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-0.132 0.125 0.0446 0.0461 -0.1224 0.1065 0.0492 0.2828 N-1A EATON VANCE SERIES TRUST II 2026-11-01 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, after-tax returns for its shareholders.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Investors may also pay </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>commissions or other fees to their financial intermediary, which are not reflected below.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">  </span></div> Shareholder Fees (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:90%"></td> <td style="height:1px;width:10%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum Deferred Sales Charge (Load) (as a percentage of the lower of net asset value at time of purchase or redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> </table></div> 0 0 Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:90%"></td> <td style="height:1px;width:10%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Management Fees</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.45%</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;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.95%</span></div> </td> </tr> </table></div> 0.0045 0.005 0.0095 Example. <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the end of those periods. The Example also assumes that your investment has a 5% return each year, that the operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same and that any expense reimbursement arrangement remains in place for the contractual period. Although your actual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs may be higher or lower, based on these assumptions your costs would be:</span> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:59.99999999999999%"></td> <td style="height:1px;width:10%"></td> <td style="height:1px;width:10%"></td> <td style="height:1px;width:10%"></td> <td style="height:1px;width:10%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I shares</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$97</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;">$303</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;">$525</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;">$1,166</span></div> </td> </tr> </table></div> 97 303 525 1166 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The  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;;">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;">11%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">  of the average value of its portfolio.</span></div> 0.11 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities of companies located in emerging market countries (the “80% Policy”).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund invests in equity securities of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies generally consisting of common stock, but may also include company’s stock trading in the form of a depositary receipt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(including American Depositary Receipts, which are either sponsored or unsponsored, and Global Depositary Receipts). A company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">will be considered to be located in an emerging market country if it is domiciled in and tied economically to one or more emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market countries. Emerging market countries are generally countries not considered to be developed market countries, and therefore </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not included in the MSCI World Index. The Fund intends to invest primarily in securities issued by companies located in countries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">included in the MSCI Emerging Markets Index or the MSCI Frontier Markets Index. The MSCI Emerging Markets Index is an unmanaged </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">index of common stocks of issuers in emerging markets countries. The MSCI Frontier Markets Index is an unmanaged index of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">common stocks of issuers in countries that have less-developed economies and financial markets than more established emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. Frontier markets often have more restrictions on foreign stock ownership. Securities acquired by the Fund are typically listed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on stock exchanges in emerging market countries, but also may include securities traded in markets outside these countries. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may invest in securities issued by companies with a broad range of market capitalizations, including those of smaller, less seasoned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies. More than 25% of the Fund’s total assets may be denominated in any single currency. The Fund may invest in publicly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded real estate investment trusts (“REITs”) and may also lend its securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In managing the Fund, the portfolio managers seek to balance investment considerations and tax considerations, taking into account </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the taxes payable by shareholders in connection with distributions of investment income and net realized gains. The Fund seeks to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">minimize income distributions and distributions of realized short-term gains that are taxed as ordinary income, as well as distributions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of realized long-term gains (taxed as long-term capital gains). The Fund seeks to employ a top-down, disciplined and systematic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process that emphasizes broad exposure and diversification among emerging market countries, economic sectors and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuers. This rules-based strategy utilizes targeted allocation and systematic  rebalancing to take advantage of certain quantitative and </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">behavioral characteristics of emerging markets identified by the portfolio managers. The investment process is periodically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">re-evaluated and may be adjusted to ensure that the process is consistent with the Fund’s investment objective and strategies. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portfolio managers select and allocate across countries based on factors such as size, liquidity, level of economic development, local </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic diversification, and perceived risk and potential for growth. The Fund maintains a bias to broad inclusion; that is, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intends to allocate its portfolio holdings to more emerging market countries rather than fewer emerging market countries. Relative to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capitalization-weighted country indexes, individual country allocation targets emphasize the less represented emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries and attempt to reduce concentration risks relative to a capitalization-weighted index. The Fund’s country allocations are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rebalanced to their target weights if they exceed a certain pre-determined overweight or fall below a certain pre-determined </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underweight. Rebalancing has the effect of reducing exposure to countries with strong relative performance and increasing exposure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to countries which have underperformed. The frequency of rebalancing depends on the volatility and trading costs of the individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">country. At the portfolio level and within each country, the Fund seeks to maintain exposure across key economic sectors. Relative to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capitalization-weighted country indexes, the portfolio managers target weights to these sectors to emphasize the less represented </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sectors. The portfolio managers use a quantitative model to select individual securities as representatives of their economic sectors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and generally weight them by their relative capitalization within that sector.</span></div> Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in emerging market countries (the “80% Policy”). The Fund invests in equity securities of such companies generally consisting of common stock, but may also include company’s stock trading in the form of a depositary receipt (including American Depositary Receipts, which are either sponsored or unsponsored, and Global Depositary Receipts). A company will be considered to be located in an emerging market country if it is domiciled in and tied economically to one or more emerging market countries. Emerging market countries are generally countries not considered to be developed market countries, and therefore not included in the MSCI World Index. The Fund intends to invest primarily in securities issued by companies located in countries included in the MSCI Emerging Markets Index or the MSCI Frontier Markets Index. The MSCI Emerging Markets Index is an unmanaged index of common stocks of issuers in emerging markets countries. The MSCI Frontier Markets Index is an unmanaged index of common stocks of issuers in countries that have less-developed economies and financial markets than more established emerging markets. Frontier markets often have more restrictions on foreign stock ownership. Securities acquired by the Fund are typically listed on stock exchanges in emerging market countries, but also may include securities traded in markets outside these countries. The Fund may invest in securities issued by companies with a broad range of market capitalizations, including those of smaller, less seasoned companies. More than 25% of the Fund’s total assets may be denominated in any single currency. The Fund may invest in publicly traded real estate investment trusts (“REITs”) and may also lend its securities. <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">equity securities of companies located in emerging market countries (the “80% Policy”).</span> <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></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 considerations; unexpected trading activity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">among retail investors; or other factors. Market conditions may affect certain types of stocks to a greater extent than other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">stocks. If the stock market declines in value, the value of the Fund’s equity securities will also likely decline. Although prices can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rebound, there is no assurance that values will return to previous levels.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Tax-Managed Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Market conditions may limit the Fund’s ability to generate tax losses or to generate dividend income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">taxed at favorable tax rates. The Fund’s tax-managed strategy may cause the Fund to hold a security in order to achieve more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s ability to utilize various tax-management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. Although the Fund expects that a smaller </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">portion of its total return will consist of taxable distributions to shareholders as compared to equity mutual funds that are managed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">without regard to tax considerations, there can be no assurance about the size of taxable distributions to shareholders.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments can be adversely affected by political, economic and market developments abroad, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including the imposition of economic and other sanctions by the United States or another country against a particular country or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries, organizations, entities and/or individuals. There may be less publicly available information about foreign issuers because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are subject. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s investments. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Depositary receipts are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">subject to many of the risks associated with investing directly in foreign instruments, including the political and economic risks of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underlying issuer’s country and, in the case of depositary receipts traded on foreign markets, currency risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment markets within emerging market countries are typically smaller, less liquid, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Emerging market securities often involve greater risks than developed market securities. The information available about an emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market issuer may be less reliable than for comparable issuers in more developed capital markets. Such risks may be greater in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frontier markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Frontier Market Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Frontier markets are among the smallest and least mature investment markets. Frontier market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countries may have greater political or economic instability and may also be subject to trade barriers, adjustments in currency values </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and developing or changing securities laws and other regulations. Investments in frontier market countries generally are less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and subject to greater price volatility than investments in developed markets or emerging markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>China Region Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Economies of countries in the China region differ from the U.S. economy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or other foreign (including emerging) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in various ways, such as structure, general development, government involvement, wealth distribution, interest rates, rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of growth of gross national product, rate of inflation, capital reinvestment, resource self-sufficiency and balance of payments position. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As export-driven economies, the economies of countries in the China region are affected by developments in the economies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">governmental actions of their principal trading partners, such as the imposition of trading restrictions and tariffs. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Chinese central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">government has historically exercised substantial control over virtually every sector of the Chinese economy through administrative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulation, state ownership and/or other involvement. Actions of the Chinese central and local government authorities continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">have a substantial effect on</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> economic conditions in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">China and operations of particular Chinese companies</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, which could adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affect the value and liquidity of investments. For example, a government may restrict investment in companies or industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">considered important to national interests, intervene in the financial markets, maintain strict currency controls, or impose repatriation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">restrictions. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers may suspend the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trading of their equity securities. In addition, there is the potential of increased tariffs and restrictions (and threats thereof) on trade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between the U.S. and China, concerns of which have been heightened </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(and realized) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by recent developments in relations between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">U.S., other trading partners and China</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, including the designation of China as a “foreign adversary” of the U.S., as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">countersanctions or countermeasures from the Chinese government that have been triggered or are expected to be triggered.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> An </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trade, which could have a negative impact on China’s export industry, Chinese issuers, the liquidity or price of the Fund’s direct or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indirect investments in China and, therefore, the Fund. The Fund’s investments in Chinese securities are also subject to additional risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">associated with differing regulatory and audit requirements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in Chinese securities markets as compared to the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including a lack of reliable audits and other financial information regarding many Chinese companies and heightened risk of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manipulation and fraud, which may be increased through actions taken by the Chinese government. In addition, the relationship </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">between China and Taiwan is particularly sensitive, and hostilities between China and Taiwan, including continued threats by China to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invade and control Taiwan, present a significant risk to the Fund’s investments in China. Ongoing political tension between the People’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Republic of China and the Hong Kong Special Administrative Region may have impacts on the economy of Hong Kong, and these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">impacts remain uncertain. Military or diplomatic moves involving China could significant adversely affect the economies and issuers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the China region and, thus, the Fund’s investments.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Although China and certain other countries in the China region may be larger and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or more established than many emerging markets, markets in these countries carry the high levels of risk associated with emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. Investments in China involve a risk of total loss due to government action or inaction or other adverse circumstances.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Currency Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unfavorably by changes in currency exchange rates in relation to the  U.S. dollar. Currency markets generally are not as regulated as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities markets and currency transactions are subject to settlement, custodial and other operational risks.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Focused Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> To the extent the Fund has substantial investments in a relatively small number of securities or issuers, or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular market, industry, group of industries, country, region, group of countries, asset class or sector, the Fund’s performance will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be more susceptible to any single economic, market, political, or regulatory occurrence affecting those particular securities or issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or that particular market, industry, group of industries, country, region, group of countries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> class, or sector than a fund that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invests more broadly.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Geographic Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Because the Fund may invest significantly in a particular geographic region or country, the value of Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be affected by events that adversely affect the region or country</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. The value of Fund shares may therefore</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> fluctuate more than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that of a</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">  </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>Smaller Company Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The stocks of 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></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Liquidity Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">performance. These effects may be exacerbated during times of financial or political stress.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Real Estate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Real estate investments are subject to risks associated with owning real estate, including declines in real estate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">values, increases in property taxes, fluctuations in interest rates, limited availability of mortgage financing, decreases in revenues from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underlying real estate assets, declines in occupancy rates, changes in government regulations affecting zoning, land use, and rents, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">environmental liabilities, and risks related to the management skill and creditworthiness of the issuer. Companies in the real estate </span></div><div><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. REITs  must satisfy specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">requirements for favorable tax treatment and can involve unique risks in addition to the risks generally affecting the real estate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industry. Changes in underlying real estate values may have an exaggerated effect to the extent that investments are concentrated in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">particular geographic regions or property types.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Rules-Based Management Risks.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The sub-adviser uses proprietary investment techniques and analyses in making investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decisions for the  Fund, seeking to achieve its investment objective while minimizing exposure to security-specific risk. The strategy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">seeks to take advantage of certain quantitative and behavioral market characteristics identified by the sub-adviser, utilizing a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rules-based process and systematic rebalancing. A systematic investment process is dependent on the sub-adviser’s skill in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developing and maintaining that process. The  Fund’s strategy has not been independently tested or validated, and there can be no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assurance that it will achieve the desired results.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Securities Lending Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities lending involves the risk that the Fund may lose money because the borrower of the loaned </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities fails to return the securities in a timely manner or at all. The Fund also may lose rights in the collateral if the borrower fails </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financially. The Fund could also lose money if the value of the collateral decreases or if the value of any investments made with cash </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">collateral declines.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>General Fund Investing Risks. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment objective. It is possible to lose money by investing in the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">designed to be a long-term investment vehicle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and is not suited for short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potentially sharp declines in value.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Purchase and redemption activities by Fund shareholders may impact the management of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund and its ability to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shareholders of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">various service providers, including the investment adviser and sub-adviser, if applicable, in its operations and is susceptible to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">operational, information security and related events (such as public health crises, cyber or hacking attacks) that may affect the service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">providers or the services that they provide to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund is not a deposit in a bank and is not insured or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment 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 a broad-based securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market index.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Effective April 29, 2022, the Fund’s Institutional Class shares were redesignated as Class I shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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;;">    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></div> The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index. 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="pr17603img003.jpg" style="float:left; padding-right:100%;padding-bottom:1%;;max-width:100%"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> <td style="height:1px;width:25%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2020</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20.11%</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:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">March 31, 2020</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-30.05%</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;;">September 30, 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;">9.30%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> High Quarter 2020-12-31 0.2011 Low Quarter 2020-03-31 -0.3005 The year-to-date total return through the end of the most recent calendar quarter (December 31, 2025 to September 30, 2026) was 9.30%. 2026-09-30 0.093 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 I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">28.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.10%</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 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;">26.78%</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;">4.94%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.24%</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 After Taxes on Distributions and Sale of Fund 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;">17.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.89%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.76%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI Emerging Markets Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(reflects net dividends, which reflect the deduction of withholding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes)</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">33.57%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.19%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.41%</span></div> </td> </tr> </table></div> 0.2828 0.0645 0.071 0.2678 0.0494 0.0624 0.1763 0.0489 0.0576 (reflects net dividends, which reflect the deduction of withholding taxes) 0.3357 0.0419 0.0841 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Effective April 29, 2022, the Fund’s Institutional Class shares were redesignated as Class I shares. Investors cannot invest directly in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Index.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Source for  MSCI Emerging Markets Index: MSCI. MSCI data may not be reproduced or used for any other purpose.  MSCI provides no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">warranties, has not prepared or approved this report, and has no liability hereunder.  </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the highest historical individual U.S. federal income tax rates and do not reflect the impact of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares held by non-taxable entities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">period because of losses realized on the sale of Fund shares.</span></div> After-tax returns are calculated using the highest historical individual U.S. federal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and the actual characterization of distributions, and may differ from those shown. After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by non-taxable entities. Return After Taxes on Distributions for a period may be the same as Return Before Taxes for that period because no taxable distributions were made during that period. Also, Return After Taxes on Distributions and Sale of Fund Shares for a period may be greater than or equal to Return Before Taxes and/or Return After Taxes on Distributions for the same period because of losses realized on the sale of Fund shares.