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EATON VANCE GROWTH TRUST
2026-07-01
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is to seek long-term capital growth.</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;;">29 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
0.01
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares purchased at net asset value in amounts of $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1 million or more are subject to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1.00% contingent deferred sales charge if redeemed within 12 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">months of purchase.</span>
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
0.0065
0.0065
0.0065
0.0025
0.01
0
0.0024
0.0024
0.0024
0.0114
0.0189
0.0089
0.0105
0.018
0.008
July 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;">$626</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$860</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,111</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,831</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;">$283</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$586</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,014</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,004</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;">$82</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;">$275</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;">$484</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;">$1,088</span></div>
</td>
</tr>
</table></div>
If you SOLD Your Shares
626
860
1111
1831
283
586
1014
2004
82
275
484
1088
<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;">$626</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$860</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,111</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,831</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;">$183</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$586</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,014</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,004</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;">$82</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;">$275</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;">$484</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;">$1,088</span></div>
</td>
</tr>
</table></div>
If you HELD Your Shares
626
860
1111
1831
183
586
1014
2004
82
275
484
1088
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 circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities (the “80% Policy”). Growth securities are common stocks of companies that are expected, over the long term, to have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">earnings growth that is faster than the growth of the U.S. economy and the U.S. stock market as a whole. The Fund invests in a broadly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversified selection of equity securities, seeking companies with above-average growth and financial strength. The Fund invests </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">primarily in large-cap companies, but may invest in common stocks of companies of any market capitalization, including smaller </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies. The portfolio managers generally consider large-cap companies to be those companies having market capitalizations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equal to or greater than the median capitalization of companies included in the Russell 1000® Growth Index. The Fund generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">expects to hold approximately 25 to 40 stocks. The Fund may invest up to 25% of its total assets in foreign securities, some of which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be issued by companies domiciled in emerging market countries, and may also invest in U.S. dollar-denominated securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts, such as American </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Depositary Receipts (“ADRs”), which are either sponsored or unsponsored, and Global Depositary Receipts, that evidence ownership </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in underlying foreign stocks). The Fund may also invest in publicly traded real estate investment trusts (“REITs”). The Fund may invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek exposure to certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets or market sectors. The Fund may also lend its securities. The Fund is “non-diversified,” which means it may invest a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">percentage of its assets in the securities of a single issuer than a “diversified” fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Investment decisions are made primarily on the basis of fundamental research. The Fund employs a “growth at a reasonable price” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing style, seeking to acquire growing companies that the portfolio managers believe are reasonably priced in relation to their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fundamental value. The portfolio managers may seek to capitalize on market volatility and the actions of short-term investors. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio managers utilize information provided by, and the expertise of the investment adviser’s research staff in making investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decisions. In selecting stocks, the portfolio managers will consider (among other factors) a company’s earnings or cash flow </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capabilities, financial strength, growth potential, the strength of the company’s business franchises and management team, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainability of a company’s competitiveness and estimates of the company’s net value. The portfolio managers seek to manage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment risk through rigorous fundamental analysis of risk/return characteristics in securities selection. The portfolio managers also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">use various risk tools to help manage and monitor the portfolio’s risk profile as well as an individual stock’s valuation, volatility and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other risk characteristics. Such risk tools include quantitative tools to assist in portfolio construction, monitoring, and maintaining issuer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and industry diversification among the Fund’s holdings. The portfolio managers may sell a security when they believe it is fully valued, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the fundamentals of a company deteriorate, a stock’s price falls below its acquisition cost, management fails to execute its strategy or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to pursue more attractive investment options.</span></div>
Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in growth securities (the “80% Policy”). Growth securities are common stocks of companies that are expected, over the long term, to have earnings growth that is faster than the growth of the U.S. economy and the U.S. stock market as a whole. The Fund invests in a broadly diversified selection of equity securities, seeking companies with above-average growth and financial strength. The Fund invests primarily in large-cap companies, but may invest in common stocks of companies of any market capitalization, including smaller companies. The portfolio managers generally consider large-cap companies to be those companies having market capitalizations equal to or greater than the median capitalization of companies included in the Russell 1000® Growth Index. The Fund generally expects to hold approximately 25 to 40 stocks. The Fund may invest up to 25% of its total assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries, and may also invest in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts, such as American Depositary Receipts (“ADRs”), which are either sponsored or unsponsored, and Global Depositary Receipts, that evidence ownership in underlying foreign stocks). The Fund may also invest in publicly traded real estate investment trusts (“REITs”). 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. The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the securities of a single issuer than a “diversified” fund.
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of investments held by the Fund may increase or decrease in response to social, economic, political, financial, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and magnitude of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and could lead to high market volatility</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</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, which are more significant in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">focused fund that invests in a limited number of securities; unexpected trading activity among retail investors; or other factors. Market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines in value, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value of the Fund’s equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to previous levels.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Large-Cap Growth Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">normally invests primarily in stocks of large-cap growth companies, it is subject to the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of underperforming the overall stock market during periods in which stocks of such companies are out of favor and generate lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns than the market as a whole.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of Fund shares may be particularly impacted by events that adversely affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">information technology sector, such as rapid changes in technology product cycles, product obsolescence, government regulation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and competition, and may fluctuate more than that of a fund that does not concentrate in companies in the information technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments can be adversely affected by political, economic and market developments abroad, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including the imposition of economic and other sanctions by the United States or another country against a particular country or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries, organizations, entities and/or individuals. There may be less publicly available information about foreign issuers because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are subject. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s investments. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Depositary receipts are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to many of the risks associated with investing directly in foreign instruments, including the political and economic risks of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underlying issuer’s country and, in the case of depositary receipts traded on foreign markets, currency risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment markets within emerging market countries are typically smaller, less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging market securities often involve greater risks than developed market securities. The information available about an emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market issuer may be less reliable than for comparable issuers in more developed capital markets</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Currency Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets and currency transactions are subject to settlement, custodial and other operational risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stocks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">smaller, less seasoned companies are generally subject to greater price fluctuations, limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity, higher transaction costs and higher investment risk than the stocks of larger, more established companies. Such companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may have limited product lines, markets or financial resources, may be dependent on a limited management group, and may lack </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">substantial capital reserves or an established performance record. There may be generally less publicly available information about </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such companies than for larger, more established companies. Stocks of these companies frequently have lower trading volumes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">making them more volatile and potentially less liquid and more difficult to value</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund has substantial investments in a relatively small number of securities or issuers, or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular market, industry, group of industries, country, region, group of countries, asset class or sector, the Fund’s performance will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more susceptible to any single economic, market, political, or regulatory occurrence affecting those particular securities or issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or that particular market, industry, group of industries, country, region, group of countries, asset class, or sector than a fund that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests more broadly.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may, under certain market conditions, invest a significant portion of its assets in one or more sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the value of Fund shares may be affected by events that adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a particular sector and may fluctuate more than that of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fund that invests more broadly.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>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>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>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>Issuer Non-Diversification Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities of a single issuer than a fund that is “diversified.” Non-diversified funds may focus their investments in a small number of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers, making them more susceptible to risks affecting such issuers than a more diversified fund might be, and the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s shares may be more volatile than the values of shares of more diversified funds.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Risks Associated with </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The success of the Fund’s investment strategy depends on portfolio management’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guarantee that such decisions will produce the desired results or expected returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>General Fund Investing Risks. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">objective. It is possible to lose money by investing in the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">designed to be a long-term investment vehicle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potentially sharp declines in value. 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 compared with those of one or more indexes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intended to measure broad market performance. The Fund’s primary benchmark index was changed from the Russell 1000® Growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index to the S&P 500® Index effective May 1, 2024 to comply with the regulation that requires the Fund’s primary benchmark to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">represent the overall applicable market. The additional index(es) in the table provide a means to compare the Fund’s average annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">total returns to a benchmark that the investment adviser believes is representative of the Fund’s investment universe. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance for certain periods </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">would have been lower. Updated Fund performance information can be obtained by visiting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.eatonvance.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compared with those of one or more indexes intended to measure broad market performance. The Fund’s primary benchmark index was changed from the Russell 1000® Growth Index 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 total returns to a benchmark that the investment adviser believes is representative of the Fund’s investment universe.
The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.eatonvance.com
<div><img alt="image" src="pr17564img003.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;">31.04%</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: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;;">June 30, 2022</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;">-22.75%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align: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;">-8.74%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
High Quarter
2020-06-30
0.3104
Low Quarter
2022-06-30
-0.2275
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2025 to March 31, 2026) was -8.74%.
2026-03-31
-0.0874
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;">8.18%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.11%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.66%</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;">2.75%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, 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;">12.41%</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;">8.79%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.51%</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;">11.93%</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;">12.49%</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;">10.48%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.59%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><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;">14.47%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.58%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.56%</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;;">S&P 500® Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects no deductions for fees, expenses or taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">)</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.81%</span></div>
</td>
</tr>
<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;;">Russell 1000® Growth Index (reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.56%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.31%</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;">18.11%</span></div>
</td>
</tr>
</table></div>
0.0818
0.1011
0.1466
0.0275
0.0681
0.1241
0.0879
0.0751
0.1193
0.1249
0.1048
0.1459
0.1447
0.1158
0.1556
reflects no deductions for fees, expenses or taxes
0.1788
0.1442
0.1481
0.1856
0.1531
0.1811
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These returns reflect the maximum current sales charge for Class A (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">5.25%) and any applicable contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“CDSC”) for Class C.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">S&P 500® 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®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® 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® 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® Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the highest historical individual U.S. federal income tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates and do not reflect the impact of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares held by non-taxable entities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns for other Classes of shares will vary from the after-tax returns presented for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class A shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">realized on the sale of Fund shares.</span></div>
These returns reflect the maximum current sales charge for Class A (5.25%) and any applicable contingent deferred sales charge (“CDSC”) for Class C.
After-tax returns are calculated using the highest historical individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown.
After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities.
After-tax returns for other Classes of shares will vary from the after-tax returns presented for Class A shares.
Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund’s investment objective is total return.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investors may also pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>commissions or other fees to their financial intermediary, which are not reflected below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for a reduced sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">charge on purchases of Class A shares if you invest, or agree to invest over a 13-month period, at least $</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">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;;">29 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
0.01
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A shares purchased at net asset value in amounts of $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1 million or more are subject to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1.00% contingent deferred sales charge if redeemed within 12 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">months of purchase.</span>
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
0.0065
0.0065
0.0065
0.0025
0.01
0
0.0017
0.0017
0.0017
0.0107
0.0182
0.0082
0.0099
0.0174
0.0074
July 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;">$621</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$840</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,077</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,755</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;">$277</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$565</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$978</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,934</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;">$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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$254</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;">$447</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;">$1,006</span></div>
</td>
</tr>
</table></div>
If you SOLD Your Shares
621
840
1077
1755
277
565
978
1934
76
254
447
1006
<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;">$621</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$840</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,077</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,755</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;">$177</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$565</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$978</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,934</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;">$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:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$254</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;">$447</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;">$1,006</span></div>
</td>
</tr>
</table></div>
If you HELD Your Shares
621
840
1077
1755
177
565
978
1934
76
254
447
1006
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;">118%</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>
1.18
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities (the “80% Policy”). Value securities are common stocks of companies that are inexpensive or undervalued relative to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intrinsic value of the company. The Fund invests primarily in large-cap companies, but may invest in common stocks of companies of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">any market capitalization, including smaller companies. The portfolio managers generally consider large-cap companies to be those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies having market capitalizations equal to or greater than the median capitalization of companies included in the Russell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">1000® Value Index. The Fund generally expects to hold approximately 25 to 45 stocks. The Fund may invest up to 25% of its total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries, and may also invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">depositary receipts, such as American Depositary Receipts (“ADRs”), which are either sponsored or unsponsored, and Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Depositary Receipts, that evidence ownership in underlying foreign stocks). 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 invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manage cash 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;;">Investment decisions are made primarily on the basis of fundamental research. The portfolio managers utilize information provided by, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and the expertise of the investment adviser’s research staff in making investment decisions. In selecting securities, the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">managers consider (among other factors) a company’s earnings or cash flow capabilities, dividend prospects, financial strength, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">growth potential, the strength of the company’s business franchises and management team, sustainability of a company’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitiveness, and estimates of the company’s net value. The portfolio managers may sell a security when the investment adviser’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price objective for the security is reached, the fundamentals of the company deteriorate, a security’s price falls below acquisition cost </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or to pursue more attractive investment options. The portfolio managers seek to manage investment risk by utilizing fundamental </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analysis of risk/return characteristics in securities selection and also by using quantitative tools to assist in portfolio construction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">monitoring, and maintaining issuer and industry diversification among the Fund’s holdings.</span></div>
Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in value securities (the “80% Policy”). Value securities are common stocks of companies that are inexpensive or undervalued relative to the intrinsic value of the company. The Fund invests primarily in large-cap companies, but may invest in common stocks of companies of any market capitalization, including smaller companies. The portfolio managers generally consider large-cap companies to be those companies having market capitalizations equal to or greater than the median capitalization of companies included in the Russell 1000® Value Index. The Fund generally expects to hold approximately 25 to 45 stocks. The Fund may invest up to 25% of its total assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries, and may also invest in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including depositary receipts, such as American Depositary Receipts (“ADRs”), which are either sponsored or unsponsored, and Global Depositary Receipts, that evidence ownership in underlying foreign stocks). The Fund may also invest in publicly traded real estate investment trusts (“REITs”). 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, which are more significant in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">focused fund that invests in a limited number of securities; unexpected trading activity among retail investors; or other factors. Market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines in value, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">value of the Fund’s equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to previous levels.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Large-Cap Value Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">normally invests primarily in stocks of large-cap value companies, it is subject to the risk of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underperforming the overall stock market during periods in which stocks of such companies are out of favor and generate lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns than the market as a whole.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Financials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the financials sector, factors that have an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">adverse impact on this sector may have a disproportionate impact on the Fund’s performance. The financials sector can be affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by global and local economic conditions, such as the levels and liquidity of the global and local financial and asset markets, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">absolute and relative level and volatility of interest rates and equity prices, investor sentiment, inflation, and the availability and cost of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">credit. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affect the manner of operations and profitability of the financials sector.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments can be adversely affected by political, economic and market developments abroad, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including the imposition of economic and other sanctions by the United States or another country against a particular country or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries, organizations, entities and/or individuals. There may be less publicly available information about foreign issuers because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are subject. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s investments. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Depositary receipts are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to many of the risks associated with investing directly in foreign instruments, including the political and economic risks of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underlying issuer’s country and, in the case of depositary receipts traded on foreign markets, currency risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment markets within emerging market countries are typically smaller, less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging market securities often involve greater risks than developed market securities. The information available about an emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market issuer may be less reliable than for comparable issuers in more developed capital markets</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Currency Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets and currency transactions are subject to settlement, custodial and other operational risks.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stocks of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">smaller, less seasoned companies are generally subject to greater price fluctuations, limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">liquidity, higher transaction costs and higher investment risk than the stocks of larger, more established companies. Such companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may have limited product lines, markets or financial resources, may be dependent on a limited management group, and may lack </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">substantial capital reserves or an established performance record. There may be generally less publicly available information about </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such companies than for larger, more established companies. Stocks of these companies frequently have lower trading volumes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">making them more volatile and potentially less liquid and more difficult to value</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund has substantial investments in a relatively small number of securities or issuers, or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular market, industry, group of industries, country, region, group of countries, asset class or sector, the Fund’s performance will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more susceptible to any single economic, market, political, or regulatory occurrence affecting those particular securities or issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or that particular market, industry, group of industries, country, region, group of countries, asset class, or sector than a fund that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests more broadly.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may, under certain market conditions, invest a significant portion of its assets in one or more sectors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the value of Fund shares may be affected by events that adversely affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a particular sector and may fluctuate more than that of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">fund that invests more broadly.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>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>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>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>Risks Associated with </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Active </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The success of the Fund’s investment strategy depends on portfolio management’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">successful application of analytical skills and investment judgment. Active management involves subjective decisions and there is no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guarantee that such decisions will produce the desired results or expected returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Portfolio Turnover Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The annual portfolio turnover rate of the Fund may exceed 100%. A mutual fund with a high turnover rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(100% or more) may generate more capital gains and may involve greater expenses (which may reduce return) than a fund with a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lower rate. Capital gains distributions will be made to shareholders if offsetting capital loss carry forwards do not exist.</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 one or more indexes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intended to measure broad market performance. The Fund’s primary benchmark was changed from the Russell 1000® Value Index to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Russell 3000® Index effective May 1, 2024 to comply with the regulation that requires the Fund’s primary benchmark to represent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the overall applicable market. The additional index(es) in the table provide a means to compare the Fund’s average annual returns to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">benchmark that the investment adviser believes is representative of the Fund’s investment universe. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The returns in the bar chart are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflects the effects of expense reductions. Absent these reductions, performance 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 one or more indexes intended to measure broad market performance. The Fund’s primary benchmark was changed from the Russell 1000® Value Index to the Russell 3000® Index effective May 1, 2024 to comply with the regulation that requires the Fund’s primary benchmark to represent the overall applicable market. The additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the investment adviser believes is representative of the Fund’s investment universe.
The returns in the bar chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.eatonvance.com
<div><img alt="image" src="pr17564img004.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;">15.81%</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: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;">-27.81%</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;">-0.19%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
High Quarter
2020-06-30
0.1581
Low Quarter
2020-03-31
-0.2781
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2025 to March 31, 2026) was -0.19%.
2026-03-31
-0.0019
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;">4.78%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.66%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.52%</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;">3.50%</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;">7.23%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.13%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left: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;">3.72%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.62%</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;">7.45%</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;">8.74%</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;">9.02%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.46%</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;">10.90%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.12%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.40%</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;;">Russell 3000® Index (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflects no deduction for fees, expenses or taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">)</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.15%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.14%</span></div>
</td>
<td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.27%</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;;">Russell 1000® Value Index (reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.91%</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;">11.32%</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.52%</span></div>
</td>
</tr>
</table></div>
0.0478
0.0866
0.0952
0.035
0.0723
0.0813
0.0372
0.0662
0.0745
0.0874
0.0902
0.0946
0.109
0.1012
0.104
reflects no deduction for fees, expenses or taxes
0.1715
0.1314
0.1427
0.1591
0.1132
0.1052
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These returns reflect the maximum current sales charge for Class A (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">5.25%) and any applicable contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“CDSC”) for Class C.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Effective November 5, 2020, Class C shares automatically convert to Class A shares eight years after purchase. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The average annual total returns listed for Class C reflect conversion to Class A shares after eight years. Prior to November 5, 2020, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C shares automatically converted to Class A shares ten years after purchase. Investors cannot invest directly in an Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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.
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 has agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 1.05% for Class A shares, 1.80% for Class C shares and 0.80% for Class I shares. This expense reimbursement will continue through July 1, 2027. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator during the same fiscal year to the extent actual expenses are less than any contractual expense cap in place during such year. Pursuant to this arrangement, the investment adviser and administrator may recoup from the Fund any reimbursed expenses during the same fiscal year if such recoupment does not cause the Fund’s Total Annual Fund Operating Expenses after such recoupment to exceed (i) the expense limit in effect at the time of reimbursement; or (ii) the expense limit in effect at the time of recoupment.
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 has agreed to reimburse the Fund’s expenses to the extent that Total Annual Fund Operating Expenses exceed 0.99% for Class A shares, 1.74% for Class C shares and 0.74% for Class I shares. This expense reimbursement will continue through July 1, 2027. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator during the same fiscal year to the extent actual expenses are less than any contractual expense cap in place during such year. Pursuant to this arrangement, the investment adviser and administrator may recoup from the Fund any reimbursed expenses during the same fiscal year if such recoupment does not cause the Fund’s Total Annual Fund Operating Expenses after such recoupment to exceed (i) the expense limit in effect at the time of reimbursement; or (ii) the expense limit in effect at the time of recoupment.