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Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may also pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. More information about these and other discounts is available from your financial professional and in “How to Purchase Shares” beginning on page 43 of the statutory prospectus and in Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers.” You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:6.4pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:275pt; max-width:275pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:25.91pt; max-width:25.91pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.61pt">Class R Shares </td><td style="min-width:41.2pt; max-width:41.2pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:23.77pt; max-width:23.77pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.61pt">Class I Shares </td><td style="min-width:40.14pt; max-width:40.14pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:36.48pt; max-width:36.48pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.61pt">Class C Shares </td><td style="min-width:32.7pt; max-width:32.7pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:38.3pt; max-width:38.3pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.61pt">Class A Shares </td></tr> <tr><td style="min-width:275pt; max-width:275pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) </td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:25.91pt; max-width:25.91pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">None </td><td style="min-width:41.2pt; max-width:41.2pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:23.77pt; max-width:23.77pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">None </td><td style="min-width:40.14pt; max-width:40.14pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:36.48pt; max-width:36.48pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 8pt 0pt 0pt">None </td><td style="min-width:32.7pt; max-width:32.7pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:38.3pt; max-width:38.3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0pt 11pt 0pt 0pt">2.75% </td></tr> <tr><td style="min-width:275pt; max-width:275pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) </td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:25.91pt; max-width:25.91pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">None </td><td style="min-width:41.2pt; max-width:41.2pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:23.77pt; max-width:23.77pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">None </td><td style="min-width:40.14pt; max-width:40.14pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:36.48pt; max-width:36.48pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0pt 2pt 0pt 0pt">1.00%(1) </td><td style="min-width:32.7pt; max-width:32.7pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:38.3pt; max-width:38.3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0pt 5pt 0pt 0pt">1.00%(2) </td></tr> </table> 0 0 0 0.0275 0 0 0.01 0.01 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:6.4pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.85pt; max-width:30.85pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class R Shares </td><td style="min-width:35.76pt; max-width:35.76pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class I Shares </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class C Shares </td><td style="min-width:39pt; max-width:39pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class A Shares </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Management Fees </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.85pt; max-width:30.85pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right">1.12% </td><td style="min-width:35.76pt; max-width:35.76pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right">1.12% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right">1.12% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right">1.12% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Distribution and/or Service (12b‑1) Fees </td><td style="min-width:30.46pt; max-width:30.46pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.85pt; max-width:30.85pt; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:35.76pt; max-width:35.76pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; box-sizing:border-box; text-align:right; padding:0pt 6pt 0pt 0pt">None </td><td style="min-width:37.5pt; max-width:37.5pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; box-sizing:border-box; text-align:right">1.00% </td><td style="min-width:39pt; max-width:39pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:11.3pt; max-width:11.3pt; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0.61pt 0pt">Other Expenses: </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.85pt; max-width:30.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.26% </td><td style="min-width:35.76pt; max-width:35.76pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.26% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.26% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.26% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Dividends on Short Positions and Interest Expense on Short Positions and/or Borrowings </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.85pt; max-width:30.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:35.76pt; max-width:35.76pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">All Remaining Other Expenses </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.85pt; max-width:30.85pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:35.76pt; max-width:35.76pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0pt 0pt">Acquired Fund Fees and Expenses(3) </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.85pt; max-width:30.85pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.08% </td><td style="min-width:35.76pt; max-width:35.76pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.08% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.08% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.08% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0.61pt 0pt">Total Annual Fund Operating Expenses(4) </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.85pt; max-width:30.85pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">1.71% </td><td style="min-width:35.76pt; max-width:35.76pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">1.46% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">2.46% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">1.71% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 141pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(1)</td><td style="min-width:382pt; max-width:382pt; vertical-align:bottom">This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 15pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(2)</td><td style="min-width:508pt; max-width:508pt; vertical-align:bottom">A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(3)</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(4)</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the financial highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses.</td></tr> </table> 0.0112 0.0112 0.0112 0.0112 0.0025 0 0.01 0.0025 0.0026 0.0026 0.0026 0.0026 0.0001 0.0001 0.0001 0.0001 0.0025 0.0025 0.0025 0.0025 0.0008 0.0008 0.0008 0.0008 0.0171 0.0146 0.0246 0.0171 The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the financial highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Class C shares automatically convert to Class A shares approximately eight years after purchase if the conversion is available through your financial intermediary. This Example reflects your costs as though Class C shares were held for the full 10-year period. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; margin:4.4pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:30.98pt; max-width:30.98pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">1 Year </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:39.36pt; max-width:39.36pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">3 Years </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:34.72pt; max-width:34.72pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">5 Years </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:55.26pt; max-width:55.26pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">10 Years </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class R Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">174 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">539 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">928 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,019 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class I Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">149 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">462 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">797 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">1,746 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class C Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Assuming Complete Redemption at End of Period </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">349 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">767 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">1,311 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,796 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Assuming No Redemption </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">249 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">767 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">1,311 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,796 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class A Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">444 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">799 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">1,178 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,239 </td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; margin:4.4pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:30.98pt; max-width:30.98pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">1 Year </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:39.36pt; max-width:39.36pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">3 Years </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:34.72pt; max-width:34.72pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">5 Years </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:55.26pt; max-width:55.26pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">10 Years </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class R Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">174 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">539 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">928 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,019 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class I Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">149 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">462 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">797 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">1,746 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class C Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Assuming Complete Redemption at End of Period </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">349 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">767 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">1,311 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,796 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Assuming No Redemption </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">249 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">767 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">1,311 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,796 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class A Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">444 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">799 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.6pt; max-width:20.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">1,178 </td><td style="min-width:9.06pt; max-width:9.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,239 </td></tr> </table> 174 539 928 2019 149 462 797 1746 349 767 1311 2796 249 767 1311 2796 444 799 1178 2239 Portfolio Turnover 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 indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 220% of the average value of its portfolio. 2.20 Principal Investment Strategies The Fund invests in equity securities of companies (both U.S. and foreign) that are involved in publicly announced mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. Equity securities include common and preferred stock. The Fund may invest in equity securities of companies of any market capitalization. Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. The Fund’s investment adviser (the “Adviser”) uses various investment strategies, including short selling and the purchasing and selling of options, in an attempt to preserve capital during times of market stress and to minimize market exposure, correlation, and volatility. The Adviser expects the Fund’s assets to be invested across various industries; however, if for example, a large percentage (namely, at least 50%) of mergers or other corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund’s assets could be concentrated in that industry for that period of time. The most common merger arbitrage activity, and the approach the Fund primarily uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the common stock of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company’s common stock and/or other securities, as per the terms of the transaction, may be sold short. The purpose of the short sale is to protect against a decline in the market value of the acquiring company’s securities prior to the acquisition’s completion. The Fund may enter into equity swap agreements for the purpose of attempting to obtain a desired return on, or exposure to, certain equity securities or equity indices in an expedited manner or at a lower cost to the Fund than if the Fund had invested directly in such securities. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. Furthermore, the Fund may invest in other investment companies, including other funds advised by the Adviser, and in exchange traded funds (“ETFs”). The Fund generally engages in active and frequent trading of portfolio securities to achieve its investment objective. The Fund will generally sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund’s expected return criteria when gauged by prevailing market prices and the relative risks of the situation. The Fund may hold a significant portion of its assets in cash, money market or similar cash management funds, or short-term investments for defensive purposes, to preserve the Fund’s ability to capitalize quickly on new market opportunities, or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. The Fund may also hold a significant amount of cash or short-term investments immediately after a period in which several transactions in which the Fund has invested close in a similar timeframe, yet before capital is redeployed to other opportunities. As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. Merger Arbitrage Risk: The principal risk associated with the Fund’s merger arbitrage investment strategy is that the proposed corporate reorganizations in which the Fund invests may not be completed or may be completed on less favorable terms than originally anticipated, in which case the Fund may realize losses. Short Sale Risk: The Fund may obtain short exposure by borrowing a security to sell or by trading a derivative instrument that has a similar economic effect, such as a future, forward or swap. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. There is no theoretical ceiling to the price of a shorted security. Therefore, in theory, securities sold short have unlimited risk. Short sales also expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the Fund’s performance. When the Fund sells a security short, it must maintain cash or high-grade securities equal to the margin requirement. As a result, the Fund may maintain high levels of cash or other liquid assets (such as U.S. Treasury bills, money market instruments, certificates of deposit, high quality commercial paper, and long equity positions). The need to maintain cash or other liquid assets could limit the Fund’s ability to pursue other opportunities as they arise. Short exposure generally introduces more risk to the Fund than long positions (purchases). It is also possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increases, thereby increasing potential losses to the Fund. Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results. Concentration Risk: If a large percentage of mergers or other corporate events taking place within the U.S. are within one industry over a given period of time, the Fund may invest a large portion of its assets in securities of issuers in a single industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility with respect to its portfolio securities than a fund that is more broadly diversified. High Portfolio Turnover Risk: The Fund normally expects to engage in active and frequent trading and expects to have a high portfolio turnover rate (over 100%). This may increase the Fund’s brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains, which could cause you to pay higher taxes. Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. Transaction costs may be higher in foreign countries than in the U.S. The U.S. dollar value of foreign securities traded in foreign currencies held by the Fund or by funds in which the Fund invests (and any dividends and interest earned) may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the U.S., may involve risks which are in addition to those inherent in U.S. investments. Foreign governments and economies often are less stable than the U.S. Government and the U.S. economy, and foreign companies may not be subject to the same regulatory requirements and accounting, auditing, and financial reporting standards of U.S. companies. As a consequence, there may be less publicly available information about such companies, which may negatively affect the value of foreign securities held by the Fund. Market Risk: The value of the Fund’s investments, and the net asset value (“NAV”) of the Fund, will fluctuate over time, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an entire industry, or the market as a whole. Securities markets may experience short-term or even extended periods of heightened volatility and turmoil. These events could have an adverse effect on the value of the Fund’s investments, and investors could lose money due to this price fluctuation. The value of a security may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates, changes in interest rates, or adverse investor sentiment. Geopolitical and other risks, including terrorism, war and sanctions, and environmental and public health risks (such as natural disasters, epidemics, and pandemics), may add to instability in world economies and markets generally. This uncertainty could lead to corporate events such as mergers, acquisitions, and restructurings breaking, forcing the Fund to allocate assets to other strategies. The extent and duration of such market disruptions cannot be predicted but could magnify the impact of other risks to the Fund, could have a significant adverse impact on the Fund and its investments, and could result in increased volatility of the Fund’s NAV. Sector Risk: The securities of companies in the same or related businesses (“sectors”), if comprising a significant portion of the Fund’s portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments, and may adversely affect the value of the Fund’s portfolio, to a greater extent than if such securities comprised a lesser portion of the Fund’s portfolio or if the Fund’s portfolio was diversified across a greater number of sectors. Some sectors have particular risks that may not affect other sectors. Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased), and swap contracts. Hedging Transaction Risk: Instruments used to hedge against an opposite position may offset losses, but they also may offset gains. The success of the Fund’s hedging strategies will be subject to the Adviser’s ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund’s portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase. Counterparty Risk: The Fund may enter into various types of derivative contracts with a counterparty that may be privately negotiated in the over-the-counter market. These contracts involve exposure to credit risk, because contract performance depends, in part, on the financial condition of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed, and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund. Temporary Investment/Cash Management Risk: The Fund may hold a significant portion of its assets in cash, money market or similar cash management funds, or short-term investments for temporary defensive purposes in response to adverse market, economic, political or other conditions, to preserve the Fund’s ability to capitalize quickly on new market opportunities or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. These investments may include money market funds, money market instruments such as Treasury bills, securities issued by the U.S. Government, its agencies or instrumentalities, bankers’ acceptances, commercial paper, and repurchase agreements for the above securities, and investment companies that invest primarily in such instruments. To the extent the Fund maintains cash or holds short-term investments, the Fund may not achieve its investment objective and may also be subject to additional risks, including market, interest rate, and credit risk. Swap Risk: The Fund may enter into total return swaps to gain investment exposure to the underlying security or securities in a more efficient or economically attractive manner than direct ownership. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund’s ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements. Options Risk: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund. Liquidity Risk: Liquidity risk exists when particular investments are difficult to purchase or sell. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants to make a market in fixed-income securities, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. To enhance investment value and/or protect shareholder rights, from time to time, the Fund may participate in various types of litigation, including but not limited to shareholder appraisal rights petitions and class action lawsuits. If the Fund exercises its appraisal rights, it may experience limited liquidity on its investment while the subject securities are being appraised. Illiquid and relatively less liquid investments may be harder to value, especially in turbulent markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. The Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at NAV. For this reason, shares could trade either at a premium or a discount to NAV. The trading price of an ETF is expected to closely track the actual NAV of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF’s portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. An index-based ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Leverage Risk: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a “when-issued” basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund’s NAV may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest. Market Capitalization Risk: The securities of small-capitalization and mid-capitalization companies may be less liquid and more vulnerable to adverse business, economic, or market events than securities of relatively larger, more established companies. Larger, more established companies may be unable to attain the high growth rates of successful, smaller- and medium-sized companies during periods of economic expansion. Currency Risk: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment in the Fund. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. The return of currency forward and futures contracts utilized for currency hedging may not perfectly offset the actual fluctuations of the foreign currencies relative to the U.S. dollar and may prevent the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks. Further, in order to minimize transaction costs, or for other reasons, the Fund’s exposure to non-U.S. currencies may not be hedged. Performance Information The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund’s performance has varied from year to year and by showing how the Fund’s average annual returns for the past one-, five-, ten-year and since inception periods compare with those of the S&P 500® Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. The bar chart presents the calendar year total returns of the Fund’s Class R Shares before taxes. Returns shown in the bar chart do not reflect sales charges applicable to other share classes, which would reduce performance results. The performance table reflects the performance of the Fund’s Class R shares before and after taxes and the Fund’s Class I, Class C and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated information on the Fund’s performance can be obtained by visiting www.arbitragefunds.com. The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund’s performance has varied from year to year and by showing how the Fund’s average annual returns for the past one-, five-, ten-year and since inception periods compare with those of the S&P 500® Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. Returns shown in the bar chart do not reflect sales charges applicable to other share classes, which would reduce performance results. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arbitragefunds.com <table cellpadding="0" style="border-collapse:collapse; margin:8.4pt 0pt 0pt; width:543.88pt; border-spacing: 0px;"><tr><td style="min-width:252.63pt; max-width:252.63pt; vertical-align:top; box-sizing:border-box"><img alt="" src="j26227012_ca003.jpg" style="-sec-ix-hidden: hidden-fact-0; width: 336.75px; height: 228.27px;"/></td><td style="min-width:27.25pt; max-width:27.25pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:264pt; max-width:264pt; vertical-align:top; box-sizing:border-box; text-align:left">Year-by-Year Annual Total Returns through December 31, 2025 – Class R Shares During the period shown in the bar chart, the highest return for a quarter was 3.66% during the quarter ended June 30, 2020 and the lowest return for a quarter was 2.90% during the quarter ended June 30, 2022. The year-to-date return of the Fund’s Class R shares through June 30, 2026 is 1.56%. While the Class I, Class C, and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C, and Class A shares will differ from that shown since the Classes do not have the same expenses or inception dates. </td></tr> </table> Year-by-Year Annual Total Returns through December 31, 2025 – Class R Shares highest return 0.0366 2020-06-30 lowest return 0.029 2022-06-30 year-to-date return 2026-06-30 0.0156 Average Annual Total Returns for Periods Ended December 31, 2025 The table below shows the Fund’s average annual total returns for Class R shares, Class I shares, Class C shares, and Class A shares compared with those of the S&P 500® Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. The returns in the table below reflect the maximum applicable sales charges for the relevant share class. The table also presents the impact of taxes on the returns of the Fund’s Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at NAV and that the entire account is redeemed at the end of the period, including reinvested amounts). Class C shares automatically convert to Class A shares approximately eight years after purchase if the conversion is available through your financial intermediary. In the table below, the performance for Class C shares does not reflect the conversion of Class C shares to Class A shares after eight years. After-tax returns are shown for Class R shares only, and after-tax returns for Class I, Class C, and Class A shares will vary. 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns <table cellpadding="0" style="border-collapse:collapse; margin:0.4pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left">ARBITRAGE FUND </td><td colspan="4" style="min-width:58.32pt; max-width:58.32pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">One Year </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:42.92pt; max-width:42.92pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">Five Years </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:47.23pt; max-width:47.23pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">Ten Years </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:43.6pt; max-width:43.6pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">Since Inception* </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">Class R Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">8.01 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">3.23 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">3.32 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23pt; max-width:23pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">3.87 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class R Return After Taxes on Distributions </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">6.98 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.57 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.43 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23pt; max-width:23pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.94 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class R Return After Taxes on Distributions and Sale of Fund Shares </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">5.24 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.32 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.27 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23pt; max-width:23pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.75 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class I Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">8.29 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.48 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.57 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23pt; max-width:23pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.27 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class C Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">6.25 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.47 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.55 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23pt; max-width:23pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.95 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class A Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">5.05 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.65 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.05 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23pt; max-width:23pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.69 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">S&P 500® Index** </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">17.88 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">14.42 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">14.82 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23pt; max-width:23pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">8.29 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Bloomberg U.S. Treasury Bill Index*** </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">4.30 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.19 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.20 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23pt; max-width:23pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.92 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Bloomberg U.S. Aggregate Bond Index**** </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">7.30 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">‑0.36 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.01 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23pt; max-width:23pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.92 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3.4pt; max-width:3.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:2pt 10pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">*</td><td style="min-width:513pt; max-width:513pt; vertical-align:bottom">The inception date for Class R shares is September 18, 2000, the inception date for Class I shares is October 17, 2003, the inception date for Class C shares is June 1, 2012, and the inception date for the Class A shares is June 1, 2013. The “Since Inception” returns reflected for the S&P 500® Index, the Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index are based on the inception date for Class R shares.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 3pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">**</td><td style="min-width:520pt; max-width:520pt; vertical-align:bottom">To meet regulatory requirements, the S&P 500® Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The S&P 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.49pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">***</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">****</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.</td></tr> </table> 0.0801 0.0323 0.0332 0.0387 0.0698 0.0257 0.0243 0.0294 0.0524 0.0232 0.0227 0.0275 0.0829 0.0348 0.0357 0.0327 0.0625 0.0247 0.0255 0.0195 0.0505 0.0265 0.0305 0.0269 0.1788 0.1442 0.1482 0.0829 0.043 0.0319 0.022 0.0192 0.073 -0.0036 0.0201 0.0392 2000-09-18 2003-10-17 2012-06-01 2013-06-01 To meet regulatory requirements, the S&P 500® Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The S&P 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 21pt"><td style="min-width:523pt; max-width:523pt; text-align:justify; vertical-align:top">The indexes are calculated on a total-return basis, are unmanaged and are not available for direct investment. The indexes reflect no deduction for fees, expenses, or taxes. The indexes are not intended to, and do not, parallel the risk or investment style of the Fund’s investment strategy.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 21pt"><td style="min-width:523pt; max-width:523pt; text-align:justify; vertical-align:top">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.</td></tr> </table> WATER ISLAND EVENT-DRIVEN FUND Investment Objective The Fund seeks to achieve capital growth. Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may also pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial professional and in “How to Purchase Shares” beginning on page 43 of the statutory prospectus and in Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers.” You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. 100000 Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:6.4pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:275pt; max-width:275pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:25.91pt; max-width:25.91pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:40.5pt; max-width:40.5pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:26pt; max-width:26pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.11pt">Class R Shares </td><td style="min-width:41.61pt; max-width:41.61pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.71pt; max-width:28.71pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.11pt">Class I Shares </td><td style="min-width:34.16pt; max-width:34.16pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:41.62pt; max-width:41.62pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.11pt 2pt">Class A Shares </td></tr> <tr><td style="min-width:275pt; max-width:275pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) </td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:25.91pt; max-width:25.91pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:40.5pt; max-width:40.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:26pt; max-width:26pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0.51pt 0pt 0pt">None </td><td style="min-width:41.61pt; max-width:41.61pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:28.71pt; max-width:28.71pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0.51pt 0pt 0pt">None </td><td style="min-width:34.16pt; max-width:34.16pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.62pt; max-width:41.62pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 11pt 0pt 0pt">3.25% </td></tr> <tr><td style="min-width:275pt; max-width:275pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0pt 0pt">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) </td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:25.91pt; max-width:25.91pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:40.5pt; max-width:40.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:26pt; max-width:26pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0.51pt 0pt 0pt">None </td><td style="min-width:41.61pt; max-width:41.61pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:28.71pt; max-width:28.71pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0.51pt 0pt 0pt">None </td><td style="min-width:34.16pt; max-width:34.16pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:41.62pt; max-width:41.62pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 5pt 0pt 0pt">1.00%(1) </td></tr> </table> 0 0 0.0325 0 0 0.01 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:5.9pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class R Shares </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class I Shares </td><td style="min-width:39pt; max-width:39pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class A Shares </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0pt 0pt">Management Fees </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">1.10% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">1.10% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">1.10% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Distribution and/or Service (12b‑1) Fees </td><td style="min-width:30.46pt; max-width:30.46pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:37.5pt; max-width:37.5pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; box-sizing:border-box; text-align:right">None </td><td style="min-width:39pt; max-width:39pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:11.3pt; max-width:11.3pt; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0.61pt 0pt">Other Expenses: </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.63% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.63% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.63% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0.61pt 0pt">Dividends on Short Positions and Interest Expense on Short Positions and/or Borrowings </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.02% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.02% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.02% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">All Remaining Other Expenses </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.61% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.61% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.61% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Acquired Fund Fees and Expenses(2) </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Total Annual Fund Operating Expenses </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right">1.99% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right">1.74% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; box-sizing:border-box; text-align:right">1.99% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0pt 0pt">Fee Waiver(3) </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.27% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.27% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.27% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0.61pt 0pt">Total Annual Fund Operating Expenses After Fee Waiver </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">1.72% </td><td style="min-width:37.5pt; max-width:37.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">1.47% </td><td style="min-width:39pt; max-width:39pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.36pt; max-width:28.36pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">1.72% </td><td style="min-width:11.3pt; max-width:11.3pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 15pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(1)</td><td style="min-width:508pt; max-width:508pt; vertical-align:bottom">A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(2)</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(3)</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The Fund has entered into an Amended and Restated Expense Waiver and Reimbursement Agreement with the Fund’s Adviser pursuant to which the Adviser has contractually agreed to waive advisory fees and/or reimburse the Fund’s other expenses to the extent that total operating expenses (exclusive of taxes, interest, dividends on short positions, brokerage commissions, acquired fund fees and expenses and other costs incurred in connection with the purchase or sale of portfolio securities) so that they do not exceed 1.69% of the Fund’s average daily net assets allocable to the Class R shares, 1.44% of the Fund’s average daily net assets allocable to the Class I shares, and 1.69% of the Fund’s average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2027 unless terminated at an earlier time by the Fund’s Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed expense limitations in effect at the time the amounts were waived, the recoupment does not cause the Fund to exceed the current expense limitation and the recoupment is done within three years after the date of the expense waiver.</td></tr> </table> 0.011 0.011 0.011 0.0025 0 0.0025 0.0063 0.0063 0.0063 0.0002 0.0002 0.0002 0.0061 0.0061 0.0061 0.0001 0.0001 0.0001 0.0199 0.0174 0.0199 -0.0027 -0.0027 -0.0027 0.0172 0.0147 0.0172 A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. 2027-09-30 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver for the first year and equal to Total Annual Fund Operating Expenses for the remaining years. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: <table cellpadding="0" style="border-collapse:collapse; margin:4.4pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:30.98pt; max-width:30.98pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">1 Year </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:39.36pt; max-width:39.36pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">3 Years </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:34.72pt; max-width:34.72pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">5 Years </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:55.26pt; max-width:55.26pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">10 Years </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class R Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">175 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">598 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.64pt; max-width:20.64pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">1,048 </td><td style="min-width:9.02pt; max-width:9.02pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,295 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class I Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">150 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">522 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.64pt; max-width:20.64pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">919 </td><td style="min-width:9.02pt; max-width:9.02pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,029 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class A Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">494 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">904 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.06pt; max-width:5.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.64pt; max-width:20.64pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">1,339 </td><td style="min-width:9.02pt; max-width:9.02pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,545 </td></tr> </table> 175 598 1048 2295 150 522 919 2029 494 904 1339 2545 Portfolio Turnover 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 indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During its most recent fiscal year, the Fund’s portfolio turnover rate was 255% of the average value of its portfolio. 2.55 Principal Investment Strategies The Fund invests in equity and debt and debt-like instruments (including high yield bonds commonly known as “junk bonds”) of companies whose prices the Fund’s investment adviser (the “Adviser”) believes are or will be impacted by a corporate event. Specifically, the Fund employs investment strategies designed to capture price movements generated by corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations, or other special situations (referred to as “event-driven opportunities”). The Fund may invest in both U.S. and foreign securities and may invest in securities of companies of any market capitalization and in debt securities of any maturity. The Fund may also invest in derivatives, such as options and swaps. Furthermore, the Fund may invest in exchange traded funds (“ETFs”). The Adviser expects the Fund’s assets to be invested in various industries; however, if, for example, a large percentage (namely, at least 50%) of corporate events taking place within the U.S. are within one industry over a given period of time, a large portion of the Fund’s assets could be concentrated in that industry for that period of time. The Fund may utilize investment strategies such as merger arbitrage, convertible arbitrage, capital structure arbitrage, and special situations in order to profit from event-driven opportunities. These investment strategies are described more fully below. Merger Arbitrage: Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. The most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company’s common stock and/or other securities as per the terms of the transaction may be sold short. Convertible Arbitrage: Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm’s convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities’ positions and the underlying common stocks. Capital Structure Arbitrage: Capital structure arbitrage seeks to profit from relative pricing discrepancies between related debt and/or equity securities. For example, when the Fund believes that unsecured securities are overvalued in relation to senior secured securities, the Fund may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher than anticipated. Another example might involve the Fund purchasing one class of common stock while selling short a different class of common stock of the same issuer. It is expected that, over time, the relative mispricing of the securities may decline, at which point the position will be liquidated. Special Situations: The special situations strategy seeks to profit by investing in securities of companies whose stock price trades significantly higher or lower from where the Adviser believes they should trade, as the result of an ongoing or anticipated corporate catalyst. Corporate catalysts may include spin-offs, split-offs, asset sales, speculative mergers and acquisitions, transformational mergers and acquisitions, Dutch tenders (whereby an offer is made to purchase securities within a given price range through an auction structure, wherein shareholders are invited to sell shares over a specific time period by specifying the lowest price within the range that they will accept), regulatory changes, recapitalizations, refinancings, corporate levering/de-levering, un-solicited hostile offers, litigation, bankruptcy processes, distressed credit, and other catalysts. The strategy invests primarily in equity securities, but may also invest in debt, warrants, debentures, convertible securities, and preferred securities. The strategy may engage in short sales and derivatives to implement trading strategies and to mitigate volatility and market risk. The Fund generally engages in active and frequent trading of portfolio securities to achieve its principal investment objective. The Fund may sell or close out a security when the securities of the companies involved in the transaction no longer meet the Fund’s expected return criteria when gauged by prevailing market prices and the relative risks of the situation. The Fund may hold a significant portion of its assets in cash, money market or similar cash management funds, or short-term investments for defensive purposes, to preserve the Fund’s ability to capitalize quickly on new market opportunities, or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. The Fund may also hold a significant amount of cash or short-term investments immediately after a period in which several transactions in which the Fund has invested close in a similar timeframe, yet before capital is redeployed to other opportunities. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. Merger Arbitrage Risk: The principal risk associated with the Fund’s merger arbitrage investment strategy is that the proposed corporate reorganizations in which the Fund invests may not be completed or may be completed on less favorable terms than originally anticipated, in which case the Fund may realize losses. Short Sale Risk: The Fund may obtain short exposure by borrowing a security to sell or by trading a derivative instrument that has a similar economic effect, such as a future, forward or swap. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. There is no theoretical ceiling to the price of a shorted security. Therefore, in theory, securities sold short have unlimited risk. Short sales also expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the Fund’s performance. When the Fund sells a security short, it must maintain cash or high-grade securities equal to the margin requirement. As a result, the Fund may maintain high levels of cash or other liquid assets (such as U.S. Treasury bills, money market instruments, certificates of deposit, high quality commercial paper, and long equity positions). The need to maintain cash or other liquid assets could limit the Fund’s ability to pursue other opportunities as they arise. Short exposure generally introduces more risk to the Fund than long positions (purchases). It is also possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increases, thereby increasing potential losses to the Fund. Event-Driven Risk: Event-driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated, or involve a longer time frame than originally contemplated. Event-driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses, impacting its shares negatively. Special Situations Risk: The Fund may seek to benefit from “special situations,” such as mergers, acquisitions, consolidations, bankruptcies, liquidations, reorganizations, restructurings, tender or exchange offers, or other unusual events expected to affect a particular issuer. Investing in special situations carries the risk that certain of such situations may not happen as anticipated or the market may react differently than expected to such situations. The securities of companies involved in special situations may be more volatile than other securities, may at times be illiquid, or may be difficult to value. Certain special situations carry the additional risks inherent in difficult corporate transitions and the securities of such companies may be more likely to lose value than the securities of more stable companies. Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results. Market Risk: The value of the Fund’s investments, and the net asset value (“NAV”) of the Fund, will fluctuate over time, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an entire industry, or the market as a whole. Securities markets may experience short-term or even extended periods of heightened volatility and turmoil. These events could have an adverse effect on the value of the Fund’s investments, and investors could lose money due to this price fluctuation. The value of a security may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates, changes in interest rates, or adverse investor sentiment. Geopolitical and other risks, including terrorism, war and sanctions, and environmental and public health risks (such as natural disasters, epidemics, and pandemics), may add to instability in world economies and markets generally. This uncertainty could lead to corporate events such as mergers, acquisitions, and restructurings breaking, forcing the Fund to allocate assets to other strategies. The extent and duration of such market disruptions cannot be predicted but could magnify the impact of other risks to the Fund, could have a significant adverse impact on the Fund and its investments, and could result in increased volatility of the Fund’s NAV. Sector Risk: The securities of companies in the same or related businesses (“sectors”), if comprising a significant portion of the Fund’s portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments, and may adversely affect the value of the Fund’s portfolio, to a greater extent than if such securities comprised a lesser portion of the Fund’s portfolio or if the Fund’s portfolio was diversified across a greater number of sectors. Some sectors have particular risks that may not affect other sectors. Hedging Transaction Risk: Instruments used to hedge against an opposite position may offset losses, but they also may offset gains. The success of the Fund’s hedging strategies will be subject to the Adviser’s ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund’s portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase. Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased), and swap contracts. Credit Risk: Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as “junk bonds.” Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments. Convertible Security Risk: Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Because convertible securities are higher in the firm’s capital structure than equity, convertible securities are generally not as risky as the equity securities of the same issuer. However, convertible securities may gain or lose value due to changes in interest rates and other general economic conditions, industry fundamentals, market sentiment, and changes in the issuer’s operating results and credit ratings. Concentration Risk: If a large percentage of mergers or other corporate events taking place within the U.S. are within one industry over a given period of time, the Fund may invest a large portion of its assets in securities of issuers in a single industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility with respect to its portfolio securities than a fund that is more broadly diversified. Counterparty Risk: The Fund may enter into various types of derivative contracts with a counterparty that may be privately negotiated in the over-the-counter market. These contracts involve exposure to credit risk, because contract performance depends, in part, on the financial condition of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed, and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund. Temporary Investment/Cash Management Risk: The Fund may hold a significant portion of its assets in cash, money market or similar cash management funds, or short-term investments for temporary defensive purposes in response to adverse market, economic, political or other conditions, to preserve the Fund’s ability to capitalize quickly on new market opportunities or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. These investments may include money market funds, money market instruments such as Treasury bills, securities issued by the U.S. Government, its agencies or instrumentalities, bankers’ acceptances, commercial paper, and repurchase agreements for the above securities, and investment companies that invest primarily in such instruments. To the extent the Fund maintains cash or holds short-term investments, the Fund may not achieve its investment objective and may also be subject to additional risks, including market, interest rate, and credit risk. High Portfolio Turnover Risk: The Fund normally expects to engage in active and frequent trading and expects to have a high portfolio turnover rate (over 100%). This may increase the Fund’s brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains, which could cause you to pay higher taxes. Interest Rate Risk: Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund’s debt securities and preferred securities and, accordingly, the Fund’s share price. Liquidity Risk: Liquidity risk exists when particular investments are difficult to purchase or sell. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants to make a market in fixed-income securities, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. To enhance investment value and/or protect shareholder rights, from time to time, the Fund may participate in various types of litigation, including but not limited to shareholder appraisal rights petitions and class action lawsuits. If the Fund exercises its appraisal rights, it may experience limited liquidity on its investment while the subject securities are being appraised. Illiquid and relatively less liquid investments may be harder to value, especially in turbulent markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Options Risk: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund. Swap Risk: The Fund may enter into total return swaps to gain investment exposure to the underlying security or securities in a more efficient or economically attractive manner than direct ownership. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The Fund may also enter into credit default or credit default index swaps with qualified broker-dealer counterparties. In a credit default swap, one party typically makes an upfront payment and a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a referenced entity on its obligation or other credit-related event. The Fund may use swaps for any investment purpose, including as part of a merger arbitrage or event-driven strategy involving pending corporate reorganizations. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund’s ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements. Market Capitalization Risk: The securities of small-capitalization and mid-capitalization companies may be less liquid and more vulnerable to adverse business, economic, or market events than securities of relatively larger, more established companies. Larger, more established companies may be unable to attain the high growth rates of successful, smaller- and medium-sized companies during periods of economic expansion. Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. The Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at NAV. For this reason, shares could trade either at a premium or a discount to NAV. The trading price of an ETF is expected to closely track the actual NAV of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF’s portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. An index-based ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Large Shareholder Transaction Risk: A significant percentage of the Fund’s shares may be owned or controlled by certain large shareholders, including another Fund advised by the Adviser. The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. Transaction costs may be higher in foreign countries than in the U.S. The U.S. dollar value of foreign securities traded in foreign currencies held by the Fund or by funds in which the Fund invests (and any dividends and interest earned) may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the U.S., may involve risks which are in addition to those inherent in U.S. investments. Foreign governments and economies often are less stable than the U.S. Government and the U.S. economy, and foreign companies may not be subject to the same regulatory requirements and accounting, auditing, and financial reporting standards of U.S. companies. As a consequence, there may be less publicly available information about such companies, which may negatively affect the value of foreign securities held by the Fund. Leverage Risk: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a “when-issued” basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund’s NAV may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest. Currency Risk: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment in the Fund. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. The return of currency forward and futures contracts utilized for currency hedging may not perfectly offset the actual fluctuations of the foreign currencies relative to the U.S. dollar and may prevent the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks. Further, in order to minimize transaction costs, or for other reasons, the Fund’s exposure to non-U.S. currencies may not be hedged. Performance Information The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund’s performance has varied from year to year and by showing how the Fund’s average annual returns for the past one-, five-, ten-year and since inception periods compare with those of the S&P 500® Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. The bar chart presents the calendar year total returns of the Fund’s Class R Shares before taxes. Returns shown in the bar chart do not reflect sales charges applicable to other share classes, which would reduce performance results. The performance table reflects the performance of the Fund’s Class R shares before and after taxes and the Fund’s Class I and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated information on the Fund’s performance can be obtained by visiting www.arbitragefunds.com. The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund’s performance has varied from year to year and by showing how the Fund’s average annual returns for the past one-, five-, ten-year and since inception periods compare with those of the S&P 500® Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. Returns shown in the bar chart do not reflect sales charges applicable to other share classes, which would reduce performance results. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arbitragefunds.com <table cellpadding="0" style="border-collapse:collapse; margin:8.4pt 0pt 0pt; width:544.07pt; border-spacing: 0px;"><tr><td style="min-width:252.82pt; max-width:252.82pt; vertical-align:top; box-sizing:border-box"><img alt="" src="j26227012_ca004.jpg" style="-sec-ix-hidden: hidden-fact-1; width: 337.01px; height: 228.27px;"/></td><td style="min-width:27.25pt; max-width:27.25pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:264pt; max-width:264pt; vertical-align:top; box-sizing:border-box; text-align:left">Year-by-Year Annual Total Returns through December 31, 2025 – Class R Shares During the period shown in the bar chart, the highest return for a quarter was 6.38% during the quarter ended June 30, 2020 and the lowest return for a quarter was -3.45% during the quarter ended June 30, 2022. The year-to-date return of the Fund’s Class R shares through June 30, 2026 is 4.04%. While the Class I shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I and Class A shares will differ from that shown since the Classes do not have the same expenses or inception dates. </td></tr> </table> Year-by-Year Annual Total Returns through December 31, 2025 – Class R Shares highest return 0.0638 2020-06-30 lowest return -0.0345 2022-06-30 year-to-date return 2026-06-30 0.0404 Average Annual Total Returns for Periods Ended December 31, 2025 The table below shows the Fund’s average annual total returns for Class R shares, Class I shares, and Class A shares compared with those of the S&P 500® Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. The returns in the table below reflect the maximum applicable sales charges for the relevant share class. The table also presents the impact of taxes on the returns of the Fund’s Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I and Class A shares will vary. 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at NAV and that the entire account is redeemed at the end of the period, including reinvested amounts). After-tax returns are shown for Class R shares only, and after-tax returns for Class I and Class A shares will vary. 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns <table cellpadding="0" style="border-collapse:collapse; margin:0.4pt 0pt 0pt; width:546.6pt; border-spacing: 0px;"><tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left">WATER ISLAND EVENT-DRIVEN FUND </td><td colspan="4" style="min-width:58.32pt; max-width:58.32pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">One Year </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:42.92pt; max-width:42.92pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">Five Years </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:47.23pt; max-width:47.23pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">Ten Years </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:47.2pt; max-width:47.2pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">Since Inception* </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">Class R Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">8.41 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">3.16 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">4.12 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">2.78 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class R Return After Taxes on Distributions </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">8.23 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.08 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">4.01 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.33 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class R Return After Taxes on Distributions and Sale of Fund Shares </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">5.10 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.42 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.23 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.99 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class I Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">8.67 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.42 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">4.39 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.04 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class A Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">4.93 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.49 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.80 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.48 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">S&P 500® Index** </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">17.88 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">14.42 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">14.82 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">14.58 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Bloomberg U.S. Treasury Bill Index*** </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">4.30 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.19 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.20 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.48 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Bloomberg U.S. Aggregate Bond Index**** </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:33.8pt; max-width:33.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">7.30 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:22.08pt; max-width:22.08pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">‑0.36 </td><td style="min-width:13.22pt; max-width:13.22pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:25.05pt; max-width:25.05pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.01 </td><td style="min-width:16.2pt; max-width:16.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.6pt; max-width:6.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.29 </td><td style="min-width:16.6pt; max-width:16.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:2pt 6pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">*</td><td style="min-width:517pt; max-width:517pt; vertical-align:bottom">The inception date for Class R shares and Class I shares is October 1, 2010 and the inception date for the Class A shares is June 1, 2013. The “Since Inception” returns reflected for the S&P 500® Index, the Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index are based on the inception date for Class R shares.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 3pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">**</td><td style="min-width:520pt; max-width:520pt; vertical-align:bottom">To meet regulatory requirements, the S&P 500® Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The S&P 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.49pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">***</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">****</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.</td></tr> </table> 0.0841 0.0316 0.0412 0.0278 0.0823 0.0308 0.0401 0.0233 0.051 0.0242 0.0323 0.0199 0.0867 0.0342 0.0439 0.0304 0.0493 0.0249 0.038 0.0248 0.1788 0.1442 0.1482 0.1458 0.043 0.0319 0.022 0.0148 0.073 -0.0036 0.0201 0.0229 2010-10-01 2010-10-01 2013-06-01 To meet regulatory requirements, the S&P 500® Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The S&P 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 21pt"><td style="min-width:523pt; max-width:523pt; text-align:justify; vertical-align:top">The indexes are calculated on a total-return basis, are unmanaged and are not available for direct investment. The indexes reflect no deduction for fees, expenses, or taxes. The indexes are not intended to, and do not, parallel the risk or investment style of the Fund’s investment strategy.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 21pt"><td style="min-width:523pt; max-width:523pt; text-align:justify; vertical-align:top">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.</td></tr> </table> WATER ISLAND CREDIT OPPORTUNITIES FUND Investment Objective The Fund seeks to provide current income and capital growth. Fund Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may also pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. More information about these and other discounts is available from your financial professional and in “How to Purchase Shares” beginning on page 43 of the statutory prospectus and in Appendix A to the prospectus, titled “Intermediary-Specific Sales Charge Reductions and Waivers.” You may qualify for sales charge discounts on Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the Fund. 100000 Shareholder Fees (fees paid directly from your investment) <table cellpadding="0" style="border-collapse:collapse; margin:6.4pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:275pt; max-width:275pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:25.91pt; max-width:25.91pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:40.5pt; max-width:40.5pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:26pt; max-width:26pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.11pt">Class R Shares </td><td style="min-width:41.61pt; max-width:41.61pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.71pt; max-width:28.71pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.11pt">Class I Shares </td><td style="min-width:34.16pt; max-width:34.16pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:41.62pt; max-width:41.62pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0.11pt">Class A Shares </td></tr> <tr><td style="min-width:275pt; max-width:275pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) </td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:25.91pt; max-width:25.91pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:40.5pt; max-width:40.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:26pt; max-width:26pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0.51pt 0pt 0pt">None </td><td style="min-width:41.61pt; max-width:41.61pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:28.71pt; max-width:28.71pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0.51pt 0pt 0pt">None </td><td style="min-width:34.16pt; max-width:34.16pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:41.62pt; max-width:41.62pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 11pt 0pt 0pt">3.25% </td></tr> <tr><td style="min-width:275pt; max-width:275pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0pt 0pt">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price) </td><td style="min-width:30.5pt; max-width:30.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:25.91pt; max-width:25.91pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:40.5pt; max-width:40.5pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:26pt; max-width:26pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0.51pt 0pt 0pt">None </td><td style="min-width:41.61pt; max-width:41.61pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:28.71pt; max-width:28.71pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0.51pt 0pt 0pt">None </td><td style="min-width:34.16pt; max-width:34.16pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:41.62pt; max-width:41.62pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 5pt 0pt 0pt">1.00%(1) </td></tr> </table> 0 0 0.0325 0 0 0.01 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <table cellpadding="0" style="border-collapse:collapse; margin:5.9pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class R Shares </td><td style="min-width:38pt; max-width:38pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class I Shares </td><td style="min-width:37.76pt; max-width:37.76pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:27.8pt; max-width:27.8pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Class A Shares </td><td style="min-width:12.6pt; max-width:12.6pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0pt 0pt">Management Fees </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.95% </td><td style="min-width:38pt; max-width:38pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.95% </td><td style="min-width:37.76pt; max-width:37.76pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:left"> </td><td style="min-width:27.8pt; max-width:27.8pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.95% </td><td style="min-width:12.6pt; max-width:12.6pt; vertical-align:bottom; border-top:0.5pt solid #231f20; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Distribution and/or Service (12b‑1) Fees </td><td style="min-width:30.46pt; max-width:30.46pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:38pt; max-width:38pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; box-sizing:border-box; text-align:right">None </td><td style="min-width:37.76pt; max-width:37.76pt; box-sizing:border-box; text-align:left"> </td><td style="min-width:27.8pt; max-width:27.8pt; box-sizing:border-box; text-align:right">0.25% </td><td style="min-width:12.6pt; max-width:12.6pt; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0.61pt 0pt">Other Expenses: </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.49% </td><td style="min-width:38pt; max-width:38pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.49% </td><td style="min-width:37.76pt; max-width:37.76pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:27.8pt; max-width:27.8pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.49% </td><td style="min-width:12.6pt; max-width:12.6pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0.61pt 0pt">Dividends on Short Positions and Interest Expense on Short Positions and/or Borrowings </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.10% </td><td style="min-width:38pt; max-width:38pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.10% </td><td style="min-width:37.76pt; max-width:37.76pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:27.8pt; max-width:27.8pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0pt 0pt 0.61pt">0.10% </td><td style="min-width:12.6pt; max-width:12.6pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">All Remaining Other Expenses </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.39% </td><td style="min-width:38pt; max-width:38pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.39% </td><td style="min-width:37.76pt; max-width:37.76pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:27.8pt; max-width:27.8pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.39% </td><td style="min-width:12.6pt; max-width:12.6pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0pt 4pt 0pt 0pt">Acquired Fund Fees and Expenses(2) </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:38pt; max-width:38pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:37.76pt; max-width:37.76pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:27.8pt; max-width:27.8pt; vertical-align:bottom; box-sizing:border-box; text-align:right">0.01% </td><td style="min-width:12.6pt; max-width:12.6pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0pt 0pt">Total Annual Fund Operating Expenses </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">1.70% </td><td style="min-width:38pt; max-width:38pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">1.45% </td><td style="min-width:37.76pt; max-width:37.76pt; vertical-align:bottom; box-sizing:border-box; text-align:left"> </td><td style="min-width:27.8pt; max-width:27.8pt; vertical-align:bottom; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">1.70% </td><td style="min-width:12.6pt; max-width:12.6pt; vertical-align:bottom; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0pt 0pt">Fee Waiver(3) </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.36% </td><td style="min-width:38pt; max-width:38pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.36% </td><td style="min-width:37.76pt; max-width:37.76pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:27.8pt; max-width:27.8pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0pt">0.36% </td><td style="min-width:12.6pt; max-width:12.6pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:272.25pt; max-width:272.25pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left; padding:0.51pt 4pt 0.61pt 0pt">Total Annual Fund Operating Expenses After Fee Waiver </td><td style="min-width:30.46pt; max-width:30.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.46pt; max-width:29.46pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:37.15pt; max-width:37.15pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:29.96pt; max-width:29.96pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">1.34% </td><td style="min-width:38pt; max-width:38pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:28.56pt; max-width:28.56pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">1.09% </td><td style="min-width:37.76pt; max-width:37.76pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:27.8pt; max-width:27.8pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.51pt 0pt 0.61pt">1.34% </td><td style="min-width:12.6pt; max-width:12.6pt; vertical-align:bottom; border-top:0.5pt solid #231f20; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 15pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(1)</td><td style="min-width:508pt; max-width:508pt; vertical-align:bottom">A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(2)</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(3)</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The Fund has entered into an Amended and Restated Expense Waiver and Reimbursement Agreement with the Fund’s Adviser pursuant to which the Adviser has contractually agreed to waive advisory fees and/or reimburse the Fund’s other expenses to the extent that total operating expenses (exclusive of taxes, interest, dividends on short positions, brokerage commissions, acquired fund fees and expenses and other costs incurred in connection with the purchase or sale of portfolio securities) so that they do not exceed 1.23% of the Fund’s average daily net assets allocable to the Class R shares, 0.98% of the Fund’s average daily net assets allocable to the Class I shares, and 1.23% of the Fund’s average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2027 unless terminated at an earlier time by the Fund’s Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed expense limitations in effect at the time the amounts were waived, the recoupment does not cause the Fund to exceed the current expense limitation and the recoupment is done within three years after the date of the expense waiver.</td></tr> </table> 0.0095 0.0095 0.0095 0.0025 0 0.0025 0.0049 0.0049 0.0049 0.001 0.001 0.001 0.0039 0.0039 0.0039 0.0001 0.0001 0.0001 0.017 0.0145 0.017 -0.0036 -0.0036 -0.0036 0.0134 0.0109 0.0134 A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. 2027-09-30 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver for the first year and equal to the Total Annual Fund Operating Expenses for the remaining years. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <table cellpadding="0" style="border-collapse:collapse; margin:4.4pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:30.98pt; max-width:30.98pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">1 Year </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:39.36pt; max-width:39.36pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">3 Years </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:34.72pt; max-width:34.72pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">5 Years </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="2" style="min-width:55.26pt; max-width:55.26pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">10 Years </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class R Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">136 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">501 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.36pt; max-width:5.36pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.46pt; max-width:20.46pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">889 </td><td style="min-width:8.9pt; max-width:8.9pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">1,979 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class I Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">111 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">423 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.36pt; max-width:5.36pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.46pt; max-width:20.46pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">758 </td><td style="min-width:8.9pt; max-width:8.9pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">1,704 </td></tr> <tr><td style="min-width:6pt; max-width:6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:281.8pt; max-width:281.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">Class A Shares </td><td style="min-width:23.28pt; max-width:23.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.92pt; max-width:5.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.5pt; max-width:21.5pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">457 </td><td style="min-width:3.56pt; max-width:3.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:28.08pt; max-width:28.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.06pt; max-width:11.06pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:21.1pt; max-width:21.1pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">809 </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:27.84pt; max-width:27.84pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.36pt; max-width:5.36pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:20.46pt; max-width:20.46pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">1,185 </td><td style="min-width:8.9pt; max-width:8.9pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.68pt; max-width:16.68pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.3pt; max-width:17.3pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">$ </td><td style="min-width:37.96pt; max-width:37.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">2,239 </td></tr> </table> 136 501 889 1979 111 423 758 1704 457 809 1185 2239 Portfolio Turnover 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 indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 141% of the average value of its portfolio. 1.41 Principal Investment Strategies Under normal market conditions, the Fund will invest at least 80% of the value of its net assets (including the amount of any borrowings for investment purposes) in debt securities and other credit-related instruments. The Fund invests primarily in a portfolio of debt securities including corporate bonds and debentures (including high yield bonds commonly known as “junk bonds”), bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the Fund’s investment adviser (the “Adviser”) believes have debt-like characteristics. The Fund invests in both U.S. and foreign debt securities. The principal types of derivatives in which the Fund may invest are credit default swaps, interest rate swaps, equity swaps, futures, and options. The Fund invests primarily in debt securities whose returns the Adviser believes will be more correlated with the outcome of specific catalysts or events rather than overall market direction. These catalysts and events include mergers, acquisitions, debt maturities, refinancings, regulatory changes, recapitalizations, reorganizations, restructurings, and other special situations. The Fund also uses a relative value approach and may express positive views on specific issuers by taking long positions in cash bonds and/or derivatives and negative views on specific issuers by taking short positions in cash bonds and/or derivatives. The Fund uses fundamental research to identify mispricings or inefficiencies in these situations and assesses their potential impact on security prices. The Fund may engage in short-term trading strategies and may engage in short sales and invest in derivatives. The principal short-term trading strategies may at times include convertible arbitrage, merger arbitrage, and capital structure arbitrage, which are discussed below. The Fund may seek to mitigate the risk of volatility (the appreciation or depreciation of the value of a security over a period of time) and duration (the impact of interest rate changes on fixed-income securities) by engaging in short sales and/or investing in derivatives, including credit default swaps, interest rate swaps, futures, and options. The Fund may purchase or sell short equity securities or derivatives as part of a hedging strategy or hold equity positions or other assets that the Fund receives as part of a reorganization process. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. Furthermore, the Fund may invest in exchange traded funds (“ETFs”). The Fund is not limited with respect to its portfolio maturity or duration. The Fund may invest in debt securities without regard to their credit ratings, including securities that are unrated, and in debt securities with a wide variety of terms that may vary from security to security, including but not limited to optional and mandatory prepayment provisions, fixed, variable, semi-variable, and resettable interest rates and conversion options, as well as various combinations of these terms. The Fund may hold a significant portion of its assets in cash, money market or similar cash management funds, or short-term investments for defensive purposes, to preserve the Fund’s ability to capitalize quickly on new market opportunities, or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. The Fund may also hold a significant amount of cash or short-term investments immediately after a period in which several transactions in which the Fund has invested close in a similar timeframe, yet before capital is redeployed to other opportunities. Merger Arbitrage: Merger arbitrage is a highly specialized investment approach designed to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations, and other corporate reorganizations. The most common merger arbitrage activity, and the approach the Fund generally uses, involves purchasing debt securities of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. The Fund may engage in selling securities short when the terms of a proposed acquisition call for the exchange of common stock and/or other securities. In such a case, the securities of the company to be acquired may be purchased and, at approximately the same time, an amount of the acquiring company’s common stock and/or other securities as per the terms of the transaction may be sold short. Convertible Arbitrage: Convertible arbitrage is a specialized strategy that seeks to profit from pricing inefficiencies between a firm’s convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy the Fund generally uses, matches a long position in the convertible security with a short position in the underlying common stock. The Fund seeks to purchase convertible securities at discounts to their expected future values and sell short shares of the underlying common stock in order to mitigate equity market movements. As stock prices rise and the convertible security becomes more equity sensitive, the Fund may sell short additional common shares in order to maintain the relationship between the convertible and the underlying common stock. As stock prices fall, the Fund will typically buy back a portion of shares which it had sold short. Positions are typically designed to earn income from coupon or dividend payments and net gains from the purchase and sale of the convertible securities’ positions and the underlying common stocks. Capital Structure Arbitrage: Capital structure arbitrage seeks to profit from relative pricing discrepancies between related debt and/or equity securities. For example, when the Fund believes that unsecured securities are overvalued in relation to senior secured securities, the Fund may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher than anticipated. It is expected that, over time, the relative mispricing of the securities may decline, at which point the position will be liquidated. Under normal market conditions, the Fund will invest at least 80% of the value of its net assets (including the amount of any borrowings for investment purposes) in debt securities and other credit-related instruments. The Fund invests primarily in a portfolio of debt securities including corporate bonds and debentures (including high yield bonds commonly known as “junk bonds”), bank loans, convertible and preferred securities, credit default swaps and other debt instruments and derivatives that the Fund’s investment adviser (the “Adviser”) believes have debt-like characteristics. The Fund invests in both U.S. and foreign debt securities. The principal types of derivatives in which the Fund may invest are credit default swaps, interest rate swaps, equity swaps, futures, and options. The Fund invests primarily in debt securities whose returns the Adviser believes will be more correlated with the outcome of specific catalysts or events rather than overall market direction. These catalysts and events include mergers, acquisitions, debt maturities, refinancings, regulatory changes, recapitalizations, reorganizations, restructurings, and other special situations. The Fund also uses a relative value approach and may express positive views on specific issuers by taking long positions in cash bonds and/or derivatives and negative views on specific issuers by taking short positions in cash bonds and/or derivatives. The Fund uses fundamental research to identify mispricings or inefficiencies in these situations and assesses their potential impact on security prices. As with all mutual funds, investing in the Fund entails risks that could cause the Fund and you to lose money. Event-Driven Risk: Event-driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated, or involve a longer time frame than originally contemplated. Event-driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses, impacting its shares negatively. Merger Arbitrage Risk: The principal risk associated with the Fund’s merger arbitrage investment strategy is that the proposed corporate reorganizations in which the Fund invests may not be completed or may be completed on less favorable terms than originally anticipated, in which case the Fund may realize losses. Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results. Credit Risk: Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as “junk bonds.” Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments. Convertible Security Risk: Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. Because convertible securities are higher in the firm’s capital structure than equity, convertible securities are generally not as risky as the equity securities of the same issuer. However, convertible securities may gain or lose value due to changes in interest rates and other general economic conditions, industry fundamentals, market sentiment and changes in the issuer’s operating results and credit ratings. Liquidity Risk: Liquidity risk exists when particular investments are difficult to purchase or sell. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants to make a market in fixed-income securities, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. Illiquid and relatively less liquid investments may be harder to value, especially in turbulent markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Market Risk: The value of the Fund’s investments, and the net asset value (“NAV”) of the Fund, will fluctuate over time, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an entire industry, or the market as a whole. Securities markets may experience short-term or even extended periods of heightened volatility and turmoil. These events could have an adverse effect on the value of the Fund’s investments, and investors could lose money due to this price fluctuation. The value of a security may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates, changes in interest rates, or adverse investor sentiment. Geopolitical and other risks, including terrorism, war and sanctions, and environmental and public health risks (such as natural disasters, epidemics, and pandemics), may add to instability in world economies and markets generally. This uncertainty could lead to corporate events such as mergers, acquisitions, and restructurings breaking, forcing the Fund to allocate assets to other strategies. The extent and duration of such market disruptions cannot be predicted but could magnify the impact of other risks to the Fund, could have a significant adverse impact on the Fund and its investments, and could result in increased volatility of the Fund’s NAV. Sector Risk: The securities of companies in the same or related businesses (“sectors”), if comprising a significant portion of the Fund’s portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments, and may adversely affect the value of the Fund’s portfolio, to a greater extent than if such securities comprised a lesser portion of the Fund’s portfolio or if the Fund’s portfolio was diversified across a greater number of sectors. Some sectors have particular risks that may not affect other sectors. Interest Rate Risk: Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund’s debt securities and preferred securities and, accordingly, the Fund’s share price. Short Sale Risk: The Fund may obtain short exposure by borrowing a security to sell or by trading a derivative instrument that has a similar economic effect, such as a future, forward or swap. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. There is no theoretical ceiling to the price of a shorted security. Therefore, in theory, securities sold short have unlimited risk. Short sales also expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the Fund’s performance. When the Fund sells a security short, it must maintain cash or high-grade securities equal to the margin requirement. As a result, the Fund may maintain high levels of cash or other liquid assets (such as U.S. Treasury bills, money market instruments, certificates of deposit, high quality commercial paper, and long equity positions). The need to maintain cash or other liquid assets could limit the Fund’s ability to pursue other opportunities as they arise. Short exposure generally introduces more risk to the Fund than long positions (purchases). It is also possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increases, thereby increasing potential losses to the Fund. Hedging Transaction Risk: Instruments used to hedge against an opposite position may offset losses, but they also may offset gains. The success of the Fund’s hedging strategies will be subject to the Adviser’s ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund’s portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase. Large Shareholder Transaction Risk: A significant percentage of the Fund’s shares may be owned or controlled by certain large shareholders. The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Leverage Risk: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a “when-issued” basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund’s NAV may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest. High Portfolio Turnover Risk: The Fund normally expects to engage in active and frequent trading and expects to have a high portfolio turnover rate (over 100%). This may increase the Fund’s brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains, which could cause you to pay higher taxes. Counterparty Risk: The Fund may enter into various types of derivative contracts with a counterparty that may be privately negotiated in the over-the-counter market. These contracts involve exposure to credit risk, because contract performance depends, in part, on the financial condition of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed, and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund. Temporary Investment/Cash Management Risk: The Fund may hold a significant portion of its assets in cash, money market or similar cash management funds, or short-term investments for temporary defensive purposes in response to adverse market, economic, political or other conditions, to preserve the Fund’s ability to capitalize quickly on new market opportunities or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. These investments may include money market funds, money market instruments such as Treasury bills, securities issued by the U.S. Government, its agencies or instrumentalities, bankers’ acceptances, commercial paper, and repurchase agreements for the above securities, and investment companies that invest primarily in such instruments. To the extent the Fund maintains cash or holds short-term investments, the Fund may not achieve its investment objective and may also be subject to additional risks, including market, interest rate, and credit risk. Swap Risk: The Fund may enter into total return swaps to gain investment exposure to the underlying security or securities in a more efficient or economically attractive manner than direct ownership. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The Fund may also enter into credit default or credit default index swaps with qualified broker-dealer counterparties. In a credit default swap, one party typically makes an upfront payment and a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a referenced entity on its obligation or other credit-related event. The Fund may use swaps for any investment purpose, including as part of a merger arbitrage or event-driven strategy involving pending corporate reorganizations. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund’s ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements. Options Risk: Options transactions involve special risks that may make it difficult or impossible to close a position when the Fund desires. These risks include possible imperfect correlation between the price movements of the option and the underlying security; the potential lack of a liquid secondary market at any particular time; and possible price fluctuation limits. In addition, the option activities of the Fund may affect its portfolio turnover rate and the amount of brokerage commissions paid by the Fund. Preferred Securities Risk: Investments in preferred stocks may be subject to the risks of deferred distribution payments, subordination to debt instruments, a lack of liquidity compared to equities, limited voting rights, and sensitivity to interest-rate changes. Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. The Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Unlike shares of typical mutual funds, shares of ETFs are traded on an exchange through a trading day and bought and sold based on market values and not at NAV. For this reason, shares could trade either at a premium or a discount to NAV. The trading price of an ETF is expected to closely track the actual NAV of an ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF’s portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. An index-based ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased), and swap contracts. Currency Risk: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment in the Fund. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. The return of currency forward and futures contracts utilized for currency hedging may not perfectly offset the actual fluctuations of the foreign currencies relative to the U.S. dollar and may prevent the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks. Further, in order to minimize transaction costs, or for other reasons, the Fund’s exposure to non-U.S. currencies may not be hedged. Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. Transaction costs may be higher in foreign countries than in the U.S. The U.S. dollar value of foreign securities traded in foreign currencies held by the Fund or by funds in which the Fund invests (and any dividends and interest earned) may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the U.S., may involve risks which are in addition to those inherent in U.S. investments. Foreign governments and economies often are less stable than the U.S. Government and the U.S. economy, and foreign companies may not be subject to the same regulatory requirements and accounting, auditing, and financial reporting standards of U.S. companies. As a consequence, there may be less publicly available information about such companies, which may negatively affect the value of foreign securities held by the Fund. Performance Information The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund’s performance has varied from year to year and by showing how the Fund’s average annual returns for the past one-, five-, ten-year and since inception periods compare with those of the Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bill Index. The bar chart presents the calendar year total returns of the Fund’s Class R Shares before taxes. Returns shown in the bar chart do not reflect sales charges applicable to other share classes, which would reduce performance results. The performance table reflects the performance of the Fund’s Class R shares before and after taxes and the Fund’s Class I and Class A shares before taxes. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Performance reflects fee waivers in effect. If fee waivers were not in place, the Fund’s performance would be reduced. Updated information on the Fund’s performance can be obtained by visiting www.arbitragefunds.com. The following information provides some indication of the risks and variability of investing in the Fund by showing how the Fund’s performance has varied from year to year and by showing how the Fund’s average annual returns for the past one-, five-, ten-year and since inception periods compare with those of the Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bill Index. Returns shown in the bar chart do not reflect sales charges applicable to other share classes, which would reduce performance results. How the Fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.arbitragefunds.com <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:543.91pt; border-spacing: 0px;"><tr><td style="min-width:251.41pt; max-width:251.41pt; vertical-align:top; box-sizing:border-box"><img alt="" src="j26227012_ca005.jpg" style="-sec-ix-hidden: hidden-fact-2; width: 335.13px; height: 228.27px;"/></td><td style="min-width:28.5pt; max-width:28.5pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:264pt; max-width:264pt; vertical-align:top; box-sizing:border-box; text-align:left">Year-by-Year Annual Total Returns through December 31, 2025 – Class R Shares During the period shown in the bar chart, the highest return for a quarter was 7.81% during the quarter ended June 30, 2020 and the lowest return for a quarter was ‑5.56% during the quarter ended March 31, 2020. The year-to-date return of the Fund’s Class R shares through June 30, 2026 is 2.22%. While the Class I shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I and Class A shares will differ from that shown since the Classes do not have the same expenses or inception dates. </td></tr> </table> Year-by-Year Annual Total Returns through December 31, 2025 – Class R Shares highest return 0.0781 2020-06-30 lowest return -0.0556 2020-03-31 year-to-date return 2026-06-30 0.0222 Average Annual Total Returns for Periods Ended December 31, 2025 The table below shows the Fund’s average annual total returns for Class R shares, Class I shares, and Class A shares compared with those of the Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bill Index. The returns in the table below reflect the maximum applicable sales charges for the relevant share class. The table also presents the impact of taxes on the returns of the Fund’s Class R shares. After-tax returns are shown for Class R shares only, and after-tax returns for Class I and Class A shares will vary. 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at NAV and that the entire account is redeemed at the end of the period, including reinvested amounts). After-tax returns are shown for Class R shares only, and after-tax returns for Class I and Class A shares will vary. 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns <table cellpadding="0" style="border-collapse:collapse; margin:0.4pt 0pt 0pt; width:546.8pt; border-spacing: 0px;"><tr><td style="min-width:271pt; max-width:271pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left">WATER ISLAND CREDIT OPPORTUNITIES FUND </td><td colspan="4" style="min-width:58.52pt; max-width:58.52pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">One Year </td><td style="min-width:24pt; max-width:24pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:46.48pt; max-width:46.48pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">Five Years </td><td style="min-width:21.49pt; max-width:21.49pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:49.91pt; max-width:49.91pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">Ten Years </td><td style="min-width:23.32pt; max-width:23.32pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:46.08pt; max-width:46.08pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:0pt 0pt 0pt 1pt">Since Inception* </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:271pt; max-width:271pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">Class R Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:34pt; max-width:34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">4.62 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">3.34 </td><td style="min-width:16.78pt; max-width:16.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:21.49pt; max-width:21.49pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">3.59 </td><td style="min-width:18.88pt; max-width:18.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:23.32pt; max-width:23.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.3pt; max-width:24.3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">3.09 </td><td style="min-width:17.78pt; max-width:17.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:271pt; max-width:271pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class R Return After Taxes on Distributions </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:34pt; max-width:34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">2.97 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.79 </td><td style="min-width:16.78pt; max-width:16.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:21.49pt; max-width:21.49pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.24 </td><td style="min-width:18.88pt; max-width:18.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.32pt; max-width:23.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.3pt; max-width:24.3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.75 </td><td style="min-width:17.78pt; max-width:17.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:271pt; max-width:271pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class R Return After Taxes on Distributions and Sale of Fund Shares </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:34pt; max-width:34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">2.72 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.88 </td><td style="min-width:16.78pt; max-width:16.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:21.49pt; max-width:21.49pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.17 </td><td style="min-width:18.88pt; max-width:18.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.32pt; max-width:23.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.3pt; max-width:24.3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.77 </td><td style="min-width:17.78pt; max-width:17.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:271pt; max-width:271pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class I Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:34pt; max-width:34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">4.79 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.58 </td><td style="min-width:16.78pt; max-width:16.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:21.49pt; max-width:21.49pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.84 </td><td style="min-width:18.88pt; max-width:18.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.32pt; max-width:23.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.3pt; max-width:24.3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.33 </td><td style="min-width:17.78pt; max-width:17.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:271pt; max-width:271pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Class A Return Before Taxes </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:34pt; max-width:34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">1.11 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.64 </td><td style="min-width:16.78pt; max-width:16.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:21.49pt; max-width:21.49pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.23 </td><td style="min-width:18.88pt; max-width:18.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.32pt; max-width:23.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.3pt; max-width:24.3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.78 </td><td style="min-width:17.78pt; max-width:17.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:271pt; max-width:271pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Bloomberg U.S. Aggregate Bond Index** </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:34pt; max-width:34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">7.30 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">‑0.36 </td><td style="min-width:16.78pt; max-width:16.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:21.49pt; max-width:21.49pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.01 </td><td style="min-width:18.88pt; max-width:18.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.32pt; max-width:23.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.3pt; max-width:24.3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.86 </td><td style="min-width:17.78pt; max-width:17.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:271pt; max-width:271pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Bloomberg U.S. Treasury Bill Index*** </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:34pt; max-width:34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">4.30 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:24pt; max-width:24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4.83pt; max-width:4.83pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.87pt; max-width:24.87pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.19 </td><td style="min-width:16.78pt; max-width:16.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:21.49pt; max-width:21.49pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.34pt; max-width:24.34pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.20 </td><td style="min-width:18.88pt; max-width:18.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:23.32pt; max-width:23.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:24.3pt; max-width:24.3pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.68 </td><td style="min-width:17.78pt; max-width:17.78pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:2pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">*</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The inception date for Class R shares and Class I shares is October 1, 2012. The inception date for the Class A shares is June 1, 2013. The “Since Inception” returns reflected for the Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bill Index are based on the inception date for Class R and Class I shares.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 3pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">**</td><td style="min-width:520pt; max-width:520pt; vertical-align:bottom">To meet regulatory requirements, the Bloomberg U.S. Aggregate Bond Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 2pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">***</td><td style="min-width:521pt; max-width:521pt; vertical-align:bottom">Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity.</td></tr> </table> 0.0462 0.0334 0.0359 0.0309 0.0297 0.0179 0.0224 0.0175 0.0272 0.0188 0.0217 0.0177 0.0479 0.0358 0.0384 0.0333 0.0111 0.0264 0.0323 0.0278 0.073 -0.0036 0.0201 0.0186 0.043 0.0319 0.022 0.0168 2012-10-01 2012-10-01 2013-06-01 To meet regulatory requirements, the Bloomberg U.S. Aggregate Bond Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 21pt"><td style="min-width:523pt; max-width:523pt; text-align:justify; vertical-align:top">The indexes are calculated on a total-return basis, are unmanaged and are not available for direct investment. The indexes reflect no deduction for fees, expenses, or taxes. The indexes are not intended to, and do not, parallel the risk or investment style of the Fund’s investment strategy.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 21pt"><td style="min-width:523pt; max-width:523pt; text-align:justify; vertical-align:top">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.</td></tr> </table> ALTSHARES MERGER ARBITRAGE ETF Investment Objective AltShares Merger Arbitrage ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of its underlying index, the Water Island Merger Arbitrage USD Hedged Index (the “Underlying Index”). Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): <table cellpadding="0" style="border-collapse:collapse; margin:4.4pt 0pt 0pt; width:544.04pt; border-spacing: 0px;"><tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.26pt 0pt 0pt 6pt">Management Fee </td><td style="min-width:4.8pt; max-width:4.8pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.16pt; max-width:18.16pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.26pt 0pt 0pt">0.75 </td><td style="min-width:6.36pt; max-width:6.36pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.26pt 0pt 0pt">% </td><td style="min-width:10.52pt; max-width:10.52pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt 6pt">Distribution and/or Service (12b‑1) Fees(1) </td><td style="min-width:4.8pt; max-width:4.8pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.16pt; max-width:18.16pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">None </td><td style="min-width:6.36pt; max-width:6.36pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:10.52pt; max-width:10.52pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.76pt 0pt 0pt 6pt">Other Expenses </td><td style="min-width:4.8pt; max-width:4.8pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.16pt; max-width:18.16pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.76pt 0pt 0pt">0.06 </td><td style="min-width:6.36pt; max-width:6.36pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.76pt 0pt 0pt">% </td><td style="min-width:10.52pt; max-width:10.52pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt 15pt">Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings </td><td style="min-width:4.8pt; max-width:4.8pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.16pt; max-width:18.16pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">0.06 </td><td style="min-width:6.36pt; max-width:6.36pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt">% </td><td style="min-width:10.52pt; max-width:10.52pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.76pt 0pt 0pt 15pt">All Remaining Other Expenses </td><td style="min-width:4.8pt; max-width:4.8pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.16pt; max-width:18.16pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.76pt 0pt 0pt">0.00 </td><td style="min-width:6.36pt; max-width:6.36pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:10.52pt; max-width:10.52pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.71pt 0pt 0pt 6pt">Acquired Fund Fees and Expenses </td><td style="min-width:4.8pt; max-width:4.8pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.16pt; max-width:18.16pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.71pt 0pt 0pt">0.01 </td><td style="min-width:6.36pt; max-width:6.36pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.71pt 0pt 0pt">% </td><td style="min-width:10.52pt; max-width:10.52pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left; padding:0.26pt 0pt 0pt 6pt">Total Annual Fund Operating Expenses </td><td style="min-width:4.8pt; max-width:4.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.16pt; max-width:18.16pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">0.82 </td><td style="min-width:6.36pt; max-width:6.36pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left; padding:0.26pt 0pt 0pt">% </td><td style="min-width:10.52pt; max-width:10.52pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 4pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(1)</td><td style="min-width:519pt; max-width:519pt; vertical-align:bottom">Pursuant to a Rule 12b‑1 Distribution and Service Plan (the “Plan”), the Fund may bear a Rule 12b‑1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Plan.</td></tr> </table> 0.0075 0 0.0006 0.0006 0 0.0001 0.0082 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 for the time periods indicated. The example also assumes that the Fund provides a return of 5% each year and that the Fund’s expenses are equal to the Total Annual Operating Expenses each year. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your Shares, your costs would be: <table cellpadding="0" style="border-collapse:collapse; margin:4.6pt 0pt 0pt; width:544pt; border-spacing: 0px;"><tr><td style="min-width:13.4pt; max-width:13.4pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:20.44pt; max-width:20.44pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="4" style="min-width:35.42pt; max-width:35.42pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">One Year </td><td style="min-width:22.42pt; max-width:22.42pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:47.16pt; max-width:47.16pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">Three Years </td><td style="min-width:16.08pt; max-width:16.08pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:49.32pt; max-width:49.32pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">Five Years </td><td style="min-width:14.36pt; max-width:14.36pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:41.08pt; max-width:41.08pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">10 Years </td><td style="min-width:9.92pt; max-width:9.92pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:13.4pt; max-width:13.4pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:20.44pt; max-width:20.44pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.6pt; max-width:9.6pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">$ </td><td style="min-width:10.8pt; max-width:10.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.86pt; max-width:9.86pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">84 </td><td style="min-width:5.16pt; max-width:5.16pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:22.42pt; max-width:22.42pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:15pt; max-width:15pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">$ </td><td style="min-width:20.92pt; max-width:20.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">262 </td><td style="min-width:11.24pt; max-width:11.24pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.08pt; max-width:16.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:16.8pt; max-width:16.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">$ </td><td style="min-width:21pt; max-width:21pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">455 </td><td style="min-width:11.52pt; max-width:11.52pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:14.36pt; max-width:14.36pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:12.64pt; max-width:12.64pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">$ </td><td style="min-width:20.4pt; max-width:20.4pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">1,014 </td><td style="min-width:8.04pt; max-width:8.04pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:9.92pt; max-width:9.92pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> </table> 84 262 455 1014 Portfolio Turnover The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. Transaction costs, which are not reflected in the annual fund operating expenses or in the example above, affect the Fund’s performance. For the fiscal year ended May 31, 2026, the Fund’s portfolio turnover rate was 399% of the average value of its portfolio. 3.99 Principal Investment Strategies The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of its Underlying Index, which is designed to reflect a global merger arbitrage strategy. The most common approach to merger arbitrage, and the approach the Underlying Index (and by extension the Fund) reflects, is to seek to capture the difference (the “spread”) between the price at which the stock of a target company in a publicly announced merger, takeover, tender offer, or leveraged buy-out (the “Target”) trades after the announcement of the acquisition and the price the acquiring company (the “Acquirer”) has agreed to pay for the stock of the Target. The Underlying Index is rebalanced and reconstituted twice per month. The Fund reconstitutes and rebalances on the same schedule as the Underlying Index. The Fund’s investment adviser, Water Island Capital, LLC (the “Adviser”), generally expects the Underlying Index to include between 30‑50 Targets at each reconstitution. To gain exposure to the Underlying Index, the Fund will establish long positions in shares of the Target stocks. When the terms of a transaction call for the exchange of an Acquirer’s common stock, the Underlying Index, as a result of the index methodology, will include short exposure in the Acquirer’s stock at the deal’s exchange ratio. This short exposure is designed to lock in the current deal spread, and to hedge against the risk of a decline in the deal value as a result of a decline in the value of the Acquirer’s stock. The Fund may invest in derivatives, such as swaps, to obtain exposure to long and short constituents of the Underlying Index. The Underlying Index is comprised of securities of United States (“U.S.”) and foreign companies of any market capitalization. The Underlying Index is calculated in U.S. dollars. The Underlying Index hedges against fluctuations in the relative value of foreign currencies against the U.S. dollar. The Fund uses forward currency or futures contracts to effectuate these hedges in the Underlying Index. The amount of forward and futures contracts held by the Fund is based on the aggregate exposure of the Fund to each currency. The Underlying Index may also include an allocation to cash-like instruments, such as money market and similar cash management funds and ultra short-term bond exchange-traded funds (“ETFs”). In addition, when a transaction closes, any allocation in the Underlying Index to the securities of the Target and/or Acquirer will be reallocated to such instruments. The Underlying Index generally only allocates to cash when there are an insufficient number of Targets for inclusion in the Underlying Index and when a transaction represented by a Target in the Underlying Index has been consummated or abandoned. Accordingly, cash allocations in the Underlying Index and Fund are generally removed as part of each Underlying Index reconstitution, though cash allocations may continue to be included if there are an insufficient number of Targets. Under normal market conditions, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in the constituents of the Underlying Index and in financial instruments with economic characteristics similar to such constituents, such as swaps on such constituents. Although the Fund expects to replicate (or hold all components of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. The Fund may invest up to 20% of its net assets in instruments that are not included in the Underlying Index, but that the Adviser believes will help the Fund track the Underlying Index. The Fund may also invest in financial instruments, including swap agreements, futures contracts, ETFs, and options on securities or equity securities indices. With respect to derivatives, the Fund will invest principally in swaps and forward contracts on foreign currencies. The Fund will invest in other funds, such as money market and similar cash management funds and ultra short-term bond ETFs, only to reflect cash allocations by the Underlying Index. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of August 31, 2026, the Underlying Index included 65 long positions and 16 short positions in companies with market capitalizations of between $321 million and $2,745 billion. The Underlying Index was developed by Water Island Indices LLC (the “Index Provider”), an affiliate of the Adviser. The Index Calculation Agent is Solactive AG, which is not affiliated with the Index Provider, the Fund, or the Adviser. The Index Calculation Agent provides information to the Fund about the constituents of the Underlying Index and does not provide investment advice with respect to the desirability of investing in, purchasing or selling securities. The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of its Underlying Index, which is designed to reflect a global merger arbitrage strategy. The most common approach to merger arbitrage, and the approach the Underlying Index (and by extension the Fund) reflects, is to seek to capture the difference (the “spread”) between the price at which the stock of a target company in a publicly announced merger, takeover, tender offer, or leveraged buy-out (the “Target”) trades after the announcement of the acquisition and the price the acquiring company (the “Acquirer”) has agreed to pay for the stock of the Target. To gain exposure to the Underlying Index, the Fund will establish long positions in shares of the Target stocks. When the terms of a transaction call for the exchange of an Acquirer’s common stock, the Underlying Index, as a result of the index methodology, will include short exposure in the Acquirer’s stock at the deal’s exchange ratio. This short exposure is designed to lock in the current deal spread, and to hedge against the risk of a decline in the deal value as a result of a decline in the value of the Acquirer’s stock. The Fund may invest in derivatives, such as swaps, to obtain exposure to long and short constituents of the Underlying Index.The Underlying Index is comprised of securities of United States (“U.S.”) and foreign companies of any market capitalization. Under normal market conditions, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in the constituents of the Underlying Index and in financial instruments with economic characteristics similar to such constituents, such as swaps on such constituents. As with all funds, investing in the Fund entails risks that could cause the Fund and the Fund’s investors to lose money. Merger Arbitrage Risk: The principal risk associated with the Fund’s merger arbitrage investment strategy is that the proposed corporate reorganizations in which the Fund invests may not be completed or may be completed on less favorable terms than originally anticipated, in which case the Fund may realize losses. Passive Investment Risk: The Fund is not actively managed, does not seek to “beat” the Underlying Index, and does not take temporary defensive positions when markets decline. Therefore, the Fund may not sell a security due to current or projected underperformance of a security, industry, or sector. Short Sale Risk: The Fund may obtain short exposure by borrowing a security to sell or by trading a derivative instrument, such as a future, forward or swap. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. There is no theoretical ceiling to the price of a shorted security. Therefore, in theory, securities sold short have unlimited risk. Short sales also expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the Fund’s performance. When the Fund sells a security short, it must maintain cash or high-grade securities equal to the margin requirement. As a result, the Fund may maintain high levels of cash or other liquid assets (such as U.S. Treasury bills, money market instruments, certificates of deposit, high quality commercial paper, and long equity positions). The need to maintain cash or other liquid assets could limit the Fund’s ability to pursue other opportunities as they arise. Short exposure generally introduces more risk to the Fund than long positions (purchases). It is also possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increases, thereby increasing potential losses to the Fund. Market Risk: The value of the Fund’s investments, and the net asset value (“NAV”) of the Fund, will fluctuate over time, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an entire industry, or the market as a whole. Securities markets may experience short-term or even extended periods of heightened volatility and turmoil. These events could have an adverse effect on the value of the Fund’s investments, and investors could lose money due to this price fluctuation. The value of a security may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates, changes in interest rates, or adverse investor sentiment. Geopolitical and other risks, including terrorism, war and sanctions, and environmental and public health risks (such as natural disasters, epidemics, and pandemics), may add to instability in world economies and markets generally. This uncertainty could lead to corporate events such as mergers, acquisitions, and restructurings breaking. The extent and duration of such market disruptions cannot be predicted but could magnify the impact of other risks to the Fund, could have a significant adverse impact on the Fund and its investments, and could result in increased volatility of the Fund’s NAV. High Portfolio Turnover Risk: The Fund’s strategy is expected to involve buying and selling portfolio securities frequently to rebalance the Fund’s investment exposures, which may increase brokerage commission costs and reduce performance. High portfolio turnover also exposes shareholders to a higher current realization of short-term gains, which could cause you to pay higher taxes. Hedging Transaction Risk: Instruments used to hedge against an opposite position may offset losses, but they also may offset gains. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase. Concentration Risk: If a large percentage of mergers or other corporate events taking place within the U.S. are within one industry over a given period of time, the Underlying Index may be concentrated in an industry or group of industries or sectors. Because the Fund’s assets are expected to be concentrated in an industry or group of industries or sectors to the same extent as the Underlying Index, the Fund is subject to loss due to adverse occurrences affecting that industry or group of industries or sectors. During such a period of concentration, the Fund may be subject to greater volatility than a fund that is more broadly diversified. Sector Risk: The securities of companies in the same or related businesses (“sectors”), if comprising a significant portion of the Fund’s portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments, and may adversely affect the value of the Fund’s portfolio, to a greater extent than if such securities comprised a lesser portion of the Fund’s portfolio or if the Fund’s portfolio was diversified across a greater number of sectors. Some sectors have particular risks that may not affect other sectors. Equity Risk: Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited. Derivatives Risk: A derivative instrument (such as a forward contract, option (both written and purchased), or swap contract) typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Swap Risk: The Fund may enter into total return swaps to gain investment exposure to the underlying security or securities in a more efficient or economically attractive manner than direct ownership. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund’s ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements. Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. Transaction costs may be higher in foreign countries than in the U.S. The U.S. dollar value of foreign securities traded in foreign currencies (and any dividends and interest earned) held by the Fund may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the U.S., may involve risks which are in addition to those inherent in U.S. investments. Foreign governments and economies often are less stable than the U.S. Government and the U.S. economy, and foreign companies may not be subject to the same regulatory requirements and accounting, auditing, and financial reporting standards of U.S. companies. As a consequence, there may be less publicly available information about such companies, which may negatively affect the value of foreign securities held by the Fund. Currency Risk: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment in the Fund. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency-denominated investments and may widen any losses. The return of the forward currency contracts and currency futures contracts utilized for currency hedging may not perfectly offset the actual fluctuations of the foreign currencies relative to the U.S. dollar and may prevent the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks. Further, in order to minimize transaction costs, or for other reasons, the Fund’s exposure to non-U.S. currencies may not be hedged. Counterparty Risk: The Fund may enter into various types of derivative contracts with a counterparty that may be privately negotiated in the over-the-counter market. These contracts involve exposure to credit risk, because contract performance depends, in part, on the financial condition of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed, and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund. ETF Risk: As an ETF, the Fund is subject to the following risks: Premium-Discount Risk: Shares may trade above or below their NAV. Accordingly, investors may pay more than NAV when purchasing Shares or receive less than NAV when selling Shares.Secondary Market Trading Risk: Investors buying or selling Shares in the secondary market may pay bid-ask spreads, brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell Shares. There can be no assurance that an active or liquid trading market for Shares will develop or be maintained or that the Shares will continue to be listed. In addition, trading in Shares on the Exchange may be halted. Cash Transactions Risk: The Fund may effect redemptions partly or wholly for cash, rather than through in-kind distributions of securities. Accordingly, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds and it may recognize gains on sales of portfolio holdings. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that primarily or wholly effects redemptions in-kind. Moreover, cash transactions may have to be carried out over several days if the securities markets are relatively illiquid at the time the Fund must sell securities and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund redeemed its shares principally in-kind, may be passed on to Authorized Participants (“APs”) in the form of transaction fees. As a result, the spreads between the bid and the offered prices of the Fund’s shares may be wider than those of shares of ETFs that primarily or wholly transact in-kind. International Closed Market Trading Risk: Because certain of the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between the current prices of such investments and the prices at which such investments are marked for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets. Flash Crash Risk: Sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading in the market at an increasingly large discount to NAV during part (or all) of a trading day or cause the Fund itself to halt trading. Authorized Participants Concentration Risk: The Fund may have a limited number of financial institutions that may act as APs. To the extent that those APs exit the business or are unable to process creation and/or redemption orders, Shares may trade at a discount to NAV like closed-end fund shares and may face delisting from the Exchange. Market Capitalization Risk: The securities of small-capitalization and mid-capitalization companies may be less liquid and more vulnerable to adverse business, economic, or market events than securities of relatively larger, more established companies. Larger, more established companies may be unable to attain the high growth rates of successful, smaller- and medium-sized companies during periods of economic expansion. Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. The Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Non-Diversification Risk: The Fund is non-diversified, which means that it may invest a relatively high percentage of its assets in a limited number of issuers. As a result, the Fund’s performance may be more vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with the occurrence of adverse events affecting a particular issuer than a diversified fund. Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of the Underlying Index, which may be due to the Fund’s use of representative sampling or other differences between the Fund’s and Underlying Index’s holdings, transaction and operating costs, and security valuation procedures. This risk is heightened during times of market volatility. Large Shareholder Risk: Certain shareholders, including the Adviser or an affiliate of the Adviser, may own a substantial amount of the Fund’s Shares. Redemptions by large shareholders could have a significant negative impact on the Fund and transactions by large shareholders may account for a large percentage of the trading volume on the Exchange and may, therefore, have a material upward or downward effect on the market price of the Shares. Performance The following information provides some indication of the risks and variability of investing in the Fund by showing how the performance of the predecessor exchange traded fund, AltShares Merger Arbitrage ETF, has varied over time. The Fund acquired the assets and liabilities of the predecessor exchange traded fund after the close on September 25, 2026. As a result of the transaction, the Fund adopted the accounting and performance history of the predecessor exchange traded fund. The information shown below is for the predecessor exchange traded fund. The Fund’s net operating expense ratio is the same as the net operating expense ratio of the predecessor exchange traded fund. Returns in the bar chart and average annual total returns table for the predecessor exchange traded fund have not been adjusted. The following bar chart and performance table provide some indication of the risks and variability of investing in the Fund by showing changes in the predecessor exchange traded fund’s performance from year to year and by showing how the predecessor exchange traded fund’s average annual total returns for the past one-year, five-year, and since inception periods compare to the returns of the S&P 500® Index, Water Island Merger Arbitrage USD Hedged Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. The performance table reflects the performance of the predecessor exchange traded fund’s shares before and after taxes. The performance shown reflects voluntary fee waivers which had a positive effect on performance and may be discontinued at any time. Without such voluntary fee waivers, performance would have been lower. How the predecessor exchange traded fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information can be obtained by visiting www.altsharesetfs.com/arb. The following bar chart and performance table provide some indication of the risks and variability of investing in the Fund by showing changes in the predecessor exchange traded fund’s performance from year to year and by showing how the predecessor exchange traded fund’s average annual total returns for the past one-year, five-year, and since inception periods compare to the returns of the S&P 500® Index, Water Island Merger Arbitrage USD Hedged Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. How the predecessor exchange traded fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.altsharesetfs.com/arb <table cellpadding="0" style="border-collapse:collapse; margin:8.4pt 0pt 0pt; width:543.85pt; border-spacing: 0px;"><tr><td style="min-width:264pt; max-width:264pt; vertical-align:top; box-sizing:border-box"><img alt="" src="j26227013_ca003.jpg" style="-sec-ix-hidden: hidden-fact-3; margin:-0.92pt 9.76pt 1.77pt 0pt; width: 338.69px; height: 232.12px;"/></td><td style="min-width:15.85pt; max-width:15.85pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:264pt; max-width:264pt; vertical-align:top; box-sizing:border-box; text-align:left">During the period shown in the bar chart, the highest return for the predecessor exchange traded fund for a quarter was 3.27% during the quarter ended September 30, 2023 and the lowest return for a quarter was 1.43% during the quarter ended June 30, 2022. The year-to-date return of the predecessor exchange traded fund’s shares through June 30, 2026 is 2.45%. </td></tr> </table> highest return 0.0327 2023-09-30 lowest return 0.0143 2022-06-30 year-to-date return 2026-06-30 0.0245 Average Annual Total Returns for Periods Ended December 31, 2025 The table below shows the average annual total returns for the predecessor exchange traded fund, AltShares Merger Arbitrage ETF, compared with those of the S&P 500® Index, Water Island Merger Arbitrage USD Hedged Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. The table also presents the impact of taxes on the returns of the predecessor exchange traded fund’s shares. 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at NAV and that the entire account is redeemed at the end of the period, including reinvested amounts). 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Average Annual Total Returns as of 12/31/2025 <table cellpadding="0" style="border-collapse:collapse; margin:0.4pt 0pt 0pt; width:546.8pt; border-spacing: 0px;"><tr><td style="min-width:351pt; max-width:351pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left">ALTSHARES MERGER ARBITRAGE ETF </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:42.8pt; max-width:42.8pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">One Year </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:43pt; max-width:43pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Five Years </td><td style="min-width:28pt; max-width:28pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:45.4pt; max-width:45.4pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Since Inception* </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">Return Before Taxes </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.88pt; max-width:23.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">5.58 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:22.11pt; max-width:22.11pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">3.88 </td><td style="min-width:14.2pt; max-width:14.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:28pt; max-width:28pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">4.18 </td><td style="min-width:15.6pt; max-width:15.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Return After Taxes on Distributions </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.88pt; max-width:23.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">5.46 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:22.11pt; max-width:22.11pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.45 </td><td style="min-width:14.2pt; max-width:14.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:28pt; max-width:28pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.59 </td><td style="min-width:15.6pt; max-width:15.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Return After Taxes on Distributions and Sale of Fund Shares </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.88pt; max-width:23.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.37 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:22.11pt; max-width:22.11pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.83 </td><td style="min-width:14.2pt; max-width:14.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:28pt; max-width:28pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.00 </td><td style="min-width:15.6pt; max-width:15.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">S&P 500® INDEX** </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.88pt; max-width:23.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">17.88 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:22.11pt; max-width:22.11pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">14.42 </td><td style="min-width:14.2pt; max-width:14.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:28pt; max-width:28pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">18.55 </td><td style="min-width:15.6pt; max-width:15.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">WATER ISLAND MERGER ARBITRAGE USD HEDGED INDEX*** </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.88pt; max-width:23.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">6.87 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:22.11pt; max-width:22.11pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">5.22 </td><td style="min-width:14.2pt; max-width:14.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:28pt; max-width:28pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">5.54 </td><td style="min-width:15.6pt; max-width:15.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">BLOOMBERG U.S. TREASURY BILL INDEX**** </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.88pt; max-width:23.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">4.30 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:22.11pt; max-width:22.11pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.19 </td><td style="min-width:14.2pt; max-width:14.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:28pt; max-width:28pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.83 </td><td style="min-width:15.6pt; max-width:15.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">BLOOMBERG U.S. AGGREGATE BOND INDEX***** </td><td style="min-width:7.2pt; max-width:7.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.88pt; max-width:23.88pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">7.30 </td><td style="min-width:13.32pt; max-width:13.32pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:22.11pt; max-width:22.11pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">‑0.36 </td><td style="min-width:14.2pt; max-width:14.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:28pt; max-width:28pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">0.19 </td><td style="min-width:15.6pt; max-width:15.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:2pt 253pt 0pt 0pt"><td style="min-width:29pt; max-width:29pt; vertical-align:top">* </td><td style="min-width:262pt; max-width:262pt; vertical-align:bottom">The predecessor exchange traded fund’s inception date is May 7, 2020.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt"><td style="min-width:29pt; max-width:29pt; vertical-align:top">**</td><td style="min-width:515pt; max-width:515pt; vertical-align:bottom">To meet regulatory requirements, the S&P 500® Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The S&P 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt"><td style="min-width:29pt; max-width:29pt; vertical-align:top">***</td><td style="min-width:515pt; max-width:515pt; vertical-align:bottom">The Water Island Merger Arbitrage USD Hedged Index is the Fund’s Underlying Index and is most representative of the Fund’s risk and return and investment style. The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of its Underlying Index. The Water Island Merger Arbitrage USD Hedged Index is designed to reflect a global merger arbitrage strategy investing in definitive, publicly announced mergers and acquisitions and is comprised of securities of U.S. and foreign companies of any market capitalization.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 6pt 0pt 0pt"><td style="min-width:29pt; max-width:29pt; vertical-align:top">****</td><td style="min-width:509pt; max-width:509pt; vertical-align:bottom">The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:-1.49pt 38pt 0pt 0pt"><td style="min-width:29pt; max-width:29pt; vertical-align:top">*****</td><td style="min-width:477pt; max-width:477pt; vertical-align:bottom">The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.</td></tr> </table> 0.0558 0.0388 0.0418 0.0546 0.0345 0.0359 0.0337 0.0283 0.03 0.1788 0.1442 0.1855 0.0687 0.0522 0.0554 0.043 0.0319 0.0283 0.073 -0.0036 0.0019 2020-05-07 To meet regulatory requirements, the S&P 500® Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The S&P 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 29pt"><td style="min-width:515pt; max-width:515pt; text-align:justify; vertical-align:top">The indexes are calculated on a total-return basis, are unmanaged and are not available for direct investment. The indexes reflect no deduction for fees, expenses, or taxes. The S&P 500® Index, the Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index are not intended to, and do not, parallel the risk or investment style of the Fund’s investment strategy.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 29pt"><td style="min-width:515pt; max-width:515pt; text-align:justify; vertical-align:top">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.</td></tr> </table> ALTSHARES EVENT-DRIVEN ETF Investment Objective AltShares Event-Driven ETF (the “Fund”) seeks to achieve capital appreciation over a full market cycle with lower volatility than the broad equity market. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): <table cellpadding="0" style="border-collapse:collapse; margin:4.4pt 0pt 0pt; width:544.04pt; border-spacing: 0px;"><tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.26pt 0pt 0pt 6pt">Management Fee </td><td style="min-width:4.68pt; max-width:4.68pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.12pt; max-width:18.12pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.26pt 0pt 0pt">1.25 </td><td style="min-width:6.18pt; max-width:6.18pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.26pt 0pt 0pt">% </td><td style="min-width:10.86pt; max-width:10.86pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt 6pt">Distribution and/or Service (12b‑1) Fees(1) </td><td style="min-width:4.68pt; max-width:4.68pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.12pt; max-width:18.12pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">None </td><td style="min-width:6.18pt; max-width:6.18pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:10.86pt; max-width:10.86pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.76pt 0pt 0pt 6pt">Other Expenses </td><td style="min-width:4.68pt; max-width:4.68pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.12pt; max-width:18.12pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.76pt 0pt 0pt">0.01 </td><td style="min-width:6.18pt; max-width:6.18pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.76pt 0pt 0pt">% </td><td style="min-width:10.86pt; max-width:10.86pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:1.01pt 0pt 0pt 15pt">Dividend on Short Positions and Interest Expense on Short Positions and/or Borrowings </td><td style="min-width:4.68pt; max-width:4.68pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.12pt; max-width:18.12pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">0.01 </td><td style="min-width:6.18pt; max-width:6.18pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:1.01pt 0pt 0pt">% </td><td style="min-width:10.86pt; max-width:10.86pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; box-sizing:border-box; text-align:left; padding:0.76pt 0pt 0pt 15pt">All Remaining Other Expenses </td><td style="min-width:4.68pt; max-width:4.68pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.12pt; max-width:18.12pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.76pt 0pt 0pt">0.00 </td><td style="min-width:6.18pt; max-width:6.18pt; vertical-align:top; box-sizing:border-box; text-align:right; padding:0.76pt 0pt 0pt">% </td><td style="min-width:10.86pt; max-width:10.86pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.71pt 0pt 0pt 6pt">Acquired Fund Fees and Expenses </td><td style="min-width:4.68pt; max-width:4.68pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.12pt; max-width:18.12pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.71pt 0pt 0pt">0.01 </td><td style="min-width:6.18pt; max-width:6.18pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.71pt 0pt 0pt">% </td><td style="min-width:10.86pt; max-width:10.86pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left"> </td></tr> <tr><td style="min-width:504.2pt; max-width:504.2pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left; padding:0.26pt 0pt 0pt 6pt">Total Annual Fund Operating Expenses </td><td style="min-width:4.68pt; max-width:4.68pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td><td style="min-width:18.12pt; max-width:18.12pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">1.27 </td><td style="min-width:6.18pt; max-width:6.18pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">% </td><td style="min-width:10.86pt; max-width:10.86pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:2pt double #d1d3d4; box-sizing:border-box; text-align:left"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:0pt 4pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">(1)</td><td style="min-width:519pt; max-width:519pt; vertical-align:bottom">Pursuant to a Rule 12b‑1 Distribution and Service Plan (the “Plan”), the Fund may bear a Rule 12b‑1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Plan.</td></tr> </table> 0.0125 0 0.0001 0.0001 0 0.0001 0.0127 Example The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 for the time periods indicated. The example also assumes that the Fund provides a return of 5% a year and that operating expenses remain the same. The example does not reflect any brokerage commissions that you may pay on purchases and sales of Shares. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not redeem your Shares, your costs would be: <table cellpadding="0" style="border-collapse:collapse; margin:4.7pt 0pt 0pt; width:544.08pt; border-spacing: 0px;"><tr><td style="min-width:13.4pt; max-width:13.4pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td style="min-width:18.52pt; max-width:18.52pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:39.36pt; max-width:39.36pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">One Year </td><td style="min-width:17.28pt; max-width:17.28pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:53.16pt; max-width:53.16pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">Three Years </td><td style="min-width:14.52pt; max-width:14.52pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:46.68pt; max-width:46.68pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">Five Years </td><td style="min-width:13.56pt; max-width:13.56pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:45.24pt; max-width:45.24pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center; padding:1.01pt 0pt 0pt">10 Years </td><td style="min-width:7.96pt; max-width:7.96pt; vertical-align:top; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:13.4pt; max-width:13.4pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:274.4pt; max-width:274.4pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:18.52pt; max-width:18.52pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:11.24pt; max-width:11.24pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">$ </td><td style="min-width:21pt; max-width:21pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">129 </td><td style="min-width:7.12pt; max-width:7.12pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:17.28pt; max-width:17.28pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:18.24pt; max-width:18.24pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">$ </td><td style="min-width:20.8pt; max-width:20.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">403 </td><td style="min-width:14.12pt; max-width:14.12pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:14.52pt; max-width:14.52pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:15.56pt; max-width:15.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">$ </td><td style="min-width:20.8pt; max-width:20.8pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">697 </td><td style="min-width:10.32pt; max-width:10.32pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:13.56pt; max-width:13.56pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:14.64pt; max-width:14.64pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">$ </td><td style="min-width:20.52pt; max-width:20.52pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.26pt 0pt 0pt">1,534 </td><td style="min-width:10.08pt; max-width:10.08pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:7.96pt; max-width:7.96pt; vertical-align:top; border-top:0.5pt solid #231f20; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td></tr> </table> 129 403 697 1534 Portfolio Turnover The Fund may pay transaction costs, including commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. Transaction costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund’s performance. For the fiscal year ended May 31, 2026, the Fund’s portfolio turnover rate was 381% of the average value of its portfolio. 3.81 Principal Investment Strategies To pursue its investment objective, the Fund employs a “long/short” event-driven strategy, which seeks to profit by investing, long and/or short, in the equity and debt securities of companies whose prices Water Island Capital, LLC (the “Adviser”) believes are or will be impacted by a publicly announced or anticipated corporate event. The strategy may invest both long and short across various industries/sectors, market capitalizations, and credit qualities, and in both U.S. and foreign securities, seeking what the Adviser believes are the most favorable event opportunities across the globe. By focusing on event opportunities, the Adviser aims to generate a return profile that is more correlated to the outcomes of each idiosyncratic event rather than the overall direction of broader equity and credit markets. Corporate events may take the form of “hard” catalysts or “soft” catalysts as described below. The Fund may invest in both hard and soft catalysts, though under normal market conditions the Adviser expects to focus on hard catalyst events – predominantly definitive merger arbitrage investments. Other approaches to event-driven investing in which the Adviser may engage include special situations and other types of arbitrage trades, such as convertible arbitrage and capital structure arbitrage. The Fund will invest in catalysts without bias toward a company’s capital structure, allowing the Fund to position its investments in both equity and credit instruments, selecting whichever security the Adviser believes offers the greatest reward-to-risk ratio for a given event opportunity. Hard Catalysts: Investment opportunities predicated on hard catalysts tend to be characterized by more definitive outcomes, shorter timelines, and lower levels of volatility. The most common example of a hard catalyst is definitive, publicly announced mergers and acquisitions (“M&A”) whereby a legally binding merger agreement is in place, but hard catalysts may also take other forms including, but not limited to, Dutch tenders (whereby an offer is made to purchase securities within a given price range through an auction structure, wherein shareholders are invited to sell shares over a specific time period by specifying the lowest price within the range that they will accept), yield-to-call opportunities (whereby a company or other entity’s callable bonds are purchased and held until the next anticipated call date, at which point they may be redeemed prior to maturity), and spin-offs (pre-completion, whereby a company has announced its intent to separate its business into two or more separately traded independent entities, which may be able to unlock more shareholder value on a standalone rather than combined basis). Soft Catalysts: Investment opportunities predicated on soft catalysts tend to be characterized by less certain outcomes, longer timelines, and greater levels of risk – though also commensurate greater potential reward. Examples of soft catalysts include a broad range of events spurred by company-specific, industry-wide, or broad economic conditions such as speculated M&A (whereby certain M&A are anticipated, rumored or in negotiations but are not yet definitive), asset sales, spin-offs (post-completion, whereby a company has completed the separation of its business into two or more separately traded independent entities), turnaround plans, management changes, activist campaigns, transformational M&A (post-completion), corporate levering/de-levering, credit refinancings, recapitalizations, restructurings, and other corporate reorganizations and re-rating opportunities. The Adviser generally engages in active and frequent trading of portfolio securities to achieve the Fund’s principal investment objective. The Adviser generally seeks to maintain a fully invested portfolio; however, for various reasons, there may be times when the Fund may hold a significant portion of its assets in cash or cash equivalents, including money market and similar cash management funds, money market instruments such as Treasury bills, and other short-term or temporary investments. Such instances may occur for defensive purposes in response to adverse market, economic, political, or other conditions; to preserve the Fund’s ability to capitalize quickly on new market opportunities; because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments; or for other reasons, such as after a period in which several catalysts held by the Fund close in a similar timeframe, yet before capital is redeployed to other opportunities. In addition, the Fund will hold a higher percentage of its assets in long positions (i.e., the Fund will be “net long”). The Fund’s net long exposure may exceed 100% of the Fund’s net assets. The Fund may maintain long and short positions through the use of derivative instruments, including swap agreements, options, futures, and forward contracts, without investing directly in the underlying asset. The Fund may use derivative instruments to attempt to both increase the return of the Fund and hedge (protect) the value of the Fund’s assets. Investments in derivative instruments may have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to exposures that exceed the Fund’s total assets and may result in losses that exceed the amount the Fund invested. Financial leverage will magnify, sometimes significantly, the Fund’s exposure to any increase or decrease in prices associated with a particular reference asset resulting in increased volatility in the value of the Fund’s portfolio. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as “junk bonds.” Furthermore, the Fund may invest in exchange-traded funds (“ETFs”). The Fund is not limited with respect to issuer, geography, market capitalization, credit quality, sector or industry. As with all funds, investing in the Fund entails risks that could cause the Fund and the Fund’s investors to lose money. Merger Arbitrage Risk: The principal risk associated with the Fund’s merger arbitrage investment strategy is that the proposed corporate reorganizations in which the Fund invests may not be completed or may be completed on less favorable terms than originally anticipated, in which case the Fund may realize losses. Short Sale Risk: The Fund may obtain short exposure by borrowing a security to sell or by trading a derivative instrument that has a similar economic effect, such as a future, forward or swap. The Fund will suffer a loss if it sells a security short and the value of the security rises rather than falls. There is no theoretical ceiling to the price of a shorted security. Therefore, in theory, securities sold short have unlimited risk. Short sales also expose the Fund to the risk that it will be required to buy the security sold short (also known as “covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The Fund’s investment performance may also suffer if it is required to close out a short position earlier than it had intended. In addition, the Fund may be subject to expenses related to short sales that are not typically associated with investing in securities directly, such as costs of borrowing. These expenses may negatively impact the Fund’s performance. When the Fund sells a security short, it must maintain cash or high-grade securities equal to the margin requirement. As a result, the Fund may maintain high levels of cash or other liquid assets (such as U.S. Treasury bills, money market instruments, certificates of deposit, high quality commercial paper, and long equity positions). The need to maintain cash or other liquid assets could limit the Fund’s ability to pursue other opportunities as they arise. Short exposure generally introduces more risk to the Fund than long positions. It is also possible that the Fund’s long positions will decline in value at the same time that the value of its short positions increases, thereby increasing potential losses to the Fund. Event-Driven Risk: Event-driven investments involve the risk that certain of the events driving the investment may not happen or the market may react differently than expected to the anticipated transaction. In addition, although an event may occur or is announced, it may be renegotiated, terminated, or involve a longer time frame than originally contemplated. Event-driven investment transactions are also subject to the risk of overall market movements. Any one of these risks could cause the Fund to experience investment losses, impacting its shares negatively. Special Situations Risk: The Fund may seek to benefit from “special situations,” such as mergers, acquisitions, consolidations, bankruptcies, liquidations, reorganizations, restructurings, tender or exchange offers, or other unusual events expected to affect a particular issuer. Investing in special situations carries the risk that certain of such situations may not happen as anticipated or the market may react differently than expected to such situations. The securities of companies involved in special situations may be more volatile than other securities, may at times be illiquid, or may be difficult to value. Certain special situations carry the additional risks inherent in difficult corporate transitions and the securities of such companies may be more likely to lose value than the securities of more stable companies. Active Management Risk: The Fund is an actively managed investment portfolio and is therefore subject to management risk. The Adviser will apply its investment and risk analysis in making investment decisions for the Fund, but there is no guarantee that these decisions will produce the intended results. Market Risk: The value of the Fund’s investments, and the net asset value (“NAV”) of the Fund, will fluctuate over time, sometimes rapidly and unpredictably. Market risk may affect a single issuer, an entire industry, or the market as a whole. Securities markets may experience short-term or even extended periods of heightened volatility and turmoil. These events could have an adverse effect on the value of the Fund’s investments, and investors could lose money due to this price fluctuation. The value of a security may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates, changes in interest rates, or adverse investor sentiment. Geopolitical and other risks, including terrorism, war and sanctions, and environmental and public health risks (such as natural disasters, epidemics, and pandemics), may add to instability in world economies and markets generally. This uncertainty could lead to corporate events such as mergers, acquisitions, and restructurings breaking, forcing the Fund to allocate assets to other strategies. The extent and duration of such market disruptions cannot be predicted but could magnify the impact of other risks to the Fund, could have a significant adverse impact on the Fund and its investments, and could result in increased volatility of the Fund’s NAV. High Portfolio Turnover Risk: The Fund normally expects to engage in active and frequent trading and expects to have a high portfolio turnover rate (over 100%). This may increase the Fund’s brokerage commission costs, which would reduce performance. Rapid portfolio turnover also exposes shareholders to a higher current realization of short-term gains, which could cause you to pay higher taxes. Hedging Transaction Risk: Instruments used to hedge against an opposite position may offset losses, but they also may offset gains. The success of the Fund’s hedging strategies will be subject to the Adviser’s ability to assess correctly the degree of correlation between the performance of the instruments used in the hedging strategies and the performance of the investments in the Fund’s portfolio being hedged. Hedging transactions involve the risk of imperfect correlation. Imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Hedging transactions also limit the opportunity for gain if the value of a hedged portfolio position should increase. Concentration Risk: If a large percentage of mergers or other corporate events taking place within the U.S. are within one industry over a given period of time, the Fund may invest a large portion of its assets in securities of issuers in a single industry for that period of time. During such a period of concentration, the Fund may be subject to greater volatility with respect to its portfolio securities than a fund that is more broadly diversified. Sector Risk: The securities of companies in the same or related businesses (“sectors”), if comprising a significant portion of the Fund’s portfolio, may in some circumstances react negatively to market conditions, interest rates and economic, regulatory or financial developments, and may adversely affect the value of the Fund’s portfolio, to a greater extent than if such securities comprised a lesser portion of the Fund’s portfolio or if the Fund’s portfolio was diversified across a greater number of sectors. Some sectors have particular risks that may not affect other sectors. Equity Risk: Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Preferred stocks are subject to the risk that the dividend on the stock may be changed or omitted by the issuer, and that participation in the growth of an issuer may be limited. Derivatives Risk: In general, a derivative instrument typically involves leverage and provides exposure to potential gain or loss from a change in the market price of the underlying asset (or a basket of assets or an index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative instrument. Adverse changes in the value or price of the underlying asset (or basket of assets or index), which the Fund may not directly own, can result in a loss to the Fund substantially greater than the amount invested in the derivative itself. The use of derivative instruments also exposes the Fund to additional risks and transaction costs. Derivative instruments come in many varieties and may include forward contracts, options (both written and purchased), and swap contracts. Swap Risk: The Fund may enter into total return swaps to gain investment exposure to the underlying security or securities in a more efficient or economically attractive manner than direct ownership. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The Fund may also enter into credit default or credit default index swaps with qualified broker-dealer counterparties. In a credit default swap, one party typically makes an upfront payment and a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a referenced entity on its obligation or other credit-related event. The Fund may use swaps for any investment purpose, including as part of a merger arbitrage or event-driven strategy involving pending corporate reorganizations. Certain categories of swap agreements often have terms of greater than seven days and may be considered illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. It is possible that developments in the swaps market, including new and additional government regulation, could result in higher Fund costs and expenses and could adversely affect the Fund’s ability, among other things, to terminate existing swap agreements or to realize amounts to be received under such agreements. Credit Risk: Credit risk refers to the possibility that the issuer of the security will not be able to make interest or principal payments when due. The Fund may invest in convertible and non-convertible debt securities, including high yield debt securities, also known as “junk bonds.” Investments in junk bonds are subject to greater credit risks than securities with credit ratings above investment grade and have a greater risk of default than investment grade debt securities. Junk bonds are less sensitive to interest rate changes than higher credit quality instruments and generally are more sensitive to adverse economic changes or individual corporate developments. Counterparty Risk: The Fund may enter into various types of derivative contracts with a counterparty that may be privately negotiated in the over-the-counter market. These contracts involve exposure to credit risk, because contract performance depends, in part, on the financial condition of the counterparty. If the creditworthiness of the counterparty declines, the Fund may not receive payments owed under the contract, or such payments may be delayed, and the value of agreements with the counterparty can be expected to decline, potentially resulting in losses to the Fund. Temporary Investment/Cash Management Risk: The Fund may hold a significant portion of its assets in cash, money market or similar cash management funds, or short-term investments for temporary defensive purposes in response to adverse market, economic, political or other conditions, to preserve the Fund’s ability to capitalize quickly on new market opportunities or for other reasons, such as because the Adviser has determined to obtain investment exposure through derivative instruments instead of direct cash investments. These investments may include money market funds, money market instruments such as Treasury bills, securities issued by the U.S. Government, its agencies or instrumentalities, bankers’ acceptances, commercial paper, and repurchase agreements for the above securities, and investment companies that invest primarily in such instruments. To the extent the Fund maintains cash or holds short-term investments, the Fund may not achieve its investment objective and may also be subject to additional risks, including market, interest rate, and credit risk. ETF Risk: As an ETF, the Fund is subject to the following risks: Premium-Discount Risk: Shares may trade above or below their NAV. Accordingly, investors may pay more than NAV when purchasing Shares or receive less than NAV when selling Shares. Secondary Market Trading Risk: Investors buying or selling Shares in the secondary market may pay bid-ask spreads, brokerage commissions or other charges, which may be a significant proportional cost for investors seeking to buy or sell Shares. There can be no assurance that an active or liquid trading market for Shares will develop or be maintained or that the Shares will continue to be listed. In addition, trading in Shares on the Exchange may be halted. Cash Transactions Risk: The Fund may effect redemptions partly or wholly for cash, rather than through in-kind distributions of securities. Accordingly, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds and it may recognize gains on sales of portfolio holdings. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that primarily or wholly effects redemptions in-kind. Moreover, cash transactions may have to be carried out over several days if the securities markets are relatively illiquid at the time the Fund must sell securities and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund redeemed its shares principally in-kind, may be passed on to Authorized Participants (“APs”) in the form of transaction fees. As a result, the spreads between the bid and the offered prices of the Fund’s shares may be wider than those of shares of ETFs that primarily or wholly transact in-kind. International Closed Market Trading Risk: Because certain of the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between the current prices of such investments and the prices at which such investments are marked for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets. Flash Crash Risk: Sharp price declines in securities owned by the Fund may trigger trading halts, which may result in the Fund’s shares trading in the market at an increasingly large discount to NAV during part (or all) of a trading day or cause the Fund itself to halt trading. Authorized Participants Concentration Risk: The Fund may have a limited number of financial institutions that may act as APs. To the extent that those APs exit the business or are unable to process creation and/or redemption orders, Shares may trade at a discount to NAV like closed-end fund shares and may face delisting from the Exchange. Market Capitalization Risk: The securities of small-capitalization and mid-capitalization companies may be less liquid and more vulnerable to adverse business, economic, or market events than securities of relatively larger, more established companies. Larger, more established companies may be unable to attain the high growth rates of successful, smaller- and medium-sized companies during periods of economic expansion. Investment Company and ETF Risk: Investing in securities issued by other investment companies, including ETFs, involves risks similar to those of investing directly in the securities and other assets held by the investment company or ETF. The Fund will indirectly bear its pro rata share of the fees and expenses incurred by a fund it invests in, including advisory fees. These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Leverage Risk: If the Fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a “when-issued” basis or purchasing derivative instruments in an effort to increase its returns, the Fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the Fund. Should the Fund employ leverage, the Fund’s NAV may be more volatile and sensitive to market movements. Leverage may involve the creation of a liability that requires the Fund to pay interest. Foreign Securities Risk: The securities of foreign issuers may be less liquid and more volatile than securities of comparable U.S. issuers. Transaction costs may be higher in foreign countries than in the U.S. The U.S. dollar value of foreign securities traded in foreign currencies held by the Fund (and any dividends and interest earned) may be affected favorably or unfavorably by changes in foreign currency exchange rates. An increase in the U.S. dollar relative to these other currencies may adversely affect the Fund. Additionally, investments in foreign securities, even those publicly traded in the U.S., may involve risks which are in addition to those inherent in U.S. investments. Foreign governments and economies often are less stable than the U.S. Government and the U.S. economy, and foreign companies may not be subject to the same regulatory requirements and accounting, auditing, and financial reporting standards of U.S. companies. As a consequence, there may be less publicly available information about such companies, which may negatively affect the value of foreign securities held by the Fund. Currency Risk: Fluctuations in exchange rates between the U.S. dollar and foreign currencies may negatively affect an investment in the Fund. Adverse changes in exchange rates may erode or reverse any gains produced by foreign currency denominated investments and may widen any losses. The Fund may, but is not required to, seek to reduce currency risk by hedging part or all of its exposure to various foreign currencies. The return of currency forward and futures contracts utilized for currency hedging may not perfectly offset the actual fluctuations of the foreign currencies relative to the U.S. dollar and may prevent the Fund from realizing gains from an increase in the value of the currency. In addition to currency risk, currency forward/futures contracts, like other derivatives, may be susceptible to credit risk and other risks. Further, in order to minimize transaction costs, or for other reasons, the Fund’s exposure to non-U.S. currencies may not be hedged. Interest Rate Risk: Prices of debt securities and preferred stocks tend to move inversely with changes in interest rates. When interest rates fall, the market value of the respective debt securities and preferred securities usually increases. Conversely, when interest rates rise, the market value of the respective debt securities and preferred securities usually declines. As such, a change in interest rates may affect prices of the Fund’s debt securities and preferred securities and, accordingly, the Fund’s share price. Liquidity Risk: Liquidity risk exists when particular investments are difficult to purchase or sell. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants to make a market in fixed-income securities, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. To enhance investment value and/or protect shareholder rights, from time to time, the Fund may participate in various types of litigation, including but not limited to shareholder appraisal rights petitions and class action lawsuits. If the Fund exercises its appraisal rights, it may experience limited liquidity on its investment while the subject securities are being appraised. Illiquid and relatively less liquid investments may be harder to value, especially in turbulent markets, and if the Fund is forced to sell these investments to meet redemption requests or for other cash needs, the Fund may suffer a loss. Large Shareholder Risk: Certain shareholders, including the Adviser or an affiliate of the Adviser, may own a substantial amount of the Fund’s Shares. Redemptions by large shareholders could have a significant negative impact on the Fund and transactions by large shareholders may account for a large percentage of the trading volume on the Exchange and may, therefore, have a material upward or downward effect on the market price of the Shares. Performance The following information provides some indication of the risks and variability of investing in the Fund by showing how the performance of the predecessor exchange traded fund, AltShares Event-Driven ETF, has varied over time. The Fund acquired the assets and liabilities of the predecessor exchange traded fund after the close on September 25, 2026. As a result of the transaction, the Fund adopted the accounting and performance history of the predecessor exchange traded fund. The information shown below is for the predecessor exchange traded fund. The Fund’s net operating expense ratio is the same as the net operating expense ratio of the predecessor exchange traded fund. Returns in the bar chart and average annual total returns table for the predecessor exchange traded fund have not been adjusted. The following bar chart and performance table provide some indication of the risks and variability of investing in the Fund by showing changes in the predecessor exchange traded fund’s performance year to year and by showing how the predecessor exchange traded fund’s average annual returns for the past one-year, five-year, and ten-year periods compare to the returns of the S&P 500® Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. The performance table reflects the performance of the predecessor exchange traded fund’s shares before and after taxes. The performance for periods prior to May 12, 2019 does not reflect the current investment strategy of the predecessor exchange traded fund or the Fund. How the predecessor exchange traded fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information can be obtained by visiting www.altsharesetfs.com/evnt. High, double-digit returns were primarily achieved during favorable market conditions. Such returns are atypical and may not be repeatable. The following bar chart and performance table provide some indication of the risks and variability of investing in the Fund by showing changes in the predecessor exchange traded fund’s performance year to year and by showing how the predecessor exchange traded fund’s average annual returns for the past one-year, five-year, and ten-year periods compare to the returns of the S&P 500® Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. How the predecessor exchange traded fund has performed in the past (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.altsharesetfs.com/evnt <table cellpadding="0" style="border-collapse:collapse; margin:0pt; width:543.85pt; border-spacing: 0px;"><tr><td style="min-width:264pt; max-width:264pt; vertical-align:top; box-sizing:border-box"><img alt="" src="j26227013_ca004.jpg" style="-sec-ix-hidden: hidden-fact-4; margin:0pt 9.82pt 3.75pt 0pt; width: 338.83px; height: 228.27px;"/></td><td style="min-width:15.85pt; max-width:15.85pt; vertical-align:top; box-sizing:border-box; text-align:left"> </td><td style="min-width:264pt; max-width:264pt; vertical-align:top; box-sizing:border-box; text-align:left">During the period shown in the bar chart, the highest return for the predecessor exchange traded fund for a quarter was 23.87% (for the quarter ended December 31, 2020). The lowest return was ‑6.94% (for the quarter ended June 30, 2022). The year-to-date return of the predecessor exchange traded fund, through June 30, 2026 is 5.55%. </td></tr> </table> highest return 0.2387 2020-12-31 lowest return -0.0694 2022-06-30 year-to-date return 2026-06-30 0.0555 Average Annual Total Returns for Periods Ended December 31, 2025 The table below shows the average annual total returns for the predecessor exchange traded fund, AltShares Event-Driven ETF, compared with those of the S&P 500® Index, Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index. The table also presents the impact of taxes on the returns of the predecessor exchange traded fund’s shares. 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. Return after taxes on distributions measures the effect of taxable distributions, but assumes the underlying shares are held for the entire period. Return after taxes on distributions and sale of Fund shares shows the effect of both taxable distributions and any taxable gain or loss that would be realized if the underlying shares were purchased at the beginning and sold at the end of the period (for purposes of the calculation, it is assumed that income dividends and capital gain distributions are reinvested at NAV and that the entire account is redeemed at the end of the period, including reinvested amounts). The Fund’s return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. 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 taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The Fund’s return after taxes on distributions and sale of Fund shares may be higher than its returns before taxes or its returns after taxes on distributions because it may include a tax benefit resulting from the capital losses that would have been incurred. Average Annual Total Returns as of 12/31/2025 <table cellpadding="0" style="border-collapse:collapse; margin:5.4pt 0pt 0pt; width:547pt; border-spacing: 0px;"><tr><td style="min-width:351pt; max-width:351pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left">ALTSHARES EVENT-DRIVEN ETF </td><td style="min-width:9pt; max-width:9pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:42.8pt; max-width:42.8pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">One Year </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:43pt; max-width:43pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Five Years </td><td style="min-width:26.24pt; max-width:26.24pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center"> </td><td colspan="3" style="min-width:45.56pt; max-width:45.56pt; vertical-align:bottom; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:center">Since Inception </td><td style="min-width:3pt; max-width:3pt; vertical-align:bottom; box-sizing:border-box; text-align:center"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">Return Before Taxes </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">13.57 </td><td style="min-width:13.8pt; max-width:13.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.75pt; max-width:21.75pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">3.78 </td><td style="min-width:14.56pt; max-width:14.56pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:26.24pt; max-width:26.24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.41pt 0pt 0pt">5.51 </td><td style="min-width:15.76pt; max-width:15.76pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.41pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Return After Taxes on Distributions </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">11.57 </td><td style="min-width:13.8pt; max-width:13.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.75pt; max-width:21.75pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.52 </td><td style="min-width:14.56pt; max-width:14.56pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.24pt; max-width:26.24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.95 </td><td style="min-width:15.76pt; max-width:15.76pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">Return After Taxes on Distributions and Sale of Fund Shares </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">8.16 </td><td style="min-width:13.8pt; max-width:13.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.75pt; max-width:21.75pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.90 </td><td style="min-width:14.56pt; max-width:14.56pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.24pt; max-width:26.24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.68 </td><td style="min-width:15.76pt; max-width:15.76pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">S&P 500® INDEX** </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">17.88 </td><td style="min-width:13.8pt; max-width:13.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.75pt; max-width:21.75pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">14.42 </td><td style="min-width:14.56pt; max-width:14.56pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.24pt; max-width:26.24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">13.42 </td><td style="min-width:15.76pt; max-width:15.76pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">BLOOMBERG U.S. TREASURY BILL INDEX*** </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">4.30 </td><td style="min-width:13.8pt; max-width:13.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.75pt; max-width:21.75pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">3.19 </td><td style="min-width:14.56pt; max-width:14.56pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.24pt; max-width:26.24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">2.01 </td><td style="min-width:15.76pt; max-width:15.76pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> <tr><td style="min-width:351pt; max-width:351pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">BLOOMBERG U.S. AGGREGATE BOND INDEX**** </td><td style="min-width:9pt; max-width:9pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:5.6pt; max-width:5.6pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:23.4pt; max-width:23.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">7.30 </td><td style="min-width:13.8pt; max-width:13.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.4pt; max-width:26.4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:6.69pt; max-width:6.69pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:21.75pt; max-width:21.75pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">‑0.36 </td><td style="min-width:14.56pt; max-width:14.56pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:26.24pt; max-width:26.24pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:4pt; max-width:4pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right"> </td><td style="min-width:25.8pt; max-width:25.8pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:right; padding:0.21pt 0pt 0pt">1.88 </td><td style="min-width:15.76pt; max-width:15.76pt; vertical-align:top; border-top:0.5pt solid #d1d3d4; border-bottom:0.5pt solid #d1d3d4; box-sizing:border-box; text-align:left; padding:0.21pt 0pt 0pt">% </td><td style="min-width:3pt; max-width:3pt; vertical-align:top; box-sizing:border-box; text-align:right"> </td></tr> </table><table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:2pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">**</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The S&P 500® Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Standard and Poor’s 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">***</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt"><td style="min-width:21pt; max-width:21pt; vertical-align:top">****</td><td style="min-width:523pt; max-width:523pt; vertical-align:bottom">The Bloomberg U.S. Aggregate Bond Index is one of the Fund’s additional indexes and is also more representative of the Fund’s risk and return than the regulatory index. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.</td></tr> </table> 0.1357 0.0378 0.0551 0.1157 0.0152 0.0395 0.0816 0.019 0.0368 0.1788 0.1442 0.1342 0.043 0.0319 0.0201 0.073 -0.0036 0.0188 The S&P 500® Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Standard and Poor’s 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S. The Bloomberg U.S. Aggregate Bond Index is one of the Fund’s additional indexes and is also more representative of the Fund’s risk and return than the regulatory index. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 21pt"><td style="min-width:523pt; max-width:523pt; text-align:justify; vertical-align:top">The indexes are calculated on a total-return basis, are unmanaged and are not available for direct investment. The indexes reflect no deduction for fees, expenses, or taxes. The indexes are not intended to, and do not, parallel the risk or investment style of the Fund’s investment strategy.</td></tr> </table> <table cellpadding="0" style="border-collapse:collapse; border-spacing: 0px;"> <tr style="display:block; margin:3pt 0pt 0pt 21pt"><td style="min-width:523pt; max-width:523pt; text-align:justify; vertical-align:top">In calculating the federal income taxes due on redemptions, capital gains taxes resulting from redemptions are subtracted from the redemption proceeds and the tax benefits from capital losses resulting from the redemptions are added to the redemption proceeds. Under certain circumstances, the addition of the tax benefits from capital losses resulting from redemptions may cause the Return After Taxes on Distributions and Sale of Fund Shares to be greater than the Return After Taxes on Distributions or even the Return Before Taxes.</td></tr> </table> 0.0338 0.0260 0.0212 0.0356 0.0543 0.0085 -0.0102 0.0594 0.0262 0.0801 0.0506 0.0368 -0.0034 0.0452 0.1302 0.0091 -0.0082 0.0563 0.0191 0.0841 0.0472 0.0116 0.0169 0.0528 0.0641 0.0306 -0.0293 0.0701 0.0523 0.0462 0.0320 0.0259 0.0404 0.0404 0.0558 0.0458 0.0584 -0.0470 0.0692 0.4345 -0.0258 -0.0904 0.1321 0.0569 0.1357 During the period shown in the bar chart, the highest return for a quarter was 3.66% during the quarter ended June 30, 2020 and the lowest return for a quarter was 2.90% during the quarter ended June 30, 2022. The year-to-date return of the Fund’s Class R shares through June 30, 2026 is 1.56%. While the Class I, Class C, and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I, Class C, and Class A shares will differ from that shown since the Classes do not have the same expenses or inception dates. During the period shown in the bar chart, the highest return for a quarter was 6.38% during the quarter ended June 30, 2020 and the lowest return for a quarter was -3.45% during the quarter ended June 30, 2022. The year-to-date return of the Fund’s Class R shares through June 30, 2026 is 4.04%. While the Class I shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I and Class A shares will differ from that shown since the Classes do not have the same expenses or inception dates. During the period shown in the bar chart, the highest return for a quarter was 7.81% during the quarter ended June 30, 2020 and the lowest return for a quarter was ‑5.56% during the quarter ended March 31, 2020. The year-to-date return of the Fund’s Class R shares through June 30, 2026 is 2.22%. While the Class I shares and Class A shares would have substantially similar annual returns to the Class R shares because the shares are invested in the same portfolio of securities, the performance of Class I and Class A shares will differ from that shown since the Classes do not have the same expenses or inception dates. <table cellpadding="0"> <tr> <td> During the period shown in the bar chart, the highest return for the predecessor exchange traded fund for a quarter was 3.27% during the quarter ended September 30, 2023 and the lowest return for a quarter was 1.43% during the quarter ended June 30, 2022. The year-to-date return of the predecessor exchange traded fund’s shares through June 30, 2026 is 2.45%. </td> </tr> </table> During the period shown in the bar chart, the highest return for the predecessor exchange traded fund for a quarter was 23.87% (for the quarter ended December 31, 2020). The lowest return was ‑6.94% (for the quarter ended June 30, 2022). The year-to-date return of the predecessor exchange traded fund, through June 30, 2026 is 5.55%. 485BPOS 0001105076 false This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase. A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. This contingent deferred sales charge applies to Class C shares redeemed within 12 months of purchase. The Total Annual Fund Operating Expenses in this fee table do not correlate to the expense ratio in the financial highlights because the expense ratios in the Financial Highlights do not reflect Acquired Fund Fees and Expenses. Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. To meet regulatory requirements, the S&P 500® Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The S&P 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity. The inception date for Class R shares is September 18, 2000, the inception date for Class I shares is October 17, 2003, the inception date for Class C shares is June 1, 2012, and the inception date for the Class A shares is June 1, 2013. The “Since Inception” returns reflected for the S&P 500® Index, the Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index are based on the inception date for Class R shares. A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. The Fund has entered into an Amended and Restated Expense Waiver and Reimbursement Agreement with the Fund’s Adviser pursuant to which the Adviser has contractually agreed to waive advisory fees and/or reimburse the Fund’s other expenses to the extent that total operating expenses (exclusive of taxes, interest, dividends on short positions, brokerage commissions, acquired fund fees and expenses and other costs incurred in connection with the purchase or sale of portfolio securities) so that they do not exceed 1.69% of the Fund’s average daily net assets allocable to the Class R shares, 1.44% of the Fund’s average daily net assets allocable to the Class I shares, and 1.69% of the Fund’s average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2027 unless terminated at an earlier time by the Fund’s Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed expense limitations in effect at the time the amounts were waived, the recoupment does not cause the Fund to exceed the current expense limitation and the recoupment is done within three years after the date of the expense waiver. Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. To meet regulatory requirements, the S&P 500® Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The S&P 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S. The inception date for Class R shares and Class I shares is October 1, 2010 and the inception date for the Class A shares is June 1, 2013. The “Since Inception” returns reflected for the S&P 500® Index, the Bloomberg U.S. Treasury Bill Index and the Bloomberg U.S. Aggregate Bond Index are based on the inception date for Class R shares. A deferred sales charge of up to 1.00% may be imposed on purchases of $250,000 or more of Class A shares purchased without a front-end sales charge that are redeemed within 18 months of purchase. Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The Fund has entered into an Amended and Restated Expense Waiver and Reimbursement Agreement with the Fund’s Adviser pursuant to which the Adviser has contractually agreed to waive advisory fees and/or reimburse the Fund’s other expenses to the extent that total operating expenses (exclusive of taxes, interest, dividends on short positions, brokerage commissions, acquired fund fees and expenses and other costs incurred in connection with the purchase or sale of portfolio securities) so that they do not exceed 1.23% of the Fund’s average daily net assets allocable to the Class R shares, 0.98% of the Fund’s average daily net assets allocable to the Class I shares, and 1.23% of the Fund’s average daily net assets allocable to the Class A shares. The agreement remains in effect until September 30, 2027 unless terminated at an earlier time by the Fund’s Board of Trustees. The Adviser may recoup any waived amount from the Fund pursuant to the agreement, if such recoupment does not cause the Fund to exceed expense limitations in effect at the time the amounts were waived, the recoupment does not cause the Fund to exceed the current expense limitation and the recoupment is done within three years after the date of the expense waiver. To meet regulatory requirements, the Bloomberg U.S. Aggregate Bond Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. The inception date for Class R shares and Class I shares is October 1, 2012. The inception date for the Class A shares is June 1, 2013. The “Since Inception” returns reflected for the Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bill Index are based on the inception date for Class R and Class I shares. Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity. Pursuant to a Rule 12b‑1 Distribution and Service Plan (the “Plan”), the Fund may bear a Rule 12b‑1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Plan. The Water Island Merger Arbitrage USD Hedged Index is the Fund’s Underlying Index and is most representative of the Fund’s risk and return and investment style. The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of its Underlying Index. The Water Island Merger Arbitrage USD Hedged Index is designed to reflect a global merger arbitrage strategy investing in definitive, publicly announced mergers and acquisitions and is comprised of securities of U.S. and foreign companies of any market capitalization. The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity. The predecessor exchange traded fund’s inception date is May 7, 2020. To meet regulatory requirements, the S&P 500® Index serves as the Fund’s broad-based securities market index, providing a broad measure of market performance. The S&P 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more. Pursuant to a Rule 12b‑1 Distribution and Service Plan (the “Plan”), the Fund may bear a Rule 12b‑1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Plan. The S&P 500® Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Standard and Poor’s 500® Index, or simply the S&P 500, is a stock market index tracking the performance of 500 large companies listed on stock exchanges in the U.S. The Bloomberg U.S. Treasury Bill Index tracks the market for treasury bills issued by the US government with at least one month and up to, but not including, twelve months remaining to maturity. The Bloomberg U.S. Aggregate Bond Index is one of the Fund’s additional indexes and is also more representative of the Fund’s risk and return than the regulatory index. The Bloomberg U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.