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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;;">31 of the Fund’s Prospectus and page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">22  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) <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>Class A</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>Class C</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>Class I</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;;">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</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;">5.25%</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;">None</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;">None</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;;">Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at time of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchase or redemption)</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;">None<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></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;">1.00%</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;">None</span></div> </td> </tr> </table></div> 0.0525 0 0 0 0.01 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) <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>Class A</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>Class C</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>Class I</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;;">Management Fees</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;">0.40%</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;">0.40%</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;">0.40%</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;;">Distribution and Service (12b-1) Fees</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;">0.25%</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;">1.00%</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;">None</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;;">Other Expenses</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;">0.07%</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;">0.07%</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;">0.06%</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;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</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;">0.72%</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;">1.47%</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;">0.46%</span></div> </td> </tr> </table></div> 0.004 0.004 0.004 0.0025 0.01 0 0.0007 0.0007 0.0006 0.0072 0.0147 0.0046 Expenses in the table above and Example below reflect the expenses of the Fund and Tax-Managed Growth Portfolio (the “Portfolio”), the Portfolio in which the Fund invests its assets. 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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;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:8.52pt;;"><b>If you SOLD Your Shares</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </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;"> </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;"> </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;"></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;"> </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;">$595</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;">$743</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;">$905</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;">$1,373</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 C 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;">$250</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;">$465</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;">$803</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;">$1,554</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;">$47</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;">$148</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;">$258</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;">$579</span></div> </td> </tr> </table></div> If you SOLD Your Shares 595 743 905 1373 250 465 803 1554 47 148 258 579 <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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;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:8.52pt;;"><b>If you HELD Your Shares</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </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;"> </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;"> </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;"></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;"> </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;">$595</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;">$743</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;">$905</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;">$1,373</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 C 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;">$150</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;">$465</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;">$803</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;">$1,554</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;">$47</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;">$148</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;">$258</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;">$579</span></div> </td> </tr> </table></div> If you HELD Your Shares 595 743 905 1373 150 465 803 1554 47 148 258 579 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;;">Portfolio 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 Portfolio’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">14%</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> 0.14 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund currently invests substantially all of its assets in the Portfolio, a separate registered investment company with the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective and policies as the Fund. References to the Fund’s investments include investments held indirectly through the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Portfolio in which the Fund invests.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Investing in the Portfolio enables the Fund to participate in a large and well-established investment portfolio without being exposed to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential tax liability for unrealized gains accrued prior to the Fund’s inception.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares of the Fund are currently not available to new investors. The Fund invests primarily in common stocks of growth companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that are considered by the investment adviser to be high in quality and attractive in their long-term investment prospects. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to invest primarily in established companies with characteristics of above average growth, predictability and stability. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">employs a “growth at a reasonable price” investing style, seeking to acquire companies that the portfolio managers believe are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reasonably priced in relation to their fundamental value. The Fund invests in a broadly diversified selection of equity securities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund holdings will represent a number of different industries. Although it invests primarily in domestic securities, the Fund may invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 25% of assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries. As an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">alternative to holding foreign stocks directly, the Fund may invest in U.S. dollar-denominated securities of foreign companies that trade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on U.S. exchanges or in the over-the-counter market (including depositary receipts, such as American Depositary Receipts sponsored </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or unsponsored and Global Depositary Receipts, that evidence ownership in underlying foreign stocks). Under normal conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">stocks generally are acquired with the expectation of being held for the long-term. 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”) and lend its securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Buy and sell decisions are made by balancing investment considerations and tax considerations, and taking into account the taxes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">payable by shareholders in connection with distributions of investment income and net realized gains. The Fund seeks to minimize </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income distributions and distributions of realized short-term gains that are taxed as ordinary income, as well as distributions of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">realized long-term gains (taxed as long-term capital gains). Investment decisions are made primarily on the basis of fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">research. The portfolio managers utilize information provided by, and the expertise of, the investment adviser’s research staff in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">making investment decisions. In selecting stocks, the portfolio managers consider (among other factors) a company’s earnings or cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">flow capabilities, dividend prospects and tax treatment of a company’s dividends, the strength of the company’s business franchises </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and estimates of the company’s net value. The portfolio managers intend to manage risk by maintaining a broad issuer and industry </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversification and by utilizing fundamental analysis of risk/return characteristics in securities selection. In addition to rigorous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fundamental research, the portfolio managers use various risk tools to help manage and monitor the portfolio’s risk profile as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual stock valuation, volatility and other risk characteristics. A security may be sold when the portfolio managers believe it is fully </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">valued, as a result of price declines that reach certain levels, other securities are identified to displace a current holding, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fundamentals deteriorate.  </span></div> Shares of the Fund are currently not available to new investors. The Fund invests primarily in common stocks of growth companies that are considered by the investment adviser to be high in quality and attractive in their long-term investment prospects. The Fund seeks to invest primarily in established companies with characteristics of above average growth, predictability and stability. The Fund employs a “growth at a reasonable price” investing style, seeking to acquire companies that the portfolio managers believe are reasonably priced in relation to their fundamental value. The Fund invests in a broadly diversified selection of equity securities and Fund holdings will represent a number of different industries. Although it invests primarily in domestic securities, the Fund may invest up to 25% of assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries. As an alternative to holding foreign stocks directly, the Fund may invest in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts, such as American Depositary Receipts sponsored or unsponsored and Global Depositary Receipts, that evidence ownership in underlying foreign stocks). Under normal conditions, stocks generally are acquired with the expectation of being held for the long-term. 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”) and lend its securities. <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>Growth 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;;">normally invests primarily in stocks of growth companies, it is subject to the risk of underperforming </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the overall stock market during periods in which stocks of such companies are out of favor and generate lower returns than the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market as a whole.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tax-Managed Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Market conditions may limit the Fund’s ability to generate tax losses or to generate dividend income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxed at favorable tax rates. The Fund’s tax-managed strategy may cause the Fund to hold a security in order to achieve more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s ability to utilize various tax-management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. Although the Fund expects that a smaller </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of its total return will consist of taxable distributions to shareholders as compared to equity mutual funds that are managed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">without regard to tax considerations, there can be no assurance about the size of taxable distributions to shareholders.</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>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>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of Fund shares may be particularly impacted by events that adversely affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and competition, and may fluctuate more than that of a fund that does not concentrate in companies in the information technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Securities Lending Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities lending involves the risk that the Fund may lose money because the borrower of the loaned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities fails to return the securities in a timely manner or at all. The Fund also may lose rights in the collateral if the borrower fails </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financially. The Fund could also lose money if the value of the collateral decreases or if the value of any investments made with cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">collateral declines.</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>Investing in a Portfolio.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund invests its assets in the Portfolio. This enables the Fund to pool its assets with other investors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">also invest in the same Portfolio, resulting in efficiencies in management and administration that can lower the Fund’s costs and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">enhance shareholder returns. The ability of the Fund operating in a hub and spoke structure to meet its investment objective is directly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to the ability of the corresponding Portfolio to meet its objective. Contribution and withdrawal activities by other Portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investors may impact the management of the Portfolio and its ability to achieve its investment objective.</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. 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. 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a broad-based securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market index. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the returns would be 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">perform in the future. </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 a broad-based securities market index. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.eatonvance.com <div><br/><br/><img alt="image" src="pr17484img003.jpg"/></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;">22.22%</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: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;">-19.69%</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> High Quarter 2020-06-30 0.2222 Low Quarter 2020-03-31 -0.1969 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;">10.53%</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;">12.05%</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;">13.47%</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;">9.76%</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;">11.70%</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;">13.18%</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;">6.77%</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;">9.59%</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;">11.28%</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 C</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;">14.79%</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;">12.42%</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;">13.23%</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;">16.95%</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;">13.55%</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;">14.36%</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;;">S&amp;P 500® Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(reflects no deduction for fees, expenses or taxes)</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;">17.88%</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;">14.42%</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;">14.81%</span></div> </td> </tr> </table></div> 0.1053 0.1205 0.1347 0.0976 0.117 0.1318 0.0677 0.0959 0.1128 0.1479 0.1242 0.1323 0.1695 0.1355 0.1436 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1481 <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%) and any applicable contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“CDSC”) for Class C.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.</span></div><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;;">S&amp;P 500® Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is a product  of S&amp;P Dow Jones Indices LLC or its affiliates (“SPDJI”) and any Third Party Licensor, and has been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">licensed for use by  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance. S&amp;P®, S&amp;P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&amp;P Global, Inc. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its affiliates (“S&amp;P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); any Third Party </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Licensor Trademarks are trademarks of the Third Party Licensor and these trademarks have been licensed for use by SPDJI and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sublicensed for certain purposes by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance. The Fund is not sponsored, endorsed, sold or promoted by  SPDJI, Dow Jones, S&amp;P, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">their respective affiliates, or any Third Party Licensor and none of such parties make any representation regarding the advisability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">S&amp;P 500® Index.</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%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. 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. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is to achieve long-term, after-tax returns for shareholders through investing in a diversified portfolio of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities.</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;;">31 of the Fund’s Prospectus and page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">22  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) <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>Class A</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>Class C</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>Class I</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;;">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</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;">5.25%</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;">None</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;">None</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;;">Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at time of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchase or redemption)</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;">None<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></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;">1.00%</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;">None</span></div> </td> </tr> </table></div> 0.0525 0 0 0 0.01 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) <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>Class A</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>Class C</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>Class I</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;;">Management Fees</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;">0.55%</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;">0.55%</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;">0.55%</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;;">Distribution and Service (12b-1) Fees</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;">0.25%</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;">1.00%</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;">None</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;;">Other Expenses</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;">0.07%</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;">0.07%</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;">0.07%</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;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</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;">0.87%</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;">1.62%</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;">0.62%</span></div> </td> </tr> </table></div> 0.0055 0.0055 0.0055 0.0025 0.01 0 0.0007 0.0007 0.0007 0.0087 0.0162 0.0062 Expenses in the table above and Example below reflect the expenses of the Fund and Tax-Managed Growth Portfolio (the “Portfolio”), the Portfolio in which the Fund invests its assets. 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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;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:8.52pt;;"><b>If you SOLD Your Shares</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </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;"> </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;"> </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;"></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;"> </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;">$609</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;">$788</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;">$982</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;">$1,541</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 C 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;">$265</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;">$511</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;">$881</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;">$1,721</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;">$63</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;">$199</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;">$346</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;">$774</span></div> </td> </tr> </table></div> If you SOLD Your Shares 609 788 982 1541 265 511 881 1721 63 199 346 774 <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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;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:8.52pt;;"><b>If you HELD Your Shares</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </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;"> </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;"> </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;"></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;"> </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;">$609</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;">$788</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;">$982</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;">$1,541</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 C 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;">$165</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;">$511</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;">$881</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;">$1,721</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;">$63</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;">$199</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;">$346</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;">$774</span></div> </td> </tr> </table></div> If you HELD Your Shares 609 788 982 1541 165 511 881 1721 63 199 346 774 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;;">Portfolio 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 Portfolio’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">14%</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> 0.14 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund currently invests substantially all of its assets in the Portfolio, a separate registered investment company with the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective and policies as the Fund. References to the Fund’s investments include investments held indirectly through the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Portfolio in which the Fund invests.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Investing in the Portfolio enables the Fund to participate in a large and well-established investment portfolio without being exposed to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential tax liability for unrealized gains accrued prior to the Fund’s inception.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund invests primarily in common stocks of growth companies that are considered by the investment adviser to be high in quality </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and attractive in their long-term investment prospects. The Fund seeks to invest primarily in established companies with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics of above average growth, predictability and stability. The Fund employs a “growth at a reasonable price” investing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">style, seeking to acquire companies that the portfolio managers believe are reasonably priced in relation to their fundamental value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund invests in a broadly diversified selection of equity securities and Fund holdings will represent a number of different </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industries. Although it invests primarily in domestic securities, the Fund may invest up to 25% of assets in foreign securities, some of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which may be issued by companies domiciled in emerging market countries. As an alternative to holding foreign stocks directly, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may invest in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market (including depositary receipts, such as American Depositary Receipts sponsored or unsponsored and Global Depositary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Receipts, that evidence ownership in underlying foreign stocks). Under normal conditions, stocks generally are acquired with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expectation of being held for the long-term. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">vehicle, in order to manage cash positions or seek exposure to certain markets or market sectors. The Fund may also invest in publicly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded real estate investment trusts (“REITs”) and lend its securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Buy and sell decisions are made by balancing investment considerations and tax considerations, and taking into account the taxes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">payable by shareholders in connection with distributions of investment income and net realized gains. The Fund seeks to minimize </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income distributions and distributions of realized short-term gains that are taxed as ordinary income, as well as distributions of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">realized long-term gains (taxed as long-term capital gains). Investment decisions are made primarily on the basis of fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">research. The portfolio managers utilize information provided by, and the expertise of, the investment adviser’s research staff in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">making investment decisions. In selecting stocks, the portfolio managers consider (among other factors) a company’s earnings or cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">flow capabilities, dividend prospects and tax treatment of a company’s dividends, the strength of the company’s business franchises </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and estimates of the company’s net value. The portfolio managers intend to manage risk by maintaining a broad issuer and industry </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversification and by utilizing fundamental analysis of risk/return characteristics in securities selection. In addition to rigorous </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fundamental research, the portfolio managers use various risk tools to help manage and monitor the portfolio’s risk profile as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual stock valuation, volatility and other risk characteristics. A security may be sold when the portfolio managers believe it is fully </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">valued, as a result of price declines that reach certain levels, other securities are identified to displace a current holding, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fundamentals deteriorate.  </span></div> The Fund invests primarily in common stocks of growth companies that are considered by the investment adviser to be high in quality and attractive in their long-term investment prospects. The Fund seeks to invest primarily in established companies with characteristics of above average growth, predictability and stability. The Fund employs a “growth at a reasonable price” investing style, seeking to acquire companies that the portfolio managers believe are reasonably priced in relation to their fundamental value. The Fund invests in a broadly diversified selection of equity securities and Fund holdings will represent a number of different industries. Although it invests primarily in domestic securities, the Fund may invest up to 25% of assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries. As an alternative to holding foreign stocks directly, the Fund may invest in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts, such as American Depositary Receipts sponsored or unsponsored and Global Depositary Receipts, that evidence ownership in underlying foreign stocks). Under normal conditions, stocks generally are acquired with the expectation of being held for the long-term. 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”) and lend its securities. <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>Growth 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;;">normally invests primarily in stocks of growth companies, it is subject to the risk of underperforming </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the overall stock market during periods in which stocks of such companies are out of favor and generate lower returns than the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market as a whole.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tax-Managed Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Market conditions may limit the Fund’s ability to generate tax losses or to generate dividend income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxed at favorable tax rates. The Fund’s tax-managed strategy may cause the Fund to hold a security in order to achieve more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s ability to utilize various tax-management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. Although the Fund expects that a smaller </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of its total return will consist of taxable distributions to shareholders as compared to equity mutual funds that are managed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">without regard to tax considerations, there can be no assurance about the size of taxable distributions to shareholders.</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>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>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of Fund shares may be particularly impacted by events that adversely affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and competition, and may fluctuate more than that of a fund that does not concentrate in companies in the information technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Securities Lending Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities lending involves the risk that the Fund may lose money because the borrower of the loaned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities fails to return the securities in a timely manner or at all. The Fund also may lose rights in the collateral if the borrower fails </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financially. The Fund could also lose money if the value of the collateral decreases or if the value of any investments made with cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">collateral declines.</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>Investing in a Portfolio.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund invests its assets in the Portfolio. This enables the Fund to pool its assets with other investors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">also invest in the same Portfolio, resulting in efficiencies in management and administration that can lower the Fund’s costs and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">enhance shareholder returns. The ability of the Fund operating in a hub and spoke structure to meet its investment objective is directly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to the ability of the corresponding Portfolio to meet its objective. Contribution and withdrawal activities by other Portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investors may impact the management of the Portfolio and its ability to achieve its investment objective.</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. 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. 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a broad-based securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market index. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the returns would be 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">perform in the future. </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 a broad-based securities market index. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.eatonvance.com <div><br/><br/><img alt="image" src="pr17484img004.jpg"/></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;">22.21%</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;">-19.73%</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> High Quarter 2020-06-30 0.2221 Low Quarter 2020-03-31 -0.1973 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;">10.38%</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;">11.89%</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;">13.30%</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;">9.83%</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;">11.63%</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;">13.08%</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;;"><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;">6.53%</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;">9.47%</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;">11.15%</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 C</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;">14.62%</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;">12.25%</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;">13.06%</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;">16.77%</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;">13.38%</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;">14.19%</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;;">S&amp;P 500® Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(reflects no deduction for fees, expenses or taxes)</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;">17.88%</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;">14.42%</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;">14.81%</span></div> </td> </tr> </table></div> 0.1038 0.1189 0.133 0.0983 0.1163 0.1308 0.0653 0.0947 0.1115 0.1462 0.1225 0.1306 0.1677 0.1338 0.1419 (reflects no deduction for fees, expenses or taxes) 0.1788 0.1442 0.1481 <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%) and any applicable contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“CDSC”) for Class C.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.</span></div><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;;">S&amp;P 500® Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is a product  of S&amp;P Dow Jones Indices LLC or its affiliates (“SPDJI”) and any Third Party Licensor, and has been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">licensed for use by  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance. S&amp;P®, S&amp;P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&amp;P Global, Inc. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its affiliates (“S&amp;P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); any Third Party </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Licensor Trademarks are trademarks of the Third Party Licensor and these trademarks have been licensed for use by SPDJI and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sublicensed for certain purposes by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance. The Fund is not sponsored, endorsed, sold or promoted by  SPDJI, Dow Jones, S&amp;P, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">their respective affiliates, or any Third Party Licensor and none of such parties make any representation regarding the advisability of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">S&amp;P 500® Index.</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%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. 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. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is to achieve long-term capital appreciation by investing in a diversified portfolio of equity securities.</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;;">24 of the Fund’s Prospectus and page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">21  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) <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>Class A</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>Class C</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>Class I</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;;">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</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;">5.25%</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;">None</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;">None</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;;">Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at time of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchase or redemption)</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;">None<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></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;">1.00%</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;">None</span></div> </td> </tr> </table></div> 0.0525 0 0 0 0.01 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) <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>Class A</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>Class C</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>Class I</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;;">Management Fees</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;">0.59%</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;">0.59%</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;">0.59%</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;;">Distribution and Service (12b-1) Fees</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;">0.25%</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;">1.00%</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;">None</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;;">Other Expenses</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;">0.26%</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;">0.26%</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;">0.26%</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;;">Total Annual Fund Operating Expenses</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;">1.10%</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;">1.85%</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;">0.85%</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;;">Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</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;">-0.12%</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;">-0.12%</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;">-0.12%</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;;">Total Annual Fund Operating Expenses After Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</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;">0.98%</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;">1.73%</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;">0.73%</span></div> </td> </tr> </table></div> 0.0059 0.0059 0.0059 0.0025 0.01 0 0.0026 0.0026 0.0026 0.011 0.0185 0.0085 -0.0012 -0.0012 -0.0012 0.0098 0.0173 0.0073 May 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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;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:8.52pt;;"><b>If you SOLD Your Shares</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </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;"> </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;"> </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;"></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;"> </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;">$620</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;">$845</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;">$1,088</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;">$1,785</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 C 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;">$276</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;">$570</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;">$990</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;">$1,963</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;">$75</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;">$259</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;">$460</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;">$1,038</span></div> </td> </tr> </table></div> If you SOLD Your Shares 620 845 1088 1785 276 570 990 1963 75 259 460 1038 <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:60.00000000000001%"></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="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;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:8.52pt;;"><b>If you HELD Your Shares</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </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;"> </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;"> </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;"></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;"> </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;">$620</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;">$845</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;">$1,088</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;">$1,785</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 C 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;">$176</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;">$570</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;">$990</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;">$1,963</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;">$75</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;">$259</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;">$460</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;">$1,038</span></div> </td> </tr> </table></div> If you HELD Your Shares 620 845 1088 1785 176 570 990 1963 75 259 460 1038 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;;">Portfolio 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 Portfolio’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">42%</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> 0.42 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund currently invests  substantially all of its assets in the Portfolio, a separate registered investment company with substantially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the same investment objective and policies as the Fund. References to the Fund’s investments include investments held indirectly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">through the Portfolio in which the Fund invests.</span></div><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 a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio of common stocks (the “80% Policy”). Stock, including common stock, is a type of equity security that represents </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">an ownership interest in a company or other issuer.  The Fund may invest in companies with a broad range of market capitalizations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including smaller companies. The Fund generally intends to maintain investments in all or substantially all of the market sectors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">represented in the S&amp;P 500® Index. Particular stocks owned will not mirror the S&amp;P 500® Index. The Fund may invest up to 25% of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">total assets in foreign securities which may be issued by companies domiciled in developed or emerging market countries. As an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">alternative to holding foreign stocks directly, the Fund may invest in U.S. dollar-denominated securities of foreign companies that trade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on U.S. exchanges or in the over-the-counter market (including depositary receipts, such as American Depositary Receipts, which are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">either sponsored or unsponsored, and Global Depositary Receipts, which evidence ownership in underlying foreign stocks). The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exposure to certain markets or market sectors. The Fund may also invest in publicly traded real estate investment trusts (“REITs”). At </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">times, the Fund’s investments may be focused in one or more sectors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may engage in derivative transactions to seek return, to hedge against fluctuations in securities prices or as a substitute for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the purchase or sale of securities. The Fund expects to use derivatives principally when seeking to gain exposure to equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by writing put options or to generate income by writing covered call options or put options. The Fund may also enter into a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">combination of options transactions on individual securities. Permitted derivatives include: the purchase or sale of forward or futures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contracts; options on futures contracts; exchange-traded and over-the-counter options; equity collars and equity swap agreements. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Except as required by applicable regulation, there is no stated limit on the Fund’s use of derivatives for such purposes. The portfolio of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities is selected primarily on the basis of fundamental research. The portfolio manager utilizes the information provided by, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the expertise of, the investment adviser’s research staff in making investment decisions. In selecting securities, the portfolio manager </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks companies that have sustainable earnings and cash flow, a strong and durable financial profile, secular and cyclical growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prospects, and the ability to maintain a competitive position within its industry. In addition, the portfolio manager employs a portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">construction process that seeks to manage investment risk. This process includes the use of portfolio optimization tools (quantitative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tools that help track the Fund’s fundamental characteristics such as its volatility, valuation and growth rate) and risk management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques to assist in portfolio construction and monitoring and maintaining issuer and industry diversification among portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">holdings. The portfolio manager may sell a security when he believes it is fully valued, the fundamentals of a company deteriorate, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to pursue alternative investment options.</span></div> Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of common stocks (the “80% Policy”). Stock, including common stock, is a type of equity security that represents an ownership interest in a company or other issuer.  The Fund may invest in companies with a broad range of market capitalizations, including smaller companies. The Fund generally intends to maintain investments in all or substantially all of the market sectors represented in the S&P 500® Index. Particular stocks owned will not mirror the S&P 500® Index. The Fund may invest up to 25% of its total assets in foreign securities which may be issued by companies domiciled in developed or emerging market countries. As an alternative to holding foreign stocks directly, the Fund may invest in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts, such as American Depositary Receipts, which are either sponsored or unsponsored, and Global Depositary Receipts, which evidence ownership in underlying foreign stocks). 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”). At times, the Fund’s investments may be focused in one or more sectors. <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>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>Derivatives Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s  counterparty is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.</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>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>Sector 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 a significant portion of its assets in one or more industries, the value of Fund shares may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be affected by events that adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a particular sector and may fluctuate more than 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>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of Fund shares may be particularly impacted by events that adversely affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and competition, and may fluctuate more than that of a fund that does not concentrate in companies in the information technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</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>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>Investing in a Portfolio.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund invests its assets in the Portfolio. This enables the Fund to pool its assets with other investors that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">also invest in the same Portfolio, resulting in efficiencies in management and administration that can lower the Fund’s costs and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">enhance shareholder returns. The ability of the Fund operating in a hub and spoke structure to meet its investment objective is directly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">related to the ability of the corresponding Portfolio to meet its objective. Contribution and withdrawal activities by other Portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investors may impact the management of the Portfolio and its ability to achieve its investment objective.</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><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">  The portfolio manager also uses quantitative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio optimization and risk management techniques in making investment decisions for the Fund. There can be no assurance that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these techniques will achieve the desired results.</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. 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. 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a broad-based securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market index. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the returns would be 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">perform in the future. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s performance reflects the effects of expense reductions. Absent these reductions, performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">would have been lower. 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 a broad-based securities market index. The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.eatonvance.com <div><br/><br/><img alt="image" src="pr17494img003.jpg"/></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;">21.77 %</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;">-19.47 %</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> High Quarter 2020-06-30 0.2177 Low Quarter 2020-03-31 -0.1947 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;">7.28%</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;">12.15%</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: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;">13.05%</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;">5.18%</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;">9.14%</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;">10.83%</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;">5.81%</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;">9.20%</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;">10.33%</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 C</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;">11.35%</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;">12.51%</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;">12.81%</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;">13.50%</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;">13.66%</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;">13.95%</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;;">S&amp;P 500® Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects no deductions for fees, expenses or 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;">17.88%</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;">14.42%</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;">14.81%</span></div> </td> </tr> </table></div> 0.0728 0.1215 0.1305 0.0518 0.0914 0.1083 0.0581 0.092 0.1033 0.1135 0.1251 0.1281 0.135 0.1366 0.1395 reflects no deductions for fees, expenses or taxes 0.1788 0.1442 0.1481 <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%) and any applicable contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“CDSC”) for Class C.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.</span></div><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;;">S&amp;P 500® Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is a product  of S&amp;P Dow Jones Indices LLC or its affiliates (“SPDJI”) and any Third Party Licensor, and has been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">licensed for use by  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance and BMR. S&amp;P®, S&amp;P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&amp;P </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Global, Inc. or its affiliates (“S&amp;P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Third Party Licensor Trademarks are trademarks of the Third Party Licensor and these trademarks have been licensed for use by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">SPDJI and sublicensed for certain purposes by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance and BMR. The Fund is not sponsored, endorsed, sold or promoted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by  SPDJI, Dow Jones, S&amp;P, their respective affiliates, or any Third Party Licensor and none of such parties make any representation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">S&amp;P 500® Index.</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%) and any applicable contingent deferred sales charge (“CDSC”) for Class C. 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. 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 total return.</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;">100,000</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 $100,000 in Eaton Vance  funds. 100000 Shareholder Fees (fees paid directly from your investment) <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:80%"></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>Class A</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>Class I</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;;">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</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;">3.25%</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;">None</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;;">Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at time of purchase or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemption)</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;">None<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></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;">None</span></div> </td> </tr> </table></div> 0.0325 0 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;;">500,000 or more are subject to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">0.75% contingent deferred sales charge if redeemed within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">12 months of purchase.</span> Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) <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:80%"></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>Class A</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>Class I</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;;">Management Fees of the Fund and Subsidiary</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;">0.54%</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;">0.54%</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;;">Distribution and Service (12b-1) Fees</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;">0.25%</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;">None</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;;">Other Expenses (of the Fund and Subsidiary)</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;"> </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;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:12pt;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="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses of the Fund</span></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;">0.13%</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;">0.13%</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:12pt;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="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses of the Subsidiary</span></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;">0.01%</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;">0.01%</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:12pt;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="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Acquired Fund Fees and Expenses</span></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;">0.01%</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;">0.01%</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;;">Total Other Expenses</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;">0.15%</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: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;">0.15%</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;;">Total Annual Fund Operating Expenses</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;">0.94%</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;">0.69%</span></div> </td> </tr> </table></div> 0.0054 0.0054 0.0025 0 0.0013 0.0013 0.0001 0.0001 0.0001 0.0001 0.0015 0.0015 0.0094 0.0069 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;">$418</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;">$615</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;">$828</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;">$1,442</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;">$70</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;">$221</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;">$384</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;">$859</span></div> </td> </tr> </table></div> 418 615 828 1442 70 221 384 859 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;">17%</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> 0.17 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund invests primarily in commodity-linked derivative instruments backed by a portfolio of fixed-income securities. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio of fixed-income securities is generally comprised of U.S. Treasury securities (including Treasury bills, Treasury notes, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Treasury inflation-protected securities) and money market instruments. The Fund may also invest in an affiliated investment company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that invests in money market instruments. The average portfolio duration of the Fund’s fixed-income portfolio will vary and under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">normal market conditions is not expected to exceed one year. Commodity-linked derivative instruments include commodity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">index-linked swap agreements, futures, and commodity linked notes, that provide exposure to the investment returns of the </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodities markets, without investing directly in physical commodities. The Fund may also invest in exchange-traded funds (“ETFs”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that provide exposure to commodities. The Fund seeks to gain exposure to the commodity markets, in whole or in part, through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in PSC Commodity Subsidiary, Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Islands (the “Subsidiary”) with the same investment objective and principal investment strategies as the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The commodity-linked derivative instruments in which the Fund invests are intended to provide returns based on the performance of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular commodity or particular basket of commodities. Except as required by applicable regulation, there is no stated limit on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s use of derivatives for such purposes. The Fund attempts to provide a diversified exposure to a variety of commodities. In this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pursuit, the Fund may maintain large overweight or underweight commodity positions versus the  Bloomberg Commodity Index Total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Return (the “Index”). Similarly, the Fund may hold underweight or overweight positions in particular sectors of the commodities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets versus the Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks to employ a top-down, disciplined and systematic investment process that emphasizes broad exposure among </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual commodities and commodity sectors. This rules-based strategy utilizes targeted allocation and systematic  rebalancing to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">attempt to exploit certain quantitative and behavioral characteristics of the commodity asset class to generate alpha (i.e. excess </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns versus the index). The investment process is periodically re-evaluated and may be adjusted to ensure that the process is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consistent with the Fund’s investment objective and strategies. Commodity exposures are selected based on factors such as volatility, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity, diversification, and perceived risk and potential benefit. Commodity target weights are created to attempt to reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">concentration risk relative to the Index. The frequency of rebalancing depends on the correlation and volatility of the individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity. Rules-based rebalancing bands are set around target weights to attempt to minimize trading cost.</span></div> The Fund invests primarily in commodity-linked derivative instruments backed by a portfolio of fixed-income securities. The Fund’s portfolio of fixed-income securities is generally comprised of U.S. Treasury securities (including Treasury bills, Treasury notes, and Treasury inflation-protected securities) and money market instruments. The Fund may also invest in an affiliated investment company that invests in money market instruments. The average portfolio duration of the Fund’s fixed-income portfolio will vary and under normal market conditions is not expected to exceed one year. Commodity-linked derivative instruments include commodity index-linked swap agreements, futures, and commodity linked notes, that provide exposure to the investment returns of the commodities markets, without investing directly in physical commodities. The Fund may also invest in exchange-traded funds (“ETFs”) that provide exposure to commodities. The Fund seeks to gain exposure to the commodity markets, in whole or in part, through investments in PSC Commodity Subsidiary, Ltd., a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”) with the same investment objective and principal investment strategies as the Fund. <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;;">. No active trading market may exist for certain investments held by the Fund, which may impair </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Commodity-Related Investments Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of commodity investments will generally be affected by overall market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">movements and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and health, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">political, international and regulatory developments. Economic and other events (whether real or perceived) can reduce the demand </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for commodities, which may reduce market prices and cause the value of the Fund’s commodity investments to fall. The frequency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and magnitude of such changes are unpredictable. Exposure to commodities and commodity markets may subject the Fund to greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatility than investments in traditional securities. No active trading market may exist for certain commodity investments, which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments. In addition, adverse market conditions may impair the liquidity of actively traded commodity investments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Commodity-linked notes may be structured such that their performance deviates significantly from the underlying index or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As noted above, the Fund expects to invest in the Subsidiary, which invests in commodity-related investments, as well as other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">permitted instruments. The Subsidiary is subject to the laws of the Cayman Islands and is not subject to U.S. laws, including securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">laws and their protections and provisions of the Internal Revenue Code (the “Code”). Because the Subsidiary is not registered under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S. federal securities laws, it may not be able to negotiate terms with its counterparties that are equivalent to those of a registered </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fund. As a result, the Subsidiary may have greater exposure to those counterparties than a registered fund. Changes in the laws of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">United States and/or the Cayman Islands could result in the inability of the Subsidiary to operate as described, and could adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affect the Fund’s investment approach. In addition, commodity-related investments generally generate income that is not qualifying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income for purposes of meeting source of income tests applicable to mutual funds under the Code. The Internal Revenue Service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“IRS”) has issued proposed regulations effectively providing that the Subsidiary’s realized annual net profit, if any, will constitute </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“qualifying income” only to the extent it is timely and currently repatriated to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund (notwithstanding any previously issued private </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">letter ruling or advice from counsel). As the Fund intends to satisfy the source of income tests under the Code, its ability to invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodity-related investments may become limited, and the Fund may incur transaction and other costs to comply with any new or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">additional guidance from the IRS. The tax treatment of commodity-related investments and income from the Subsidiary may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affected by future legislation, Treasury Regulations and/or guidance issued by the IRS that could affect the character, timing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and/or amount of the Fund’s taxable income or any gains and distributions made by the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tracking Error Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Tracking error risk refers to the risk that the Fund’s performance may not match or correlate to that of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodities or basket of commodities it attempts to track, either on a daily or aggregate basis. Factors such as Fund expenses, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">imperfect correlation between the Fund’s investments and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodities or basket of commodities, rounding of share prices, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes to the composition of the  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodities or basket of commodities, regulatory policies high portfolio turnover rate and the use </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of leverage all contribute to tracking error. Tracking error risk may cause the Fund’s performance to be less than expected.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s  counterparty is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.</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>Leverage Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to an underlying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reference instrument</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maintain liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations. Leverage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the effect of any increase or decrease in the value of the Fund’s portfolio securities. The Fund may not be able to adjust its use of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">leverage rapidly enough to respond to interest rate volatility, inflation, and other changing market conditions. As a result, the Fund’s use </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of leverage may have a negative impact on the Fund’s performance from time to time. The loss on leveraged investments may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">substantially exceed the initial investment.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Interest Rate Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities is likely to increase when interest rates fall and decline when interest rates rise. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Duration measures the time-weighted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">matures.  Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. In a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rising interest rate environment, the duration of income securities that have the ability to be prepaid or called by the issuer may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower interest rate.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Credit Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income securities  are subject to the risk of non-payment of scheduled principal and interest. Changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">counsel, which may increase the Fund’s operating expenses and adversely affect net asset 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>U.S. Treasury Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. Treasury securities (“Treasury Securities”) are obligations of the U.S. Treasury that differ in their interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates, maturities and times of issuance. Treasury Securities include any security or agreement collateralized or otherwise secured by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Treasury Securities. As a result of their high credit quality and market liquidity, U.S. Treasury securities generally provide a lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">current return than obligations of other issuers.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Inflation-Linked Investments Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Inflation-linked investments are subject to the effects of changes in market interest rates caused </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by factors other than inflation (real interest rates). In general, the price of an inflation-linked investment tends to decrease when real </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates increase and increase when real interest rates decrease. Interest payments on inflation-linked investments may vary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">widely and will fluctuate as the principal and interest are adjusted for inflation. Any increase in the principal amount of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">inflation-linked investment will be considered taxable ordinary income, even though the Fund will not receive the principal until </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maturity. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">goods and services. The Fund’s investments in inflation-linked investments may lose value in the event that the actual rate of inflation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is different from the rate of the inflation index.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Money Market Instrument Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Money market instruments may be adversely affected by market and economic events, such as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees many </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">money market instruments; adverse economic, political or other developments affecting issuers of money market instruments; </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in the credit quality of issuers; and default by a counterparty.</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>Sector 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 have significant investments in a particular sector of the commodities markets (such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">agricultural, energy, livestock, precious metals, industrial metals and others), the value of Fund shares may be affected by events that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that sector and may fluctuate more than 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>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>Rules-Based Management Risks.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The sub-adviser uses proprietary investment techniques and analyses in making investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decisions for the  Fund, seeking to achieve its investment objective while minimizing exposure to security-specific risk. The strategy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to take advantage of certain quantitative and behavioral market characteristics identified by the sub-adviser, utilizing a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rules-based process and systematic rebalancing. A systematic investment process is dependent on the sub-adviser’s skill in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developing and maintaining that process. The  Fund’s strategy has not been independently tested or validated, and there can be no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assurance that it will achieve the desired results.</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. 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. 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 Bloomberg Commodity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index Total Return to the Bloomberg US Universal Index effective May 1, 2024 to comply with the regulation that requires the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">primary benchmark to represent the overall applicable market. The additional index(es) in the table provide a means to compare the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s average annual returns to a benchmark that the investment adviser believes is representative of the Fund’s investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">universe. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar chart are for Class A shares and do not reflect a sales charge. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">If the sales charge was reflected returns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">would be lower. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Effective April 29, 2022, the Fund’s Investor Class shares were redesignated as Class A shares and the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Institutional Class shares were redesignated as Class I shares. Past performance (both before and after taxes) is not necessarily an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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 Fund’s performance reflects the effects of expense reductions. Absent these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reductions, performance would have been lower. 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 Bloomberg Commodity Index Total Return to the Bloomberg US Universal 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 returns would be lower. Effective April 29, 2022, the Fund’s Investor Class shares were redesignated as Class A shares and the Fund’s Institutional Class shares were redesignated as Class I shares. 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="pr17447img003.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;;">March 31, 2022</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;">22.68%</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;">-21.44%</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 2022-03-31 0.2268 Low Quarter 2020-03-31 -0.2144 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;">18.21%</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;">13.31%</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;">9.20%</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;">12.47%</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;">9.05%</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;">6.42%</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;">10.71%</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;">8.47%</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;">5.98%</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;">22.29%</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;">14.36%</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;">9.83%</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;;">Bloomberg U.S. Universal Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects no deduction for fees, expenses or 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;">7.58%</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;">0.06%</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;">2.43%</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;;">Bloomberg Commodity Index Total Return (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects no deduction for fees, expenses or 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;">15.77%</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;">10.63%</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;">5.72%</span></div> </td> </tr> </table></div> 0.1821 0.1331 0.092 0.1247 0.0905 0.0642 0.1071 0.0847 0.0598 0.2229 0.1436 0.0983 reflects no deduction for fees, expenses or taxesreflects no deduction for fees, expenses or taxes 0.0758 0.0006 0.0243 0.1577 0.1063 0.0572 <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 (3.25%).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> On April 29, 2022, the Fund’s Investor Class shares were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">redesignated as Class A shares and the Fund’s Institutional Class shares were redesignated as Class I shares. Investor Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">had previously been sold without a sales charge. Class I commenced operations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">May 25, 2011</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Investors cannot invest directly in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index.   </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS® is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Barclays is affiliated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance, and neither approves, endorses, reviews or recommends the Fund. Neither Bloomberg nor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Barclays guarantees the timeliness, accurateness or completeness of any data or information relating to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg US Universal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index and Bloomberg Commodity Index Total Return, and neither shall be liable in any way to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance, investors in the Fund or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other third parties in respect of the use or accuracy of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Bloomberg US Universal Index and Bloomberg Commodity Index Total Return  or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">any data included therein.  </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 (3.25%). 2011-05-25 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. 1Expenses in the table above and Example below reflect the expenses of the Fund and Tax-Managed Growth Portfolio (the “Portfolio”), the Portfolio in which the Fund invests its assets. 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. 1Expenses in the table above and Example below reflect the expenses of the Fund and Tax-Managed Growth Portfolio (the “Portfolio”), the Portfolio in which the Fund invests its assets. 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. 1The investment adviser and administrator have agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 0.98% for Class A shares, 1.73% for Class C shares and 0.73% for Class I shares. This expense reimbursement will continue through May 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 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 and administrator may recoup from the Fund any reimbursed expenses during the same fiscal year if such recoupment does not cause the Fund’s Total Annual Fund 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. 2Expenses in the table above and the Example below reflect the expenses of the Fund and Stock Portfolio (the “Portfolio”), the Portfolio in which the Fund invests. 1Class A shares purchased at net asset value in amounts of $500,000 or more are subject to a 0.75% contingent deferred sales charge if redeemed within 12 months of purchase.