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Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page  47 of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">59</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div> You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis. 50000 Shareholder Fees (fees paid directly from your investment) <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:55%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span> </div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>A</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>C</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Y</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>R5</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Investor</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge imposed on purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.50%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (as a percentage of the lower of original offering price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or redemption proceeds)</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> </table></div> 0.025 0 0 0 0 0.005 0.01 0 0 0 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:55%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="6" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Annual Fund Operating Expenses</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Expenses that you pay each year as a percentage of the value of your investment)</span> </div> </td> </tr> <tr> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span> </div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>A</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>C</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Y</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>R5</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Investor</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Management Fees</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Service (12b-1) Fees</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^2,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.30%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.24%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Acquired Fund Fees and Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Total Annual Fund Operating Expenses</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^<b>4</b></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>1.04%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>1.79%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.81%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.75%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>1.06%</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or expense reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁵</span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.04)%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.01)%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.01)%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.01)%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.01)%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Total Annual Fund Operating Expenses after fee waiver and/or expense </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>reimbursement</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>1.00%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>1.78%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.80%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.74%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>1.05%</b></span></div> </td> </tr> </table></div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.005 0.005 0.005 0.005 0.005 0.0025 0.01 0 0 0 0.0028 0.0028 0.003 0.0024 0.0055 0.0001 0.0001 0.0001 0.0001 0.0001 0.0104 0.0179 0.0081 0.0075 0.0106 -0.0004 -0.0001 -0.0001 -0.0001 -0.0001 0.01 0.0178 0.008 0.0074 0.0105 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $250,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(‘’CDSC’’) of 0.50% on certain purchases of $250,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span> Other Expenses and Acquired Fund Fees and Expenses for the A Class, C Class and R5 Class shares are based on estimated expenses for the current fiscal year. In addition, Other Expenses and Acquired Fund Fees and Expenses for the  Y Class and Investor Class shares are restated based on estimated expenses for the current fiscal year. The Fund is the successor to the DoubleLine Floating Rate Fund (the “Predecessor Fund”), pursuant to a reorganization that occurred on February 20, 2026 (“Closing Date”), in which the Y Class and Investor Class shares of the Fund adopted the financial statements and performance history of the Class I shares and Class N shares, respectively, of the Predecessor Fund. The Total Annual Fund Operating Expenses of the Fund’s Y Class and Investor Class shares do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights for the Class I shares and Class N shares, respectively, of the Predecessor Fund, but instead are restated to reflect the Fund’s estimated expenses. In addition, the Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund’s Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. February 20, 2028 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through February 20, 2028. C Class shares automatically convert to A Class shares 8 years after purchase, if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:64%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span> </div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$349</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$569</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$809</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,486</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$281</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$562</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$969</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,104</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$258</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$449</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,002</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$76</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$239</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$416</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$929</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$107</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$336</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$584</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,293</span></div> </td> </tr> </table></div> 349 569 809 1486 281 562 969 2104 82 258 449 1002 76 239 416 929 107 336 584 1293 Assuming no redemption of shares: <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:64%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span> </div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$181</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$562</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$969</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,104</span></div> </td> </tr> </table></div> 181 562 969 2104 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year ended March 31, 2026 (which is the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">turnover rate of the Fund’s predecessor through February 20, 2026), the Fund’s portfolio turnover rate was 117% of the average value of its portfolio.</span></div> 1.17 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">income-producing floating-rate loans, other income-producing floating-rate debt securities and exchange-traded funds (“ETFs”) that invest in such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Floating-rate loans and other floating-rate debt securities (collectively, “floating-rate investments”) pay income in the form of interest that is payable at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">variable (i.e., floating) rates, often on a daily, monthly, quarterly, or semiannual basis by reference to a base lending rate, such as the Secured Overnight </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Financing Rate (“SOFR”), among others, plus a premium. The Fund considers any security or instrument to be a floating-rate investment if it has a maturity of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">six months or less even if it pays a rate of interest that does not reset or adjust prior to maturity.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Floating-rate investments include, without limitation, bank loans, including assignments and  participations; floating-rate debt securities; inflation-indexed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities; certain mortgage- and asset-backed securities, and collateralized bond obligations (“CBOs”), collateralized debt obligations (“CDOs”), collateralized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">loan obligations (“CLOs”) and collateralized mortgage obligations (“CMOs”), and real estate mortgage investment conduits (“REMICs”), backed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating-rate instruments or structured as floating-rate investments and having, in the judgment of DoubleLine Capital LP (“DoubleLine Capital” or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“sub-advisor”), characteristics similar to those of other floating-rate investments; adjustable rate mortgages; floaters; inverse floaters; money market securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of all types; repurchase agreements; debentures, shares of money market and short-term bond funds; and other floating-rate loans of any kind (including, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among others, subordinated loans, debtor in possession financings, exit financing facilities, delayed funding loans and revolving credit facilities). The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invest in obligations of any maturity, and to a lesser extent, the Fund may invest in fixed-rate instruments as well. The Fund may invest in foreign investments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including obligations of issuers in emerging markets, without limit. The Fund may invest in floating-rate obligations considered “covenant-lite” based on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of lender protections and borrower obligations in the loan agreements. To obtain exposure to eligible instruments, the Fund may invest in one or more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ETFs that invest in such instruments. A significant portion of the Fund’s investments may be unregistered, restricted as to their resale, and may trade in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decentralized markets. DoubleLine Capital monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to interest rate risk.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A floating-rate loan may be structured and administered by a financial institution that acts as the agent of the lenders participating in the loan. Such loans </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be acquired through the agent or from the borrower, as an assignment from another lender who holds a direct interest in the loan, or as a participation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest in another lender’s portion of the loan. Floating-rate loans are generally senior in the borrowing companies’ capital structures and are typically wholly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or partially secured by assets of the borrowing company, although the Fund may also invest in obligations that are unsecured.  </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">DoubleLine Capital considers a wide variety of factors in purchasing and selling investments for the Fund, including, without limitation, the liquidity of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment, fundamental analysis of the issuer, the credit quality of the issuer and any collateral securing the investment, the issuer’s management, capital </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">structure, leverage, and operational performance, and the business outlook for the industry of the issuer. DoubleLine Capital may also consider available credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ratings in making investment decisions, although the portfolio managers typically perform their own investment analysis and generally do not rely upon the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">independent credit rating agencies in making investment decisions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in securities or instruments of any credit quality. The Fund expects that many or all of the Fund’s investments will have below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment-grade credit ratings (commonly referred to as “high yield” or “junk” quality obligations) or may be unrated but deemed by the sub-advisor to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of equivalent quality. Credit investments rated below investment grade are generally regarded as having speculative characteristics and entail high risk with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">respect to the issuer’s capacity to pay interest and repay principal. The Fund may hold instruments issued by stressed, distressed, and defaulted issuers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including issuers involved in bankruptcy proceedings, reorganizations, financial  restructurings, rescue financing, or otherwise experiencing financial hardship.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investments may include loans issued in an offering that has been oversubscribed, and the Fund may be able to sell such investments at a gain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shortly after those investments are made. If the Fund seeks to take advantage of such opportunities, it may lead to higher levels of portfolio turnover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increased transaction costs and greater amounts of taxable distributions to shareholders. There can be no assurance that the sub-advisor will be able to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">identify such opportunities successfully or sell any investments at a gain.  DoubleLine Capital generally sells an investment when it believes its projected future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">return becomes unattractive relative to the rest of the portfolio or the investable universe, including when the portfolio managers perceive deterioration in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">credit fundamentals of the issuer, or when the individual investment has reached the portfolio managers’ sell target. Proceeds from the sale of a loan may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be available to the Fund for a substantial period of time after the sale. As a result, it is possible that, during a period of substantial shareholder redemptions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">proceeds from sales of loans by the Fund will not be available to the Fund on a timely basis for payment to redeeming shareholders. The Fund might, as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result, incur significant borrowing or other expenses, be forced to sell other securities with shorter settlement periods at unfavorable times or prices, or be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">forced to delay payment of redemption proceeds beyond the customary period, to the extent permissible under applicable regulations.  </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest cash balances in a government money market fund advised by the Manager, with respect to which the Manager receives a management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fee. Any such instruments held by the Fund for cash management or defensive investing purposes can fluctuate in value.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective and you could lose part or all of your investment in the Fund.  </span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset-Backed Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities are influenced by factors affecting the assets underlying the securities, including the broader market sector and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">individual markets, such as the auto markets. These securities may be more sensitive to changes in interest rates than other types of debt securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities also are subject to risks of fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. These securities are also subject to the risk of default on the underlying assets, particularly during periods of market downturn, and an unexpectedly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">high rate of defaults on the underlying assets will adversely affect the security’s value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Assets selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment objectives.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Callable Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. In the event of a call, the Fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates.  </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Collateralized Debt Obligations (“CDO”) Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The risks of an investment in a CDO, including a CBO or CLO, depend largely on the quality and type of the collateral and the tranche of the CDO in which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund invests. Normally, collateralized bond obligations, CLOs and other CDOs are privately offered and sold, and thus are not registered under the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities laws. As a result, investments in CDOs maybe illiquid. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">CDOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral will not be adequate to make interest or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CDOs that are subordinate to other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes of the issuer’s securities; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with the issuer or unexpected investment results.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Collateralized Loan Obligations (“CLOs”) Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The risks of an investment in a CLO depend largely on the type of underlying collateral and the class or seniority of CLO in which the Fund invests. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically will invest in CLOs collateralized by bank loans.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">   </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Therefore, the CLOs in which the Fund invests will be subject to loan interests risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> In addition, CLOs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CLOs may be characterized as illiquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. The Fund’s investments in CLOs and other similarly structured investments may expose the Fund to heightened credit risk, interest rate risk, liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, market risk, and prepayment and extension risk. In addition to these risks, CLOs may also carry additional risks including, but not limited to: (i) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the quality of the collateral may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in value or default; (iii) the risk that the Fund may invest in CLOs that are subordinate to other classes; (iv) the risk that the complex structure of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that the CLO’s manager may perform poorly. CLOs may charge management and other administrative fees, which are in addition to those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. CLOs may be difficult to value and may be highly leveraged, which could make them highly volatile.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Confidential Information Access Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In managing the Fund or other client assets, the Manager or sub-advisor may be in possession of material non-public information about the issuers of certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments, including, without limit, loans, high yield bonds and related investments being considered for acquisition by the Fund or held in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">portfolio. Because of prohibitions on trading in securities of issuers while in possession of such information, the Fund might be unable to enter into a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction in a security of that issuer when it would otherwise be advantageous to do so. In such circumstances, the Fund may be disadvantaged in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. Pursuant to applicable policies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and procedures, the Manager or sub-advisor may, but is not required to, seek to avoid receipt of confidential information from the issuer so as to avoid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possible restrictions on its ability to purchase and sell investments on behalf of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that a party or participant to a transaction, such as a broker, will be unwilling or unable to satisfy its obligation to make timely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>“Covenant-Lite” Obligations Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain investments, such as loans in which the Fund may invest directly or have exposure to through its investments in structured securities, may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“covenant-lite.” Covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants at all, and may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include terms which allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to losses on such investments may be increased, especially during a downturn in the credit cycle.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction, may fail, or become less able or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditworthiness of an issuer, or a downgrade or default affecting any of the Fund’s securities, could affect the Fund’s performance. Generally, the longer the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervention, or the failure to intervene, of the  U.S. or foreign governments or central banks, and may be affected by currency controls or political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debentures Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debentures are unsecured debt securities. The holder of a debenture is protected only by the general creditworthiness of the issuer. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">both corporate and government debentures.  </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debtor-in-Possession (“DIP”) Financing, Rescue Financing, and Exit Financing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in obligations of companies that have filed for protection under Chapter 11 of the United States Bankruptcy Code. DIP financings allow </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the entity to continue its business operations while reorganizing under Chapter 11, and such financings must be approved by the bankruptcy court. DIP </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financings are typically fully secured by a lien on the debtor’s otherwise unencumbered assets or secured by a junior lien on the debtor’s encumbered assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(so long as the obligation is fully secured based on the most recent current valuation or appraisal report of the debtor). There is a risk that the borrower will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not emerge from Chapter 11 bankruptcy proceedings and be forced to liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidation, the Fund’s only recourse will be against the property securing the DIP financing.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in exit financing, also known as an exit facility, which is the financing provided to companies that have filed for protection under Chapter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">11 of the United States Bankruptcy Code to allow them to emerge from bankruptcy. The Fund may also invest in obligations of companies receiving rescue </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financing to address liquidity shortfalls, temporary operational problems, pending debt maturities or over-leveraged balance sheets. These financial difficulties </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may never be overcome and may lead to uncertain outcomes, including causing such issuer to become subject to bankruptcy proceedings.  </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Defaulted Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is a significant risk related to the uncertainty of repayment of defaulted securities (e.g., a security on which a principal or interest payment is not made </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when due) and obligations of distressed issuers (including insolvent issuers or issuers in payment or covenant default, in workout or restructuring or in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bankruptcy or similar proceedings). Such investments entail high risk and have speculative characteristics.   </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Delayed Funding Loans and Revolving Credit Facilities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investments in delayed funding loans and revolving credit facilities are subject to credit risk, interest rate risk, liquidity risk and loan interests risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There may be circumstances in which the borrower’s credit risk may be deteriorating and yet the Fund may be obligated to make loans to the borrower as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrower’s credit continues to deteriorate, including at a time when the borrower’s financial condition makes it unlikely that such amounts will be repaid.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Emerging Markets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks may include, but are not limited to: (1) currency exchange rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing, recordkeeping and financial reporting standards, (5) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays or failures in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction payment and settlement in some foreign markets. Additionally, trading in foreign markets generally involves higher transaction costs than trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in U.S. markets. The Fund’s investment in a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with that country, including tariffs, trade disputes and sanctions. Global economic and financial markets have become increasingly interconnected and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may adversely impact issuers in a different country, region or financial market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Portfolio Turnover </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Portfolio turnover is a measure of the Fund’s trading activity over a one-year period. The Fund may engage in active and frequent trading, which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase the Fund’s transaction costs, have a negative impact on performance, and generate higher capital gain distributions to shareholders than if the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">had lower portfolio turnover.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High-Yield Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks than an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inflation Index-Linked Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike a conventional bond, whose issuer makes regular fixed interest payments and repays the face value of the bond at maturity, an inflation index-linked </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security provides principal payments and interest payments that vary as the principal and/or interest are adjusted over time to reflect a rise or a drop in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reference inflation-related index. For inflation index-linked debt securities for which repayment of the original principal upon maturity (as adjusted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inflation) is not guaranteed, the adjusted principal value of the securities repaid at maturity may be less than the original principal value. The value of inflation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index-linked securities is expected to change in response to real interest rates, which are in turn tied to the relationship between nominal interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the rate of inflation. There can be no assurance that an inflation index that is used will accurately measure the real rate of inflation. The price of an inflation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index-linked security generally falls when real interest rates rise and rises when real interest rates fall. Interest payments on such securities are unpredictable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and will fluctuate as the principal and interest are adjusted to reflect movements in the inflation-related index. In periods of deflation, the Fund may have no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">income at all from such investments. The principal value of an investment in the Fund is not protected or otherwise guaranteed by the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in inflation index-linked securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Generally, the value of investments with interest rate risk, such as fixed-income securities, will move in the opposite direction as movements in interest rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the value of the Fund’s investments to decline. Interest rate increases, including significant or rapid increases, may result in a decline in the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bonds held by the Fund, make issuers less willing or able to make principal and interest payments on fixed-income investments when due, lead to heightened </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of which may result in substantial losses to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">yields, which may cause a decline in its income. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rate changes may have a more pronounced effect on the market value of fixed-rate instruments than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on floating-rate instruments. The value of floating rate and variable securities may decline if their interest rates do not rise as quickly, or as much, as general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The prices of fixed-income securities are also affected by their durations. Fixed-income securities with longer durations generally have greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sensitivity to changes in interest rates than those with shorter durations. Rising interest rates may cause the value of the Fund’s investments with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">durations and terms to maturity to decline, which may adversely affect the value of the Fund. For example, if a bond has a duration of two years, a 1% </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase in interest rates could be expected to result in a 2% decrease in the value of the bond. Fluctuations in interest rates may also affect the liquidity of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fixed income securities and instruments held by the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unexpected redemptions may force the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sell certain investments at unfavorable prices to meet redemption requests or other cash needs.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  Judgment plays a greater role in pricing illiquid investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">than in investments with more active markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Litigation, Bankruptcy, and Other Proceedings Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in stressed, distressed or bankrupt companies include a material risk of involving the Fund in a related litigation. Such litigation can be time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consuming and expensive, and can frequently lead to unpredicted delays or losses. Litigation expenses, including payments pursuant to settlements or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">judgments, generally will be borne by the Fund. A bankruptcy filing may have adverse and permanent effects on a company. Further, if the proceeding is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">converted to a liquidation, the liquidation value of the company may not equal the liquidation value that was believed to exist at the time of the investment. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, a creditor’s return on investment can be impacted adversely by delays while a plan of reorganization is being negotiated, approved by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditors, confirmed by the bankruptcy court (if applicable), and becomes effective. Certain fixed-income securities invested in by the Fund could be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. federal, state or non-U.S. bankruptcy laws or fraudulent transfer or conveyance laws if such securities were issued with the intent of hindering, delaying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or defrauding creditors or, in certain circumstances, if the issuer receives less than reasonably equivalent value or fair consideration in return for issuing such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. If the Fund, the Manager or the sub-advisor were to be found to have interfered with the affairs of a company in which the Fund holds a debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment, to the detriment of other creditors or common stockholders of such company, the Fund could be held liable for damages to injured parties or a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bankruptcy court. Changes in bankruptcy laws (including U.S. federal and state laws and applicable non-U.S. laws) may adversely impact the Fund’s securities.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Loan Interests Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In making investments in bank loans or senior loans, the Fund will depend primarily on the creditworthiness of the borrower for payment of principal and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest and will also rely on the financial institution to make principal and interest payments to the Fund once it receives payment on the underlying loan. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund will also rely on the financial institution to pursue appropriate remedies against a borrower in the event that the borrower defaults. As such, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be exposed to the credit risk of both the financial institution that made the loan and the underlying borrower.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike publicly traded common stocks, which trade on national exchanges, there is no central place or exchange for loans, including bank loans and senior </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">loans, to trade. There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sufficient to cover the amount owed on the loan. In the event that the borrower defaults, the Fund’s access to the collateral may be limited or delayed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bankruptcy or other insolvency laws. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions with a high volume of shareholder redemptions, present a risk to shareholders with respect to the Fund’s ability to pay redemption proceeds within </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the allowable time periods stated in the Prospectus. The secondary market for loans also may be subject to irregular trading activity and wide bid/ask spreads. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The lack of an active trading market for certain loans may impair the ability of the Fund to sell its loan interests at a time when it may otherwise be desirable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to do so or may require the Fund to sell them at prices that are less than what the Fund regards as their fair market value and may make it difficult to value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such loans. Accordingly, loan interests may at times be illiquid. Interests in loans made to finance highly leveraged companies or transactions, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">corporate acquisitions, may be especially vulnerable to adverse changes in economic or market conditions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations. During a general downturn in the securities markets, multiple asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes may decline in value simultaneously. Even when certain securities prices have generally increased over time, there have been periods of price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in losses for investors, which are likely to occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and  cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established by the  U.S. government and/or Federal Reserve and economic and political circumstances within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in government leadership, a government’s inability to agree on a budget, high public debt, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may negatively affect investor and consumer confidence and may negatively impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon public and proprietary data and systems. Data or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund.  </span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the  U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. The economies of all nations, including the U.S., are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve and certain foreign central banks have started to lower interest rates, though economic or other factors could stop or reverse such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes. It is difficult to accurately predict the various economic and political factors that influence the pace at which interest rates might change, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Changes in interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lead to an economic slowdown in the U.S. and abroad, significant market volatility and reduced liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the United States, Israel and Iran, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between Russia and Ukraine, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> duration of ongoing hostilities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">related sanctions and the repercussions of such events</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have presented and could continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">present material uncertainty and risk with respect to markets globally</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the Fund and its investments or operations could be negatively impacted.  </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen. The impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences that may not be foreseen, may negatively impact certain issuers, industries and regions.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund’s investments, which requires the Fund, in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differentials that may be reflected in the net asset value (“NAV”) of the Fund’s shares. Frequent trading by Fund shareholders poses risks to other shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the ability to execute efficient </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mortgage-Backed and  Mortgage-Related Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in mortgage-backed and mortgage-related securities are influenced by the factors affecting the mortgages underlying the securities or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">housing market. These securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and mortgage-related securities also are subject to market risks for fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgage-backed and mortgage-related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could result in losses to the Fund. These securities are also subject to the risk of default on the underlying mortgages, particularly during periods of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security’s value.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Adjustable Rate Mortgages (“ARMs”) Risk.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ARMs contain maximum and minimum rates beyond which the mortgage interest rate may not vary over the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lifetime of the security. In addition, many ARMs provide for additional limitations on the maximum amount by which the mortgage interest rate may adjust </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for any single adjustment period. Alternatively, certain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payment is not sufficient to pay the interest accruing on an ARM, any excess interest is added to the principal balance of the mortgage loan, which is repaid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">through future monthly payments. If the monthly payment for such an instrument exceeds the sum of the interest accrued at the applicable mortgage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate and the principal payment required at such point to amortize the outstanding principal balance over the remaining term of the loan, the excess </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">is used to reduce the then-outstanding principal balance of the ARM. In addition, certain ARMs may provide for an initial fixed, below-market or teaser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate. During this initial fixed-rate period, the payment due from the related mortgagor may be less than that of a traditional loan. However, after </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:18pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the teaser rate expires, the monthly payment required to be made by the mortgagor may increase significantly when the interest rate on the mortgage loan </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adjusts. This increased burden on the mortgagor may increase the risk of delinquency or default on the mortgage loan and in turn, losses on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgage-backed security into which that loan has been bundled.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Collateralized Mortgage Obligation (“CMOs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> CMOs</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including real estate mortgage investment conduits (“REMICs”),</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may offer a higher yield than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government securities, but they may also be subject to greater price fluctuation and credit risk. In addition, CMOs typically will be issued in a variety of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes or series, which have different maturities and are retired in sequence. In the event of a default by an issuer of a CMO, there is no assurance that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral securing such CMO will be sufficient to pay principal and interest. It is possible that there will be limited opportunities for trading CMOs in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">OTC market, the depth and liquidity of which will vary from time to time.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Because ETFs are listed on an exchange, they may be subject to trading halts, may trade at a premium or discount to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their net asset value (“NAV”) and may not be liquid. An ETF that tracks an index may not precisely replicate the returns of that index, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">actively-managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Future legislative or regulatory changes, including changes in taxation, could impact the operation of ETFs.   </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Prepayment and Extension Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Prepayment and extension risk is the risk that a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected. Due to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security, any of which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in a reduced yield to the Fund. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to shorten. Conversely, extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a security’s effective maturity, increase the risk of default or delayed payment, heighten interest rate risk and increase the potential for a decline in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment’s price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduced. Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">case could hurt the Fund’s performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other market developments may cause investors to move out of fixed-income securities on a large scale.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Reliance on Corporate Management and Financial Reporting  Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor may select investments for the Fund in part on the basis of information and data made directly available to the sub-advisor by the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or through sources other than the issuers such as collateral pool servicers. The sub-advisor has no ability to independently verify such information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and data and is therefore dependent upon the integrity of the management of these issuers and of such servicers and the financial and collateral performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reporting processes in general. Information and data provided regarding a particular issuer may not necessarily contain information that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">normally considers when evaluating the investment prospects of a company.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Repurchase Agreement Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of repurchase agreements involves counterparty risk and credit risk. The obligations of a counterparty to a repurchase agreement are not guaranteed. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund permits various forms of securities as collateral whose values fluctuate and that are not issued or guaranteed by the U.S. government. There are risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that a counterparty may default at a time when the collateral has declined in value, or a counterparty may become insolvent and subject to liquidation, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may affect the Fund’s right to control the collateral.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Restricted Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities not registered in the U.S. under the Securities Act of 1933, as amended (the “Securities Act”), or in non-U.S. markets pursuant to similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulations, including “Section 4(a)(2)” securities and “Rule 144A” securities, are restricted as to their resale. Such securities may not be listed on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange and may have no active trading market. The prices of these securities may be more difficult to determine than publicly traded securities and these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities may involve heightened risk as compared to investments in securities of publicly traded companies. They may be more difficult to purchase or sell at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an advantageous time or price because such securities may not be readily marketable in broad public markets or may have to be held for a certain time period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">before they can be resold. The Fund may not be able to sell a restricted security when the sub-advisor considers it desirable to do so and/or may have to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the security at a lower price than the Fund believes is its fair market value. In addition, transaction costs may be higher for restricted securities and the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may receive only limited information regarding the issuer of a restricted security. The Fund may have to bear the expense of registering restricted securities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resale and the risk of substantial delays in effecting the registration.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Secured, Partially Secured and Unsecured Obligation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debt obligations may be secured, partially secured or unsecured. Interests in secured and partially-secured obligations have the benefit of collateral and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. However, there is no assurance that the liquidation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral from a secured or partially-secured obligation would satisfy the borrower’s obligation, or that the collateral can be liquidated. Furthermore, there is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the value of any collateral securing an obligation in which the Fund has an interest may decline and that the collateral may not be sufficient to cover </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the amount owed on the obligation. In the event the borrower defaults, the Fund’s access to the collateral may be limited or delayed by bankruptcy or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">insolvency laws. Unsecured debt, including senior unsecured and subordinated debt, will not be secured by any collateral and will be effectively subordinated </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to a borrower’s secured indebtedness (to the extent of the collateral securing such indebtedness). With respect to unsecured obligations, the Fund lacks any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral on which to foreclose to satisfy its claim in whole or in part. Such instruments generally have greater price volatility than that of fully secured </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and may be less liquid.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Stressed, Distressed, and Defaulted Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the debt securities of financially stressed or distressed issuers, including those that are in default or the issuers of which are in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bankruptcy. Investments in the securities of financially stressed or distressed issuers are speculative and involve substantial risks. These securities may present a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">substantial risk of default or may be in default at the time of investment. In addition, these securities may fluctuate more in price, and are typically less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">than other higher-rated debt securities. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">principal or interest on its portfolio holdings. The Fund is also subject to significant uncertainty as to when, and in what manner, and for what value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligations evidenced by securities of financially stressed or distressed issuers will eventually be satisfied (e.g., through a liquidation of the issuer’s assets, an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange offer or plan of reorganization, or a payment of some amount in satisfaction of the obligation). Defaulted obligations might be repaid only after </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lengthy workout or bankruptcy proceedings, during which the issuer might not make any interest or other payments. In any such proceeding relating to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">defaulted obligation, the Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment. Among the risks inherent in investments in a troubled issuer is that it frequently may be difficult to obtain information as to the true financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">condition of the issuer.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The level of analytical sophistication, both financial and legal, necessary for successful investment in stressed or distressed assets is particularly high. There is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">no assurance that the Fund will correctly evaluate the value of the assets collateralizing the Fund’s investments or the prospects for a successful reorganization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or similar action in respect of any company. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lose its entire investment, may be required to accept cash or securities with a value less than the Fund’s original investment and/or may be required to accept </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payment over an extended period of time.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Structured Products and Structured Notes Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The risk that an investment in a structured product, which includes, among other things, collateralized debt obligations, mortgage-backed securities, other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of asset-backed securities and certain types of structured notes, may decline in value due to changes in the underlying instruments, indexes, interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates or other factors on which the product is based (“reference measure”). Depending on the reference measure used and the use of multipliers or deflators </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(if any), changes in interest rates and movement of the reference measure may cause significant price and cash flow fluctuations. Application of a multiplier is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">comparable to the use of financial leverage, a speculative technique. Holders of structured products indirectly bear risks associated with the reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">measure, are subject to counterparty risk and typically do not have direct rights against the reference measure. Structured products are generally privately </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">offered and sold, and thus, are not registered under the securities laws and may be thinly traded or have a limited trading market and may have the effect of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increasing the Fund’s illiquidity, reducing the Fund’s income and the value of the investment. At a particular point in time, the Fund may be unable to find </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">qualified buyers for these securities. Investments in structured notes involve risks including interest rate risk, credit risk and market risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Unrated Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may purchase securities that are not rated by any rating organization,  the sub-advisor, after assessing their credit quality, may internally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assign ratings to certain of those securities in categories similar to those of rating organizations. Unrated securities are subject to the risk that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may not accurately evaluate the security’s comparative credit rating. Some unrated securities may not have an active trading market or may be difficult to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, which means the Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price volatility.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Government Securities and Government-Sponsored Enterprises Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of coupons and the face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value at maturity, not its current market price. The market prices for such securities are not guaranteed and will fluctuate. Certain securities held by the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), Federal Home Loan Mortgage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Corporation (‘‘Freddie Mac’’), Federal Home Loan Bank (‘‘FHLB’’), and Federal Farm Credit Bank (“FFCB”), are not guaranteed by the U.S. Treasury and are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">backed by the full faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support if these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">organizations do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored enterprises are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">also subject to credit risk, interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities due to potentially higher costs for the U.S. government to obtain new financing. It is possible that the U.S. government and government-sponsored </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">enterprises will not have the funds to meet their payment obligations in the future.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain of the Fund’s assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation of the Fund’s investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Variable and Floating Rate Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The coupons on variable and floating-rate securities are not fixed and may fluctuate based upon changes in market rates. A variable rate security has a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">coupon that is adjusted at pre-designated periods in response to changes in the market rate of interest on which the coupon is based. The coupon on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating rate security is generally based on an interest rate, such as a money-market index, Secured Overnight Financing Rate (“SOFR”), or a Treasury bill rate. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on variable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and floating-rate securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have limits on the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increases in the coupon rates. The value of variable and floating-rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of variable and floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rate instruments may be subject to greater liquidity risk than other debt securities.</span></div> Fund Performance <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional market index with characteristics that are similar to those of the Fund, for the periods indicated.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund acquired the DoubleLine </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Floating Rate Fund, a series of DoubleLine Funds Trust (“Predecessor Fund”), in a reorganization that closed on February 20, 2026. In connection with that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reorganization, the  Y Class shares of the Fund have adopted the performance history and financial statements of the Class I shares of the Predecessor Fund, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and the  Investor Class shares of the Fund have adopted the performance history and financial statements of the Class N  shares of the Predecessor Fund.   The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bar chart and table below show the performance of the Fund’s Y Class shares for all periods. In the bar chart and table below, the performance of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y Class shares reflects the returns of the Predecessor Fund’s Class I shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> for periods prior to February 23, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The table below also shows the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of the Fund’s Investor Class shares for all periods. In the table below, the performance of the Fund’s Investor Class shares reflects the returns of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Predecessor Fund’s Class</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">N shares.  Performance information for the A Class, C Class and R5 Class shares of the Fund is not provided because those share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes have not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been in operation for a full calendar year and have not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adopted the performance history and financial statements of a corresponding share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">class of the Predecessor Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may obtain updated performance information on the Fund’s website at  </span><a href="DUMMY_2802_0_11"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">necessarily an indication of how the Fund will perform in the future.</span></div> The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as well as an additional market index with characteristics that are similar to those of the Fund, for the periods indicated. www.americanbeaconfunds.com Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Calendar year total returns for Y Class Shares.   Year Ended 12/31 <div><img alt="image" src="pr2802img003.jpg" style="float:left; ;max-width:100%"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>7.88% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1/1/2016 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-10.91% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1st Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1/1/2016 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The calendar year-to-date total return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">June 30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.65%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> Highest Quarterly Return:7.88% 2nd Quarter 20201/1/2016 through 12/31/2025 0.0788 2020-06-30 Lowest Quarterly Return:-10.91% 1st Quarter 20201/1/2016 through 12/31/2025 -0.1091 2020-03-31 The calendar year-to-date total return as of June 30, 2026 was 1.65%. 2026-06-30 0.0165 Average annual total returns for periods ended December 31, 2025   <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:64%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Y Class</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>02/01/2013</b></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.75%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.44%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.56%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.76%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.75%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.30%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.94%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.97%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.48%</span></div> </td> </tr> </table></div><div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:64%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/01/2013</span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.46%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.18%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.29%</span></div> </td> </tr> </table></div><div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:64%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg US Aggregate Bond Index</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.30%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.36%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.01%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&amp;P UBS Leveraged Loan Index</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.94%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.37%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.78%</span></div> </td> </tr> </table></div> 2013-02-01 0.0675 0.0544 0.0456 0.0376 0.0275 0.023 0.0394 0.0297 0.0248 2013-02-01 0.0646 0.0518 0.0429 0.073 -0.0036 0.0201 0.0594 0.0637 0.0578 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an  individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Y Class shares of the Fund; after-tax returns for other share classes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an  individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation. After-tax returns are shown only for Y Class shares of the Fund; after-tax returns for other share classes will vary. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The investment objective of the Fund is to seek long-term total return while striving to generate current income.</span></div> Fees and Expenses of the Fund <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. More information  is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from your financial professional and in “Choosing Your Share Class” on page 47 of the Prospectus.</span></div> Shareholder Fees (fees paid directly from your investment) <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:73%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span> </div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Y</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>R6</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Investor</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge imposed on purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (as a percentage of the lower of original offering price or redemption proceeds)</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> </tr> </table></div> 0 0 0 0 0 0 <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:73%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="4" style="padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Annual Fund Operating Expenses</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Expenses that you pay each year as a percentage of the value of your investment)</span> </div> </td> </tr> <tr> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span> </div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Y</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>R6</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Investor</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Management Fees</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Service (12b-1) Fees</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.11%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.10%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Acquired Fund Fees and Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.01%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Total Annual Fund Operating Expenses</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">^<b>2</b></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.62%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.61%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.89%</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or expense reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.02)%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.02)%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.04)%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Total Annual Fund Operating Expenses after fee waiver and/or expense reimbursement</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.60%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.59%</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1.5pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>0.85%</b></span></div> </td> </tr> </table></div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.005 0.005 0.005 0 0 0 0.0011 0.001 0.0038 0.0001 0.0001 0.0001 0.0062 0.0061 0.0089 -0.0002 -0.0002 -0.0004 0.006 0.0059 0.0085 Other Expenses and Acquired Fund Fees and Expenses are based on estimated expenses for the current fiscal year. The Fund is the successor to the DoubleLine Select Income Fund, formerly known as the DoubleLine Infrastructure Income Fund (the “Predecessor Fund”), pursuant to a reorganization that occurred on February 20, 2026 (“Closing Date”), in which the Y Class and Investor Class shares of the Fund adopted the financial statements and performance history of the Class I and Class N shares, respectively, of the Predecessor Fund. The Total Annual Fund Operating Expenses of the Fund’s Y Class and Investor Class shares do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights for the Class I and Class N shares, respectively, of the Predecessor Fund, but instead reflect the Fund’s estimated expenses. February 20, 2028 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through February 20, 2028. Although your actual costs may be higher or lower, based on these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumptions, whether you redeem or hold your shares, your costs would be:</span></div> <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:82%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span> </div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom"> <div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$61</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$197</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$60</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$193</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$87</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$280</span></div> </td> </tr> </table></div> 61 197 60 193 87 280 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year ended March 31, 2026 (which is the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">turnover rate of the Fund’s predecessor through February 20, 2026), the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">39%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the average value of its portfolio.</span></div> 0.39 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund intends to invest at least 50% of its net assets (plus the amount of borrowings for investment purposes) in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“Infrastructure Investments.” The Fund considers Infrastructure Investments to include any assets or projects that support the operation, function, growth or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">development of a community or economy.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Infrastructure Investments in which the Fund may invest include, without limitation, fixed or floating-rate debt instruments, loans or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">income-producing instruments issued:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">by companies or other issuers to finance (or re-finance) the ownership, development, construction, maintenance, renovation, enhancement, or operation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of infrastructure assets;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">by companies or other issuers that invest in, own, lease or hold infrastructure assets; and</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">by companies or other issuers that operate infrastructure assets or provide services, products or raw materials related to the development, construction, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maintenance, renovation, enhancement or operation of infrastructure assets.  </span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may hold instruments issued by a wide range of entities including, among others, operating companies, holding companies, special purpose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">vehicles, including vehicles created to hold or finance infrastructure assets, municipal issuers, sovereign governments and their agencies, authorities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> instrumentalities, quasi-sovereign entities with government backing, and supranational organizations formed by multiple governments. The infrastructure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assets to which the Fund may have exposure through its investments include, without limitation, assets related to:  </span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transportation (e.g., airports, metro systems, subways, railroads, ports, toll roads);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transportation equipment (e.g., shipping, aircraft, railcars, containers);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">electric utilities and power (e.g., power generation, transmission and distribution);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">energy (e.g., exploration and production, pipeline, storage, refining and distribution of energy), including renewable energies (e.g., wind, solar, hydro, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">geothermal);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">communication networks and equipment (e.g., cell towers, fibers, data centers);</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">water and sewage treatment;</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">social infrastructure (e.g., health care facilities, government buildings and other public service facilities); and</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">metals, mining, and other resources and services related to infrastructure assets (e.g., cement, chemical companies).    </span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest without limit in Infrastructure Investments in the United States or in foreign countries, including countries that have less developed, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">emerging, markets. However, the Fund generally seeks to invest principally in instruments denominated in  U.S. dollars.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although, under normal circumstances, the Fund intends to invest more than 50% of its net assets in investment grade investments (i.e., those rated Baa3 or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">better by Moody’s Investors Service, Inc. or BBB- or better by S&amp;P Global Ratings, Fitch Ratings, Inc., Kroll Bond Rating Agency or the equivalent by any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationally recognized rating organization) and unrated instruments considered by DoubleLine Capital LP (the “sub-advisor” or “DoubleLine Capital”) to be of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">comparable credit quality, the Fund may purchase investments of any credit quality, including investments that are rated below investment grade or unrated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments considered by the sub-advisor to be of comparable credit quality. Instruments rated below investment grade and unrated instruments of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">comparable quality are high yield, high risk bonds, commonly known as “junk bonds.” Such “junk bonds” also may be considered to possess some </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">speculative characteristics. Generally, lower-rated debt securities offer the potential for a higher yield than higher rated debt securities of similar maturity but </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are subject to greater risk of loss of principal and interest than higher rated securities of similar maturity.  </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest without limit in debt obligations, loans and other income-producing instruments where the obligation to repay principal and pay interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or otherwise make payments to the Fund is secured by underlying infrastructure asset(s) (e.g., a power generating facility, aircraft, railcars, and/ or containers) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or secured solely by an equity ownership stake in a particular asset or project. Alternatively, the Fund may invest in income-producing instruments where the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligation to repay principal and pay interest is unsecured and backed only by the creditworthiness of the issuer.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in debt obligations, income-producing instruments and infrastructure-related investments of any kind, including, without limitation, (i) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">project bonds; (ii) corporate obligations; (iii) loans (including “covenant-lite” obligations); (iv) mortgage-backed securities; (v) asset-backed securities of any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">kind (including securities collateralized by installment loan contracts and/or leases of various types of real and personal property, such as aircraft and cellular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">towers, and consumer loans); (vi) foreign corporate securities, including emerging market securities; (vii) enhanced equipment trust certificates and equipment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trust certificates; (viii) debt obligations issued or guaranteed by governments or governmental agencies; (ix) credit-linked notes; (x) municipal bonds; (xi) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pass-through notes; (xii) perpetual maturity bonds; and (xiii) other instruments bearing fixed, floating, or variable interest rates of any maturity. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invest in any level of the capital structure of an issuer of asset-backed securities, including the equity or “first loss” tranche. Loans include, without limitation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">secured and unsecured senior loans, term loan Bs, mezzanine, second lien, and other subordinated loans, loan participations and assignments, and other fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and floating rate loans. The Fund may invest in securities that are restricted as to their resale or that otherwise have limited liquidity.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may use derivatives transactions for any purpose, including to create efficient investment exposure, create investment leverage, hedge against </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">portfolio exposures, create indirect long or short positions as a substitute for a cash investment, or to manage the Fund’s duration or adjust the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to changes in market interest rates. The Fund will incur costs in implementing derivatives strategies, and there can be no assurance that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">will engage in derivatives strategies or that any such strategy will be successful.    </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may pursue its investment objective and obtain exposures to some or all of the asset classes described above by investing in other investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies, including, for example, other open-end or closed-end investment companies, and exchange-traded funds (“ETFs”), including investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies sponsored or managed by the Manager, the sub-advisor or their related parties. The Fund may invest cash balances in a government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market fund advised by the Manager, with respect to which the Manager receives a management fee. The amount of the Fund’s investment in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies may be limited by law or by tax considerations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor monitors the duration of the Fund’s portfolio securities to seek to assess and, in its discretion, adjust the Fund’s exposure to interest rate risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor intends, under normal circumstances, to construct an investment portfolio with a dollar-weighted average effective duration of no less than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">two years and no more than ten years. Duration is a measure of the expected life of a fixed income instrument that is used to determine the sensitivity of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security’s price to changes in interest rates. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of fixed income securities would generally be expected to decline by one percent for every year of the portfolio’s average duration above zero. For example, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of a portfolio of fixed income securities with an average duration of three years would generally be expected to decline by approximately 3% if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates rose by one percentage point. Effective duration is a measure of the Fund’s portfolio duration adjusted for the anticipated effect of interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes on bond and loan prepayment rates as determined by the sub-advisor. The effective duration of the Fund’s investment portfolio may vary materially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from its target range, from time to time, and there is no assurance that the effective duration of the Fund’s investment portfolio will always be within its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">target range.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective and you could lose part or all of your investment in the Fund.  </span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Assets selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment objectives.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset-Backed Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities are influenced by factors affecting the assets underlying the securities, including the broader market sector and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">individual markets, such as the auto markets. These securities may be more sensitive to changes in interest rates than other types of debt securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities also are subject to risks of fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. These securities are also subject to the risk of default on the underlying assets, particularly during periods of market downturn, and an unexpectedly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">high rate of defaults on the underlying assets will adversely affect the security’s value.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="font-family: Arial, Helvetica, sans-serif; font-size: 8.02pt; color: #0027BA">Equipment Trust Certificates (“ETCs”)</span> <span style="font-family: Arial, Helvetica, sans-serif; font-size: 8.02pt; color: #0027BA">and Enhanced Equipment Trust Certificates (“EETCs”)</span> <span style="font-family: Arial, Helvetica, sans-serif; font-size: 8.02pt; color: #0027BA">Risk.</span><span style="font-family: Arial, Helvetica, sans-serif; font-size: 8.02pt">  ETCs and EETCs are types of asset-backed securities that generally represent undivided fractional interests in a trust whose assets consist of a pool of equipment retail installment contracts or leased equipment. EETCs are similar to ETCs, except that the securities have been divided into two or more classes, each with different payment priorities and asset claims. ETCs and EETCs are typically issued by specially-created trusts established by airlines, railroads, or other transportation firms. The assets of ETCs and EETCs are used to purchase equipment, such as airplanes, railroad cars, or other equipment, which may in turn serve as collateral for the related issue of the ETCs or EETCs, and the title to such equipment is held in trust for the holders of the issue. The equipment generally is leased from the specially-created trust by the airline, railroad or other firm, which makes rental or lease payments to the specially-created trust to provide cash flow for payments to ETC and EETC holders. Holders of ETCs and EETCs must look to the collateral securing the certificates, typically together with a guarantee provided by the lessee firm or its parent company for the payment of lease obligations, in the case of default in the payment of principal and interest on the ETCs or EETCs. ETCs and EETCs are subject to the risk that the lessee or payee defaults on its payments, and risks related to potential declines in the value of the equipment that serves as collateral for the issue. ETCs and EETCs are generally regarded as obligations of the company that is leasing the equipment and may be shown as liabilities in its balance sheet as a capitalized lease in accordance with generally accepted accounting principles. The lessee company, however, does not own the equipment until all the certificates are redeemed and paid. In the event the company defaults under its lease, the trustee may terminate the lease. If another lessee is not available, then payments on the certificates would cease until another lessee is available.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Callable Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. In the event of a call, the Fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates.  </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Collateralized Loan Obligations (“CLOs”) Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The risks of an investment in a CLO depend largely on the type of underlying collateral and the class or seniority of CLO in which the Fund invests. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically will invest in CLOs collateralized by bank loans.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">   </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Therefore, the CLOs in which the Fund invests will be subject to loan interests risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> In addition, CLOs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CLOs may be characterized as illiquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. The Fund’s investments in CLOs and other similarly structured investments may expose the Fund to heightened credit risk, interest rate risk, liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, market risk, and prepayment and extension risk. In addition to these risks, CLOs may also carry additional risks including, but not limited to: (i) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the quality of the collateral may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in value or default; (iii) the risk that the Fund may invest in CLOs that are subordinate to other classes; (iv) the risk that the complex structure of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that the CLO’s manager may perform poorly. CLOs may charge management and other administrative fees, which are in addition to those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. CLOs may be difficult to value and may be highly leveraged, which could make them highly volatile.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Confidential Information Access Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In managing the Fund or other client assets, the Manager or sub-advisor may be in possession of material non-public information about the issuers of certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments, including, without limit, loans, high yield bonds and related investments being considered for acquisition by the Fund or held in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">portfolio. Because of prohibitions on trading in securities of issuers while in possession of such information, the Fund might be unable to enter into a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction in a security of that issuer when it would otherwise be advantageous to do so. In such circumstances, the Fund may be disadvantaged in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">comparison to other investors, including with respect to the price the Fund pays or receives when it buys or sells an investment. Pursuant to applicable policies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and procedures, the Manager or sub-advisor may, but is not required to, seek to avoid receipt of confidential information from the issuer so as to avoid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possible restrictions on its ability to purchase and sell investments on behalf of the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>“Covenant-Lite” Obligations Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain investments, such as loans in which the Fund may invest directly or have exposure to through its investments in structured securities, may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“covenant-lite.” Covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants at all, and may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include terms which allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to losses on such investments may be increased, especially during a downturn in the credit cycle.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction, may fail, or become less able or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditworthiness of an issuer, or a downgrade or default affecting any of the Fund’s securities, could affect the Fund’s performance. Generally, the longer the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debentures Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debentures are unsecured debt securities. The holder of a debenture is protected only by the general creditworthiness of the issuer. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">municipal debentures.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in both corporate and government debentures.  </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Derivatives Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potential material and prolonged deviations between the theoretical value and realizable value of a derivative. The use of derivatives may also increase any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adverse effects resulting from the underperformance of strategies, asset classes and market exposures to which the Fund has allocated its assets. Derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be difficult to value, and valuation may be more difficult in times of market turmoil. Derivatives may also be more volatile than other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  and credit risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. As a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result, the Fund may not recover its investment or may only obtain a limited recovery, and any recovery may be delayed.  Not all derivative transactions require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. Derivatives transactions requiring </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund to post collateral may expose the Fund to greater losses in the event of a default by a counterparty.  There may be imperfect correlation between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">behavior of a derivative and that of the reference instrument underlying the derivative. An abrupt change in the price of a reference instrument could render a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">derivative worthless. Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instrument. The Fund may buy or sell derivatives not traded on an exchange, which may be subject to heightened  counterparty, liquidity and valuation risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks when that might have been beneficial. Ongoing changes to the regulation of derivatives and changes in the regulation of funds using derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments could limit the Fund’s ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adversely affect their liquidity, value or performance.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Futures Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as liquidity risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). The Fund may invest in the following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of futures contracts:</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;"> <div style="font-size:18pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Interest Rate Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Interest rate futures contracts expose the Fund to price fluctuations resulting from changes in interest rates. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could suffer a loss if interest rates rise after the Fund has purchased an interest rate futures contract or fall after the Fund has sold an interest rate futures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">contract.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;"> <div style="font-size:18pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Treasury Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Treasury futures contracts expose the Fund to price fluctuations resulting from changes in interest rates and to potential </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses if interest rates do not move as expected.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Structured Notes Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Structured notes are derivative debt instruments with principal and/or interest payments linked to the value of a commodity, a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">foreign currency, an index of securities, an interest rate, or other financial indicators (“reference instruments”). The payments on a structured note may vary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on changes in one or more specified reference instruments, such as a floating interest rate compared to a fixed interest rate, the exchange rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between two currencies, one or more securities or a securities or commodities index. If the underlying investment or index does not perform as anticipated, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the structured note might pay less interest than the stated coupon payment or repay less principal upon maturity. The movement of such factors may cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant price fluctuations. A structured note may be positively or negatively indexed. Structured notes are subject to interest rate risk, market risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidity risk and counterparty risk. They are also subject to credit risk with respect both to the issuer and, if applicable, to the underlying security or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrower. Structured notes may have a limited trading market, making it difficult to value them or sell them at an acceptable price.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Emerging Markets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Exposure Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to  non-U.S. issuers carries potential risks not associated with exposure to U.S. issuers. Such risks may include, but are not limited to: (1) political and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial instability, (2) less liquidity, (3) greater volatility, and (4) different government regulation The Fund’s exposure to a foreign issuer may subject the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to regulatory, political, currency, security, economic and other risks associated with that country, including tariffs, trade disputes and sanctions. Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High-Yield Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks than an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Infrastructure Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The values of the Fund’s Infrastructure Investments may be entirely dependent upon the successful development, construction, maintenance, renovation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">enhancement or operation of infrastructure assets or infrastructure-related projects. Accordingly, the Fund has significant exposure to adverse economic, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulatory, political, legal, demographic, environmental, and other developments affecting the success of the Infrastructure Investments in which it directly or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indirectly invests. In addition to the risks described above, sector-specific risks may adversely affect the values of the Fund’s investments. A summary of some </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of the principal sector-specific risks is included below. The inclusion of a specific risk below with respect to a specific sector does not mean that that risk does </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not also apply in respect of the Fund’s other investments:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Transportation</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">: transportation-related infrastructure assets may be adversely affected by, among other things, economic and market changes, fuel prices, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">labor relations,  geo-political concerns and insurance costs. Transportation-related infrastructure assets and related businesses may also be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant government regulation and oversight, which may adversely affect their businesses.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Electric Utilities and Power</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">: utility- and power-related infrastructure assets may have difficulty obtaining financing during periods of inflation or unsettled </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">capital markets; may be subject to greater competition as a result of deregulation; face changes in climate or environmental policy; face restrictions on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">operations and increased cost and delays attributable to environmental considerations and regulation; find that existing plants, equipment or products have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been rendered obsolete by technological innovations; or be subject to increased costs because of the scarcity of certain fuels or the effects of man-made or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">natural disasters.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Energy</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">: energy-related infrastructure assets may be adversely affected by one or more of the following: the levels and volatility of global energy prices, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">energy supply and demand, capital expenditures on exploration and production of energy sources, energy conservation efforts, exchange rates, interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates, economic conditions, tax treatment, increased competition, government regulation, technological advances, risk of liability from accidents resulting in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">injury or loss of life or property, supply of products and services, and world events.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Renewable Energy</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">: renewable-energy related infrastructure assets may be adversely affected by changes in government policy relating to incentives and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">subsidies for renewable energy assets, technological developments (or the application thereof), unforeseen technical deficiencies with installations, and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reliance of any renewable energy project, or group of projects, on variable resources.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Communication Networks and Equipment</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">: infrastructure assets in the telecommunications sector may be adversely affected by increased competition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulation by various regulatory authorities, distressed cash flows due to the need to commit substantial capital to meet increasing competition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">technological advances, limited availability of franchise and licensing rights, and high barriers to market entry. Various forms of cyber attack threaten </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">communication networks and could severely hamper any infrastructure project dependent upon communication networks and equipment.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Public and Social Infrastructure</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">: public and social infrastructure assets, such as hospitals, schools, government accommodations, and other public service </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">facilities projects, may be subject to risks that include, but are not limited to, costs associated with governmental, environmental and other regulations, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">effects of economic slowdowns, increased competition from other providers of such services, uncertainties concerning costs, adverse political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments, and the level of government spending on infrastructure projects.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Metals and Mining</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">: investments in metals and mining related infrastructure assets may be speculative and subject to greater price volatility than investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in other types of companies. The performance of assets in this sector is related to, among other things, worldwide metal prices, and extraction and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">production costs.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Industrial</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">: industrial-related infrastructure assets may be adversely affected by supply and demand both for their specific product or service and for industrial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector products in general. Government regulation, world events, exchange rates and economic conditions, changes or trends in commodity prices, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these assets and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ability to repay their debts.   </span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Generally, the value of investments with interest rate risk, such as fixed-income securities, will move in the opposite direction as movements in interest rates. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the value of the Fund’s investments to decline. Interest rate increases, including significant or rapid increases, may result in a decline in the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bonds held by the Fund, make issuers less willing or able to make principal and interest payments on fixed-income investments when due, lead to heightened </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of which may result in substantial losses to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">yields, which may cause a decline in its income. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rate changes may have a more pronounced effect on the market value of fixed-rate instruments than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on floating-rate instruments. The value of floating rate and variable securities may decline if their interest rates do not rise as quickly, or as much, as general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The prices of fixed-income securities are also affected by their durations. Fixed-income securities with longer durations generally have greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sensitivity to changes in interest rates than those with shorter durations. Rising interest rates may cause the value of the Fund’s investments with longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">durations and terms to maturity to decline, which may adversely affect the value of the Fund. For example, if a bond has a duration of three years, a 1% </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase in interest rates could be expected to result in a 3% decrease in the value of the bond. Fluctuations in interest rates may also affect the liquidity of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fixed income securities and instruments held by the Fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund.  Judgment plays a greater role in pricing illiquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments than in investments with more active markets.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Loan Interests Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In making investments in bank loans or senior loans, the Fund will depend primarily on the creditworthiness of the borrower for payment of principal and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest and will also rely on the financial institution to make principal and interest payments to the Fund once it receives payment on the underlying loan. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund will also rely on the financial institution to pursue appropriate remedies against a borrower in the event that the borrower defaults. As such, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be exposed to the credit risk of both the financial institution that made the loan and the underlying borrower.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike publicly traded common stocks, which trade on national exchanges, there is no central place or exchange for loans, including bank loans and senior </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">loans, to trade. There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sufficient to cover the amount owed on the loan. In the event that the borrower defaults, the Fund’s access to the collateral may be limited or delayed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bankruptcy or other insolvency laws. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions with a high volume of shareholder redemptions, present a risk to shareholders with respect to the Fund’s ability to pay redemption proceeds within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the allowable time periods stated in the Prospectus. The secondary market for loans also may be subject to irregular trading activity and wide bid/ask spreads. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The lack of an active trading market for certain loans may impair the ability of the Fund to sell its loan interests at a time when it may otherwise be desirable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to do so or may require the Fund to sell them at prices that are less than what the Fund regards as their fair market value and may make it difficult to value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such loans. Accordingly, loan interests may at times be illiquid. Interests in loans made to finance highly leveraged companies or transactions, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">corporate acquisitions, may be especially vulnerable to adverse changes in economic or market conditions.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations. During a general downturn in the securities markets, multiple asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes may decline in value simultaneously. Even when certain securities prices have generally increased over time, there have been periods of price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in losses for investors, which are likely to occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and  cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established by the  U.S. government and/or Federal Reserve and economic and political circumstances within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in government leadership, a government’s inability to agree on a budget, high public debt, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may negatively affect investor and consumer confidence and may negatively impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon public and proprietary data and systems. Data or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund.  </span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the  U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. The economies of all nations, including the U.S., are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve and certain foreign central banks have started to lower interest rates, though economic or other factors could stop or reverse such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes. It is difficult to accurately predict the various economic and political factors that influence the pace at which interest rates might change, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timing, frequency or magnitude of any such changes in interest rates, or when such changes might stop or again reverse course. Changes in interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lead to an economic slowdown in the U.S. and abroad, significant market volatility and reduced liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the United States, Israel and Iran, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between Russia and Ukraine, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> duration of ongoing hostilities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">related sanctions and the repercussions of such events</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have presented and could continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">present material uncertainty and risk with respect to markets globally</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the Fund and its investments or operations could be negatively impacted.  </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen. The impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences that may not be foreseen, may negatively impact certain issuers, industries and regions.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund’s investments, which requires the Fund, in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differentials that may be reflected in the net asset value (“NAV”) of the Fund’s shares. Frequent trading by Fund shareholders poses risks to other shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the ability to execute efficient </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Model and Data Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Models and data are used to screen potential investments for the Fund. When models or data prove to be incorrect or incomplete, any decisions made in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reliance thereon expose the Fund to potential risks. Some of the models used by the sub-advisor are predictive in nature. The use of predictive models has </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inherent risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">depend heavily on the accuracy and reliability of the supplied historical data. There is no assurance that the models are complete, accurate, or representative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of future market cycles, nor will they always be beneficial to the Fund if they are accurate. Additionally, programs may become outdated or experience </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">malfunctions which may not be identified by the sub-advisor and therefore may also result in losses to the Fund. These models may negatively affect Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance for various other reasons, including human judgment, inaccuracy of historical data and non-quantitative factors (such as market or trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">system dysfunctions, investor fear or overreaction). The use of artificial intelligence or other evolving or emerging technologies presents significant risks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may exacerbate the aforementioned risks.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mortgage-Backed and  Mortgage-Related Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in mortgage-backed and mortgage-related securities are influenced by the factors affecting the mortgages underlying the securities or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">housing market. These securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and mortgage-related securities also are subject to market risks for fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgage-backed and mortgage-related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could result in losses to the Fund. These securities are also subject to the risk of default on the underlying mortgages, particularly during periods of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security’s value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, certain mortgage-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and mortgage-related securities may include securities backed by pools of loans made to “subprime” borrowers or borrowers with blemished credit histories; </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Mortgage Pass-Through Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Mortgage pass-through securities provide for the “pass through” of the monthly payments made by individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrowers on their residential or commercial mortgage loans, net of any fees by the security issuer and guarantor, as applicable, to the holder of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security. Mortgage pass-through securities are sensitive to interest rate changes, and small movements in interest rates, both increases and decreases, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">quickly and significantly affect the value of certain mortgage pass-through securities. Mortgage pass-through securities involve interest rate risk, credit risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment risk and extension risk.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Municipal Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Municipal securities could be affected by adverse political and legislative changes. The ability of a municipal issuer to make payments can be affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties in the municipal securities market, including: litigation; the strength of the local or national economy; the issuer’s ability to raise revenues </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">through tax or other means; budgetary constraints of local, state and federal governments upon which the issuer may be relying for funding; a legislature’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">willingness or ability to appropriate funds needed to pay municipal securities obligations; the bankruptcy of the issuer; adverse political and legislative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes, including to eliminate or limit the tax-exempt status of municipal bond interest or dividends; and other changes in the financial condition of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">municipality. At times, municipal issuers have defaulted on obligations or commenced insolvency proceedings. Financial difficulties of municipal issuers may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">continue or get worse in the future. Reductions in tax rates may make municipal securities less attractive in comparison to taxable bonds.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Closed-end Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Because closed-end funds may be listed on an exchange, they may be subject to trading halts, may trade at a discount or premium </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to their NAV and may not be liquid. The lack of an active trading market or the halting of trading in the shares of closed-end funds in which the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invests may result in losses to the Fund.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Because ETFs are listed on an exchange, they may be subject to trading halts, may trade at a premium or discount to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their net asset value (“NAV”) and may not be liquid. An ETF that tracks an index may not precisely replicate the returns of that index, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">actively-managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Future legislative or regulatory changes, including changes in taxation, could impact the operation of ETFs.   </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the  counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or otherwise honor its obligations, or that it may default completely.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Prepayment and Extension Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Prepayment and extension risk is the risk that a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected. Due to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security, any of which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in a reduced yield to the Fund. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to shorten. Conversely, extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a security’s effective maturity, increase the risk of default or delayed payment, heighten interest rate risk and increase the potential for a decline in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment’s price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduced. Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">case could hurt the Fund’s performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other market developments may cause investors to move out of fixed-income securities on a large scale.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Reliance on Corporate Management and Financial Reporting  Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor may select investments for the Fund in part on the basis of information and data made directly available to the sub-advisor by the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or through sources other than the issuers such as collateral pool servicers. The sub-advisor has no ability to independently verify such information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and data and is therefore dependent upon the integrity of the management of these issuers and of such servicers and the financial and collateral performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reporting processes in general. Information and data provided regarding a particular issuer may not necessarily contain information that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">normally considers when evaluating the investment prospects of a company.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Restricted Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities not registered in the U.S. under the Securities Act of 1933, as amended (the “Securities Act”), or in non-U.S. markets pursuant to similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulations, including “Section 4(a)(2)” securities and “Rule 144A” securities, are restricted as to their resale. Such securities may not be listed on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange and may have no active trading market. The prices of these securities may be more difficult to determine than publicly traded securities and these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities may involve heightened risk as compared to investments in securities of publicly traded companies. They may be more difficult to purchase or sell at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an advantageous time or price because such securities may not be readily marketable in broad public markets or may have to be held for a certain time period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">before they can be resold. The Fund may not be able to sell a restricted security when the sub-advisor considers it desirable to do so and/or may have to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the security at a lower price than the Fund believes is its fair market value. In addition, transaction costs may be higher for restricted securities and the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may receive only limited information regarding the issuer of a restricted security. The Fund may have to bear the expense of registering restricted securities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resale and the risk of substantial delays in effecting the registration.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Secured, Partially Secured and Unsecured Obligation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debt obligations may be secured, partially secured or unsecured. Interests in secured and partially-secured obligations have the benefit of collateral and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. However, there is no assurance that the liquidation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral from a secured or partially-secured obligation would satisfy the borrower’s obligation, or that the collateral can be liquidated. Furthermore, there is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the value of any collateral securing an obligation in which the Fund has an interest may decline and that the collateral may not be sufficient to cover </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the amount owed on the obligation. In the event the borrower defaults, the Fund’s access to the collateral may be limited or delayed by bankruptcy or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">insolvency laws. Unsecured debt, including senior unsecured and subordinated debt, will not be secured by any collateral and will be effectively subordinated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to a borrower’s secured indebtedness (to the extent of the collateral securing such indebtedness). With respect to unsecured obligations, the Fund lacks any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral on which to foreclose to satisfy its claim in whole or in part. Such instruments generally have greater price volatility than that of fully secured </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and may be less liquid.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sovereign and Quasi-Sovereign Debt Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Sovereign or quasi-sovereign debt securities are subject to risk of payment delays or defaults due to, among other things: (1) country cash flow problems, (2) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">insufficient foreign currency reserves, (3) political considerations, (4) large debt positions relative to the country’s economy, (5) policies toward foreign lenders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or investors, (6) the failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwillingness to repay debts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">It may be particularly difficult to enforce the rights of debt holders in emerging markets.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> A governmental entity that defaults on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an obligation may request additional time in which to repay loans, may request further loans, or may seek to restructure its obligations to reduce interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or outstanding principal. There is no legal process for collecting sovereign and quasi-sovereign debt that a government does not pay, nor are there bankruptcy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Sovereign and quasi-sovereign debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk is increased for emerging markets issuers, which are among the largest debtors to commercial banks and foreign governments. At times, certain emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Structured Products and Structured Notes Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The risk that an investment in a structured product, which includes, among other things, collateralized debt obligations, mortgage-backed securities, other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of asset-backed securities and certain types of structured notes, may decline in value due to changes in the underlying instruments, indexes, interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates or other factors on which the product is based (“reference measure”). Depending on the reference measure used and the use of multipliers or deflators </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(if any), changes in interest rates and movement of the reference measure may cause significant price and cash flow fluctuations. Application of a multiplier is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">comparable to the use of financial leverage, a speculative technique. Holders of structured products indirectly bear risks associated with the reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">measure, are subject to counterparty risk and typically do not have direct rights against the reference measure. Structured products are generally privately </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">offered and sold, and thus, are not registered under the securities laws and may be thinly traded or have a limited trading market and may have the effect of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increasing the Fund’s illiquidity, reducing the Fund’s income and the value of the investment. At a particular point in time, the Fund may be unable to find </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">qualified buyers for these securities. Investments in structured notes involve risks including interest rate risk, credit risk and market risk.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Supranational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be unable or unwilling to provide that support. Political changes in principal donor nations may also unexpectedly disrupt the finances of supranational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">entities. Obligations of a supranational entity that are denominated in non-U.S. currencies will also be subject to the risks associated with investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. currencies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Unrated Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may purchase securities that are not rated by any rating organization,  the sub-advisor, after assessing their credit quality, may internally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assign ratings to certain of those securities in categories similar to those of rating organizations. Unrated securities are subject to the risk that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may not accurately evaluate the security’s comparative credit rating. Some unrated securities may not have an active trading market or may be difficult to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, which means the Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price volatility.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Government Securities and Government-Sponsored Enterprises Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of coupons and the face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value at maturity, not its current market price. The market prices for such securities are not guaranteed and will fluctuate. Certain securities held by the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), Federal Home Loan Mortgage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Corporation (‘‘Freddie Mac’’), Federal Home Loan Bank (‘‘FHLB’’), and Federal Farm Credit Bank (“FFCB”), are not guaranteed by the U.S. Treasury and are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">backed by the full faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support if these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">organizations do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored enterprises are </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">also subject to credit risk, interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities due to potentially higher costs for the U.S. government to obtain new financing. It is possible that the U.S. government and government-sponsored </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">enterprises will not have the funds to meet their payment obligations in the future.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain of the Fund’s assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation of the Fund’s investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Variable and Floating Rate Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The coupons on variable and floating-rate securities are not fixed and may fluctuate based upon changes in market rates. A variable rate security has a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">coupon that is adjusted at pre-designated periods in response to changes in the market rate of interest on which the coupon is based. The coupon on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating rate security is generally based on an interest rate, such as a money-market index, Secured Overnight Financing Rate (“SOFR”), or a Treasury bill rate. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on variable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and floating-rate securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have limits on the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increases in the coupon rates. The value of variable and floating-rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of variable and floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rate instruments may be subject to greater liquidity risk than other debt securities.</span></div> Fund Performance <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the periods indicated.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">acquired the DoubleLine Select Income Fund, formerly known as the DoubleLine Infrastructure Income Fund, a series of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">DoubleLine Funds Trust (“Predecessor Fund”), in a reorganization that closed on February 20, 2026. In connection with that reorganization, the  Y Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of the Fund have adopted the performance history and financial statements of the Class I shares of the Predecessor Fund, and the  Investor Class shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund have adopted the performance history and financial statements of the Class N  shares of the Predecessor Fund. The bar chart and table below show the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance of the Fund’s Y Class shares for all periods. In the bar chart and table below, the performance of the Fund’s Y Class shares  reflects the returns of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Predecessor Fund’s Class I shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> for periods prior to February 23, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.  The table below also shows the performance of the Fund’s Investor Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for all periods. In the table below, the performance of the Fund’s Investor Class shares reflects the returns of the Predecessor Fund’s Class</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">N shares. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Performance information for R6 Class shares of the Fund is not provided because that share class of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has not been in operation for a full calendar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">year</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and has not adopted the performance history and financial statements of any class of the Predecessor Fund. You may obtain updated performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">information on the Fund’s website at  </span><a href="DUMMY_2802_2_9"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span></a><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not necessarily an indication of how the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund will perform in the future.</span></div> The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index for the periods indicated. www.americanbeaconfunds.com Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Calendar year total returns for Y Class shares.   Year Ended 12/31 <div><img alt="image" src="pr2802img004.jpg" style="float:left; ;max-width:100%"/></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>8.70% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2017 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-7.21% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1st Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2017 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The calendar year-to-date total return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">June 30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> was 1</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">.18%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> Highest Quarterly Return:8.70% 2nd Quarter 202001/01/2017 through 12/31/2025 0.087 2020-06-30 Lowest Quarterly Return:-7.21% 1st Quarter 202001/01/2017 through 12/31/2025 -0.0721 2020-03-31 The calendar year-to-date total return as of June 30, 2026 was 1.18%. 2026-06-30 0.0018 Average annual total returns for periods ended December 31, 2025   <div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:64%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Y Class</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>04/01/2016</b></span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.59%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.61%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.97%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.57%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.10%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.55%</span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.46%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.58%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.66%</span></div> </td> </tr> </table></div><div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:64%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>(04/01/2016)</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">04/01/2016</span> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.32%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.36%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.72%</span></div> </td> </tr> </table></div><div> <table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:73%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> <td style="height:1px;width:9%"></td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>(04/01/2016)</b></span></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg US Aggregate Bond Index</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.30%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.36%</span></div> </td> <td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.75%</span></div> </td> </tr> </table></div> 2016-04-01 0.0759 0.0161 0.0297 0.0557 0.001 0.0155 0.0446 0.0058 0.0166 2016-04-01 0.0732 0.0136 0.0272 0.073 -0.0036 0.0175 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an  individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Y Class shares of the Fund; after-tax returns for other share classes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes. The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an  individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation. After-tax returns are shown only for Y Class shares of the Fund; after-tax returns for other share classes will vary. 1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $250,000 or more. However, the Fund assesses a contingent deferred sales charge (‘’CDSC’’) of 0.50% on certain purchases of $250,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase. 3Other Expenses include 0.04% of loan interest expenses. 2Other Expenses and Acquired Fund Fees and Expenses for the A Class, C Class and R5 Class shares are based on estimated expenses for the current fiscal year. In addition, Other Expenses and Acquired Fund Fees and Expenses for the  Y Class and Investor Class shares are restated based on estimated expenses for the current fiscal year.   4The Fund is the successor to the DoubleLine Floating Rate Fund (the “Predecessor Fund”), pursuant to a reorganization that occurred on February 20, 2026 (“Closing Date”), in which the Y Class and Investor Class shares of the Fund adopted the financial statements and performance history of the Class I shares and Class N shares, respectively, of the Predecessor Fund. The Total Annual Fund Operating Expenses of the Fund’s Y Class and Investor Class shares do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights for the Class I shares and Class N shares, respectively, of the Predecessor Fund, but instead are restated to reflect the Fund’s estimated expenses. In addition, the Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund’s Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 5American Beacon Advisors, Inc. (the “Manager”) has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class, C Class, Y Class, R5 Class, and Investor Class shares, as applicable, through February 20, 2028, to the extent that Total Annual Fund Operating Expenses exceed 0.95% for the A Class, 1.73% for the  C Class, 0.75% for the  Y Class, 0.69% for the R5 Class, and 1.00% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees (“Board”). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment. 1Other Expenses and Acquired Fund Fees and Expenses are based on estimated expenses for the current fiscal year. 2The Fund is the successor to the DoubleLine Select Income Fund, formerly known as the DoubleLine Infrastructure Income Fund (the “Predecessor Fund”), pursuant to a reorganization that occurred on February 20, 2026 (“Closing Date”), in which the Y Class and Investor Class shares of the Fund adopted the financial statements and performance history of the Class I and Class N shares, respectively, of the Predecessor Fund. The Total Annual Fund Operating Expenses of the Fund’s Y Class and Investor Class shares do not correlate to the ratio of expenses to average net assets provided in the Financial Highlights for the Class I and Class N shares, respectively, of the Predecessor Fund, but instead reflect the Fund’s estimated expenses. 3American Beacon Advisors, Inc. (the “Manager”) has contractually agreed to waive fees and/or reimburse expenses of the Fund’s Y Class, R6 Class and Investor Class shares, as applicable, through February 20, 2028, to the extent that Total Annual Fund Operating Expenses exceed 0.59% for the Y Class, 0.58% for the R6 Class and  0.84% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees (the “Board”). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.