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<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Investment Objective</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Investment Objective</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Investment Objective</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Investment Objective</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Investment Objective</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Investment Objective</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund’s investment objective is to seek capital growth.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund’s investment objective is to seek long-term
capital appreciation.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund’s investment objective is to achieve capital
growth. A secondary consideration is investment income.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund’s investment objective is total return.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund’s investment objective is to seek total return.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund’s investment objective is to seek long-term
capital growth by investing in a worldwide and diversified portfolio of health sciences companies.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Fees and Expenses of the Fund</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Fees and Expenses of the Fund</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Fees and Expenses of the Fund</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Fees and Expenses of the Fund</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Fees and Expenses of the Fund</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Fees and Expenses of the Fund</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 19 of this Prospectus and page 21 of the Fund’s Statement
of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 19 of this Prospectus and page 21 of the Fund’s Statement
of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 13 of this Prospectus and page 18 of the Fund’s Statement
of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 21 of this Prospectus and page 18 of the Fund’s Statement
of Additional Information.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 21 of this Prospectus and page 18 of the Fund’s Statement
of Additional Information.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This table describes the fees and expenses that you may pay
if you buy and hold shares of the Fund.  You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 15 of this Prospectus and page 22 of the Fund’s Statement
of Additional Information.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Example.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Example.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for
the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that
your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs may
be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This Example is intended to help you compare the cost
of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in
the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also
assumes that your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual
costs may be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for
the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that
your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs may
be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for
the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that
your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs may
be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for
the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that
your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs may
be higher or lower, based on these assumptions your costs would be:</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for
the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that
your investment has a 5% return each year and that the operating expenses remain the same.  Although your actual costs may
be higher or lower, based on these assumptions your costs would be:</p>
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<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Portfolio Turnover</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Portfolio Turnover</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Portfolio Turnover</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Portfolio Turnover</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Portfolio Turnover</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Portfolio Turnover</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the portfolio).  A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not
reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 55 % of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the portfolio).  A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not
reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 4% (for the period from August 1, 2012 through August 31, 2012) and the Portfolio's
portfolio turnover rate was 43% (for the period September 1, 2012 through July 31, 2012 when the Fund was investing directly in
the Portfolio) of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the portfolio).  A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not
reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 11% (for the period from July 26, 2012 to August 31, 2012) and the Portfolio's portfolio
turnover rate was 74% (for the period from September 1, 2011 to July 25, 2012, when the Fund was investing directly in Multi-Cap
Growth Portfolio) of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the portfolio).  A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not
reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
period (from commencement of operations on September 30, 2011 through August 31, 2012), the Fund's portfolio turnover rate was
16% of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the portfolio).  A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not
reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 42 % of the average value of its portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund pays transaction costs, such as commissions, when
it buys and sells securities (or “turns over” the portfolio).  A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not
reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal
year, the Fund's portfolio turnover rate was 63 % of the average value of its portfolio.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Principal Investment Strategies</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 5.6pt 0">Principal Investment Strategies</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Principal Investment Strategies</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Principal Investment Strategies</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Principal Investment Strategies</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Principal Investment Strategies</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Under normal market conditions, the Fund invests at least
80% of its net assets in equity securities of Asian small companies (the “80% Policy”).  At the time of investment,
Asian small companies are companies that (a) have a market capitalization that does not exceed the maximum market capitalization
of companies included in the MSCI All Country ex Japan Small Cap Index (full market capitalization) (the “market cap maximum”)
on the last business day of the previous quarter and (b) are located in or have securities which are principally traded in an Asian
region country.  As of September 30, 2012 , the maximum market capitalization of companies included in the Index (full market
capitalization) was approximately $ 4.4 billion.  The Fund may invest 25% or more of its total assets in securities of issuers
located in any one country, and may retain securities of a company with a market capitalization that grows after initial investment
over the market cap maximum.  The Fund normally invests in the securities markets of countries in the Asian region, including
Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan
and Thailand.  While there is no minimum or maximum limitation on assets that may be invested in a single country, it is anticipated
that investments in Hong Kong, India, South Korea or Singapore may exceed 25% of total assets.  More than 25% of the Fund’s
total assets may be denominated in a single currency.  The Fund has historically held fewer than 75 stocks; therefore, in
that situation, the Fund’s value may be more sensitive to developments affecting particular stocks than would be a more broadly
diversified fund.  At times, the Fund may attempt to hedge foreign currency fluctuations by entering into forward foreign
currency exchange contracts and options.  The Fund may invest in private placements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">In selecting securities for the Fund, the investment sub-
adviser considers companies that it believes have all or most of the following characteristics: sound and well-established management;
producers of goods or services for which a clear, continuing and long-term demand can be identified within the context of national,
regional and global development; a history of earnings growth; financial strength; a consistent or progressive dividend policy;
and undervalued securities.  Stocks will be sold when they have achieved their perceived value or when a country’s stock
market is expected to be depressed for an extended period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund currently invests its assets in Asian Small Companies
Portfolio (the “Portfolio”), a separate registered investment company with the same investment objective and policies
as the Fund.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Under normal market conditions, the Fund invests at least
80% of its net assets in equity securities of companies located in the China region (the “80% Policy”).  The Fund
invests primarily in common stocks of companies which, in the opinion of the investment adviser, will benefit from the economic
development and growth of the People’s Republic of China. Under normal circumstances, the Fund primarily invests in companies
in the China region, which includes Hong Kong, China, Taiwan, South Korea, Singapore, Malaysia, Thailand, Indonesia and the Philippines.
 A company will be considered to be located in the China region if it is domiciled in the China region or has at least 50%
of its assets in, or derives 50% or more of its revenues or profits from, the China region.  The Fund may invest 25% or more
of its total assets in securities in any one country in the China region. The Fund may invest up to 20% of its net assets outside
the China region.  The Fund invests in companies with a broad range of market capitalizations, including smaller companies.
 More than 25% of the Fund’s total assets may be denominated in a single currency.  At times, the Fund may attempt
to hedge foreign currency fluctuations by entering into forward foreign currency exchange contracts.  The Fund may invest
in private placements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 7.5pt 0">The investment sub- adviser invests primarily in common stocks
of China region companies expected to grow in value over time, regardless of short-term market fluctuations.  In selecting
securities for the Fund, the investment adviser considers companies that it believes have all or most of the following characteristics:
sound and well-established management; producers of goods or services for which a clear, continuing and long-term demand can be
identified within the context of national, regional and global development; a history of earnings growth; financial strength; a
consistent or progressive dividend policy; and undervalued securities.  Stocks typically will be sold when they have achieved
their perceived value or when a country’s stock market is expected to be depressed for an extended period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund invests primarily in common stocks of U.S. growth
companies but may invest up to 25% of its net assets in foreign securities, some of which may be located in emerging market countries.
 As an alternative to holding foreign stocks directly, the Fund may invest in dollar-denominated securities of foreign companies
that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts which evidence ownership in underlying
foreign stocks).  The Fund may invest up to 10% of its assets in real estate investment trusts (“REITs”).  The
Fund may also invest in other pooled investment vehicles and may lend its securities.  The Fund’s investment objective
may not be changed without shareholder approval.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund may engage in derivative transactions to seek return,
to hedge against fluctuations in securities prices, interest rates or currency exchange rates, or as a substitute for the purchase
or sale of securities or currencies.  The Fund expects to use derivatives principally when seeking to gain exposure to equity
securities using futures contracts on securities indices or by writing put options or to generate income by writing covered call
options or put options.   The Fund may also enter into a combination of option transactions on individual securities.  
Permitted derivatives include:  the purchase or sale of forward or futures contracts; options on futures contracts; exchange-traded
and over-the-counter options; equity collars and equity swap agreements.  There is no stated limit on the Fund’s use
of derivatives.  The Fund may also engage in covered short sales (on individual securities held or on an index or basket of
securities whose constituents are held in whole or in part or for which liquid assets have been segregated).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund invests primarily in common stocks of companies that
are expected, over the long term, to have earnings growth that is faster than the growth of the U.S. economy and the U.S. stock
market as a whole.  Growth companies owned by the Fund may include both large and established market leaders, as well as smaller,
less seasoned companies.  The Fund may invest in dividend-paying stocks to achieve the secondary consideration of investment
income.  However, growth stocks typically do not pay dividends.  The Fund’s ability to pay dividends depends on
the yields available on common stocks and Fund (and class) expenses.  If Fund (and class) expenses exceed income, Fund shareholders
will not receive distributions.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The portfolio managers seek to purchase stocks that are reasonably
priced in relation to their fundamental value, and that the portfolio managers believe will grow in value over time.  In making
investment decisions, the portfolio managers may utilize the information provided by, and the expertise of, the investment adviser’s
research staff.  Management of the Fund involves consideration of numerous factors (such as potential for price appreciation,
risk/return, the mix of securities held by the Fund and, secondarily, long-term dividend prospects).  The sell process combines
bottom-up and top-down considerations.  The portfolio managers will normally consider selling securities when they reach the
adviser’s price target, other securities are identified to displace a current holding, or fundamentals deteriorate and the
original investment case is no longer valid.  A top-down assessment of an industry or the economy can also influence sell
decisions at times.</p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 2.8pt 0">In seeking its investment objective, the Fund has flexibility
to allocate its assets in markets around the world and among various asset classes, including equity, fixed-income, commodity,
currency and cash investments.  </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 2.8pt 0">The Fund is managed in a macro-driven, top-down style
that emphasizes and de-emphasizes various global market segments and asset classes at different times.  Exposures will vary
among asset classes based on the sub-adviser’s assessment of a range of proprietary and non-proprietary quantitative indicators
and the firm’s macro-economic analysis and judgment.  It is expected that the macro-economic analysis will evolve over
time and may include consideration of the following:  historical risk and return characteristics; global market valuations;
global yield curves; asset class, regional, and country correlations; profit cycle analyses and style and sector rotation; expected
beta; estimate revisions and earnings surprises; investor sentiment and other factors. Individual equity security selection is
based on quantitative screening and optimization to achieve desired market exposures while seeking to control security-specific
and other observable market risks.  The portfolio is monitored on an ongoing basis and rebalanced as necessary to seek to
ensure that desired market exposures and risk parameters are maintained.  Securities may be sold if they exhibit performance
that might counteract the desired exposures or to implement a revised allocation based on a modified top-down view. Under normal
circumstances, the Fund currently expects to invest 0-75% of its net assets in equity securities, 25-90% in fixed-income securities,
0-25% in commodities (primarily through the use of exchange-traded funds (“ETFs”) that invest in commodities or commodities-related
investments) and/or currencies, and 0-25% in cash and cash equivalents.</p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 2.8pt 0">The Fund may invest without limit in both developed and
emerging markets. The Fund may invest in fixed-income securities of any credit quality. Such investments may include, but are not
limited to, corporate bonds, securities issued or guaranteed by the U.S. government or its agencies or instrumentalities, obligations
of other sovereign nations, municipal obligations, mortgage-backed securities and inflation-linked debt securities.  The Fund
may invest in stocks of companies of any capitalization, real estate investment trusts, exchange-traded notes (“ETNs”),
and ETFs and other pooled investment vehicles.  Investment in cash or cash equivalents may include U.S and foreign bank certificates
of deposit, fixed time deposits, repurchase agreements, bankers’ acceptances and other short-term instruments with a remaining
maturity of 397 days or less.  The Fund currently expects to gain exposures to certain types of investments principally through
ETFs.  </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 2.8pt 0">The Fund may engage in derivative transactions to seek
return, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective
duration of the fixed-income securities in its portfolio, to manage certain investment risks and/or as a substitute for the purchase
or sale of securities, currencies or commodities.  The Fund expects to use derivatives principally when seeking to gain exposure
to equity or fixed-income securities using futures contracts on securities indices and/or when seeking to gain or reduce exposure
to certain currencies by buying or selling forward foreign currency exchange contracts, but may also purchase or sell forwards
or other types of futures contracts; options on futures contracts; exchange traded and over-the-counter options; equity collars,
equity-linked securities and equity swap agreements; interest rate, total return, inflation and credit default swaps; forward rate
agreements; and credit linked notes and other similarly structured products. The Fund may also engage in covered short sales (on
individual securities held or on an index or basket of securities whose constituents are held in whole or in part or for which
liquid assets have been segregated) and forward commitments.  There is no limit on the Fund’s use of derivatives.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0">Under normal circumstances, the Fund invests at least 80%
of its net assets in equity securities and derivative instruments that provide exposure to equity securities (the “80% Policy”).
The Fund may invest up to 20% of its net assets in fixed-income securities, including securities of any rating or that are unrated
and/or in currencies. The Fund may invest an unlimited amount of its assets in foreign securities located in developed or emerging
market countries, including securities trading in the form of depositary receipts. The Fund may invest in stocks of companies of
any capitalization, real estate investment trusts, exchange-traded notes (“ETNs”) and exchange-traded funds (“ETFs”,
including commodity-related ETFs), and other pooled investment vehicles.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0">The Fund may engage in derivative transactions to seek return,
to hedge against fluctuations in securities prices, interest rates or currency exchange rates, or as a substitute for the purchase
or sale of securities or currencies.  The Fund expects to use derivatives principally when seeking to gain exposure to equity
securities using futures contracts on securities indices and/or when seeking to gain or reduce exposure to certain currencies by
buying or selling forward foreign currency exchange contracts .  However, the Fund may also purchase or sell forwards or other
types of futures contracts; options on futures contracts; exchange traded and over-the-counter options; equity collars; equity-linked
securities and equity swap agreements. The Fund may also engage in covered short sales (on individual securities held or on an
index or basket of securities whose constituents are held in whole or in part or for which liquid assets have been segregated).
 There is no stated limit on the Fund’s use of derivatives.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0">The Fund is managed in a macro-driven, top-down style that
emphasizes and de-emphasizes various global equity market segments at different times.  Leading exposures will vary among
growth and value, small, mid and large cap, U.S. and non-U.S., and developed and emerging markets based on the sub-adviser’s
assessment of a range of proprietary and non-proprietary quantitative indicators and the firm’s macro-economic analysis and
judgment.  It is expected that the macro-economic factors and indicators will evolve over time and may include the following:
 global equity market valuations; global yield curves; asset class, regional, and country correlations; profit cycle analyses
and style and sector rotation; expected beta; estimate revisions and earnings surprises; investor sentiment and other factors.
Individual stock selection will be based on quantitative screening and optimization to achieve desired market exposures while controlling
stock-specific and other observable market risks.  The portfolio is monitored on an ongoing basis and rebalanced as necessary
to seek to ensure that desired market exposures and risk controls are maintained.  Stocks may be sold if they exhibit performance
that might counteract the desired exposures or to implement a revised allocation based on a modified top-down view.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0">The Fund will exercise a flexible strategy and is not limited
by investment style or by an issuer’s location, size, market capitalization or industry sector.  The strategy may have
none, some or all of its assets invested in a particular market segment at a given time, and across market segments in relative
proportions that change over time.  At any time , up to 100% of the Fund’s assets may be invested in either U.S. or
foreign securities, including issuers located in emerging market countries.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund normally invests at least 80% of its net assets in
securities (primarily common stocks) of companies principally engaged in the discovery, development, production or distribution
of products (or services) related to scientific advances in health care, including biotechnology, pharmaceuticals, diagnostics,
managed health care and medical equipment and supplies (“health sciences companies”) (the “80% Policy”).
 A company will be considered to be a health sciences company if, at the time of investment, 50% or more of the company’s
sales, earnings or assets will arise from or will be dedicated to the application of scientific advances related to health care.
 The Fund invests in U.S. and foreign securities and will normally be invested in issuers located in at least three different
countries.  The Fund may invest in securities of both larger established and smaller emerging companies located in developed
or emerging markets, some of which may be denominated in foreign currencies.  The Fund concentrates (that is, invests at least
25% of its assets) its investments in medical research and the health care industry.  The Fund may invest up to 5% of its
total assets in royalty bonds.  The Fund may also invest in other pooled investment vehicles.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The portfolio managers seek to purchase stocks that are reasonably
priced in relation to their fundamental value, and that the adviser believes will grow in value over time regardless of short-term
market fluctuations.  In making investment decisions, the portfolio managers utilize the information provided by, and the
expertise of, the investment adviser’s research staff.  The stock selection process will be based on numerous factors,
including the potential to increase market share (for larger companies), and the potential of research and development projects
(for smaller companies).  The portfolio managers consider selling a holding whenever it adds a holding to the Fund.  The
stock selection process is highly subjective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund currently invests its assets in Worldwide Health
Sciences Portfolio (the “Portfolio”), a separate registered investment company with the same investment objective and
policies as the Fund.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Principal Risks</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0 0 7.5pt">Principal Risks</p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 2.8pt 0">Principal Risks</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Principal Risks</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Principal Risks</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Principal Risks</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Equity Investing Risk. The Fund’s shares may be sensitive
to stock market volatility and the stocks in which the Fund invests may be more volatile than the stock market as a whole.  The
value of equity investments and related instruments may decline in response to conditions affecting the general economy; overall
market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity
price fluctuations, as well as issuer or sector specific events.  Market conditions may affect certain types of stocks to
a greater extent than other types of stocks.  If the stock market declines, the value of Fund shares will also likely decline
and although stock values can rebound, there is no assurance that values will return to previous levels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Foreign and Emerging Market Investment Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>Because
the Fund invests a significant portion of its assets in foreign instruments, the value of Fund shares can be adversely affected
by changes in currency exchange rates and political, economic and market developments abroad.  In emerging or less developed
countries, these risks can be more significant.  Investment markets in emerging market countries are typically substantially
smaller, less liquid and more volatile than the major markets in developed countries.  As a result, Fund share values may
be more volatile than if the Fund invested only in developed markets.  Emerging market countries may have relatively unstable
governments and economies.  Emerging market investments often are subject to speculative trading, which typically contributes
to volatility.  Trading in foreign and emerging 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. The value of investments denominated
in foreign currencies can be adversely affected by changes in foreign currency exchange rates. Depositary receipts are subject
to many of the risks associated with investing directly in foreign securities, including political, economic and market risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks of Investing in Asia.  Economies of countries in
the Asian and China regions differ from the U.S. economy in various ways, such as 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 Asian and China regions are affected by developments in the economies of their principal trading
partners.  Monsoons and natural disasters also can affect the value of investments.  China’s governmental actions
and the actions of other governments located in the region can have a significant effect on the economic conditions in the Asian
and China regions, which could adversely affect the value and liquidity of investments. Although the Chinese Government has recently
begun to institute legal and economic reform policies, there can be no assurances that it will continue to pursue such policies
or, if it does, that such policies will succeed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Small Company Equity Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>The
stocks of small and emerging companies are generally subject to greater price fluctuations, limited liquidity, higher transaction
costs and higher investment risk.  Small and emerging companies may have limited product lines, markets or financial resources,
may be dependent on a limited management group, and may lack substantial capital reserves or an established performance record.
 There may be generally less publicly available information about such companies than for larger, more established companies.
Stocks of these companies frequently have lower trading volumes making them more volatile and potentially more difficult to value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Geographic Risk.  Because the Fund may invest significantly
in a particular geographic region or country the value of Fund shares may be affected by events that adversely affect that region
or country and may fluctuate more than that of a fund that has less exposure to such region or country .</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Derivatives Risk. <i> </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks Associated with Active Management.  The Fund is
an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the sub- adviser to
develop and effectively implement strategies to achieve the Fund’s investment objective.  Subjective decisions made
by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders
or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.
  Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines
in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants
and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes
to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the
Fund’s ability to execute its investment strategy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Equity Investing Risk. The Fund’s shares may be sensitive
to stock market volatility and the stocks in which the Fund invests may be more volatile than the stock market as a whole.  The
value of equity investments and related instruments may decline in response to conditions affecting the general economy; overall
market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity
price fluctuations, as well as issuer or sector specific events.  Market conditions may affect certain types of stocks to
a greater extent than other types of stocks.  If the stock market declines, the value of Fund shares will also likely decline
and although stock values can rebound, there is no assurance that values will return to previous levels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Foreign and Emerging Market Investment Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>Because
the Fund invests a significant portion of its assets in foreign instruments, the value of Fund shares can be adversely affected
by changes in currency exchange rates and political, economic and market developments abroad.  In emerging or less developed
countries, these risks can be more significant.  Investment markets in emerging market countries are typically substantially
smaller, less liquid and more volatile than the major markets in developed countries.  As a result, Fund share values may
be more volatile than if the Fund invested only in developed markets.  Emerging market countries may have relatively unstable
governments and economies.  Emerging market investments often are subject to speculative trading, which typically contributes
to volatility.  Trading in foreign and emerging 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. The value of investments denominated
in foreign currencies can be adversely affected by changes in foreign currency exchange rates. Depositary receipts are subject
to many of the risks associated with investing directly in foreign securities , including political, economic and market risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks of Investing in Asia.  Economies of countries in
the Asian and China regions differ from the U.S. economy in various ways, such as 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 Asian and China regions are affected by developments in the economies of their principal trading
partners.  Monsoons and natural disasters also can affect the value of investments.  China’s governmental actions
and the actions of other governments located in the region can have a significant effect on the economic conditions in the Asian
and China regions, which could adversely affect the value and liquidity of investments. Although the Chinese Government has recently
begun to institute legal and economic reform policies, there can be no assurances that it will continue to pursue such policies
or, if it does, that such policies will succeed.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Small Company Equity Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>The
stocks of small and emerging companies are generally subject to greater price fluctuations, limited liquidity, higher transaction
costs and higher investment risk.  Small and emerging companies may have limited product lines, markets or financial resources,
may be dependent on a limited management group, and may lack substantial capital reserves or an established performance record.
 There may be generally less publicly available information about such companies than for larger, more established companies.
Stocks of these companies frequently have lower trading volumes making them more volatile and potentially more difficult to value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Geographic Risk.  Because the Fund may invest significantly
in a particular geographic region or country the value of Fund shares may be affected by events that adversely affect that region
or country and may fluctuate more than that of a fund that has less exposure to such region or country.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Issuer Diversification Risk. The Fund is “non-diversified”
which means it may invest a greater percentage of its assets in the securities of a single issuer than funds that are “diversified.”
 Non-diversified funds face the risk of focusing investments in a small number of issuers, making them more susceptible to
risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Derivatives Risk. <i>  </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks Associated with Active Management.  The Fund is
an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the sub- adviser to
develop and effectively implement strategies to achieve the Fund’s investment objective.  Subjective decisions made
by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders
or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.
  Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines
in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants
and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes
to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the
Fund’s ability to execute its investment strategy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Equity Investing Risk. The Fund’s shares are sensitive
to stock market volatility and the stocks in which the Fund invests may be more volatile than the stock market as a whole.  The
prices of stocks may decline in response to conditions affecting the general economy; overall market changes; local, regional or
global political, social or economic instability; and currency, interest rate and commodity price fluctuations, as well as issuer
or sector specific events.  Market conditions may affect certain types of stocks (such as growth stocks) to a greater extent
than other types of stocks.  If the stock market declines, the value of Fund shares will also likely decline and, although
stock values can rebound, there is no assurance that values will return to previous levels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Foreign and Emerging Market Investment Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>Because
the Fund can invest a portion of its assets in foreign instruments, the value of Fund shares can be adversely affected by changes
in currency exchange rates and political, economic and market developments abroad.  In emerging or less developed countries,
these risks can be more significant.  Investment markets in emerging market countries are typically substantially smaller,
less liquid and more volatile than the major markets in developed countries.  As a result, Fund share values may be more volatile
than if the Fund invested only in developed markets.  Emerging market countries may have relatively unstable governments and
economies.  Emerging market investments often are subject to speculative trading, which typically contributes to volatility.
 Trading in foreign and emerging 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. The value of investments denominated in foreign
currencies can be adversely affected by changes in foreign currency exchange rates. Depositary receipts are subject to many of
the risks associated with investing directly in foreign securities, including political, economic and market risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Smaller Company Equity Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>The
stocks of smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity, higher transaction
costs and higher investment risk.  Smaller companies may have limited product lines, markets or financial resources, may be
dependent on a limited management group, and may lack substantial capital reserves or an established performance record.  There
may be generally less publicly available information about such companies than for larger, more established companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Real Estate Investment Trust Risk.  Real estate investment
trusts (“REITs”) are subject to special risks associated with real estate.  Securities of companies in the real
estate industry are sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flow of underlying
real estate assets, occupancy rates, government regulations affecting zoning, land use, and rents, and the management skill and
creditworthiness of the issuer.  Companies in the real estate industry may also be subject to liabilities under environmental
and hazardous waste laws, among others.  Changes in underlying real estate values may have an exaggerated effect to the extent
that REITs concentrate investments in particular geographic regions or property types.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Derivatives Risk. <i> </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives.  A decision as to whether, when and how to use derivatives involves the exercise of specialized
skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.
 Derivative instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused
by changes in the value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments,
the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the
counterparty.  The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Securities Lending Risk.  Securities lending involves
possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially.
As a result, the value of Fund shares may fall and there may be a delay in recovering the loaned securities. The value of Fund
shares could also fall if a loan is called and the Fund is required to liquidate reinvested collateral at a loss or if the investment
adviser is unable to reinvest cash collateral at rates that exceed the costs involved.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks Associated with Active Management.  The Fund is
an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the investment adviser
to develop and effectively implement strategies to achieve the Fund’s investment objective.  Subjective decisions made
by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders
or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.
  Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines
in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants
and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes
to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the
Fund’s ability to execute its investment strategy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Equity Investing Risk. The Fund’s shares may be sensitive
to stock market volatility and the stocks in which the Fund invests may be more volatile than the stock market as a whole.  The
value of equity investments and related instruments may decline in response to conditions affecting the general economy; overall
market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity
price fluctuations, as well as issuer or sector specific events.  Market conditions may affect certain types of stocks to
a greater extent than other types of stocks.  If the stock market declines, the value of Fund shares will also likely decline
and although stock values can rebound, there is no assurance that values will return to previous levels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Debt Market Risk.  Economic and other events (whether
real or perceived) can reduce the demand for investments held by the Fund, which may reduce their market prices and cause the value
of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted.  Certain securities and other investments
held by the Fund can experience downturns in trading activity and, at such times, the supply of such instruments in the market
may exceed the demand.  At other times, the demand for such instruments may exceed the supply in the market.  An imbalance
in supply and demand in the market may result in valuation uncertainties and greater volatility, less liquidity, wider trading
spreads and a lack of price transparency in the market.  No active trading market may exist for certain investments, which
may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate
such assets. Adverse market conditions may impair the liquidity of some actively traded investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Foreign and Emerging Market Investment Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>
Because the Fund can invest a significant portion of its assets in foreign instruments, the value of Fund shares can be adversely
affected by changes in currency exchange rates and political, economic and market developments abroad.  In emerging or less
developed countries, these risks can be more significant.  Investment markets in emerging market countries are typically substantially
smaller, less liquid and more volatile than the major markets in developed countries.  As a result, Fund share values may
be more volatile than if the Fund invested only in developed markets.  Emerging market countries may have relatively unstable
governments and economies.  Emerging market investments often are subject to speculative trading, which typically contributes
to volatility.  Trading in foreign and emerging 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. The value of investments denominated
in foreign currencies can be adversely affected by changes in foreign currency exchange rates. Depositary receipts are subject
to many of the risks associated with investing directly in foreign securities, including political, economic and market risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">ETF Risk.  Investing in an ETF exposes the Fund to all
of the risks of that ETF’s investments and subjects it to a pro rata portion of the ETF’s fees and expenses. As a result,
the cost of investing in ETF shares may exceed the costs of investing directly in its underlying investments. ETF shares trade
on an exchange at a market price which may vary from the ETF’s net asset value.  The Fund may purchase ETFs at prices
that exceed the net asset value of their underlying investments and may sell ETF investments at prices below such net asset value.
Because the market price of ETF shares depends on the demand in the market for them, the market price of an ETF may be more volatile
than the underlying portfolio of securities the ETF is designed to track, and the Fund may not be able to liquidate ETF holdings
at the time and price desired, which may impact Fund performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Smaller Company Equity Risk. <font style="font-family: Arial, Helvetica, Sans-Serif"> </font>The
stocks of smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity, higher transaction
costs and higher investment risk.  Smaller companies may have limited product lines, markets or financial resources, may be
dependent on a limited management group, and may lack substantial capital reserves or an established performance record.  There
may be generally less publicly available information about such companies than for larger, more established companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Credit Risk. <i>  </i>Investments in debt obligations
are subject to the risk of non-payment of scheduled principal and interest.  Changes in economic conditions or other circumstances
may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults.
Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of a debt obligation also
may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit
ratings of fixed income securities may be lowered if the financial condition of the party obligated to make payments with respect
to such instruments changes.  Credit ratings assigned by rating agencies are based on a number of factors and do not necessarily
reflect the issuer’s current financial condition or the volatility or liquidity of the security.  In the event of bankruptcy
of the issuer of fixed income securities, the Fund could experience delays or limitations with respect to its ability to realize
the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or
similar situation, the Fund may be required to retain legal or similar counsel.  This may increase the Fund’s operating
expenses and adversely affect net asset value.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Interest Rate Risk.  As interest rates rise, the value
of fixed income investments is likely to decline.  Conversely, when interest rates decline, the value of fixed income investments
is likely to rise.  Securities with longer maturities are more sensitive to changes in interest rates than those with shorter
maturities, making them more volatile.  A rising interest rate environment may extend the average life of mortgages or other
asset-backed receivables underlying mortgage-backed or asset-backed securities. This extension increases the risk of depreciation
due to future increases in market interest rates.  In a declining interest rate environment, prepayment of callable income
investments may increase.  In such circumstances, the Fund may have to reinvest the prepayment proceeds at lower yields.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risk of U.S. Government-Sponsored Agencies.  Although
certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National Mortgage
Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S.
Treasury.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risk of Lower Rated Investments.  Investments rated below
investment grade and comparable unrated securities (“junk bonds”) have speculative characteristics because of the credit
risk associated with their issuers.  Changes in economic conditions or other circumstances typically have a greater effect
on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher
rated investments.  An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose
significant value before a default occurs.  Lower rated investments typically are subject to greater price volatility and
illiquidity than higher rated investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Municipal Bond Risk.  The amount of public information
available about municipal bonds is generally less than for corporate equities or bonds, meaning that the investment performance
of municipal bond investments may be more dependent on the analytical abilities of the investment adviser than stock or corporate
bond investments. The secondary market for municipal bonds also tends to be less well-developed and less liquid than many other
securities markets, which may limit an owner’s ability to sell its bonds at attractive prices.  The spread between the
price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress.
 Less liquid obligations can become more difficult to value and be subject to erratic price movements.  The increased
presence of non-traditional participants or the absence of traditional participants in the municipal markets may lead to greater
volatility in the markets.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Derivatives Risk. <i>  </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks of Commodity-Related Investments.  The value of
commodity investments will generally be affected by overall market movements and factors specific to a particular industry or commodity,
which may include weather, embargoes, tariffs, and health, political, international and regulatory developments. Economic and other
events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of
the Fund’s commodity investments to fall. The frequency and magnitude of such changes cannot be predicted. Exposure to commodities
and commodity markets may subject the Fund to greater volatility than investments in traditional securities. No active trading
market may exist for certain commodity investments, which may impair the ability of the Fund to sell or to realize the full value
of such investments in the event of the need to liquidate such investments and/or shares of an ETF that invests in such investments.
In addition, adverse market conditions may impair the liquidity of actively traded commodity investments.  Certain types of
commodity instruments (such as total return swaps and commodity-linked notes) are subject to the risk that the counterparty to
the instrument will not perform or will be unable to perform in accordance with the terms of the instrument.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks Associated with Active and Quantitative Management.
 The Fund is an actively managed portfolio and its success depends upon the ability of the sub-adviser to develop and effectively
implement strategies to achieve the Fund’s investment objective.  Subjective decisions may cause the Fund to incur losses
or to miss profit opportunities on which it may otherwise have capitalized.  The sub-adviser uses quantitative investment
techniques and analyses in making investment decisions for the Fund, for which there can be no assurance that the desired results
will be achieved.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.  In addition, the redemption by one or more large shareholders or
groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.  Investors
in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person.  Mutual funds, investment advisers, other market participants and many securities markets
are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes to applicable rules and regulations
could have an adverse affect on securities markets and market participants, as well as on the Fund’s ability to execute its
investment strategy.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Equity Investing Risk. The Fund’s shares may be sensitive
to stock market volatility and the stocks in which the Fund invests may be more volatile than the stock market as a whole.  The
value of equity investments and related instruments may decline in response to conditions affecting the general economy; overall
market changes; local, regional or global political, social or economic instability; and currency, interest rate and commodity
price fluctuations, as well as issuer or sector specific events.  Market conditions may affect certain types of stocks to
a greater extent than other types of stocks.  If the stock market declines, the value of Fund shares will also likely decline
and although stock values can rebound, there is no assurance that values will return to previous levels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Smaller Company Equity Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>The
stocks of smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity, higher transaction
costs and higher investment risk.  Smaller companies may have limited product lines, markets or financial resources, may be
dependent on a limited management group, and may lack substantial capital reserves or an established performance record.  There
may be generally less publicly available information about such companies than for larger, more established companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Fixed Income Securit ies Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>
If the Fund invests in fixed-income securities, the Fund<font style="font-family: Arial Unicode MS">’</font>s shares may
be sensitive to increases in prevailing interest rates and the creditworthiness of issuers. An imbalance in supply and demand in
the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack
of price transparency in the market.  Investments rated below investment grade and comparable unrated securities have speculative
characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances
typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than
they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower
rated investment may lose significant value before a default occurs. Lower rated investments generally are subject to greater price
volatility and illiquidity than higher rated investments.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Foreign and Emerging Market Investment Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>Because
the Fund can invest a significant portion of its assets in foreign instruments, the value of Fund shares can be adversely affected
by changes in currency exchange rates and political, economic and market developments abroad.  In emerging or less developed
countries, these risks can be more significant.  Investment markets in emerging market countries are typically substantially
smaller, less liquid and more volatile than the major markets in developed countries.  As a result, Fund share values may
be more volatile than if the Fund invested only in developed markets.  Emerging market countries may have relatively unstable
governments and economies.  Emerging market investments often are subject to speculative trading, which typically contributes
to volatility.  Trading in foreign and emerging 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. The value of investments denominated
in foreign currencies can be adversely affected by changes in foreign currency exchange rates. Depositary receipts are subject
to many of the risks associated with investing directly in foreign securities, including political, economic and market risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks of Commodity-Related Investments.  The value of
commodity investments will generally be affected by overall market movements and factors specific to a particular industry or commodity,
which may include weather, embargoes, tariffs, and health, political, international and regulatory developments. Economic and other
events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of
the Fund’s commodity investments to fall. The frequency and magnitude of such changes cannot be predicted. Exposure to commodities
and commodity markets may subject the Fund to greater volatility than investments in traditional securities. No active trading
market may exist for certain commodity investments, which may impair the ability of the Fund to sell or to realize the full value
of such investments in the event of the need to liquidate such investments  and/or shares of an ETF that invests in such investments
. In addition, adverse market conditions may impair the liquidity of actively traded commodity investments.  Certain types
of commodity instruments (such as total return swaps and commodity-linked notes) are subject to the risk that the counterparty
to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">ETF Risk.  Investing in an ETF exposes the Fund to all
of the risks of that ETF’s investments and subjects it to a pro rata portion of the ETF’s fees and expenses. As a result,
the cost of investing in ETF shares may exceed the costs of investing directly in its underlying investments. ETF shares trade
on an exchange at a market price which may vary from the ETF’s net asset value.  The Fund may purchase ETFs at prices
that exceed the net asset value of their underlying investments and may sell ETF investments at prices below such net asset value.
Because the market price of ETF shares depends on the demand in the market for them, the market price of an ETF may be more volatile
than the underlying portfolio of securities the ETF is designed to track, and the Fund may not be able to liquidate ETF holdings
at the time and price desired, which may impact Fund performance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Derivatives Risk. <i> </i>The use of derivatives can
lead to losses because of adverse movements in the price or value of the asset, index, rate or instrument underlying a derivative,
due to failure of a counterparty or due to tax or regulatory constraints.  Derivatives may create economic leverage in the
Fund, which magnifies the Fund’s exposure to the underlying investment. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position
held by the Fund.  When derivatives are used to gain or limit exposure to a particular market or market segment, their performance
may not correlate as expected to the performance of such market thereby causing the Fund to fail to achieve its original purpose
for using such derivatives. A decision as to whether, when and how to use derivatives involves the exercise of specialized skill
and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events.  Derivative
instruments may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the
value of the underlying instrument.  If a derivative’s counterparty is unable to honor its commitments, the value of
Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty.
 The loss on derivative transactions may substantially exceed the initial investment.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Real Estate Investment Trust Risk.  Real estate investment
trusts (“REITs”) are subject to special risks associated with real estate.  Securities of companies in the real
estate industry are sensitive to factors such as changes in real estate values, property taxes, interest rates, cash flow of underlying
real estate assets, occupancy rates, government regulations affecting zoning, land use, and rents, and the management skill and
creditworthiness of the issuer.  Companies in the real estate industry may also be subject to liabilities under environmental
and hazardous waste laws, among others.  Changes in underlying real estate values may have an exaggerated effect to the extent
that REITs concentrate investments in particular geographic regions or property types.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks Associated with Active and Quantitative Management.
 The Fund is an actively managed portfolio and its success depends upon the ability of the sub-adviser to develop and effectively
implement strategies to achieve the Fund’s investment objective.  Subjective decisions may cause the Fund to incur losses
or to miss profit opportunities on which it may otherwise have capitalized.  The sub-adviser uses quantitative investment
techniques and analyses in making investment decisions for the Fund, for which there can be no assurance that the desired results
will be achieved.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders
or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.
  Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines
in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person .  Mutual funds, investment advisers, other market participants
and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes
to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the
Fund’s ability to execute its investment strategy .</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Equity Investing Risk. The Fund’s shares are sensitive
to stock market volatility and the stocks in which the Fund invests may be more volatile than the stock market as a whole.  The
prices of stocks may decline in response to conditions affecting the general economy; overall market changes; local, regional or
global political, social or economic instability; and currency, interest rate and commodity price fluctuations, as well as issuer
or sector specific events.  Market conditions may affect certain types of stocks to a greater extent than other types of stocks.
 If the stock market declines, the value of Fund shares will also likely decline and, although stock values can rebound, there
is no assurance that values will return to previous levels.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Sector Concentration Risk.  The Fund concentrates its
investments in the health sciences industry, so the Fund will likely be affected by events that adversely affect that industry.
 The Fund has historically held fewer than 60 stocks at any one time; therefore, the Fund is more sensitive to developments
affecting particular stocks than would be a more broadly diversified fund.  These developments include product obsolescence,
the failure of the issuer to develop new products and the expiration of patent rights.  The value of Fund shares can also
be impacted by regulatory activities that affect health sciences companies.  For instance, increased regulation can increase
the cost of bringing new products to market and thereby reduce profits.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Foreign and Emerging Market Investment Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>Because
the Fund invests a significant portion of its assets in foreign instruments, the value of Fund shares can be adversely affected
by changes in currency exchange rates and political, economic and market developments abroad.  In emerging or less developed
countries, these risks can be more significant.  Investment markets in emerging market countries are typically substantially
smaller, less liquid and more volatile than the major markets in developed countries.  As a result, Fund share values may
be more volatile than if the Fund invested only in developed markets.  Emerging market countries may have relatively unstable
governments and economies.  Emerging market investments often are subject to speculative trading, which typically contributes
to volatility.  Trading in foreign and emerging 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. The value of investments denominated
in foreign currencies can be adversely affected by changes in foreign currency exchange rates. Depositary receipts are subject
to many of the risks associated with investing directly in foreign securities including political, economic and market risks.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Smaller Company Equity Risk.<font style="font-family: Arial, Helvetica, Sans-Serif"> </font>The
stocks of smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity, higher transaction
costs and higher investment risk.  Smaller, less seasoned companies may have limited product lines, markets or financial resources,
may be dependent on a limited management group, and may lack substantial capital reserves or an established performance record.
 There may be generally less publicly available information about such companies than for larger, more established companies.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Risks Associated with Active Management.  The Fund is
an actively managed portfolio and its success depends upon the investment skills and analytical abilities of the investment adviser
to develop and effectively implement strategies to achieve the Fund’s investment objective.  Subjective decisions made
by the investment adviser may cause the Fund to incur losses or to miss profit opportunities on which it may otherwise have capitalized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">General Fund Investing Risks.  The Fund is not a complete
investment program and you may lose money by investing in the Fund.  All investments carry a certain amount of risk and there
is no guarantee that the Fund will be able to achieve its investment objective.  Annual Fund Operating Expenses expressed
as a percentage of the Fund’s average daily net assets may change as Fund assets increase and decrease, and Annual Fund Operating
Expenses may differ in the future.  Purchase and redemption activities by Fund shareholders may impact the management of the
Fund and its ability to achieve its investment objective.   In addition, the redemption by one or more large shareholders
or groups of shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund.
  Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp declines
in value. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency, entity or person.  Mutual funds, investment advisers, other market participants
and many securities markets are subject to rules and regulations and the jurisdiction of one or more regulators.  Changes
to applicable rules and regulations could have an adverse affect on securities markets and market participants, as well as on the
Fund’s ability to execute its investment strategy.</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Performance</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Performance</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Performance</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Performance</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Performance</p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 3.75pt 0">Performance</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of a broad-based securities market index.  The returns in the bar chart
are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
 Past performance (both before and after taxes) is no guarantee of future results.  The Fund’s performance reflects
the effects of expense reductions.  Absent these reductions, performance would have been lower.  Updated Fund performance
information can be obtained by visiting www.eatonvance.com.  </p>
<p style="font: 9pt Sans-Serif; margin: 2.8pt 0; color: Red"></p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of a broad-based securities market index.  The returns in the bar chart
are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
 Past performance (both before and after taxes) is no guarantee of future results.  The Fund’s performance reflects
the effects of expense reductions.  Absent these reductions, performance would have been lower.  Updated Fund performance
information can be obtained by visiting www.eatonvance.com.  </p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of two broad-based securities market indices.  The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
  No performance is shown for Class I shares because they have not had a full calendar year of operations.   Past performance
(both before and after taxes) is no guarantee of future results.  Updated Fund performance information can be obtained by
visiting www.eatonvance.com.</p>
<p style="font: 9pt Sans-Serif; margin: 2.8pt 0; color: Red"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Performance history will be available after the Fund has been
in operation for one calendar year.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication
of the risks of investing in the Fund by showing how the Fund’s average annual total returns over time compare with those
of a broad-based securities market index.  The return in the bar chart is for Class A shares and does not reflect a sales
charge.  If the sales charge was reflected, the return would be lower.  Past performance (both before and after taxes)
is no guarantee of future results.  Updated Fund performance information can be obtained by visiting www.eatonvance.com.</p>
<p style="font: 9pt Sans-Serif; margin: 2.8pt 0; text-align: center; color: Red"></p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0"></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of two broad-based securities market indices.  The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
 Past performance (both before and after taxes) is no guarantee of future results.  Updated Fund performance information
can be obtained by visiting www.eatonvance.com.  </p>
<p style="font: 9pt Sans-Serif; margin: 2.8pt 0; color: Red"></p>
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<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Shareholder Fees (fees paid directly from your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)*</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)</p>
<p style="font: 12pt/12pt NewsGoth Dm BT,Times New Roman; margin-top: 4px; margin-bottom: 4px">Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)*</p>
0.0575
0
0.0575
0
0
0
0.0575
0
0
0
0.0575
0
0
0.0575
0
0
0.0575
0
0
0
0
0
0.0500
0
0.0500
0.0100
0
0
0.0500
0.0100
0
0
0.0100
0
0
0.0100
0
0
0.0500
0.0100
0
0
0.0125
0.0125
0.0125
0.0125
0.0125
0.0125
0.0063
0.0063
0.0063
0.0063
0.0090
0.0090
0.0090
0.0090
0.0090
0.0090
0.0030
0.0100
0.0030
0.0100
0.0100
0
0.0025
0.0100
0.0100
0
0.0025
0.0100
0
0.0025
0.0100
0
0.0025
0.0100
0.0100
0.0050
0
0.0090
0.0090
0.0055
0.0055
0.0055
0.0054
0.0044
0.0044
0.0044
0.0043
0.0078
0.0078
0.0078
0.0020
0.0020
0.0020
0.0026
0.0026
0.0026
0.0026
0.0026
0.0245
0.0315
0.0210
0.0280
0.0280
0.0179
0.0132
0.0207
0.0207
0.0106
0.0201
0.0276
0.0176
0.0138
0.0213
0.0113
0.0141
0.0216
0.0216
0.0166
0.0116
0.0205
0.0275
0.0200
0.0270
0.0270
0.0169
0.0146
0.0221
0.0121
0.0008
0.0008
0.0008
0.0003
0.0003
0.0003
771
778
766
773
373
172
702
710
310
108
715
324
123
707
316
115
710
719
319
169
118
1259
1334
1186
1259
859
554
969
1049
649
337
1119
804
501
987
667
359
996
1076
676
523
368
1772
1815
1630
1670
1470
960
1257
1314
1114
585
1548
1411
903
1287
1144
622
1302
1359
1159
902
638
3173
3268
2859
2954
3121
2097
2074
2208
2400
1294
2737
3050
2028
2137
2462
1375
2169
2303
2493
1965
1409
771
278
766
273
273
172
702
210
210
108
715
224
123
707
216
115
710
219
219
169
118
1259
934
1186
859
859
554
969
649
649
337
1119
804
501
987
667
359
996
676
676
523
368
1772
1615
1630
1470
1470
960
1257
1114
1114
585
1548
1411
903
1287
1144
622
1302
1159
1159
902
638
3173
3268
2859
2954
3121
2097
2074
2208
2400
1294
2737
3050
2028
2137
2462
1375
2169
2303
2493
1965
1409
0.0015
-0.1631
-0.2671
-0.2594
0.8528
0.5388
0.3665
0.3046
0.0017
0.1535
0.1612
0.0681
0.3639
0.1267
0.0187
0.0769
0.4730
0.4758
0.2090
-0.0001
0.1641
0.6118
0.3141
0.0649
-0.6594
-0.5105
-0.5284
-0.0724
0.8073
0.6048
0.4913
0.0989
0.1556
0.0836
0.1000
0.1113
-0.2461
-0.2289
-0.0143
-0.0640
0.0475
-0.2689
-0.2893
-0.2955
-0.1846
-0.2881
-0.1867
-0.2733
-0.2821
-0.1645
-0.2694
-0.2415
-0.2269
0.0218
-0.0710
-0.0710
-0.0461
0.0211
-0.0704
-0.0313
-0.0735
-0.1179
-0.1186
-0.0756
-0.0799
-0.0616
0.0946
-0.0127
-0.0265
0.0099
0.0211
-0.0074
0.0293
0.0447
0.0506
0.0238
-0.1005
-0.1115
-0.0812
-0.0977
0.0129
-0.0006
-0.0131
0.0007
0.0030
0.0055
0.0129
0.0246
-0.0114
-0.0188
-0.0114
-0.0025
-0.0100
-0.0067
0.0169
0.0356
0.0211
0.0285
-0.0025
0.0375
0.0398
0.0453
0.0489
0.1207
0.0819
0.0699
0.0709
0.0822
0.0825
0.0943
0.0875
0.0851
0.0945
0.0942
0.1016
0.0274
0.0307
0.0264
0.0257
0.0292
0.0293
0.0292
0.0312
0.0284
0.0210
0.0235
0.0292
0.0268
0.0266
0.0326
0.0350
-0.0135
-0.0499
-0.0506
-0.0424
-0.0107
-0.0005
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0">The Fund is not a complete
investment program and you may lose money by investing in the Fund. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0">The Fund is not a complete
investment program and you may lose money by investing in the Fund. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0">The Fund is not a complete
investment program and you may lose money by investing in the Fund. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0">The Fund is not a complete
investment program and you may lose money by investing in the Fund. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0">The Fund is not a complete
investment program and you may lose money by investing in the Fund. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0">The Fund is not a complete
investment program and you may lose money by investing in the Fund. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0"> An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0"> An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0"> An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0"> An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0"> An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person. </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0"> An investment
in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency, entity or person. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 19 of this Prospectus and page 21 of the Fund’s Statement
of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 19 of this Prospectus and page 21 of the Fund’s Statement
of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 13 of this Prospectus and page 18 of the Fund’s Statement
of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 19 of this Prospectus and page 21 of the Fund’s Statement
of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">You may qualify for a reduced sales charge if you
invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these
and other discounts is available from your financial intermediary and in Sales Charges beginning on page 21 of this
Prospectus and page 18 of the Fund’s Statement of Additional Information.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">You may qualify for a reduced sales charge if you invest, or agree to invest over
a 13-month period, at least $50,000 in Eaton Vance Funds.  More information about these and other discounts is available from
your financial intermediary and in Sales Charges beginning on page 15 of this Prospectus and page 22 of the Fund’s Statement
of Additional Information.</p>
50000
50000
50000
50000
50000
50000
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Under normal market conditions, the Fund invests at least
80% of its net assets in equity securities of Asian small companies (the “80% Policy”).  At the time of investment,
Asian small companies are companies that (a) have a market capitalization that does not exceed the maximum market capitalization
of companies included in the MSCI All Country ex Japan Small Cap Index (full market capitalization) (the “market cap maximum”)
on the last business day of the previous quarter and (b) are located in or have securities which are principally traded in an Asian
region country.  As of September 30, 2012 , the maximum market capitalization of companies included in the Index (full market
capitalization) was approximately $ 4.4 billion.  The Fund may invest 25% or more of its total assets in securities of issuers
located in any one country, and may retain securities of a company with a market capitalization that grows after initial investment
over the market cap maximum.  The Fund normally invests in the securities markets of countries in the Asian region, including
Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Pakistan, the Philippines, Singapore, South Korea, Sri Lanka, Taiwan
and Thailand.  While there is no minimum or maximum limitation on assets that may be invested in a single country, it is anticipated
that investments in Hong Kong, India, South Korea or Singapore may exceed 25% of total assets.  More than 25% of the Fund’s
total assets may be denominated in a single currency.  The Fund has historically held fewer than 75 stocks; therefore, in
that situation, the Fund’s value may be more sensitive to developments affecting particular stocks than would be a more broadly
diversified fund.  At times, the Fund may attempt to hedge foreign currency fluctuations by entering into forward foreign
currency exchange contracts and options.  The Fund may invest in private placements.</p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 3pt 0">Under normal market conditions, the Fund invests at least
80% of its net assets in equity securities of companies located in the China region (the “80% Policy”).  The Fund
invests primarily in common stocks of companies which, in the opinion of the investment adviser, will benefit from the economic
development and growth of the People’s Republic of China. Under normal circumstances, the Fund primarily invests in companies
in the China region, which includes Hong Kong, China, Taiwan, South Korea, Singapore, Malaysia, Thailand, Indonesia and the Philippines.
 A company will be considered to be located in the China region if it is domiciled in the China region or has at least 50%
of its assets in, or derives 50% or more of its revenues or profits from, the China region.  The Fund may invest 25% or more
of its total assets in securities in any one country in the China region. The Fund may invest up to 20% of its net assets outside
the China region.  The Fund invests in companies with a broad range of market capitalizations, including smaller companies.
 More than 25% of the Fund’s total assets may be denominated in a single currency.  At times, the Fund may attempt
to hedge foreign currency fluctuations by entering into forward foreign currency exchange contracts.  The Fund may invest
in private placements.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund invests primarily in common stocks of U.S. growth
companies but may invest up to 25% of its net assets in foreign securities, some of which may be located in emerging market countries.
 As an alternative to holding foreign stocks directly, the Fund may invest in dollar-denominated securities of foreign companies
that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts which evidence ownership in underlying
foreign stocks).  The Fund may invest up to 10% of its assets in real estate investment trusts (“REITs”).  The
Fund may also invest in other pooled investment vehicles and may lend its securities.  The Fund’s investment objective
may not be changed without shareholder approval.</p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 2.8pt 0">In seeking its investment objective, the Fund has flexibility
to allocate its assets in markets around the world and among various asset classes, including equity, fixed-income, commodity,
currency and cash investments.  </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0">Under normal circumstances, the Fund invests at least 80%
of its net assets in equity securities and derivative instruments that provide exposure to equity securities (the “80% Policy”).
The Fund may invest up to 20% of its net assets in fixed-income securities, including securities of any rating or that are unrated
and/or in currencies. The Fund may invest an unlimited amount of its assets in foreign securities located in developed or emerging
market countries, including securities trading in the form of depositary receipts. The Fund may invest in stocks of companies of
any capitalization, real estate investment trusts, exchange-traded notes (“ETNs”) and exchange-traded funds (“ETFs”,
including commodity-related ETFs), and other pooled investment vehicles.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The Fund normally invests at least 80% of its net assets in
securities (primarily common stocks) of companies principally engaged in the discovery, development, production or distribution
of products (or services) related to scientific advances in health care, including biotechnology, pharmaceuticals, diagnostics,
managed health care and medical equipment and supplies (“health sciences companies”) (the “80% Policy”).
 A company will be considered to be a health sciences company if, at the time of investment, 50% or more of the company’s
sales, earnings or assets will arise from or will be dedicated to the application of scientific advances related to health care.
 The Fund invests in U.S. and foreign securities and will normally be invested in issuers located in at least three different
countries.  The Fund may invest in securities of both larger established and smaller emerging companies located in developed
or emerging markets, some of which may be denominated in foreign currencies.  The Fund concentrates (that is, invests at least
25% of its assets) its investments in medical research and the health care industry.  The Fund may invest up to 5% of its
total assets in royalty bonds.  The Fund may also invest in other pooled investment vehicles.</p>
0.55
0.16
0.42
0.63
0.74
0.11
0.04
0.43
<p>* Expenses in the table above and the Example below reflect the expenses of the Fund and the Portfolio.</p>
<p>* Expenses in the table above and the Example below reflect the expenses of the Fund and the Portfolio.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication
of the risks of investing in the Fund by showing how the Fund’s average annual total returns over time compare with those
of a broad-based securities market index.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication
of the risks of investing in the Fund by showing how the Fund’s average annual total returns over time compare with those
of a broad-based securities market index.</p>
The following bar chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of two broad-based securities market indices.
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The following bar chart and table provide some indication
of the risks of investing in the Fund by showing how the Fund’s average annual total returns over time compare with those
of a broad-based securities market index.</p>
The following bar chart and table provide some indication
of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s
average annual returns over time compare with those of two broad-based securities market indices.
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Past performance (both before and after taxes)
is no guarantee of future results. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Past performance (both before and after taxes)
is no guarantee of future results. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Past performance (both before and after taxes)
is no guarantee of future results. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Past performance (both before and after taxes)
is no guarantee of future results. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">Past performance (both before and after taxes)
is no guarantee of future results. </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0"> The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0"> The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0"> The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0">The return in the bar chart is for Class A shares and does not reflect a sales
charge.  If the sales charge was reflected, the return would be lower.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0"> The returns in the bar
chart are for Class A shares and do not reflect a sales charge.  If the sales charge was reflected, the returns would be lower.
</p>
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<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the ten years ended December 31, 2011 , the highest
quarterly total return for Class A was 41.96% for the quarter ended June 30, 2009, and the lowest quarterly return  was –38.40%
for the quarter ended September 30, 2008.  The year-to-date total return through the end of the most recent calendar quarter
(December 31, 2011 to September 30, 2012 ) was 19.31 %.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the ten years ended December 31, 2011 , the highest
quarterly total return for Class A was 30.52% for the quarter ended June 30, 2009, and the lowest quarterly return  was -24.40
% for the quarter ended September 30, 2011 .  The year-to-date total return through the end of the most recent calendar quarter
(December 31, 2011 to September 30, 2012 ) was 11 .44 %.</p>
<p style="font: 9pt Sans-Serif; margin: 2.8pt 0; color: Red"></p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the ten years ended December 31, 2011 , the highest
quarterly total return for Class A was 26.87% for the quarter ended June 30, 2003, and the lowest quarterly return was –33.13%
for the quarter ended December 31, 2008.  The year-to-date total return through the end of the most recent calendar quarter
(December 31, 2011 to September 30, 2012 ) was 16.07 %.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the period from December 31, 2010 through December
31, 2011, the highest quarterly total return for Class A was 6.57% for the quarter ended March 31, 2011, and the lowest quarterly
return was -14.75% for the quarter ended September 30, 2011.  The year-to-date return through the end of the most recent calendar
quarter (December 31, 2011 to September 30, 2012) was 12.21%.   </p>
<p style="font: 9pt Sans-Serif; margin: 2.8pt 0; color: Red"><b></b></p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the ten years ended December 31, 2011,  the
highest quarterly total return for Class A was 18.93% for the quarter ended June 30, 2003, and the lowest quarterly return was
– 15.67 % for the quarter ended June 30, 2002 .  The year-to-date total return through the end of the most recent calendar
quarter (December 31, 2011 to September 30, 2012 ) was 19.37 %.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">These returns reflect the maximum sales charge for Class
A (5.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class B.  Investors cannot invest directly
in an Index.  (Source for the MSCI All Country Asia ex Japan Small Cap Index returns:  MSCI Barra).  MSCI data may
not be reproduced or used for any other purpose.  MSCI provides no warranties, has not prepared or approved this data and
has no liability hereunder.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">After-tax returns are calculated using the highest historical
individual federal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend
on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.  After-tax
returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.  After-tax
returns for Class B shares will vary from the after-tax returns presented for Class A shares.  Return After Taxes on Distributions
for a period may be the same as Return Before Taxes for a period because no taxable distributions were made during that period.
 Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return After
Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.  </p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">These returns reflect the maximum sales charge for Class
A (5.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class B and Class C.  The Class I performance
shown above for the period prior to October 1, 2009 (commencement of operations) is the performance of Class A shares at net asset
value without adjustment for any differences in the expenses of the two classes.  If adjusted for other expenses, returns
would be different.   Investors cannot invest directly in an Index.  (Source for the MSCI Golden Dragon Index returns:
Lipper Inc. and MSCI, respectively).  MSCI data may not be reproduced or used for any other purpose.  MSCI provides no
warranties, has not approved this data and has no liability hereunder.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">After-tax returns are calculated using the highest historical
individual federal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend
on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.  After-tax
returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.  After-tax
returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.  Return After Taxes
on Distributions may be the same as Return Before Taxes for a period because no taxable distributions were made during that period.
 Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period may be greater than or equal to Return
After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">These returns reflect the maximum sales charge for Class
A (5.75%) and any applicable contingent deferred sales charge (<font style="font-family: Arial Unicode MS">“</font>CDSC<font style="font-family: Arial Unicode MS">”</font>)
for Class B and Class C.  Investors cannot invest directly in an Index.  </p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">After-tax returns are calculated using the highest historical
individual federal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend
on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.  After-tax
returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.  After-tax
returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.  Return After Taxes
on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made
during that period.  Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period may be greater than
or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.  </p>
<p style="font: 10pt/12pt Times New Roman, Times, Serif; margin: 2.8pt 0">These returns reflect the maximum sales charge for Class
A (5.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. Class A, Class C and Class I shares
commenced operations on October 12, 2010.  Investors cannot invest directly in an Index.  (Source for MSCI All Country
World Index: MSCI)  MSCI data may not be reproduced or used for any other purpose.  MSCI provides no warranties, has
not prepared or approved this data and has no liability hereunder.  </p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">After-tax returns are calculated using the highest historical
individual federal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend
on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.  After-tax
returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.  After-tax
returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.  Return After Taxes
on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made
during that period.  Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period may be greater than
or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">These returns reflect the maximum sales charge for Class
A (5.75%) and any applicable contingent deferred sales charge (“CDSC”) for Class B and Class C.   The Class I
and R performance shown above for the periods prior to October 1, 2009 and September 8, 2003 (commencement of operations for such
class, respectively) is the performance of Class A shares at net asset value without adjustment for any differences in the expenses
of the two classes.  If adjusted for other expenses, returns would be different.   Investors cannot invest directly in
an Index.  (Source for MSCI World Health Care Index:  MSCI ).  MSCI data may not be reproduced or used for any other
purpose.  MSCI provides no warranties, has not prepared or approved this data, and has no liability hereunder .</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">After-tax returns are calculated using the highest historical
individual federal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend
on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.  After-tax
returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.  After-tax
returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.  Return After Taxes
on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made
during that period.  Also, Return After Taxes on Distributions and the Sale of Fund Shares for a period may be greater than
or equal to Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.  </p>
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2009-06-30
2009-06-30
2003-06-30
2011-03-31
2003-06-30
0.4196
0.3052
0.2687
0.0657
0.1893
-0.3840
-0.2440
-0.3313
-0.1475
-0.1567
2008-09-30
2011-09-30
2008-12-31
2011-09-30
2002-06-30
2012-09-30
2012-09-30
2012-09-30
2012-09-30
2012-09-30
0.1931
0.1144
0.1607
0.1221
0.1937
These returns reflect the maximum sales charge for Class A (5.75%) and any
applicable contingent deferred sales charge ("CDSC") for Class B.
These returns reflect the maximum sales charge for Class A (5.75%) and any
applicable contingent deferred sales charge ("CDSC") for Class B.
These returns reflect the maximum sales charge for Class A (5.75%) and any
applicable contingent deferred sales charge ("CDSC") for Class B and Class C.
These returns reflect the maximum sales charge for Class A (5.75%) and any
applicable contingent deferred sales charge ("CDSC") for Class B.
These returns reflect the maximum sales charge for Class A (5.75%) and any
applicable contingent deferred sales charge ("CDSC") for Class B and Class C.
After-tax returns are calculated using the highest historical individual federal
income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a shareholder's tax situation and the actual
characterization of distributions, and may differ from those shown.
After-tax returns are calculated using the highest historical individual federal
income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a shareholder's tax situation and the actual
characterization of distributions, and may differ from those shown.
After-tax returns are calculated using the highest historical individual federal
income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a shareholder's tax situation and the actual
characterization of distributions, and may differ from those shown.
After-tax returns are calculated using the highest historical individual federal
income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a shareholder's tax situation and the actual
characterization of distributions, and may differ from those shown.
After-tax returns are calculated using the highest historical individual federal
income tax rates and do not reflect the impact of state and local taxes. Actual
after-tax returns depend on a shareholder's tax situation and the actual
characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to shareholders who hold shares in
tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns are not relevant to shareholders who hold shares in
tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns are not relevant to shareholders who hold shares in
tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns are not relevant to shareholders who hold shares in
tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns are not relevant to shareholders who hold shares in
tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns for Class B shares will vary from the after-tax returns
presented for Class A shares.
After-tax returns for other classes of shares will vary from the after-tax returns
presented for Class A shares.
After-tax returns for Class B shares will vary from the after-tax returns
presented for Class A shares.
After-tax returns for other Classes of shares will vary from the after-tax returns
presented for Class A shares.
After-tax returns for Class B shares will vary from the after-tax returns
presented for Class A shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a period because no taxable distributions were made during that
period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a
period may be greater than or equal to Return After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a period because no taxable distributions were made during that
period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a
period may be greater than or equal to Return After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a period because no taxable distributions were made during that
period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a
period may be greater than or equal to Return After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a period because no taxable distributions were made during that
period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a
period may be greater than or equal to Return After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.
Return After Taxes on Distributions for a period may be the same as Return
Before Taxes for a period because no taxable distributions were made during that
period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a
period may be greater than or equal to Return After Taxes on Distributions for
the same period because of losses realized on the sale of Fund shares.
(reflects net dividends, which reflect the deduction of withholding taxes)
(reflects net dividends, which reflect the deduction of withholding taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects net dividends, which reflect the deduction of withholding taxes)
(reflects no deduction for fees, expenses or taxes)
EVASX
EBASX
EVCGX
EMCGX
ECCGX
EICGX
EVGFX
EMGFX
ECGFX
EIGFX
EARAX
ECRAX
EIRAX
ERBAX
ERBCX
ERBIX
ETHSX
EMHSX
ECHSX
ERHSX
EIHSX
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the ten years ended December 31, 2011 , the highest
quarterly total return for Class A was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the ten years ended December 31, 2011 , the highest
quarterly total return for Class A was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the ten years ended December 31, 2011 , the highest
quarterly total return for Class A was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the period from December 31, 2010 through December 31, 2011 , the highest
quarterly total return for Class A was</p>
<p style="font: 9pt/10pt Times New Roman, Times, Serif; margin: 2.8pt 0">During the ten years ended December 31, 2011 , the highest
quarterly total return for Class A was</p>
The investment adviser and sub-adviser have agreed to reimburse the Fund's expenses to the extent Total Annual Fund Operating Expenses exceed 2.04% for Class A shares and 2.74% for Class B shares. This expense reimbursement will continue through December 31 , 2013. Any amendment to or a termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses, interest expense , taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and sub-adviser during the Fund's current fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
The investment adviser and sub-adviser have agreed to reimburse the Fund's expenses to the extent Total Annual Fund Operating Expenses exceed 1.95% for Class A shares, 2.65% for Class B and Class C shares, and 1.65% for Class I shares. This expense reimbursement will continue through December 31 , 2013. Any amendment to or a termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses, interest expense , taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and sub-adviser during the Fund's current fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 1.45% for Class A shares, 2.20% for Class C shares and 1.20% for Class I shares. This expense reimbursement will continue through December 31, 2013. Any amendment to or a termination of this reimbursement would require written approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, interest expense, taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator and sub-adviser during the Fund's current fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
A performance fee adjustment decreased the effective rate of the basic investment advisory fee of 0.48% by 0. 08 % for the most recent fiscal year ended August 31, 2012. Management Fees reflect a fee reduction agreement to the Management Agreement and an Amended and Restated Administrative Services Agreement, both effective May 1, 2012, and restated to reflect the fees payable if the revised fees were in effect for the entire fiscal year. See page 9 of this Prospectus for more information about the calculation of the performance fee adjustment.