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Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in emerging market countries (the “80% Policy”). A company will be considered to be located in an emerging market country if it is domiciled in and tied economically to one or more emerging market countries and may include a company’s stock which is trading in the form of a depositary receipt. Emerging market countries are generally countries not considered to be developed market countries, and therefore not included in the MSCI World Index. The Fund intends to invest primarily in securities issued by companies located in countries included in the MSCI Emerging Markets Index or the MSCI Frontier Markets Index. The MSCI Emerging Markets Index is an unmanaged index of common stocks of issuers in 26 emerging markets countries. The MSCI Frontier Markets Index is an unmanaged index of common stocks of issuers in 28 countries that have less-developed economies and financial markets than more established emerging markets, and often have more restrictions on foreign stock ownership. Securities acquired by the Fund are typically listed on stock exchanges in emerging market countries, but also may include securities traded in markets outside these countries. The Fund may invest in securities issued by companies with a broad range of market capitalizations, including those of smaller, less seasoned companies. More than 25% of the Fund’s total assets may be denominated in any single currency. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek exposure to certain markets or market sectors. The Fund may also invest in publicly traded real estate investment trusts (“REITs”). The Fund may also lend its securities.
Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of equity securities (the “80% Policy”). The Fund invests primarily in companies domiciled in and tied economically to one or more countries represented in the MSCI Europe, Australasia, Far East Index (“MSCI EAFE Index”) and may include securities trading in the form of depositary receipts. The MSCI EAFE Index is an unmanaged index of approximately 900 companies located in twenty-one countries. The Fund may invest in securities of companies with a broad range of market capitalizations, including those of smaller, less seasoned companies. The Fund may invest in publically-traded real estate investment trusts (“REITs”). The Fund intends to invest in not less than five different countries and more than 25% of the Fund’s total assets may be denominated in any single currency. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash positions or seek exposure to certain markets or market sectors. The Fund may also lend its securities.
The Fund pursues its objective by investing in a base portfolio that is generally comprised of an approximately equal mix of equity securities and money market instruments. The Fund writes (sells) call options on the S&P 500® Index, a broad-based U.S. stock market index, and/or a substitute for the S&P 500® Index on substantially the full value of the Fund’s equity securities. The Fund also writes (sells) put options on the S&P 500® Index or a substitute for such Index on substantially the full value of the Fund’s money market instrument holdings.
Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in (i) income instruments issued by emerging market entities or sovereign nations; and/or (ii) derivative instruments, based on the currencies, interest rates, or issues of, emerging market countries (the “80% Policy”). The Fund’s investments are denominated in developed market currencies. The investment adviser currently considers the following countries to be developed: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom and United States. An emerging market country is any country determined by the investment adviser to have an emerging market economy, considering factors such as the country’s political and economic stability, and the development of its financial and capital markets. An emerging market entity is an entity that is located in an emerging market country or has significant economic exposure to an emerging market, including corporate, national and local government, and quasi-government entities. Emerging market countries include so-called frontier market countries. Frontier markets include less developed countries that (i) are not included in the J.P. Morgan Emerging Markets Bond Index Global Diversified (JPM EMBIGD) (the “Index”); or (ii) represent 2% or less of the Index. 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.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund.
An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index.
The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the Fund’s average annual returns over time compare with those of a broad-based securities market index.
The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund’s average annual total return compares with that of broad-based securities market indices and a blended index.
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.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Past performance (both before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
www.eatonvance.com
The Fund’s performance for certain periods reflects the effects of expense reductions. Absent these reductions, performance for certain periods would have been lower.
The Fund’s performance reflects the effects of expense reductions. Absent these reductions, performance would have been lower.
The Fund’s performance reflects the effects of expense reductions. Absent these reductions, performance would have been lower.
The Fund’s performance reflects the effects of expense reductions. Absent these reductions, performance would have been lower.
For the ten years ended December 31, 2019, the highest quarterly total return for Investor Class was
During the period from December 31, 2010 through December 31, 2019, the highest quarterly total return for Class A was
During the period from December 31, 2017 through December 31, 2019, the highest quarterly total return was
During the period from December 31, 2018 through December 31, 2019, the highest quarterly total return for Class A was
2010-09-30
2013-09-30
2019-03-31
2019-03-31
0.1864
0.1057
0.0680
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and the lowest quarterly return was
and the lowest quarterly return was
and the lowest quarterly return was
and the lowest quarterly return was
2011-09-30
2011-09-30
2018-12-31
2019-09-30
-0.2138
-0.1781
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The year-to-date total return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
The year-to-date total return through the end of the most recent calendar quarter (December 31, 2019 to March 31, 2020) was
2020-03-31
2020-03-31
2020-03-31
2020-03-31
-0.3074
-0.2276
-0.1608
-0.1582
(reflects net dividends, which reflect the deduction of withholding taxes)
(reflects net dividends, which reflect the deduction of withholding taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
(reflects no deduction for fees, expenses or taxes)
These returns reflect any applicable contingent deferred sales charge (“CDSC”) for Class C.
The Class R6 performance shown above for the period prior to July 1, 2014 (commencement of operations) is the performance of Institutional Class shares at net asset value without adjustment for any differences in the expenses of the two classes. If adjusted for such differences, returns would be different.
The Class R and Class R6 performance shown above for the period prior to August 10, 2015 (commencement of operations of each class), is the performance of Class A shares and Institutional Class shares, respectively, at net asset value without adjustment for any differences in the expenses of the classes. If adjusted for such differences returns would be lower.
2014-07-01
2010-04-01
2010-04-01
2015-08-10
2015-08-10
2017-02-09
2018-05-01
After-tax returns are calculated using the highest historical individual 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 calculated using the highest historical individual 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 calculated using the highest historical individual 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 calculated using the highest historical individual 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 nontaxable entities.
After-tax returns are not relevant to shareholders who hold shares in tax-deferred accounts or to shares held by nontaxable entities.
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 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 Investor Class shares.
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.
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.
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.
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.
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
May 31, 2021
Issuer Diversification Risk. 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 fund that is “diversified.” Non-diversified funds may focus their investments in a small number of issuers, making them more susceptible to risks affecting such issuers than a more diversified fund might be.
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Investment Objective
Investment Objective
Investment Objective
Investment Objective
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is to seek long-term
capital appreciation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is to seek long-term
capital appreciation.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is total return.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund's investment objective is total return.</p>
Fees and Expenses of the Fund
Fees and Expenses of the Fund
Fees and Expenses of the Fund
Fees and Expenses of the Fund
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that
you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary
when they buy and hold shares of the Fund, which are not reflected below. Certain financial intermediaries also may offer variations
in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this
Prospectus. More information is available from your financial intermediary and in Sales Charges beginning on page18 of this Prospectus
and page 21 of the Fund’s Statement of Additional Information.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that
you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary
when they buy and hold shares of the Fund, which are not reflected below. 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. Certain financial
intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial
Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your
financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 21 of the Fund’s Statement of
Additional Information.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that
you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary
when they buy and hold shares of the Fund, which are not reflected below.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This table describes the fees and expenses that
you may pay if you buy and hold shares of the Fund. Investors may also pay commissions or other fees to their financial intermediary
when they buy and hold shares of the Fund, which are not reflected below.</p>
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Shareholder Fees (fees paid directly from your investment)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses (expenses you pay each year as a percentage of the value of your investment)
Example.
Example.
Example.
Example.
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual 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 the end of those periods. The Example also assumes
that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement
arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions
your costs would be:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual 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 the end of those periods. The Example also assumes
that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement
arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions
your costs would be:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual 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 the end of those periods. The Example also assumes
that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement
arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions
your costs would be:</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual 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 the end of those periods. The Example also assumes
that your investment has a 5% return each year, that the operating expenses remain the same and that any expense reimbursement
arrangement remains in place for the contractual period. Although your actual costs may be higher or lower, based on these assumptions
your costs would be:</p>
Portfolio Turnover
Portfolio Turnover
Portfolio Turnover
Portfolio Turnover
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected
in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the
Fund's portfolio turnover rate was 2% of the average value of its portfolio.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected
in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the
Fund's portfolio turnover rate was 27% of the average value of its portfolio.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected
in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 21% of the average value of its portfolio.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pays transaction costs, such as commissions,
when it buys and sells securities (or “turns over” the portfolio). A higher portfolio turnover rate may indicate higher
transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected
in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the
Fund’s portfolio turnover rate was 187% of the average value of its portfolio.</p>
Principal Investment Strategies
Principal Investment Strategies
Principal Investment Strategies
Principal Investment Strategies
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under normal market conditions, the Fund invests
at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in emerging
market countries (the “80% Policy”). A company will be considered to be located in an emerging market country if it
is domiciled in and tied economically to one or more emerging market countries and may include a company’s stock which is
trading in the form of a depositary receipt. Emerging market countries are generally countries not considered to be developed market
countries, and therefore not included in the MSCI World Index. The Fund intends to invest primarily in securities issued by companies
located in countries included in the MSCI Emerging Markets Index or the MSCI Frontier Markets Index. The MSCI Emerging Markets
Index is an unmanaged index of common stocks of issuers in 26 emerging markets countries. The MSCI Frontier Markets Index is an
unmanaged index of common stocks of issuers in 28 countries that have less-developed economies and financial markets than more
established emerging markets, and often have more restrictions on foreign stock ownership. Securities acquired by the Fund are
typically listed on stock exchanges in emerging market countries, but also may include securities traded in markets outside these
countries. The Fund may invest in securities issued by companies with a broad range of market capitalizations, including those
of smaller, less seasoned companies. More than 25% of the Fund’s total assets may be denominated in any single currency.
The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle, in order to manage cash
positions or seek exposure to certain markets or market sectors. The Fund may also invest in publicly traded real estate investment
trusts (“REITs”). The Fund may also lend its securities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund may engage in derivative transactions
as a substitute for the purchase or sale of securities or currencies or to attempt to mitigate the adverse effects of foreign currency
fluctuations during the period between the purchase of a security and its settlement. Such transactions may include forward foreign
currency exchange contracts and equity-linked securities (such as equity swaps and zero strike calls and warrants). There is no
stated limit on the Fund’s use of derivatives.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund seeks to employ a top-down, disciplined
and systematic investment process that emphasizes broad exposure and diversification among emerging market countries, economic
sectors and issuers. This rules-based strategy utilizes targeted allocation and systematic rebalancing to take advantage of certain
quantitative and behavioral characteristics of emerging markets identified by the portfolio managers. The investment process is
periodically re-evaluated and may be adjusted to ensure that the process is consistent with the Fund’s investment objective
and strategies. The portfolio managers select and allocate across countries based on factors such as size, liquidity, level of
economic development, local economic diversification, and perceived risk and potential for growth. The Fund maintains a bias to
broad inclusion; that is, the Fund intends to allocate its portfolio holdings to more emerging market countries rather than fewer
emerging market countries. Relative to capitalization-weighted country indexes, individual country allocation targets emphasize
the less represented emerging market countries and attempts to reduce concentration risks relative to a capitalization-weighted
index. The Fund’s country allocations are rebalanced to their target weights if they exceed a certain pre-determined overweight
or fall below a certain pre-determined underweight. Rebalancing has the effect of reducing exposure to countries with strong relative
performance and increasing exposure to countries which have underperformed. The frequency of rebalancing depends on the volatility
and trading costs of the individual country. At the portfolio level and within each country, the Fund seeks to maintain exposure
across key economic sectors. Relative to capitalization-weighted country indexes, the portfolio managers target weights to these
sectors to emphasize the less represented sectors. The portfolio managers use a quantitative model to select individual securities
as representatives of their economic sectors and generally weight them by their relative capitalization within that sector.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under normal market conditions, the Fund invests
at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of equity securities (the
“80% Policy”). The Fund invests primarily in companies domiciled in and tied economically to one or more countries
represented in the MSCI Europe, Australasia, Far East Index (“MSCI EAFE Index”) and may include securities trading
in the form of depositary receipts. The MSCI EAFE Index is an unmanaged index of approximately 900 companies located in twenty-one
countries. The Fund may invest in securities of companies with a broad range of market capitalizations, including those of smaller,
less seasoned companies. The Fund may invest in publically-traded real estate investment trusts (“REITs”). The Fund
intends to invest in not less than five different countries and more than 25% of the Fund’s total assets may be denominated
in any single currency. The Fund may invest in exchange-traded funds (“ETFs”), a type of pooled investment vehicle,
in order to manage cash positions or seek exposure to certain markets or market sectors. The Fund may also lend its securities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund may engage in derivative transactions
and expects to use derivatives primarily to attempt to mitigate the adverse effects of foreign currency fluctuations during the
period between the purchase of a security and its settlement, through the use of forward foreign currency exchange contracts. There
is no stated limit on the Fund’s use of derivatives.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund seeks to employ a top-down, disciplined
and systematic investment process that emphasizes broad exposure and diversification among developed markets outside of the United
States, economic sectors and issuers. This rules-based strategy utilizes targeted allocation and systematic rebalancing to take
advantage of certain quantitative and behavioral characteristics of developed markets identified by the portfolio managers. The
investment process is periodically re-evaluated and may be adjusted to ensure that the process is consistent with the Fund’s
investment objective and strategies. The portfolio managers select and allocate across countries based on factors such as market
capitalization, volatility, correlation to other markets, liquidity, and perceived risk and potential for growth. The Fund maintains
a bias to broad inclusion; that is the Fund intends to allocate its portfolio holdings to more developed markets outside of the
United States rather than fewer developed markets. Relative to capitalization-weighted country indexes, individual country allocation
targets emphasize the less represented developed markets and attempts to reduce concentration risks relative to a capitalization-weighted
index. The Fund’s country allocations are rebalanced to their target weights if they exceed a certain pre-determined overweight
or fall below a certain pre-determined underweight. The frequency of rebalancing depends on the volatility and trading costs of
the individual country. This has the effect of reducing exposure to countries with strong relative performance and increasing exposure
to countries which have underperformed. The Fund seeks to maintain exposure across key economic sectors. Relative to capitalization-weighted
country indexes, the portfolio managers target weights to these sectors to emphasize the less represented sectors. The portfolio
managers use a quantitative model to select individual securities as representatives of their countries and economic sectors. The
model includes factors such as beta, or a stock’s historical sensitivity to movements in the global equity market, with the
objective of reducing portfolio risk and maintaining broad diversification.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund pursues its objective by investing
in a base portfolio that is generally comprised of an approximately equal mix of equity securities and money market instruments.
The Fund writes (sells) call options on the S&P 500<sup>®</sup> Index, a broad-based U.S. stock market index, and/or a
substitute for the S&P 500<sup>®</sup> Index on substantially the full value of the Fund’s equity securities. The
Fund also writes (sells) put options on the S&P 500<sup>®</sup> Index or a substitute for such Index on substantially
the full value of the Fund’s money market instrument holdings.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund employs a top-down, disciplined
and systematic investment process that seeks to take advantage of the volatility risk premium, i.e., the tendency for volatility
priced into an option to be higher, on average, than the volatility actually experienced on the securities underlying the option.
Actual, or realized, options volatility may be higher or lower than anticipated. The Fund generally writes call and put options
that have an initial maturity of approximately one month and that are “out of the money” at the time of initiation.
That is, the exercise price of the call options sold generally will be above the current price level of the index when written
and the exercise price of put options sold generally will be below the current price level of the index when written. Put and call
options will normally: be held until expiration when they will expire worthless; be settled by a cash payment from the Fund; or
be closed through an offsetting position. The Fund’s expected performance is defensive when compared to a long only equity
portfolio. The investment process is periodically re-evaluated and may be adjusted to ensure that the process is consistent with
the Fund’s investment objective and strategies.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund generally seeks to implement
its options strategy so that its options contracts qualify as “section 1256 contracts” as defined in the Internal Revenue
Code of 1986, as amended (the “Code”). Under the Code, capital gains and losses on section 1256 contracts are generally
recognized annually based on the marked-to-market value of open options positions at tax year end, with gains or losses treated
as 60% long-term and 40% short-term, regardless of the holding period. The Fund intends to limit the overlap between its stock
holdings and the S&P 500<sup>®</sup> Index to less than 70% on an ongoing basis in an effort to avoid being subject to
the “straddle rules” under federal income tax law. As discussed below, straddles generally are subject to disadvantageous
treatment under the Code.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund’s equity investments consist
of a diversified portfolio of common stocks that seeks to approximate the pretax total return performance of the S&P 500<sup>®</sup>
Index. The Fund’s money market instrument investments consist primarily of U.S. Treasury securities with a maximum remaining
maturity of one year or less and may also include high grade investments with effective maturities of one year or less, including
commercial paper issued by banks and corporations. The Fund may also invest in an affiliated investment company that invests in
money market instruments. High-grade instruments are rated A or higher by a rating agency or deemed to be of comparable quality
by the investment adviser. The Fund’s asset allocation mix between equities and money market instruments is rebalanced periodically.
The Fund may also lend its securities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In selecting the Fund’s equity investments,
the portfolio managers employ a disciplined and systematic investment process to invest in a diversified portfolio of common stocks
with risk and return characteristics in aggregate similar to those of the S&P 500<sup>®</sup> Index. The Fund may engage
in a systematic program of tax-loss harvesting (i.e., periodically selling positions that have depreciated in value to realize
capital losses that can be used to offset capital gains realized by the Fund) in its equity portfolio.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under normal market conditions, the Fund invests
at least 80% of its net assets (plus borrowings for investment purposes) in (i) income instruments issued by emerging market entities
or sovereign nations; and/or (ii) derivative instruments, based on the currencies, interest rates, or issues of, emerging market
countries (the “80% Policy”). The Fund’s investments are denominated in developed market currencies. The investment
adviser currently considers the following countries to be developed: Australia, Austria, Belgium, Canada, Denmark, Finland, France,
Germany, Iceland, Ireland, Italy, Japan, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United
Kingdom and United States. An emerging market country is any country determined by the investment adviser to have an emerging market
economy, considering factors such as the country’s political and economic stability, and the development of its financial
and capital markets. An emerging market entity is an entity that is located in an emerging market country or has significant economic
exposure to an emerging market, including corporate, national and local government, and quasi-government entities. Emerging market
countries include so-called frontier market countries. Frontier markets include less developed countries that (i) are not included
in the J.P. Morgan Emerging Markets Bond Index Global Diversified (JPM EMBIGD) (the “Index”); or (ii) represent 2%
or less of the Index. 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund may invest significantly in a
geographic region or country. The Fund has exposures to sovereign nations (including currencies, interest rates and debt instruments
issued or guaranteed by sovereign entities) and duration. The Fund may invest in instruments of any credit rating, including those
rated below investment grade (rated below BBB by either S&P Global Ratings or Fitch Ratings, or below Baa by Moody’s
Investors Service, Inc.) or in unrated instruments considered to be of comparable quality by the investment adviser (often referred
to as “junk” investments).</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund may invest in a wide variety
of derivative instruments. The Fund expects to achieve certain exposures through purchasing and selling derivative instruments,
including (but not limited to) forward foreign currency exchange contracts; futures on securities, indices, currencies, swaps and
other investments; options; and interest rate swaps, cross-currency swaps, total return swaps and credit default swaps, which may
create economic leverage in the Fund. The Fund may engage in derivative transactions to seek to enhance total return; to seek to
hedge against fluctuations in securities prices, interest rates or currency exchange rates; to change the effective duration of
its portfolio; to manage certain investment risks; and/or as a substitute for the purchase or sale of securities or currencies.
The Fund’s use of derivatives may be extensive and there is no stated limit on their use.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">The Fund’s investments may include
foreign and domestic securities and other instruments, including sovereign debt (including U.S. Treasuries), mortgage-backed securities
(“MBS”) and asset-backed securities, stripped securities, loans, bank instruments, municipal securities, corporate
debt, convertible and hybrid securities, restricted securities and other income securities. The Fund may invest up to 5% of its
net assets in equity securities. The Fund may engage in repurchase agreements, reverse repurchase agreements, forward commitments
and short sales.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">In managing the Fund, the investment adviser
adjusts investments in an effort to take advantage of differences in countries, currencies, interest rates and credits based on
its global macroeconomic and political analysis. The investment adviser seeks to identify countries and currencies it believes
have potential to outperform investments in other countries and currencies, and to anticipate changes in global economies, markets,
political conditions and other factors for this purpose. The investment adviser considers the relative risk/return characteristics
of prospective investments (whether securities, currencies, derivatives or other instruments) in determining the most efficient
means for achieving desired exposures. The portfolio managers may also consider financially material environmental, social and
governance factors in evaluating an issuer. These considerations may be taken into account alongside other fundamental research
in the investment selection process.</p>
Principal Risks
Principal Risks
Principal Risks
Principal Risks
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Equity Securities Risk.</b> The value
of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer and sector-specific considerations; or other factors. Market conditions may affect certain types
of stocks to a greater extent than other types of stocks. If the stock market declines in value, the value of the Fund’s
equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous
levels.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Foreign Investment Risk.</b> Foreign
investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic
and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers
because they may not be subject to reporting practices, requirements or regulations comparable to those to which U.S. companies
are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and, as
a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in
the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Depositary receipts
are subject to many of the risks associated with investing directly in foreign instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Emerging Markets Investment Risk.</b>
Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those
in more developed markets like the United States, and may be focused in certain economic sectors. Emerging market securities often
involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable
than for comparable issuers in more developed capital markets. Such risks may be greater in frontier markets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Frontier Market Investment Risk. </b>
Frontier markets are among the smallest and least mature investment markets.  Frontier market countries may have greater political
or economic instability and may also be subject to trade barriers, adjustments in currency values and developing or changing securities
laws and other regulations.  Investments in frontier market countries generally are less liquid and subject to greater price
volatility than investments in developed markets or emerging markets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Currency Risk.</b> Exchange rates for
currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange
rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions
are subject to settlement, custodial and other operational risks.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Geographic Risk.</b> Because the Fund
may invest significantly in a particular geographic region or country, the value of Fund shares may be affected by events that
adversely affect that region or country and may fluctuate more than that of a fund that invests more broadly.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Smaller Company Risk.</b> The stocks
of smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity, higher transaction
costs and higher investment risk than the stocks of larger, more established companies. Such companies may have limited product
lines, markets or financial resources, may be dependent on a limited management group, and may lack substantial capital reserves
or an established performance record. There may be generally less publicly available information about such companies than for
larger, more established companies. Stocks of these companies frequently have lower trading volumes making them more volatile and
potentially more difficult to value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Derivatives Risk.</b> The Fund’s
exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in
securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value
of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference
instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in
the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and
return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute
for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves
the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior
or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the
underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid,
and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s
counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the
return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the
initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment
also involves the risks relating to the reference instrument underlying the investment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>ETF Risk.</b> ETFs are subject to the
risks of investing in the underlying securities or other investments. ETF shares may trade at a premium or discount to net asset
value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses
of an ETF in which it invests. Other pooled investment vehicles generally are subject to risks similar to those of ETFs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Liquidity Risk.</b> The Fund is exposed
to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal
restrictions impair its ability to sell particular investments or to sell them at advantageous market 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, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Rules-Based Management Risks.</b> The
sub-adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund, seeking to achieve
its investment objective while minimizing exposure to security-specific risk. The strategy seeks to take advantage of certain quantitative
and behavioral market characteristics identified by the sub-adviser, utilizing a rules-based process and systematic rebalancing.
A systematic investment process is dependent on the sub-adviser’s skill in developing and maintaining that process. The Fund’s
strategy has not been independently tested or validated, and there can be no assurance that it will achieve the desired results.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Securities Lending Risk.</b> Securities
lending involves a possible delay in recovery of the loaned securities or a possible loss of rights in the collateral if the borrower
fails financially. The Fund could also lose money if the value of the collateral decreases.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders
of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services
that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Equity Securities Risk.</b> The value
of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer and sector-specific considerations; or other factors. Market conditions may affect certain types
of stocks to a greater extent than other types of stocks. If the stock market declines in value, the value of the Fund’s
equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous
levels.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Foreign Investment Risk.</b> Foreign
investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic
and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers
because they may not be subject to reporting practices, requirements or regulations comparable to those to which U.S. companies
are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and, as
a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in
the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Depositary receipts
are subject to many of the risks associated with investing directly in foreign instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Currency Risk.</b> Exchange rates for
currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange
rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions
are subject to settlement, custodial and other operational risks.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Smaller Company Risk.</b> The stocks
of smaller, less seasoned companies are generally subject to greater price fluctuations, limited liquidity, higher transaction
costs and higher investment risk than the stocks of larger, more established companies. Such companies may have limited product
lines, markets or financial resources, may be dependent on a limited management group, and may lack substantial capital reserves
or an established performance record. There may be generally less publicly available information about such companies than for
larger, more established companies. Stocks of these companies frequently have lower trading volumes making them more volatile and
potentially more difficult to value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Derivatives Risk.</b> The Fund’s
exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in
securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value
of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference
instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in
the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and
return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute
for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves
the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior
or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the
underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid,
and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s
counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the
return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the
initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment
also involves the risks relating to the reference instrument underlying the investment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>ETF Risk.</b> ETFs are subject to the
risks of investing in the underlying securities or other investments. ETF shares may trade at a premium or discount to net asset
value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses
of an ETF in which it invests. Other pooled investment vehicles generally are subject to risks similar to those of ETFs.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Liquidity Risk.</b> The Fund is exposed
to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal
restrictions impair its ability to sell particular investments or to sell them at advantageous market 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, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Real Estate Risk.</b> Real estate investments
are subject to risks associated with owning real estate, including declines in real estate values, increases in property taxes,
fluctuations in interest rates, limited availability of mortgage financing, decreases in revenues from underlying real estate assets,
declines in occupancy rates, changes in government regulations affecting zoning, land use, and rents, environmental liabilities,
and risks related to the management skill and creditworthiness of the issuer. Companies in the real estate industry may also be
subject to liabilities under environmental and hazardous waste laws, among others. REITs must satisfy specific requirements for
favorable tax treatment and can involve unique risks in addition to the risks generally affecting the real estate industry. Changes
in underlying real estate values may have an exaggerated effect to the extent that investments are concentrated in particular geographic
regions or property types.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Rules-Based Management Risks.</b> The
sub-adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund, seeking to achieve
its investment objective while minimizing exposure to security-specific risk. The strategy seeks to take advantage of certain quantitative
and behavioral market characteristics identified by the sub-adviser, utilizing a rules-based process and systematic rebalancing.
A systematic investment process is dependent on the sub-adviser’s skill in developing and maintaining that process. The Fund’s
strategy has not been independently tested or validated, and there can be no assurance that it will achieve the desired results.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Securities Lending Risk.</b> Securities
lending involves a possible delay in recovery of the loaned securities or a possible loss of rights in the collateral if the borrower
fails financially. The Fund could also lose money if the value of the collateral decreases.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders
of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services
that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the
ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such
assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Equity Securities Risk.</b> The value
of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook;
deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or
environmental developments; issuer and sector-specific considerations; or other factors. Market conditions may affect certain types
of stocks to a greater extent than other types of stocks. If the stock market declines in value, the value of the Fund’s
equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous
levels.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Option Strategy Risk.</b> The Fund’s
option strategy seeks to take advantage of, and its effectiveness is dependent on, a general excess of option price-implied volatilities
for the S&P 500<sup>®</sup> Index over realized index volatilities. This market observation is often attributed to an
excess of natural buyers over natural sellers of S&P 500<sup>®</sup> Index options. There can be no assurance that this
imbalance will apply in the future over specific periods or generally. It is possible that the imbalance could decrease or be eliminated
by actions of investors, including the Fund, that employ strategies seeking to take advantage of the imbalance, which could have
an adverse effect on the Fund’s ability to achieve its investment objective.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>S&P 500</b><sup>®</sup> <b>Index
Risk</b>. Calls and puts written by the Fund will be based on the S&P 500<sup>®</sup> Index or a substitute for the S&P
500<sup>®</sup> Index. In the case of the S&P 500<sup>®</sup> Index, returns realized on the Fund’s call and
put positions over each roll cycle will be determined primarily by the performance of the S&P 500<sup>®</sup> Index. If
the S&P 500<sup>®</sup> Index appreciates or depreciates sufficiently over the period to offset the net premium received,
the Fund will incur a net loss. A substitute for the S&P 500<sup>®</sup> Index represents share interests in an exchange-traded
fund that seeks to replicate the performance of the S&P 500<sup>®</sup> Index. The value of the index substitute is subject
to change as the values of the component securities fluctuate. The performance of the index substitute may not exactly match the
performance of the S&P 500<sup>®</sup> Index. Certain index substitute options do not qualify as “section 1256 contracts”
and disposition of such index substitute options utilized will likely result in short-term or long-term capital gains or losses,
depending on the holding period. An index substitute reflects the underlying risks of the S&P 500<sup>®</sup> Index and
index substitute options are subject to the same risks as S&P 500<sup>®</sup> Index options.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Derivatives Risk.</b> The Fund’s
exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in
securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value
of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference
instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in
the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and
return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute
for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves
the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior
or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the
underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid,
and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s
counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the
return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the
initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment
also involves the risks relating to the reference instrument underlying the investment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Leverage Risk.</b> Certain Fund transactions
may give rise to leverage. Leverage can result from a non-cash exposure to the underlying reference instrument. Leverage can increase
both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s
obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio
positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may
cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate
the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged investments
may substantially exceed the initial investment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>U.S. Treasury Securities.</b> 
U.S. Treasury securities (“Treasury Securities”) are obligations of the U.S. Treasury that differ in their interest
rates, maturities and times of issuance. Treasury Securities include any security or agreement collateralized or otherwise secured
by Treasury Securities. As a result of their high credit quality and market liquidity, U.S. Treasury securities generally provide
a lower current return than obligations of other issuers.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Money Market Instrument Risk.</b> Money
market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest
rates; adverse developments in the banking industry, which issues or guarantees many money market instruments; adverse economic,
political or other developments affecting issuers of money market instruments; changes in the credit quality of issuers; and default
by a counterparty.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Interest Rate Risk.</b> In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase
when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income
security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer
durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing
them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may
provide lower returns than fixed-income securities with longer durations or maturities. In a rising interest rate environment,
the duration of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest
rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain
instruments held by the Fund may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is
the average offered rate for various maturities of short-term loans between certain major international banks. LIBOR is expected
to be phased out by the end of 2021. While the effect of the phase out cannot yet be determined, it may result in, among other
things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of such instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Credit Risk.</b> Investments in fixed
income and other debt obligations (referred to below as “debt instruments”) are subject to the risk of non-payment
of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party
obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults
may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns
about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may
be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In
the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its
ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default,
bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s
operating expenses and adversely affect net asset value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Liquidity Risk.</b> The Fund is exposed
to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal
restrictions impair its ability to sell particular investments or to sell them at advantageous market 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, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Tax Risk.</b> Only options on certain
designated qualified trading markets qualify for treatment as “section 1256 contracts,” on which capital gains and
losses are generally treated as 60% long-term and 40% short-term, regardless of holding period. To implement its options program
most effectively, the Fund may sell index options that do not qualify for treatment as “section 1256 contracts.” Gains
or losses on index options not qualifying as “section 1256 contracts” under the Code would be realized upon disposition,
lapse or settlement of the positions, and, generally, would be treated as short-term gains or losses. If positions held by the
Fund were treated as “straddles” for federal income tax purposes, dividends on such positions would not constitute
qualified dividend income subject to favorable income tax treatment. Gains or losses on positions in a straddle are subject to
special (and generally disadvantageous) tax rules.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Securities Lending Risk.</b> Securities
lending involves a possible delay in recovery of the loaned securities or a possible loss of rights in the collateral if the borrower
fails financially. The Fund could also lose money if the value of the collateral decreases.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Rules-Based Management Risks.</b> The
sub-adviser uses proprietary investment techniques and analyses in making investment decisions for the Fund, seeking to achieve
its investment objective while minimizing exposure to security-specific risk. The strategy seeks to take advantage of certain quantitative
and behavioral market characteristics identified by the sub-adviser, utilizing a rules-based process and systematic rebalancing.
A systematic investment process is dependent on the sub-adviser’s skill in developing and maintaining that process. The Fund’s
strategy has not been independently tested or validated, and there can be no assurance that it will achieve the desired results.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders
of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services
that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The value of investments
held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics
or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and
magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience
increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or
fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could
lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the
ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate such assets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Foreign Investment Risk.</b> Foreign
investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic
and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers
because they may not be subject to reporting practices, requirements or regulations comparable to those to which U.S. companies
are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States and, as
a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in
the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Economic data as reported by sovereign
entities may be delayed, inaccurate or fraudulent. In the event of a default by a sovereign entity, there are typically no assets
to be seized or cash flows to be attached. Furthermore, the willingness or ability of a sovereign entity to restructure defaulted
debt may be limited. Therefore, losses on sovereign defaults may far exceed the losses from the default of a similarly rated U.S.
debt issuer.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Emerging Markets Investment Risk.</b>
Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those
in more developed markets like the United States, and may be focused in certain economic sectors. Emerging market securities often
involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable
than for comparable issuers in more developed capital markets. Such risks may be greater in frontier markets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Frontier Market Investment Risk. </b>
Frontier markets are among the smallest and least mature investment markets.  Frontier market countries may have greater political
or economic instability and may also be subject to trade barriers, adjustments in currency values and developing or changing securities
laws and other regulations.  Investments in frontier market countries generally are less liquid and subject to greater price
volatility than investments in developed markets or emerging markets.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Currency Risk.</b> Exchange rates for
currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange
rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions
are subject to settlement, custodial and other operational risks.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Geographic Risk.</b> Because the Fund
may invest significantly in a particular geographic region or country, the value of Fund shares may be affected by events that
adversely affect that region or country and may fluctuate more than that of a fund that has less exposure to such region or country.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Credit Risk.</b> Investments in fixed
income and other debt obligations, including loans (referred to below as “debt instruments”) are subject to the risk
of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity
of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments
and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because
of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments
may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates.
In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to
its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a
default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s
operating expenses and adversely affect net asset value.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Interest Rate Risk.</b> In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase
when interest rates fall and decline when interest rates rise. Duration measures a fixed-income security’s price sensitivity
to changes in the general level of interest rates. Generally, securities with longer durations or maturities are more sensitive
to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely,
fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income
securities with longer durations or maturities. In a rising interest rate environment, the duration of income securities that have
the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from
prepaid or maturing instruments may have to be reinvested at a lower interest rate. Certain instruments held by the Fund pay an
interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the average offered rate for various maturities
of short-term loans between certain major international banks. LIBOR is expected to be phased out by the end of 2021. While the
effect of the phase out cannot yet be determined, it may result in, among other things, increased volatility or illiquidity in
markets for instruments based on LIBOR and changes in the value of such instruments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Lower Rated Investments Risk.</b> Investments
rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative
characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances
typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than
they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower
rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price
volatility and illiquidity than higher rated investments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Derivatives Risk.</b> The Fund’s
exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in
securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value
of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference
instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in
the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and
return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute
for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves
the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior
or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the
underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid,
and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s
counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the
return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the
initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment
also involves the risks relating to the reference instrument underlying the investment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Leverage Risk.</b> Certain Fund transactions
may give rise to leverage. Leverage can result from a non-cash exposure to the underlying reference instrument. Leverage can increase
both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s
obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio
positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may
cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate
the effect of any increase or decrease in the value of the Fund’s portfolio securities. The loss on leveraged investments
may substantially exceed the initial investment.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Mortgage- and Asset-Backed Securities
Risk.</b> Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages
or other assets, including consumer loans or receivables. Movements in interest rates (both increases and decreases) may quickly
and significantly reduce the value of certain types of mortgage- and asset-backed securities. Although certain mortgage- and asset-backed
securities are guaranteed as to timely payment of interest and principal by a government entity, the market price for such securities
is not guaranteed and will fluctuate. The purchase of mortgage- and asset-backed securities issued by non-government entities may
entail greater risk than such securities that are issued or guaranteed by a government entity. Mortgage- and asset-backed securities
issued by non-government entities may offer higher yields than those issued by government entities, but may also be subject to
greater volatility than government issues and can also be subject to greater credit risk and the risk of default on the underlying
mortgages or other assets. Investments in mortgage- and asset-backed securities are subject to both extension risk, where borrowers
pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their
debt obligations sooner than expected in times of declining interest rates.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Stripped Securities Risk.</b> Stripped
Securities (“Strips”) are usually structured with classes that receive different proportions of the interest and principal
distributions from an underlying asset or pool of underlying assets. Classes may receive only interest distributions (interest-only
“IO”) or only principal (principal-only “PO”). Strips are particularly sensitive to changes in interest
rates because this may increase or decrease prepayments of principal. A rapid or unexpected increase in prepayments can significantly
depress the value of IO Strips, while a rapid or unexpected decrease can have the same effect on PO Strips.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Additional Risks of Loans.</b> Loans
are traded in a private, unregulated inter-dealer or inter-bank resale market and are generally subject to contractual restrictions
that must be satisfied before a loan can be bought or sold. These restrictions may impede the Fund’s ability to buy or sell
loans (thus affecting their liquidity) and may negatively impact the transaction price. See also “Market Risk” above.
It also may take longer than seven days for transactions in loans to settle. Due to the possibility of an extended loan settlement
process, the Fund may hold cash, sell investments or temporarily borrow from banks or other lenders to meet short-term liquidity
needs, such as to satisfy redemption requests from Fund shareholders. The types of covenants included in loan agreements generally
vary depending on market conditions, the creditworthiness of the issuer, the nature of the collateral securing the loan and possibly
other factors. Loans with fewer covenants that restrict activities of the borrower may provide the borrower with more flexibility
to take actions that may be detrimental to the loan holders and provide fewer investor protections in the event of such actions
or if covenants are breached. The Fund may experience relatively greater realized or unrealized losses or delays and expense in
enforcing its rights with respect to loans with fewer restrictive covenants. Loans to entities located outside of the U.S. (including
loans to sovereign entities) may have substantially different lender protections and covenants as compared to loans to U.S. entities
and may involve greater risks. The Fund may have difficulties and incur expense enforcing its rights with respect to non-U.S. loans
and such loans could be subject to bankruptcy laws that are materially different than in the U.S. Sovereign entities may be unable
or unwilling to meet their obligations under a loan due to budgetary limitations or economic or political changes within the country.
Loans may be structured such that they are not securities under securities law, and in the event of fraud or misrepresentation
by a borrower, lenders may not have the protection of the anti-fraud provisions of the federal securities laws. Loans are also
subject to risks associated with other types of income investments, including credit risk and risks of lower rated investments.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Convertible and Other Hybrid Securities
Risk. </b>Convertible and other hybrid securities (including preferred and convertible instruments) generally possess certain characteristics
of both equity and debt securities. In addition to risks associated with investing in income securities, such as interest rate
and credit risks, hybrid securities may be subject to issuer-specific and market risks generally applicable to equity securities.
Convertible securities may also react to changes in the value of the common stock into which they convert, and are thus subject
to equity investing and market risks. A convertible security may be converted at an inopportune time, which may decrease the Fund’s
return.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Restricted Securities Risk.</b> Unless
registered for sale to the public under applicable federal securities law, restricted securities can be sold only in private transactions
to qualified purchasers pursuant to an exemption from registration. The sale price realized from a private transaction could be
less than the Fund’s purchase price for the restricted security. It may be difficult to identify a qualified purchaser for
a restricted security held by the Fund and such security could be deemed illiquid. It may also be more difficult to value such
securities.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Liquidity Risk.</b> The Fund is exposed
to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal
restrictions impair its ability to sell particular investments or to sell them at advantageous market 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, sell other investments
to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance.
These effects may be exacerbated during times of financial or political stress.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>When-Issued and Forward Commitment
Risk.</b> Securities purchased on a when-issued or forward commitment basis are subject to the risk that when delivered they will
be worth less than the agreed upon payment price.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Short Sale Risk.</b> The Fund will
incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short
sale and the date on which the Fund purchases the security to replace the borrowed security. Short sale risks include, among others,
the potential loss of more money than the actual cost of the investment, and the risk that the third party to the short sale may
fail to honor its contract terms, causing a loss to the Fund.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Risks of Repurchase Agreements and
Reverse Repurchase Agreements.</b> In the event of the insolvency of the counterparty to a repurchase agreement or reverse repurchase
agreement, recovery of the repurchase price owed to the Fund or, in the case of a reverse repurchase agreement, the securities
sold by the Fund, may be delayed. In a repurchase agreement, such insolvency may result in a loss to the extent that the value
of the purchased securities decreases during the delay or that value has otherwise not been maintained at an amount equal to the
repurchase price. In a reverse repurchase agreement, the counterparty’s insolvency may result in a loss equal to the amount
by which the value of the securities sold by the Fund exceeds the repurchase price payable by the Fund; if the value of the purchased
securities increases during such a delay, that loss may also be increased. When the Fund enters into a reverse repurchase agreement,
any fluctuations in the market value of either the securities sold to the counterparty or the securities which the Fund purchases
with its proceeds from the agreement would affect the value of the Fund’s assets. As a result, such agreements may increase
fluctuations in the net asset value of the Fund’s shares. Because reverse repurchase agreements may be considered to be a
form of borrowing by the Fund (and a loan from the counterparty), they constitute leverage. If the Fund reinvests the proceeds
of a reverse repurchase agreement at a rate lower than the cost of the agreement, entering into the agreement will lower the Fund’s
yield.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>U.S. Government Securities Risk.</b>
Although certain U.S. Government-sponsored agencies (such as the Federal Home Loan Mortgage Corporation and the Federal National
Mortgage Association) may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by
the U.S. Treasury. U.S. Treasury securities generally have a lower return than other obligations because of their higher credit
quality and market liquidity.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Issuer Diversification Risk. </b>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 fund that is “diversified.” Non-diversified funds may focus their investments in a small number of issuers,
making them more susceptible to risks affecting such issuers than a more diversified fund might be.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>Risks Associated with Active Management.</b>
The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical
skills and investment judgment. Active management involves subjective decisions.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify"><b>General Fund Investing Risks. </b>The
Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is
possible to lose money by investing in the Fund. The Fund is designed to be a long-term investment vehicle and is not suited for
short-term trading. Investors in the Fund should have a long-term investment perspective and be able to tolerate potentially sharp
declines in value. Purchase and redemption activities by Fund shareholders may impact the management of the Fund and its ability
to achieve its investment objective(s). In addition, the redemption by one or more large shareholders or groups of shareholders
of their holdings in the Fund could have an adverse impact on the remaining shareholders in the Fund. The Fund relies on various
service providers, including the investment adviser, in its operations and is susceptible to operational, information security
and related events (such as public health crises, cyber or hacking attacks) that may affect the service providers or the services
that they provide to the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency.</p>
Performance
Performance
Performance
Performance
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0; text-align: justify">The following bar chart and table provide
some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and
how the Fund’s average annual returns over time compare with those of a broad-based securities market index. The returns
in the bar chart are for Investor Class shares. Past performance (both before and after taxes) is not necessarily an indication
of how the Fund will perform in the future. The Fund’s performance for certain periods reflects the effects of expense reductions.
Absent these reductions, performance for certain periods would have been lower. Updated Fund performance information can be obtained
by visiting www.eatonvance.com.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following bar chart and table provide some
indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and how the
Fund’s average annual returns over time compare with those of a broad-based securities market index. The returns in the bar
chart are for Class A shares and do not reflect a sales charge. If the sales charge was reflected, the returns would be lower.
Effective January 15, 2020, the Fund’s Investor Class shares were redesignated as Class A shares. Past performance (both
before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The Fund’s performance
reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Updated Fund performance
information can be obtained by visiting www.eatonvance.com.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following bar chart and table provide some
indication of the risks of investing in the Fund by showing how the Fund’s average annual total return compares with that
of broad-based securities market indices and a blended index. Past performance (both before and after taxes) is not necessarily
an indication of how the Fund will perform in the future. The Fund’s performance reflects the effects of expense reductions.
Absent these reductions, performance would have been lower. Updated Fund performance information can be obtained by visiting www.eatonvance.com.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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. The Fund’s performance
reflects the effects of expense reductions. Absent these reductions, performance would have been lower. Updated Fund performance
information can be obtained by visiting www.eatonvance.com.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the ten years ended December 31, 2019, the
highest quarterly total return for Investor Class was 18.64% for the quarter ended September 30, 2010 and the lowest quarterly
return was -21.38% for the quarter ended September 30, 2011. The year-to-date total return through the end of the most recent calendar
quarter (December 31, 2019 to March 31, 2020) was -30.74%.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period from December 31, 2010 through
December 31, 2019, the highest quarterly total return for Class A was 10.57% for the quarter ended September 30, 2013 and the lowest
quarterly return was -17.81% for the quarter ended September 30, 2011. The year-to-date total return through the end of the most
recent calendar quarter (December 31, 2019 to March 31, 2020) was -22.76%.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period from December 31, 2017 through
December 31, 2019, the highest quarterly total return was 6.80% for the quarter ended March 31, 2019, and the lowest quarterly
return was -7.89% for the quarter ended December 31, 2018. The year-to-date total return through the end of the most recent calendar
quarter (December 31, 2019 to March 31, 2020) was -16.08%.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the period from December 31, 2018 through
December 31, 2019, the highest quarterly total return for Class A was 5.39% for the quarter ended March 31, 2019, and the lowest
quarterly return was -1.42% for the quarter ended September 30, 2019. The year-to-date total return through the end of the most
recent calendar quarter (December 31, 2019 to March 31, 2020) was -15.82%.</p>
Average Annual Total Return as of December 31, 2019
Average Annual Total Return as of December 31, 2019
Average Annual Total Return as of December 31, 2019
Average Annual Total Return as of December 31, 2019
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These returns reflect any applicable contingent
deferred sales charge (“CDSC”) for Class C. The Class R6 performance shown above for the period prior to July 1, 2014
(commencement of operations) is the performance of Institutional Class shares at net asset value without adjustment for any differences
in the expenses of the two classes. If adjusted for such differences, returns would be different. Investors cannot invest directly
in an Index. (Source for MSCI Emerging Markets Index: MSCI) MSCI data may not be reproduced or used for any other purpose. MSCI
provides no warranties, has not prepared or approved this data, and has no liability hereunder.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">After-tax returns are calculated using
the highest historical individual 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 nontaxable
entities. After-tax returns for other Classes of shares will vary from the after-tax returns presented for Investor Class 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These returns reflect the addition of the maximum
sales charge for Class A (5.75%) which became effective January 15, 2020. On that date the Fund’s Investor Class shares were
redesignated as Class A shares. Investor Class shares had previously been sold without a sales charge.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">Class A and Institutional Class commenced
operations on April 1, 2010. The Class R and Class R6 performance shown above for the period prior to August 10, 2015 (commencement
of operations of each class), is the performance of Class A shares and Institutional Class shares, respectively, at net asset value
without adjustment for any differences in the expenses of the classes. If adjusted for such differences returns would be lower.
Investors cannot invest directly in an Index. (Source for MSCI EAFE Index: MSCI) MSCI data may not be reproduced or used for any
other purpose. MSCI provides no warranties, has not prepared or approved this data, and has no liability hereunder.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">After-tax returns are calculated using
the highest historical individual 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 nontaxable
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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund commenced operations on February 9,
2017. ICE<sup>®</sup> BofAML<sup>®</sup> indices are not for redistribution or other uses; provided “as is,”
without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it,
or guarantee, review, or endorse Eaton Vance’s products. BofAML<sup>®</sup> is a licensed registered trademark of Bank
of America Corporation in the United States and other countries. S&P Dow Jones Indices are a product of S&P Dow Jones Indices
LLC (“S&P DJI”) and have been licensed for use. S&P<sup>®</sup> and S&P 500<sup>®</sup> are registered
trademarks of S&P DJI; Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow
Jones”); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not
have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P
Dow Jones Indices. Investors cannot invest directly in an Index.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">After-tax returns are calculated using
the highest historical individual 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.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund commenced operations on May 1, 2018.
Investors cannot invest directly in an Index.</p>
<p style="font: 8pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: justify">After-tax returns are calculated using
the highest historical individual 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.</p>
1735
2534
1455
1386
792
1180
660
628
459
688
381
362
148
223
122
116
0.2180
0.1231
0.2109
0.1579
0.1675
0.0264
0.0250
0.0233
0.0188
0.0291
0.0293
0.0368
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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. Certain financial intermediaries also may offer variations in Fund sales charges to their customers as described in Appendix A – Financial Intermediary Sales Charge Variations in this Prospectus. More information about these and other discounts is available from your financial intermediary and in Sales Charges beginning on page 18 of this Prospectus and page 21 of the Fund’s Statement of Additional Information.
50000
The investment adviser and administrator and sub-adviser have agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.75% for Class A shares, 0.50% for Institutional Class shares, 1.00% for Class R shares and 0.47% for Class R6 shares. This expense reimbursement will continue through May 31, 2021. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by the investment adviser and administrator and sub-adviser during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year.
The investment adviser and administrator has agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.85% for Class I shares. This expense reimbursement will continue through May 31, 2021. 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 the contractual expense cap during such year.
The Blended Index consists of 50% S&P 500® Index and 50% ICE BofAML 3-Month U.S. Treasury Bill Index, rebalanced monthly.