Summary Prospectus dated January 1, 2011
as revised August 1, 2011
Eaton Vance Worldwide Health Sciences Fund |
Class /Ticker A / ETHSX B / EMHSX C / ECHSX I / EIHSX R / ERHSX
This Summary Prospectus is designed to provide investors with key fund information in a clear and concise format. Before you invest, you may want to review the Funds Prospectus and Statement of Additional Information, which contain more information about the Fund and its risks. The Funds Prospectus and Statement of Additional Information, both dated January 1, 2011, as supplemented, are incorporated by reference into this Summary Prospectus. For free paper or electronic copies of the Funds Prospectus, Statement of Additional Information, and other information about the Fund, go to http://funddocuments.eatonvance.com, email a request to contact@eatonvance.com, call 1-800-262-1122, or ask any financial advisor, bank, or broker-dealer who offers shares of the Fund. Unless otherwise noted, page number references refer to the current Prospectus for this Fund.
Investment Objective
The Funds investment objective is to seek long-term capital growth by investing in a worldwide and diversified portfolio of health sciences companies.
Fees and Expenses of the Fund
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 the Funds Prospectus and page 24 of the Funds Statement of Additional Information.
Shareholder Fees (fees paid directly from your investment) |
Class A | Class B | Class C | Class I | Class R |
| |||||
Maximum Sales Charge (Load) (as a percentage of offering price) |
5.75% | None | None | None | None |
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at purchase or redemption) |
None | 5.00% | 1.00% | None | None |
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)(1) |
Class A | Class B | Class C | Class I | Class R |
| |||||
Management Fees(2) |
1.27% | 1.27% | 1.27% | 1.27% | 1.27% |
Distribution and Service (12b-1) Fees |
0.25% | 1.00% | 1.00% | n/a | 0.50% |
Other Expenses |
0.31% | 0.31% | 0.31% | 0.31% | 0.31% |
Total Annual Fund Operating Expenses |
1.83% | 2.58% | 2.58% | 1.58% | 2.08% |
(1) | Expenses in the table above and the Example below reflect the expenses of the Fund and the Portfolio. |
(2) | Management Fees have been restated to reflect the terms of an Amended and Restated Investment Advisory Agreement, a new Management Agreement and a new Administration Agreement effective August 1, 2011 and assume that the new Index to be used for performance fee purposes was in place for the entire performance adjustment period. The restated performance fee adjustment would have increased the effective rate of the basic investment advisory fee of 0.48% by 0.20% for the most recent fiscal year ended August 31, 2010. See page 9 of the Funds Prospectus and item 3 of the supplement to the Prospectus for more information about the calculation of the performance fee adjustment. |
Example. 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:
Expenses with Redemption | Expenses without Redemption | |||||||
| ||||||||
1 Year | 3 Years | 5 Years | 10 Years | 1 Year | 3 Years | 5 Years | 10 Years | |
| ||||||||
Class A shares |
$750 | $1,117 | $1,508 | $2,599 | $750 | $1,117 | $1,508 | $2,599 |
Class B shares |
$761 | $1,202 | $1,570 | $2,732 | $261 | $ 802 | $1,370 | $2,732 |
Class C shares |
$361 | $ 802 | $1,370 | $2,915 | $261 | $ 802 | $1,370 | $2,915 |
Class I shares |
$161 | $ 499 | $ 860 | $1,878 | $161 | $ 499 | $ 860 | $1,878 |
Class R shares |
$211 | $ 652 | $1,119 | $2,410 | $211 | $ 652 | $1,119 | $2,410 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its 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 Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 48% of the average value of its portfolio.
Principal Investment Strategies
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 companys 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 investment vehicles.
The portfolio managers seek to purchase stocks that are reasonably priced in relation to their fundamental value, and that 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 advisers 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.
The Fund currently invests its assets in Worldwide Health Sciences Portfolio, a separate registered investment company with the same objective and policies as the Fund.
Principal Risks
Equity Investing Risk. The Funds 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.
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.
Foreign and Emerging Market Investment Risk. 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 and economic 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, and as a result, Fund share values may be more volatile. 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. Depositary receipts are subject to many of the risks associated with investing directly in foreign securities including political and economic risks.
Small Companies Risk. 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, and they may be dependent on a limited management group, or lack substantial capital reserves or an established performance record. There is 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.
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 that achieve
Eaton Vance Worldwide Health Sciences Fund |
2
Summary Prospectus dated January 1, 2011 as revised August 1, 2011
the Funds 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.
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. In general, the Annual Fund Operating Expenses expressed as a percentage of the Funds average daily net assets will change as Fund assets increase and decrease, and the Funds 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 objective. 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.
Performance
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year and how the Funds 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.
During the ten years ended December 31, 2009, the highest quarterly total return for Class A was 36.60% for the quarter ended March 31, 2000, and the lowest quarterly return was 19.26% for the quarter ended March 31, 2001. The year-to-date total return through the end of the most recent calendar quarter (December 31, 2009 to September 30, 2010) was 9.38%.
Average Annual Total Return as of December 31, 2009 |
One Year | Five Years | Ten Years |
| |||
Class A Return Before Taxes |
3.55% | 1.96% | 6.79% |
Class A Return After Taxes on Distributions |
3.53% | 0.96% | 6.06% |
Class A Return After Taxes on Distributions and the Sale of Class A Shares |
2.32% | 1.58% | 5.85% |
Class B Return Before Taxes |
4.12% | 2.11% | 6.62% |
Class C Return Before Taxes |
7.99% | 2.39% | 6.63% |
Class I Return Before Taxes |
10.01% | 3.19% | 7.43% |
Class R Return Before Taxes |
9.60% | 2.93% | 7.27% |
MSCI World Health Care Index (reflects net dividends, which reflect the deduction of withholding taxes) |
18.89% | 3.16% | 2.92% |
S&P 500 Index (reflects no deduction for fees, expenses or taxes) |
26.47% | 0.42% | 0.95% |
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. 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 classes. If adjusted for other expenses, returns would be different. The Funds primary benchmark has been changed to the MSCI World Health Care Index because it was deemed by the portfolio managers to be a more appropriate benchmark for the Fund. Investors cannot invest directly in an Index. (Source for S&P 500 Index and MSCI World Health Care Index: Lipper, Inc. and MSCI, respectively. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved the data, and has no liability hereunder.) The Funds performance is compared to the performance of a domestic and a foreign index because it invests in domestic and foreign securities.
The Funds performance during certain periods reflects the strong stock market performance and/or the strong performance of stocks held during those periods. In 2000, the Fund participated in certain initial public offerings. This performance is not typical and may not be repeated.
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 shareholders 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.
Eaton Vance Worldwide Health Sciences Fund |
3
Summary Prospectus dated January 1, 2011 as revised August 1, 2011
Management
Investment Adviser. OrbiMed Advisors LLC ("OrbiMed").
Portfolio Managers
Samuel D. Isaly, founder and Managing Member of OrbiMed and Team Leader of the Portfolio, has managed the Portfolio since it commenced operations in 1996 and the Portfolios predecessor entities since 1989.
Sven H. Borho, CFA, founding Member, portfolio manager and Head of Trading at OrbiMed, has managed the Portfolio since 2005.
Geoffrey C. Hsu, CFA, Member of OrbiMed, has managed the Portfolio since 2005.
Richard D. Klemm, Ph.D., CFA, Analyst at OrbiMed, has managed the Portfolio since 2005.
Trevor M. Polischuk, Ph.D., Analyst at OrbiMed, has managed the Portfolio since 2005.
Purchase and Sale of Fund Shares
You may purchase, redeem or exchange Fund shares on any business day, which is any day the New York Stock Exchange is open for business. You may purchase, redeem or exchange Fund shares either through your financial intermediary or directly from the Fund either by writing to Eaton Vance Funds, P.O. Box 9653, Providence, RI 02940-9653, or by calling 1-800-262-1122. The minimum initial purchase or exchange into the Fund is $1,000 for Class A, Class B, Class C and Class R and $250,000 for Class I (waived in certain circumstances). There is no minimum for subsequent investments.
Tax Information
The Funds distributions are expected to be taxed as ordinary income and/or capital gains, unless you are exempt from taxation.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank) (collectively, "financial intermediaries"), the Fund, its principal underwriter and its affiliates may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys web site for more information.
4241-8/11 | WWHSSP | © 2011 Eaton Vance Management |
Eaton Vance Worldwide Health Sciences Fund |
4
Summary Prospectus dated January 1, 2011 as revised August 1, 2011
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