Overview

 

The Fund has generated strong excess returns relative to both the overall market and the health care sector.1

  • Fund
  • MSCI World Health Care
  • S&P 500

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.30 5.37 18.77 29.39 27.61 18.32 11.07
Fund w/Max Sales Charge -6.05 -0.67 11.90 21.98 25.11 16.94 10.42
MSCI World Health Care Index2 0.43 3.46 14.62 24.85 25.58 17.18 9.83
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Max Sales Charge: 5.75%.

Fund Facts as of Sep 30, 2014

Class A Inception 07/26/1985
Investment Objective Long-term capital growth
Total Net Assets $1.5B
Minimum Investment $1000
Expense Ratio3 1.39%
CUSIP 277902813

Top 10 Holdings (%)4,5 as of Sep 30, 2014

AbbVie Inc
Roche Holding AG
Bristol-Myers Squibb Co
HCA Holdings Inc
Gilead Sciences Inc
Merck & Co Inc
Regeneron Pharmaceuticals Inc
Amgen Inc
Biogen Idec Inc
Actavis plc
Total 38.57


Portfolio Management

Samuel D. Isaly Managed Fund since 1989
Sven H. Borho, CFA Managed Fund since 2005
Geoffrey C. Hsu, CFA Managed Fund since 2005
Richard D. Klemm, Ph.D., CFA Managed Fund since 2005
Trevor M. Polischuk, Ph.D. Managed Fund since 2005

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are sensitive to stock market volatility. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Performance

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -0.30 5.37 18.77 29.39 27.61 18.32 11.07
Fund w/Max Sales Charge -6.05 -0.67 11.90 21.98 25.11 16.94 10.42
MSCI World Health Care Index2 0.43 3.46 14.62 24.85 25.58 17.18 9.83
Morningstar™ Health Category6 -0.64 4.58 16.48 26.50 31.23 20.70 12.27
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Max Sales Charge: 5.75%.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 6.81 7.69 -0.01 6.49 -7.24 9.89 11.13 4.75 15.49 44.56
MSCI World Health Care Index2 6.00 9.00 10.47 3.94 -21.50 18.89 2.41 9.46 17.54 36.27

Fund Facts

Expense Ratio3 1.39%
Class A Inception 07/26/1985
Distribution Frequency Annually


Risk Measures (3 Year)7 as of Sep 30, 2014

Alpha (%) -0.80
Beta 1.12
R-Squared (%) 75.16
Standard Deviation (%) 12.28
Sharpe Ratio 2.24


Morningstar™ Ratings as of Sep 30, 2014

Time Period Rating Rating (Load Waived) Funds in
Health
Category
Overall ** *** 119
3 Years ** ** 119
5 Years ** ** 111
10 Years ** *** 94
Based on Risk-Adjusted Returns.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating metrics.

© 2014 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers is responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on how a fund ranks on a Morningstar Risk-Adjusted Return measure against other funds in the same category. This measure takes into account variations in a fund's monthly performance after adjusting for sales loads (except for load-waived A shares) redemption fees, and the risk-free rate, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Load-waived A share star ratings do not include any front-end sales load and are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Therefore, Morningstar strongly encourages investors to contact their investment professional to determine whether they are eligible to purchase the A share without paying the front load. The Morningstar Rating may differ among share classes of a mutual fund as a result of different sales loads and/or expense structure.

NAV History

Date NAV NAV Change
Oct 16, 2014 $12.76 $0.08
Oct 15, 2014 $12.68 $-0.10
Oct 14, 2014 $12.78 $-0.02
Oct 13, 2014 $12.80 $-0.24
Oct 10, 2014 $13.04 $-0.14
Oct 09, 2014 $13.18 $-0.27
Oct 08, 2014 $13.45 $0.29
Oct 07, 2014 $13.16 $-0.20
Oct 06, 2014 $13.36 $-0.03
Oct 03, 2014 $13.39 $0.22

Distribution History8

Ex-Date Distribution Reinvest NAV
Dec 17, 2013 $0.06940 $10.78
Dec 20, 2012 $0.23050 $8.97
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.
Fund prospectus

Capital Gain History8

Ex-Date Short-Term Long-Term Reinvest NAV
Dec 17, 2013 $0.19790 $1.16690 $10.78
Dec 20, 2012 $0.54000 $0.70090 $8.97
Dec 28, 2011 $0.90410 $8.78
No records in this table indicates that there has not been a capital gain greater than .0001 within the past 3 years.
Fund prospectus

Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is as of month-end for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. For the Eaton Vance Fund's performance as of the most recent month-end, please refer to eatonvance.com. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns shown at NAV unless noted otherwise. Returns for other classes of shares offered by the Fund are different. It is not possible to invest in an index.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are sensitive to stock market volatility. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Portfolio

Asset Mix (%)4,9 as of Sep 30, 2014

U.S. Common Stocks 77.88
Foreign Common Stocks 20.84
Cash & Other Assets 1.28
Total 100.00

Portfolio Statistics as of Sep 30, 2014

Number of Holdings 55


Sector Breakdown (%)4 as of Sep 30, 2014

Sector Fund MSCI World Health Care Index2
Biotechnology 30.67 14.29
Health Care Distributors 0.81 2.69
Health Care Equipment 11.39 10.61
Health Care Facilities 3.99 0.96
Health Care Services 1.30 3.49
Health Care Supplies 3.65 0.94
Health Care Technology 0.00 0.53
Life Sciences Tools & Services 8.61 2.95
Managed Health Care 1.89 4.72
Pharmaceuticals 36.42 58.81
Cash 1.27 0.00

Assets by Country (%)4 as of Sep 30, 2014

United States 77.88
Switzerland 9.13
Japan 7.33
Ireland 2.61
China 1.26
Singapore 0.52
Cash & Other Assets 1.27
Total 100.00


Geographic Mix (%)4 as of Sep 30, 2014

North America 77.88
Europe 11.74
Asia/Pacific 9.10
Cash & Other Assets 1.28
Total 100.00


Fund Holdings (%)4,10 as of Aug 31, 2014

Holding % of Net Assets
Roche Holding AG 5.75%
Gilead Sciences Inc 4.34%
AbbVie Inc 4.24%
Bristol-Myers Squibb Co 4.19%
HCA Holdings Inc 3.95%
Merck & Co Inc 3.77%
Amgen Inc 3.67%
Regeneron Pharmaceuticals Inc 3.60%
Biogen Idec Inc 3.45%
Medivation Inc 3.20%
View All

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are sensitive to stock market volatility. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2014

The global equity markets commenced the second quarter of 2014 in a decidedly uninspiring fashion. An early April swoon in share prices sparked some investor angst early in the period. However, despite the rocky start, the rest of the quarter witnessed yet another record high in global equity markets.

For the second quarter of 2014, the total return for the MSCI World Index11 was 4.9%, while the total return for the S&P 500 Index12 was 5.2%. The Dow Jones Industrial Average13 lagged its counterparts, finishing the quarter with a total return of 2.8%.

A long and nasty winter finally released its grip on both North America and the U.S. economy, and investors took notice. The lack of any jarring moves by the U.S. Federal Reserve (the Fed) also buoyed investor confidence. And, a rebound in both technology and biotechnology stocks helped push indexes higher.

Health care stocks mostly kept pace with the broader markets, albeit with more volatility, returning 4.75% for the period (as measured by the MSCI Word Health Care Index). The move was led by the rebound in biotechnology stocks, as the NASDAQ Biotechnology Index)14 advanced 8.9% for the quarter. Drug stocks modestly underperformed the broader health care market, returning 4.6% (as measured by the NYSE Arca Pharmaceutical Index). However, declines in medical device stocks proved to be the largest drag on the MSCI World Health Care Index.

Performance Summary 

Eaton Vance Worldwide Health Sciences Fund outperformed its benchmark, the MSCI World Health Care Index (the Index),2 for the quarter ended June 30, 2014, returning 5.41% for Class A shares at net asset value versus the Index’s 4.75% return.

  • The Fund’s outperformance relative to the Index was due to a combination of both stock selection and sector allocation.
  • The Fund’s overweight position in biotechnology proved beneficial, but stock selection in small-cap emerging biotech stocks was the critical key to outperformance versus the Index. Overall, the biotechnology sector was the largest contributor to the Fund’s relative performance. Momentum in this space has been evident for some time, as we believe the fundamentals of the group have never been stronger.
  • Stock selection in the specialty pharmaceutical sector, where mergers and acquisitions activity was a common theme, also contributed meaningfully to the Fund’s performance relative to the Index.
  • Stock selection in the life sciences tools sector further aided the Fund’s performance relative to the index.
  • Finally, stock selection in the medical device space was a source of weakness for the Fund, but was partially offset by the Fund’s underweight in this underperforming sector.

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 4.97 5.41 12.72 40.19 20.30 19.29 10.14
Fund w/Max Sales Charge -1.09 -0.63 6.20 32.19 17.94 17.87 9.49
MSCI World Health Care Index2 2.35 4.75 10.79 28.67 19.78 19.13 9.16
Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund's current performance may be lower or higher than quoted. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) with all distributions reinvested. Returns for other classes of shares offered by the Fund are different. Performance less than one year is cumulative. Max Sales Charge: 5.75%.

Fund Facts as of Jun 30, 2014

Class A Inception 07/26/1985
Expense Ratio3 1.39%


Contributors 

Contributors to the Fund’s outperformance versus the Index were diverse and came from a variety of health care subsectors.

  • The top contributor in the period was Allergan, Inc., a specialty pharmaceutical company that was an acquisition target of Valeant Pharmaceuticals International, Inc.
  • Biopharmaceutical company Actelion Ltd. moved higher after the release of positive data for its key pipeline compound for pulmonary arterial hypertension.
  • Momentum continued for gene sequencing company Ilumina Inc., given investor exuberance over the company’s next-generation sequencing platform.
  • Likewise, momentum continued for global biotechnology company Gilead Sciences, as the company cemented its position as the leader in a new wave of therapies for hepatitis C.
  • Finally, momentum continued for InterMune, Inc., a California-based biotechnology company. The stock continued to rise following the release of positive data back in February 2014.

Detractors 

The Fund had a relative scarcity of meaningful performance detractors in the second quarter of 2014.

  • Medical device stocks were the only detractors from the Fund’s performance versus the Index for the period. Stock selection was the main issue, partially offset by the Fund’s underweight position in the sector.
  • After a solid first quarter of 2014, many investors took profits in Insulet Corp., the worldwide leader in insulin pumps. While the company’s fundamentals remained positive, the share price got caught in a sector that rerated during the period.
  • Intuitive Surgical Inc., the leader in robotic-assisted surgery, had an eventful quarter. The stock initially moved higher on the company’s announcement of its next-generation robot. However, the stock quickly sold off after the company preannounced weaker-than-expected procedural growth for the first quarter. Sector rotation exacerbated the downward move.
  • The Fund’s meaningful underweight position in large-cap pharmaceutical stocks also detracted from performance relative to the Index.

Investment Outlook And Fund Positioning 

Investor angst was decidedly more evident in the first quarter of 2014 than in the second. While the market has continued to trade at or near all-time highs, major economic concerns are not evident at this time. Improving macroeconomic data, a lack of saber-rattling by the new Fed chair and a quiet sociopolitical front suggest market momentum could continue into the second half of 2014.

While biotechnology stocks were quite volatile through the first half of 2014, we expect the sector’s positive upward trend to continue due to a mix of solid fundamentals, including pipelines, new product launches, growth and undemanding valuations.

Conversely, while pharmaceutical stocks have also risen so far this year, they have lagged other health care sectors, particularly biotechnology. Despite some exceptions, the group’s fundamentals are less compelling, in our view. As a result, we remain selective in this space.

Top 10 Holdings (%)4,5 as of Jun 30, 2014

Roche Holding AG 6.17
HCA Holdings Inc 4.50
Bristol-Myers Squibb Co 4.22
AbbVie Inc 4.10
Mylan Inc/PA 3.90
Merck & Co Inc 3.81
Gilead Sciences Inc 3.51
Biogen Idec Inc 3.33
Amgen Inc 3.28
Actelion Ltd 3.11
Total 39.93


The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are sensitive to stock market volatility. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Attribution

No attribution information is available.

Portfolio profile subject to change due to active management. Percentages may not total 100% due to rounding. Fund invests in an affiliated investment company (Portfolio) with the same objective(s) and policies as the Fund. References to investments are to the Portfolio's holdings.

About Risk 

Fund share values are sensitive to stock market volatility. Because the Fund investments may be concentrated in a particular industry, the Fund share value may fluctuate more than that of a less concentrated fund. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions. Smaller companies are generally subject to greater price fluctuations, limited liquidity, higher transaction costs and higher investment risk than larger, established companies. No Fund is a complete investment program and you may lose money investing in a Fund. The Fund may engage in other investment practices that may involve additional risks and you should review the Fund prospectus for a complete description.


Management

Biography
Samuel D. Isaly

Samuel D. Isaly

Founder and Managing Partner
OrbiMed Advisors LLC
Founded OrbiMed 1989

Sam Isaly is founding principal of OrbiMed Advisors LLC, a New York- based Eaton Vance investment adviser.

Sam has been active in international and health care investing throughout his career, beginning at Chase Manhattan Bank in 1968. In 1982, his company, Gramercy Associates, was the first to develop an integrated, worldwide system of analysis on the 100 leading pharmaceutical companies, with investment recommendations conveyed to 30 leading financial institutions in the U.S. and Europe. Gramercy Associates was absorbed into S.G. Warburg & Co., Inc., in 1986, where he was senior vice president and international equity analyst. For a time, Sam was also associated with Credit Suisse as an analyst of the European pharmaceutical industry. In all, he has worked as a pharmaceutical and international investment specialist for more than three decades. In July of 1989, Sam co-founded a predecessor organization to OrbiMed Advisors, an Eaton Vance investment adviser.

Sam earned a B.A. from Princeton University and a M.Sc. in economics from the London School of Economics. He is a native of Youngstown, Ohio and has lived in New York City since 1968, with the exception of 1974–1977, when he lived in Paris, France.

Sam's commentary has appeared in the Associated Press, Barron's, Barron's Online, Bloomberg, CNNfn.com, Forbes Global, Investor's Business Daily, The Miami Herald, The New York Times, The Sacramento Bee, SmartMoney, USA Today, The Wall Street Journal, and he has been featured on CNBC.

Education
  • B.A. Princeton University
  • M.Sc. London School of Economics
Experience
  • Managed Fund since 1989
 
Biography

Sven H. Borho, CFA

General Partner
OrbiMed Advisors LLC
Joined OrbiMed 1991

Sven Borho is a founding general partner of OrbiMed Advisors LLC, a New York-based Eaton Vance investment adviser. He is a portfolio manager for Orbimed's public equity funds and heads the firm's trading efforts.

Sven started his career in 1991 when he joined Mehta and Isaly as a senior analyst covering European pharmaceutical firms and biotechnology companies worldwide. In 1993, he became portfolio manager.

Sven studied business administration at Bayreuth University in Germany and earned a M. Sc. (Econ.) from The London School of Economics. He is a CFA charterholder. He is a citizen of both Germany and Sweden.

Education
  • Bayreuth University
  • M.Sc. London School of Economics
Experience
  • Managed Fund since 2005
 
Biography

Geoffrey C. Hsu, CFA

General Partner
OrbiMed Advisors LLC
Joined OrbiMed 2002

Geoffrey Hsu is a general partner of OrbiMed Advisors LLC, a New York-based Eaton Vance investment adviser.

Prior to joining OrbiMed in 2002 as a biotechnology analyst, Geoffrey worked as a financial analyst in the health care investment banking group at Lehman Brothers and served as manager of business development at Veritas Medicine.

Geoffrey earned an A.B., summa cum laude, from Harvard University and an M.B.A. from Harvard Business School. Prior to business school, he spent two years studying medicine at Harvard Medical School. He is a CFA charterholder.

Education
  • A.B. Harvard College
  • M.B.A. Harvard Business School
Experience
  • Managed Fund since 2005
 
Biography

Richard D. Klemm, Ph.D., CFA

Biotechnology Analyst
OrbiMed Advisors LLC
Joined OrbiMed 2000

Richard Klemm is a public equity analyst at OrbiMed Advisors LLC, a New York-based Eaton Vance investment adviser.

Richard joined OrbiMed in 2000 as a public biotechnology company analyst.

Richard earned a B.A. from the University of California, Berkeley in 1994 with majors in molecular and cell biology and economics. Dr. Klemm completed a Ph.D. from the Massachusetts Institute of Technology in molecular biology in 2000, and has published scientific articles in the fields of DNA replication and transcription. He is a CFA charterholder.

Education
  • B.A. University of California, Berkeley
  • Ph.D. Massachusetts Institute of Technology
Experience
  • Managed Fund since 2005
 
Biography

Trevor M. Polischuk, Ph.D.

Global Pharmaceutical Analyst
OrbiMed Advisors LLC
Joined OrbiMed 2003

Trevor Polischuk is a public equity analyst at OrbiMed Advisors LLC, a New York-based Eaton Vance investment adviser.

Trevor joined OrbiMed in 2003 as an analyst covering the major global pharmaceutical industry. Previously, he worked at Lehman Brothers as a senior research analyst covering the U.S. pharmaceutical industry. Dr. Polischuk began his career at Warner Lambert as a member of the Pharmaceutical Global Marketing Planning team. In this role, he coordinated marketing activities for the second generation gabapentinoid product, Pregabalin.

Trevor holds a doctorate in neuropharmacology & gross human anatomy and an M.B.A. from Queen's University.

Education
  • Ph.D. and M.B.A Queen's University
Experience
  • Managed Fund since 2005
 

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

Full Prospectus

Holdings-1st or 3rd fiscal quarters-www.sec.gov

SAI

Semi-Annual Report

Summary Prospectus

XBRL


 

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    Symbol:  

    NAV as of