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EATON VANCE GROWTH TRUST
2026-04-01
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is to seek long-term capital appreciation.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investors may also pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>commissions or other fees to their financial intermediary, which are not reflected below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for a reduced sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Appendix A – </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Financial Intermediary Sales Charge Variations in the Fund’s Prospectus. More information about these and other discounts is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from your financial intermediary and in Sales Charges beginning on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">22 of the Fund’s Prospectus and page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">20 of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Statement of Additional Information.</span></div>
You may qualify for a reduced sales charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $50,000 in Eaton Vance funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0525
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares purchased at net asset value in amounts of $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1 million or more are subject to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1.00% contingent deferred sales charge if redeemed within 12 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">months of purchase.</span>
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
0.009
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0
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April 1, 2027
Example.
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs may be higher or lower, based on these assumptions your costs would be:</span>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:59.99999999999999%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$654</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,244</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,858</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,507</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I shares</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$111</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$683</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,282</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,904</span></div>
</td>
</tr>
</table></div>
654
1244
1858
3507
111
683
1282
2904
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” the portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">44%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> of the average value of its portfolio.</span></div>
0.44
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities of foreign small-cap companies (the “80% Policy”). The portfolio managers generally consider foreign small-cap </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies to be companies domiciled in and tied economically to one or more countries represented in the MSCI World ex USA Small </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Cap Index (the “MSCI Index”)(which may include stocks of companies trading in the form of depositary receipts, including American </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Depositary Receipts, which are either sponsored or unsponsored and Global Depositary Receipts) and having market capitalizations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">within the range of the MSCI Index. The MSCI Index is an unmanaged index, consisting, as of February 28, 2026 of 2,172 companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">located in 22 developed-market countries and having a market capitalization range of $43 million to $14.7 billion. The Fund intends to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invest in not less than five different countries (primarily developed-marked countries but may include emerging market countries) and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">more than 25% of the Fund’s total assets may be denominated in any single currency. The Fund may invest in exchange-traded funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek exposure to certain markets or market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sectors. The Fund may also invest in publicly traded real estate investment trusts (“REITs”).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In managing the Fund, the portfolio managers seek to exploit inefficiencies in the small-cap market through fundamental bottom-up </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">research conducted by the investment adviser’s and sub-adviser’s research staff. The portfolio managers look for companies that, in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">their opinion, are high in quality or improving in quality. The portfolio managers take a long-term perspective when selecting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies and the quality focus typically leads them to companies benefitting from structural growth or structural change. Sought </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">after company characteristics may include: a business model with identifiable competitive advantage(s)/barrier(s) to entry, a scalable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market opportunity, a solid balance sheet, and a strong management team with a history of good capital allocation. Such companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">typically exhibit high or improving returns on capital, strong free cash-flow generation, and positive or inflecting earnings. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio managers also employ a disciplined valuation framework in pursuit of attractive risk adjusted returns. The portfolio managers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seek to manage investment risk by maintaining broad issuer and industry diversification among the Fund’s holdings, and by utilizing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fundamental analysis of risk/return characteristics in securities selection. Securities may be sold if, in the opinion of the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">managers, the price moves above a fair level of valuation, the company’s fundamentals deteriorate, or to pursue more attractive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment opportunities.</span></div>
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of foreign small-cap companies (the “80% Policy”). The portfolio managers generally consider foreign small-cap companies to be companies domiciled in and tied economically to one or more countries represented in the MSCI World ex USA Small Cap Index (the “MSCI Index”)(which may include stocks of companies trading in the form of depositary receipts, including American Depositary Receipts, which are either sponsored or unsponsored and Global Depositary Receipts) and having market capitalizations within the range of the MSCI Index. The MSCI Index is an unmanaged index, consisting, as of February 28, 2026 of 2,172 companies located in 22 developed-market countries and having a market capitalization range of $43 million to $14.7 billion. The Fund intends to invest in not less than five different countries (primarily developed-marked countries but may include emerging market countries) and more than 25% of the Fund’s total assets may be denominated in any single currency. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek exposure to certain markets or market sectors. The Fund may also invest in publicly traded real estate investment trusts (“REITs”).
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and could lead to high market volatility</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of equity securities and related instruments may decline in response to adverse changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse geopolitical, social or environmental developments; issuer and sector-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considerations; unexpected trading activity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among retail investors; or other factors. Market conditions may affect certain types of stocks to a greater extent than other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">stocks. If the stock market declines in value, the value of the Fund’s equity securities will also likely decline. Although prices can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rebound, there is no assurance that values will return to previous levels.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments can be adversely affected by political, economic and market developments abroad, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including the imposition of economic and other sanctions by the United States or another country against a particular country or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries, organizations, entities and/or individuals. There may be less publicly available information about foreign issuers because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are subject. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s investments. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Depositary receipts are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to many of the risks associated with investing directly in foreign instruments, including the political and economic risks of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underlying issuer’s country and, in the case of depositary receipts traded on foreign markets, currency risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment markets within emerging market countries are typically smaller, less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging market securities often involve greater risks than developed market securities. The information available about an emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market issuer may be less reliable than for comparable issuers in more developed capital markets</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Currency Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets and currency transactions are subject to settlement, custodial and other operational risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stocks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">smaller, less seasoned companies are generally subject to greater price fluctuations, limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity, higher transaction costs and higher investment risk than the stocks of larger, more established companies. Such companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may have limited product lines, markets or financial resources, may be dependent on a limited management group, and may lack </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">substantial capital reserves or an established performance record. There may be generally less publicly available information about </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such companies than for larger, more established companies. Stocks of these companies frequently have lower trading volumes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">making them more volatile and potentially less liquid and more difficult to value</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ETF Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> ETFs are subject to the risks of investing in the underlying securities or other investments. ETF shares may trade at a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the operating expenses of an ETF in which it invests.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Real Estate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Real estate investments are subject to risks associated with owning real estate, including declines in real estate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">values, increases in property taxes, fluctuations in interest rates, limited availability of mortgage financing, decreases in revenues from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underlying real estate assets, declines in occupancy rates, changes in government regulations affecting zoning, land use, and rents, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">environmental liabilities, and risks related to the management skill and creditworthiness of the issuer. Companies in the real estate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industry may also be subject to liabilities under environmental and hazardous waste laws, among others. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">REITs must satisfy specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements for favorable tax treatment and can involve unique risks in addition to the risks generally affecting the real estate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industry. Changes in underlying real estate values may have an exaggerated effect to the extent that investments are concentrated in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular geographic regions or property types.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund has substantial investments in a relatively small number of securities or issuers, or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular market, industry, group of industries, country, region, group of countries, asset class or sector, the Fund’s performance will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more susceptible to any single economic, market, political, or regulatory occurrence affecting those particular securities or issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or that particular market, industry, group of industries, country, region, group of countries, asset class, or sector than a fund that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests more broadly.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Geographic Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest significantly in a particular geographic region or country, the value of Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be affected by events that adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by events that adversely affect the region or country and may fluctuate more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fund that invests more broadly.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Industrials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent a Fund invests a substantial portion of its assets in the industrials sector, factors that have an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The industrials sector can be affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by government regulation, world events, supply and demand for specific products and services, commodity prices, exchange rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and economic conditions, technological developments, and liabilities for environmental damage, product liability claims, and general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">civil liabilities. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. These effects may be exacerbated during times of financial or political stress.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risks Associated with </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The success of the Fund’s investment strategy depends on portfolio management’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guarantee that such decisions will produce the desired results or expected returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>General Fund Investing Risks. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">It is possible to lose money by investing in the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">designed to be a long-term investment vehicle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potentially sharp declines in value</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Purchase and redemption activities by Fund shareholders may impact the management of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">various service providers, including the investment adviser and sub-adviser, if applicable, in its operations and is susceptible to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operational, information security and related events (such as public health crises, cyber or hacking attacks) that may affect the service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers or the services that they provide to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund is not a deposit in a bank and is not insured or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">It is possible to lose money by investing in the Fund.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund is not a deposit in a bank and is not insured or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance from year to year and how the Fund’s average annual returns over time compare with those of one or more indexes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intended to measure broad market performance. The Fund’s primary benchmark index was changed from the MSCI World ex USA </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Small Cap Index to the MSCI EAFE Index effective May 1, 2024 to comply with the regulation that requires the Fund’s primary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">benchmark to represent the overall applicable market. The additional index(es) in the table provide a means to compare the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">average annual returns to a benchmark that the investment adviser believes is representative of the Fund’s investment universe. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s performance reflects the effects of expense reductions. Absent these reductions, performance would have been lower. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Updated Fund performance information can be obtained by visiting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.eatonvance.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
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 one or more indexes intended to measure broad market performance. The Fund’s primary benchmark index was changed from the MSCI World ex USA Small Cap Index to the MSCI EAFE Index effective May 1, 2024 to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the investment adviser believes is representative of the Fund’s investment universe.
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 not necessarily an indication of how the Fund will perform in the future.
www.eatonvance.com
<div><br/><br/><img alt="image" src="pr17402img003.jpg"/></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">June 30, 2020</span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.15%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">March 31, 2020</span>
</div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-26.03%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
</table></div>
High Quarter
2020-06-30
0.2215
Low Quarter
2020-03-31
-0.2603
Average Annual Total Return (for the calendar periods ended December 31, 2025)
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;">
<tr style="height:1px;">
<td style="height:1px;width:70%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
<td style="height:1px;width:10%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.84%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.41%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.26%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.96%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.35%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.62%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return After Taxes on Distributions and Sale of Class A Shares</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.33%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.43%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.27%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.09%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.72%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.08%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI EAFE Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects net dividends, which reflect the deduction of withholding taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">)</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.22%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.92%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.18%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI World ex USA Small Cap Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects net dividends, which reflect the deduction of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">withholding taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">)</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">34.07%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.49%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.04%</span></div>
</td>
</tr>
</table></div>
0.0984
0.0041
0.0526
0.0796
-0.0035
0.0462
0.0733
0.0043
0.0427
0.1609
0.0172
0.0608
reflects net dividends, which reflect the deduction of withholding taxesreflects net dividends, which reflect the deduction of withholding taxes
0.3122
0.0892
0.0818
0.3407
0.0649
0.0804
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These returns reflect the maximum current sales charge for Class A (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">5.25%). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investors cannot invest directly in an Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Source for MSCI </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">EAFE Index and MSCI World ex USA Small Cap Index: MSCI. MSCI data may not be reproduced or used for any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the highest historical individual U.S. federal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates and do not reflect the impact of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares held by non-taxable entities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for other Classes of shares will vary from the after-tax returns presented for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class A shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">realized on the sale of Fund shares.</span></div>
These returns reflect the maximum current sales charge for Class A (5.25%).
After-tax returns are calculated using the highest historical individual U.S. 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 Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
1Class A shares purchased at net asset value in amounts of $1 million or more are subject to a 1.00% contingent deferred sales charge if redeemed within 12 months of purchase.
1Includes Interest Expenses of 0.04%.
2The investment adviser, administrator and sub-adviser have agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 1.30% for Class A shares and 1.05% for Class I shares. This expense reimbursement will continue through April 1, 2027. Any amendment to or 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 of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator and sub-adviser during the same fiscal year to the extent actual expenses are less than any contractual expense cap in place during such year. Pursuant to this arrangement, the investment adviser, administrator and sub-adviser may recoup from the Fund any reimbursed expenses during the same fiscal year if such recoupment does not cause the Fund’s Total Annual Operating Expenses after such recoupment to exceed (i) the expense limit in effect at the time of reimbursement; or (ii) the expense limit in effect at the time of recoupment.