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N-1A
EATON VANCE MUTUAL FUNDS TRUST
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is to seek long-term capital appreciation.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investors may also pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>commissions or other fees to their financial intermediary, which are not reflected below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for a reduced sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Appendix A – </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Financial Intermediary Sales Charge Variations in the Fund’s Prospectus. More information about these and other discounts is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from your financial intermediary and in Sales Charges beginning on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">31 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)
0.0525
0
0
0
0.01
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares purchased at net asset value in amounts of $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1 million or more are subject to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1.00% contingent deferred sales charge if redeemed within 12 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">months of purchase.</span>
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
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June 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;">$664</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;">$981</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;">$1,320</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;">$2,274</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;">$322</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;">$710</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;">$1,224</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;">$2,449</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 I 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;">$121</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;">$403</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;">$707</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;">$1,569</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 R6 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;">$114</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;">$382</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;">$669</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;">$1,489</span></div>
</td>
</tr>
</table></div>
If you SOLD Your Shares
664
981
1320
2274
322
710
1224
2449
121
403
707
1569
114
382
669
1489
<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;">$664</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;">$981</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;">$1,320</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;">$2,274</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;">$222</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;">$710</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;">$1,224</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;">$2,449</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 I 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;">$121</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;">$403</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;">$707</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;">$1,569</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 R6 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;">$114</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;">$382</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;">$669</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;">$1,489</span></div>
</td>
</tr>
</table></div>
If you HELD Your Shares
664
981
1320
2274
222
710
1224
2449
121
403
707
1569
114
382
669
1489
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;">2%</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>
0.02
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities of companies located in emerging market countries (the “80% Policy”). A company will be considered to be located </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in an emerging market country if it is domiciled in and tied economically to one or more emerging market countries and may include a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company’s stock which is trading in the form of a depositary receipt. Emerging market countries are generally countries not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considered to be developed market countries, and therefore not included in the MSCI World Index. The Fund intends to invest primarily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in securities issued by companies located in countries included in the MSCI Emerging Markets Index or the MSCI Frontier Markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index. The MSCI Emerging Markets Index is an unmanaged index of common stocks of issuers in emerging markets countries. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">MSCI Frontier Markets Index is an unmanaged index of common stocks of issuers in countries that have less-developed economies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and financial markets than more established emerging markets, and often have more restrictions on foreign stock ownership. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Securities acquired by the Fund are typically listed on stock exchanges in emerging market countries, but also may include securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded in markets outside these countries. The Fund may invest in securities issued by companies with a broad range of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capitalizations, including those of smaller, less seasoned companies. More than 25% of the Fund’s total assets may be denominated in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">any single currency. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cash positions or seek exposure to certain markets or market sectors. The Fund may also invest in publicly traded real estate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment trusts (“REITs”). The Fund may also lend its securities.</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 and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversification among emerging market countries, economic sectors and issuers. This rules-based strategy utilizes targeted allocation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and systematic rebalancing to take advantage of certain quantitative and behavioral characteristics of emerging markets identified by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the portfolio managers. 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. The portfolio managers select and allocate across countries based on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">factors such as size, liquidity, level of economic development, local economic diversification, and perceived risk and potential for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">growth. The Fund maintains a bias to broad inclusion; that is, the Fund intends to allocate its portfolio holdings to more emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market countries rather than fewer emerging market countries. Relative to capitalization-weighted country indexes, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual country allocation targets seek to emphasize the less represented emerging market countries and attempt to reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">concentration risks relative to a capitalization-weighted index. The Fund’s country allocations are typically rebalanced to their target </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">weights if they exceed a certain pre-determined overweight or fall below a certain pre-determined underweight. Rebalancing is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intended to reduce exposure to countries with strong relative performance and increasing exposure to countries which have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underperformed. The frequency of rebalancing depends on the volatility and trading costs of the individual country. At the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">level and within each country, the Fund seeks to maintain exposure across key economic sectors. Relative to capitalization-weighted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">country indexes, the portfolio managers target weights to these sectors to emphasize the less represented sectors. The portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">managers use a quantitative model to select individual securities as representatives of their economic sectors and generally weigh </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">them by their relative capitalization within that sector.</span></div>
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in emerging market countries (the “80% Policy”). A company will be considered to be located in an emerging market country if it is domiciled in and tied economically to one or more emerging market countries and may include a company’s stock which is trading in the form of a depositary receipt. Emerging market countries are generally countries not considered to be developed market countries, and therefore not included in the MSCI World Index. The Fund intends to invest primarily in securities issued by companies located in countries included in the MSCI Emerging Markets Index or the MSCI Frontier Markets Index. The MSCI Emerging Markets Index is an unmanaged index of common stocks of issuers in emerging markets countries. The MSCI Frontier Markets Index is an unmanaged index of common stocks of issuers in countries that have less-developed economies and financial markets than more established emerging markets, and often have more restrictions on foreign stock ownership. Securities acquired by the Fund are typically listed on stock exchanges in emerging market countries, but also may include securities traded in markets outside these countries. The Fund may invest in securities issued by companies with a broad range of market capitalizations, including those of smaller, less seasoned companies. More than 25% of the Fund’s total assets may be denominated in any single currency. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek exposure to certain markets or market sectors. The Fund may also invest in publicly traded real estate investment trusts (“REITs”). The Fund may also 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>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;;">. Such risks may be greater in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frontier markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Frontier Market Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Frontier markets are among the smallest and least mature investment markets. Frontier market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have greater political or economic instability and may also be subject to trade barriers, adjustments in currency values </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and developing or changing securities laws and other regulations. Investments in frontier market countries generally are less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and subject to greater price volatility than investments in developed markets or emerging markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Region Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Economies of countries in the China region differ from the U.S. economy or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies in various ways, such as structure, general development, government involvement, wealth distribution, interest rates, rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As export-driven economies, the economies of countries in the China region are affected by developments in the economies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">governmental actions of their principal trading partners, such as the imposition of trading restrictions and tariffs. The Chinese central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation, state ownership and/or other involvement. Actions of the Chinese central and local government authorities continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have a substantial effect on economic conditions in China and operations of particular Chinese companies, which could adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affect the value and liquidity of investments. For example, a government may restrict investment in companies or industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considered important to national interests, intervene in the financial markets, maintain strict currency controls, or impose repatriation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restrictions. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers may suspend the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trading of their equity securities. In addition, there is the potential of increased tariffs and restrictions (and threats thereof) on trade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China, concerns of which have been heightened (and realized) by recent developments in relations between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S., other trading partners and China, including the designation of China as a “foreign adversary” of the U.S., as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countersanctions or countermeasures from the Chinese government that have been triggered or are expected to be triggered. An </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trade, which could have a negative impact on China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indirect investments in China and, therefore, the Fund. The Fund’s investments in Chinese securities are also subject to additional risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with differing regulatory and audit requirements in Chinese securities markets as compared to the U.S. securities market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including a lack of reliable audits and other financial information regarding many Chinese companies and heightened risk of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manipulation and fraud, which may be increased through actions taken by the Chinese government. In addition, the relationship </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between China and Taiwan is particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invade and control Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impacts remain uncertain. Military or diplomatic moves involving China could significant adversely affect the economies and issuers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the China region and, thus, the Fund’s investments. Although China and certain other countries in the China region may be larger and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or more established than many emerging markets, markets in these countries carry the high levels of risk associated with emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. Investments in China involve a risk of total loss due to government action or inaction or other adverse circumstances.</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>Focused Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund has substantial investments in a relatively small number of securities or issuers, or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular market, industry, group of industries, country, region, group of countries, asset class or sector, the Fund’s performance will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more susceptible to any single economic, market, political, or regulatory occurrence affecting those particular securities or issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or that particular market, industry, group of industries, country, region, group of countries, asset class, or sector than a fund that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests more broadly.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Geographic Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest significantly in a particular geographic region or country, the value of Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be affected by events that adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that region or country 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broadly.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stocks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">smaller, less seasoned companies are generally subject to greater price fluctuations, limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity, higher transaction costs and higher investment risk than the stocks of larger, more established companies. Such companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may have limited product lines, markets or financial resources, may be dependent on a limited management group, and may lack </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">substantial capital reserves or an established performance record. There may be generally less publicly available information about </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such companies than for larger, more established companies. Stocks of these companies frequently have lower trading volumes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">making them more volatile and potentially less liquid and more difficult to value</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ETF Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> ETFs are subject to the risks of investing in the underlying securities or other investments. ETF shares may trade at a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the operating expenses of an ETF in which it invests.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>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>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>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>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>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. 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;;">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. The Fund’s performance for certain periods reflects the effects of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expense reductions. Absent these reductions, performance for certain periods would have been lower. Updated Fund performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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="pr17513img003.jpg" style="float:left; padding-right:100%;padding-bottom:1%;"/></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;;">December 31, 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;">20.49%</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;">-30.74%</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><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The year-to-date total return through the end of the most recent calendar quarter (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2025 to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">March 31, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.89%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
High Quarter
2020-12-31
0.2049
Low Quarter
2020-03-31
-0.3074
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2025 to March 31, 2026) was 2.89%.
2026-03-31
0.0289
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;">20.44%</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;">5.13%</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;">6.11%</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;">19.68%</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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.63%</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;">5.74%</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;">12.69%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.08%</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;">5.03%</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;">25.27%</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;">5.50%</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;">6.06%</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;">27.49%</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;">6.54%</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;">6.95%</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 R6</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;">27.51%</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;">6.62%</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;">7.02%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI Emerging Markets Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects net dividends, which reflect the deduction of withholding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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;">33.57%</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;">4.19%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.41%</span></div>
</td>
</tr>
</table></div>
0.2044
0.0513
0.0611
0.1968
0.0463
0.0574
0.1269
0.0408
0.0503
0.2527
0.055
0.0606
0.2749
0.0654
0.0695
0.2751
0.0662
0.0702
reflects net dividends, which reflect the deduction of withholding taxes
0.3357
0.0419
0.0841
<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. </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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">were redesignated as Class A shares and the Fund’s Institutional Class shares were redesignated as Class I shares. Investor Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares had previously been sold without a sales charge. Investors cannot invest directly in an Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Source for MSCI </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging Markets Index: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">warranties, has not prepared or approved this report, and has no liability hereunder. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the highest historical individual U.S. federal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates and do not reflect the impact of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares held by non-taxable entities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for other Classes of shares will vary from the after-tax returns presented for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class A shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">realized on the sale of Fund shares.</span></div>
These returns reflect the maximum current sales charge for Class A (5.25%) 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 long-term capital appreciation.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investors may also pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>commissions or other fees to their financial intermediary, which are not reflected below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for a reduced sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Appendix A – </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Financial Intermediary Sales Charge Variations in the Fund’s Prospectus. More information about these and other discounts is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from your financial intermediary and in Sales Charges beginning on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">31 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)
0.0525
0
0
0
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;;">1 million or more are subject to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1.00% contingent deferred sales charge if redeemed within 12 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">months of purchase.</span>
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
0.004
0.004
0.004
0.004
0.0025
0
0.005
0
0.0086
0.0061
0.0111
0.0058
0.0077
0.0052
0.0102
0.0049
June 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: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="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;">$600</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;">$776</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;">$968</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;">$1,522</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 I 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;">$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;">$186</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;">$331</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;">$754</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 R 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;">$104</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;">$344</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;">$603</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;">$1,344</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 R6 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;">$50</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;">$177</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;">$315</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;">$717</span></div>
</td>
</tr>
</table></div>
600
776
968
1522
53
186
331
754
104
344
603
1344
50
177
315
717
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;">25%</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>
0.25
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified portfolio of equity securities (the “80% Policy”). Equity securities generally represent an ownership interest in an issuer or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be convertible into or represent a right to acquire an ownership interest in an issuer. The Fund invests primarily in companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">domiciled in and tied economically to one or more countries represented in the MSCI Europe, Australasia, Far East Index (“MSCI EAFE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index”) and may include securities trading in the form of depositary receipts. The MSCI EAFE Index is an unmanaged index of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">approximately 700 companies. The Fund may invest in securities of companies with a broad range of market capitalizations, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those of smaller, less seasoned companies. The Fund may invest in publicly-traded real estate investment trusts (“REITs”). The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intends to invest in not less than five different countries and more than 25% of the Fund’s total assets may be denominated in any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">single currency. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">positions or seek exposure to certain markets or market sectors. The Fund may also lend its securities.</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 and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversification among developed markets outside of the United States, economic sectors and issuers. This rules-based strategy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">utilizes targeted allocation and systematic rebalancing to take advantage of certain quantitative and behavioral characteristics of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developed markets identified by the portfolio managers. The investment process is periodically re-evaluated and may be adjusted to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ensure that the process is consistent with the Fund’s investment objective and strategies. The portfolio managers select and allocate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">across countries based on factors such as market capitalization, volatility, correlation to other markets, liquidity, and perceived risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential for growth. The Fund maintains a bias to broad inclusion; that is the Fund intends to allocate its portfolio holdings to more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developed markets outside of the United States rather than fewer developed markets. Relative to capitalization-weighted country </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indexes, the Fund’s individual country allocation targets seek to emphasize the less represented developed markets and attempt to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reduce concentration risks relative to a capitalization-weighted index. The Fund’s country allocations are typically rebalanced to their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">target weights if they exceed a certain pre-determined overweight or fall below a certain pre-determined underweight. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequency of rebalancing depends on the volatility and trading costs of the individual country. This is intended to reduce exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries with strong relative performance and increasing exposure to countries which have underperformed. The Fund seeks to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">maintain exposure across key economic sectors. Relative to capitalization-weighted country indexes, the portfolio managers target </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">weights to these sectors to emphasize the less represented sectors. The portfolio managers use a quantitative model to select </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">individual securities as representatives of their countries and economic sectors. The model includes factors such as beta, or a stock’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">historical sensitivity to movements in the global equity market, with the objective of reducing portfolio risk and maintaining broad </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversification.</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 equity securities (the “80% Policy”). Equity securities generally represent an ownership interest in an issuer or may be convertible into or represent a right to acquire an ownership interest in an issuer. The Fund invests primarily in companies domiciled in and tied economically to one or more countries represented in the MSCI Europe, Australasia, Far East Index (“MSCI EAFE Index”) and may include securities trading in the form of depositary receipts. The MSCI EAFE Index is an unmanaged index of approximately 700 companies. The Fund may invest in securities of companies with a broad range of market capitalizations, including those of smaller, less seasoned companies. The Fund may invest in publicly-traded real estate investment trusts (“REITs”). The Fund intends to invest in not less than five different countries and more than 25% of the Fund’s total assets may be denominated in any single currency. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek exposure to certain markets or market sectors. The Fund may also 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>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>Currency Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets and currency transactions are subject to settlement, custodial and other operational risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stocks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">smaller, less seasoned companies are generally subject to greater price fluctuations, limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity, higher transaction costs and higher investment risk than the stocks of larger, more established companies. Such companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may have limited product lines, markets or financial resources, may be dependent on a limited management group, and may lack </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">substantial capital reserves or an established performance record. There may be generally less publicly available information about </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such companies than for larger, more established companies. Stocks of these companies frequently have lower trading volumes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">making them more volatile and potentially less liquid and more difficult to value</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ETF Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> ETFs are subject to the risks of investing in the underlying securities or other investments. ETF shares may trade at a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of the operating expenses of an ETF in which it invests.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>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>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>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>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>Focused Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund has substantial investments in a relatively small number of securities or issuers, or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular market, industry, group of industries, country, region, group of countries, asset class or sector, the Fund’s performance will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more susceptible to any single economic, market, political, or regulatory occurrence affecting those particular securities or issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or that particular market, industry, group of industries, country, region, group of countries, asset class, or sector than a fund that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests more broadly.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Geographic Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest significantly in a particular geographic region or country, the value of Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be affected by events that adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that region or country 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broadly.</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. 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;;">Effective January 15, 2020, the Fund’s Investor Class shares were redesignated as Class A shares and effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">April 29, 2022 the Fund’s Institutional Class shares were redesignated as Class I shares. The Fund’s performance reflects the effects of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expense reductions. Absent these reductions, performance would have been lower. Updated Fund performance information can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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="pr17513img004.jpg" style="float:left; padding-right:100%;padding-bottom:1%;"/></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;;">December 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;">17.39%</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;">-22.76%</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><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The year-to-date total return through the end of the most recent calendar quarter (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2025 to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">March 31, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.61%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
High Quarter
2022-12-31
0.1739
Low Quarter
2020-03-31
-0.2276
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2025 to March 31, 2026) was 1.61%.
2026-03-31
0.0161
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;">21.74%</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;">5.41%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.87%</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;">18.04%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.10%</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;">6.03%</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;">14.97%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.13%</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;">5.53%</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;">28.77%</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;">6.81%</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;">7.72%</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 R</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;">28.15%</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;">6.26%</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;">7.18%</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 R6</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;">28.77%</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;">6.82%</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;">7.74%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI EAFE Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects net dividends, which reflect the deduction of withholding taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">)</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.22%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.92%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.18%</span></div>
</td>
</tr>
</table></div>
0.2174
0.0541
0.0687
0.1804
0.041
0.0603
0.1497
0.0413
0.0553
0.2877
0.0681
0.0772
0.2815
0.0626
0.0718
0.2877
0.0682
0.0774
reflects net dividends, which reflect the deduction of withholding taxes
0.3122
0.0892
0.0818
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These returns reflect the maximum current sales charge for Class A (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">5.25%). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">On January 15, 2020, the Fund’s Investor Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">were redesignated as Class A shares and on April 29, 2022, the Fund’s Institutional Class shares were redesignated as Class I shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Class R and Class R6 performance shown above for the period prior to August 10, 2015 (commencement of operations of each </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">class), is the performance of Class A shares and Class I shares, respectively, at net asset value without adjustment for any differences </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the expenses of the classes. If adjusted for such differences returns would be lower. Investors cannot invest directly in an Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Source for MSCI </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">EAFE Index: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not prepared or approved this report, and has no liability hereunder. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the highest historical individual U.S. federal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates and do not reflect the impact of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares held by non-taxable entities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for other Classes of shares will vary from the after-tax returns presented for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class A shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">realized on the sale of Fund shares.</span></div>
These returns reflect the maximum current sales charge for Class A (5.25%).
After-tax returns are calculated using the highest historical individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is 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 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;;"> </span></div>
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:90%"></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 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;">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 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></div>
</td>
</tr>
</table></div>
0
0
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:90%"></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 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>
</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;">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;">0.06%</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></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
0.0006
0.0046
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="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>
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;;">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;">25%</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>
0.25
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pursues its objective by investing in a base portfolio that is generally comprised of an approximately equal mix of equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities and money market instruments. The Fund writes (sells) call options on the S&P 500<sup>®</sup> Index, a broad-based U.S. stock market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">index, and/or a substitute for the S&P 500<sup>®</sup> Index (the “S&P 500<sup>®</sup> Index” or the “Index”) on substantially the full value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities. The Fund also writes (sells) put options on the S&P 500<sup>®</sup> Index or a substitute for such Index on substantially the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value of the Fund’s money market instrument holdings.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund employs a top-down, disciplined and systematic investment process that seeks to take advantage of the volatility risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">premium, i.e., the tendency for volatility priced into an option to be higher, on average, than the volatility actually experienced on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities underlying the option. Actual, or realized, options volatility may be higher or lower than anticipated. The Fund will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">write short tenor call and put options, typically with initial maturity of six weeks or less, and that are “out of the money” at the time of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the initiation. That is, the exercise price of the call options sold generally will be above the current price level of the Index when written </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the exercise price of put options sold generally will be below the current price level of the Index when written. Put and call options </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will normally: be held until expiration when they will expire worthless; be settled by a cash payment from the Fund; or be closed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">through an offsetting position. The Fund’s expected performance is defensive when compared to a long-only equity portfolio. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process is periodically reevaluated and may be adjusted to ensure that the process is consistent with the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective and strategies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund generally seeks to implement its options strategy so that its options contracts qualify as “section 1256 contracts” as defined </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the Internal Revenue Code of 1986, as amended (the “Code”). Under the Code, capital gains and losses on section 1256 contracts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are generally recognized annually based on the marked-to-market value of open options positions at tax year end, with gains or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">losses treated as 60% long-term and 40% short-term, regardless of the holding period. The Fund intends to limit the overlap between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its stock holdings and the S&P 500<sup>®</sup> Index to less than 70% on an ongoing basis in an effort to avoid being subject to the “straddle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rules” under federal income tax law. As discussed below, straddles generally are subject to disadvantageous treatment under the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Code.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s equity investments consist of a diversified portfolio of common stocks that seeks to approximate the pretax total return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance of the S&P 500<sup>®</sup> Index. The Fund’s money market instrument investments consist primarily of U.S. Treasury securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with a maximum remaining maturity of one year or less and may also include high grade investments with effective maturities of one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">year or less, including commercial paper issued by banks and corporations. The Fund may also invest in an affiliated investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company that invests in money market instruments. High-grade instruments are rated A or higher by a rating agency or deemed to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of comparable quality by the investment adviser. The Fund’s asset allocation mix between equities and money market instruments is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rebalanced periodically. The Fund may also lend its securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In selecting the Fund’s equity investments, the portfolio managers employ a disciplined and systematic investment process to invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a diversified portfolio of common stocks with risk and return characteristics in aggregate similar to those of the S&P 500<sup>®</sup> Index. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may engage in a systematic program of tax-loss harvesting (i.e., periodically selling positions that have depreciated in value to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">realize capital losses that can be used to offset capital gains realized by the Fund) in its equity portfolio.</span></div>
The Fund pursues its objective by investing in a base portfolio that is generally comprised of an approximately equal mix of equity securities and money market instruments. The Fund writes (sells) call options on the S&P 500® Index, a broad-based U.S. stock market index, and/or a substitute for the S&P 500® Index (the “S&P 500® Index” or the “Index”) on substantially the full value of the Fund’s equity securities. The Fund also writes (sells) put options on the S&P 500® Index or a substitute for such Index on substantially the full value of the Fund’s money market instrument holdings.
<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>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>Option Strategy Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s option strategy seeks to take advantage of, and its effectiveness is dependent on, a general excess </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of option price-implied volatilities for the S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index over realized index volatilities. This market observation is often attributed to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">an excess of natural buyers over natural sellers of S&P 500<sup>®</sup> Index options. There can be no assurance that this imbalance will apply </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the future over specific periods or generally. It is possible that the imbalance could decrease or be eliminated by actions of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investors, including the Fund, that employ strategies seeking to take advantage of the imbalance, which could have an adverse effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the Fund’s ability to achieve its investment objective.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>S&P 500</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup><b><sup>®</sup></b></sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b> Index Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Calls and puts written by the Fund will be based on the S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index or a substitute for the S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In the case of the S&P 500<sup>®</sup> Index, returns realized on the Fund’s call and put positions over each roll cycle will be determined </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">primarily by the performance of the S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index. If the S&P 500<sup>®</sup> Index appreciates or depreciates sufficiently over the period to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">offset the net premium received, the Fund will incur a net loss. A substitute for the S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index represents share interests in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange-traded fund that seeks to replicate the performance of the S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index. The value of the index substitute is subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance of the S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index. Certain index substitute options do not qualify as “section 1256 contracts” and disposition of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such index substitute options utilized will likely result in short-term or long-term capital gains or losses, depending on the holding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">period. An index substitute reflects the underlying risks of the S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index and index substitute options are subject to the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risks as S&P 500</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>®</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Index options.</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></div><div><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>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>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>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>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;;">fixed income and other debt obligations (referred to below as “debt instruments”) are subject to the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In the event </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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>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>Tax Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Only options on certain designated qualified trading markets qualify for treatment as “section 1256 contracts,” on which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capital gains and losses are generally treated as 60% long-term and 40% short-term, regardless of holding period. To implement its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">options program most effectively, the Fund may sell index options that do not qualify for treatment as “section 1256 contracts.” Gains </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or losses on index options not qualifying as “section 1256 contracts” under the Code would be realized upon disposition, lapse or </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">settlement of the positions, and, generally, would be treated as short-term gains or losses. If positions held by the Fund were treated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as “straddles” for federal income tax purposes, dividends on such positions would not constitute qualified dividend income subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favorable income tax treatment. Gains or losses on positions in a straddle are subject to special (and generally disadvantageous) tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rules. </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>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>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>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. 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 how the Fund’s average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">annual total return compares with those of one or more indexes intended to measure broad market performance. The Fund’s primary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">benchmark index was changed from the Cboe S&P 500 BuyWrite Index</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7pt;;"><sup>SM</sup></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> to the S&P 500<sup>®</sup> Index effective May 1, 2024 to comply </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The additional index(es) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the table provide a means to compare the Fund’s average annual returns to a benchmark that the investment adviser believes is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">representative of the Fund’s investment universe.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Effective April 29, 2022, the Fund’s Institutional Class shares were redesignated as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class I shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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 would have been </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> 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 how the Fund’s average annual total return compares with those of one or more indexes intended to measure broad market performance. The Fund’s primary benchmark index was changed from the Cboe S&P 500 BuyWrite IndexSM to the S&P 500® 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.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
The Fund’s performance reflects the effects of expense reductions. Absent these reductions, performance would have been lower.
www.eatonvance.com
<div><img alt="image" src="pr17521img003.jpg" style="float:left; padding-right:100%;padding-bottom:1%;"/></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
<td style="height:1px;width:25%"></td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">June 30, 2020</span>
</div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.58%</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: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;">-16.08%</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><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The year-to-date total return through the end of the most recent calendar quarter (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2025 to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">March 31, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.30%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
High Quarter
2020-06-30
0.1058
Low Quarter
2020-03-31
-0.1608
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2025 to March 31, 2026) was -0.30%.
2026-03-31
-0.003
Average Annual Total Return (for the calendar periods ended December 31, 2025)
0.1288
0.106
0.0889
0.1151
0.0939
0.081
0.0803
0.0808
0.0699
reflects no deduction for fees, expenses or taxes
0.1788
0.1442
0.1491
0.0891
0.0933
0.0707
0.0418
0.0317
0.0241
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund commenced operations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">February 9, 2017</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Effective April 29, 2022, the Fund’s Institutional Class shares were redesignated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as Class I shares. 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&P 500<sup>®</sup> Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is a product of S&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&P<sup>®</sup>, S&P 500<sup>®</sup>, US 500, The 500, iBoxx<sup>®</sup>, iTraxx<sup>®</sup> and CDX<sup>®</sup> are trademarks of S&P Global, Inc. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its affiliates (“S&P”); Dow Jones<sup>®</sup> 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&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&P 500<sup>®</sup> Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ICE<sup>®</sup> BofA<sup>®</sup> indices are not for redistribution or other uses; provided “as is”, without warranties, and with no liability. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance has </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Eaton Vance’s products. BofA<sup>®</sup> is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">licensed registered trademark of Bank of America Corporation in the United States and other countries. </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;;"> </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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">period because of losses realized on the sale of Fund shares.</span></div>
2017-02-09
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.
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.
1The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 1.44% for Class A shares, 2.19% for Class C shares, 1.19% for Class I shares and 1.12% for Class R6 shares. This expense reimbursement will continue through June 1, 2027. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator and sub-adviser during the same fiscal year to the extent actual expenses are less than any contractual expense cap in place during such year. Pursuant to this arrangement, the investment adviser, administrator and sub-adviser may recoup from the Fund any reimbursed expenses during the same fiscal year if such recoupment does not cause the Fund’s Total Annual 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.
1Class A shares purchased at net asset value in amounts of $1 million or more are subject to a 1.00% contingent deferred sales charge if redeemed within 12 months of purchase.
1Includes interest expense of 0.02%.
2The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 0.75% for Class A shares, 0.50% for Class I shares, 1.00% for Class R shares and 0.47% for Class R6 shares. This expense reimbursement will continue through June 1, 2027. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator and sub-adviser during the same fiscal year to the extent actual expenses are less than any contractual expense cap in place during such year. Pursuant to this arrangement, the investment adviser, administrator and sub-adviser may recoup from the Fund any reimbursed expenses during the same fiscal year if such recoupment does not cause the Fund’s Total Annual 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.
*The Blended Index consists of 50% S&P 500® Index and 50% ICE BofAML 3-Month U.S. Treasury Bill Index, rebalanced monthly.