Eaton Vance
Worldwide Health Sciences Fund
November 30, 2020
PORTFOLIO OF INVESTMENTS (Unaudited)
Common Stocks — 99.9%
| Security | Shares | Value | ||||||
| Biotechnology — 14.4% |
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| AbbVie, Inc. |
419,596 | $ | 43,881,350 | |||||
| Abcam PLC |
347,559 | 6,650,612 | ||||||
| Agility Private Capital II, LLC(1) |
247,646 | 3,810,455 | ||||||
| Amgen, Inc. |
24,251 | 5,384,692 | ||||||
| Argenx SE ADR(2) |
24,205 | 6,942,478 | ||||||
| Biogen, Inc.(2) |
20,508 | 4,925,406 | ||||||
| Blueprint Medicines Corp.(2) |
51,234 | 5,537,371 | ||||||
| CSL, Ltd. |
119,726 | 26,218,261 | ||||||
| Galapagos NV(2) |
26,148 | 3,203,102 | ||||||
| Immunovant, Inc.(2) |
103,205 | 5,076,654 | ||||||
| Incyte Corp.(2) |
90,483 | 7,649,433 | ||||||
| Neurocrine Biosciences, Inc.(2) |
114,743 | 10,893,700 | ||||||
| Vertex Pharmaceuticals, Inc.(2) |
97,822 | 22,278,960 | ||||||
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| $ | 152,452,474 | |||||||
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| Health Care Distributors — 0.3% |
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| Galenica AG(3) |
50,872 | $ | 3,256,819 | |||||
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| $ | 3,256,819 | |||||||
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| Health Care Equipment — 20.1% |
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| Abbott Laboratories |
396,773 | $ | 42,938,774 | |||||
| ABIOMED, Inc.(2) |
23,801 | 6,523,854 | ||||||
| Boston Scientific Corp.(2) |
668,988 | 22,176,952 | ||||||
| Danaher Corp. |
81,747 | 18,362,829 | ||||||
| Edwards Lifesciences Corp.(2) |
183,979 | 15,433,998 | ||||||
| Fisher & Paykel Healthcare Corp., Ltd. |
306,830 | 7,726,650 | ||||||
| Intuitive Surgical, Inc.(2) |
43,616 | 31,667,397 | ||||||
| Medtronic PLC |
336,513 | 38,261,528 | ||||||
| Straumann Holding AG |
9,060 | 10,457,904 | ||||||
| Tandem Diabetes Care, Inc.(2) |
63,011 | 5,915,473 | ||||||
| Teleflex, Inc. |
36,830 | 14,096,683 | ||||||
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| $ | 213,562,042 | |||||||
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| Health Care Services — 1.4% |
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| LHC Group, Inc.(2) |
31,326 | $ | 6,149,920 | |||||
| R1 RCM, Inc.(2) |
420,818 | 8,534,189 | ||||||
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| $ | 14,684,109 | |||||||
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| Health Care Supplies — 4.1% |
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| Alcon, Inc.(2) |
218,430 | $ | 13,947,905 | |||||
| Cooper Cos., Inc. (The) |
30,837 | 10,337,179 | ||||||
| Haemonetics Corp.(2) |
92,247 | 10,410,074 | ||||||
| ICU Medical, Inc.(2) |
26,230 | 4,949,601 | ||||||
| Pulmonx Corp.(2) |
76,938 | 4,170,040 | ||||||
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| $ | 43,814,799 | |||||||
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| Security | Shares | Value | ||||||
| Health Care Technology — 2.1% |
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| Accolade, Inc.(2) |
166,361 | $ | 8,635,800 | |||||
| JMDC, Inc.(2) |
150,000 | 7,657,670 | ||||||
| Phreesia, Inc.(2) |
138,994 | 6,137,975 | ||||||
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| $ | 22,431,445 | |||||||
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| Life Sciences Tools & Services — 7.6% |
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| Agilent Technologies, Inc. |
164,210 | $ | 19,196,149 | |||||
| Lonza Group AG |
28,216 | 17,752,731 | ||||||
| Thermo Fisher Scientific, Inc. |
93,866 | 43,645,812 | ||||||
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| $ | 80,594,692 | |||||||
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| Managed Health Care — 10.8% |
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| Anthem, Inc. |
67,880 | $ | 21,145,978 | |||||
| Centene Corp.(2) |
183,714 | 11,325,968 | ||||||
| Humana, Inc. |
39,445 | 15,798,511 | ||||||
| UnitedHealth Group, Inc. |
198,542 | 66,777,616 | ||||||
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| $ | 115,048,073 | |||||||
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| Pharmaceuticals — 39.1% |
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| AstraZeneca PLC |
131,659 | $ | 13,776,121 | |||||
| Bristol-Myers Squibb Co. |
174,196 | 10,869,830 | ||||||
| Dechra Pharmaceuticals PLC |
166,007 | 7,402,388 | ||||||
| Eli Lilly & Co. |
208,635 | 30,387,688 | ||||||
| Ipsen S.A. |
99,658 | 9,570,962 | ||||||
| Johnson & Johnson |
502,738 | 72,736,134 | ||||||
| Merck & Co., Inc. |
554,831 | 44,602,864 | ||||||
| Novartis AG |
490,069 | 44,368,630 | ||||||
| Novo Nordisk A/S, Class B |
389,197 | 26,085,098 | ||||||
| Pfizer, Inc. |
657,229 | 25,178,443 | ||||||
| Roche Holding AG PC |
143,928 | 47,272,706 | ||||||
| Royalty Pharma PLC, Class A |
117,173 | 4,991,570 | ||||||
| Sanofi |
393,094 | 39,623,405 | ||||||
| Santen Pharmaceutical Co., Ltd. |
340,197 | 5,656,733 | ||||||
| Viatris, Inc.(2) |
81,548 | 1,371,637 | ||||||
| Zoetis, Inc. |
196,743 | 31,553,642 | ||||||
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| $ | 415,447,851 | |||||||
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| Total Common Stocks |
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$ | 1,061,292,304 | |||||
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| Exchange-Traded Funds — 0.0%(4) |
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| Security | Shares | Value | ||||||
| Equity Funds — 0.0%(4) |
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| iShares Global Healthcare ETF |
1,490 | $ | 110,722 | |||||
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| Total Exchange-Traded Funds |
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$ | 110,722 | |||||
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2
| Short-Term Investments — 0.1% |
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| Description | Units | Value | ||||||
| Eaton Vance Cash Reserves Fund, LLC, 0.10%(5) |
701,934 | $ | 701,934 | |||||
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| Total Short-Term Investments |
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$ | 701,934 | |||||
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| Total Investments — 100.0% |
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$ | 1,062,104,960 | |||||
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| Other Assets, Less Liabilities — 0.0%(4) |
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$ | 342,603 | |||||
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| Net Assets — 100.0% |
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$ | 1,062,447,563 | |||||
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The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
| (1) | For fair value measurement disclosure purposes, security is categorized as Level 3. |
| (2) | Non-income producing security. |
| (3) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2020, the aggregate value of these securities is $3,256,819 or 0.3% of the Fund’s net assets. |
| (4) | Amount is less than 0.05%. |
| (5) | Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of November 30, 2020. |
3
Country Concentration of Portfolio
| Country | Percentage of Net Assets |
Value | ||||||
| United States |
71.5 | % | $ | 759,432,493 | ||||
| Switzerland |
12.9 | 137,056,695 | ||||||
| France |
4.6 | 49,194,367 | ||||||
| United Kingdom |
3.1 | 32,820,691 | ||||||
| Australia |
2.5 | 26,218,261 | ||||||
| Denmark |
2.5 | 26,085,098 | ||||||
| Japan |
1.2 | 13,314,403 | ||||||
| New Zealand |
0.7 | 7,726,650 | ||||||
| Netherlands |
0.7 | 6,942,478 | ||||||
| Belgium |
0.3 | 3,203,102 | ||||||
| Exchange-Traded Funds |
0.0 | * | 110,722 | |||||
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| Total Investments |
100.0 | % | $ | 1,062,104,960 | ||||
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| * | Amount is less than 0.05%. |
Abbreviations:
| ADR |
- | American Depositary Receipt | ||
| PC |
- | Participation Certificate | ||
4
The Fund did not have any open derivative instruments at November 30, 2020.
At November 30, 2020, the value of the Fund’s investment in affiliated funds was $701,934, which represents 0.1% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended November 30, 2020 were as follows:
| Name of affiliated fund |
Value, beginning of period |
Purchases | Sales proceeds |
Net realized gain (loss) |
Change in unrealized appreciation (depreciation) |
Value, end
of period |
Dividend income |
Units, end of period |
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| Short-Term Investments |
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| Eaton Vance Cash Reserves Fund, LLC |
$ | 2,567,649 | $ | 20,023,194 | $ | (21,888,909 | ) | $ | — | $ | — | $ | 701,934 | $ | 497 | 701,934 | ||||||||||||||||
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
| • | Level 1 — quoted prices in active markets for identical investments |
| • | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, sza222prepayment speeds, credit risk, etc.) |
| • | Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
5
At November 30, 2020, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
| Asset Description | Level 1 | Level 2 | Level 3* | Total | ||||||||||||||||
| Common Stocks |
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| Biotechnology |
$ | 112,570,044 | $ | 36,071,975 | $ | 3,810,455 | $ | 152,452,474 | ||||||||||||
| Health Care Distributors |
— | 3,256,819 | — | 3,256,819 | ||||||||||||||||
| Health Care Equipment |
195,377,488 | 18,184,554 | — | 213,562,042 | ||||||||||||||||
| Health Care Services |
14,684,109 | — | — | 14,684,109 | ||||||||||||||||
| Health Care Supplies |
29,866,894 | 13,947,905 | — | 43,814,799 | ||||||||||||||||
| Health Care Technology |
14,773,775 | 7,657,670 | — | 22,431,445 | ||||||||||||||||
| Life Sciences Tools & Services |
62,841,961 | 17,752,731 | — | 80,594,692 | ||||||||||||||||
| Managed Health Care |
115,048,073 | — | — | 115,048,073 | ||||||||||||||||
| Pharmaceuticals |
221,691,808 | 193,756,043 | — | 415,447,851 | ||||||||||||||||
| Total Common Stocks |
$ | 766,854,152 | $ | 290,627,697 | ** | $ | 3,810,455 | $ | 1,061,292,304 | |||||||||||
| Exchange-Traded Funds |
$ | 110,722 | $ | — | $ | — | $ | 110,722 | ||||||||||||
| Short-Term Investments |
— | 701,934 | — | 701,934 | ||||||||||||||||
| Total Investments |
$ | 766,964,874 | $ | 291,329,631 | $ | 3,810,455 | $ | 1,062,104,960 | ||||||||||||
| * | None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
| ** | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
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For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
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