from returns

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

↑ An overweight exposure to short-term U.S. Treasurys contributed to relative returns during the period

↑ On a sector basis, stock selection in the healthcare sector also contributed to returns

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

![Growth of 10K Chart](g904361i39f0277f531998a2b8a8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI World Index** | **MSCI ACWI Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/15** | $9475 | $10000 | $10000 | $10000 |
| **9/15** | $9382 | $9631 | $9638 | $10068 |
| **10/15** | $9792 | $10394 | $10394 | $10069 |
| **11/15** | $9784 | $10343 | $10308 | $10043 |
| **12/15** | $9694 | $10161 | $10122 | $10010 |
| **1/16** | $9498 | $9553 | $9512 | $10148 |
| **2/16** | $9341 | $9482 | $9446 | $10220 |
| **3/16** | $9608 | $10125 | $10147 | $10314 |
| **4/16** | $9780 | $10286 | $10296 | $10353 |
| **5/16** | $9866 | $10343 | $10309 | $10356 |
| **6/16** | $9858 | $10227 | $10247 | $10542 |
| **7/16** | $10188 | $10660 | $10688 | $10609 |
| **8/16** | $10235 | $10668 | $10724 | $10597 |
| **9/16** | $10290 | $10725 | $10790 | $10590 |
| **10/16** | $10148 | $10517 | $10607 | $10509 |
| **11/16** | $10172 | $10669 | $10688 | $10261 |
| **12/16** | $10346 | $10924 | $10918 | $10275 |
| **1/17** | $10543 | $11188 | $11217 | $10295 |
| **2/17** | $10732 | $11498 | $11532 | $10365 |
| **3/17** | $10810 | $11621 | $11673 | $10359 |
| **4/17** | $10889 | $11793 | $11855 | $10439 |
| **5/17** | $10960 | $12042 | $12116 | $10519 |
| **6/17** | $11015 | $12088 | $12172 | $10509 |
| **7/17** | $11275 | $12378 | $12512 | $10554 |
| **8/17** | $11283 | $12395 | $12560 | $10649 |
| **9/17** | $11432 | $12673 | $12802 | $10598 |
| **10/17** | $11637 | $12913 | $13068 | $10604 |
| **11/17** | $11732 | $13193 | $13321 | $10591 |
| **12/17** | $11867 | $13371 | $13536 | $10639 |
| **1/18** | $12414 | $14077 | $14299 | $10517 |
| **2/18** | $12004 | $13494 | $13699 | $10417 |
| **3/18** | $11803 | $13200 | $13406 | $10484 |
| **4/18** | $11730 | $13351 | $13534 | $10406 |
| **5/18** | $11899 | $13435 | $13551 | $10480 |
| **6/18** | $11779 | $13429 | $13477 | $10467 |
| **7/18** | $12052 | $13848 | $13884 | $10470 |
| **8/18** | $12148 | $14019 | $13993 | $10537 |
| **9/18** | $12181 | $14097 | $14054 | $10469 |
| **10/18** | $11417 | $13062 | $13000 | $10386 |
| **11/18** | $11561 | $13211 | $13191 | $10448 |
| **12/18** | $10962 | $12206 | $12262 | $10640 |
| **1/19** | $11341 | $13156 | $13230 | $10753 |
| **2/19** | $11531 | $13551 | $13584 | $10747 |
| **3/19** | $11647 | $13729 | $13754 | $10954 |
| **4/19** | $11787 | $14216 | $14219 | $10956 |
| **5/19** | $11482 | $13396 | $13375 | $11151 |
| **6/19** | $11828 | $14279 | $14251 | $11291 |
| **7/19** | $11836 | $14349 | $14293 | $11316 |
| **8/19** | $11853 | $14056 | $13954 | $11609 |
| **9/19** | $11886 | $14355 | $14247 | $11547 |
| **10/19** | $12001 | $14720 | $14637 | $11582 |
| **11/19** | $12141 | $15130 | $14995 | $11576 |
| **12/19** | $12333 | $15584 | $15523 | $11568 |
| **1/20** | $12393 | $15489 | $15351 | $11791 |
| **2/20** | $12126 | $14180 | $14111 | $12003 |
| **3/20** | $11550 | $12303 | $12206 | $11932 |
| **4/20** | $12049 | $13647 | $13514 | $12144 |
| **5/20** | $12255 | $14306 | $14102 | $12201 |
| **6/20** | $12384 | $14685 | $14552 | $12278 |
| **7/20** | $12737 | $15387 | $15322 | $12461 |
| **8/20** | $13030 | $16415 | $16260 | $12360 |
| **9/20** | $12849 | $15849 | $15735 | $12354 |
| **10/20** | $12651 | $15363 | $15353 | $12298 |
| **11/20** | $13288 | $17327 | $17245 | $12419 |
| **12/20** | $13512 | $18062 | $18046 | $12436 |
| **1/21** | $13397 | $17882 | $17964 | $12347 |
| **2/21** | $13565 | $18341 | $18380 | $12169 |
| **3/21** | $13778 | $18951 | $18871 | $12017 |
| **4/21** | $14061 | $19833 | $19696 | $12112 |
| **5/21** | $14238 | $20118 | $20003 | $12151 |
| **6/21** | $14256 | $20418 | $20266 | $12237 |
| **7/21** | $14212 | $20784 | $20406 | $12374 |
| **8/21** | $14362 | $21301 | $20916 | $12350 |
| **9/21** | $13990 | $20417 | $20052 | $12243 |
| **10/21** | $14318 | $21573 | $21076 | $12240 |
| **11/21** | $14105 | $21101 | $20568 | $12276 |
| **12/21** | $14448 | $22002 | $21391 | $12245 |
| **1/22** | $14074 | $20838 | $20341 | $11981 |
| **2/22** | $13831 | $20311 | $19815 | $11847 |
| **3/22** | $13831 | $20869 | $20244 | $11518 |
| **4/22** | $13168 | $19135 | $18624 | $11081 |
| **5/22** | $13224 | $19150 | $18646 | $11152 |
| **6/22** | $12654 | $17491 | $17074 | $10977 |
| **7/22** | $13074 | $18879 | $18266 | $11246 |
| **8/22** | $12598 | $18090 | $17594 | $10928 |
| **9/22** | $11775 | $16408 | $15910 | $10456 |
| **10/22** | $11822 | $17587 | $16870 | $10320 |
| **11/22** | $12551 | $18810 | $18178 | $10700 |
| **12/22** | $12294 | $18011 | $17463 | $10651 |
| **1/23** | $12802 | $19285 | $18715 | $10979 |
| **2/23** | $12407 | $18822 | $18178 | $10695 |
| **3/23** | $12840 | $19403 | $18739 | $10967 |
| **4/23** | $12972 | $19743 | $19008 | $11033 |
| **5/23** | $12736 | $19546 | $18804 | $10913 |
| **6/23** | $12897 | $20728 | $19896 | $10874 |
| **7/23** | $12963 | $21425 | $20625 | $10867 |
| **8/23** | $12718 | $20913 | $20048 | $10797 |
| **9/23** | $12199 | $20011 | $19219 | $10523 |
| **10/23** | $11917 | $19430 | $18641 | $10357 |
| **11/23** | $12605 | $21252 | $20362 | $10826 |
| **12/23** | $13090 | $22295 | $21340 | $11240 |
| **1/24** | $13022 | $22563 | $21465 | $11210 |
| **2/24** | $13176 | $23519 | $22386 | $11051 |
| **3/24** | $13417 | $24275 | $23089 | $11153 |
| **4/24** | $13090 | $23373 | $22327 | $10871 |
| **5/24** | $13475 | $24417 | $23234 | $11056 |
| **6/24** | $13639 | $24914 | $23752 | $11160 |
| **7/24** | $13967 | $25353 | $24135 | $11421 |
| **8/24** | $14159 | $26023 | $24748 | $11585 |
| **9/24** | $14352 | $26500 | $25323 | $11740 |
| **10/24** | $14053 | $25974 | $24754 | $11449 |
| **11/24** | $14391 | $27166 | $25680 | $11570 |
| **12/24** | $14062 | $26458 | $25072 | $11381 |
| **1/25** | $14259 | $27391 | $25914 | $11441 |
| **2/25** | $14298 | $27194 | $25758 | $11693 |
| **3/25** | $14023 | $25984 | $24740 | $11697 |
| **4/25** | $14141 | $26215 | $24971 | $11743 |
| **5/25** | $14426 | $27766 | $26406 | $11659 |
| **6/25** | $14800 | $28964 | $27592 | $11839 |
| **7/25** | $14791 | $29337 | $27966 | $11807 |
| **8/25** | $15015 | $30103 | $28656 | $11949 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 6.06% | 2.88% | 4.71% |
| Class A with 5.25% Maximum Sales Charge | 0.51% | 1.77% | 4.15% |
| MSCI World Index (net of foreign withholding taxes) | 15.68% | 12.89% | 11.64% |
| MSCI ACWI Index (net of foreign withholding taxes) | 15.79% | 11.99% | 11.09% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.79% |
| Current Blended Index (60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index) | 10.68% | 6.93% | 7.51% |
| Prior Blended Index (60% Bloomberg U.S. Aggregate Bond Index/40% MSCI ACWI) | 8.15% | 4.39% | 5.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to August 18, 2025 reflects the Fund's performance under its former principal investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Effective August 18, 2025, the Fund changed its primary prospectus benchmark from the Bloomberg U.S. Aggregate Bond Index to the MSCI World Index and its benchmark from the Prior Blended Index to the Current Blended Index because the investment adviser believes they are more appropriate benchmarks for the Fund. |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $257964242 |
| # of Portfolio Holdings | 242 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid | $3002195 |

---

## 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](g904361i4c43b3ebbaf4b44406ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.9% |
| Exchange-Traded Funds | 44.7% |
| Common Stocks | 52.4% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;15.2% |
| &nbsp;&nbsp;Eaton Vance Mortgage Opportunities ETF | &nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;Vanguard Emerging Markets Government Bond ETF | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;51.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective August 18, 2025 and February 3, 2025, the name of the Fund was changed.

Effective August 18, 2025, (1) Richard Bernstein Advisors LLC was no longer the sub-adviser to the Fund, (2) Eaton Vance Management continues to serve as the adviser to the Fund, with Jim Caron and Schuyler Hooper as portfolio managers, and (3) as part of the sub-adviser change, the Fund's principal investment strategies changed.

Effective August 18, 2025, the investment adviser and administration fee is computed at an annual rate of 0.75% (0.85% prior to August 18, 2025) of the Fund's average daily net assets up to $500 million and at reduced rates on daily net assets of $500 million or more. Effective August 18, 2025, the investment adviser and administrator 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% of the Fund's daily net assets for Class A. This agreement may be changed or terminated after January 1, 2027.

## 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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# EARAX-TSR-AR

# Eaton Vance All Asset Strategy Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

#### (formerly, Eaton Vance RBA All Asset Strategy Fund)

# Class C ECRAX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance All Asset Strategy Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $204 | 1.99% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to 60% Bloomberg U.S. Aggregate Bond Index/40% MSCI ACWI Index (9/1/24-8/17/25) and 60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index (8/18/25-8/31/25):

↓ Stock selection in equities – mainly selection in large-cap stocks, and an overweight to small-cap stocks – detracted from returns

↓ Stock selection in the U.S. and an overweight exposure to emerging markets (ex. China) also hurt returns during the period

↓ On a sector basis, an underweight exposure to, and stock selection in the information technology sector detracted from returns

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

↑ An overweight exposure to short-term U.S. Treasurys contributed to relative returns during the period

↑ On a sector basis, stock selection in the healthcare sector also contributed to returns

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

![Growth of 10K Chart](g904361i889778cb4e3b22d89446.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **MSCI World Index** | **MSCI ACWI Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/15** | $10000 | $10000 | $10000 | $10000 |
| **9/15** | $9892 | $9631 | $9638 | $10068 |
| **10/15** | $10316 | $10394 | $10394 | $10069 |
| **11/15** | $10299 | $10343 | $10308 | $10043 |
| **12/15** | $10199 | $10161 | $10122 | $10010 |
| **1/16** | $9990 | $9553 | $9512 | $10148 |
| **2/16** | $9815 | $9482 | $9446 | $10220 |
| **3/16** | $10090 | $10125 | $10147 | $10314 |
| **4/16** | $10266 | $10286 | $10296 | $10353 |
| **5/16** | $10349 | $10343 | $10309 | $10356 |
| **6/16** | $10333 | $10227 | $10247 | $10542 |
| **7/16** | $10675 | $10660 | $10688 | $10609 |
| **8/16** | $10717 | $10668 | $10724 | $10597 |
| **9/16** | $10767 | $10725 | $10790 | $10590 |
| **10/16** | $10608 | $10517 | $10607 | $10509 |
| **11/16** | $10633 | $10669 | $10688 | $10261 |
| **12/16** | $10800 | $10924 | $10918 | $10275 |
| **1/17** | $11001 | $11188 | $11217 | $10295 |
| **2/17** | $11193 | $11498 | $11532 | $10365 |
| **3/17** | $11260 | $11621 | $11673 | $10359 |
| **4/17** | $11335 | $11793 | $11855 | $10439 |
| **5/17** | $11410 | $12042 | $12116 | $10519 |
| **6/17** | $11460 | $12088 | $12172 | $10509 |
| **7/17** | $11719 | $12378 | $12512 | $10554 |
| **8/17** | $11719 | $12395 | $12560 | $10649 |
| **9/17** | $11878 | $12673 | $12802 | $10598 |
| **10/17** | $12070 | $12913 | $13068 | $10604 |
| **11/17** | $12162 | $13193 | $13321 | $10591 |
| **12/17** | $12300 | $13371 | $13536 | $10639 |
| **1/18** | $12850 | $14077 | $14299 | $10517 |
| **2/18** | $12418 | $13494 | $13699 | $10417 |
| **3/18** | $12206 | $13200 | $13406 | $10484 |
| **4/18** | $12130 | $13351 | $13534 | $10406 |
| **5/18** | $12291 | $13435 | $13551 | $10480 |
| **6/18** | $12156 | $13429 | $13477 | $10467 |
| **7/18** | $12435 | $13848 | $13884 | $10470 |
| **8/18** | $12528 | $14019 | $13993 | $10537 |
| **9/18** | $12554 | $14097 | $14054 | $10469 |
| **10/18** | $11758 | $13062 | $13000 | $10386 |
| **11/18** | $11902 | $13211 | $13191 | $10448 |
| **12/18** | $11276 | $12206 | $12262 | $10640 |
| **1/19** | $11665 | $13156 | $13230 | $10753 |
| **2/19** | $11847 | $13551 | $13584 | $10747 |
| **3/19** | $11959 | $13729 | $13754 | $10954 |
| **4/19** | $12097 | $14216 | $14219 | $10956 |
| **5/19** | $11769 | $13396 | $13375 | $11151 |
| **6/19** | $12123 | $14279 | $14251 | $11291 |
| **7/19** | $12123 | $14349 | $14293 | $11316 |
| **8/19** | $12132 | $14056 | $13954 | $11609 |
| **9/19** | $12158 | $14355 | $14247 | $11547 |
| **10/19** | $12270 | $14720 | $14637 | $11582 |
| **11/19** | $12400 | $15130 | $14995 | $11576 |
| **12/19** | $12587 | $15584 | $15523 | $11568 |
| **1/20** | $12641 | $15489 | $15351 | $11791 |
| **2/20** | $12363 | $14180 | $14111 | $12003 |
| **3/20** | $11772 | $12303 | $12206 | $11932 |
| **4/20** | $12265 | $13647 | $13514 | $12144 |
| **5/20** | $12471 | $14306 | $14102 | $12201 |
| **6/20** | $12596 | $14685 | $14552 | $12278 |
| **7/20** | $12954 | $15387 | $15322 | $12461 |
| **8/20** | $13241 | $16415 | $16260 | $12360 |
| **9/20** | $13044 | $15849 | $15735 | $12354 |
| **10/20** | $12838 | $15363 | $15353 | $12298 |
| **11/20** | $13474 | $17327 | $17245 | $12419 |
| **12/20** | $13690 | $18062 | $18046 | $12436 |
| **1/21** | $13571 | $17882 | $17964 | $12347 |
| **2/21** | $13727 | $18341 | $18380 | $12169 |
| **3/21** | $13937 | $18951 | $18871 | $12017 |
| **4/21** | $14212 | $19833 | $19696 | $12112 |
| **5/21** | $14386 | $20118 | $20003 | $12151 |
| **6/21** | $14395 | $20418 | $20266 | $12237 |
| **7/21** | $14331 | $20784 | $20406 | $12374 |
| **8/21** | $14478 | $21301 | $20916 | $12350 |
| **9/21** | $14102 | $20417 | $20052 | $12243 |
| **10/21** | $14414 | $21573 | $21076 | $12240 |
| **11/21** | $14194 | $21101 | $20568 | $12276 |
| **12/21** | $14525 | $22002 | $21391 | $12245 |
| **1/22** | $14151 | $20838 | $20341 | $11981 |
| **2/22** | $13892 | $20311 | $19815 | $11847 |
| **3/22** | $13882 | $20869 | $20244 | $11518 |
| **4/22** | $13211 | $19135 | $18624 | $11081 |
| **5/22** | $13259 | $19150 | $18646 | $11152 |
| **6/22** | $12683 | $17491 | $17074 | $10977 |
| **7/22** | $13096 | $18879 | $18266 | $11246 |
| **8/22** | $12606 | $18090 | $17594 | $10928 |
| **9/22** | $11781 | $16408 | $15910 | $10456 |
| **10/22** | $11810 | $17587 | $16870 | $10320 |
| **11/22** | $12530 | $18810 | $18178 | $10700 |
| **12/22** | $12263 | $18011 | $17463 | $10651 |
| **1/23** | $12772 | $19285 | $18715 | $10979 |
| **2/23** | $12378 | $18822 | $18178 | $10695 |
| **3/23** | $12791 | $19403 | $18739 | $10967 |
| **4/23** | $12916 | $19743 | $19008 | $11033 |
| **5/23** | $12676 | $19546 | $18804 | $10913 |
| **6/23** | $12829 | $20728 | $19896 | $10874 |
| **7/23** | $12887 | $21425 | $20625 | $10867 |
| **8/23** | $12637 | $20913 | $20048 | $10797 |
| **9/23** | $12110 | $20011 | $19219 | $10523 |
| **10/23** | $11822 | $19430 | $18641 | $10357 |
| **11/23** | $12493 | $21252 | $20362 | $10826 |
| **12/23** | $12971 | $22295 | $21340 | $11240 |
| **1/24** | $12893 | $22563 | $21465 | $11210 |
| **2/24** | $13039 | $23519 | $22386 | $11051 |
| **3/24** | $13273 | $24275 | $23089 | $11153 |
| **4/24** | $12932 | $23373 | $22327 | $10871 |
| **5/24** | $13312 | $24417 | $23234 | $11056 |
| **6/24** | $13467 | $24914 | $23752 | $11160 |
| **7/24** | $13779 | $25353 | $24135 | $11421 |
| **8/24** | $13964 | $26023 | $24748 | $11585 |
| **9/24** | $14139 | $26500 | $25323 | $11740 |
| **10/24** | $13837 | $25974 | $24754 | $11449 |
| **11/24** | $14159 | $27166 | $25680 | $11570 |
| **12/24** | $13830 | $26458 | $25072 | $11381 |
| **1/25** | $14007 | $27391 | $25914 | $11441 |
| **2/25** | $14047 | $27194 | $25758 | $11693 |
| **3/25** | $13771 | $25984 | $24740 | $11697 |
| **4/25** | $13879 | $26215 | $24971 | $11743 |
| **5/25** | $14145 | $27766 | $26406 | $11659 |
| **6/25** | $14500 | $28964 | $27592 | $11839 |
| **7/25** | $14480 | $29337 | $27966 | $11807 |
| **8/25** | $14922 | $30103 | $28656 | $11949 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 5.18% | 2.09% | 4.08% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 4.18% | 2.09% | 4.08% |
| MSCI World Index (net of foreign withholding taxes) | 15.68% | 12.89% | 11.64% |
| MSCI ACWI Index (net of foreign withholding taxes) | 15.79% | 11.99% | 11.09% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.79% |
| Current Blended Index (60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index) | 10.68% | 6.93% | 7.51% |
| Prior Blended Index (60% Bloomberg U.S. Aggregate Bond Index/40% MSCI ACWI) | 8.15% | 4.39% | 5.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to August 18, 2025 reflects the Fund's performance under its former principal investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Effective August 18, 2025, the Fund changed its primary prospectus benchmark from the Bloomberg U.S. Aggregate Bond Index to the MSCI World Index and its benchmark from the Prior Blended Index to the Current Blended Index because the investment adviser believes they are more appropriate benchmarks for the Fund. |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $257964242 |
| # of Portfolio Holdings | 242 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid | $3002195 |

---

## 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](g904361i7b7d3f10ec38a10c227e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.9% |
| Exchange-Traded Funds | 44.7% |
| Common Stocks | 52.4% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;15.2% |
| &nbsp;&nbsp;Eaton Vance Mortgage Opportunities ETF | &nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;Vanguard Emerging Markets Government Bond ETF | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;51.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective August 18, 2025 and February 3, 2025, the name of the Fund was changed.

Effective August 18, 2025, (1) Richard Bernstein Advisors LLC was no longer the sub-adviser to the Fund, (2) Eaton Vance Management continues to serve as the adviser to the Fund, with Jim Caron and Schuyler Hooper as portfolio managers, and (3) as part of the sub-adviser change, the Fund's principal investment strategies changed.

Effective August 18, 2025, the investment adviser and administration fee is computed at an annual rate of 0.75% (0.85% prior to August 18, 2025) of the Fund's average daily net assets up to $500 million and at reduced rates on daily net assets of $500 million or more. Effective August 18, 2025, the investment adviser and administrator 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 1.85% of the Fund's daily net assets for Class C. This agreement may be changed or terminated after January 1, 2027.

## 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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# ECRAX-TSR-AR

# Eaton Vance All Asset Strategy Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

#### (formerly, Eaton Vance RBA All Asset Strategy Fund)

# Class I EIRAX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance All Asset Strategy Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $101 | 0.98% |

---

## How did the Fund perform last year and what affected its performance?
Key contributors to (↑) and detractors from (↓) performance, relative to 60% Bloomberg U.S. Aggregate Bond Index/40% MSCI ACWI Index (9/1/24-8/17/25) and 60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index (8/18/25-8/31/25):

↓ Stock selection in equities – mainly selection in large-cap stocks, and an overweight to small-cap stocks – detracted from returns

↓ Stock selection in the U.S. and an overweight exposure to emerging markets (ex. China) also hurt returns during the period

↓ On a sector basis, an underweight exposure to, and stock selection in the information technology sector detracted from returns

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

↑ An overweight exposure to short-term U.S. Treasurys contributed to relative returns during the period

↑ On a sector basis, stock selection in the healthcare sector also contributed to returns

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

![Growth of 10K Chart](g904361i52064a71f6d77b24fe86.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI World Index** | **MSCI ACWI Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **8/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **9/15** | $991064 | $963116 | $963771 | $1006764 |
| **10/15** | $1033306 | $1039437 | $1039410 | $1006931 |
| **11/15** | $1033306 | $1034265 | $1030828 | $1004271 |
| **12/15** | $1023213 | $1016085 | $1012239 | $1001026 |
| **1/16** | $1003409 | $955299 | $951190 | $1014801 |
| **2/16** | $986906 | $948189 | $944643 | $1022000 |
| **3/16** | $1014961 | $1012532 | $1014650 | $1031377 |
| **4/16** | $1033940 | $1028554 | $1029628 | $1035336 |
| **5/16** | $1043842 | $1034331 | $1030929 | $1035601 |
| **6/16** | $1042192 | $1022741 | $1024684 | $1054209 |
| **7/16** | $1077674 | $1065950 | $1068844 | $1060874 |
| **8/16** | $1083451 | $1066836 | $1072438 | $1059661 |
| **9/16** | $1089227 | $1072503 | $1079011 | $1059040 |
| **10/16** | $1074374 | $1051747 | $1060697 | $1050939 |
| **11/16** | $1076849 | $1066870 | $1068758 | $1026081 |
| **12/16** | $1095527 | $1092399 | $1091845 | $1027528 |
| **1/17** | $1116307 | $1118764 | $1121699 | $1029544 |
| **2/17** | $1137087 | $1149802 | $1153164 | $1036464 |
| **3/17** | $1145399 | $1162050 | $1167272 | $1035920 |
| **4/17** | $1153711 | $1179256 | $1185463 | $1043914 |
| **5/17** | $1162023 | $1204203 | $1211642 | $1051949 |
| **6/17** | $1167841 | $1208836 | $1217151 | $1050891 |
| **7/17** | $1195271 | $1237766 | $1251167 | $1055413 |
| **8/17** | $1196102 | $1239509 | $1255960 | $1064880 |
| **9/17** | $1213558 | $1267329 | $1280225 | $1059808 |
| **10/17** | $1234338 | $1291279 | $1306810 | $1060422 |
| **11/17** | $1245143 | $1319258 | $1332107 | $1059061 |
| **12/17** | $1259950 | $1337099 | $1353583 | $1063921 |
| **1/18** | $1317801 | $1407698 | $1429947 | $1051668 |
| **2/18** | $1274413 | $1349381 | $1369892 | $1041699 |
| **3/18** | $1253144 | $1319969 | $1340567 | $1048379 |
| **4/18** | $1246338 | $1335137 | $1353369 | $1040582 |
| **5/18** | $1264204 | $1343504 | $1355059 | $1048009 |
| **6/18** | $1251443 | $1342863 | $1347721 | $1046720 |
| **7/18** | $1281219 | $1384805 | $1388363 | $1046968 |
| **8/18** | $1292278 | $1401939 | $1399271 | $1053705 |
| **9/18** | $1295681 | $1409746 | $1405361 | $1046920 |
| **10/18** | $1214861 | $1306231 | $1300045 | $1038647 |
| **11/18** | $1230174 | $1321070 | $1319058 | $1044847 |
| **12/18** | $1166445 | $1220618 | $1226151 | $1064042 |
| **1/19** | $1207572 | $1315589 | $1322967 | $1075342 |
| **2/19** | $1227698 | $1355149 | $1358353 | $1074719 |
| **3/19** | $1240824 | $1372948 | $1375436 | $1095355 |
| **4/19** | $1254825 | $1421632 | $1421878 | $1095636 |
| **5/19** | $1222448 | $1339602 | $1337534 | $1115085 |
| **6/19** | $1260075 | $1427875 | $1425115 | $1129088 |
| **7/19** | $1261825 | $1434948 | $1429291 | $1131572 |
| **8/19** | $1263576 | $1405597 | $1395385 | $1160893 |
| **9/19** | $1267951 | $1435509 | $1424746 | $1154710 |
| **10/19** | $1280202 | $1472039 | $1463739 | $1158188 |
| **11/19** | $1295077 | $1513036 | $1499471 | $1157598 |
| **12/19** | $1316033 | $1558364 | $1552275 | $1156792 |
| **1/20** | $1322440 | $1548879 | $1535129 | $1179053 |
| **2/20** | $1294069 | $1417959 | $1411137 | $1200275 |
| **3/20** | $1233667 | $1230303 | $1220629 | $1193211 |
| **4/20** | $1285832 | $1364706 | $1351389 | $1214422 |
| **5/20** | $1308712 | $1430633 | $1410162 | $1220076 |
| **6/20** | $1322440 | $1468474 | $1455220 | $1227762 |
| **7/20** | $1360877 | $1538728 | $1532183 | $1246101 |
| **8/20** | $1392909 | $1641537 | $1625960 | $1236043 |
| **9/20** | $1373690 | $1584906 | $1573534 | $1235365 |
| **10/20** | $1352641 | $1536289 | $1535283 | $1229849 |
| **11/20** | $1420364 | $1732721 | $1724527 | $1241916 |
| **12/20** | $1445292 | $1806183 | $1804596 | $1243628 |
| **1/21** | $1433020 | $1788231 | $1796388 | $1234711 |
| **2/21** | $1451900 | $1834054 | $1837999 | $1216881 |
| **3/21** | $1474557 | $1895077 | $1887091 | $1201686 |
| **4/21** | $1504765 | $1983274 | $1969599 | $1211180 |
| **5/21** | $1524590 | $2011844 | $2000251 | $1215137 |
| **6/21** | $1527422 | $2041834 | $2026612 | $1223674 |
| **7/21** | $1521758 | $2078405 | $2040574 | $1237356 |
| **8/21** | $1538750 | $2130133 | $2091648 | $1235000 |
| **9/21** | $1499101 | $2041689 | $2005242 | $1224308 |
| **10/21** | $1534030 | $2157331 | $2107597 | $1223970 |
| **11/21** | $1511373 | $2110057 | $2056845 | $1227591 |
| **12/21** | $1548744 | $2200242 | $2139120 | $1224450 |
| **1/22** | $1509826 | $2083825 | $2034063 | $1198071 |
| **2/22** | $1483880 | $2031122 | $1981528 | $1184705 |
| **3/22** | $1483880 | $2086863 | $2024446 | $1151791 |
| **4/22** | $1413029 | $1913501 | $1862406 | $1108083 |
| **5/22** | $1419017 | $1914950 | $1864585 | $1115228 |
| **6/22** | $1359143 | $1749073 | $1707408 | $1097732 |
| **7/22** | $1404048 | $1887943 | $1826640 | $1124555 |
| **8/22** | $1353155 | $1809012 | $1759393 | $1092778 |
| **9/22** | $1265340 | $1640847 | $1590967 | $1045563 |
| **10/22** | $1270329 | $1758681 | $1686977 | $1032021 |
| **11/22** | $1348166 | $1880962 | $1817825 | $1069974 |
| **12/22** | $1320669 | $1801083 | $1746292 | $1065148 |
| **1/23** | $1376160 | $1928521 | $1871461 | $1097916 |
| **2/23** | $1334794 | $1882162 | $1817825 | $1069529 |
| **3/23** | $1381204 | $1940320 | $1873873 | $1096698 |
| **4/23** | $1395329 | $1974333 | $1900805 | $1103344 |
| **5/23** | $1371115 | $1954622 | $1880447 | $1091330 |
| **6/23** | $1388267 | $2072834 | $1989627 | $1087438 |
| **7/23** | $1395329 | $2142466 | $2062463 | $1086680 |
| **8/23** | $1369097 | $2091291 | $2004830 | $1079739 |
| **9/23** | $1313607 | $2001077 | $1921929 | $1052301 |
| **10/23** | $1284348 | $1943014 | $1864142 | $1035695 |
| **11/23** | $1357999 | $2125175 | $2036195 | $1082597 |
| **12/23** | $1410542 | $2229509 | $2134001 | $1124038 |
| **1/24** | $1404333 | $2256264 | $2146511 | $1120951 |
| **2/24** | $1420891 | $2351925 | $2238625 | $1105114 |
| **3/24** | $1446763 | $2427503 | $2308911 | $1115319 |
| **4/24** | $1411577 | $2337334 | $2232733 | $1087147 |
| **5/24** | $1452972 | $2441701 | $2323413 | $1105578 |
| **6/24** | $1471600 | $2491384 | $2375160 | $1116045 |
| **7/24** | $1507821 | $2535289 | $2413465 | $1142112 |
| **8/24** | $1528518 | $2602298 | $2474759 | $1158524 |
| **9/24** | $1549216 | $2649956 | $2532250 | $1174036 |
| **10/24** | $1518169 | $2597389 | $2475409 | $1144922 |
| **11/24** | $1553355 | $2716574 | $2567999 | $1157027 |
| **12/24** | $1518893 | $2645779 | $2507210 | $1138091 |
| **1/25** | $1540077 | $2739145 | $2591367 | $1144129 |
| **2/25** | $1545373 | $2719430 | $2575756 | $1169302 |
| **3/25** | $1515716 | $2598360 | $2474001 | $1169742 |
| **4/25** | $1529485 | $2621452 | $2497075 | $1174339 |
| **5/25** | $1560202 | $2776620 | $2640604 | $1165931 |
| **6/25** | $1600452 | $2896440 | $2759170 | $1183858 |
| **7/25** | $1600452 | $2933725 | $2796590 | $1180736 |
| **8/25** | $1624813 | $3010252 | $2865640 | $1194858 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**,</sup><sup>**Footnote Reference 2**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 6.30% | 3.13% | 4.97% |
| MSCI World Index (net of foreign withholding taxes) | 15.68% | 12.89% | 11.64% |
| MSCI ACWI Index (net of foreign withholding taxes) | 15.79% | 11.99% | 11.09% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | (0.68)% | 1.79% |
| Current Blended Index (60% MSCI ACWI Index/40% Bloomberg U.S. Aggregate Bond Index) | 10.68% | 6.93% | 7.51% |
| Prior Blended Index (60% Bloomberg U.S. Aggregate Bond Index/40% MSCI ACWI) | 8.15% | 4.39% | 5.65% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to August 18, 2025 reflects the Fund's performance under its former principal investment strategies. Please see the Fund's prospectus for further information. |
| &nbsp;&nbsp;Footnote<sup>2</sup> | &nbsp;&nbsp;Effective August 18, 2025, the Fund changed its primary prospectus benchmark from the Bloomberg U.S. Aggregate Bond Index to the MSCI World Index and its benchmark from the Prior Blended Index to the Current Blended Index because the investment adviser believes they are more appropriate benchmarks for the Fund. |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $257964242 |
| # of Portfolio Holdings | 242 |
| Portfolio Turnover Rate | 76% |
| Total Advisory Fees Paid | $3002195 |

---

## 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](g904361i98d20c43e7a29c89e515.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 2.9% |
| Exchange-Traded Funds | 44.7% |
| Common Stocks | 52.4% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;15.2% |
| &nbsp;&nbsp;Eaton Vance Mortgage Opportunities ETF | &nbsp;&nbsp;11.0% |
| &nbsp;&nbsp;Vanguard Emerging Markets Government Bond ETF | &nbsp;&nbsp;5.2% |
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;51.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective August 18, 2025 and February 3, 2025, the name of the Fund was changed.

Effective August 18, 2025, (1) Richard Bernstein Advisors LLC was no longer the sub-adviser to the Fund, (2) Eaton Vance Management continues to serve as the adviser to the Fund, with Jim Caron and Schuyler Hooper as portfolio managers, and (3) as part of the sub-adviser change, the Fund's principal investment strategies changed.

Effective August 18, 2025, the investment adviser and administration fee is computed at an annual rate of 0.75% (0.85% prior to August 18, 2025) of the Fund's average daily net assets up to $500 million and at reduced rates on daily net assets of $500 million or more. Effective August 18, 2025, the investment adviser and administrator 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 0.85% of the Fund's daily net assets for Class I. This agreement may be changed or terminated after January 1, 2027.

## 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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# EIRAX-TSR-AR

# Eaton Vance Equity Strategy Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

#### (formerly, Eaton Vance RBA Equity Strategy Fund)

# Class A ERBAX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Equity Strategy Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $126 | 1.20% |

---

## 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):

↓ Selection in large-cap stocks and an overweight exposure to small-cap stocks detracted from returns during the period

↓ Stock selection in the U.S. and an overweight exposure to emerging markets (ex. China) also hurt returns during the period

↓ On a sector basis, stock selection in the financials sector detracted from returns

↑ Selection in mid-cap stocks contributed to returns during the period

↑ Stock selection in the UK and an underweight allocation to Japan also contributed to returns

↑ On a sector basis, stock selection in the energy sector and an underweight allocation to the real estate sector contributed

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

![Growth of 10K Chart](g904361i297e37aec026c05bb552.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI ACWI Index** |
| **8/15** | $9475 | $10000 |
| **9/15** | $9271 | $9638 |
| **10/15** | $9910 | $10394 |
| **11/15** | $9924 | $10308 |
| **12/15** | $9756 | $10122 |
| **1/16** | $9430 | $9512 |
| **2/16** | $9188 | $9446 |
| **3/16** | $9576 | $10147 |
| **4/16** | $9722 | $10296 |
| **5/16** | $9874 | $10309 |
| **6/16** | $9756 | $10247 |
| **7/16** | $10172 | $10688 |
| **8/16** | $10269 | $10724 |
| **9/16** | $10332 | $10790 |
| **10/16** | $10172 | $10607 |
| **11/16** | $10484 | $10688 |
| **12/16** | $10702 | $10918 |
| **1/17** | $10946 | $11217 |
| **2/17** | $11218 | $11532 |
| **3/17** | $11318 | $11673 |
| **4/17** | $11440 | $11855 |
| **5/17** | $11540 | $12116 |
| **6/17** | $11626 | $12172 |
| **7/17** | $11992 | $12512 |
| **8/17** | $11977 | $12560 |
| **9/17** | $12242 | $12802 |
| **10/17** | $12565 | $13068 |
| **11/17** | $12751 | $13321 |
| **12/17** | $12918 | $13536 |
| **1/18** | $13742 | $14299 |
| **2/18** | $13167 | $13699 |
| **3/18** | $12887 | $13406 |
| **4/18** | $12759 | $13534 |
| **5/18** | $13046 | $13551 |
| **6/18** | $12865 | $13477 |
| **7/18** | $13235 | $13884 |
| **8/18** | $13296 | $13993 |
| **9/18** | $13318 | $14054 |
| **10/18** | $12169 | $13000 |
| **11/18** | $12457 | $13191 |
| **12/18** | $11374 | $12262 |
| **1/19** | $12146 | $13230 |
| **2/19** | $12512 | $13584 |
| **3/19** | $12774 | $13754 |
| **4/19** | $13093 | $14219 |
| **5/19** | $12385 | $13375 |
| **6/19** | $13093 | $14251 |
| **7/19** | $13116 | $14293 |
| **8/19** | $13124 | $13954 |
| **9/19** | $13236 | $14247 |
| **10/19** | $13506 | $14637 |
| **11/19** | $13824 | $14995 |
| **12/19** | $14258 | $15523 |
| **1/20** | $14241 | $15351 |
| **2/20** | $13303 | $14111 |
| **3/20** | $12019 | $12206 |
| **4/20** | $13026 | $13514 |
| **5/20** | $13599 | $14102 |
| **6/20** | $13842 | $14552 |
| **7/20** | $14631 | $15322 |
| **8/20** | $15473 | $16260 |
| **9/20** | $14944 | $15735 |
| **10/20** | $14579 | $15353 |
| **11/20** | $15976 | $17245 |
| **12/20** | $16568 | $18046 |
| **1/21** | $16399 | $17964 |
| **2/21** | $17039 | $18380 |
| **3/21** | $17662 | $18871 |
| **4/21** | $18347 | $19696 |
| **5/21** | $18747 | $20003 |
| **6/21** | $18747 | $20266 |
| **7/21** | $18613 | $20406 |
| **8/21** | $18987 | $20916 |
| **9/21** | $18213 | $20052 |
| **10/21** | $19049 | $21076 |
| **11/21** | $18587 | $20568 |
| **12/21** | $19422 | $21391 |
| **1/22** | $18839 | $20341 |
| **2/22** | $18377 | $19815 |
| **3/22** | $18628 | $20244 |
| **4/22** | $17312 | $18624 |
| **5/22** | $17432 | $18646 |
| **6/22** | $16237 | $17074 |
| **7/22** | $17091 | $18266 |
| **8/22** | $16427 | $17594 |
| **9/22** | $14880 | $15910 |
| **10/22** | $15714 | $16870 |
| **11/22** | $17070 | $18178 |
| **12/22** | $16518 | $17463 |
| **1/23** | $17335 | $18715 |
| **2/23** | $16773 | $18178 |
| **3/23** | $17505 | $18739 |
| **4/23** | $17856 | $19008 |
| **5/23** | $17399 | $18804 |
| **6/23** | $18153 | $19896 |
| **7/23** | $18737 | $20625 |
| **8/23** | $18142 | $20048 |
| **9/23** | $17272 | $19219 |
| **10/23** | $16868 | $18641 |
| **11/23** | $18110 | $20362 |
| **12/23** | $18887 | $21340 |
| **1/24** | $18726 | $21465 |
| **2/24** | $19533 | $22386 |
| **3/24** | $20155 | $23089 |
| **4/24** | $19659 | $22327 |
| **5/24** | $20524 | $23234 |
| **6/24** | $20858 | $23752 |
| **7/24** | $21399 | $24135 |
| **8/24** | $21711 | $24748 |
| **9/24** | $21987 | $25323 |
| **10/24** | $21595 | $24754 |
| **11/24** | $22448 | $25680 |
| **12/24** | $21661 | $25072 |
| **1/25** | $22187 | $25914 |
| **2/25** | $21888 | $25758 |
| **3/25** | $21062 | $24740 |
| **4/25** | $21182 | $24971 |
| **5/25** | $22319 | $26406 |
| **6/25** | $23157 | $27592 |
| **7/25** | $23336 | $27966 |
| **8/25** | $23783 | $28656 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 9.53% | 8.97% | 9.63% |
| Class A with 5.25% Maximum Sales Charge | 3.80% | 7.80% | 9.04% |
| MSCI ACWI Index (net of foreign withholding taxes) | 15.79% | 11.99% | 11.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to August 18, 2025 reflects the Fund's performance under its former principal investment strategies. Please see the Fund's prospectus for further information. |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $469696648 |
| # of Portfolio Holdings | 236 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid | $5604726 |

---

## 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](g904361i5c49e0a0bab4992490b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6% |
| Materials | 1.8% |
| Energy | 2.0% |
| Utilities | 2.2% |
| Short-Term Investments | 3.1% |
| Consumer Staples | 4.4% |
| Communication Services | 7.6% |
| Health Care | 8.1% |
| Consumer Discretionary | 9.0% |
| Exchange-Traded Funds | 9.7% |
| Industrials | 10.5% |
| Financials | 17.8% |
| Information Technology | 23.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;iShares MSCI Taiwan ETF | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;31.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective August 18, 2025 and February 3, 2025, the name of the Fund was changed.

Effective August 18, 2025, (1) Richard Bernstein Advisors LLC was no longer the sub-adviser to the Fund, (2) Eaton Vance Management continues to serve as the adviser to the Fund, with Jim Caron and Schuyler Hooper as portfolio managers, and (3) as part of the sub-adviser change, the Fund's principal investment strategies changed.

Effective August 18, 2025, the investment adviser and administration fee is computed at an annual rate of 0.75% (0.85% prior to August 18, 2025) of the Fund's average daily net assets up to $500 million and at reduced rates on daily net assets of $500 million or more. Effective August 18, 2025, the investment adviser and administrator 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% of the Fund's daily net assets for Class A. This agreement may be changed or terminated after January 1, 2027.

## 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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# ERBAX-TSR-AR

# Eaton Vance Equity Strategy Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

#### (formerly, Eaton Vance RBA Equity Strategy Fund)

# Class C ERBCX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Equity Strategy Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $203 | 1.95% |

---

## 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):

↓ Selection in large-cap stocks and an overweight exposure to small-cap stocks detracted from returns during the period

↓ Stock selection in the U.S. and an overweight exposure to emerging markets (ex. China) also hurt returns during the period

↓ On a sector basis, stock selection in the financials sector detracted from returns

↑ Selection in mid-cap stocks contributed to returns during the period

↑ Stock selection in the UK and an underweight allocation to Japan also contributed to returns

↑ On a sector basis, stock selection in the energy sector and an underweight allocation to the real estate sector contributed

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

![Growth of 10K Chart](g904361ibf456c3c7ed2a1d49eec.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI ACWI Index** |
| **8/15** | $10000 | $10000 |
| **9/15** | $9782 | $9638 |
| **10/15** | $10451 | $10394 |
| **11/15** | $10451 | $10308 |
| **12/15** | $10274 | $10122 |
| **1/16** | $9928 | $9512 |
| **2/16** | $9662 | $9446 |
| **3/16** | $10067 | $10147 |
| **4/16** | $10215 | $10296 |
| **5/16** | $10362 | $10309 |
| **6/16** | $10237 | $10247 |
| **7/16** | $10664 | $10688 |
| **8/16** | $10760 | $10724 |
| **9/16** | $10819 | $10790 |
| **10/16** | $10642 | $10607 |
| **11/16** | $10966 | $10688 |
| **12/16** | $11184 | $10918 |
| **1/17** | $11433 | $11217 |
| **2/17** | $11713 | $11532 |
| **3/17** | $11811 | $11673 |
| **4/17** | $11932 | $11855 |
| **5/17** | $12030 | $12116 |
| **6/17** | $12105 | $12172 |
| **7/17** | $12483 | $12512 |
| **8/17** | $12460 | $12560 |
| **9/17** | $12725 | $12802 |
| **10/17** | $13049 | $13068 |
| **11/17** | $13231 | $13321 |
| **12/17** | $13401 | $13536 |
| **1/18** | $14247 | $14299 |
| **2/18** | $13638 | $13699 |
| **3/18** | $13346 | $13406 |
| **4/18** | $13203 | $13534 |
| **5/18** | $13488 | $13551 |
| **6/18** | $13290 | $13477 |
| **7/18** | $13670 | $13884 |
| **8/18** | $13725 | $13993 |
| **9/18** | $13733 | $14054 |
| **10/18** | $12539 | $13000 |
| **11/18** | $12831 | $13191 |
| **12/18** | $11711 | $12262 |
| **1/19** | $12490 | $13230 |
| **2/19** | $12864 | $13584 |
| **3/19** | $13129 | $13754 |
| **4/19** | $13444 | $14219 |
| **5/19** | $12706 | $13375 |
| **6/19** | $13428 | $14251 |
| **7/19** | $13444 | $14293 |
| **8/19** | $13444 | $13954 |
| **9/19** | $13552 | $14247 |
| **10/19** | $13826 | $14637 |
| **11/19** | $14133 | $14995 |
| **12/19** | $14575 | $15523 |
| **1/20** | $14548 | $15351 |
| **2/20** | $13577 | $14111 |
| **3/20** | $12256 | $12206 |
| **4/20** | $13272 | $13514 |
| **5/20** | $13856 | $14102 |
| **6/20** | $14089 | $14552 |
| **7/20** | $14889 | $15322 |
| **8/20** | $15725 | $16260 |
| **9/20** | $15186 | $15735 |
| **10/20** | $14808 | $15353 |
| **11/20** | $16210 | $17245 |
| **12/20** | $16800 | $18046 |
| **1/21** | $16626 | $17964 |
| **2/21** | $17259 | $18380 |
| **3/21** | $17873 | $18871 |
| **4/21** | $18561 | $19696 |
| **5/21** | $18946 | $20003 |
| **6/21** | $18937 | $20266 |
| **7/21** | $18799 | $20406 |
| **8/21** | $19166 | $20916 |
| **9/21** | $18368 | $20052 |
| **10/21** | $19203 | $21076 |
| **11/21** | $18717 | $20568 |
| **12/21** | $19548 | $21391 |
| **1/22** | $18951 | $20341 |
| **2/22** | $18477 | $19815 |
| **3/22** | $18714 | $20244 |
| **4/22** | $17386 | $18624 |
| **5/22** | $17489 | $18646 |
| **6/22** | $16285 | $17074 |
| **7/22** | $17129 | $18266 |
| **8/22** | $16449 | $17594 |
| **9/22** | $14895 | $15910 |
| **10/22** | $15718 | $16870 |
| **11/22** | $17067 | $18178 |
| **12/22** | $16500 | $17463 |
| **1/23** | $17312 | $18715 |
| **2/23** | $16738 | $18178 |
| **3/23** | $17453 | $18739 |
| **4/23** | $17799 | $19008 |
| **5/23** | $17334 | $18804 |
| **6/23** | $18059 | $19896 |
| **7/23** | $18633 | $20625 |
| **8/23** | $18027 | $20048 |
| **9/23** | $17160 | $19219 |
| **10/23** | $16749 | $18641 |
| **11/23** | $17973 | $20362 |
| **12/23** | $18722 | $21340 |
| **1/24** | $18559 | $21465 |
| **2/24** | $19341 | $22386 |
| **3/24** | $19948 | $23089 |
| **4/24** | $19446 | $22327 |
| **5/24** | $20286 | $23234 |
| **6/24** | $20613 | $23752 |
| **7/24** | $21127 | $24135 |
| **8/24** | $21418 | $24748 |
| **9/24** | $21675 | $25323 |
| **10/24** | $21278 | $24754 |
| **11/24** | $22107 | $25680 |
| **12/24** | $21320 | $25072 |
| **1/25** | $21827 | $25914 |
| **2/25** | $21513 | $25758 |
| **3/25** | $20694 | $24740 |
| **4/25** | $20790 | $24971 |
| **5/25** | $21899 | $26406 |
| **6/25** | $22706 | $27592 |
| **7/25** | $22863 | $27966 |
| **8/25** | $23627 | $28656 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 8.71% | 8.16% | 8.97% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 7.71% | 8.16% | 8.97% |
| MSCI ACWI Index (net of foreign withholding taxes) | 15.79% | 11.99% | 11.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to August 18, 2025 reflects the Fund's performance under its former principal investment strategies. Please see the Fund's prospectus for further information. |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $469696648 |
| # of Portfolio Holdings | 236 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid | $5604726 |

---

## 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](g904361i3bbb5d7dbeedd69f0dd3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6% |
| Materials | 1.8% |
| Energy | 2.0% |
| Utilities | 2.2% |
| Short-Term Investments | 3.1% |
| Consumer Staples | 4.4% |
| Communication Services | 7.6% |
| Health Care | 8.1% |
| Consumer Discretionary | 9.0% |
| Exchange-Traded Funds | 9.7% |
| Industrials | 10.5% |
| Financials | 17.8% |
| Information Technology | 23.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;iShares MSCI Taiwan ETF | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;31.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective August 18, 2025 and February 3, 2025, the name of the Fund was changed.

Effective August 18, 2025, (1) Richard Bernstein Advisors LLC was no longer the sub-adviser to the Fund, (2) Eaton Vance Management continues to serve as the adviser to the Fund, with Jim Caron and Schuyler Hooper as portfolio managers, and (3) as part of the sub-adviser change, the Fund's principal investment strategies changed.

Effective August 18, 2025, the investment adviser and administration fee is computed at an annual rate of 0.75% (0.85% prior to August 18, 2025) of the Fund's average daily net assets up to $500 million and at reduced rates on daily net assets of $500 million or more. Effective August 18, 2025, the investment adviser and administrator 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 1.85% of the Fund's daily net assets for Class C. This agreement may be changed or terminated after January 1, 2027.

## 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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# ERBCX-TSR-AR

# Eaton Vance Equity Strategy Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

#### (formerly, Eaton Vance RBA Equity Strategy Fund)

# Class I ERBIX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Equity Strategy Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $100 | 0.95% |

---

## 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):

↓ Selection in large-cap stocks and an overweight exposure to small-cap stocks detracted from returns during the period

↓ Stock selection in the U.S. and an overweight exposure to emerging markets (ex. China) also hurt returns during the period

↓ On a sector basis, stock selection in the financials sector detracted from returns

↑ Selection in mid-cap stocks contributed to returns during the period

↑ Stock selection in the UK and an underweight allocation to Japan also contributed to returns

↑ On a sector basis, stock selection in the energy sector and an underweight allocation to the real estate sector contributed

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

![Growth of 10K Chart](g904361i1d554b6943d43f9fe2c0.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI ACWI Index** |
| **8/15** | $1000000 | $1000000 |
| **9/15** | $978525 | $963771 |
| **10/15** | $1047244 | $1039410 |
| **11/15** | $1047960 | $1030828 |
| **12/15** | $1031066 | $1012239 |
| **1/16** | $996649 | $951190 |
| **2/16** | $971019 | $944643 |
| **3/16** | $1012759 | $1014650 |
| **4/16** | $1028137 | $1029628 |
| **5/16** | $1044248 | $1030929 |
| **6/16** | $1031799 | $1024684 |
| **7/16** | $1076469 | $1068844 |
| **8/16** | $1086721 | $1072438 |
| **9/16** | $1093311 | $1079011 |
| **10/16** | $1076469 | $1060697 |
| **11/16** | $1110154 | $1068758 |
| **12/16** | $1134022 | $1091845 |
| **1/17** | $1159054 | $1121699 |
| **2/17** | $1188638 | $1153164 |
| **3/17** | $1199257 | $1167272 |
| **4/17** | $1212911 | $1185463 |
| **5/17** | $1224289 | $1211642 |
| **6/17** | $1232633 | $1217151 |
| **7/17** | $1272077 | $1251167 |
| **8/17** | $1271319 | $1255960 |
| **9/17** | $1299385 | $1280225 |
| **10/17** | $1333519 | $1306810 |
| **11/17** | $1353241 | $1332107 |
| **12/17** | $1371287 | $1353583 |
| **1/18** | $1459550 | $1429947 |
| **2/18** | $1398569 | $1369892 |
| **3/18** | $1368880 | $1340567 |
| **4/18** | $1356042 | $1353369 |
| **5/18** | $1386533 | $1355059 |
| **6/18** | $1367275 | $1347721 |
| **7/18** | $1407395 | $1388363 |
| **8/18** | $1414616 | $1399271 |
| **9/18** | $1416221 | $1405361 |
| **10/18** | $1294258 | $1300045 |
| **11/18** | $1325551 | $1319058 |
| **12/18** | $1210760 | $1226151 |
| **1/19** | $1292888 | $1322967 |
| **2/19** | $1332682 | $1358353 |
| **3/19** | $1360623 | $1375436 |
| **4/19** | $1394490 | $1421878 |
| **5/19** | $1319135 | $1337534 |
| **6/19** | $1395337 | $1425115 |
| **7/19** | $1397877 | $1429291 |
| **8/19** | $1399570 | $1395385 |
| **9/19** | $1411424 | $1424746 |
| **10/19** | $1441058 | $1463739 |
| **11/19** | $1474925 | $1499471 |
| **12/19** | $1521527 | $1552275 |
| **1/20** | $1520601 | $1535129 |
| **2/20** | $1420586 | $1411137 |
| **3/20** | $1282602 | $1220629 |
| **4/20** | $1390952 | $1351389 |
| **5/20** | $1452998 | $1410162 |
| **6/20** | $1478928 | $1455220 |
| **7/20** | $1563200 | $1532183 |
| **8/20** | $1653029 | $1625960 |
| **9/20** | $1597465 | $1573534 |
| **10/20** | $1559496 | $1535283 |
| **11/20** | $1708593 | $1724527 |
| **12/20** | $1772241 | $1804596 |
| **1/21** | $1755128 | $1796388 |
| **2/21** | $1823583 | $1837999 |
| **3/21** | $1890137 | $1887091 |
| **4/21** | $1964298 | $1969599 |
| **5/21** | $2007082 | $2000251 |
| **6/21** | $2008033 | $2026612 |
| **7/21** | $1993772 | $2040574 |
| **8/21** | $2034655 | $2091648 |
| **9/21** | $1951938 | $2005242 |
| **10/21** | $2042261 | $2107597 |
| **11/21** | $1991870 | $2056845 |
| **12/21** | $2082207 | $2139120 |
| **1/22** | $2020839 | $2034063 |
| **2/22** | $1971314 | $1981528 |
| **3/22** | $1999307 | $2024446 |
| **4/22** | $1858268 | $1862406 |
| **5/22** | $1871187 | $1864585 |
| **6/22** | $1743068 | $1707408 |
| **7/22** | $1835659 | $1826640 |
| **8/22** | $1764601 | $1759393 |
| **9/22** | $1598799 | $1590967 |
| **10/22** | $1689237 | $1686977 |
| **11/22** | $1834582 | $1817825 |
| **12/22** | $1775014 | $1746292 |
| **1/23** | $1863993 | $1871461 |
| **2/23** | $1803533 | $1817825 |
| **3/23** | $1882245 | $1873873 |
| **4/23** | $1921031 | $1900805 |
| **5/23** | $1873119 | $1880447 |
| **6/23** | $1952972 | $1989627 |
| **7/23** | $2016854 | $2062463 |
| **8/23** | $1952972 | $2004830 |
| **9/23** | $1860571 | $1921929 |
| **10/23** | $1817222 | $1864142 |
| **11/23** | $1951831 | $2036195 |
| **12/23** | $2034369 | $2134001 |
| **1/24** | $2018233 | $2146511 |
| **2/24** | $2105119 | $2238625 |
| **3/24** | $2173387 | $2308911 |
| **4/24** | $2120014 | $2232733 |
| **5/24** | $2214347 | $2323413 |
| **6/24** | $2251584 | $2375160 |
| **7/24** | $2309921 | $2413465 |
| **8/24** | $2343434 | $2474759 |
| **9/24** | $2373224 | $2532250 |
| **10/24** | $2331022 | $2475409 |
| **11/24** | $2424114 | $2567999 |
| **12/24** | $2340300 | $2507210 |
| **1/25** | $2398452 | $2591367 |
| **2/25** | $2364853 | $2575756 |
| **3/25** | $2276978 | $2474001 |
| **4/25** | $2289901 | $2497075 |
| **5/25** | $2413959 | $2640604 |
| **6/25** | $2504418 | $2759170 |
| **7/25** | $2525094 | $2796590 |
| **8/25** | $2572908 | $2865640 |

---

## Average Annual Total Returns (%)<sup>**Footnote Reference 1**</sup>

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 9.79% | 9.25% | 9.90% |
| MSCI ACWI Index (net of foreign withholding taxes) | 15.79% | 11.99% | 11.09% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Performance prior to August 18, 2025 reflects the Fund's performance under its former principal investment strategies. Please see the Fund's prospectus for further information. |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $469696648 |
| # of Portfolio Holdings | 236 |
| Portfolio Turnover Rate | 56% |
| Total Advisory Fees Paid | $5604726 |

---

## 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](g904361i2f3d389b71bd9393f260.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6% |
| Materials | 1.8% |
| Energy | 2.0% |
| Utilities | 2.2% |
| Short-Term Investments | 3.1% |
| Consumer Staples | 4.4% |
| Communication Services | 7.6% |
| Health Care | 8.1% |
| Consumer Discretionary | 9.0% |
| Exchange-Traded Funds | 9.7% |
| Industrials | 10.5% |
| Financials | 17.8% |
| Information Technology | 23.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;6.9% |
| &nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;4.8% |
| &nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;Amazon.com, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;1.8% |
| &nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp;iShares MSCI Taiwan ETF | &nbsp;&nbsp;1.5% |
| &nbsp;&nbsp;Tesla, Inc. | &nbsp;&nbsp;1.1% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;31.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective August 18, 2025 and February 3, 2025, the name of the Fund was changed.

Effective August 18, 2025, (1) Richard Bernstein Advisors LLC was no longer the sub-adviser to the Fund, (2) Eaton Vance Management continues to serve as the adviser to the Fund, with Jim Caron and Schuyler Hooper as portfolio managers, and (3) as part of the sub-adviser change, the Fund's principal investment strategies changed.

Effective August 18, 2025, the investment adviser and administration fee is computed at an annual rate of 0.75% (0.85% prior to August 18, 2025) of the Fund's average daily net assets up to $500 million and at reduced rates on daily net assets of $500 million or more. Effective August 18, 2025, the investment adviser and administrator 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 0.85% of the Fund's daily net assets for Class I. This agreement may be changed or terminated after January 1, 2027.

## 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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# ERBIX-TSR-AR

# Eaton Vance China Equity Fund
![Image](g904361ia588b5096c53a1fa442a.jpg)

# Class A EVCGX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance China Equity Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $185 | 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 underweight position in Alibaba detracted as the stock rose on investor enthusiasm over potential growth of its cloud business and AI-related services

↓ An underweight position in toymaker Pop Mart as the stock rallied on the success of its Labubu doll blind boxes

↓ An overweight position in China State Construction International due to slower loan growth, increased credit provisions and macroeconomic uncertainty

↓ On a sector basis, stock selection in consumer discretionary, an underweight to information technology, and stock selection in consumer staples hurt returns

↑ An overweight position in container shipping company T.S. Lines which rallied on strong revenues and strategic expansions. No longer held as of August 31, 2025

↑ An overweight position in pharmaceutical company WuXi Biologics contributed as the stock rose on robust pipeline and global manufacturing expansion

↑ An overweight allocation to Luckin Coffee, rose in value on strong earnings and revenue growth and global store expansions. No longer held as of August 31, 2025

↑ On a sector basis, stock selection in industrials, underweight to and stock selection in energy, and underweight to utilities helped performance

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

![Growth of 10K Chart](g904361i1864c64b472c71410fd1.jpg)

---

| | | |
|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI China Index** |
| **8/15** | $9475 | $10000 |
| **9/15** | $9381 | $9807 |
| **10/15** | $10037 | $10697 |
| **11/15** | $9978 | $10336 |
| **12/15** | $9838 | $10202 |
| **1/16** | $8938 | $8904 |
| **2/16** | $8745 | $8679 |
| **3/16** | $9576 | $9712 |
| **4/16** | $9409 | $9693 |
| **5/16** | $9425 | $9620 |
| **6/16** | $9733 | $9723 |
| **7/16** | $10225 | $10062 |
| **8/16** | $10659 | $10804 |
| **9/16** | $10989 | $11077 |
| **10/16** | $10685 | $10862 |
| **11/16** | $10502 | $10732 |
| **12/16** | $10008 | $10293 |
| **1/17** | $10568 | $10992 |
| **2/17** | $10885 | $11381 |
| **3/17** | $11265 | $11624 |
| **4/17** | $11640 | $11934 |
| **5/17** | $12120 | $12563 |
| **6/17** | $12410 | $12853 |
| **7/17** | $13044 | $13995 |
| **8/17** | $13450 | $14585 |
| **9/17** | $13477 | $14736 |
| **10/17** | $14026 | $15322 |
| **11/17** | $14453 | $15561 |
| **12/17** | $14951 | $15859 |
| **1/18** | $16154 | $17839 |
| **2/18** | $15422 | $16697 |
| **3/18** | $15281 | $16147 |
| **4/18** | $15016 | $16143 |
| **5/18** | $15464 | $16440 |
| **6/18** | $15128 | $15582 |
| **7/18** | $14921 | $15193 |
| **8/18** | $14485 | $14616 |
| **9/18** | $14384 | $14412 |
| **10/18** | $12928 | $12759 |
| **11/18** | $13665 | $13694 |
| **12/18** | $13460 | $12865 |
| **1/19** | $14411 | $14288 |
| **2/19** | $15007 | $14781 |
| **3/19** | $15654 | $15141 |
| **4/19** | $15751 | $15478 |
| **5/19** | $14638 | $13453 |
| **6/19** | $15518 | $14533 |
| **7/19** | $15298 | $14454 |
| **8/19** | $15013 | $13849 |
| **9/19** | $14981 | $13846 |
| **10/19** | $15732 | $14405 |
| **11/19** | $15609 | $14662 |
| **12/19** | $16588 | $15883 |
| **1/20** | $15853 | $15120 |
| **2/20** | $15913 | $15267 |
| **3/20** | $14449 | $14260 |
| **4/20** | $15526 | $15161 |
| **5/20** | $15378 | $15086 |
| **6/20** | $16374 | $16441 |
| **7/20** | $17470 | $17994 |
| **8/20** | $18232 | $19015 |
| **9/20** | $17731 | $18495 |
| **10/20** | $18165 | $19474 |
| **11/20** | $19355 | $20014 |
| **12/20** | $20758 | $20568 |
| **1/21** | $21774 | $22082 |
| **2/21** | $21869 | $21853 |
| **3/21** | $21501 | $20480 |
| **4/21** | $21810 | $20764 |
| **5/21** | $22282 | $20924 |
| **6/21** | $21457 | $20944 |
| **7/21** | $19919 | $18045 |
| **8/21** | $19779 | $18046 |
| **9/21** | $19109 | $17139 |
| **10/21** | $19322 | $17680 |
| **11/21** | $18756 | $16624 |
| **12/21** | $18757 | $16100 |
| **1/22** | $18277 | $15625 |
| **2/22** | $17355 | $15016 |
| **3/22** | $15233 | $13815 |
| **4/22** | $14683 | $13251 |
| **5/22** | $15001 | $13407 |
| **6/22** | $15829 | $14287 |
| **7/22** | $14676 | $12930 |
| **8/22** | $14621 | $12959 |
| **9/22** | $12732 | $11073 |
| **10/22** | $10432 | $9211 |
| **11/22** | $13963 | $11948 |
| **12/22** | $14500 | $12569 |
| **1/23** | $16166 | $14050 |
| **2/23** | $14738 | $12593 |
| **3/23** | $14713 | $13161 |
| **4/23** | $13974 | $12483 |
| **5/23** | $12422 | $11430 |
| **6/23** | $12825 | $11883 |
| **7/23** | $14015 | $13162 |
| **8/23** | $12973 | $11983 |
| **9/23** | $12365 | $11653 |
| **10/23** | $12053 | $11157 |
| **11/23** | $12480 | $11438 |
| **12/23** | $11988 | $11162 |
| **1/24** | $10330 | $9978 |
| **2/24** | $10918 | $10815 |
| **3/24** | $11025 | $10917 |
| **4/24** | $11685 | $11637 |
| **5/24** | $12122 | $11916 |
| **6/24** | $11934 | $11691 |
| **7/24** | $11391 | $11536 |
| **8/24** | $11310 | $11652 |
| **9/24** | $13485 | $14437 |
| **10/24** | $13004 | $13583 |
| **11/24** | $12523 | $12981 |
| **12/24** | $13102 | $13330 |
| **1/25** | $13311 | $13452 |
| **2/25** | $14414 | $15035 |
| **3/25** | $15006 | $15332 |
| **4/25** | $14277 | $14678 |
| **5/25** | $14723 | $15080 |
| **6/25** | $15243 | $15640 |
| **7/25** | $15689 | $16391 |
| **8/25** | $16540 | $17201 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | 46.20% | (1.93)% | 5.72% |
| Class A with 5.25% Maximum Sales Charge | 38.56% | (2.98)% | 5.16% |
| MSCI China Index (net of foreign withholding taxes) | 47.62% | (1.98)% | 5.57% |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $42622377 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $105800 |

---

## 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](g904361ibbef8c0986965594bc80.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.8% |
| Real Estate | 1.4% |
| Consumer Staples | 2.2% |
| Materials | 2.2% |
| Health Care | 2.4% |
| Energy | 2.9% |
| Short-Term Investments | 4.3% |
| Industrials | 5.1% |
| Information Technology | 7.2% |
| Financials | 20.5% |
| Consumer Discretionary | 23.6% |
| Communication Services | 27.4% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;23.6% |
| &nbsp;&nbsp;China Construction Bank Corp., Class H | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Xiaomi Corp., Class B | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;PDD Holdings, Inc. ADR | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;BYD Co. Ltd., Class H | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;59.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective March 31, 2025, the name of the Fund was changed from Eaton Vance Greater China Growth Fund. In connection with the name change, the Fund's principal investment strategy changed.

## 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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# EVCGX-TSR-AR

# Eaton Vance China Equity Fund
![Image](g904361ia588b5096c53a1fa442a.jpg)

# Class C ECCGX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance China Equity Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $276 | 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 underweight position in Alibaba detracted as the stock rose on investor enthusiasm over potential growth of its cloud business and AI-related services

↓ An underweight position in toymaker Pop Mart as the stock rallied on the success of its Labubu doll blind boxes

↓ An overweight position in China State Construction International due to slower loan growth, increased credit provisions and macroeconomic uncertainty

↓ On a sector basis, stock selection in consumer discretionary, an underweight to information technology, and stock selection in consumer staples hurt returns

↑ An overweight position in container shipping company T.S. Lines which rallied on strong revenues and strategic expansions. No longer held as of August 31, 2025

↑ An overweight position in pharmaceutical company WuXi Biologics contributed as the stock rose on robust pipeline and global manufacturing expansion

↑ An overweight allocation to Luckin Coffee, rose in value on strong earnings and revenue growth and global store expansions. No longer held as of August 31, 2025

↑ On a sector basis, stock selection in industrials, underweight to and stock selection in energy, and underweight to utilities helped performance

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

![Growth of 10K Chart](g904361i8708a446f657e670d205.jpg)

---

| | | |
|:---|:---|:---|
| | **Class C** | **MSCI China Index** |
| **8/15** | $10000 | $10000 |
| **9/15** | $9892 | $9807 |
| **10/15** | $10580 | $10697 |
| **11/15** | $10509 | $10336 |
| **12/15** | $10361 | $10202 |
| **1/16** | $9405 | $8904 |
| **2/16** | $9197 | $8679 |
| **3/16** | $10061 | $9712 |
| **4/16** | $9883 | $9693 |
| **5/16** | $9894 | $9620 |
| **6/16** | $10211 | $9723 |
| **7/16** | $10724 | $10062 |
| **8/16** | $11173 | $10804 |
| **9/16** | $11513 | $11077 |
| **10/16** | $11184 | $10862 |
| **11/16** | $10983 | $10732 |
| **12/16** | $10463 | $10293 |
| **1/17** | $11043 | $10992 |
| **2/17** | $11368 | $11381 |
| **3/17** | $11757 | $11624 |
| **4/17** | $12140 | $11934 |
| **5/17** | $12633 | $12563 |
| **6/17** | $12929 | $12853 |
| **7/17** | $13579 | $13995 |
| **8/17** | $13997 | $14585 |
| **9/17** | $14014 | $14736 |
| **10/17** | $14577 | $15322 |
| **11/17** | $15012 | $15561 |
| **12/17** | $15517 | $15859 |
| **1/18** | $16756 | $17839 |
| **2/18** | $15991 | $16697 |
| **3/18** | $15835 | $16147 |
| **4/18** | $15556 | $16143 |
| **5/18** | $16010 | $16440 |
| **6/18** | $15647 | $15582 |
| **7/18** | $15427 | $15193 |
| **8/18** | $14967 | $14616 |
| **9/18** | $14856 | $14412 |
| **10/18** | $13340 | $12759 |
| **11/18** | $14091 | $13694 |
| **12/18** | $13879 | $12865 |
| **1/19** | $14845 | $14288 |
| **2/19** | $15449 | $14781 |
| **3/19** | $16109 | $15141 |
| **4/19** | $16201 | $15478 |
| **5/19** | $15051 | $13453 |
| **6/19** | $15939 | $14533 |
| **7/19** | $15704 | $14454 |
| **8/19** | $15406 | $13849 |
| **9/19** | $15363 | $13846 |
| **10/19** | $16123 | $14405 |
| **11/19** | $15988 | $14662 |
| **12/19** | $16981 | $15883 |
| **1/20** | $16218 | $15120 |
| **2/20** | $16277 | $15267 |
| **3/20** | $14767 | $14260 |
| **4/20** | $15859 | $15161 |
| **5/20** | $15698 | $15086 |
| **6/20** | $16702 | $16441 |
| **7/20** | $17809 | $17994 |
| **8/20** | $18578 | $19015 |
| **9/20** | $18058 | $18495 |
| **10/20** | $18483 | $19474 |
| **11/20** | $19692 | $20014 |
| **12/20** | $21100 | $20568 |
| **1/21** | $22128 | $22082 |
| **2/21** | $22208 | $21853 |
| **3/21** | $21823 | $20480 |
| **4/21** | $22120 | $20764 |
| **5/21** | $22586 | $20924 |
| **6/21** | $21735 | $20944 |
| **7/21** | $20169 | $18045 |
| **8/21** | $20016 | $18046 |
| **9/21** | $19326 | $17139 |
| **10/21** | $19527 | $17680 |
| **11/21** | $18940 | $16624 |
| **12/21** | $18933 | $16100 |
| **1/22** | $18441 | $15625 |
| **2/22** | $17500 | $15016 |
| **3/22** | $15345 | $13815 |
| **4/22** | $14785 | $13251 |
| **5/22** | $15099 | $13407 |
| **6/22** | $15922 | $14287 |
| **7/22** | $14751 | $12930 |
| **8/22** | $14692 | $12959 |
| **9/22** | $12783 | $11073 |
| **10/22** | $10468 | $9211 |
| **11/22** | $14005 | $11948 |
| **12/22** | $14533 | $12569 |
| **1/23** | $16188 | $14050 |
| **2/23** | $14750 | $12593 |
| **3/23** | $14714 | $13161 |
| **4/23** | $13972 | $12483 |
| **5/23** | $12408 | $11430 |
| **6/23** | $12805 | $11883 |
| **7/23** | $13981 | $13162 |
| **8/23** | $12932 | $11983 |
| **9/23** | $12326 | $11653 |
| **10/23** | $12001 | $11157 |
| **11/23** | $12417 | $11438 |
| **12/23** | $11912 | $11162 |
| **1/24** | $10271 | $9978 |
| **2/24** | $10845 | $10815 |
| **3/24** | $10944 | $10917 |
| **4/24** | $11596 | $11637 |
| **5/24** | $12011 | $11916 |
| **6/24** | $11823 | $11691 |
| **7/24** | $11280 | $11536 |
| **8/24** | $11191 | $11652 |
| **9/24** | $13336 | $14437 |
| **10/24** | $12852 | $13583 |
| **11/24** | $12367 | $12981 |
| **12/24** | $12930 | $13330 |
| **1/25** | $13130 | $13452 |
| **2/25** | $14213 | $15035 |
| **3/25** | $14784 | $15332 |
| **4/25** | $14052 | $14678 |
| **5/25** | $14483 | $15080 |
| **6/25** | $14984 | $15640 |
| **7/25** | $15415 | $16391 |
| **8/25** | $16485 | $17201 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | 45.10% | (2.66)% | 5.12% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | 44.10% | (2.66)% | 5.12% |
| MSCI China Index (net of foreign withholding taxes) | 47.62% | (1.98)% | 5.57% |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $42622377 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $105800 |

---

## 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](g904361id35bf9864518b1e1e882.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.8% |
| Real Estate | 1.4% |
| Consumer Staples | 2.2% |
| Materials | 2.2% |
| Health Care | 2.4% |
| Energy | 2.9% |
| Short-Term Investments | 4.3% |
| Industrials | 5.1% |
| Information Technology | 7.2% |
| Financials | 20.5% |
| Consumer Discretionary | 23.6% |
| Communication Services | 27.4% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;23.6% |
| &nbsp;&nbsp;China Construction Bank Corp., Class H | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Xiaomi Corp., Class B | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;PDD Holdings, Inc. ADR | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;BYD Co. Ltd., Class H | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;59.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective March 31, 2025, the name of the Fund was changed from Eaton Vance Greater China Growth Fund. In connection with the name change, the Fund's principal investment strategy changed.

## 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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# ECCGX-TSR-AR

# Eaton Vance China Equity Fund
![Image](g904361ia588b5096c53a1fa442a.jpg)

# Class I EICGX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance China Equity Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $154 | 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 underweight position in Alibaba detracted as the stock rose on investor enthusiasm over potential growth of its cloud business and AI-related services

↓ An underweight position in toymaker Pop Mart as the stock rallied on the success of its Labubu doll blind boxes

↓ An overweight position in China State Construction International due to slower loan growth, increased credit provisions and macroeconomic uncertainty

↓ On a sector basis, stock selection in consumer discretionary, an underweight to information technology, and stock selection in consumer staples hurt returns

↑ An overweight position in container shipping company T.S. Lines which rallied on strong revenues and strategic expansions. No longer held as of August 31, 2025

↑ An overweight position in pharmaceutical company WuXi Biologics contributed as the stock rose on robust pipeline and global manufacturing expansion

↑ An overweight allocation to Luckin Coffee, rose in value on strong earnings and revenue growth and global store expansions. No longer held as of August 31, 2025

↑ On a sector basis, stock selection in industrials, underweight to and stock selection in energy, and underweight to utilities helped performance

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

![Growth of 10K Chart](g904361id8e216d02ea5804e628b.jpg)

---

| | | |
|:---|:---|:---|
| | **Class I** | **MSCI China Index** |
| **8/15** | $1000000 | $1000000 |
| **9/15** | $990135 | $980683 |
| **10/15** | $1060228 | $1069723 |
| **11/15** | $1053998 | $1033635 |
| **12/15** | $1039788 | $1020173 |
| **1/16** | $944561 | $890414 |
| **2/16** | $924195 | $867900 |
| **3/16** | $1012266 | $971194 |
| **4/16** | $995202 | $969276 |
| **5/16** | $996853 | $961994 |
| **6/16** | $1029880 | $972305 |
| **7/16** | $1082722 | $1006230 |
| **8/16** | $1128960 | $1080377 |
| **9/16** | $1163637 | $1107681 |
| **10/16** | $1131712 | $1086230 |
| **11/16** | $1112446 | $1073229 |
| **12/16** | $1060372 | $1029318 |
| **1/17** | $1120424 | $1099183 |
| **2/17** | $1154343 | $1138078 |
| **3/17** | $1194934 | $1162375 |
| **4/17** | $1234413 | $1193373 |
| **5/17** | $1286125 | $1256335 |
| **6/17** | $1317263 | $1285253 |
| **7/17** | $1385100 | $1399454 |
| **8/17** | $1427915 | $1458468 |
| **9/17** | $1431808 | $1473623 |
| **10/17** | $1490192 | $1532191 |
| **11/17** | $1535787 | $1556074 |
| **12/17** | $1589049 | $1585862 |
| **1/18** | $1717269 | $1783906 |
| **2/18** | $1640088 | $1669664 |
| **3/18** | $1625772 | $1614708 |
| **4/18** | $1597763 | $1614326 |
| **5/18** | $1645690 | $1643974 |
| **6/18** | $1610212 | $1558159 |
| **7/18** | $1589049 | $1519294 |
| **8/18** | $1542990 | $1461619 |
| **9/18** | $1532409 | $1441172 |
| **10/18** | $1377425 | $1275880 |
| **11/18** | $1456473 | $1369398 |
| **12/18** | $1435392 | $1286518 |
| **1/19** | $1536746 | $1428793 |
| **2/19** | $1600435 | $1478114 |
| **3/19** | $1670287 | $1514119 |
| **4/19** | $1680559 | $1547847 |
| **5/19** | $1562769 | $1345280 |
| **6/19** | $1656590 | $1453316 |
| **7/19** | $1633306 | $1445440 |
| **8/19** | $1603859 | $1384939 |
| **9/19** | $1600435 | $1384587 |
| **10/19** | $1681244 | $1440479 |
| **11/19** | $1668232 | $1466164 |
| **12/19** | $1773453 | $1588298 |
| **1/20** | $1695452 | $1512010 |
| **2/20** | $1702543 | $1526712 |
| **3/20** | $1545832 | $1426044 |
| **4/20** | $1661415 | $1516088 |
| **5/20** | $1646524 | $1508604 |
| **6/20** | $1753598 | $1644104 |
| **7/20** | $1871308 | $1799374 |
| **8/20** | $1953563 | $1901496 |
| **9/20** | $1900381 | $1849538 |
| **10/20** | $1947181 | $1947364 |
| **11/20** | $2075528 | $2001365 |
| **12/20** | $2226600 | $2056750 |
| **1/21** | $2336131 | $2208191 |
| **2/21** | $2347084 | $2185326 |
| **3/21** | $2307966 | $2047984 |
| **4/21** | $2341608 | $2076406 |
| **5/21** | $2392461 | $2092379 |
| **6/21** | $2304837 | $2094427 |
| **7/21** | $2140541 | $1804490 |
| **8/21** | $2125676 | $1804562 |
| **9/21** | $2053699 | $1713923 |
| **10/21** | $2077169 | $1768007 |
| **11/21** | $2016928 | $1662424 |
| **12/21** | $2017016 | $1610038 |
| **1/22** | $1966014 | $1562541 |
| **2/22** | $1867302 | $1501604 |
| **3/22** | $1639442 | $1381534 |
| **4/22** | $1580215 | $1325116 |
| **5/22** | $1614764 | $1340734 |
| **6/22** | $1704428 | $1428683 |
| **7/22** | $1580215 | $1293000 |
| **8/22** | $1575279 | $1295888 |
| **9/22** | $1372097 | $1107280 |
| **10/22** | $1124494 | $921149 |
| **11/22** | $1505358 | $1194806 |
| **12/22** | $1564023 | $1256949 |
| **1/23** | $1743515 | $1405025 |
| **2/23** | $1590163 | $1259255 |
| **3/23** | $1587549 | $1316123 |
| **4/23** | $1508258 | $1248250 |
| **5/23** | $1340965 | $1143000 |
| **6/23** | $1384531 | $1188349 |
| **7/23** | $1513486 | $1316200 |
| **8/23** | $1401957 | $1198329 |
| **9/23** | $1336608 | $1165330 |
| **10/23** | $1303498 | $1115658 |
| **11/23** | $1349678 | $1143776 |
| **12/23** | $1295611 | $1116202 |
| **1/24** | $1117429 | $997751 |
| **2/24** | $1180930 | $1081504 |
| **3/24** | $1193251 | $1091705 |
| **4/24** | $1264334 | $1163713 |
| **5/24** | $1311723 | $1191626 |
| **6/24** | $1291820 | $1169110 |
| **7/24** | $1234005 | $1153579 |
| **8/24** | $1225475 | $1165169 |
| **9/24** | $1460524 | $1443699 |
| **10/24** | $1409344 | $1358314 |
| **11/24** | $1357216 | $1298050 |
| **12/24** | $1420381 | $1332961 |
| **1/25** | $1443682 | $1345233 |
| **2/25** | $1563099 | $1503469 |
| **3/25** | $1627176 | $1533229 |
| **4/25** | $1548536 | $1467761 |
| **5/25** | $1597079 | $1507986 |
| **6/25** | $1654360 | $1564007 |
| **7/25** | $1702904 | $1639141 |
| **8/25** | $1796107 | $1720062 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | 46.56% | (1.67)% | 6.03% |
| MSCI China Index (net of foreign withholding taxes) | 47.62% | (1.98)% | 5.57% |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $42622377 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 48% |
| Total Advisory Fees Paid | $105800 |

---

## 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](g904361i6aa7b23005155c768d57.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 0.8% |
| Real Estate | 1.4% |
| Consumer Staples | 2.2% |
| Materials | 2.2% |
| Health Care | 2.4% |
| Energy | 2.9% |
| Short-Term Investments | 4.3% |
| Industrials | 5.1% |
| Information Technology | 7.2% |
| Financials | 20.5% |
| Consumer Discretionary | 23.6% |
| Communication Services | 27.4% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Tencent Holdings Ltd. | &nbsp;&nbsp;23.6% |
| &nbsp;&nbsp;China Construction Bank Corp., Class H | &nbsp;&nbsp;7.4% |
| &nbsp;&nbsp;Alibaba Group Holding Ltd. | &nbsp;&nbsp;6.3% |
| &nbsp;&nbsp;Xiaomi Corp., Class B | &nbsp;&nbsp;4.9% |
| &nbsp;&nbsp;Trip.com Group Ltd. | &nbsp;&nbsp;4.0% |
| &nbsp;&nbsp;PDD Holdings, Inc. ADR | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp;2.8% |
| &nbsp;&nbsp;NetEase, Inc. | &nbsp;&nbsp;2.7% |
| &nbsp;&nbsp;BYD Co. Ltd., Class H | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp;PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;59.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;Excluding cash equivalents |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since August 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 1, 2026 at www.eatonvance.com/open-end-mutual-fund-documents.php or upon request by contacting us at 1-800-262-1122.

Effective March 31, 2025, the name of the Fund was changed from Eaton Vance Greater China Growth Fund. In connection with the name change, the Fund's principal investment strategy changed.

## 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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# EICGX-TSR-AR

# Eaton Vance Worldwide Health Sciences Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

# Class A ETHSX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Worldwide Health Sciences Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $109 | 1.17% |

---

## 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):

↓ An overweight position in Novo Nordisk detracted from performance as shares fell after lower growth expectations for GLP-1 drugs

↓ Not holding Novartis hurt as the company showed strong sales and increased guidance estimates for key drugs for breast cancer, MS, and leukemia treatments

↓ Not holding CVS also hurt as improvement with Aetna, its health insurance subsidiary, and efficiencies in integration with its pharmacy model helped shares

↓ On an industry basis, stock selection within European pharmaceuticals, health care equipment & supplies, and health care providers & services hurt returns

↑ Not owing Regeneron Pharmaceuticals helped as shares fell after failure of a late-stage COPD treatment and weak sales in a macular degeneration treatment

↑ An underweight position in United Health Care Group helped due to scrutiny on Medicare Advantage plan pricing and increasing costs have led to stock pressure

↑ An overweight position in IDEXX Laboratories helped as strong growth across product lines and the launch of a new cancer diagnostic product lifted shares

↑ On an industry basis, the Fund's underweight to health care providers and services and an overweight to, and stock selection in, biotechnology contributed

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

![Growth of 10K Chart](g904361ia47ff595e595f58c62c3.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A with Maximum Sales Charge** | **MSCI World Index** | **MSCI World Health Care Index** | **S&P 500<sup>®</sup> Index** |
| **8/15** | $9475 | $10000 | $10000 | $10000 |
| **9/15** | $8650 | $9631 | $9383 | $9753 |
| **10/15** | $9124 | $10394 | $9953 | $10575 |
| **11/15** | $9324 | $10343 | $9887 | $10607 |
| **12/15** | $9523 | $10161 | $10038 | $10439 |
| **1/16** | $8467 | $9553 | $9247 | $9921 |
| **2/16** | $8246 | $9482 | $9131 | $9908 |
| **3/16** | $8451 | $10125 | $9353 | $10580 |
| **4/16** | $8743 | $10286 | $9662 | $10621 |
| **5/16** | $8979 | $10343 | $9798 | $10812 |
| **6/16** | $8766 | $10227 | $9876 | $10840 |
| **7/16** | $9239 | $10660 | $10325 | $11240 |
| **8/16** | $8782 | $10668 | $9896 | $11255 |
| **9/16** | $8782 | $10725 | $9883 | $11257 |
| **10/16** | $7994 | $10517 | $9201 | $11052 |
| **11/16** | $7978 | $10669 | $9209 | $11461 |
| **12/16** | $8105 | $10924 | $9354 | $11688 |
| **1/17** | $8319 | $11188 | $9558 | $11910 |
| **2/17** | $8799 | $11498 | $10111 | $12383 |
| **3/17** | $8853 | $11621 | $10143 | $12397 |
| **4/17** | $9066 | $11793 | $10335 | $12524 |
| **5/17** | $9013 | $12042 | $10560 | $12701 |
| **6/17** | $9333 | $12088 | $10847 | $12780 |
| **7/17** | $9395 | $12378 | $10855 | $13043 |
| **8/17** | $9529 | $12395 | $10962 | $13082 |
| **9/17** | $9573 | $12673 | $11109 | $13352 |
| **10/17** | $9253 | $12913 | $10965 | $13664 |
| **11/17** | $9484 | $13193 | $11213 | $14083 |
| **12/17** | $9421 | $13371 | $11206 | $14240 |
| **1/18** | $9934 | $14077 | $11834 | $15055 |
| **2/18** | $9458 | $13494 | $11303 | $14500 |
| **3/18** | $9312 | $13200 | $11068 | $14132 |
| **4/18** | $9431 | $13351 | $11174 | $14186 |
| **5/18** | $9577 | $13435 | $11227 | $14527 |
| **6/18** | $9760 | $13429 | $11376 | $14617 |
| **7/18** | $10382 | $13848 | $12075 | $15161 |
| **8/18** | $10702 | $14019 | $12432 | $15655 |
| **9/18** | $10903 | $14097 | $12684 | $15744 |
| **10/18** | $10217 | $13062 | $11850 | $14668 |
| **11/18** | $10830 | $13211 | $12496 | $14967 |
| **12/18** | $9985 | $12206 | $11487 | $13615 |
| **1/19** | $10648 | $13156 | $12079 | $14706 |
| **2/19** | $10889 | $13551 | $12317 | $15179 |
| **3/19** | $11101 | $13729 | $12422 | $15474 |
| **4/19** | $10764 | $14216 | $12102 | $16100 |
| **5/19** | $10552 | $13396 | $11812 | $15077 |
| **6/19** | $11312 | $14279 | $12609 | $16139 |
| **7/19** | $11168 | $14349 | $12469 | $16371 |
| **8/19** | $11168 | $14056 | $12465 | $16112 |
| **9/19** | $11091 | $14355 | $12452 | $16414 |
| **10/19** | $11572 | $14720 | $13074 | $16769 |
| **11/19** | $12101 | $15130 | $13691 | $17378 |
| **12/19** | $12580 | $15584 | $14158 | $17902 |
| **1/20** | $12377 | $15489 | $13956 | $17895 |
| **2/20** | $11574 | $14180 | $13002 | $16422 |
| **3/20** | $11188 | $12303 | $12533 | $14394 |
| **4/20** | $12438 | $13647 | $13987 | $16239 |
| **5/20** | $12905 | $14306 | $14552 | $17012 |
| **6/20** | $12773 | $14685 | $14357 | $17351 |
| **7/20** | $13241 | $15387 | $14946 | $18329 |
| **8/20** | $13596 | $16415 | $15253 | $19647 |
| **9/20** | $13383 | $15849 | $15043 | $18900 |
| **10/20** | $12773 | $15363 | $14309 | $18397 |
| **11/20** | $13708 | $17327 | $15590 | $20411 |
| **12/20** | $14220 | $18062 | $16072 | $21196 |
| **1/21** | $14165 | $17882 | $16243 | $20982 |
| **2/21** | $13968 | $18341 | $15801 | $21561 |
| **3/21** | $14274 | $18951 | $16188 | $22505 |
| **4/21** | $14864 | $19833 | $16806 | $23706 |
| **5/21** | $15170 | $20118 | $17151 | $23872 |
| **6/21** | $15585 | $20418 | $17665 | $24429 |
| **7/21** | $16120 | $20784 | $18323 | $25009 |
| **8/21** | $16666 | $21301 | $18831 | $25770 |
| **9/21** | $15694 | $20417 | $17844 | $24571 |
| **10/21** | $16742 | $21573 | $18597 | $26292 |
| **11/21** | $16011 | $21101 | $17933 | $26110 |
| **12/21** | $17356 | $22002 | $19254 | $27280 |
| **1/22** | $15813 | $20838 | $17832 | $25869 |
| **2/22** | $15872 | $20311 | $17752 | $25094 |
| **3/22** | $16739 | $20869 | $18607 | $26026 |
| **4/22** | $15872 | $19135 | $17745 | $23756 |
| **5/22** | $15765 | $19150 | $17833 | $23800 |
| **6/22** | $15492 | $17491 | $17267 | $21835 |
| **7/22** | $16014 | $18879 | $17831 | $23849 |
| **8/22** | $14780 | $18090 | $16757 | $22876 |
| **9/22** | $14127 | $16408 | $16097 | $20769 |
| **10/22** | $15172 | $17587 | $17449 | $22451 |
| **11/22** | $15979 | $18810 | $18430 | $23706 |
| **12/22** | $15719 | $18011 | $18212 | $22340 |
| **1/23** | $15633 | $19285 | $18094 | $23743 |
| **2/23** | $15051 | $18822 | $17356 | $23164 |
| **3/23** | $15657 | $19403 | $17920 | $24015 |
| **4/23** | $16215 | $19743 | $18547 | $24389 |
| **5/23** | $15719 | $19546 | $17787 | $24495 |
| **6/23** | $16190 | $20728 | $18354 | $26114 |
| **7/23** | $16388 | $21425 | $18591 | $26953 |
| **8/23** | $16289 | $20913 | $18448 | $26524 |
| **9/23** | $15670 | $20011 | $17848 | $25259 |
| **10/23** | $14989 | $19430 | $17114 | $24728 |
| **11/23** | $15918 | $21252 | $18095 | $26986 |
| **12/23** | $16610 | $22295 | $18896 | $28212 |
| **1/24** | $17042 | $22563 | $19404 | $28686 |
| **2/24** | $17601 | $23519 | $19841 | $30218 |
| **3/24** | $17932 | $24275 | $20308 | $31190 |
| **4/24** | $17207 | $23373 | $19505 | $29916 |
| **5/24** | $17817 | $24417 | $20026 | $31400 |
| **6/24** | $18287 | $24914 | $20405 | $32527 |
| **7/24** | $18872 | $25353 | $21072 | $32922 |
| **8/24** | $19901 | $26023 | $22230 | $33721 |
| **9/24** | $19342 | $26500 | $21567 | $34441 |
| **10/24** | $18440 | $25974 | $20527 | $34129 |
| **11/24** | $18325 | $27166 | $20348 | $36132 |
| **12/24** | $17195 | $26458 | $19110 | $35271 |
| **1/25** | $18325 | $27391 | $20332 | $36253 |
| **2/25** | $18537 | $27194 | $20560 | $35780 |
| **3/25** | $17793 | $25984 | $20084 | $33764 |
| **4/25** | $17474 | $26215 | $19704 | $33535 |
| **5/25** | $16850 | $27766 | $18987 | $35646 |
| **6/25** | $17022 | $28964 | $19262 | $37459 |
| **7/25** | $16345 | $29337 | $18690 | $38299 |
| **8/25** | $17144 | $30103 | $19652 | $39076 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class A | (13.86)% | 4.74% | 6.10% |
| Class A with 5.25% Maximum Sales Charge | (18.40)% | 3.62% | 5.53% |
| MSCI World Index (net of foreign withholding taxes) | 15.68% | 12.89% | 11.64% |
| MSCI World Health Care Index (net of foreign withholding taxes) | (11.60)% | 5.19% | 6.98% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.59% |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $834121078 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $5828269 |

---

## 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](g904361i8fd7045849e9bb919fe3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Health Care Services | 0.6% |
| Health Care Technology | 0.8% |
| Metal, Glass & Plastic Containers | 1.0% |
| Health Care Distributors | 2.2% |
| Health Care Supplies | 3.4% |
| Managed Health Care | 4.4% |
| Life Sciences Tools & Services | 8.2% |
| Biotechnology | 19.3% |
| Health Care Equipment | 19.8% |
| Pharmaceuticals | 40.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Roche Holding AG PC | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Novo Nordisk AS, Class B | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;50.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# ETHSX-TSR-AR

# Eaton Vance Worldwide Health Sciences Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

# Class C ECHSX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Worldwide Health Sciences Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $178 | 1.92% |

---

## 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):

↓ An overweight position in Novo Nordisk detracted from performance as shares fell after lower growth expectations for GLP-1 drugs

↓ Not holding Novartis hurt as the company showed strong sales and increased guidance estimates for key drugs for breast cancer, MS, and leukemia treatments

↓ Not holding CVS also hurt as improvement with Aetna, its health insurance subsidiary, and efficiencies in integration with its pharmacy model helped shares

↓ On an industry basis, stock selection within European pharmaceuticals, health care equipment & supplies, and health care providers & services hurt returns

↑ Not owing Regeneron Pharmaceuticals helped as shares fell after failure of a late-stage COPD treatment and weak sales in a macular degeneration treatment

↑ An underweight position in United Health Care Group helped due to scrutiny on Medicare Advantage plan pricing and increasing costs have led to stock pressure

↑ An overweight position in IDEXX Laboratories helped as strong growth across product lines and the launch of a new cancer diagnostic product lifted shares

↑ On an industry basis, the Fund's underweight to health care providers and services and an overweight to, and stock selection in, biotechnology contributed

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

![Growth of 10K Chart](g904361iec4c05bce28848b798be.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C** | **MSCI World Index** | **MSCI World Health Care Index** | **S&P 500<sup>®</sup> Index** |
| **8/15** | $10000 | $10000 | $10000 | $10000 |
| **9/15** | $9128 | $9631 | $9383 | $9753 |
| **10/15** | $9616 | $10394 | $9953 | $10575 |
| **11/15** | $9823 | $10343 | $9887 | $10607 |
| **12/15** | $10027 | $10161 | $10038 | $10439 |
| **1/16** | $8908 | $9553 | $9247 | $9921 |
| **2/16** | $8673 | $9482 | $9131 | $9908 |
| **3/16** | $8876 | $10125 | $9353 | $10580 |
| **4/16** | $9184 | $10286 | $9662 | $10621 |
| **5/16** | $9419 | $10343 | $9798 | $10812 |
| **6/16** | $9200 | $10227 | $9876 | $10840 |
| **7/16** | $9679 | $10660 | $10325 | $11240 |
| **8/16** | $9200 | $10668 | $9896 | $11255 |
| **9/16** | $9192 | $10725 | $9883 | $11257 |
| **10/16** | $8365 | $10517 | $9201 | $11052 |
| **11/16** | $8349 | $10669 | $9209 | $11461 |
| **12/16** | $8464 | $10924 | $9354 | $11688 |
| **1/17** | $8692 | $11188 | $9558 | $11910 |
| **2/17** | $9176 | $11498 | $10111 | $12383 |
| **3/17** | $9231 | $11621 | $10143 | $12397 |
| **4/17** | $9450 | $11793 | $10335 | $12524 |
| **5/17** | $9395 | $12042 | $10560 | $12701 |
| **6/17** | $9714 | $12088 | $10847 | $12780 |
| **7/17** | $9778 | $12378 | $10855 | $13043 |
| **8/17** | $9906 | $12395 | $10962 | $13082 |
| **9/17** | $9952 | $12673 | $11109 | $13352 |
| **10/17** | $9614 | $12913 | $10965 | $13664 |
| **11/17** | $9842 | $13193 | $11213 | $14083 |
| **12/17** | $9769 | $13371 | $11206 | $14240 |
| **1/18** | $10294 | $14077 | $11834 | $15055 |
| **2/18** | $9797 | $13494 | $11303 | $14500 |
| **3/18** | $9647 | $13200 | $11068 | $14132 |
| **4/18** | $9750 | $13351 | $11174 | $14186 |
| **5/18** | $9909 | $13435 | $11227 | $14527 |
| **6/18** | $10088 | $13429 | $11376 | $14617 |
| **7/18** | $10716 | $13848 | $12075 | $15161 |
| **8/18** | $11045 | $14019 | $12432 | $15655 |
| **9/18** | $11242 | $14097 | $12684 | $15744 |
| **10/18** | $10529 | $13062 | $11850 | $14668 |
| **11/18** | $11157 | $13211 | $12496 | $14967 |
| **12/18** | $10281 | $12206 | $11487 | $13615 |
| **1/19** | $10956 | $13156 | $12079 | $14706 |
| **2/19** | $11191 | $13551 | $12317 | $15179 |
| **3/19** | $11406 | $13729 | $12422 | $15474 |
| **4/19** | $11054 | $14216 | $12102 | $16100 |
| **5/19** | $10829 | $13396 | $11812 | $15077 |
| **6/19** | $11602 | $14279 | $12609 | $16139 |
| **7/19** | $11446 | $14349 | $12469 | $16371 |
| **8/19** | $11436 | $14056 | $12465 | $16112 |
| **9/19** | $11338 | $14355 | $12452 | $16414 |
| **10/19** | $11827 | $14720 | $13074 | $16769 |
| **11/19** | $12355 | $15130 | $13691 | $17378 |
| **12/19** | $12842 | $15584 | $14158 | $17902 |
| **1/20** | $12627 | $15489 | $13956 | $17895 |
| **2/20** | $11799 | $14180 | $13002 | $16422 |
| **3/20** | $11390 | $12303 | $12533 | $14394 |
| **4/20** | $12668 | $13647 | $13987 | $16239 |
| **5/20** | $13139 | $14306 | $14552 | $17012 |
| **6/20** | $12985 | $14685 | $14357 | $17351 |
| **7/20** | $13456 | $15387 | $14946 | $18329 |
| **8/20** | $13803 | $16415 | $15253 | $19647 |
| **9/20** | $13578 | $15849 | $15043 | $18900 |
| **10/20** | $12955 | $15363 | $14309 | $18397 |
| **11/20** | $13895 | $17327 | $15590 | $20411 |
| **12/20** | $14403 | $18062 | $16072 | $21196 |
| **1/21** | $14338 | $17882 | $16243 | $20982 |
| **2/21** | $14131 | $18341 | $15801 | $21561 |
| **3/21** | $14435 | $18951 | $16188 | $22505 |
| **4/21** | $15023 | $19833 | $16806 | $23706 |
| **5/21** | $15328 | $20118 | $17151 | $23872 |
| **6/21** | $15730 | $20418 | $17665 | $24429 |
| **7/21** | $16263 | $20784 | $18323 | $25009 |
| **8/21** | $16796 | $21301 | $18831 | $25770 |
| **9/21** | $15806 | $20417 | $17844 | $24571 |
| **10/21** | $16850 | $21573 | $18597 | $26292 |
| **11/21** | $16111 | $21101 | $17933 | $26110 |
| **12/21** | $17454 | $22002 | $19254 | $27280 |
| **1/22** | $15885 | $20838 | $17832 | $25869 |
| **2/22** | $15943 | $20311 | $17752 | $25094 |
| **3/22** | $16798 | $20869 | $18607 | $26026 |
| **4/22** | $15920 | $19135 | $17745 | $23756 |
| **5/22** | $15803 | $19150 | $17833 | $23800 |
| **6/22** | $15522 | $17491 | $17267 | $21835 |
| **7/22** | $16025 | $18879 | $17831 | $23849 |
| **8/22** | $14795 | $18090 | $16757 | $22876 |
| **9/22** | $14128 | $16408 | $16097 | $20769 |
| **10/22** | $15158 | $17587 | $17449 | $22451 |
| **11/22** | $15955 | $18810 | $18430 | $23706 |
| **12/22** | $15679 | $18011 | $18212 | $22340 |
| **1/23** | $15593 | $19285 | $18094 | $23743 |
| **2/23** | $15008 | $18822 | $17356 | $23164 |
| **3/23** | $15593 | $19403 | $17920 | $24015 |
| **4/23** | $16142 | $19743 | $18547 | $24389 |
| **5/23** | $15642 | $19546 | $17787 | $24495 |
| **6/23** | $16093 | $20728 | $18354 | $26114 |
| **7/23** | $16288 | $21425 | $18591 | $26953 |
| **8/23** | $16178 | $20913 | $18448 | $26524 |
| **9/23** | $15545 | $20011 | $17848 | $25259 |
| **10/23** | $14874 | $19430 | $17114 | $24728 |
| **11/23** | $15776 | $21252 | $18095 | $26986 |
| **12/23** | $16448 | $22295 | $18896 | $28212 |
| **1/24** | $16860 | $22563 | $19404 | $28686 |
| **2/24** | $17410 | $23519 | $19841 | $30218 |
| **3/24** | $17734 | $24275 | $20308 | $31190 |
| **4/24** | $16998 | $23373 | $19505 | $29916 |
| **5/24** | $17597 | $24417 | $20026 | $31400 |
| **6/24** | $18047 | $24914 | $20405 | $32527 |
| **7/24** | $18621 | $25353 | $21072 | $32922 |
| **8/24** | $19608 | $26023 | $22230 | $33721 |
| **9/24** | $19058 | $26500 | $21567 | $34441 |
| **10/24** | $18147 | $25974 | $20527 | $34129 |
| **11/24** | $18034 | $27166 | $20348 | $36132 |
| **12/24** | $16894 | $26458 | $19110 | $35271 |
| **1/25** | $18002 | $27391 | $20332 | $36253 |
| **2/25** | $18211 | $27194 | $20560 | $35780 |
| **3/25** | $17455 | $25984 | $20084 | $33764 |
| **4/25** | $17142 | $26215 | $19704 | $33535 |
| **5/25** | $16516 | $27766 | $18987 | $35646 |
| **6/25** | $16673 | $28964 | $19262 | $37459 |
| **7/25** | $15995 | $29337 | $18690 | $38299 |
| **8/25** | $17025 | $30103 | $19652 | $39076 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class C, with conversion to Class A after 8 years | (14.44)% | 3.98% | 5.46% |
| Class C, with 1% Maximum Contingent Deferred Sales Charge and conversion to Class A after 8 years | (15.26)% | 3.98% | 5.46% |
| MSCI World Index (net of foreign withholding taxes) | 15.68% | 12.89% | 11.64% |
| MSCI World Health Care Index (net of foreign withholding taxes) | (11.60)% | 5.19% | 6.98% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.59% |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $834121078 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $5828269 |

---

## 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](g904361i399e6cd1b507e81f3937.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Health Care Services | 0.6% |
| Health Care Technology | 0.8% |
| Metal, Glass & Plastic Containers | 1.0% |
| Health Care Distributors | 2.2% |
| Health Care Supplies | 3.4% |
| Managed Health Care | 4.4% |
| Life Sciences Tools & Services | 8.2% |
| Biotechnology | 19.3% |
| Health Care Equipment | 19.8% |
| Pharmaceuticals | 40.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Roche Holding AG PC | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Novo Nordisk AS, Class B | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;50.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# ECHSX-TSR-AR

# Eaton Vance Worldwide Health Sciences Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

# Class I EIHSX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Worldwide Health Sciences Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class I | $86 | 0.92% |

---

## 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):

↓ An overweight position in Novo Nordisk detracted from performance as shares fell after lower growth expectations for GLP-1 drugs

↓ Not holding Novartis hurt as the company showed strong sales and increased guidance estimates for key drugs for breast cancer, MS, and leukemia treatments

↓ Not holding CVS also hurt as improvement with Aetna, its health insurance subsidiary, and efficiencies in integration with its pharmacy model helped shares

↓ On an industry basis, stock selection within European pharmaceuticals, health care equipment & supplies, and health care providers & services hurt returns

↑ Not owing Regeneron Pharmaceuticals helped as shares fell after failure of a late-stage COPD treatment and weak sales in a macular degeneration treatment

↑ An underweight position in United Health Care Group helped due to scrutiny on Medicare Advantage plan pricing and increasing costs have led to stock pressure

↑ An overweight position in IDEXX Laboratories helped as strong growth across product lines and the launch of a new cancer diagnostic product lifted shares

↑ On an industry basis, the Fund's underweight to health care providers and services and an overweight to, and stock selection in, biotechnology contributed

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

![Growth of 10K Chart](g904361i12c68eb64034392e659f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class I** | **MSCI World Index** | **MSCI World Health Care Index** | **S&P 500<sup>®</sup> Index** |
| **8/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **9/15** | $912687 | $963116 | $938297 | $975257 |
| **10/15** | $962687 | $1039437 | $995310 | $1057523 |
| **11/15** | $984328 | $1034265 | $988719 | $1060668 |
| **12/15** | $1005734 | $1016085 | $1003757 | $1043940 |
| **1/16** | $894350 | $955299 | $924673 | $992135 |
| **2/16** | $871418 | $948189 | $913134 | $990796 |
| **3/16** | $892712 | $1012532 | $935299 | $1058010 |
| **4/16** | $923834 | $1028554 | $966248 | $1062112 |
| **5/16** | $949223 | $1034331 | $979782 | $1081185 |
| **6/16** | $927110 | $1022741 | $987579 | $1083987 |
| **7/16** | $977069 | $1065950 | $1032501 | $1123952 |
| **8/16** | $928748 | $1066836 | $989602 | $1125530 |
| **9/16** | $929567 | $1072503 | $988298 | $1125743 |
| **10/16** | $846029 | $1051747 | $920080 | $1105208 |
| **11/16** | $845210 | $1066870 | $920902 | $1146139 |
| **12/16** | $857591 | $1092399 | $935375 | $1168794 |
| **1/17** | $881567 | $1118764 | $955821 | $1190962 |
| **2/17** | $931362 | $1149802 | $1011095 | $1238250 |
| **3/17** | $937817 | $1162050 | $1014320 | $1239694 |
| **4/17** | $960871 | $1179256 | $1033476 | $1252426 |
| **5/17** | $955338 | $1204203 | $1056012 | $1270051 |
| **6/17** | $989457 | $1208836 | $1084663 | $1277978 |
| **7/17** | $995912 | $1237766 | $1085474 | $1304257 |
| **8/17** | $1010667 | $1239509 | $1096168 | $1308249 |
| **9/17** | $1016199 | $1267329 | $1110903 | $1335236 |
| **10/17** | $982080 | $1291279 | $1096520 | $1366394 |
| **11/17** | $1006056 | $1319258 | $1121315 | $1408302 |
| **12/17** | $999539 | $1337099 | $1120581 | $1423960 |
| **1/18** | $1054490 | $1407698 | $1183383 | $1505487 |
| **2/18** | $1004276 | $1349381 | $1130329 | $1449999 |
| **3/18** | $989117 | $1319969 | $1106815 | $1413150 |
| **4/18** | $1001434 | $1335137 | $1117383 | $1418572 |
| **5/18** | $1018488 | $1343504 | $1122665 | $1452735 |
| **6/18** | $1037436 | $1342863 | $1137595 | $1461676 |
| **7/18** | $1103756 | $1384805 | $1207477 | $1516070 |
| **8/18** | $1137864 | $1401939 | $1243178 | $1565472 |
| **9/18** | $1159655 | $1409746 | $1268371 | $1574382 |
| **10/18** | $1086703 | $1306231 | $1184970 | $1466773 |
| **11/18** | $1152075 | $1321070 | $1249550 | $1496664 |
| **12/18** | $1062457 | $1220618 | $1148749 | $1361529 |
| **1/19** | $1133288 | $1315589 | $1207889 | $1470636 |
| **2/19** | $1159226 | $1355149 | $1231728 | $1517855 |
| **3/19** | $1182171 | $1372948 | $1242222 | $1547350 |
| **4/19** | $1146257 | $1421632 | $1210199 | $1610001 |
| **5/19** | $1124309 | $1339602 | $1181209 | $1507689 |
| **6/19** | $1205116 | $1427875 | $1260894 | $1613945 |
| **7/19** | $1190152 | $1434948 | $1246870 | $1637141 |
| **8/19** | $1190152 | $1405597 | $1246496 | $1611208 |
| **9/19** | $1182171 | $1435509 | $1245188 | $1641355 |
| **10/19** | $1234047 | $1472039 | $1307352 | $1676906 |
| **11/19** | $1289913 | $1513036 | $1369129 | $1737776 |
| **12/19** | $1341717 | $1558364 | $1415762 | $1790225 |
| **1/20** | $1320621 | $1548879 | $1395642 | $1789523 |
| **2/20** | $1235181 | $1417959 | $1300246 | $1642211 |
| **3/20** | $1194044 | $1230303 | $1253273 | $1439377 |
| **4/20** | $1328004 | $1364706 | $1398746 | $1623896 |
| **5/20** | $1378635 | $1430633 | $1455185 | $1701239 |
| **6/20** | $1363868 | $1468474 | $1435718 | $1735072 |
| **7/20** | $1414499 | $1538728 | $1494606 | $1832904 |
| **8/20** | $1452472 | $1641537 | $1525328 | $1964654 |
| **9/20** | $1430321 | $1584906 | $1504335 | $1890004 |
| **10/20** | $1364923 | $1536289 | $1430943 | $1839742 |
| **11/20** | $1465130 | $1732721 | $1559017 | $2041127 |
| **12/20** | $1520774 | $1806183 | $1607157 | $2119605 |
| **1/21** | $1515104 | $1788231 | $1624272 | $2098206 |
| **2/21** | $1494691 | $1834054 | $1580099 | $2156064 |
| **3/21** | $1527579 | $1895077 | $1618785 | $2250490 |
| **4/21** | $1591086 | $1983274 | $1680584 | $2370596 |
| **5/21** | $1623974 | $2011844 | $1715149 | $2387153 |
| **6/21** | $1668202 | $2041834 | $1766541 | $2442880 |
| **7/21** | $1726039 | $2078405 | $1832275 | $2500911 |
| **8/21** | $1785010 | $2130133 | $1883106 | $2576953 |
| **9/21** | $1680677 | $2041689 | $1784403 | $2457099 |
| **10/21** | $1794083 | $2157331 | $1859731 | $2629248 |
| **11/21** | $1716967 | $2110057 | $1793340 | $2611030 |
| **12/21** | $1861033 | $2200242 | $1925430 | $2728046 |
| **1/22** | $1695881 | $2083825 | $1783167 | $2586878 |
| **2/22** | $1702044 | $2031122 | $1775206 | $2509423 |
| **3/22** | $1795712 | $2086863 | $1860701 | $2602597 |
| **4/22** | $1702044 | $1913501 | $1774513 | $2375645 |
| **5/22** | $1692184 | $1914950 | $1783262 | $2380004 |
| **6/22** | $1663837 | $1749073 | $1726694 | $2183549 |
| **7/22** | $1719298 | $1887943 | $1783062 | $2384882 |
| **8/22** | $1587424 | $1809012 | $1675656 | $2287622 |
| **9/22** | $1518405 | $1640847 | $1609674 | $2076935 |
| **10/22** | $1629328 | $1758681 | $1744940 | $2245087 |
| **11/22** | $1716833 | $1880962 | $1843013 | $2370551 |
| **12/22** | $1689067 | $1801083 | $1821183 | $2233973 |
| **1/23** | $1681343 | $1928521 | $1809397 | $2374343 |
| **2/23** | $1618260 | $1882162 | $1735568 | $2316411 |
| **3/23** | $1683918 | $1940320 | $1792039 | $2401456 |
| **4/23** | $1744426 | $1974333 | $1854696 | $2438939 |
| **5/23** | $1690355 | $1954622 | $1778749 | $2449541 |
| **6/23** | $1741851 | $2072834 | $1835442 | $2611395 |
| **7/23** | $1763737 | $2142466 | $1859131 | $2695286 |
| **8/23** | $1753437 | $2091291 | $1844810 | $2652373 |
| **9/23** | $1687780 | $2001077 | $1784811 | $2525913 |
| **10/23** | $1614398 | $1943014 | $1711414 | $2472802 |
| **11/23** | $1713528 | $2125175 | $1809547 | $2698631 |
| **12/23** | $1789990 | $2229509 | $1889606 | $2821232 |
| **1/24** | $1836295 | $2256264 | $1940363 | $2868641 |
| **2/24** | $1897152 | $2351925 | $1984071 | $3021814 |
| **3/24** | $1932872 | $2427503 | $2030778 | $3119039 |
| **4/24** | $1854816 | $2337334 | $1950511 | $2991643 |
| **5/24** | $1922288 | $2441701 | $2002606 | $3139983 |
| **6/24** | $1972562 | $2491384 | $2040504 | $3252652 |
| **7/24** | $2037387 | $2535289 | $2107229 | $3292245 |
| **8/24** | $2147195 | $2602298 | $2222985 | $3372104 |
| **9/24** | $2088984 | $2649956 | $2156719 | $3444122 |
| **10/24** | $1991083 | $2597389 | $2052731 | $3412889 |
| **11/24** | $1979176 | $2716574 | $2034809 | $3613229 |
| **12/24** | $1856936 | $2645779 | $1910960 | $3527096 |
| **1/25** | $1978793 | $2739145 | $2033174 | $3625317 |
| **2/25** | $2003718 | $2719430 | $2056032 | $3578013 |
| **3/25** | $1923403 | $2598360 | $2008356 | $3376413 |
| **4/25** | $1890170 | $2621452 | $1970364 | $3353517 |
| **5/25** | $1822317 | $2776620 | $1898743 | $3564604 |
| **6/25** | $1840319 | $2896440 | $1926216 | $3745873 |
| **7/25** | $1768313 | $2933725 | $1869008 | $3829942 |
| **8/25** | $1855551 | $3010252 | $1965150 | $3907580 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class I | (13.58)% | 5.02% | 6.37% |
| MSCI World Index (net of foreign withholding taxes) | 15.68% | 12.89% | 11.64% |
| MSCI World Health Care Index (net of foreign withholding taxes) | (11.60)% | 5.19% | 6.98% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.59% |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $834121078 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $5828269 |

---

## 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](g904361i193f335660d6ab2d89d2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Health Care Services | 0.6% |
| Health Care Technology | 0.8% |
| Metal, Glass & Plastic Containers | 1.0% |
| Health Care Distributors | 2.2% |
| Health Care Supplies | 3.4% |
| Managed Health Care | 4.4% |
| Life Sciences Tools & Services | 8.2% |
| Biotechnology | 19.3% |
| Health Care Equipment | 19.8% |
| Pharmaceuticals | 40.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Roche Holding AG PC | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Novo Nordisk AS, Class B | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;50.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# EIHSX-TSR-AR

# Eaton Vance Worldwide Health Sciences Fund
![Image](g904361ie59ab2fab3b089d4895e.jpg)

# Class R ERHSX

#### Annual Shareholder Report August 31, 2025
This annual shareholder report contains important information about the Eaton Vance Worldwide Health Sciences Fund for the period of September 1, 2024 to August 31, 2025. 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)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class R | $132 | 1.42% |

---

## 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):

↓ An overweight position in Novo Nordisk detracted from performance as shares fell after lower growth expectations for GLP-1 drugs

↓ Not holding Novartis hurt as the company showed strong sales and increased guidance estimates for key drugs for breast cancer, MS, and leukemia treatments

↓ Not holding CVS also hurt as improvement with Aetna, its health insurance subsidiary, and efficiencies in integration with its pharmacy model helped shares

↓ On an industry basis, stock selection within European pharmaceuticals, health care equipment & supplies, and health care providers & services hurt returns

↑ Not owing Regeneron Pharmaceuticals helped as shares fell after failure of a late-stage COPD treatment and weak sales in a macular degeneration treatment

↑ An underweight position in United Health Care Group helped due to scrutiny on Medicare Advantage plan pricing and increasing costs have led to stock pressure

↑ An overweight position in IDEXX Laboratories helped as strong growth across product lines and the launch of a new cancer diagnostic product lifted shares

↑ On an industry basis, the Fund's underweight to health care providers and services and an overweight to, and stock selection in, biotechnology contributed

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

![Growth of 10K Chart](g904361icbc76428a75df185a6c7.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class R** | **MSCI World Index** | **MSCI World Health Care Index** | **S&P 500<sup>®</sup> Index** |
| **8/15** | $10000 | $10000 | $10000 | $10000 |
| **9/15** | $9120 | $9631 | $9383 | $9753 |
| **10/15** | $9614 | $10394 | $9953 | $10575 |
| **11/15** | $9828 | $10343 | $9887 | $10607 |
| **12/15** | $10033 | $10161 | $10038 | $10439 |
| **1/16** | $8923 | $9553 | $9247 | $9921 |
| **2/16** | $8688 | $9482 | $9131 | $9908 |
| **3/16** | $8899 | $10125 | $9353 | $10580 |
| **4/16** | $9204 | $10286 | $9662 | $10621 |
| **5/16** | $9447 | $10343 | $9798 | $10812 |
| **6/16** | $9228 | $10227 | $9876 | $10840 |
| **7/16** | $9721 | $10660 | $10325 | $11240 |
| **8/16** | $9236 | $10668 | $9896 | $11255 |
| **9/16** | $9236 | $10725 | $9883 | $11257 |
| **10/16** | $8407 | $10517 | $9201 | $11052 |
| **11/16** | $8391 | $10669 | $9209 | $11461 |
| **12/16** | $8517 | $10924 | $9354 | $11688 |
| **1/17** | $8745 | $11188 | $9558 | $11910 |
| **2/17** | $9244 | $11498 | $10111 | $12383 |
| **3/17** | $9297 | $11621 | $10143 | $12397 |
| **4/17** | $9524 | $11793 | $10335 | $12524 |
| **5/17** | $9472 | $12042 | $10560 | $12701 |
| **6/17** | $9796 | $12088 | $10847 | $12780 |
| **7/17** | $9866 | $12378 | $10855 | $13043 |
| **8/17** | $9998 | $12395 | $10962 | $13082 |
| **9/17** | $10050 | $12673 | $11109 | $13352 |
| **10/17** | $9708 | $12913 | $10965 | $13664 |
| **11/17** | $9945 | $13193 | $11213 | $14083 |
| **12/17** | $9874 | $13371 | $11206 | $14240 |
| **1/18** | $10414 | $14077 | $11834 | $15055 |
| **2/18** | $9919 | $13494 | $11303 | $14500 |
| **3/18** | $9766 | $13200 | $11068 | $14132 |
| **4/18** | $9874 | $13351 | $11174 | $14186 |
| **5/18** | $10036 | $13435 | $11227 | $14527 |
| **6/18** | $10225 | $13429 | $11376 | $14617 |
| **7/18** | $10872 | $13848 | $12075 | $15161 |
| **8/18** | $11205 | $14019 | $12432 | $15655 |
| **9/18** | $11412 | $14097 | $12684 | $15744 |
| **10/18** | $10693 | $13062 | $11850 | $14668 |
| **11/18** | $11331 | $13211 | $12496 | $14967 |
| **12/18** | $10448 | $12206 | $11487 | $13615 |
| **1/19** | $11144 | $13156 | $12079 | $14706 |
| **2/19** | $11379 | $13551 | $12317 | $15179 |
| **3/19** | $11605 | $13729 | $12422 | $15474 |
| **4/19** | $11257 | $14216 | $12102 | $16100 |
| **5/19** | $11022 | $13396 | $11812 | $15077 |
| **6/19** | $11821 | $14279 | $12609 | $16139 |
| **7/19** | $11662 | $14349 | $12469 | $16371 |
| **8/19** | $11662 | $14056 | $12465 | $16112 |
| **9/19** | $11577 | $14355 | $12452 | $16414 |
| **10/19** | $12075 | $14720 | $13074 | $16769 |
| **11/19** | $12630 | $15130 | $13691 | $17378 |
| **12/19** | $13128 | $15584 | $14158 | $17902 |
| **1/20** | $12910 | $15489 | $13956 | $17895 |
| **2/20** | $12081 | $14180 | $13002 | $16422 |
| **3/20** | $11667 | $12303 | $12533 | $14394 |
| **4/20** | $12970 | $13647 | $13987 | $16239 |
| **5/20** | $13453 | $14306 | $14552 | $17012 |
| **6/20** | $13315 | $14685 | $14357 | $17351 |
| **7/20** | $13799 | $15387 | $14946 | $18329 |
| **8/20** | $14164 | $16415 | $15253 | $19647 |
| **9/20** | $13937 | $15849 | $15043 | $18900 |
| **10/20** | $13295 | $15363 | $14309 | $18397 |
| **11/20** | $14263 | $17327 | $15590 | $20411 |
| **12/20** | $14798 | $18062 | $16072 | $21196 |
| **1/21** | $14746 | $17882 | $16243 | $20982 |
| **2/21** | $14535 | $18341 | $15801 | $21561 |
| **3/21** | $14841 | $18951 | $16188 | $22505 |
| **4/21** | $15461 | $19833 | $16806 | $23706 |
| **5/21** | $15777 | $20118 | $17151 | $23872 |
| **6/21** | $16198 | $20418 | $17665 | $24429 |
| **7/21** | $16756 | $20784 | $18323 | $25009 |
| **8/21** | $17314 | $21301 | $18831 | $25770 |
| **9/21** | $16304 | $20417 | $17844 | $24571 |
| **10/21** | $17388 | $21573 | $18597 | $26292 |
| **11/21** | $16630 | $21101 | $17933 | $26110 |
| **12/21** | $18029 | $22002 | $19254 | $27280 |
| **1/22** | $16407 | $20838 | $17832 | $25869 |
| **2/22** | $16475 | $20311 | $17752 | $25094 |
| **3/22** | $17371 | $20869 | $18607 | $26026 |
| **4/22** | $16464 | $19135 | $17745 | $23756 |
| **5/22** | $16351 | $19150 | $17833 | $23800 |
| **6/22** | $16067 | $17491 | $17267 | $21835 |
| **7/22** | $16600 | $18879 | $17831 | $23849 |
| **8/22** | $15330 | $18090 | $16757 | $22876 |
| **9/22** | $14650 | $16408 | $16097 | $20769 |
| **10/22** | $15716 | $17587 | $17449 | $22451 |
| **11/22** | $16543 | $18810 | $18430 | $23706 |
| **12/22** | $16276 | $18011 | $18212 | $22340 |
| **1/23** | $16194 | $19285 | $18094 | $23743 |
| **2/23** | $15582 | $18822 | $17356 | $23164 |
| **3/23** | $16206 | $19403 | $17920 | $24015 |
| **4/23** | $16782 | $19743 | $18547 | $24389 |
| **5/23** | $16265 | $19546 | $17787 | $24495 |
| **6/23** | $16735 | $20728 | $18354 | $26114 |
| **7/23** | $16947 | $21425 | $18591 | $26953 |
| **8/23** | $16841 | $20913 | $18448 | $26524 |
| **9/23** | $16194 | $20011 | $17848 | $25259 |
| **10/23** | $15500 | $19430 | $17114 | $24728 |
| **11/23** | $16441 | $21252 | $18095 | $26986 |
| **12/23** | $17161 | $22295 | $18896 | $28212 |
| **1/24** | $17594 | $22563 | $19404 | $28686 |
| **2/24** | $18172 | $23519 | $19841 | $30218 |
| **3/24** | $18521 | $24275 | $20308 | $31190 |
| **4/24** | $17762 | $23373 | $19505 | $29916 |
| **5/24** | $18388 | $24417 | $20026 | $31400 |
| **6/24** | $18870 | $24914 | $20405 | $32527 |
| **7/24** | $19471 | $25353 | $21072 | $32922 |
| **8/24** | $20518 | $26023 | $22230 | $33721 |
| **9/24** | $19953 | $26500 | $21567 | $34441 |
| **10/24** | $19002 | $25974 | $20527 | $34129 |
| **11/24** | $18894 | $27166 | $20348 | $36132 |
| **12/24** | $17711 | $26458 | $19110 | $35271 |
| **1/25** | $18875 | $27391 | $20332 | $36253 |
| **2/25** | $19101 | $27194 | $20560 | $35780 |
| **3/25** | $18324 | $25984 | $20084 | $33764 |
| **4/25** | $17999 | $26215 | $19704 | $33535 |
| **5/25** | $17348 | $27766 | $18987 | $35646 |
| **6/25** | $17523 | $28964 | $19262 | $37459 |
| **7/25** | $16822 | $29337 | $18690 | $38299 |
| **8/25** | $17636 | $30103 | $19652 | $39076 |

---

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Class R | (14.05)% | 4.48% | 5.83% |
| MSCI World Index (net of foreign withholding taxes) | 15.68% | 12.89% | 11.64% |
| MSCI World Health Care Index (net of foreign withholding taxes) | (11.60)% | 5.19% | 6.98% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.59% |

---

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

---

| | |
|:---|:---|
| Total Net Assets | $834121078 |
| # of Portfolio Holdings | 43 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $5828269 |

---

## 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](g904361i10ca90e5f1ebd528f68e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investments | 0.1% |
| Health Care Services | 0.6% |
| Health Care Technology | 0.8% |
| Metal, Glass & Plastic Containers | 1.0% |
| Health Care Distributors | 2.2% |
| Health Care Supplies | 3.4% |
| Managed Health Care | 4.4% |
| Life Sciences Tools & Services | 8.2% |
| Biotechnology | 19.3% |
| Health Care Equipment | 19.8% |
| Pharmaceuticals | 40.2% |

---

#### Top Ten Holdings (% of total investments)<sup>Footnote Reference a</sup>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;10.2% |
| &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;6.6% |
| &nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;6.1% |
| &nbsp;&nbsp;Roche Holding AG PC | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;5.0% |
| &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;4.2% |
| &nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;3.5% |
| &nbsp;&nbsp;Novo Nordisk AS, Class B | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;3.4% |
| &nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;3.2% |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;50.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>a</sup> | &nbsp;&nbsp;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](g904361i707215d28aa67a8ba448.jpg)

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, 2025

# 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 not amended the code of ethics as described in Form N-CSR during the period covered by this report. 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 (formerly, Eaton Vance Greater China Growth Fund), Eaton Vance All Asset Strategy Fund (formerly, Eaton Vance RBA All Asset Strategy Fund), Eaton Vance Equity Strategy Fund (formerly, Eaton Vance RBA 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 10 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, 2024 and August 31, 2025 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 (formerly, Eaton Vance Greater China Growth Fund)

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  Audit Fees | $33900 | $33900 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $33900 | $33900 |

---

#### Eaton Vance All Asset Strategy Fund (formerly, Eaton Vance RBA All Asset Strategy Fund)

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  Audit Fees | $35100 | $35100 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $35100 | $35100 |

---

------

#### Eaton Vance Equity Strategy Fund (formerly, Eaton Vance RBA Equity Strategy Fund)

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  Audit Fees | $35100 | $35100 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $35100 | $35100 |

---

#### Eaton Vance Worldwide Health Sciences Fund

---

| | | |
|:---|:---|:---|
| **Fiscal Years Ended** | **8/31/24** | **8/31/25** |
|  Audit Fees | $68200 | $68200 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 |
|  Total | $68200 | $68200 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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** | **9/30/23** | **11/30/23** | **2/29/24** | **8/31/24** | **9/30/24** | **11/30/24** | **2/28/25** | **8/31/25** |
|  Audit Fees | $116300 | $30700 | $61800 | $172300 | $119800 | $33900 | $70200 | $172300 |
|  Audit-Related Fees<sup>(1)</sup> | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  Tax Fees<sup>(2)</sup> | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  All Other Fees<sup>(3)</sup> | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  Total | $116300 | $30700 | $61800 | $172300 | $119800 | $33900 | $70200 | $172300 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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** | **9/30/23** | **11/30/23** | **2/29/24** | **8/31/24** | **9/30/24** | **11/30/24** | **2/28/25** | **8/31/25** |
|  **Registrant<sup>(1)</sup>** | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
|  **Eaton Vance<sup>(2)</sup>** | $52836 | $52836 | $52836 | $18490 | $18490 | $18490 | $18490 | $18490 |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> 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 (formerly, Eaton Vance Greater China Growth Fund)

## Annual Financial Statements and Additional Information
August 31, 2025

------

![](g904361imga67deb241.gif)

------

**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, 2025
Eaton Vance

China Equity Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_3cfe3874-0c09-4aff-91ff-89a8884f5eaf_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_5e545c97-9bf5-459a-aa11-58da29378cd2_1) | [Items 6 and 7 of Form N-CSR:](#xx_5e545c97-9bf5-459a-aa11-58da29378cd2_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_5e545c97-9bf5-459a-aa11-58da29378cd2_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_b8b3dc93-ab67-497d-b8aa-67ff8d9473a1_1) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_b8b3dc93-ab67-497d-b8aa-67ff8d9473a1_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_b8b3dc93-ab67-497d-b8aa-67ff8d9473a1_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_b05db16b-0311-4fee-a37c-6d754158be39_1) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_1815acd7-42b3-4407-bd91-a6f377c257b6_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_dd8f07ab-fadf-475f-84cb-01679139c1cf_1) | 19 |
| [Federal Tax Information](#xx_c5aaefb0-7cab-4cc9-a8b5-139a58af6a04_1) | 20 |
| [Item 11 of Form N-CSR:](#xx_3e0cb3ba-989e-4e85-a3dd-400884f7dc73_1) | [Item 11 of Form N-CSR:](#xx_3e0cb3ba-989e-4e85-a3dd-400884f7dc73_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_3e0cb3ba-989e-4e85-a3dd-400884f7dc73_1) | 21 |

---

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

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Portfolio of Investments

------

Common Stocks — 94.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| China — 94.0% | China — 94.0% | China — 94.0% |
| Automobile Components — 1.2% | Automobile Components — 1.2% | Automobile Components — 1.2% |
| Fuyao Glass Industry Group Co. Ltd., Class H<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;56800 | &nbsp;&nbsp;$501259 |
|  |  | &nbsp;&nbsp;**$501259** |
| Automobiles — 2.9% | Automobiles — 2.9% | Automobiles — 2.9% |
| BYD Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;70500 | &nbsp;&nbsp;$994600 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp;&nbsp; 239623 |
|  |  | &nbsp;&nbsp;**$1234223** |
| Banks — 14.2% | Banks — 14.2% | Banks — 14.2% |
| Bank of Jiangsu Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;146200 | &nbsp;&nbsp;$222053 |
| Bank of Ningbo Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;117100 | &nbsp;&nbsp;&nbsp;&nbsp; 463416 |
| China Construction Bank Corp., Class H | 3220000 | &nbsp;&nbsp;&nbsp;&nbsp; 3116322 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;116000 | &nbsp;&nbsp;&nbsp;&nbsp; 721019 |
| Industrial & Commercial Bank of China Ltd., Class H | 1579000 | &nbsp;&nbsp;&nbsp;&nbsp; 1174623 |
| Postal Savings Bank of China Co. Ltd., Class H<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;489000 | &nbsp;&nbsp;&nbsp;&nbsp; 340542 |
|  |  | &nbsp;&nbsp;**$6037975** |
| Beverages — 1.0% | Beverages — 1.0% | Beverages — 1.0% |
| Nongfu Spring Co. Ltd., Class H<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;38600 | &nbsp;&nbsp;$249669 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp;&nbsp;&nbsp; 169078 |
|  |  | &nbsp;&nbsp;**$418747** |
| Broadline Retail — 10.0% | Broadline Retail — 10.0% | Broadline Retail — 10.0% |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;158200 | &nbsp;&nbsp;$2619422 |
| JD.com, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9739 | &nbsp;&nbsp;&nbsp;&nbsp; 302591 |
| PDD Holdings, Inc. ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11303 | &nbsp;&nbsp;&nbsp;&nbsp; 1358847 |
|  |  | &nbsp;&nbsp;**$4280860** |
| Capital Markets — 2.0% | Capital Markets — 2.0% | Capital Markets — 2.0% |
| China International Capital Corp. Ltd., Class H<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;109200 | &nbsp;&nbsp;$299553 |
| Huatai Securities Co. Ltd., Class H<sup>(1)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;218000 | &nbsp;&nbsp;&nbsp;&nbsp; 555967 |
|  |  | &nbsp;&nbsp;**$855520** |
| Construction & Engineering — 1.2% | Construction & Engineering — 1.2% | Construction & Engineering — 1.2% |
| China State Construction International Holdings Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;378000 | &nbsp;&nbsp;$518171 |
|  |  | &nbsp;&nbsp;**$518171** |
| Construction Materials — 0.5% | Construction Materials — 0.5% | Construction Materials — 0.5% |
| Anhui Conch Cement Co. Ltd., Class H<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;$210025 |
|  |  | &nbsp;&nbsp;**$210025** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electrical Equipment — 1.8% | Electrical Equipment — 1.8% | Electrical Equipment — 1.8% |
| Contemporary Amperex Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13800 | &nbsp;&nbsp;$592010 |
| NARI Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;53100 | &nbsp;&nbsp;&nbsp;&nbsp; 162066 |
|  |  | &nbsp;&nbsp;**$754076** |
| Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% | Electronic Equipment, Instruments & Components — 0.6% |
| Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11615 | &nbsp;&nbsp;$249301 |
|  |  | &nbsp;&nbsp;**$249301** |
| Entertainment — 2.7% | Entertainment — 2.7% | Entertainment — 2.7% |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp;$1137962 |
|  |  | &nbsp;&nbsp;**$1137962** |
| Food Products — 1.1% | Food Products — 1.1% | Food Products — 1.1% |
| Foshan Haitian Flavouring & Food Co. Ltd., Class H<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105100 | &nbsp;&nbsp;$484817 |
|  |  | &nbsp;&nbsp;**$484817** |
| Gas Utilities — 0.4% | Gas Utilities — 0.4% | Gas Utilities — 0.4% |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;174000 | &nbsp;&nbsp;$161970 |
|  |  | &nbsp;&nbsp;**$161970** |
| Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% | Health Care Equipment & Supplies — 0.5% |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6500 | &nbsp;&nbsp;$221369 |
|  |  | &nbsp;&nbsp;**$221369** |
| Hotels, Restaurants & Leisure — 5.5% | Hotels, Restaurants & Leisure — 5.5% | Hotels, Restaurants & Leisure — 5.5% |
| H World Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;$317888 |
| Mixue Group, Class H<sup>(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 16639 |
| Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp; 1680420 |
| Yum China Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 310926 |
|  |  | &nbsp;&nbsp;**$2325873** |
| Household Durables — 2.1% | Household Durables — 2.1% | Household Durables — 2.1% |
| Gree Electric Appliances, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;116946 | &nbsp;&nbsp;$698805 |
| Midea Group Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;&nbsp;&nbsp; 218201 |
|  |  | &nbsp;&nbsp;**$917006** |
| Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% | Independent Power and Renewable Electricity Producers — 0.5% |
| China Yangtze Power Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;49000 | &nbsp;&nbsp;$193015 |
|  |  | &nbsp;&nbsp;**$193015** |
| Insurance — 4.0% | Insurance — 4.0% | Insurance — 4.0% |
| PICC Property & Casualty Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;394000 | &nbsp;&nbsp;$952207 |
| Ping An Insurance Group Co. of China Ltd., Class H<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;101000 | &nbsp;&nbsp;&nbsp;&nbsp; 735345 |
|  |  | &nbsp;&nbsp;**$1687552** |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Interactive Media & Services — 23.7% | Interactive Media & Services — 23.7% | Interactive Media & Services — 23.7% |
| Kuaishou Technology<sup>(1)(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20700 | &nbsp;&nbsp;$202888 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127800 | &nbsp;&nbsp;&nbsp;&nbsp; 9897401 |
|  |  | &nbsp;&nbsp;**$10100289** |
| Life Sciences Tools & Services — 1.8% | Life Sciences Tools & Services — 1.8% | Life Sciences Tools & Services — 1.8% |
| WuXi Biologics Cayman, Inc.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;177500 | &nbsp;&nbsp;$763582 |
|  |  | &nbsp;&nbsp;**$763582** |
| Machinery — 1.0% | Machinery — 1.0% | Machinery — 1.0% |
| CRRC Corp. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;545000 | &nbsp;&nbsp;$439257 |
|  |  | &nbsp;&nbsp;**$439257** |
| Media — 0.5% | Media — 0.5% | Media — 0.5% |
| Focus Media Information Technology Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;193200 | &nbsp;&nbsp;$225055 |
|  |  | &nbsp;&nbsp;**$225055** |
| Metals & Mining — 1.7% | Metals & Mining — 1.7% | Metals & Mining — 1.7% |
| Zijin Mining Group Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;220000 | &nbsp;&nbsp;$730504 |
|  |  | &nbsp;&nbsp;**$730504** |
| Oil, Gas & Consumable Fuels — 2.8% | Oil, Gas & Consumable Fuels — 2.8% | Oil, Gas & Consumable Fuels — 2.8% |
| China Shenhua Energy Co. Ltd., Class H<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;137500 | &nbsp;&nbsp;$617901 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp;&nbsp;&nbsp;612000 | &nbsp;&nbsp;&nbsp;&nbsp; 592604 |
|  |  | &nbsp;&nbsp;**$1210505** |
| Real Estate Management & Development — 1.4% | Real Estate Management & Development — 1.4% | Real Estate Management & Development — 1.4% |
| KE Holdings, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;33216 | &nbsp;&nbsp;$583937 |
|  |  | &nbsp;&nbsp;**$583937** |
| Semiconductors & Semiconductor Equipment — 1.6% | Semiconductors & Semiconductor Equipment — 1.6% | Semiconductors & Semiconductor Equipment — 1.6% |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;$704444 |
|  |  | &nbsp;&nbsp;**$704444** |
| Specialty Retail — 0.6% | Specialty Retail — 0.6% | Specialty Retail — 0.6% |
| Pop Mart International Group Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp;$257718 |
|  |  | &nbsp;&nbsp;**$257718** |
| Technology Hardware, Storage & Peripherals — 4.8% | Technology Hardware, Storage & Peripherals — 4.8% | Technology Hardware, Storage & Peripherals — 4.8% |
| Xiaomi Corp., Class B<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;299800 | &nbsp;&nbsp;$2046089 |
|  |  | &nbsp;&nbsp;**$2046089** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% | Textiles, Apparel & Luxury Goods — 0.9% |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29800 | &nbsp;&nbsp;$370785 |
|  |  | &nbsp;&nbsp;**$370785** |
| Transportation Infrastructure — 1.0% | Transportation Infrastructure — 1.0% | Transportation Infrastructure — 1.0% |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;222000 | &nbsp;&nbsp;$427147 |
|  |  | &nbsp;&nbsp;**$427147** |
| Total China<br> (identified cost $22,419,286) |  | &nbsp;&nbsp;**$40049033** |
| Total Common Stocks<br> (identified cost $22,419,286) |  | &nbsp;&nbsp;**$40049033** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 4.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.19%<sup>(4)</sup> | 1813577 | &nbsp;&nbsp;$1813577 |
| Total Short-Term Investments<br> (identified cost $1,813,577) |  | &nbsp;&nbsp;**$1813577** |
| Total Investments — 98.2%<br> (identified cost $24,232,863) |  | &nbsp;&nbsp;**$41862610** |
| Other Assets, Less Liabilities — 1.8% |  | &nbsp;&nbsp;**$759767** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$42622377** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | 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, 2025, the aggregate value of these securities is $5,217,267 or 12.2% of the Fund's net assets. |
| <sup>(2)</sup> | Non-income producing security. |
| <sup>(3)</sup> | All or a portion of this security was on loan at August 31, 2025. The aggregate market value of securities on loan at August 31, 2025 was $2,561,139. |
| <sup>(4)</sup> | 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, 2025. |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Position** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration<br> Date** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Value/Unrealized<br> Appreciation<br> (Depreciation)** |
| **Equity Futures** |  |  |  |  |  |
| MSCI China Index | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;&nbsp;9/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;$976297 | &nbsp;&nbsp;&nbsp;&nbsp;$107203 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$107203** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $22,419,286) — including $2,561,139 of securities on loan | &nbsp;&nbsp;$40049033 |
| Affiliated investments, at value (identified cost $1,813,577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1813577 |
| Deposits for derivatives collateral — futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74773 |
| Foreign currency, at value (identified cost $29,490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29512 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6635 |
| Receivable for investments sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;680944 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30734 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 |
| Receivable for variation margin on open futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56100 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24348 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9429 |
| **Total assets** | &nbsp;&nbsp;**$42791970** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$23036 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26276 |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5299 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8188 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3669 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11900 |
| Payable for custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11310 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9836 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54390 |
| Payable for registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12443 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3246 |
| **Total liabilities** | &nbsp;&nbsp;**$169593** |
| **Net Assets** | &nbsp;&nbsp;**$42622377** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$34731460 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7890917 |
| **Net Assets** | &nbsp;&nbsp;**$42622377** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$38104110 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099355 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$18.15 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$19.16 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$384326 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23720 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$16.20 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$4133941 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223511 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$18.50 |

---

---

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

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $68,167) | &nbsp;&nbsp;$921753 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50458 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1896 |
| **Total investment income** | &nbsp;&nbsp;**$974107** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$281898 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56380 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83142 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2880 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35716 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85290 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99172 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10895 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54172 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18153 |
| **Total expenses** | &nbsp;&nbsp;**$731123** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$176098 |
| **Total expense reductions** | &nbsp;&nbsp;**$176098** |
| **Net expenses** | &nbsp;&nbsp;**$555025** |
| **Net investment income** | &nbsp;&nbsp;**$419082** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$(190497) |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105260 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7815) |
| **Net realized loss** | &nbsp;&nbsp;**$(93052)** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$13357879 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107203 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$13465348** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$13372296** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$13791378** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$419082 | &nbsp;&nbsp;$860962 |
| &nbsp;&nbsp;&nbsp;Net realized loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(93052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9226868) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;13465348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2858315 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$13791378** | &nbsp;&nbsp;**$(5507591)** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(655566) | &nbsp;&nbsp;$(2605923) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46435) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(401940) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(752055)** | &nbsp;&nbsp;**$(3054298)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1596080) | &nbsp;&nbsp;$(5456536) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168072) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(816851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1302331) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(2529571)** | &nbsp;&nbsp;**$(6926939)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$10509752** | &nbsp;&nbsp;**$(15488828)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$32112625 | &nbsp;&nbsp;$47601453 |
| **At end of year** | &nbsp;&nbsp;**$42622377** | &nbsp;&nbsp;**$32112625** |

---

*7*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.69 | &nbsp;&nbsp;$15.80 | &nbsp;&nbsp;$18.88 | &nbsp;&nbsp;$26.87 | &nbsp;&nbsp;$27.28 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.17 | &nbsp;&nbsp;&nbsp;&nbsp;$0.32<sup>(2)</sup> | &nbsp;&nbsp;$0.09 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$(0.02) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$5.77** | &nbsp;&nbsp;**$(1.97)** | &nbsp;&nbsp;**$(2.00)** | &nbsp;&nbsp;**$(6.68)** | &nbsp;&nbsp;**$2.37** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.03) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.07) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.71) |
| **Total distributions** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(1.14)** | &nbsp;&nbsp;**$(1.08)** | &nbsp;&nbsp;**$(1.31)** | &nbsp;&nbsp;**$(2.78)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$18.15** | &nbsp;&nbsp;**$12.69** | &nbsp;&nbsp;**$15.80** | &nbsp;&nbsp;**$18.88** | &nbsp;&nbsp;**$26.87** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46.20%** | &nbsp;&nbsp;&nbsp;&nbsp;**(12.81)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(11.28)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(26.08)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.48%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$38104 | &nbsp;&nbsp;$28164 | &nbsp;&nbsp;$40926 | &nbsp;&nbsp;$53597 | &nbsp;&nbsp;$84359 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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%.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> Includes interest expense of 0.01% for the year ended August 31, 2024.

<sup>(6)</sup> 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, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$11.32 | &nbsp;&nbsp;$14.30 | &nbsp;&nbsp;$17.32 | &nbsp;&nbsp;$24.93 | &nbsp;&nbsp;$25.35 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;&nbsp;&nbsp;$0.16<sup>(2)</sup> | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.13) | &nbsp;&nbsp;$(0.21) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$5.05** | &nbsp;&nbsp;**$(1.87)** | &nbsp;&nbsp;**$(1.94)** | &nbsp;&nbsp;**$(6.30)** | &nbsp;&nbsp;**$2.02** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;(2.44) |
| **Total distributions** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(1.11)** | &nbsp;&nbsp;**$(1.08)** | &nbsp;&nbsp;**$(1.31)** | &nbsp;&nbsp;**$(2.44)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$16.20** | &nbsp;&nbsp;**$11.32** | &nbsp;&nbsp;**$14.30** | &nbsp;&nbsp;**$17.32** | &nbsp;&nbsp;**$24.93** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**45.10%** | &nbsp;&nbsp;&nbsp;&nbsp;**(13.47)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(11.98)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(26.60)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.74%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$384 | &nbsp;&nbsp;$376 | &nbsp;&nbsp;$669 | &nbsp;&nbsp;$955 | &nbsp;&nbsp;$1460 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.61)% | &nbsp;&nbsp;&nbsp;&nbsp;(0.77)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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)%.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> Includes interest expense of 0.01% for the year ended August 31, 2024.

<sup>(6)</sup> 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, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$12.93 | &nbsp;&nbsp;$16.09 | &nbsp;&nbsp;$19.15 | &nbsp;&nbsp;$27.17 | &nbsp;&nbsp;$27.55 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.20 | &nbsp;&nbsp;&nbsp;&nbsp;$0.29<sup>(2)</sup> | &nbsp;&nbsp;$0.12 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.09 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$5.92** | &nbsp;&nbsp;**$(1.97)** | &nbsp;&nbsp;**$(1.98)** | &nbsp;&nbsp;**$(6.71)** | &nbsp;&nbsp;**$2.48** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.15) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.71) |
| **Total distributions** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(1.19)** | &nbsp;&nbsp;**$(1.08)** | &nbsp;&nbsp;**$(1.31)** | &nbsp;&nbsp;**$(2.86)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$18.50** | &nbsp;&nbsp;**$12.93** | &nbsp;&nbsp;**$16.09** | &nbsp;&nbsp;**$19.15** | &nbsp;&nbsp;**$27.17** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**46.56%** | &nbsp;&nbsp;&nbsp;&nbsp;**(12.59)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(11.00)%** | &nbsp;&nbsp;&nbsp;&nbsp;**(25.89)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.81%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$4134 | &nbsp;&nbsp;$3573 | &nbsp;&nbsp;$6006 | &nbsp;&nbsp;$8483 | &nbsp;&nbsp;$24472 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26%<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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%.

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

<sup>(4)</sup> 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.

<sup>(5)</sup> Includes interest expense of 0.01% for the year ended August 31, 2024.

<sup>(6)</sup> 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, 2025, 2024, 2023 and 2022).

*10*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance China Equity Fund (formerly, Eaton Vance Greater China Growth Fund) (the Fund) is a non-diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to seek long-term capital appreciation. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective 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, with adjustments for fair valuation for certain foreign futures contracts as described below.**

**Foreign Securities, Futures Contracts and Currencies. Foreign securities, futures contracts 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 and certain exchange-traded foreign futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign futures contracts 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 and foreign futures contracts that meet certain criteria, the Fund's Trustees have approved the use of a fair value service that values such securities and foreign futures contracts 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 and foreign futures contracts.**

**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 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.

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Notes to Financial Statements — continued

------

As of August 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

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

I 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—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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.

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.

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Notes to Financial Statements — continued

------

The tax character of distributions declared for the years ended August 31, 2025 and August 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$752055 | &nbsp;&nbsp;&nbsp;&nbsp;$86037 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2968261 |

---

During the year ended August 31, 2025, distributable earnings was decreased by $43,941 and paid-in capital was increased by $43,941 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, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$401472 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10015108) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17504553 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$7890917** |

---

At August 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $10,015,108 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, 2025, $3,018,967 are short-term and $6,996,141 are long-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at August 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$24358303** |
| Gross unrealized appreciation | &nbsp;&nbsp;$17835872 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331565) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$17504307** |

---

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** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.750% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.675% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.675% |
| $2 billion but less than $3 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.660% |
| $3 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.580% |

---

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Notes to Financial Statements — continued

------

For the year ended August 31, 2025, the investment adviser fee amounted to $281,898 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 (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, 2025, the investment adviser fee paid was reduced by $1,689 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, 2025, the administration fee amounted to $56,380.

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, 2026. Pursuant to this agreement, EVM and MSIM Company were allocated $174,409 in total of the Fund's operating expenses for the year ended August 31, 2025.

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, 2025, EVM earned $25,863 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 $558 as its portion of the sales charge on sales of Class A shares for the year ended August 31, 2025. EVD also received distribution and service fees from Class A and Class C shares (see Note 4) and contingent deferred sales charges (see Note 5).

Trustees and officers of the Fund who are members of EVM's or BMR's organizations receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with the investment adviser and administrator may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. 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, 2025 amounted to $83,142 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, 2025, the Fund paid or accrued to EVD $2,569 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, 2025 amounted to $856 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, 2025, the Fund was informed that EVD received no CDSCs paid by Class A shareholders and $150 of CDSCs paid by Class C shareholders.

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Notes to Financial Statements — continued

------

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $17,519,159 and $22,114,702, respectively, for the year ended August 31, 2025.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;235999 | &nbsp;&nbsp;&nbsp;&nbsp;$3838803 | &nbsp;&nbsp;&nbsp;&nbsp; 168962 | &nbsp;&nbsp;&nbsp;&nbsp;$2092843 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 41293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574801 | &nbsp;&nbsp;&nbsp;&nbsp; 171002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2276037 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(396663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6009684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (710777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9825416) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(119371)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1596080)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(370813)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(5456536)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 6058 | &nbsp;&nbsp;&nbsp;&nbsp;$91197 | &nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp;$3309 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4473 | &nbsp;&nbsp;&nbsp;&nbsp; 3889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46435 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (212310) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (217816) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(9451)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(116640)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(13608)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(168072)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;110947 | &nbsp;&nbsp;&nbsp;&nbsp;$1842088 | &nbsp;&nbsp;&nbsp;&nbsp;1870158 | &nbsp;&nbsp;&nbsp;&nbsp;$24265028 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 6334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89688 | &nbsp;&nbsp;&nbsp;&nbsp; 28995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392303 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(170114) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2748627) | &nbsp;&nbsp;&nbsp;&nbsp;(1996180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25959662) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(52833)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(816851)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(97027)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(1302331)** |

---

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, 2025 is included in the Portfolio of Investments. At August 31, 2025, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

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 manage cash flows.

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[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Notes to Financial Statements — continued

------

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, 2025 was as follows:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Fair Value** |
| **Derivative** | &nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivative** |
| Futures contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107203<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

<sup>(1)</sup> 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, 2025 was as follows:

---

| |
|:---|
| **Derivative** |
| Futures contracts&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$105260<sup>(1)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$107203<sup>(2)</sup> |

---

<sup>(1)</sup> Statement of Operations location: Net realized gain (loss): Futures contracts. <br> <sup>(2)</sup> 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, 2025, which is indicative of the volume of this derivative type, was approximately $375,000.

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 21, 2025. 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 2024, 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, 2025.

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, 2025, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $2,561,139 and $2,689,864, 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.

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Eaton Vance

China Equity Fund

August 31, 2025

Notes to Financial Statements — continued

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11 Affiliated Investments

At August 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $1,813,577, which represents 4.2% of the Fund's net assets. Transactions in such investments by the Fund for the year ended August 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $707855 | $12278313 | $(11172591) | $— | $— | $1813577 | $50458 | 1813577 |

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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, 2025, the hierarchy of inputs used in valuing the Fund's investments and open derivative instruments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$11463306 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$11463306 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;1661438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8226286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9887724 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 484817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903564 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210505 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8581047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8581047 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984951 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2138651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2138651 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2999834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2999834 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940529 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp; 583937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583937 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354985 |
| **Total Common Stocks** | &nbsp;&nbsp;**$2730192** | &nbsp;&nbsp;&nbsp;&nbsp;**$37,318,841\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$40049033** |
| Short-Term Investments | &nbsp;&nbsp;$1813577 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$1813577 |
| **Total Investments** | &nbsp;&nbsp;**$4543769** | &nbsp;&nbsp;&nbsp;&nbsp;**$37318841** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$41862610** |

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Eaton Vance

China Equity Fund

August 31, 2025

Notes to Financial Statements — continued

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Futures Contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$107203 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$107203 |
| **Total** | &nbsp;&nbsp;**$4543769** | &nbsp;&nbsp;&nbsp;&nbsp;**$37426044** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$41969813** |

---

\* 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.

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.

14 Name Change

Effective March 31, 2025, the name of Eaton Vance China Equity Fund was changed from Eaton Vance Greater China Growth Fund. In connection with the name change, the Fund's principal investment strategy was amended to remove Taiwan from the definition of the China region.

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Eaton Vance

China Equity Fund

August 31, 2025

Report of Independent Registered Public Accounting Firm

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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 (formerly, Eaton Vance Greater China Growth Fund) (the "Fund") (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of August 31, 2025, 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, 2025, 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, 2025, 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 17, 2025

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

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Eaton Vance

China Equity Fund

August 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. 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 the foreign tax credit.

**Qualified Dividend Income. For the fiscal year ended August 31, 2025, the Fund designates approximately $607,222, 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 2025 ordinary income dividends, 1.85% qualifies for the corporate dividends received deduction.**

#### Foreign Tax Credit. For the fiscal year ended August 31, 2025, the Fund paid foreign taxes of $60,606 and recognized foreign source income of $982,419.

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[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

Board of Trustees' Contract Approval

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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 12, 2025, 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 agreements[1] 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 2025, 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 for each sub-adviser not affiliated with the adviser;

*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*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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."

• 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;

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Eaton Vance

China Equity Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

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• 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 the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• 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 12, 2025 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.

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Eaton Vance

China Equity Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

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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 (formerly, Eaton Vance Greater China Growth Fund) (the "Fund") and Boston Management and Research (the "Adviser") and the sub-advisory agreement between the Adviser and Morgan Stanley Investment Management 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. 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, 2024. In this regard, the Board noted that the performance of the Fund was higher 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. 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, 2024, 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.

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

Eaton Vance

China Equity Fund

August 31, 2025

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 or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*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.

------

[**Table of Contents**](#JOB_EV_AR_f3bad822-4c7b-40d6-8c79-e2ff6f934c4c_TOC)

EVCGX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;8.31.25

------

## Eaton Vance

## Worldwide Health Sciences Fund

## Annual Financial Statements and Additional Information
August 31, 2025

------

![](g904361img29f52edf1.gif)

------

**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, 2025
Eaton Vance

Worldwide Health Sciences Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_28f637a6-5e99-44bb-b13e-9accf6e135cd_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_3c190986-3fac-4dc3-9e42-4250c1075a17_1) | [Items 6 and 7 of Form N-CSR:](#xx_3c190986-3fac-4dc3-9e42-4250c1075a17_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_3c190986-3fac-4dc3-9e42-4250c1075a17_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_bc0271e4-aade-4058-8ba2-74a9db9891e0_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_bc0271e4-aade-4058-8ba2-74a9db9891e0_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_bc0271e4-aade-4058-8ba2-74a9db9891e0_4) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_25ed7c90-7b90-4b89-b648-b9639ab1a807_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_fc24b004-8ebc-4535-aa24-f7dd3fc577e5_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_b0fb1127-96fb-4424-9256-c78979a58799_1) | 18 |
| [Federal Tax Information](#xx_bc3a978c-4181-4611-bd39-573cb2addedf_1) | 19 |
| [Item 11 of Form N-CSR:](#xx_125eeb61-7edc-488b-bf57-b77785dcf811_1) | [Item 11 of Form N-CSR:](#xx_125eeb61-7edc-488b-bf57-b77785dcf811_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_125eeb61-7edc-488b-bf57-b77785dcf811_1) | 20 |

---

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

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Portfolio of Investments

------

Common Stocks — 99.6%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Biotechnology — 19.3% | Biotechnology — 19.3% | Biotechnology — 19.3% |
| AbbVie, Inc. | 262266 | &nbsp;&nbsp;$55180766 |
| argenx SE ADR<sup>(1)</sup> | 17543 | &nbsp;&nbsp;&nbsp;&nbsp; 12494124 |
| Caris Life Sciences, Inc.<sup>(1)(2)</sup> | 326226 | &nbsp;&nbsp;&nbsp;&nbsp; 12523816 |
| Centessa Pharmaceuticals PLC ADR<sup>(1)</sup> | 146529 | &nbsp;&nbsp;&nbsp;&nbsp; 2460222 |
| CSL Ltd. | 115187 | &nbsp;&nbsp;&nbsp;&nbsp; 16023392 |
| Gilead Sciences, Inc. | 188375 | &nbsp;&nbsp;&nbsp;&nbsp; 21280724 |
| Neurocrine Biosciences, Inc.<sup>(1)</sup> | 122298 | &nbsp;&nbsp;&nbsp;&nbsp; 17072801 |
| NewAmsterdam Pharma Co. NV<sup>(1)</sup> | 115421 | &nbsp;&nbsp;&nbsp;&nbsp; 2775875 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 53839 | &nbsp;&nbsp;&nbsp;&nbsp; 21052126 |
|  |  | &nbsp;&nbsp;**$160863846** |
| Health Care Distributors — 2.2% | Health Care Distributors — 2.2% | Health Care Distributors — 2.2% |
| Amplifon SpA | 225283 | &nbsp;&nbsp;$4103081 |
| McKesson Corp. | 20541 | &nbsp;&nbsp;&nbsp;&nbsp; 14104272 |
|  |  | &nbsp;&nbsp;**$18207353** |
| Health Care Equipment — 19.7% | Health Care Equipment — 19.7% | Health Care Equipment — 19.7% |
| Abbott Laboratories | 312809 | &nbsp;&nbsp;$41497242 |
| Boston Scientific Corp.<sup>(1)</sup> | 243280 | &nbsp;&nbsp;&nbsp;&nbsp; 25666040 |
| Edwards Lifesciences Corp.<sup>(1)</sup> | 169540 | &nbsp;&nbsp;&nbsp;&nbsp; 13790383 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 25410 | &nbsp;&nbsp;&nbsp;&nbsp; 16442557 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | 55020 | &nbsp;&nbsp;&nbsp;&nbsp; 26040691 |
| Medtronic PLC | 102069 | &nbsp;&nbsp;&nbsp;&nbsp; 9473024 |
| Straumann Holding AG | 56859 | &nbsp;&nbsp;&nbsp;&nbsp; 6662696 |
| Stryker Corp. | 64081 | &nbsp;&nbsp;&nbsp;&nbsp; 25081944 |
|  |  | &nbsp;&nbsp;**$164654577** |
| Health Care Services — 0.6% | Health Care Services — 0.6% | Health Care Services — 0.6% |
| Option Care Health, Inc.<sup>(1)</sup> | 178995 | &nbsp;&nbsp;$5133577 |
|  |  | &nbsp;&nbsp;**$5133577** |
| Health Care Supplies — 3.4% | Health Care Supplies — 3.4% | Health Care Supplies — 3.4% |
| Alcon AG | 143929 | &nbsp;&nbsp;$11470126 |
| Align Technology, Inc.<sup>(1)</sup> | 35095 | &nbsp;&nbsp;&nbsp;&nbsp; 4982086 |
| Coloplast AS, Class B | 30860 | &nbsp;&nbsp;&nbsp;&nbsp; 2968623 |
| Cooper Cos., Inc.<sup>(1)</sup> | 128221 | &nbsp;&nbsp;&nbsp;&nbsp; 8641454 |
|  |  | &nbsp;&nbsp;**$28062289** |
| Health Care Technology — 0.8% | Health Care Technology — 0.8% | Health Care Technology — 0.8% |
| HeartFlow, Inc.<sup>(1)</sup> | 218978 | &nbsp;&nbsp;$6897807 |
|  |  | &nbsp;&nbsp;**$6897807** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Life Sciences Tools & Services — 8.1% | Life Sciences Tools & Services — 8.1% | Life Sciences Tools & Services — 8.1% |
| Danaher Corp. | 100636 | &nbsp;&nbsp;$20712902 |
| Lonza Group AG | 25269 | &nbsp;&nbsp;&nbsp;&nbsp; 17933120 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8731 | &nbsp;&nbsp;&nbsp;&nbsp; 11359380 |
| Thermo Fisher Scientific, Inc. | 36137 | &nbsp;&nbsp;&nbsp;&nbsp; 17805423 |
|  |  | &nbsp;&nbsp;**$67810825** |
| Managed Health Care — 4.4% | Managed Health Care — 4.4% | Managed Health Care — 4.4% |
| Humana, Inc. | 28499 | &nbsp;&nbsp;$8654006 |
| UnitedHealth Group, Inc. | 91226 | &nbsp;&nbsp;&nbsp;&nbsp; 28268201 |
|  |  | &nbsp;&nbsp;**$36922207** |
| Metal, Glass & Plastic Containers — 1.0% | Metal, Glass & Plastic Containers — 1.0% | Metal, Glass & Plastic Containers — 1.0% |
| AptarGroup, Inc. | 60073 | &nbsp;&nbsp;$8366367 |
|  |  | &nbsp;&nbsp;**$8366367** |
| Pharmaceuticals — 40.1% | Pharmaceuticals — 40.1% | Pharmaceuticals — 40.1% |
| AstraZeneca PLC | 318544 | &nbsp;&nbsp;$50780476 |
| Bristol-Myers Squibb Co. | 563654 | &nbsp;&nbsp;&nbsp;&nbsp; 26593196 |
| Eli Lilly & Co. | 115906 | &nbsp;&nbsp;&nbsp;&nbsp; 84910417 |
| Johnson & Johnson | 195782 | &nbsp;&nbsp;&nbsp;&nbsp; 34686697 |
| Merck & Co., Inc. | 126571 | &nbsp;&nbsp;&nbsp;&nbsp; 10647152 |
| Novo Nordisk AS, Class B | 506331 | &nbsp;&nbsp;&nbsp;&nbsp; 28612467 |
| Roche Holding AG PC | 127381 | &nbsp;&nbsp;&nbsp;&nbsp; 41536163 |
| Royalty Pharma PLC, Class A | 151211 | &nbsp;&nbsp;&nbsp;&nbsp; 5440572 |
| Sanofi SA | 224029 | &nbsp;&nbsp;&nbsp;&nbsp; 22226354 |
| Zoetis, Inc. | 184111 | &nbsp;&nbsp;&nbsp;&nbsp; 28794959 |
|  |  | &nbsp;&nbsp;**$334228453** |
| Total Common Stocks<br> (identified cost $486,247,348) |  | &nbsp;&nbsp;**$831147301** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 0.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.19%<sup>(3)</sup> | 812863 | &nbsp;&nbsp;$812863 |
| Total Short-Term Investments<br> (identified cost $812,863) |  | &nbsp;&nbsp;**$812863** |
| Total Investments — 99.7%<br> (identified cost $487,060,211) |  | &nbsp;&nbsp;**$831960164** |
| Other Assets, Less Liabilities — 0.3% |  | &nbsp;&nbsp;**$2160914** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$834121078** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | Restricted security (see Note 8). |
| <sup>(3)</sup> | 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, 2025. |

---

---

| | | |
|:---|:---|:---|
| Country Concentration of Portfolio | Country Concentration of Portfolio | Country Concentration of Portfolio |
| **Country** | &nbsp;&nbsp;&nbsp;**Percentage<br> of Net Assets** | &nbsp;&nbsp;&nbsp;**Value** |
| United States | &nbsp;&nbsp;&nbsp;84.6% | &nbsp;&nbsp;&nbsp;$705629702 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50780476 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31581090 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24595816 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15269999 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4103081 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;**99.7%** | &nbsp;&nbsp;&nbsp;**$831960164** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | – American Depositary Receipt |
| PC | – Participation Certificate |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $486,247,348) | &nbsp;&nbsp;$831147301 |
| Affiliated investments, at value (identified cost $812,863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812863 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926848 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5344 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39188 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2724352 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10020 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84733 |
| **Total assets** | &nbsp;&nbsp;**$835750649** |
| Liabilities |  |
| Payable for Fund shares redeemed | &nbsp;&nbsp;$528578 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423878 |
| &nbsp;&nbsp;&nbsp;Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104858 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158354 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18359 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84733 |
| Payable for transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103263 |
| Payable for legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104181 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103367 |
| **Total liabilities** | &nbsp;&nbsp;**$1629571** |
| **Net Assets** | &nbsp;&nbsp;**$834121078** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$456979289 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;377141789 |
| **Net Assets** | &nbsp;&nbsp;**$834121078** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$583943052 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45250944 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.90 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$13.61 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$17713373 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1376689 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$12.87 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$181655814 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13558190 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$13.40 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Statement of Assets and Liabilities — continued

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Class R Shares |  |
| **Net Assets** | &nbsp;&nbsp;$50808839 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604884 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$14.09 |

---

---

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

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $592,066) | &nbsp;&nbsp;$13686481 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69639 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4964 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46283 |
| **Total investment income** | &nbsp;&nbsp;**$13807367** |
| Expenses |  |
| Investment adviser fee | &nbsp;&nbsp;$6111342 |
| Administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1410774 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631248 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211685 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282094 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57933 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251511 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736181 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147813 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34711 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70791 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94297 |
| **Total expenses** | &nbsp;&nbsp;**$11040380** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$283073 |
| **Total expense reductions** | &nbsp;&nbsp;**$283073** |
| **Net expenses** | &nbsp;&nbsp;**$10757307** |
| **Net investment income** | &nbsp;&nbsp;**$3050060** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$55621696 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17982) |
| **Net realized gain** | &nbsp;&nbsp;**$55603714** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(210135974) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159738 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(209976236)** |
| **Net realized and unrealized loss** | &nbsp;&nbsp;**$(154372522)** |
| **Net decrease in net assets from operations** | &nbsp;&nbsp;**$(151322462)** |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$3050060 | &nbsp;&nbsp;$2316903 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55603714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35006685 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209976236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168565701 |
| **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;**$(151322462)** | &nbsp;&nbsp;**$205889289** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(30208128) | &nbsp;&nbsp;$(16988889) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(963793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607410) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9938999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5264238) |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2264964) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1256108) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(43375884)** | &nbsp;&nbsp;**$(24116645)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(58555740) | &nbsp;&nbsp;$(58279425) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3738867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7232554) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19975882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394549 |
| &nbsp;&nbsp;&nbsp;Class R | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4669086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6842408) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(86939575)** | &nbsp;&nbsp;**$(69959838)** |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;**$(281637921)** | &nbsp;&nbsp;**$111812806** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$1115758999 | &nbsp;&nbsp;$1003946193 |
| **At end of year** | &nbsp;&nbsp;**$834121078** | &nbsp;&nbsp;**$1115758999** |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$15.66 | &nbsp;&nbsp;$13.15 | &nbsp;&nbsp;$12.45 | &nbsp;&nbsp;$15.26 | &nbsp;&nbsp;$13.38 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$0.04 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(2.14)** | &nbsp;&nbsp;**$2.84** | &nbsp;&nbsp;**$1.26** | &nbsp;&nbsp;**$(1.60)** | &nbsp;&nbsp;**$2.84** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$(0.07) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| **Total distributions** | &nbsp;&nbsp;**$(0.62)** | &nbsp;&nbsp;**$(0.33)** | &nbsp;&nbsp;**$(0.56)** | &nbsp;&nbsp;**$(1.21)** | &nbsp;&nbsp;**$(0.96)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.90** | &nbsp;&nbsp;**$15.66** | &nbsp;&nbsp;**$13.15** | &nbsp;&nbsp;**$12.45** | &nbsp;&nbsp;**$15.26** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.86)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.17%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.21%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(11.32)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.58%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$583943 | &nbsp;&nbsp;$777744 | &nbsp;&nbsp;$708283 | &nbsp;&nbsp;$703965 | &nbsp;&nbsp;$853051 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$15.70 | &nbsp;&nbsp;$13.27 | &nbsp;&nbsp;$12.63 | &nbsp;&nbsp;$15.44 | &nbsp;&nbsp;$13.50 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment loss<sup>(1)</sup> | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.08) | &nbsp;&nbsp;$(0.07) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(2.23)** | &nbsp;&nbsp;**$2.74** | &nbsp;&nbsp;**$1.18** | &nbsp;&nbsp;**$(1.72)** | &nbsp;&nbsp;**$2.77** |
| Less Distributions |  |  |  |  |  |
| From net realized gain | &nbsp;&nbsp;$(0.60) | &nbsp;&nbsp;$(0.31) | &nbsp;&nbsp;$(0.54) | &nbsp;&nbsp;$(1.09) | &nbsp;&nbsp;$(0.83) |
| **Total distributions** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.54)** | &nbsp;&nbsp;**$(1.09)** | &nbsp;&nbsp;**$(0.83)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$12.87** | &nbsp;&nbsp;**$15.70** | &nbsp;&nbsp;**$13.27** | &nbsp;&nbsp;**$12.63** | &nbsp;&nbsp;**$15.44** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.44)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.20%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.35%** | &nbsp;&nbsp;&nbsp;&nbsp;**(11.91)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.68%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$17713 | &nbsp;&nbsp;$26079 | &nbsp;&nbsp;$29164 | &nbsp;&nbsp;$39615 | &nbsp;&nbsp;$56172 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% |
| &nbsp;&nbsp;&nbsp;Net investment loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.47)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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, 2025, 2024, 2023 and 2022).

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$16.23 | &nbsp;&nbsp;$13.62 | &nbsp;&nbsp;$12.88 | &nbsp;&nbsp;$15.74 | &nbsp;&nbsp;$13.77 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.08 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.08 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(2.17)** | &nbsp;&nbsp;**$2.97** | &nbsp;&nbsp;**$1.34** | &nbsp;&nbsp;**$(1.62)** | &nbsp;&nbsp;**$2.96** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.05) | &nbsp;&nbsp;$(0.06) | &nbsp;&nbsp;$(0.07) | &nbsp;&nbsp;$(0.10) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| **Total distributions** | &nbsp;&nbsp;**$(0.66)** | &nbsp;&nbsp;**$(0.36)** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(1.24)** | &nbsp;&nbsp;**$(0.99)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$13.40** | &nbsp;&nbsp;**$16.23** | &nbsp;&nbsp;**$13.62** | &nbsp;&nbsp;**$12.88** | &nbsp;&nbsp;**$15.74** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.58)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.46%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(11.07)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.89%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$181656 | &nbsp;&nbsp;$245070 | &nbsp;&nbsp;$203614 | &nbsp;&nbsp;$209646 | &nbsp;&nbsp;$221892 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> 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.

<sup>(4)</sup> 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, 2025, 2024, 2023 and 2022).

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** | &nbsp;&nbsp;&nbsp;**Class R** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$17.05 | &nbsp;&nbsp;$14.31 | &nbsp;&nbsp;$13.52 | &nbsp;&nbsp;$16.45 | &nbsp;&nbsp;$14.35 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;$0.01 | &nbsp;&nbsp;$(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;$0.00<sup>(2)</sup> | &nbsp;&nbsp;$(0.00)<sup>(2)</sup> | &nbsp;&nbsp;$0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$(2.36)** | &nbsp;&nbsp;**$3.05** | &nbsp;&nbsp;**$1.33** | &nbsp;&nbsp;**$(1.76)** | &nbsp;&nbsp;**$3.02** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.03) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.89) |
| **Total distributions** | &nbsp;&nbsp;**$(0.60)** | &nbsp;&nbsp;**$(0.31)** | &nbsp;&nbsp;**$(0.54)** | &nbsp;&nbsp;**$(1.17)** | &nbsp;&nbsp;**$(0.92)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$14.09** | &nbsp;&nbsp;**$17.05** | &nbsp;&nbsp;**$14.31** | &nbsp;&nbsp;**$13.52** | &nbsp;&nbsp;**$16.45** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.05)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.83%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.86%** | &nbsp;&nbsp;&nbsp;&nbsp;**(11.46)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.24%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$50809 | &nbsp;&nbsp;$66865 | &nbsp;&nbsp;$62885 | &nbsp;&nbsp;$59042 | &nbsp;&nbsp;$70502 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005 or $(0.005), as applicable.

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

<sup>(4)</sup> 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.

<sup>(5)</sup> 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, 2025, 2024, 2023 and 2022).

*10*

*See Notes to Financial Statements.*

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

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

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

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 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, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

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

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

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

H Indemnifications—Under the Trust's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Trust) could be deemed to have personal liability for the obligations of the Trust. However, the Trust's Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Trust shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The 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—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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.

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.

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Notes to Financial Statements — continued

------

The tax character of distributions declared for the years ended August 31, 2025 and August 31, 2024 was as follows:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$2102751 | &nbsp;&nbsp;&nbsp;&nbsp;$1607989 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$41273133 | &nbsp;&nbsp;&nbsp;&nbsp;$22508656 |

---

During the year ended August 31, 2025, distributable earnings was decreased by $3,417,464 and paid-in capital was increased by $3,417,464 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, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$3508018 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35851125 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337782646 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$377141789** |

---

The cost and unrealized appreciation (depreciation) of investments of the Fund at August 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$494471583** |
| Gross unrealized appreciation | &nbsp;&nbsp;$343689257 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6200676) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$337488581** |

---

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** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.675% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.590% |
| $1 billion but less than $1.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.520% |
| $1.5 billion but less than $2 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.490% |
| $2 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.470% |
| $2.5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;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, 2025, the investment adviser fee, including an upward performance adjustment of $146,959, amounted to $6,111,342 or 0.65% 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

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Notes to Financial Statements — continued

------

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, 2025, the investment adviser fee paid was reduced by $2,184 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, 2025, the administration fee amounted to $1,410,774.

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, 2026. Pursuant to this agreement, EVM and EVAIL waived and/or reimbursed $280,889 in total of the Fund's operating expenses for the year ended August 31, 2025.

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, 2025, EVM earned $105,122 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 $7,776 as its portion of the sales charge on sales of Class A shares for the year ended August 31, 2025. 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, 2025 in the amount of $209. 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, 2025 amounted to $1,631,248 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, 2025, the Fund paid or accrued to EVD $158,764 for Class C shares.

The Class R Plan requires the Fund to pay EVD an amount up to 0.50% per annum of its average daily net assets attributable to Class R shares for providing ongoing distribution services and facilities to the Fund. The Trustees of the Trust have currently limited Class R distribution payments to 0.25% per annum of the average daily net assets attributable to Class R shares. For the year ended August 31, 2025, the Fund paid or accrued to EVD $141,047 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, 2025 amounted to $52,921 and $141,047 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, 2025, the Fund was informed that EVD received $237 and $699 of CDSCs paid by Class A and Class C shareholders, respectively.

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Notes to Financial Statements — continued

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6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $287,746,237 and $414,447,980, respectively, for the year ended August 31, 2025.

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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 995825 | &nbsp;&nbsp;&nbsp;&nbsp;$13528246 | &nbsp;&nbsp;&nbsp;&nbsp;1416252 | &nbsp;&nbsp;&nbsp;&nbsp;$19008416 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp;1984694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27091075 | &nbsp;&nbsp;&nbsp;&nbsp;1217420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15229921 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(7402605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99175061) | &nbsp;&nbsp;&nbsp;&nbsp;(6815509) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92517762) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(4422086)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(58555740)** | &nbsp;&nbsp;&nbsp;&nbsp;**(4181837)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(58279425)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 158128 | &nbsp;&nbsp;&nbsp;&nbsp;$2156471 | &nbsp;&nbsp;&nbsp;&nbsp; 158774 | &nbsp;&nbsp;&nbsp;&nbsp;$2162984 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 69384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949167 | &nbsp;&nbsp;&nbsp;&nbsp; 47253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596336 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (511770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6844505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (743065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9991874) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(284258)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(3738867)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(537038)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(7232554)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;1988838 | &nbsp;&nbsp;&nbsp;&nbsp;$27983692 | &nbsp;&nbsp;&nbsp;&nbsp;2213993 | &nbsp;&nbsp;&nbsp;&nbsp;$31340663 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 589818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8340029 | &nbsp;&nbsp;&nbsp;&nbsp; 335120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4339809 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(4118614) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56299603) | &nbsp;&nbsp;&nbsp;&nbsp;(2397349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33285923) |
| **Net increase (decrease)** | &nbsp;&nbsp;&nbsp;&nbsp;**(1539958)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(19975882)** | &nbsp;&nbsp;&nbsp;&nbsp; **151764** | &nbsp;&nbsp;&nbsp;&nbsp;**$2394549** |
| **Class R** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 264956 | &nbsp;&nbsp;&nbsp;&nbsp;$3912119 | &nbsp;&nbsp;&nbsp;&nbsp; 341278 | &nbsp;&nbsp;&nbsp;&nbsp;$5120988 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 151493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2261796 | &nbsp;&nbsp;&nbsp;&nbsp; 91902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254455 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (732602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10843001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (905848) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13217851) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(316153)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4669086)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(472668)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6842408)** |

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Notes to Financial Statements — continued

------

8 Restricted Securities

At August 31, 2025, the Fund owned the following security (representing 1.5% of net assets) which was restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Fund has limited registration rights with respect to this security. The value of restricted securities is determined based on valuations provided by brokers when available, or if not available, they are valued by the investment adviser as the Trustees' valuation designee.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Date(s) of<br> Acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| **Common Stocks** |  |  |  |  |
| Caris Life Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6/18/25 | &nbsp;&nbsp;&nbsp;&nbsp;326226 | &nbsp;&nbsp;&nbsp;&nbsp;$5480094 | &nbsp;&nbsp;&nbsp;&nbsp;$12523816 |
| **Total Restricted Securities** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**$5480094** | &nbsp;&nbsp;&nbsp;&nbsp;**$12523816** |

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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 21, 2025. 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 2024, 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, 2025.

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, 2025, the Fund had no securities on loan.

11 Affiliated Investments

At August 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $812,863, which represents 0.1% of the Fund's net assets. Transactions in such investments by the Fund for the year ended August 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $1285435 | $107087733 | $(107560305) | $— | $— | $812863 | $69639 | 812863 |

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Notes to Financial Statements — continued

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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, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;$144840454 | &nbsp;&nbsp;&nbsp;&nbsp;$16023392 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$160863846 |
| &nbsp;&nbsp;&nbsp;Health Care Distributors | &nbsp;&nbsp;&nbsp;&nbsp; 14104272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4103081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18207353 |
| &nbsp;&nbsp;&nbsp;Health Care Equipment | &nbsp;&nbsp;&nbsp;&nbsp;157991881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6662696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164654577 |
| &nbsp;&nbsp;&nbsp;Health Care Services | &nbsp;&nbsp;&nbsp;&nbsp; 5133577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5133577 |
| &nbsp;&nbsp;&nbsp;Health Care Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 13623540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14438749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28062289 |
| &nbsp;&nbsp;&nbsp;Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; 6897807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6897807 |
| &nbsp;&nbsp;&nbsp;Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; 49877705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17933120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67810825 |
| &nbsp;&nbsp;&nbsp;Managed Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 36922207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36922207 |
| &nbsp;&nbsp;&nbsp;Metal, Glass & Plastic Containers | &nbsp;&nbsp;&nbsp;&nbsp; 8366367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8366367 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;191072993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143155460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334228453 |
| **Total Common Stocks** | &nbsp;&nbsp;**$628830803** | &nbsp;&nbsp;&nbsp;&nbsp;**$202,316,498\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$831147301** |
| Short-Term Investments | &nbsp;&nbsp;$812863 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$812863 |
| **Total Investments** | &nbsp;&nbsp;**$629643666** | &nbsp;&nbsp;&nbsp;&nbsp;**$202316498** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$831960164** |

---

\* 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.

#### 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.

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Report of Independent Registered Public Accounting Firm

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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, 2025, 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, 2025, 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, 2025, 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 17, 2025

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

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. 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, 2025, the Fund designates approximately $13,907,283, 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 2025 ordinary income dividends, 100% 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, 2025, $54,922,602 or, if subsequently determined to be different, the net capital gain of such year.**

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Board of Trustees' Contract Approval

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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 12, 2025, 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 agreements<sup>1</sup> 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 2025, 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 for each sub-adviser not affiliated with the adviser;

*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*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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."

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

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• 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;

• 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 the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• 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 12, 2025 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.

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

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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 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, 2024. In this regard, the Board noted that the performance of the Fund was consistent with 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. 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, 2024, 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.

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

Eaton Vance

Worldwide Health Sciences Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

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*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 or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*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.

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[**Table of Contents**](#JOB_EV_AR_6df1f93c-2f4c-4990-8447-1bc2e7ca45f0_TOC)

ETHSX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;8.31.25

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## Eaton Vance

## Equity Strategy Fund (formerly, Eaton Vance RBA Equity Strategy Fund)

## Annual Financial Statements and Additional Information
August 31, 2025

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![](g904361imga01ff6531.gif)

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**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.**

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#### Annual Financial Statements and Additional Information August 31, 2025
Eaton Vance

Equity Strategy Fund

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| | |
|:---|:---|
| **[**Table of Contents**](#xx_8be9a857-631c-4290-8178-f9ec151fa526_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_9a02b5f5-4802-4b45-8bd0-c455b25bee0c_1) | [Items 6 and 7 of Form N-CSR:](#xx_9a02b5f5-4802-4b45-8bd0-c455b25bee0c_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_9a02b5f5-4802-4b45-8bd0-c455b25bee0c_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_63c9be18-c0bb-495e-9ef5-022b93e5dd0b_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_63c9be18-c0bb-495e-9ef5-022b93e5dd0b_2) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_63c9be18-c0bb-495e-9ef5-022b93e5dd0b_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_7e7b6322-e26c-4258-8c61-661a2f678134_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_c6e0c2df-029e-4f3d-8e24-0aa0e1941acd_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_9cd88dbd-7dbd-4c5b-8092-6b4554d45e3c_1) | 20 |
| [Federal Tax Information](#xx_56938707-6330-4cc0-b8fd-dfaa25a9d542_1) | 21 |
| [Item 11 of Form N-CSR:](#xx_8c8a82a6-2b12-4618-8b87-5df68674c356_1) | [Item 11 of Form N-CSR:](#xx_8c8a82a6-2b12-4618-8b87-5df68674c356_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_8c8a82a6-2b12-4618-8b87-5df68674c356_1) | 22 |

---

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

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Portfolio of Investments

------

Common Stocks — 88.1%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% | Aerospace & Defense — 3.1% |
| Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4849 | &nbsp;&nbsp;$1013775 |
| BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55362 | &nbsp;&nbsp;&nbsp;&nbsp; 1312126 |
| Boeing Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4089 | &nbsp;&nbsp;&nbsp;&nbsp; 959607 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823 | &nbsp;&nbsp;&nbsp;&nbsp; 1889971 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 3164800 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8677 | &nbsp;&nbsp;&nbsp;&nbsp; 1510666 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 | &nbsp;&nbsp;&nbsp;&nbsp; 982794 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681 | &nbsp;&nbsp;&nbsp;&nbsp; 1581897 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66597 | &nbsp;&nbsp;&nbsp;&nbsp; 960351 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7667 | &nbsp;&nbsp;&nbsp;&nbsp; 1215986 |
|  |  | &nbsp;&nbsp;**$14591973** |
| Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% | Air Freight & Logistics — 0.2% |
| DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4082 | &nbsp;&nbsp;$905010 |
|  |  | &nbsp;&nbsp;**$905010** |
| Automobiles — 1.6% | Automobiles — 1.6% | Automobiles — 1.6% |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82934 | &nbsp;&nbsp;$976133 |
| Tesla, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15638 | &nbsp;&nbsp;&nbsp;&nbsp; 5221059 |
| Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56700 | &nbsp;&nbsp;&nbsp;&nbsp; 1097850 |
|  |  | &nbsp;&nbsp;**$7295042** |
| Banks — 6.2% | Banks — 6.2% | Banks — 6.2% |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71517 | &nbsp;&nbsp;$1301538 |
| Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;184261 | &nbsp;&nbsp;&nbsp;&nbsp; 1759700 |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40337 | &nbsp;&nbsp;&nbsp;&nbsp; 2046699 |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp; 1545673 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10088 | &nbsp;&nbsp;&nbsp;&nbsp; 974198 |
| Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25789 | &nbsp;&nbsp;&nbsp;&nbsp; 984329 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22222 | &nbsp;&nbsp;&nbsp;&nbsp; 1017101 |
| HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92541 | &nbsp;&nbsp;&nbsp;&nbsp; 1184652 |
| ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38045 | &nbsp;&nbsp;&nbsp;&nbsp; 908323 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;157449 | &nbsp;&nbsp;&nbsp;&nbsp; 991228 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13748 | &nbsp;&nbsp;&nbsp;&nbsp; 4143922 |
| KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52278 | &nbsp;&nbsp;&nbsp;&nbsp; 1012102 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp; 970487 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4950 | &nbsp;&nbsp;&nbsp;&nbsp; 1026828 |
| Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13935 | &nbsp;&nbsp;&nbsp;&nbsp; 859913 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp; 931457 |
| Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72935 | &nbsp;&nbsp;&nbsp;&nbsp; 2052600 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22929 | &nbsp;&nbsp;&nbsp;&nbsp; 1119623 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Banks (continued) | Banks (continued) | Banks (continued) |
| UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27209 | &nbsp;&nbsp;$2104472 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24537 | &nbsp;&nbsp;&nbsp;&nbsp; 2016451 |
|  |  | &nbsp;&nbsp;**$28951296** |
| Beverages — 0.7% | Beverages — 0.7% | Beverages — 0.7% |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32744 | &nbsp;&nbsp;$2259008 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8164 | &nbsp;&nbsp;&nbsp;&nbsp; 1213579 |
|  |  | &nbsp;&nbsp;**$3472587** |
| Biotechnology — 1.2% | Biotechnology — 1.2% | Biotechnology — 1.2% |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8653 | &nbsp;&nbsp;$1820591 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3248 | &nbsp;&nbsp;&nbsp;&nbsp; 934482 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16669 | &nbsp;&nbsp;&nbsp;&nbsp; 1883097 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp; 1038940 |
|  |  | &nbsp;&nbsp;**$5677110** |
| Broadline Retail — 3.1% | Broadline Retail — 3.1% | Broadline Retail — 3.1% |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55973 | &nbsp;&nbsp;$12817817 |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | &nbsp;&nbsp;&nbsp;&nbsp; 1503529 |
|  |  | &nbsp;&nbsp;**$14321346** |
| Building Products — 1.0% | Building Products — 1.0% | Building Products — 1.0% |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14294 | &nbsp;&nbsp;$931969 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 1186876 |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12541 | &nbsp;&nbsp;&nbsp;&nbsp; 1340508 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp; 1128354 |
|  |  | &nbsp;&nbsp;**$4587707** |
| Capital Markets — 3.7% | Capital Markets — 3.7% | Capital Markets — 3.7% |
| Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;$899763 |
| Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19112 | &nbsp;&nbsp;&nbsp;&nbsp; 1256228 |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9883 | &nbsp;&nbsp;&nbsp;&nbsp; 947187 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514 | &nbsp;&nbsp;&nbsp;&nbsp; 936516 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2964 | &nbsp;&nbsp;&nbsp;&nbsp; 902657 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28630 | &nbsp;&nbsp;&nbsp;&nbsp; 1005947 |
| DWS Group GmbH & Co. KGaA<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14890 | &nbsp;&nbsp;&nbsp;&nbsp; 924756 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1670 | &nbsp;&nbsp;&nbsp;&nbsp; 1244568 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244 | &nbsp;&nbsp;&nbsp;&nbsp; 963699 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973 | &nbsp;&nbsp;&nbsp;&nbsp; 990870 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5342 | &nbsp;&nbsp;&nbsp;&nbsp; 943397 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6731 | &nbsp;&nbsp;&nbsp;&nbsp; 938907 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 1226365 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4478 | &nbsp;&nbsp;&nbsp;&nbsp; 2455914 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| TPG, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17085 | &nbsp;&nbsp;$1031080 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7381 | &nbsp;&nbsp;&nbsp;&nbsp; 910520 |
|  |  | &nbsp;&nbsp;**$17578374** |
| Chemicals — 1.5% | Chemicals — 1.5% | Chemicals — 1.5% |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13146 | &nbsp;&nbsp;$975302 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66358 | &nbsp;&nbsp;&nbsp;&nbsp; 1634398 |
| Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47954 | &nbsp;&nbsp;&nbsp;&nbsp; 925309 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2788 | &nbsp;&nbsp;&nbsp;&nbsp; 1333472 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17949 | &nbsp;&nbsp;&nbsp;&nbsp; 1011426 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30300 | &nbsp;&nbsp;&nbsp;&nbsp; 922859 |
|  |  | &nbsp;&nbsp;**$6802766** |
| Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% | Commercial Services & Supplies — 0.2% |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239 | &nbsp;&nbsp;$959667 |
|  |  | &nbsp;&nbsp;**$959667** |
| Communications Equipment — 0.6% | Communications Equipment — 0.6% | Communications Equipment — 0.6% |
| Arista Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10543 | &nbsp;&nbsp;$1439646 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18441 | &nbsp;&nbsp;&nbsp;&nbsp; 1274089 |
|  |  | &nbsp;&nbsp;**$2713735** |
| Construction & Engineering — 0.6% | Construction & Engineering — 0.6% | Construction & Engineering — 0.6% |
| API Group Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26742 | &nbsp;&nbsp;$954155 |
| Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp; 811703 |
| Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8688 | &nbsp;&nbsp;&nbsp;&nbsp; 1178366 |
|  |  | &nbsp;&nbsp;**$2944224** |
| Consumer Finance — 0.5% | Consumer Finance — 0.5% | Consumer Finance — 0.5% |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271 | &nbsp;&nbsp;$1083617 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5180 | &nbsp;&nbsp;&nbsp;&nbsp; 1177000 |
|  |  | &nbsp;&nbsp;**$2260617** |
| Consumer Staples Distribution & Retail — 1.5% | Consumer Staples Distribution & Retail — 1.5% | Consumer Staples Distribution & Retail — 1.5% |
| Aeon Co. Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80400 | &nbsp;&nbsp;$975336 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1513 | &nbsp;&nbsp;&nbsp;&nbsp; 1427243 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11998 | &nbsp;&nbsp;&nbsp;&nbsp; 965479 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38173 | &nbsp;&nbsp;&nbsp;&nbsp; 3702018 |
|  |  | &nbsp;&nbsp;**$7070076** |
| Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% | Diversified Telecommunication Services — 0.3% |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49460 | &nbsp;&nbsp;$1448683 |
|  |  | &nbsp;&nbsp;**$1448683** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 1.8% | Electric Utilities — 1.8% | Electric Utilities — 1.8% |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5267 | &nbsp;&nbsp;$1622131 |
| Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;273135 | &nbsp;&nbsp;&nbsp;&nbsp; 2520530 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16301 | &nbsp;&nbsp;&nbsp;&nbsp; 1435955 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp;&nbsp;&nbsp; 943488 |
| Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65750 | &nbsp;&nbsp;&nbsp;&nbsp; 1239446 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12552 | &nbsp;&nbsp;&nbsp;&nbsp; 904372 |
|  |  | &nbsp;&nbsp;**$8665922** |
| Electrical Equipment — 0.9% | Electrical Equipment — 0.9% | Electrical Equipment — 0.9% |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824 | &nbsp;&nbsp;$1684251 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2863 | &nbsp;&nbsp;&nbsp;&nbsp; 1754933 |
| nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10630 | &nbsp;&nbsp;&nbsp;&nbsp; 960846 |
|  |  | &nbsp;&nbsp;**$4400030** |
| Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% | Electronic Equipment, Instruments & Components — 0.4% |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16326 | &nbsp;&nbsp;$1094332 |
| Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21649 | &nbsp;&nbsp;&nbsp;&nbsp; 962454 |
|  |  | &nbsp;&nbsp;**$2056786** |
| Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% | Energy Equipment & Services — 0.2% |
| Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28541 | &nbsp;&nbsp;$1051450 |
|  |  | &nbsp;&nbsp;**$1051450** |
| Entertainment — 1.2% | Entertainment — 1.2% | Entertainment — 1.2% |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2263 | &nbsp;&nbsp;$2734270 |
| Spotify Technology SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1871 | &nbsp;&nbsp;&nbsp;&nbsp; 1275797 |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12604 | &nbsp;&nbsp;&nbsp;&nbsp; 1492062 |
|  |  | &nbsp;&nbsp;**$5502129** |
| Financial Services — 4.7% | Financial Services — 4.7% | Financial Services — 4.7% |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8970 | &nbsp;&nbsp;$1221983 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7476 | &nbsp;&nbsp;&nbsp;&nbsp; 3760279 |
| Block, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14632 | &nbsp;&nbsp;&nbsp;&nbsp; 1165292 |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27864 | &nbsp;&nbsp;&nbsp;&nbsp; 968831 |
| Enact Holdings, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28520 | &nbsp;&nbsp;&nbsp;&nbsp; 1073778 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20391 | &nbsp;&nbsp;&nbsp;&nbsp; 1086025 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4505 | &nbsp;&nbsp;&nbsp;&nbsp; 2681781 |
| Mitsubishi HC Capital, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;275500 | &nbsp;&nbsp;&nbsp;&nbsp; 2259990 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp;&nbsp;&nbsp; 1627164 |
| PayPal Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16826 | &nbsp;&nbsp;&nbsp;&nbsp; 1181017 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13986 | &nbsp;&nbsp;&nbsp;&nbsp; 4919995 |
|  |  | &nbsp;&nbsp;**$21946135** |
| Food Products — 0.9% | Food Products — 0.9% | Food Products — 0.9% |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50074 | &nbsp;&nbsp;$957916 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28002 | &nbsp;&nbsp;$2337252 |
| JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30778 | &nbsp;&nbsp;&nbsp;&nbsp; 1127132 |
|  |  | &nbsp;&nbsp;**$4422300** |
| Ground Transportation — 1.0% | Ground Transportation — 1.0% | Ground Transportation — 1.0% |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26408 | &nbsp;&nbsp;$858524 |
| Uber Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28453 | &nbsp;&nbsp;&nbsp;&nbsp; 2667469 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4318 | &nbsp;&nbsp;&nbsp;&nbsp; 965375 |
|  |  | &nbsp;&nbsp;**$4491368** |
| Health Care Equipment & Supplies — 2.2% | Health Care Equipment & Supplies — 2.2% | Health Care Equipment & Supplies — 2.2% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18225 | &nbsp;&nbsp;$2417729 |
| Boston Scientific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27608 | &nbsp;&nbsp;&nbsp;&nbsp; 2912644 |
| EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6888 | &nbsp;&nbsp;&nbsp;&nbsp; 2101083 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 916799 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2515 | &nbsp;&nbsp;&nbsp;&nbsp; 1190337 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp; 975002 |
|  |  | &nbsp;&nbsp;**$10513594** |
| Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% | Health Care Providers & Services — 1.3% |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6347 | &nbsp;&nbsp;$944307 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5659 | &nbsp;&nbsp;&nbsp;&nbsp; 1650221 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415 | &nbsp;&nbsp;&nbsp;&nbsp; 975563 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp; 1592318 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp;&nbsp;&nbsp; 1048290 |
|  |  | &nbsp;&nbsp;**$6210699** |
| Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% | Hotels, Restaurants & Leisure — 1.9% |
| Airbnb, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7717 | &nbsp;&nbsp;$1007300 |
| Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11258 | &nbsp;&nbsp;&nbsp;&nbsp; 944300 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 1623724 |
| Delivery Hero SE<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34704 | &nbsp;&nbsp;&nbsp;&nbsp; 920662 |
| DoorDash, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6991 | &nbsp;&nbsp;&nbsp;&nbsp; 1714543 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3185 | &nbsp;&nbsp;&nbsp;&nbsp; 998625 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10271 | &nbsp;&nbsp;&nbsp;&nbsp; 905799 |
| Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23447 | &nbsp;&nbsp;&nbsp;&nbsp; 998218 |
|  |  | &nbsp;&nbsp;**$9113171** |
| Household Durables — 0.6% | Household Durables — 0.6% | Household Durables — 0.6% |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5755 | &nbsp;&nbsp;$975357 |
| Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7232 | &nbsp;&nbsp;&nbsp;&nbsp; 962869 |
| Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33700 | &nbsp;&nbsp;&nbsp;&nbsp; 921059 |
|  |  | &nbsp;&nbsp;**$2859285** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Household Products — 0.6% | Household Products — 0.6% | Household Products — 0.6% |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18032 | &nbsp;&nbsp;$2831745 |
|  |  | &nbsp;&nbsp;**$2831745** |
| Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% | Independent Power and Renewable Electricity Producers — 0.4% |
| Corp. ACCIONA Energias Renovables SA<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34337 | &nbsp;&nbsp;$923888 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5803 | &nbsp;&nbsp;&nbsp;&nbsp; 1097405 |
|  |  | &nbsp;&nbsp;**$2021293** |
| Industrial Conglomerates — 0.7% | Industrial Conglomerates — 0.7% | Industrial Conglomerates — 0.7% |
| Hitachi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50900 | &nbsp;&nbsp;$1371419 |
| Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174 | &nbsp;&nbsp;&nbsp;&nbsp; 1157055 |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30353 | &nbsp;&nbsp;&nbsp;&nbsp; 966455 |
|  |  | &nbsp;&nbsp;**$3494929** |
| Insurance — 3.0% | Insurance — 3.0% | Insurance — 3.0% |
| Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3328 | &nbsp;&nbsp;$1407020 |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5483 | &nbsp;&nbsp;&nbsp;&nbsp; 1115516 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18613 | &nbsp;&nbsp;&nbsp;&nbsp; 1513609 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3228 | &nbsp;&nbsp;&nbsp;&nbsp; 977277 |
| AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25858 | &nbsp;&nbsp;&nbsp;&nbsp; 1204405 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10584 | &nbsp;&nbsp;&nbsp;&nbsp; 1400369 |
| Markel Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 2423357 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3565 | &nbsp;&nbsp;&nbsp;&nbsp; 2274119 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;166349 | &nbsp;&nbsp;&nbsp;&nbsp; 1532199 |
|  |  | &nbsp;&nbsp;**$13847871** |
| Interactive Media & Services — 5.3% | Interactive Media & Services — 5.3% | Interactive Media & Services — 5.3% |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40621 | &nbsp;&nbsp;$8648617 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23213 | &nbsp;&nbsp;&nbsp;&nbsp; 4956672 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15063 | &nbsp;&nbsp;&nbsp;&nbsp; 11127038 |
|  |  | &nbsp;&nbsp;**$24732327** |
| IT Services — 1.3% | IT Services — 1.3% | IT Services — 1.3% |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7718 | &nbsp;&nbsp;$2006448 |
| Gartner, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3977 | &nbsp;&nbsp;&nbsp;&nbsp; 998983 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5243 | &nbsp;&nbsp;&nbsp;&nbsp; 1276618 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45100 | &nbsp;&nbsp;&nbsp;&nbsp; 926239 |
| Shopify, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7536 | &nbsp;&nbsp;&nbsp;&nbsp; 1064429 |
|  |  | &nbsp;&nbsp;**$6272717** |
| Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% | Life Sciences Tools & Services — 0.6% |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4547 | &nbsp;&nbsp;$935864 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964 | &nbsp;&nbsp;&nbsp;&nbsp; 1953142 |
|  |  | &nbsp;&nbsp;**$2889006** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Machinery — 1.3% | Machinery — 1.3% | Machinery — 1.3% |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3224 | &nbsp;&nbsp;$1350985 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 | &nbsp;&nbsp;&nbsp;&nbsp; 925690 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3667 | &nbsp;&nbsp;&nbsp;&nbsp; 970472 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12513 | &nbsp;&nbsp;&nbsp;&nbsp; 1080873 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16027 | &nbsp;&nbsp;&nbsp;&nbsp; 1602379 |
|  |  | &nbsp;&nbsp;**$5930399** |
| Media — 0.7% | Media — 0.7% | Media — 0.7% |
| Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33652 | &nbsp;&nbsp;$1143159 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22174 | &nbsp;&nbsp;&nbsp;&nbsp; 1209592 |
| News Corp., Class B<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27766 | &nbsp;&nbsp;&nbsp;&nbsp; 940434 |
|  |  | &nbsp;&nbsp;**$3293185** |
| Metals & Mining — 0.3% | Metals & Mining — 0.3% | Metals & Mining — 0.3% |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34054 | &nbsp;&nbsp;$1511998 |
|  |  | &nbsp;&nbsp;**$1511998** |
| Oil, Gas & Consumable Fuels — 1.8% | Oil, Gas & Consumable Fuels — 1.8% | Oil, Gas & Consumable Fuels — 1.8% |
| Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87830 | &nbsp;&nbsp;$1562496 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7365 | &nbsp;&nbsp;&nbsp;&nbsp; 1182819 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10110 | &nbsp;&nbsp;&nbsp;&nbsp; 1000587 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12696 | &nbsp;&nbsp;&nbsp;&nbsp; 1451026 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21499 | &nbsp;&nbsp;&nbsp;&nbsp; 1023567 |
| Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71536 | &nbsp;&nbsp;&nbsp;&nbsp; 1172911 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;&nbsp; 989952 |
|  |  | &nbsp;&nbsp;**$8383358** |
| Passenger Airlines — 0.5% | Passenger Airlines — 0.5% | Passenger Airlines — 0.5% |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23818 | &nbsp;&nbsp;$1471476 |
| Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98070 | &nbsp;&nbsp;&nbsp;&nbsp; 914287 |
|  |  | &nbsp;&nbsp;**$2385763** |
| Pharmaceuticals — 2.8% | Pharmaceuticals — 2.8% | Pharmaceuticals — 2.8% |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8065 | &nbsp;&nbsp;$1285676 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4157 | &nbsp;&nbsp;&nbsp;&nbsp; 3045335 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16784 | &nbsp;&nbsp;&nbsp;&nbsp; 2973621 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13472 | &nbsp;&nbsp;&nbsp;&nbsp; 1133265 |
| Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20335 | &nbsp;&nbsp;&nbsp;&nbsp; 2573843 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31100 | &nbsp;&nbsp;&nbsp;&nbsp; 936196 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6858 | &nbsp;&nbsp;&nbsp;&nbsp; 1072591 |
|  |  | &nbsp;&nbsp;**$13020527** |
| Professional Services — 0.4% | Professional Services — 0.4% | Professional Services — 0.4% |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;$955021 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Professional Services (continued) | Professional Services (continued) | Professional Services (continued) |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp;$875516 |
|  |  | &nbsp;&nbsp;**$1830537** |
| Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% | Real Estate Management & Development — 0.2% |
| LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11217 | &nbsp;&nbsp;$940276 |
|  |  | &nbsp;&nbsp;**$940276** |
| Semiconductors & Semiconductor Equipment — 8.6% | Semiconductors & Semiconductor Equipment — 8.6% | Semiconductors & Semiconductor Equipment — 8.6% |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8478 | &nbsp;&nbsp;$1378777 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5812 | &nbsp;&nbsp;&nbsp;&nbsp; 934337 |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2227 | &nbsp;&nbsp;&nbsp;&nbsp; 1653754 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24987 | &nbsp;&nbsp;&nbsp;&nbsp; 7430884 |
| Intel Corp.<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40170 | &nbsp;&nbsp;&nbsp;&nbsp; 978139 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9611 | &nbsp;&nbsp;&nbsp;&nbsp; 962542 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12385 | &nbsp;&nbsp;&nbsp;&nbsp; 778583 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7869 | &nbsp;&nbsp;&nbsp;&nbsp; 936490 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;131497 | &nbsp;&nbsp;&nbsp;&nbsp; 22904147 |
| Qualcomm, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7988 | &nbsp;&nbsp;&nbsp;&nbsp; 1283911 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891 | &nbsp;&nbsp;&nbsp;&nbsp; 990330 |
|  |  | &nbsp;&nbsp;**$40231894** |
| Software — 8.2% | Software — 8.2% | Software — 8.2% |
| Adobe, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684 | &nbsp;&nbsp;$1314083 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2668 | &nbsp;&nbsp;&nbsp;&nbsp; 934947 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp; 944427 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp; 883108 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45545 | &nbsp;&nbsp;&nbsp;&nbsp; 23077196 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9644 | &nbsp;&nbsp;&nbsp;&nbsp; 2180798 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11362 | &nbsp;&nbsp;&nbsp;&nbsp; 1780539 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5395 | &nbsp;&nbsp;&nbsp;&nbsp; 1027856 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6589 | &nbsp;&nbsp;&nbsp;&nbsp; 1688431 |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6164 | &nbsp;&nbsp;&nbsp;&nbsp; 1677817 |
| ServiceNow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304 | &nbsp;&nbsp;&nbsp;&nbsp; 2113828 |
| Synopsys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1520 | &nbsp;&nbsp;&nbsp;&nbsp; 917350 |
|  |  | &nbsp;&nbsp;**$38540380** |
| Specialized REITs — 0.4% | Specialized REITs — 0.4% | Specialized REITs — 0.4% |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4679 | &nbsp;&nbsp;$953814 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29516 | &nbsp;&nbsp;&nbsp;&nbsp; 997051 |
|  |  | &nbsp;&nbsp;**$1950865** |
| Specialty Retail — 1.2% | Specialty Retail — 1.2% | Specialty Retail — 1.2% |
| AutoZone, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;$986655 |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp; 2238048 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23244 | &nbsp;&nbsp;$1149633 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4459 | &nbsp;&nbsp;&nbsp;&nbsp; 1150689 |
|  |  | &nbsp;&nbsp;**$5525025** |
| Technology Hardware, Storage & Peripherals — 4.3% | Technology Hardware, Storage & Peripherals — 4.3% | Technology Hardware, Storage & Peripherals — 4.3% |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82400 | &nbsp;&nbsp;$19128336 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12530 | &nbsp;&nbsp;&nbsp;&nbsp; 1006660 |
|  |  | &nbsp;&nbsp;**$20134996** |
| Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% | Textiles, Apparel & Luxury Goods — 0.8% |
| adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4814 | &nbsp;&nbsp;$936593 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668 | &nbsp;&nbsp;&nbsp;&nbsp; 943869 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp; 980120 |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12275 | &nbsp;&nbsp;&nbsp;&nbsp; 949717 |
|  |  | &nbsp;&nbsp;**$3810299** |
| Tobacco — 0.7% | Tobacco — 0.7% | Tobacco — 0.7% |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17521 | &nbsp;&nbsp;$1177586 |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18013 | &nbsp;&nbsp;&nbsp;&nbsp; 1022915 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6683 | &nbsp;&nbsp;&nbsp;&nbsp; 1116930 |
|  |  | &nbsp;&nbsp;**$3317431** |
| Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% | Trading Companies & Distributors — 0.7% |
| Diploma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13658 | &nbsp;&nbsp;$997046 |
| Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37600 | &nbsp;&nbsp;&nbsp;&nbsp; 1000739 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp; 1229853 |
|  |  | &nbsp;&nbsp;**$3227638** |
| Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% | Wireless Telecommunication Services — 0.2% |
| SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp;$944980 |
|  |  | &nbsp;&nbsp;**$944980** |
| Total Common Stocks<br> (identified cost $230,634,538) |  | &nbsp;&nbsp;**$413882521** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Exchange-Traded Funds — 9.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Equity Funds — 9.8% | Equity Funds — 9.8% | Equity Funds — 9.8% |
| iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;526197 | &nbsp;&nbsp;$32671572 |
| iShares MSCI India ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70876 | &nbsp;&nbsp;&nbsp;&nbsp; 3684134 |
| iShares MSCI South Korea ETF<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34853 | &nbsp;&nbsp;&nbsp;&nbsp; 2517781 |
| iShares MSCI Taiwan ETF | &nbsp;&nbsp;&nbsp;&nbsp;120744 | &nbsp;&nbsp;&nbsp;&nbsp; 7102162 |
| Total Exchange-Traded Funds<br> (identified cost $43,523,860) |  | &nbsp;&nbsp;**$45975649** |

---

Short-Term Investments — 3.2%

Affiliated Fund — 2.2%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.19%<sup>(4)</sup> | 10425633 | &nbsp;&nbsp;$10425633 |
| Total Affiliated Fund<br> (identified cost $10,425,633) |  | &nbsp;&nbsp;**$10425633** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Securities Lending Collateral — 1.0%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.31%<sup>(5)</sup> | 4443148 | &nbsp;&nbsp;$4443148 |
| Total Securities Lending Collateral<br> (identified cost $4,443,148) |  | &nbsp;&nbsp;**$4443148** |
| Total Short-Term Investments<br> (identified cost $14,868,781) |  | &nbsp;&nbsp;**$14868781** |
| Total Investments — 101.1%<br> (identified cost $289,027,179) |  | &nbsp;&nbsp;**$474726951** |
| Other Assets, Less Liabilities — (1.1)% |  | &nbsp;&nbsp;**$(5030303)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$469696648** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | 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, 2025, the aggregate value of these securities is $2,823,557 or 0.6% of the Fund's net assets. |
| <sup>(3)</sup> | All or a portion of this security was on loan at August 31, 2025. The aggregate market value of securities on loan at August 31, 2025 was $5,331,401. |
| <sup>(4)</sup> | May be deemed to be an affiliated investment company (see Note 10). The rate shown is the annualized seven-day yield as of August 31, 2025. |
| <sup>(5)</sup> | Represents investment of cash collateral received in connection with securities lending. |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| Country Concentration of Portfolio | Country Concentration of Portfolio | Country Concentration of Portfolio |
| **Country** | &nbsp;&nbsp;&nbsp;**Percentage<br> of Net Assets** | &nbsp;&nbsp;&nbsp;**Value** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;73.6% | &nbsp;&nbsp;&nbsp;$345752320 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17864966 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13147508 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12032290 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11222092 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491416 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616230 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3689209 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2320657 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052600 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006448 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503529 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226365 |
| Republic of Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920662 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905010 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45975649 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;**101.1%** | &nbsp;&nbsp;&nbsp;**$474726951** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $278,601,546) — including $5,331,401 of securities on loan | &nbsp;&nbsp;$464301318 |
| Affiliated investments, at value (identified cost $10,425,633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10425633 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275877 |
| Foreign currency, at value (identified cost $130,221) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130379 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596679 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37830 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113525 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3048 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921380 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94114 |
| **Total assets** | &nbsp;&nbsp;**$476905116** |
| Liabilities |  |
| Collateral for securities loaned | &nbsp;&nbsp;$4443148 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1986938 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407696 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49990 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1459 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94114 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225123 |
| **Total liabilities** | &nbsp;&nbsp;**$7208468** |
| **Net Assets** | &nbsp;&nbsp;**$469696648** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$218859763 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;250836885 |
| **Net Assets** | &nbsp;&nbsp;**$469696648** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$165159103 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8311908 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$19.87 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$20.97 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$16066613 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831546 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$19.32 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$288470932 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14487891 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$19.91 |

---

---

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

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $526,304) | &nbsp;&nbsp;$12330312 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579623 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81424 |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191089 |
| **Total investment income** | &nbsp;&nbsp;**$13182448** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$5628631 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429241 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191292 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44133 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197025 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289946 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100447 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24100 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54060 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69524 |
| **Total expenses** | &nbsp;&nbsp;**$7028399** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$23905 |
| **Total expense reductions** | &nbsp;&nbsp;**$23905** |
| **Net expenses** | &nbsp;&nbsp;**$7004494** |
| **Net investment income** | &nbsp;&nbsp;**$6177954** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$93381216 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131048) |
| &nbsp;&nbsp;&nbsp;Capital gain distributions received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432400 |
| **Net realized gain** | &nbsp;&nbsp;**$93682568** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(39329911) |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28021 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(39301890)** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$54380678** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$60558632** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$6177954 | &nbsp;&nbsp;$7148026 |
| &nbsp;&nbsp;&nbsp;Net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93682568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23730081 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39301890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96403702 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$60558632** | &nbsp;&nbsp;**$127281809** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(6442090) | &nbsp;&nbsp;$(13818446) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(645569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1705707) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19876791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42140949) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(26964450)** | &nbsp;&nbsp;**$(57665102)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(24560736) | &nbsp;&nbsp;$(6984858) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6447767) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4964961) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(254547920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62319861) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(285556423)** | &nbsp;&nbsp;**$(74269680)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(251962241)** | &nbsp;&nbsp;**$(4652973)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$721658889 | &nbsp;&nbsp;$726311862 |
| **At end of year** | &nbsp;&nbsp;**$469696648** | &nbsp;&nbsp;**$721658889** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$18.84 | &nbsp;&nbsp;$17.09 | &nbsp;&nbsp;$16.35 | &nbsp;&nbsp;$21.35 | &nbsp;&nbsp;$17.83 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.14 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.18 | &nbsp;&nbsp;$0.12 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.73** | &nbsp;&nbsp;**$3.15** | &nbsp;&nbsp;**$1.62** | &nbsp;&nbsp;**$(2.52)** | &nbsp;&nbsp;**$3.98** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$(0.09) | &nbsp;&nbsp;$(0.37) | &nbsp;&nbsp;$(0.09) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| **Total distributions** | &nbsp;&nbsp;**$(0.70)** | &nbsp;&nbsp;**$(1.40)** | &nbsp;&nbsp;**$(0.88)** | &nbsp;&nbsp;**$(2.48)** | &nbsp;&nbsp;**$(0.46)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$19.87** | &nbsp;&nbsp;**$18.84** | &nbsp;&nbsp;**$17.09** | &nbsp;&nbsp;**$16.35** | &nbsp;&nbsp;**$21.35** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.53%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.67%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.44%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.48)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.71%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$165159 | &nbsp;&nbsp;$180756 | &nbsp;&nbsp;$170105 | &nbsp;&nbsp;$167077 | &nbsp;&nbsp;$198721 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> 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.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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, 2025 and 2024 and less than 0.01% of average daily net assets for the years ended August 31, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$18.35 | &nbsp;&nbsp;$16.65 | &nbsp;&nbsp;$15.98 | &nbsp;&nbsp;$20.90 | &nbsp;&nbsp;$17.50 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income (loss)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0.00<sup>(2)</sup> | &nbsp;&nbsp;$0.02 | &nbsp;&nbsp;$0.07 | &nbsp;&nbsp;$0.03 | &nbsp;&nbsp;$(0.03) |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.55** | &nbsp;&nbsp;**$2.95** | &nbsp;&nbsp;**$1.46** | &nbsp;&nbsp;**$(2.62)** | &nbsp;&nbsp;**$3.77** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.04) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.19) | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| **Total distributions** | &nbsp;&nbsp;**$(0.58)** | &nbsp;&nbsp;**$(1.25)** | &nbsp;&nbsp;**$(0.79)** | &nbsp;&nbsp;**$(2.30)** | &nbsp;&nbsp;**$(0.37)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$19.32** | &nbsp;&nbsp;**$18.35** | &nbsp;&nbsp;**$16.65** | &nbsp;&nbsp;**$15.98** | &nbsp;&nbsp;**$20.90** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.71%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.82%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.59%** | &nbsp;&nbsp;&nbsp;&nbsp;**(14.18)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.88%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$16067 | &nbsp;&nbsp;$21704 | &nbsp;&nbsp;$24526 | &nbsp;&nbsp;$32995 | &nbsp;&nbsp;$54977 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15)% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $0.005.

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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, 2025 and 2024 and less than 0.01% of average daily net assets for the years ended August 31, 2023 and 2022).

<sup>(6)</sup> Amount is less than 0.005%.

*11*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$18.88 | &nbsp;&nbsp;$17.12 | &nbsp;&nbsp;$16.39 | &nbsp;&nbsp;$21.40 | &nbsp;&nbsp;$17.85 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.22 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$1.78** | &nbsp;&nbsp;**$3.20** | &nbsp;&nbsp;**$1.66** | &nbsp;&nbsp;**$(2.48)** | &nbsp;&nbsp;**$4.04** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.16) | &nbsp;&nbsp;$(0.23) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.42) | &nbsp;&nbsp;$(0.12) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) |
| **Total distributions** | &nbsp;&nbsp;**$(0.75)** | &nbsp;&nbsp;**$(1.44)** | &nbsp;&nbsp;**$(0.93)** | &nbsp;&nbsp;**$(2.53)** | &nbsp;&nbsp;**$(0.49)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$19.91** | &nbsp;&nbsp;**$18.88** | &nbsp;&nbsp;**$17.12** | &nbsp;&nbsp;**$16.39** | &nbsp;&nbsp;**$21.40** |
| **Total Return<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.79%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.99%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.68%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(13.27)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.09%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$288471 | &nbsp;&nbsp;$519198 | &nbsp;&nbsp;$531680 | &nbsp;&nbsp;$557452 | &nbsp;&nbsp;$667963 |
| Ratios (as a percentage of average daily net assets):<sup>(3)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% |

---

<sup>(1)</sup> Computed using average shares outstanding.

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

<sup>(3)</sup> 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.

<sup>(4)</sup> 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, 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.*

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[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Notes to Financial Statements

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1 Significant Accounting Policies

Eaton Vance Equity Strategy Fund (formerly, Eaton Vance RBA Equity Strategy Fund and prior to February 3, 2025, Eaton Vance Richard Bernstein Equity Strategy Fund) (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is to seek total return. The Fund offers three classes of shares. Class A shares are generally sold subject to a sales charge imposed at time of purchase. Class C shares are sold at net asset value and are generally subject to a contingent deferred sales charge (see Note 5). Effective 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 (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. 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 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

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[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

------

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.

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

As of August 31, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds. Expenses do not include the Fund's pro rata share of the 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 Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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.

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.

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[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

------

The tax character of distributions declared for the years ended August 31, 2025 and August 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$5619212 | &nbsp;&nbsp;&nbsp;&nbsp;$8713937 |
| Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;$21345238 | &nbsp;&nbsp;&nbsp;&nbsp;$48951165 |

---

During the year ended August 31, 2025, distributable earnings was decreased by $24,905,279 and paid-in capital was increased by $24,905,279 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, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$2696217 |
| Undistributed long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63488133 |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184652535 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$250836885** |

---

The cost and unrealized appreciation (depreciation) of investments of the Fund at August 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$290164159** |
| Gross unrealized appreciation | &nbsp;&nbsp;$186066523 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1503731) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$184562792** |

---

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 as a percentage of the Fund's average daily net assets and is payable monthly. Pursuant to an amendment to the investment advisory and administrative agreement dated August 18, 2025, EVM contractually agreed to reduce its investment advisory and administrative fee. The annual fee rates pursuant to the investment advisory and administrative agreement and amendment to the investment advisory and administrative agreement are as follows:

---

| | | |
|:---|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate<br> (Prior to August 18, 2025)** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate<br> (Effective August 18, 2025)** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.850% | &nbsp;&nbsp;&nbsp;&nbsp;0.750% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.800% | &nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.775% | &nbsp;&nbsp;&nbsp;&nbsp;0.675% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.730% | &nbsp;&nbsp;&nbsp;&nbsp;0.630% |

---

For the year ended August 31, 2025, the investment adviser and administration fee amounted to $5,628,631 or 0.83% of the Fund's average daily net assets. Prior to August 18, 2025, pursuant to an investment sub-advisory agreement, EVM delegated the investment management of the Fund to Richard Bernstein Advisors LLC (RBA). EVM paid RBA a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. Effective August 18, 2025, the sub-advisory agreement between EVM and RBA was terminated.

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[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

------

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, 2025, the investment adviser and administration fee paid was reduced by $18,573 relating to the Fund's investment in the Liquidity Fund.

Effective August 18, 2025, 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 $5,332 of the Fund's operating expenses for the year ended August 31, 2025.

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, 2025, EVM earned $9,137 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 $2,131 as its portion of the sales charge on sales of Class A shares for the year ended August 31, 2025. 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, 2025 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, 2025 amounted to $429,241 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, 2025, the Fund paid or accrued to EVD $143,469 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, 2025 amounted to $47,823 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, 2025, the Fund was informed that EVD received $927 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $365,019,365 and $663,874,390, respectively, for the year ended August 31, 2025.

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[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

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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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 857396 | &nbsp;&nbsp;&nbsp;&nbsp;$15900497 | &nbsp;&nbsp;&nbsp;&nbsp;1087039 | &nbsp;&nbsp;&nbsp;&nbsp;$18363923 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 191912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3483194 | &nbsp;&nbsp;&nbsp;&nbsp; 443440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7272419 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2333925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43944427) | &nbsp;&nbsp;&nbsp;&nbsp;(1889904) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32621200) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1284617)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(24560736)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(359425)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6984858)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 88070 | &nbsp;&nbsp;&nbsp;&nbsp;$1572425 | &nbsp;&nbsp;&nbsp;&nbsp; 151972 | &nbsp;&nbsp;&nbsp;&nbsp;$2492409 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 27303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484365 | &nbsp;&nbsp;&nbsp;&nbsp; 80538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1293440 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (466751) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8504557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (522288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8750810) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(351378)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(6447767)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(289778)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(4964961)** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 2441939 | &nbsp;&nbsp;&nbsp;&nbsp;$45314349 | &nbsp;&nbsp;&nbsp;&nbsp;4433039 | &nbsp;&nbsp;&nbsp;&nbsp;$74872405 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 467878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8496662 | &nbsp;&nbsp;&nbsp;&nbsp;1151400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18894477 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(15925473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(308358931) | &nbsp;&nbsp;&nbsp;&nbsp;(9134668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(156086743) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(13015656)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(254547920)** | &nbsp;&nbsp;&nbsp;&nbsp;**(3550229)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(62319861)** |

---

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 21, 2025. 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 2024, 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, 2025.

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Eaton Vance

Equity Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

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9 Securities Lending Agreement

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

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

At August 31, 2025, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $5,331,401 and $5,615,814, respectively. Collateral received was comprised of cash of $4,443,148 and U.S. government and/or agencies securities of $1,172,666. 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, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** |
|  | **Overnight and<br> Continuous** | **<30 days** | **30 to 90 days** | **>90 days** | **Total** |
| Common Stocks | $4421100 | $— | $— | $— | $4421100 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22048 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22048 |
| **Total** | **$4443148** | **$—** | **$—** | **$—** | **$4443148** |

---

The carrying amount of the liability for collateral for securities loaned at August 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 11) at August 31, 2025.

10 Affiliated Investments

At August 31, 2025, the value of the Fund's investment in funds that may be deemed to be affiliated was $10,425,633, which represents 2.2% of the Fund's net assets. Transactions in such investments by the Fund for the year ended August 31, 2025 were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | $16101587 | $211389495 | $(217065449) | $— | $— | $10425633 | $579623 | 10425633 |

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11 Fair Value Measurements

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

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

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

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

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Eaton Vance

Equity Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

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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, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;$34976324 | &nbsp;&nbsp;&nbsp;&nbsp;$944980 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$35921304 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 34975733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7948435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42924168 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 15651504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5462635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21114139 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; 8261897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9434808 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 55527956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29056337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84584293 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 30497339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7813597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38310936 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 35098521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14650724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49749245 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;104730244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5220264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109950508 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; 6466596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1848168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8314764 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp; 1950865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2891141 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 6003351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4683864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10687215 |
| **Total Common Stocks** | &nbsp;&nbsp;**$334140330** | &nbsp;&nbsp;&nbsp;&nbsp;**$79,742,191\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$413882521** |
| Exchange-Traded Funds | &nbsp;&nbsp;$45975649 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$45975649 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10425633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10425633 |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 4443148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4443148 |
| **Total Investments** | &nbsp;&nbsp;**$394984760** | &nbsp;&nbsp;&nbsp;&nbsp;**$79742191** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$474726951** |

---

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

12 Risks and Uncertainties

#### Risks Associated with Foreign Investments
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.

13 Name Change

Effective August 18, 2025, the name of the Fund was changed from Eaton Vance RBA Equity Strategy Fund. Prior to February 3, 2025, the name of the Fund was Eaton Vance Richard Bernstein Equity Strategy Fund.

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Eaton Vance

Equity Strategy Fund

August 31, 2025

Report of Independent Registered Public Accounting Firm

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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 (formerly, Eaton Vance RBA Equity Strategy Fund and prior to February 3, 2025, Eaton Vance Richard Bernstein Equity Strategy Fund) (the "Fund") (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of August 31, 2025, 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, 2025, 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, 2025, 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 17, 2025

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

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Eaton Vance

Equity Strategy Fund

August 31, 2025

Federal Tax Information (Unaudited)

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The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. 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, 2025, the Fund designates approximately $10,517,495, 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 2025 ordinary income dividends, 70.41% 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, 2025, $93,398,876 or, if subsequently determined to be different, the net capital gain of such year.**

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Eaton Vance

Equity Strategy Fund

August 31, 2025

Board of Trustees' Contract Approval

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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 12, 2025 (the "June meeting"), 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 agreements<sup>1</sup> 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 2025, 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 for each sub-adviser not affiliated with the adviser;

*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*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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."

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Eaton Vance

Equity Strategy Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

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• 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;

• 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 the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• 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 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.

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Eaton Vance

Equity Strategy Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

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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 RBA Equity Strategy Fund (formerly, Eaton Vance Richard Bernstein Equity Strategy Fund) (the "Fund") and Eaton Vance Management (the "Adviser") and the sub-advisory agreement between the Adviser and Richard Bernstein Advisors LLC (the "Sub-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 and administrative agreement and the sub-advisory agreement for the Fund.

The Board noted that it had approved at the June meeting, to be effective on or about August 18, 2025, the termination of the sub-advisory agreement between the Adviser and the Sub-adviser on behalf of the Fund, the transition of portfolio management responsibilities from the Sub-adviser to the Adviser, an amendment to the investment advisory and administrative agreement between the Adviser and the Fund, and related changes (the "Fund Transition").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory and administrative 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 and coordinating activities in implementing the Fund's investment strategies. 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 principal elements of the investment process and portfolio construction techniques employed by the Sub-adviser. 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, the Sub-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.

As part of evaluating the Adviser's capabilities in taking over direct portfolio management responsibility from the Adviser, the Board evaluated the capabilities and experience of the portfolio management team that would assume responsibility for the Fund. In this regard, the Board met with the portfolio managers and consider information relating to its track record in managing other products, the depth and experience of the team and other matters.

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 and administrative agreement and the sub-advisory agreement.

*Fund Performance*

The Board noted that, in connection with the Fund Transition, it had approved changes to the Fund's investment strategies 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 approved by the Board in connection with the Fund Transition, to continue to monitor and evaluate the effectiveness of such changes over time.

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

Eaton Vance

Equity Strategy Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

------

*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, 2024, 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 received and considered information about the services offered and the fee rates charged by the Adviser and/or Sub-adviser to other types of 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. For any such type of account, the Board received information about the differences in the nature and scope of services the Adviser and/or Sub-adviser provide to the Fund as compared to other type of account and the material differences in compliance, reporting and other legal burdens and risks to the Adviser and/or Sub-adviser as between the Fund and other type of account. 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. The Board considered the fact that, following discussions with the Contract Review Committee and in connection with the Fund Transition, the Adviser committed to permanently reduce fees of the Fund in an agreed upon amount, such reduction to be effective on or about August 18, 2025. The Board also considered the fact that the Adviser committed to waive fees or reimburse expenses of the Fund in an agreed upon amount, such arrangement to be effective on or about August 18, 2025.

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 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 concluded that, in light of its role as a sub-adviser not affiliated with the Adviser, the Sub-adviser's expected profitability in managing the Fund was not a material factor.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*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.

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

This Page Intentionally Left Blank

------

[**Table of Contents**](#JOB_EV_AR_92238706-9e6e-4efc-994e-22828def4b53_TOC)

ERBAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;8.31.25

------

## Eaton Vance

## All Asset Strategy Fund (formerly, Eaton Vance RBA All Asset Strategy Fund)

## Annual Financial Statements and Additional Information
August 31, 2025

------

![](g904361img9381580d1.gif)

------

**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, 2025
Eaton Vance

All Asset Strategy Fund

---

| | |
|:---|:---|
| **[**Table of Contents**](#xx_0c913c4a-9646-4d19-b36f-8c3d11622f7b_1)** |  |
| [Items 6 and 7 of Form N-CSR:](#xx_5ac4b7bf-d3cd-4193-b40b-3f44b57de37c_1) | [Items 6 and 7 of Form N-CSR:](#xx_5ac4b7bf-d3cd-4193-b40b-3f44b57de37c_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Portfolio of Investments](#xx_5ac4b7bf-d3cd-4193-b40b-3f44b57de37c_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#xx_124a9369-2ba7-4512-a56b-b2fec8bda648_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Operations](#xx_124a9369-2ba7-4512-a56b-b2fec8bda648_2) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_124a9369-2ba7-4512-a56b-b2fec8bda648_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_29f262bd-609d-4e5e-a918-cf0592a66900_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#xx_38dbd673-1fad-4997-87f4-c8d66e8a0a66_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#xx_58c94fe2-dc5d-40e2-984a-f3bba52fdb5a_1) | 21 |
| [Federal Tax Information](#xx_10fa21da-f7a3-4ad9-9211-e757fbeb6296_1) | 22 |
| [Item 11 of Form N-CSR:](#xx_1786ceb4-82e5-489e-953d-c7a99cf0215f_1) | [Item 11 of Form N-CSR:](#xx_1786ceb4-82e5-489e-953d-c7a99cf0215f_1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Board of Trustees' Contract Approval](#xx_1786ceb4-82e5-489e-953d-c7a99cf0215f_1) | 23 |

---

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

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Portfolio of Investments

------

Common Stocks — 52.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% | Aerospace & Defense — 1.8% |
| Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;$332002 |
| BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;18106 | &nbsp;&nbsp;&nbsp;&nbsp; 429128 |
| Boeing Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp; 314471 |
| General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | &nbsp;&nbsp;&nbsp;&nbsp; 619280 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770 | &nbsp;&nbsp;&nbsp;&nbsp; 1037504 |
| Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2844 | &nbsp;&nbsp;&nbsp;&nbsp; 495140 |
| Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 322130 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp; 518645 |
| Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;21789 | &nbsp;&nbsp;&nbsp;&nbsp; 314205 |
| RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 | &nbsp;&nbsp;&nbsp;&nbsp; 398720 |
|  |  | &nbsp;&nbsp;**$4781225** |
| Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% | Air Freight & Logistics — 0.1% |
| DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | &nbsp;&nbsp;$296645 |
|  |  | &nbsp;&nbsp;**$296645** |
| Automobiles — 0.9% | Automobiles — 0.9% | Automobiles — 0.9% |
| Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;27185 | &nbsp;&nbsp;$319967 |
| Tesla, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5126 | &nbsp;&nbsp;&nbsp;&nbsp; 1711418 |
| Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 360141 |
|  |  | &nbsp;&nbsp;**$2391526** |
| Banks — 3.7% | Banks — 3.7% | Banks — 3.7% |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;23448 | &nbsp;&nbsp;$426730 |
| Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;60395 | &nbsp;&nbsp;&nbsp;&nbsp; 576775 |
| Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13222 | &nbsp;&nbsp;&nbsp;&nbsp; 670884 |
| BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640 | &nbsp;&nbsp;&nbsp;&nbsp; 506837 |
| Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307 | &nbsp;&nbsp;&nbsp;&nbsp; 319357 |
| Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455 | &nbsp;&nbsp;&nbsp;&nbsp; 322715 |
| Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7284 | &nbsp;&nbsp;&nbsp;&nbsp; 333389 |
| HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;30334 | &nbsp;&nbsp;&nbsp;&nbsp; 388317 |
| ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;12470 | &nbsp;&nbsp;&nbsp;&nbsp; 297721 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;51563 | &nbsp;&nbsp;&nbsp;&nbsp; 324617 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506 | &nbsp;&nbsp;&nbsp;&nbsp; 1358199 |
| KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;17136 | &nbsp;&nbsp;&nbsp;&nbsp; 331753 |
| Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp; 315820 |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1623 | &nbsp;&nbsp;&nbsp;&nbsp; 336675 |
| Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4564 | &nbsp;&nbsp;&nbsp;&nbsp; 281639 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11200 | &nbsp;&nbsp;&nbsp;&nbsp; 305038 |
| Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;23912 | &nbsp;&nbsp;&nbsp;&nbsp; 672952 |
| U.S. Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7515 | &nbsp;&nbsp;&nbsp;&nbsp; 366957 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Banks (continued) | Banks (continued) | Banks (continued) |
| UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8910 | &nbsp;&nbsp;$689141 |
| Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8043 | &nbsp;&nbsp;&nbsp;&nbsp; 660974 |
|  |  | &nbsp;&nbsp;**$9486490** |
| Beverages — 0.4% | Beverages — 0.4% | Beverages — 0.4% |
| Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;10733 | &nbsp;&nbsp;$740470 |
| PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2676 | &nbsp;&nbsp;&nbsp;&nbsp; 397787 |
|  |  | &nbsp;&nbsp;**$1138257** |
| Biotechnology — 0.7% | Biotechnology — 0.7% | Biotechnology — 0.7% |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2836 | &nbsp;&nbsp;$596694 |
| Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp; 306411 |
| Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5464 | &nbsp;&nbsp;&nbsp;&nbsp; 617268 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp; 340579 |
|  |  | &nbsp;&nbsp;**$1860952** |
| Broadline Retail — 1.8% | Broadline Retail — 1.8% | Broadline Retail — 1.8% |
| Amazon.com, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18347 | &nbsp;&nbsp;$4201463 |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 494582 |
|  |  | &nbsp;&nbsp;**$4696045** |
| Building Products — 0.6% | Building Products — 0.6% | Building Products — 0.6% |
| Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4685 | &nbsp;&nbsp;$305462 |
| Daikin Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 374803 |
| Johnson Controls International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4111 | &nbsp;&nbsp;&nbsp;&nbsp; 439425 |
| Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 369884 |
|  |  | &nbsp;&nbsp;**$1489574** |
| Capital Markets — 2.2% | Capital Markets — 2.2% | Capital Markets — 2.2% |
| Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;$294963 |
| Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 414098 |
| Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3239 | &nbsp;&nbsp;&nbsp;&nbsp; 310426 |
| CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1152 | &nbsp;&nbsp;&nbsp;&nbsp; 307019 |
| Coinbase Global, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp; 295708 |
| Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9380 | &nbsp;&nbsp;&nbsp;&nbsp; 329577 |
| DWS Group GmbH & Co. KGaA<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4868 | &nbsp;&nbsp;&nbsp;&nbsp; 302331 |
| Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548 | &nbsp;&nbsp;&nbsp;&nbsp; 408397 |
| Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047 | &nbsp;&nbsp;&nbsp;&nbsp; 315934 |
| Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 324777 |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp; 309227 |
| KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;&nbsp; 307715 |
| Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 402380 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp; 805110 |

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Capital Markets (continued) | Capital Markets (continued) | Capital Markets (continued) |
| TPG, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;$337960 |
| Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2419 | &nbsp;&nbsp;&nbsp;&nbsp; 298408 |
|  |  | &nbsp;&nbsp;**$5764030** |
| Chemicals — 0.9% | Chemicals — 0.9% | Chemicals — 0.9% |
| Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4310 | &nbsp;&nbsp;$319759 |
| Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21752 | &nbsp;&nbsp;&nbsp;&nbsp; 535752 |
| Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;15722 | &nbsp;&nbsp;&nbsp;&nbsp; 303368 |
| Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;&nbsp;&nbsp; 437157 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;&nbsp; 331563 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp; 301528 |
|  |  | &nbsp;&nbsp;**$2229127** |
| Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% | Commercial Services & Supplies — 0.1% |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;$314456 |
|  |  | &nbsp;&nbsp;**$314456** |
| Communications Equipment — 0.3% | Communications Equipment — 0.3% | Communications Equipment — 0.3% |
| Arista Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3456 | &nbsp;&nbsp;$471917 |
| Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6045 | &nbsp;&nbsp;&nbsp;&nbsp; 417649 |
|  |  | &nbsp;&nbsp;**$889566** |
| Construction & Engineering — 0.4% | Construction & Engineering — 0.4% | Construction & Engineering — 0.4% |
| API Group Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8766 | &nbsp;&nbsp;$312771 |
| Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp; 266163 |
| Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2850 | &nbsp;&nbsp;&nbsp;&nbsp; 386549 |
|  |  | &nbsp;&nbsp;**$965483** |
| Consumer Finance — 0.3% | Consumer Finance — 0.3% | Consumer Finance — 0.3% |
| American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;$355132 |
| Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp; 385820 |
|  |  | &nbsp;&nbsp;**$740952** |
| Consumer Staples Distribution & Retail — 0.9% | Consumer Staples Distribution & Retail — 0.9% | Consumer Staples Distribution & Retail — 0.9% |
| Aeon Co. Ltd.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26300 | &nbsp;&nbsp;$319046 |
| Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 467887 |
| Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3932 | &nbsp;&nbsp;&nbsp;&nbsp; 316408 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12513 | &nbsp;&nbsp;&nbsp;&nbsp; 1213511 |
|  |  | &nbsp;&nbsp;**$2316852** |
| Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% | Diversified Telecommunication Services — 0.2% |
| AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16212 | &nbsp;&nbsp;$474849 |
|  |  | &nbsp;&nbsp;**$474849** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Electric Utilities — 1.1% | Electric Utilities — 1.1% | Electric Utilities — 1.1% |
| Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1726 | &nbsp;&nbsp;$531573 |
| Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;89458 | &nbsp;&nbsp;&nbsp;&nbsp; 825532 |
| Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343 | &nbsp;&nbsp;&nbsp;&nbsp; 470665 |
| Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7081 | &nbsp;&nbsp;&nbsp;&nbsp; 309298 |
| Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;21556 | &nbsp;&nbsp;&nbsp;&nbsp; 406350 |
| NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4114 | &nbsp;&nbsp;&nbsp;&nbsp; 296414 |
|  |  | &nbsp;&nbsp;**$2839832** |
| Electrical Equipment — 0.6% | Electrical Equipment — 0.6% | Electrical Equipment — 0.6% |
| Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582 | &nbsp;&nbsp;$552339 |
| GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp; 575579 |
| nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3485 | &nbsp;&nbsp;&nbsp;&nbsp; 315009 |
|  |  | &nbsp;&nbsp;**$1442927** |
| Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% | Electronic Equipment, Instruments & Components — 0.3% |
| Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5352 | &nbsp;&nbsp;$358744 |
| Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7097 | &nbsp;&nbsp;&nbsp;&nbsp; 315513 |
|  |  | &nbsp;&nbsp;**$674257** |
| Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% | Energy Equipment & Services — 0.1% |
| Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9356 | &nbsp;&nbsp;$344675 |
|  |  | &nbsp;&nbsp;**$344675** |
| Entertainment — 0.7% | Entertainment — 0.7% | Entertainment — 0.7% |
| Netflix, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;$896522 |
| Spotify Technology SA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp; 417992 |
| Walt Disney Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4132 | &nbsp;&nbsp;&nbsp;&nbsp; 489146 |
|  |  | &nbsp;&nbsp;**$1803660** |
| Financial Services — 2.8% | Financial Services — 2.8% | Financial Services — 2.8% |
| Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;$400516 |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 1232804 |
| Block, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4796 | &nbsp;&nbsp;&nbsp;&nbsp; 381953 |
| Corebridge Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9133 | &nbsp;&nbsp;&nbsp;&nbsp; 317554 |
| Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9349 | &nbsp;&nbsp;&nbsp;&nbsp; 351990 |
| Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6684 | &nbsp;&nbsp;&nbsp;&nbsp; 355990 |
| Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp; 879243 |
| Mitsubishi HC Capital, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;90300 | &nbsp;&nbsp;&nbsp;&nbsp; 740752 |
| ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp; 532057 |
| PayPal Holdings, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516 | &nbsp;&nbsp;&nbsp;&nbsp; 387168 |
| Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584 | &nbsp;&nbsp;&nbsp;&nbsp; 1612560 |
|  |  | &nbsp;&nbsp;**$7192587** |
| Food Products — 0.6% | Food Products — 0.6% | Food Products — 0.6% |
| Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16414 | &nbsp;&nbsp;$314000 |

---

*2*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Food Products (continued) | Food Products (continued) | Food Products (continued) |
| Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9181 | &nbsp;&nbsp;$766313 |
| JDE Peet's NV<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10091 | &nbsp;&nbsp;&nbsp;&nbsp; 369546 |
|  |  | &nbsp;&nbsp;**$1449859** |
| Ground Transportation — 0.6% | Ground Transportation — 0.6% | Ground Transportation — 0.6% |
| CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8657 | &nbsp;&nbsp;$281439 |
| Uber Technologies, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9326 | &nbsp;&nbsp;&nbsp;&nbsp; 874313 |
| Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 316575 |
|  |  | &nbsp;&nbsp;**$1472327** |
| Health Care Equipment & Supplies — 1.3% | Health Care Equipment & Supplies — 1.3% | Health Care Equipment & Supplies — 1.3% |
| Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5974 | &nbsp;&nbsp;$792511 |
| Boston Scientific Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9050 | &nbsp;&nbsp;&nbsp;&nbsp; 954775 |
| EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp; 689685 |
| Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 309904 |
| Intuitive Surgical, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 390468 |
| Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 319391 |
|  |  | &nbsp;&nbsp;**$3456734** |
| Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% | Health Care Providers & Services — 0.8% |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;$309462 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp;&nbsp;&nbsp; 540937 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 319532 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 521846 |
| UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 | &nbsp;&nbsp;&nbsp;&nbsp; 343646 |
|  |  | &nbsp;&nbsp;**$2035423** |
| Hotels, Restaurants & Leisure — 1.2% | Hotels, Restaurants & Leisure — 1.2% | Hotels, Restaurants & Leisure — 1.2% |
| Airbnb, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2529 | &nbsp;&nbsp;$330110 |
| Amadeus IT Group SA<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp; 309594 |
| Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 531910 |
| Delivery Hero SE<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11416 | &nbsp;&nbsp;&nbsp;&nbsp; 302855 |
| DoorDash, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp; 561868 |
| McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp; 327336 |
| Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3367 | &nbsp;&nbsp;&nbsp;&nbsp; 296936 |
| Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7685 | &nbsp;&nbsp;&nbsp;&nbsp; 327176 |
|  |  | &nbsp;&nbsp;**$2987785** |
| Household Durables — 0.4% | Household Durables — 0.4% | Household Durables — 0.4% |
| DR Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 | &nbsp;&nbsp;$319639 |
| Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp; 315542 |
| Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11000 | &nbsp;&nbsp;&nbsp;&nbsp; 300643 |
|  |  | &nbsp;&nbsp;**$935824** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Household Products — 0.4% | Household Products — 0.4% | Household Products — 0.4% |
| Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911 | &nbsp;&nbsp;$928263 |
|  |  | &nbsp;&nbsp;**$928263** |
| Independent Power and Renewable Electricity Producers — 0.3% | Independent Power and Renewable Electricity Producers — 0.3% | Independent Power and Renewable Electricity Producers — 0.3% |
| Corp. ACCIONA Energias Renovables SA<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11248 | &nbsp;&nbsp;$302644 |
| Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp; 359687 |
|  |  | &nbsp;&nbsp;**$662331** |
| Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% | Industrial Conglomerates — 0.4% |
| Hitachi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16700 | &nbsp;&nbsp;$449955 |
| Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp; 379217 |
| Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9941 | &nbsp;&nbsp;&nbsp;&nbsp; 316526 |
|  |  | &nbsp;&nbsp;**$1145698** |
| Insurance — 1.8% | Insurance — 1.8% | Insurance — 1.8% |
| Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091 | &nbsp;&nbsp;$461256 |
| Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1797 | &nbsp;&nbsp;&nbsp;&nbsp; 365600 |
| American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6101 | &nbsp;&nbsp;&nbsp;&nbsp; 496133 |
| Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058 | &nbsp;&nbsp;&nbsp;&nbsp; 320310 |
| AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8478 | &nbsp;&nbsp;&nbsp;&nbsp; 394885 |
| Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3469 | &nbsp;&nbsp;&nbsp;&nbsp; 458983 |
| Markel Group, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 793419 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp; 745707 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;54488 | &nbsp;&nbsp;&nbsp;&nbsp; 501875 |
|  |  | &nbsp;&nbsp;**$4538168** |
| Interactive Media & Services — 3.1% | Interactive Media & Services — 3.1% | Interactive Media & Services — 3.1% |
| Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;13315 | &nbsp;&nbsp;$2834897 |
| Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7609 | &nbsp;&nbsp;&nbsp;&nbsp; 1624750 |
| Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938 | &nbsp;&nbsp;&nbsp;&nbsp; 3647700 |
|  |  | &nbsp;&nbsp;**$8107347** |
| IT Services — 0.8% | IT Services — 0.8% | IT Services — 0.8% |
| Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2530 | &nbsp;&nbsp;$657724 |
| Gartner, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 327552 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1718 | &nbsp;&nbsp;&nbsp;&nbsp; 418316 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 301900 |
| Shopify, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 353115 |
|  |  | &nbsp;&nbsp;**$2058607** |
| Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% | Life Sciences Tools & Services — 0.4% |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1490 | &nbsp;&nbsp;$306672 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 640536 |
|  |  | &nbsp;&nbsp;**$947208** |

---

*3*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Machinery — 0.7% | Machinery — 0.7% | Machinery — 0.7% |
| Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | &nbsp;&nbsp;$442925 |
| Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 303458 |
| Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 318109 |
| Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101 | &nbsp;&nbsp;&nbsp;&nbsp; 354245 |
| PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253 | &nbsp;&nbsp;&nbsp;&nbsp; 525195 |
|  |  | &nbsp;&nbsp;**$1943932** |
| Media — 0.4% | Media — 0.4% | Media — 0.4% |
| Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;11031 | &nbsp;&nbsp;$374723 |
| Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7269 | &nbsp;&nbsp;&nbsp;&nbsp; 396524 |
| News Corp., Class B<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9101 | &nbsp;&nbsp;&nbsp;&nbsp; 308251 |
|  |  | &nbsp;&nbsp;**$1079498** |
| Metals & Mining — 0.2% | Metals & Mining — 0.2% | Metals & Mining — 0.2% |
| Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11162 | &nbsp;&nbsp;$495593 |
|  |  | &nbsp;&nbsp;**$495593** |
| Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% | Oil, Gas & Consumable Fuels — 1.1% |
| Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28790 | &nbsp;&nbsp;$512174 |
| Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2414 | &nbsp;&nbsp;&nbsp;&nbsp; 387688 |
| ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3314 | &nbsp;&nbsp;&nbsp;&nbsp; 327987 |
| Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161 | &nbsp;&nbsp;&nbsp;&nbsp; 475561 |
| Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7046 | &nbsp;&nbsp;&nbsp;&nbsp; 335460 |
| Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;23462 | &nbsp;&nbsp;&nbsp;&nbsp; 384685 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp; 324616 |
|  |  | &nbsp;&nbsp;**$2748171** |
| Passenger Airlines — 0.3% | Passenger Airlines — 0.3% | Passenger Airlines — 0.3% |
| Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7807 | &nbsp;&nbsp;$482317 |
| Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;32144 | &nbsp;&nbsp;&nbsp;&nbsp; 299672 |
|  |  | &nbsp;&nbsp;**$781989** |
| Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% | Pharmaceuticals — 1.6% |
| AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644 | &nbsp;&nbsp;$421492 |
| Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362 | &nbsp;&nbsp;&nbsp;&nbsp; 997774 |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp; 974789 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4416 | &nbsp;&nbsp;&nbsp;&nbsp; 371474 |
| Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6669 | &nbsp;&nbsp;&nbsp;&nbsp; 844109 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10200 | &nbsp;&nbsp;&nbsp;&nbsp; 307048 |
| Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2248 | &nbsp;&nbsp;&nbsp;&nbsp; 351587 |
|  |  | &nbsp;&nbsp;**$4268273** |
| Professional Services — 0.2% | Professional Services — 0.2% | Professional Services — 0.2% |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;$312868 |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Professional Services (continued) | Professional Services (continued) | Professional Services (continued) |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;$286116 |
|  |  | &nbsp;&nbsp;**$598984** |
| Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% | Real Estate Management & Development — 0.1% |
| LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3682 | &nbsp;&nbsp;$308647 |
|  |  | &nbsp;&nbsp;**$308647** |
| Semiconductors & Semiconductor Equipment — 5.1% | Semiconductors & Semiconductor Equipment — 5.1% | Semiconductors & Semiconductor Equipment — 5.1% |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2779 | &nbsp;&nbsp;$451949 |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905 | &nbsp;&nbsp;&nbsp;&nbsp; 306248 |
| ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 542092 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8191 | &nbsp;&nbsp;&nbsp;&nbsp; 2435921 |
| Intel Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;13168 | &nbsp;&nbsp;&nbsp;&nbsp; 320641 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3151 | &nbsp;&nbsp;&nbsp;&nbsp; 315573 |
| Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4060 | &nbsp;&nbsp;&nbsp;&nbsp; 255232 |
| Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2580 | &nbsp;&nbsp;&nbsp;&nbsp; 307046 |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43103 | &nbsp;&nbsp;&nbsp;&nbsp; 7507680 |
| Qualcomm, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994 | &nbsp;&nbsp;&nbsp;&nbsp; 320496 |
| Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp; 324575 |
|  |  | &nbsp;&nbsp;**$13087453** |
| Software — 4.9% | Software — 4.9% | Software — 4.9% |
| Adobe, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207 | &nbsp;&nbsp;$430537 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875 | &nbsp;&nbsp;&nbsp;&nbsp; 306626 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 309301 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 290145 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14929 | &nbsp;&nbsp;&nbsp;&nbsp; 7564375 |
| Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3160 | &nbsp;&nbsp;&nbsp;&nbsp; 714571 |
| Palantir Technologies, Inc., Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp; 583745 |
| Palo Alto Networks, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp; 336839 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 553500 |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp; 550109 |
| ServiceNow, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 692682 |
| Synopsys, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp; 300553 |
|  |  | &nbsp;&nbsp;**$12632983** |
| Specialized REITs — 0.2% | Specialized REITs — 0.2% | Specialized REITs — 0.2% |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;$312706 |
| VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9675 | &nbsp;&nbsp;&nbsp;&nbsp; 326821 |
|  |  | &nbsp;&nbsp;**$639527** |
| Specialty Retail — 0.7% | Specialty Retail — 0.7% | Specialty Retail — 0.7% |
| AutoZone, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;$323287 |
| Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1803 | &nbsp;&nbsp;&nbsp;&nbsp; 733406 |

---

*4*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Specialty Retail (continued) | Specialty Retail (continued) | Specialty Retail (continued) |
| Industria de Diseno Textil SA<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7623 | &nbsp;&nbsp;$377028 |
| Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp; 377284 |
|  |  | &nbsp;&nbsp;**$1811005** |
| Technology Hardware, Storage & Peripherals — 2.6% | Technology Hardware, Storage & Peripherals — 2.6% | Technology Hardware, Storage & Peripherals — 2.6% |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27010 | &nbsp;&nbsp;$6270102 |
| Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4107 | &nbsp;&nbsp;&nbsp;&nbsp; 329956 |
|  |  | &nbsp;&nbsp;**$6600058** |
| Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% | Textiles, Apparel & Luxury Goods — 0.5% |
| adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | &nbsp;&nbsp;$307204 |
| Lululemon Athletica, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 309366 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 321786 |
| NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024 | &nbsp;&nbsp;&nbsp;&nbsp; 311337 |
|  |  | &nbsp;&nbsp;**$1249693** |
| Tobacco — 0.4% | Tobacco — 0.4% | Tobacco — 0.4% |
| Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5743 | &nbsp;&nbsp;$385987 |
| British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;&nbsp; 335103 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2190 | &nbsp;&nbsp;&nbsp;&nbsp; 366015 |
|  |  | &nbsp;&nbsp;**$1087105** |
| Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% | Trading Companies & Distributors — 0.4% |
| Diploma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4477 | &nbsp;&nbsp;$326825 |
| Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 327369 |
| United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422 | &nbsp;&nbsp;&nbsp;&nbsp; 403576 |
|  |  | &nbsp;&nbsp;**$1057770** |
| Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% | Wireless Telecommunication Services — 0.1% |
| SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;$311414 |
|  |  | &nbsp;&nbsp;**$311414** |
| Total Common Stocks<br> (identified cost $96,022,995) |  | &nbsp;&nbsp;**$135561636** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Exchange-Traded Funds — 44.8%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Equity Funds — 5.9% | Equity Funds — 5.9% | Equity Funds — 5.9% |
| iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp;&nbsp;&nbsp;173904 | &nbsp;&nbsp;$10797699 |
| iShares MSCI India ETF | &nbsp;&nbsp;&nbsp;&nbsp;22981 | &nbsp;&nbsp;&nbsp;&nbsp; 1194553 |
| iShares MSCI South Korea ETF | &nbsp;&nbsp;&nbsp;&nbsp;11357 | &nbsp;&nbsp;&nbsp;&nbsp; 820430 |
| iShares MSCI Taiwan ETF | &nbsp;&nbsp;&nbsp;&nbsp;39226 | &nbsp;&nbsp;&nbsp;&nbsp; 2307273 |
|  |  | &nbsp;&nbsp;**$15119955** |

---

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Fixed-Income Funds — 38.9% | Fixed-Income Funds — 38.9% | Fixed-Income Funds — 38.9% |
| Eaton Vance Mortgage Opportunities ETF<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;566849 | &nbsp;&nbsp;$28421809 |
| Eaton Vance Total Return Bond ETF<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;771172 | &nbsp;&nbsp;&nbsp;&nbsp; 39406889 |
| SPDR Portfolio High Yield Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;369549 | &nbsp;&nbsp;&nbsp;&nbsp; 8810048 |
| Vanguard Emerging Markets Government Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;201995 | &nbsp;&nbsp;&nbsp;&nbsp; 13380149 |
| Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;129681 | &nbsp;&nbsp;&nbsp;&nbsp; 7791234 |
| Vanguard Long-Term Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;48009 | &nbsp;&nbsp;&nbsp;&nbsp; 2659219 |
|  |  | &nbsp;&nbsp;**$100469348** |
| Total Exchange-Traded Funds<br> (identified cost $114,526,353) |  | &nbsp;&nbsp;**$115589303** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Short-Term Investments — 2.9%

Affiliated Fund — 2.5%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 4.19%<sup>(5)</sup> | 6505773 | &nbsp;&nbsp;$6505773 |
| Total Affiliated Fund<br> (identified cost $6,505,773) |  | &nbsp;&nbsp;**$6505773** |

---

&nbsp;&nbsp;&nbsp;&nbsp;

Securities Lending Collateral — 0.4%

---

| | | |
|:---|:---|:---|
| **Security** | **Shares** | &nbsp;&nbsp;**Value** |
| State Street Navigator Securities Lending Government Money Market Portfolio, 4.31%<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;919954 | &nbsp;&nbsp;$919954 |
| Total Securities Lending Collateral<br> (identified cost $919,954) |  | &nbsp;&nbsp;**$919954** |
| Total Short-Term Investments<br> (identified cost $7,425,727) |  | &nbsp;&nbsp;**$7425727** |
| Total Investments — 100.2%<br> (identified cost $217,975,075) |  | &nbsp;&nbsp;**$258576666** |
| Other Assets, Less Liabilities — (0.2)% |  | &nbsp;&nbsp;**$(612424)** |
| Net Assets — 100.0% |  | &nbsp;&nbsp;**$257964242** |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | The percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
| <sup>(1)</sup> | Non-income producing security. |
| <sup>(2)</sup> | 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, 2025, the aggregate value of these securities is $605,186 or 0.2% of the Fund's net assets. |

---

*5*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Portfolio of Investments — continued

------

<sup>(3)</sup> All or a portion of this security was on loan at August 31, 2025. The aggregate market value of securities on loan at August 31, 2025 was $2,052,505.

<sup>(4)</sup> Affiliated fund (see Note 10).

<sup>(5)</sup> May be deemed to be an affiliated investment company (see Note 10). The rate shown is the annualized seven-day yield as of August 31, 2025.

<sup>(6)</sup> Represents investment of cash collateral received in connection with securities lending.

---

| | | |
|:---|:---|:---|
| Country Concentration of Portfolio | Country Concentration of Portfolio | Country Concentration of Portfolio |
| **Country** | &nbsp;&nbsp;&nbsp;**Percentage<br> of Net Assets** | &nbsp;&nbsp;&nbsp;**Value** |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;44.9% | &nbsp;&nbsp;&nbsp;$115785201 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5843534 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309803 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945859 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3676160 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783806 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839290 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209359 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767213 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672952 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657724 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494582 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402380 |
| Republic of Korea | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302855 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296645 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;44.8 | &nbsp;&nbsp;&nbsp;&nbsp;115589303 |
| **Total Investments** | &nbsp;&nbsp;&nbsp;**100.2%** | &nbsp;&nbsp;&nbsp;**$258576666** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| REITs | – Real Estate Investment Trusts |

---

*6*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Statement of Assets and Liabilities

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Assets |  |
| Unaffiliated investments, at value (identified cost $143,700,815) — including $2,052,505 of securities on loan | &nbsp;&nbsp;$184242195 |
| Affiliated investments, at value (identified cost $74,274,260) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74334471 |
| Foreign currency, at value (identified cost $30,809) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30866 |
| Dividends receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138762 |
| Dividends receivable from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276013 |
| Receivable for Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20145 |
| Securities lending income receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 |
| Tax reclaims receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355372 |
| Receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12783 |
| Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55332 |
| **Total assets** | &nbsp;&nbsp;**$259466823** |
| Liabilities |  |
| Collateral for securities loaned | &nbsp;&nbsp;$919954 |
| Payable for Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165931 |
| Payable to affiliates: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment adviser and administration fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180206 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39238 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agency fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 |
| &nbsp;&nbsp;&nbsp;Trustees' deferred compensation plan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55332 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140233 |
| **Total liabilities** | &nbsp;&nbsp;**$1502581** |
| **Net Assets** | &nbsp;&nbsp;**$257964242** |
| Sources of Net Assets |  |
| Paid-in capital | &nbsp;&nbsp;$215221520 |
| Distributable earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42742722 |
| **Net Assets** | &nbsp;&nbsp;**$257964242** |
| Class A Shares |  |
| **Net Assets** | &nbsp;&nbsp;$80383821 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5268939 |
| **Net Asset Value and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.26 |
| **Maximum Offering Price Per Share<br> (100 ÷ 94.75 of net asset value per share)** | &nbsp;&nbsp;$16.11 |
| Class C Shares |  |
| **Net Assets** | &nbsp;&nbsp;$25171310 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689010 |
| **Net Asset Value and Offering Price Per Share\*<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$14.90 |
| Class I Shares |  |
| **Net Assets** | &nbsp;&nbsp;$152409111 |
| **Shares Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9937757 |
| **Net Asset Value, Offering Price and Redemption Price Per Share<br> (net assets ÷ shares of beneficial interest outstanding)** | &nbsp;&nbsp;$15.34 |

---

---

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

---

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Statement of Operations

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended** |
|  | &nbsp;&nbsp;&nbsp;**August 31, 2025** |
| Investment Income |  |
| Dividend income (net of foreign taxes withheld of $122,556) | &nbsp;&nbsp;$7478363 |
| Dividend income from affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604951 |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4277014 |
| Securities lending income, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40461 |
| **Total investment income** | &nbsp;&nbsp;**$12400789** |
| Expenses |  |
| Investment adviser and administration fee | &nbsp;&nbsp;$3026062 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211831 |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331775 |
| Trustees' fees and expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22216 |
| Custodian fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122669 |
| Transfer and dividend disbursing agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185279 |
| Legal and accounting services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81256 |
| Printing and postage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18300 |
| Registration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52816 |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28560 |
| **Total expenses** | &nbsp;&nbsp;**$4080764** |
| Deduct: |  |
| &nbsp;&nbsp;&nbsp;Waiver and/or reimbursement of expenses by affiliates | &nbsp;&nbsp;$23867 |
| **Total expense reductions** | &nbsp;&nbsp;**$23867** |
| **Net expenses** | &nbsp;&nbsp;**$4056897** |
| **Net investment income** | &nbsp;&nbsp;**$8343892** |
| Realized and Unrealized Gain (Loss) |  |
| Net realized gain (loss): |  |
| &nbsp;&nbsp;&nbsp;Investment transactions | &nbsp;&nbsp;$23257540 |
| &nbsp;&nbsp;&nbsp;Investment transactions - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4065 |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37331) |
| &nbsp;&nbsp;&nbsp;Capital gain distributions received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126591 |
| **Net realized gain** | &nbsp;&nbsp;**$23350865** |
| Change in unrealized appreciation (depreciation): |  |
| &nbsp;&nbsp;&nbsp;Investments | &nbsp;&nbsp;$(18974155) |
| &nbsp;&nbsp;&nbsp;Investments - affiliated investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60211 |
| &nbsp;&nbsp;&nbsp;Foreign currency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13191 |
| **Net change in unrealized appreciation (depreciation)** | &nbsp;&nbsp;**$(18900753)** |
| **Net realized and unrealized gain** | &nbsp;&nbsp;**$4450112** |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$12794004** |

---

*8*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Statements of Changes in Net Assets

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** |
| Increase (Decrease) in Net Assets |  |  |
| From operations: |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$8343892 | &nbsp;&nbsp;$10937876 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23350865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14465982) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18900753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50950443 |
| **Net increase in net assets from operations** | &nbsp;&nbsp;**$12794004** | &nbsp;&nbsp;**$47422337** |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(1768236) | &nbsp;&nbsp;$(2053082) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441683) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723699) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6456747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8196177) |
| **Total distributions to shareholders** | &nbsp;&nbsp;**$(8666666)** | &nbsp;&nbsp;**$(10972958)** |
| Transactions in shares of beneficial interest: |  |  |
| &nbsp;&nbsp;&nbsp;Class A | &nbsp;&nbsp;$(12685287) | &nbsp;&nbsp;$(11434822) |
| &nbsp;&nbsp;&nbsp;Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15921411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17381180) |
| &nbsp;&nbsp;&nbsp;Class I | &nbsp;&nbsp;&nbsp;&nbsp;(142565439) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89124775) |
| **Net decrease in net assets from Fund share transactions** | &nbsp;&nbsp;**$(171172137)** | &nbsp;&nbsp;**$(117940777)** |
| **Net decrease in net assets** | &nbsp;&nbsp;**$(167044799)** | &nbsp;&nbsp;**$(81491398)** |
| Net Assets |  |  |
| At beginning of year | &nbsp;&nbsp;$425009041 | &nbsp;&nbsp;$506500439 |
| **At end of year** | &nbsp;&nbsp;**$257964242** | &nbsp;&nbsp;**$425009041** |

---

*9*

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Financial Highlights

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;**Class A** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.69 | &nbsp;&nbsp;$13.50 | &nbsp;&nbsp;$13.48 | &nbsp;&nbsp;$16.21 | &nbsp;&nbsp;$15.14 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.33 | &nbsp;&nbsp;$0.31 | &nbsp;&nbsp;$0.26 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.13 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.87** | &nbsp;&nbsp;**$1.51** | &nbsp;&nbsp;**$0.13** | &nbsp;&nbsp;**$(1.89)** | &nbsp;&nbsp;**$1.52** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.30) | &nbsp;&nbsp;$(0.32) | &nbsp;&nbsp;$(0.11) | &nbsp;&nbsp;$(0.14) | &nbsp;&nbsp;$(0.09) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Total distributions** | &nbsp;&nbsp;**$(0.30)** | &nbsp;&nbsp;**$(0.32)** | &nbsp;&nbsp;**$(0.11)** | &nbsp;&nbsp;**$(0.84)** | &nbsp;&nbsp;**$(0.45)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.26** | &nbsp;&nbsp;**$14.69** | &nbsp;&nbsp;**$13.50** | &nbsp;&nbsp;**$13.48** | &nbsp;&nbsp;**$16.21** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.34%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.95%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12.29)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.23%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$80384 | &nbsp;&nbsp;$89981 | &nbsp;&nbsp;$94064 | &nbsp;&nbsp;$102903 | &nbsp;&nbsp;$118419 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $(0.005).

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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 less than 0.01% of average daily net assets for the years ended August 31, 2025, 2024, 2023 and 2022).

*See Notes to Financial Statements.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;**Class C** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.34 | &nbsp;&nbsp;$13.17 | &nbsp;&nbsp;$13.14 | &nbsp;&nbsp;$15.81 | &nbsp;&nbsp;$14.78 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.21 | &nbsp;&nbsp;$0.15 | &nbsp;&nbsp;$0.04 | &nbsp;&nbsp;$0.01 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.73** | &nbsp;&nbsp;**$1.37** | &nbsp;&nbsp;**$0.03** | &nbsp;&nbsp;**$(1.95)** | &nbsp;&nbsp;**$1.36** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.17) | &nbsp;&nbsp;$(0.20) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(0.02) | &nbsp;&nbsp;$— |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| **Total distributions** | &nbsp;&nbsp;**$(0.17)** | &nbsp;&nbsp;**$(0.20)** | &nbsp;&nbsp;**$(0.00)<sup>(2)</sup>** | &nbsp;&nbsp;**$(0.72)** | &nbsp;&nbsp;**$(0.33)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$14.90** | &nbsp;&nbsp;**$14.34** | &nbsp;&nbsp;**$13.17** | &nbsp;&nbsp;**$13.14** | &nbsp;&nbsp;**$15.81** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.18%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.50%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**0.24%** | &nbsp;&nbsp;&nbsp;&nbsp;**(12.92)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.34%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$25171 | &nbsp;&nbsp;$40187 | &nbsp;&nbsp;$54117 | &nbsp;&nbsp;$69060 | &nbsp;&nbsp;$95493 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $(0.005).

<sup>(3)</sup> 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.

<sup>(4)</sup> 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.

<sup>(5)</sup> 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 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.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Financial Highlights — continued

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;**Class I** |
|  | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
| | &nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;**2022** | &nbsp;&nbsp;&nbsp;**2021** |
| Net asset value — Beginning of year | &nbsp;&nbsp;$14.77 | &nbsp;&nbsp;$13.57 | &nbsp;&nbsp;$13.56 | &nbsp;&nbsp;$16.30 | &nbsp;&nbsp;$15.22 |
| Income (Loss) From Operations |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;$0.37 | &nbsp;&nbsp;$0.35 | &nbsp;&nbsp;$0.29 | &nbsp;&nbsp;$0.19 | &nbsp;&nbsp;$0.17 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 |
| **Total income (loss) from operations** | &nbsp;&nbsp;**$0.91** | &nbsp;&nbsp;**$1.55** | &nbsp;&nbsp;**$0.16** | &nbsp;&nbsp;**$(1.86)** | &nbsp;&nbsp;**$1.56** |
| Less Distributions |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;$(0.34) | &nbsp;&nbsp;$(0.35) | &nbsp;&nbsp;$(0.15) | &nbsp;&nbsp;$(0.18) | &nbsp;&nbsp;$(0.12) |
| From net realized gain | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.00)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.36) |
| **Total distributions** | &nbsp;&nbsp;**$(0.34)** | &nbsp;&nbsp;**$(0.35)** | &nbsp;&nbsp;**$(0.15)** | &nbsp;&nbsp;**$(0.88)** | &nbsp;&nbsp;**$(0.48)** |
| **Net asset value — End of year** | &nbsp;&nbsp;**$15.34** | &nbsp;&nbsp;**$14.77** | &nbsp;&nbsp;**$13.57** | &nbsp;&nbsp;**$13.56** | &nbsp;&nbsp;**$16.30** |
| **Total Return<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.30%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.64%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12.06)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.47%** |
| Ratios/Supplemental Data |  |  |  |  |  |
| Net assets, end of year (000's omitted) | &nbsp;&nbsp;$152409 | &nbsp;&nbsp;$294841 | &nbsp;&nbsp;$358320 | &nbsp;&nbsp;$537988 | &nbsp;&nbsp;$665055 |
| Ratios (as a percentage of average daily net assets):<sup>(4)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93% |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06% |
| Portfolio Turnover | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63% |

---

<sup>(1)</sup> Computed using average shares outstanding.

<sup>(2)</sup> Amount is less than $(0.005).

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

<sup>(4)</sup> 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.

<sup>(5)</sup> 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 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.*

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Notes to Financial Statements

------

1 Significant Accounting Policies

Eaton Vance All Asset Strategy Fund (formerly, Eaton Vance RBA All Asset Strategy Fund and prior to February 3, 2025, Eaton Vance Richard Bernstein All Asset Strategy Fund) (the Fund) is a diversified series of Eaton Vance Growth Trust (the Trust). The Trust is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company. The Fund's investment objective is 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 (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.**

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

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

**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. 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

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

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 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, 2025, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Expenses—The majority of expenses of the Trust are directly identifiable to an individual fund. Expenses which are not readily identifiable to a specific fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the funds. Expenses do not include the Fund's pro rata share of the 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 Segment Reporting—During this reporting period, the Fund adopted FASB Accounting Standards Update No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (ASU 2023-07), which requires incremental disclosures related to a public entity's reportable segments. The Fund operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. In connection with the adoption of ASU 2023-07, 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.

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

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, 2025 and August 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended August 31,** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** |
| Ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$8666666 | &nbsp;&nbsp;&nbsp;&nbsp;$10972958 |

---

During the year ended August 31, 2025, distributable earnings was decreased by $980,841 and paid-in capital was increased by $980,841 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, 2025, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income | &nbsp;&nbsp;&nbsp;&nbsp;$4208816 |
| Deferred capital losses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1589131) |
| Net unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40123037 |
| **Distributable earnings** | &nbsp;&nbsp;&nbsp;&nbsp;**$42742722** |

---

At August 31, 2025, the Fund, for federal income tax purposes, had deferred capital losses of $1,589,131 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, 2025, $1,589,131 are short-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at August 31, 2025, as determined on a federal income tax basis, were as follows:

---

| | |
|:---|:---|
| **Aggregate cost** | &nbsp;&nbsp;**$218486354** |
| Gross unrealized appreciation | &nbsp;&nbsp;$40704505 |
| Gross unrealized depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(614193) |
| **Net unrealized appreciation** | &nbsp;&nbsp;**$40090312** |

---

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

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 as a percentage of the Fund's average daily net assets and is payable monthly. Pursuant to an amendment to the investment advisory and administrative agreement dated August 18, 2025, EVM contractually agreed to reduce its investment advisory and administrative fee. The annual fee rates pursuant to the investment advisory and administrative agreement and amendment to the investment advisory and administrative agreement are as follows:

---

| | | |
|:---|:---|:---|
| **Average Daily Net Assets** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate<br> (Prior to August 18, 2025)** | &nbsp;&nbsp;&nbsp;&nbsp;**Annual Fee Rate<br> (Effective August 18, 2025)** |
| Up to $500 million | &nbsp;&nbsp;&nbsp;&nbsp;0.850% | &nbsp;&nbsp;&nbsp;&nbsp;0.750% |
| $500 million but less than $1 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.800% | &nbsp;&nbsp;&nbsp;&nbsp;0.700% |
| $1 billion but less than $2.5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.775% | &nbsp;&nbsp;&nbsp;&nbsp;0.675% |
| $2.5 billion but less than $5 billion | &nbsp;&nbsp;&nbsp;&nbsp;0.750% | &nbsp;&nbsp;&nbsp;&nbsp;0.650% |
| $5 billion and over | &nbsp;&nbsp;&nbsp;&nbsp;0.730% | &nbsp;&nbsp;&nbsp;&nbsp;0.630% |

---

For the year ended August 31, 2025, the investment adviser and administration fee amounted to $3,026,062 or 0.85% of the Fund's average daily net assets. Prior to August 18, 2025, pursuant to an investment sub-advisory agreement, EVM delegated the investment management of the Fund to Richard Bernstein Advisors LLC (RBA). EVM paid RBA a portion of its investment adviser and administration fee for sub-advisory services provided to the Fund. Effective August 18, 2025, the sub-advisory agreement between EVM and RBA was terminated.

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, 2025, the investment adviser and administration fee paid was reduced by $15,364 relating to the Fund's investment in the Liquidity Fund and in other affiliated funds.

Effective August 18, 2025, 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 $8,503 of the Fund's operating expenses for the year ended August 31, 2025.

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, 2025, EVM earned $10,043 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 $1,013 as its portion of the sales charge on sales of Class A shares for the year ended August 31, 2025. 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, 2025 in the amount of $347. 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, 2025 amounted to $211,831 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, 2025, the Fund paid or accrued to EVD $248,831 for Class C shares.

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

------

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, 2025 amounted to $82,944 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, 2025, the Fund was informed that EVD received $890 of CDSCs paid by Class C shareholders and no CDSCs paid by Class A shareholders, respectively.

6 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, for the year ended August 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| Investments (non-U.S. Government) | &nbsp;&nbsp;&nbsp;&nbsp;$212899711 | &nbsp;&nbsp;&nbsp;&nbsp;$251985204 |
| U.S. Government and Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49986703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171064627 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**$262886414** | &nbsp;&nbsp;&nbsp;&nbsp;**$423049831** |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 901656 | &nbsp;&nbsp;&nbsp;&nbsp;$13172904 | &nbsp;&nbsp;&nbsp;&nbsp; 953821 | &nbsp;&nbsp;&nbsp;&nbsp;$13064242 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 70413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1008312 | &nbsp;&nbsp;&nbsp;&nbsp; 83627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1137321 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1827916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26866503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1879277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25636385) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(855847)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(12685287)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(841829)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(11434822)** |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 72228 | &nbsp;&nbsp;&nbsp;&nbsp;$1035133 | &nbsp;&nbsp;&nbsp;&nbsp; 164234 | &nbsp;&nbsp;&nbsp;&nbsp;$2187671 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 24447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343719 | &nbsp;&nbsp;&nbsp;&nbsp; 42235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563421 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1210853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17300263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1513326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20132272) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1114178)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(15921411)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1306857)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(17381180)** |

---

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> August 31, 2024** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Amount** |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp; 2033614 | &nbsp;&nbsp;&nbsp;&nbsp;$29728159 | &nbsp;&nbsp;&nbsp;&nbsp; 4836116 | &nbsp;&nbsp;&nbsp;&nbsp;$65537530 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders electing to receive payments of distributions in Fund shares | &nbsp;&nbsp;&nbsp;&nbsp; 326204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4687550 | &nbsp;&nbsp;&nbsp;&nbsp; 397862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5430819 |
| &nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(12384378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176981148) | &nbsp;&nbsp;&nbsp;&nbsp;(11668673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160093124) |
| **Net decrease** | &nbsp;&nbsp;&nbsp;&nbsp;**(10024560)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(142565439)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6434695)** | &nbsp;&nbsp;&nbsp;&nbsp;**$(89124775)** |

---

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 21, 2025. 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 2024, 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, 2025.

9 Securities Lending Agreement

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

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

At August 31, 2025, the value of the securities loaned and the value of the collateral received, which exceeded the value of the securities loaned, amounted to $2,052,505 and $2,161,018, respectively. Collateral received was comprised of cash of $919,954 and U.S. government and/or agencies securities of $1,241,064. 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, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** | **Remaining Contractual Maturity of the Transactions** |
|  | **Overnight and<br> Continuous** | **<30 days** | **30 to 90 days** | **>90 days** | **Total** |
| Common Stocks | $919954 | $— | $— | $— | $919954 |

---

The carrying amount of the liability for collateral for securities loaned at August 31, 2025 approximated its fair value. If measured at fair value, such liability would have been considered as Level 2 in the fair value hierarchy (see Note 11) at August 31, 2025.

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

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10 Affiliated Investments

At August 31, 2025, the value of the Fund's investment in issuers and funds that may be deemed to be affiliated was $74,334,471, which represents 28.8% of the Fund's net assets. Transactions in such investments by the Fund for the year ended August 31, 2025 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Value,<br> beginning<br> of period** | **Purchases** | **Sales<br> proceeds** | **Net realized<br> gain (loss)** | **Change in<br> unrealized<br> appreciation<br> (depreciation)** | **Value, end<br> of period** | **Dividend<br> income** | **Shares,<br> end of period** |
| **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** | **Exchange-Traded Funds** |
| Eaton Vance Mortgage Opportunities ETF | $— | $29152485 | $(758146) | $1962 | $25508 | $28421809 | $107954 | &nbsp;&nbsp;&nbsp;&nbsp;566849 |
| Eaton Vance Total Return Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 40348460 | &nbsp;&nbsp;&nbsp;&nbsp; (978377) | &nbsp;&nbsp;&nbsp;2103 | &nbsp;&nbsp;&nbsp;34703 | &nbsp;&nbsp;&nbsp;39406889 | &nbsp;&nbsp;&nbsp;148576 | &nbsp;&nbsp;&nbsp;&nbsp;771172 |
| **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** | **Short-Term Investments** |
| Liquidity Fund | &nbsp;&nbsp;&nbsp;18229478 | &nbsp;&nbsp;&nbsp;105694424 | &nbsp;&nbsp;&nbsp;(117418129) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6505773 | &nbsp;&nbsp;&nbsp;348421 | 6505773 |
| **Total** |  |  |  | **$4065** | **$60211** | **$74334471** | **$604951** |  |

---

11 Fair Value Measurements

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

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

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

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

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

At August 31, 2025, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;$11465354 | &nbsp;&nbsp;&nbsp;&nbsp;$311414 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$11776768 |
| &nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 11465451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2606427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14071878 |
| &nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 5130328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1790008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6920336 |
| &nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp; 2708161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3092846 |
| &nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 18203105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9519122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27722227 |
| &nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 9996352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2572238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12568590 |
| &nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 11505835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4785175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16291010 |
| &nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 34233310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1709614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35942924 |
| &nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; 2119824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2724720 |
| &nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp; 639527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948174 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 1967637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3502163 |
| **Total Common Stocks** | &nbsp;&nbsp;**$109434884** | &nbsp;&nbsp;&nbsp;&nbsp;**$26,126,752\*** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$135561636** |
| Exchange-Traded Funds | &nbsp;&nbsp;$115589303 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$115589303 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6505773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6505773 |

---

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Notes to Financial Statements — continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Description (continued)** | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 2** | &nbsp;&nbsp;&nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;Securities Lending Collateral | &nbsp;&nbsp;$919954 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$919954 |
| **Total Investments** | &nbsp;&nbsp;**$232449914** | &nbsp;&nbsp;&nbsp;&nbsp;**$26126752** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$258576666** |

---

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

12 Risks and Uncertainties

#### Risks Associated with Foreign Investments
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.

13 Name Change

Effective August 18, 2025, the name of the Fund was changed from Eaton Vance RBA All Asset Strategy Fund. Prior to February 3, 2025, the name of the Fund was Eaton Vance Richard Bernstein All Asset Strategy Fund.

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

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 (formerly, Eaton Vance RBA All Asset Strategy Fund and prior to February 3, 2025, Eaton Vance Richard Bernstein All Asset Strategy Fund) (the "Fund") (one of the funds constituting Eaton Vance Growth Trust), including the portfolio of investments, as of August 31, 2025, 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, 2025, 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, 2025, 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 17, 2025

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

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Federal Tax Information (Unaudited)

------

The Form 1099-DIV you receive in February 2026 will show the tax status of all distributions paid to your account in calendar year 2025. 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 and 163(j) interest dividends.

**Qualified Business Income. For the fiscal year ended August 31, 2025, the Fund designates approximately $61,655, 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, 2025, the Fund designates approximately $2,598,865, 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 2025 ordinary income dividends, 14.50% qualifies for the corporate dividends received deduction.**

**163(j) Interest Dividends. For the fiscal year ended August 31, 2025, the Fund designates 29.67% of distributions from net investment income as a 163(j) interest dividend.**

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

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 12, 2025 (the "June meeting"), 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 agreements<sup>1</sup> 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 2025, 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 for each sub-adviser not affiliated with the adviser;

*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*

• Reports regarding the financial results and condition of the adviser and certain of its affiliates and of each sub-adviser not affiliated with the adviser;

<sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;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."

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

------

• 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;

• 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 the Eaton Vance Fund structured as an interval fund, information regarding the interval fund's periodic repurchase offers under Rule 23c-3 and related policies and procedures;

• 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 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.

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

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 RBA All Asset Strategy Fund (formerly, Eaton Vance Richard Bernstein All Asset Strategy Fund) (the "Fund") and Eaton Vance Management (the "Adviser") and the sub-advisory agreement between the Adviser and Richard Bernstein Advisors LLC (the "Sub-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 and administrative agreement and the sub-advisory agreement for the Fund.

The Board noted that it had approved at the June meeting, to be effective on or about August 18, 2025, the termination of the sub-advisory agreement between the Adviser and the Sub-adviser on behalf of the Fund, the transition of portfolio management responsibilities from the Sub-adviser to the Adviser, an amendment to the investment advisory and administrative agreement between the Adviser and the Fund, and related changes (the "Fund Transition").

*Nature, Extent and Quality of Services*

In considering whether to approve the investment advisory and administrative 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 and coordinating activities in implementing the Fund's investment strategies. 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 principal elements of the investment process and portfolio construction techniques employed by the Sub-adviser. 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, the Sub-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.

As part of evaluating the Adviser's capabilities in taking over direct portfolio management responsibility from the Adviser, the Board evaluated the capabilities and experience of the portfolio management team that would assume responsibility for the Fund. In this regard, the Board met with the portfolio managers and consider information relating to its track record in managing other products, the depth and experience of the team and other matters.

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 and administrative agreement and the sub-advisory agreement.

*Fund Performance*

The Board noted that, in connection with the Fund Transition, it had approved changes to the Fund's investment strategies 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 approved by the Board in connection with the Fund Transition, to continue to monitor and evaluate the effectiveness of such changes over time.

------

[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

Eaton Vance

All Asset Strategy Fund

August 31, 2025

Board of Trustees' Contract Approval — continued

------

*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, 2024, 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. 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. The Board considered the fact that, following discussions with the Contract Review Committee and in connection with the Fund Transition, the Adviser committed to permanently reduce fees of the Fund in an agreed upon amount, such reduction to be effective on or about August 18, 2025. The Board also considered the fact that the Adviser committed to waive fees or reimburse expenses of the Fund in an agreed upon amount, such arrangement to be effective on or about August 18, 2025.

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 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 concluded that, in light of its role as a sub-adviser not affiliated with the Adviser, the Sub-adviser's expected profitability in managing the Fund was not a material factor.

The Board also considered direct or indirect fall-out benefits received by the Adviser and its affiliates in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

*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.

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[**Table of Contents**](#JOB_EV_AR_f926c63e-132c-4600-9a71-03cd3af5a97f_TOC)

EARAX-NCSR&nbsp;&nbsp;&nbsp;&nbsp;8.31.25

------

#### 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

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| | |
|:---|:---|
| (a)(1) | Registrant's Code of Ethics – Not applicable (please see Item 2). |
| (a)(2)(i) | [Principal Financial Officer's Section 302 certification.](d904361dex99cert.htm) |
| (a)(2)(ii) | [Principal Executive Officer's Section 302 certification.](d904361dex99cert.htm#ii) |
| (b) | [Combined Section 906 certification.](d904361dex99906cert.htm) |

---

------

#### 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.

---

| | |
|:---|:---|
| <u>Eaton Vance Growth Trust</u> | <u>Eaton Vance Growth Trust</u> |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | October 23, 2025 |

---

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 23, 2025 |
| By: | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |
| Date: | October 23, 2025 |

---

## Ex-99.Cert

**Eaton Vance Growth Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(i)** 

**<u>CERTIFICATION</u>**

I, James F. Kirchner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Growth Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: October 23, 2025 | /s/ James F. Kirchner |
|  | James F. Kirchner |
|  | Principal Financial Officer |

---

------

**Eaton Vance Growth Trust** 

**FORM N-CSR** 

**Exhibit 19(a)(2)(ii)** 

**<u>CERTIFICATION</u>**

I, Kenneth A. Topping, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Eaton Vance Growth Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: October 23, 2025 | /s/ Kenneth A. Topping |
|  | Kenneth A. Topping |
|  | Principal Executive Officer |

---

## Exhibit 99.906

**Form N-CSR Item 19(b) Exhibit** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned hereby certify in their capacity as Principal Financial Officer and Principal Executive Officer, respectively, of Eaton Vance Growth Trust (the "**Trust**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Report of the **Trust** on Form N-CSR for the period ended
August 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the **Trust** for such period.

**A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.** 

---

| |
|:---|
| Eaton Vance Growth Trust |
| Date: October 23, 2025 |
| /s/ James F. Kirchner |
| James F. Kirchner |
| Principal Financial Officer |
| Date: October 23, 2025 |
| /s/ Kenneth A. Topping |
| Kenneth A. Topping |
| Principal Executive Officer |

---