have been obtained through other
investment or savings vehicles. Shares of the Fund are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance
Corporation. If the value of the assets of the Fund goes down, you could lose money.
The following is a summary of the principal risks of investing in the
Fund.
Equity Securities Risk. The Fund invests primarily in equity securities and is therefore subject to the risk that stock prices will fall and may
underperform other asset classes. Individual stock prices fluctuate from day-to-day
and may decline significantly. The prices of individual stocks may be negatively
affected by poor company results or other factors affecting individual prices, as well as industry and/or economic trends and developments affecting industries or the securities market as a
whole.
Large-Cap Companies
Risk. Investing primarily in large-cap companies carries the risk that due to current market
conditions these companies may be unable to respond quickly to new competitive
challenges or attain the high growth rate of successful smaller companies. Larger,
more established companies may be unable to respond quickly to new competitive
challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly
during extended periods of economic expansion.
Management Risk. The investment style or strategy used by a subadviser may fail to produce the intended result. A subadviser’s assessment of a
particular security or company may prove incorrect, resulting in losses or
underperformance.
Dividend-paying Stocks Risk. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that,
if dividends are declared, they will remain at their current levels or increase over time. Dividend-paying stocks may not participate in a broad market advance to the same degree
as other stocks, and a sharp rise in interest rates or economic downturn could
cause a company to unexpectedly reduce or eliminate its dividend.
Depositary Receipts Risk. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted. The issuers of unsponsored
depositary receipts are not obligated to disclose information that is considered
material in the United States. Therefore, there may be less information available regarding the issuers
and there may not be a
correlation between such information and the market value of the depositary
receipts. Certain depositary receipts are not listed on an exchange and therefore are subject to
illiquidity risk.
Derivatives Risk. The prices of derivatives may move in unexpected ways due to the use of leverage and other factors and may result in increased volatility or losses. The Fund may not be able to
terminate or sell derivative positions, and a liquid secondary market may not always exist for
derivative positions.
Futures Risk. A futures contract is considered a derivative because it derives its value from the price of the underlying currency, security or
financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between
the price of a futures contract and the price of the underlying currency, security or financial
index.
ESG Investment Risk. The portfolio manager(s) may utilize ESG criteria, integrate ESG considerations and/or use related analyses to select investments for the Fund. These strategies may impact the
Fund’s performance, including relative to similar funds that do not adhere to
such ESG criteria, ESG integration and/or related analyses as part of the
investment process. Additionally, the Fund’s adherence to these strategies in connection with identifying and selecting investments may require subjective and qualitative analysis and
may be more difficult if data about a particular company or market is limited,
such as with respect to issuers in emerging markets countries. The Fund may invest in companies that do not reflect the beliefs and values of any particular investor. Socially responsible norms
differ by country and region, and a company’s ESG practices or a portfolio
manager’s assessment of such may change over time. ESG characteristics may
not be the only factors considered in selecting investments and as a result, the
Fund’s investments may not have favorable ESG characteristics or high ESG
ratings.
Foreign Investment
Risk. Investment in foreign securities involves risks due to several factors, such as illiquidity, the lack of public information, changes in the exchange rates between foreign
currencies and the U.S. dollar, unfavorable political, social and legal
developments, or economic and financial instability. Foreign companies are not
subject to the U.S. accounting and financial reporting standards and may have riskier settlement procedures. U.S. investments that are denominated in foreign currencies or that are
traded in foreign markets, or securities of U.S. companies that have
