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ck0001511699:S000037522Member ck0001511699:C000115829Member 2020-01-01 2020-12-31 0001511699 ck0001511699:S000037522Member ck0001511699:C000115829Member 2021-01-01 2021-12-31 0001511699 ck0001511699:S000037522Member ck0001511699:C000115829Member 2022-01-01 2022-12-31 0001511699 ck0001511699:S000037522Member ck0001511699:C000115829Member 2023-01-01 2023-12-31 0001511699 ck0001511699:S000037522Member ck0001511699:C000115829Member 2024-01-01 2024-12-31 0001511699 ck0001511699:S000037522Member ck0001511699:C000115829Member 2025-01-01 2025-12-31 iso4217:USD pure 485BPOS 0001511699 false 0.0986 0.1403 -0.0319 0.2038 0.0513 0.2289 -0.0557 0.0831 0.0980 0.0718 2026-10-27 N-1A MANAGED PORTFOLIO SERIES 2026-10-28 LK Balanced Fund Investment Objective <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">The LK Balanced Fund (the “Fund”) seeks to achieve long-term capital appreciation and current</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:118.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:35.11pt">income.</span></div> Fees and Expenses of the Fund <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:163.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">Fund. You may pay other fees, such as brokerage commissions and other fees to financial</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:316.26pt">intermediaries, which are not reflected in the tables and example below.</span> Shareholder Fees (fees paid directly from your investment) 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0081 0.0156 -0.0056 0.0100 October 28, 2027 Example <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:36.16pt">This Ex</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:114.91pt;position:var(--position);text-decoration:none;white-space:pre;width:418.17pt">ample is intended to help you compare the costs of investing in the Fund with the cost of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.0799999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:494.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:328.26pt">investing in other mutual funds.  The Example assumes that you invest </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:407.01pt;position:var(--position);text-decoration:none;white-space:pre;width:35.75pt">$10,000</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:442.76pt;position:var(--position);text-decoration:none;white-space:pre;width:90.44pt"> in the Fund for the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:507.5pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">time periods indicated and then redeem all of your shares at the end of those periods.  The Example</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:520.7pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">also assumes that your investment has a 5% return each year and that the Fund’s operating expenses</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div>remain the same (taking into account the expense limitation for one year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be: 102 438 797 1809 Portfolio Turnover <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:632.95pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">over” its portfolio).  A higher portfolio turnover rate may indicate higher transaction costs and may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:646.15pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">result in higher taxes when Fund shares are held in a taxable account.  These costs, which are not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:659.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">reflected in the annual fund operating expenses or in the Example, affect the Fund’s performance.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:672.55pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:328.99pt">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:407.74pt;position:var(--position);text-decoration:none;white-space:pre;width:20.16pt">31%</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:427.9pt;position:var(--position);text-decoration:none;white-space:pre;width:3.12pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:431.02pt;position:var(--position);text-decoration:none;white-space:pre;width:102.22pt">of the average value of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:685.75pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:54.35pt">its portfolio.</span></div> 0.31 Principal Investment Strategies <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">Under normal market conditions, the Fund pursues its investment objective by principally investing in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:731.35pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">a combination of equity (including common stocks, preferred stocks and convertible securities) and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">fixed income securities (including securities issued, backed or otherwise guaranteed by the U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:49.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">government or its agencies, securities issued by U.S. government-sponsored entities, corporate bonds,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:62.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:239.45pt">municipal bonds, and other taxable debt securities). </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:318.2pt;position:var(--position);text-decoration:none;white-space:pre;width:214.91pt"> The Fund typically invests 40% to 75% of its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">assets in equity securities selected primarily for their growth potential and 25% to 60% of its assets in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">equity and fixed income securities selected primarily for their income potential.  While the mix of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:102pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">equity and fixed income securities will vary depending on the Adviser’s outlook on the markets, under</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:115.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.35pt">normal circumstances at least 25% of the Fund’s assets will be invested in fixed income securities. The</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:128.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">Fund may invest in securities of any market capitalization.  Although the Fund will invest primarily in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:141.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.36pt">equity and fixed income securities of U.S. companies, the Fund may invest up to 20% of its assets in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:154.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">equity and fixed income securities of foreign companies that are organized and headquartered in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:168pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">countries outside of the United States.  The Fund’s investments in foreign securities may include</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:181.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:419.19pt">American Depository Receipts (“ADRs”).  The Fund may also invest in floating rate securities.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:497.94pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:200.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">The Adviser’s equity investment process begins with independent research to identify areas of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">attractive investment opportunities. The Adviser performs fundamental analysis company by company,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">to discover factors influencing a business’s profitability. Normally, this involves reviewing,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">scrutinizing, and analyzing corporate reports; press releases; financial statements; documents filed with</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:253.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">the SEC or other regulatory entities; newspaper, magazine, and internet articles; audio recordings or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:266.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">transcripts of conference calls and presentations; and a variety of additional sources. The Adviser</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:279.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">focuses on a small number of carefully chosen businesses that it believes have a competitive advantage</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.36pt">and high profit margins with little or no debt, plentiful free cash flow, and wise deployment of capital.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:306pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">The Adviser attempts to purchase securities of these companies at a discount to its estimate of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:319.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:79.4pt">company’s worth.</span></div></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:338.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">Included in the Adviser’s analysis of individual equity securities is an assessment of general economic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:351.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">conditions; an evaluation of the stock and bond markets relative to each other; and a review of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:364.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">economic, social, and political trends. Stock selection is accomplished only after completing a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">thorough analysis.  The Adviser makes its buy/sell/retain decisions based on its analysis of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:237.49pt">security’s estimated worth relative to its current price.</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:410.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">The Adviser’s fixed income philosophy is an extension of its equity philosophy in that it approaches</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:423.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">all investments from a fundamental basis. Employing this philosophy, the Adviser does not try to time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:436.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">the short-term movements of interest rates, but instead attempts to build a portfolio of high quality</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">corporate, agency, and government bonds and equity securities with a strong income potential that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:463.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">provides stability and income to the overall portfolio. The Adviser’s fixed income portfolio allocation</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:476.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">is a complement to its equity portfolio allocation, with shifts between allocation percentages dependent</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:489.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:261.36pt">upon current market opportunities within a long-term view.</span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:508.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">Corporate, agency, and government bonds are continually compared against each other at all maturities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">to evaluate where the best opportunities lie for improved total return. Yields-to-maturity, yields-to-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:535.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">worst, and cash-flow yields are compared to like-quality bonds. Credit analysis of corporate bonds is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:548.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">performed to try and avoid future rating downgrades as well as identify possible upgrade candidates.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:561.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:150.85pt">The Fund may invest up to 10% </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:229.6pt;position:var(--position);text-decoration:none;white-space:pre;width:52.69pt">of its assets</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:282.28999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:250.85pt"> in high yield debt or “junk bonds” (higher-risk, lower-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:574.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:217.73pt">rated fixed income securities such as those rated </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:296.48pt;position:var(--position);text-decoration:none;white-space:pre;width:101.53pt">at the time of purchase</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:398.01pt;position:var(--position);text-decoration:none;white-space:pre;width:135.19pt"> lower than BBB- by Standard</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:588pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">&amp; Poor’s Rating Service, Inc. (“S&amp;P”) or lower than Baa3 by Moody’s Investors Service, Inc.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:601.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">(“Moody’s”)).  Below investment grade debt securities have speculative characteristics and they may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:614.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">be less liquid than investment grade debt securities. The Fund has no set policy regarding the maturity</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:627.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:176.78pt">or duration of any or all of its securities.</span></div></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:322.8pt;position:var(--position);text-decoration:none;white-space:pre;width:210.33pt">An investment in the Fund is not a deposit of a</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:673.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:124.53pt">other governmental agency.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:210.88pt;position:var(--position);text-decoration:none;white-space:pre;width:275.75pt">In addition to possibly not achieving your investment goals, </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:486.63pt;position:var(--position);text-decoration:none;white-space:pre;width:46.56pt">you could</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:428.37pt">lose all or a portion of your investment in the Fund over short or even long periods of time</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:507.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:99.5pt">General Market Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.25pt;position:var(--position);text-decoration:none;white-space:pre;width:354.95pt">The Fund’s net asset value (“NAV”) and investment return will fluctuate based</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:49.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:230.5pt">upon changes in the value of its portfolio securities. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:309.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.78pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:312.03pt;position:var(--position);text-decoration:none;white-space:pre;width:221.21pt">Certain securities selected for the Fund’s portfolio</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:62.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">may be worth less than the price originally paid for them, or less than they were worth at an earlier</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:22.28pt">time.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:89.07pt">Management Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:167.82pt;position:var(--position);text-decoration:none;white-space:pre;width:365.4pt">The Fund may not meet its investment objective or may underperform the market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">or other mutual funds with similar strategies if the Adviser cannot successfully implement the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:95.25pt">investment strategies.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:95.51pt">Asset Allocation Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:174.26pt;position:var(--position);text-decoration:none;white-space:pre;width:358.92pt">.  The risk that the Fund may allocate assets to an asset category that performs</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:153.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:175.23pt">poorly relative to other asset categories.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:100.14pt">Equity Securities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:178.89pt;position:var(--position);text-decoration:none;white-space:pre;width:354.29pt">.  The equity securities held in the Fund’s portfolio may experience sudden,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:186pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">unpredictable drops in value or long periods of decline in value.  This may occur because of factors</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:199.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">that affect securities markets generally or factors affecting specific industries, sectors, geographic</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:212.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:217.73pt">markets, or companies in which the Fund invests.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:242.54pt">Large-Cap, Mid-Cap and Small-Cap Companies Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:321.28999999999996pt;position:var(--position);text-decoration:none;white-space:pre;width:211.85pt">  The Fund’s investment in larger companies is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:244.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.37pt">subject to the risk that larger companies are sometimes unable to attain the high growth rates of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:258pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">successful, smaller companies, especially during extended periods of economic expansion.  Securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:271.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.35pt">of mid-cap and small-cap companies may be more volatile and less liquid than the securities of large-</span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:284.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:67.78pt">cap companies.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:110.56pt">Foreign Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:189.31pt;position:var(--position);text-decoration:none;white-space:pre;width:343.91pt">  Investments in securities issued by foreign companies involve risks not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:316.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">generally associated with investments in the securities of U.S. companies, including risks relating to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:330pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">political, social, and economic developments abroad, differences between U.S. and foreign regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:343.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">and tax requirements and market practices, as well as fluctuations in foreign currencies. There may be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:356.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">less information publicly available about foreign companies than about a U.S. company, and many</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:369.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">foreign companies are not subject to accounting, auditing, and financial reporting standards, regulatory</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:382.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">framework and practices comparable to those in the U.S. Unexpected political, regulatory and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:396pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">diplomatic events within the United States and abroad may affect investor and consumer confidence</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:409.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">and may adversely impact global financial markets and the broader economy. Foreign conflicts have</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:422.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">caused, and could continue to cause, significant market disruptions and volatility within specific</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:435.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:94.96pt">markets and globally.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:46.22pt">ADR Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:124.97pt;position:var(--position);text-decoration:none;white-space:pre;width:408.21pt">  ADRs are generally subject to the same risks as the foreign securities because their values</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:468pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">depend on the performance of the underlying foreign securities.  In addition, depositary receipts may</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:481.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">not track the price of the underlying foreign securities and their value may change materially at times</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:494.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">when the U.S. markets are not open for trading.  Holders of unsponsored ADRs generally bear all the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:507.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:145.04pt">costs of such depositary receipts.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:119.93pt">Convertible Securities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:198.68pt;position:var(--position);text-decoration:none;white-space:pre;width:334.47pt">.  Convertible securities risk is the risk that the market values of convertible</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:540pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:553.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">A convertible security’s market value, however, also tends to reflect the market price of the common</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:566.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.37pt">stock of the issuing company when that stock price approaches or is greater than the convertible</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:579.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.36pt">security’s “conversion price.”  The conversion price is defined as the predetermined price at which the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:592.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">convertible security could be exchanged for the associated stock.  As the market price of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:606pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">underlying common stock declines, the price of the convertible security tends to be influenced more by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:619.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:158.75pt">the yield of the convertible security.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:100.84pt">Debt Securities Risks. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:179.59pt;position:var(--position);text-decoration:none;white-space:pre;width:353.6pt">The Fund’s investments in debt securities will be subject to credit risk, interest</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:651.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">rate risk, prepayment risk, extension risk and duration risk. Credit risk is the risk that an issuer will not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:664.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">make timely payments of principal and interest. Interest rate risk is the risk that the value of debt</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:678pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">securities fluctuates with changes in interest rates (e.g., increases in interest rates result in a decrease in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:691.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">the value of debt securities). Interest rate changes and their impact on the Fund and its share price can</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:704.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">be sudden and unpredictable. The Fund will be exposed to heightened interest rate risk should interest</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:717.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">rates rise. Pre-payment risk is the risk that the principal on debt securities will be paid off prior to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:730.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">maturity causing the Fund to invest in debt securities with lower interest rates. Extension risk is the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:36pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">risk that in times of rising interest rates, prepayments will slow causing portfolio securities considered</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:49.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">short or intermediate term to be long-term securities, which fluctuate more widely in response to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:62.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">changes in interest rates than shorter term securities. Duration risk is the risk that holding long duration</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:75.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">and long maturity investments will magnify certain other risks, including interest rate risk and credit</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:88.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">risk. Changes in market conditions and government policies may lead to periods of heightened</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:102pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">volatility and reduced liquidity in the fixed-income securities market, and could result in an increase in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:115.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:82.46pt">Fund redemptions.</span></div></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:69.14pt">Liquidity Risk. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:147.89pt;position:var(--position);text-decoration:none;white-space:pre;width:385.3pt">The risk that investments cannot be readily sold at the desired time or price, and the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:147.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.33pt">Fund may have to accept a lower price or may not be able to sell the security at all. An inability to sell</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.0799999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:160.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">securities can adversely affect the Fund’s value or prevent the Fund from taking advantage of other</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">investment opportunities. Liquid portfolio investments may become illiquid or less liquid after</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:187.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">purchase by the Fund due to low trading volume, adverse investor perceptions and/or other market</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:200.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">developments. In recent years, the number and capacity of dealers that make markets in fixed income</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:213.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">securities has decreased. Consequently, the decline in dealers engaging in market making trading</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:226.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">activities may increase liquidity risk, which can be more pronounced in periods of market turmoil.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:240pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">Liquidity risk may be magnified in a rising interest rate environment or when investor redemptions</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:253.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">from fixed income funds may be higher than normal, causing increased supply in the market due to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:266.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">selling activity. Liquidity risk includes the risk that the Fund will experience significant net</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:279.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">redemptions at a time when it cannot find willing buyers for its portfolio securities or can only sell its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:292.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:162.4pt">portfolio securities at a material loss.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:206.18pt">Below Investment Grade Debt Securities Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:bold;left:284.93pt;position:var(--position);text-decoration:none;white-space:pre;width:6.64pt">  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:291.57pt;position:var(--position);text-decoration:none;white-space:pre;width:241.57pt">Investments in below investment grade debt securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:325.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">and unrated securities of similar credit quality, as determined by the Adviser, (commonly known as</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:338.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">“junk bonds”) involve a greater risk of default and are subject to greater levels of credit and liquidity</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:351.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">risk.  Below investment grade debt securities have speculative characteristics and their value may be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:294.6pt">subject to greater fluctuation than investment grade debt securities.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:128.79pt">Floating Rate Securities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:207.54pt;position:var(--position);text-decoration:none;white-space:pre;width:325.58pt">.  Because changes in interest rates on floating (or variable) rate securities</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:397.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.38pt">may lag behind changes in market rates, the value of such securities may decline during periods of</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.13pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:410.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">rising interest rates until their interest rates reset to market rates.  The interest rate on a floating rate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:423.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">security may reset on a predetermined schedule and as a result, not reset during periods when changes</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:436.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">in market rates are substantial.  Lifetime limits on resets may also prevent their rates from adjusting to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:450pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">market rates.  During periods of declining interest rates, because the interest rates on floating rate</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:463.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.36pt">securities generally reset downward, their market value is unlikely to rise to the same extent as the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.11pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:476.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:181.32pt">value of comparable fixed rate securities.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:171.22pt">Government-Sponsored Entities Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:249.97pt;position:var(--position);text-decoration:none;white-space:pre;width:283.19pt">. The Fund invests in securities issued or guaranteed by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:508.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">government-sponsored entities.  However, these securities may not be guaranteed or insured by the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:522pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:353.02pt">U.S. government and may only be supported by the credit of the issuing agency.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:130.05pt">Municipal Securities Risk.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:208.8pt;position:var(--position);text-decoration:none;white-space:pre;width:324.32pt">The municipal market is volatile and can be significantly affected by</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:554.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">adverse tax, legislative or political changes and the financial condition of the issuers of municipal</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:567.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">securities.  Changes in a municipality’s financial health may make it difficult for the municipality to</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:580.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.35pt">make interest and principal payments when due.  Failure of a municipal security issuer to comply with</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:594pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">applicable tax requirements may make income paid thereon taxable, resulting in a decline in the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:607.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">security’s value.  In addition, there could be changes in applicable tax laws or tax treatments that</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:620.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">reduce or eliminate the current federal income tax exemption on municipal securities or otherwise</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:337.61pt">adversely affect the current federal or state tax status of municipal securities.</span> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:91.73pt">Preferred Stock Risk</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:170.48000000000002pt;position:var(--position);text-decoration:none;white-space:pre;width:362.71pt">.  A preferred stock is a blend of the characteristics of a bond and common stock.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:666pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.35pt">It may offer the higher yield of a bond and has priority over common stock in equity ownership, but it</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:679.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">does not have the seniority of a bond and, unlike common stock, its participation in the issuer’s growth</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:692.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">may be limited.  Preferred stock has preference over common stock in the receipt of dividends and/or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:705.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">in any residual assets after payment to creditors, should the issuer be dissolved.  Although the dividend</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:718.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.35pt">on a preferred stock may be set at a fixed annual rate, in some circumstances it may be changed or</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:732pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:90.4pt">passed by the issuer.</span></div> <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:italic;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:54.16pt">Sector Risk.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:132.91pt;position:var(--position);text-decoration:none;white-space:pre;width:4.4pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:137.31pt;position:var(--position);text-decoration:none;white-space:pre;width:395.9pt">To the extent the Fund invests more heavily in particular sectors of the economy, the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:451.54pt">Fund’s performance will be especially sensitive to developments that significantly affect those sectors.</span> Performance <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">The accompanying bar chart and performance table provide some indication of the risks of investing in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:94.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:392.3pt">the Fund by showing how the Fund’s total return has varied for annual periods through </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:471.05pt;position:var(--position);text-decoration:none;white-space:pre;width:62.15pt">December 31,</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:108pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:22pt">2025</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:100.75pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt">.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:103.5pt;position:var(--position);text-decoration:none;white-space:pre;width:429.69pt"> Next to the bar chart are the Fund’s highest and lowest quarterly returns during the period shown</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:121.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:72.14pt">in the bar chart. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:150.89pt;position:var(--position);text-decoration:none;white-space:pre;width:382.23pt">The performance table that follows shows the Fund’s average annual total returns over</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:134.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:325.1pt">time compared with broad-based securities market indices (the S&amp;P 500</span><span style="font-family:'Times New Roman', serif;font-size:7.15pt;font-style:normal;font-weight:normal;left:403.85pt;position:var(--position);text-decoration:none;top:-2.667pt;vertical-align:super;white-space:pre;width:5.43pt">®</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:409.28pt;position:var(--position);text-decoration:none;white-space:pre;width:123.9pt"> Index and Bloomberg U.S.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:147.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:293.6pt">Aggregate Bond Index) and an additional more specialized index. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:372.35pt;position:var(--position);text-decoration:none;white-space:pre;width:160.85pt">Updated performance information is</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:160.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:56.64pt">available at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:135.39pt;position:var(--position);text-decoration:none;white-space:pre;width:88.25pt">https://lkfunds.com/</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:223.64pt;position:var(--position);text-decoration:none;white-space:pre;width:165.59pt"> or by calling the Fund toll-free at </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:389.23pt;position:var(--position);text-decoration:none;white-space:pre;width:62.32pt">855-698-1378</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:451.55pt;position:var(--position);text-decoration:none;white-space:pre;width:7.27pt">. </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:458.82pt;position:var(--position);text-decoration:none;white-space:pre;width:74.39pt">The Fund’s past</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:174pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">performance (before and after taxes) is not necessarily an indication of how the Fund will perform in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:187.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:45.18pt">the future.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:123.93pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:206.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">Simultaneous with the commencement of the Fund’s operations on July 1, 2012, the L/K Limited</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:219.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">Partnership #1, a limited partnership managed by the Adviser on a fully discretionary basis (the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:232.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">“Predecessor Partnership”) converted into the Fund by terminating and distributing its assets (after the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:246pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">payment of all remaining liabilities and obligations and the establishment of any reserves) to its</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:259.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">partners in proportion to the partnership interests of the partners. Some or all of the partners then</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:272.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">contributed the received partnership assets to the Fund in return for 80% or more of the ownership</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:285.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">interests in the Fund. The Predecessor Partnership maintained an investment objective and investment</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:298.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.33pt">policies that were, in all material respects, equivalent to those of the Fund, and at the time of the</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.0799999999999pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:312pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">conversion was managed by the same team of portfolio managers as the Fund. The Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:325.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.46pt">performance for periods before July 1, 2012 is that of the Predecessor Partnership and includes gains</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:338.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.47pt">or losses, the reinvestment of all dividends and interest, and reflects the deduction of fees and</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.22pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:351.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">expenses, including management fees, audit expenses, and brokerage commissions.  If the Predecessor</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:364.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.43pt">Partnership’s performance was adjusted to reflect the first year expenses of the Fund (commencing</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1800000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:378pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.42pt">July 1, 2012), the Fund’s performance for all periods would have been lower. The financial statements</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1700000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:391.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">of the Predecessor Partnership were audited for all years that the Predecessor Partnership has been in</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:404.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">existence (since December 31, 1986). The performance returns of the Predecessor Partnership are</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:417.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.44pt">unaudited and were calculated by the Adviser on a total return basis.  The Predecessor Partnership was</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.19pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:430.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">not registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) and was not</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:444pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.49pt">subject to certain investment limitations, diversification requirements, and other restrictions imposed</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.24pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:457.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.39pt">by the 1940 Act and the Internal Revenue Code of 1986, as amended (the “Code”), which, if</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.14pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:470.4pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.45pt">applicable, may have adversely affected its performance. The performance shown should not be</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:483.6pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.5pt">considered indicative of the Fund’s future performance. Beginning July 1, 2012, the Fund’s</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.25pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:496.8pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.41pt">performance is calculated using the standard formula set forth in rules promulgated by the SEC, which</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.1600000000001pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:510pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.48pt">differs in certain respects from the methods used to compute total return for the Predecessor</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.23pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:523.2pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:52.82pt">Partnership.</span></div> The accompanying bar chart and performance table provide some indication of the risks of investing in the Fund by showing how the Fund’s total return has varied for annual periods through December 31, 2025. The performance table that follows shows the Fund’s average annual total returns over time compared with broad-based securities market indices (the S&P 500® Index and Bloomberg U.S. Aggregate Bond Index) and an additional more specialized index. https://lkfunds.com/ 855-698-1378 The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Calendar Year Total Returns as of December 31 <div style="font-size:0pt;left:180.75pt;position:var(--position);width:250.5pt"><div><table style="border-collapse:collapse;display:inline-table;width:100%"><tbody><tr style="height:0"><td style="padding:0;width:125.25pt"></td><td style="padding:0;width:125.25pt"></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);width:125.25pt"><div><div style="line-height:10pt;position:var(--position);top:4.58pt;width:125.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:34.74pt;position:var(--position);text-decoration:none;white-space:pre">Best Quarter</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:125.25pt;position:var(--position);width:125.25pt"><div><div style="line-height:10pt;position:var(--position);top:4.58pt;width:125.25pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:30.57pt;position:var(--position);text-decoration:none;white-space:pre">Worst Quarter</span></div></div></div></td></tr><tr style="height:15pt"><td style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:15pt;width:125.25pt"><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:4.42pt;width:125.25pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:27.35pt;position:var(--position);text-decoration:none;white-space:pre">Q 4 2020</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:64.57pt;position:var(--position);white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:67.07pt;position:var(--position);text-decoration:none;white-space:pre">14.85%</span></div></div></div></td><td style="font-size:0;text-align:left;vertical-align:top"><div style="left:125.25pt;position:var(--position);top:15pt;width:125.25pt"><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:4.42pt;width:125.25pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:25.68pt;position:var(--position);text-decoration:none;white-space:pre">Q 1 2020</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:62.9pt;position:var(--position);white-space:pre"> </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:65.4pt;position:var(--position);text-decoration:none;white-space:pre">-20.13%</span></div></div></div></td></tr><tr style="height:14.25pt"><td colspan="2" style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:30pt;width:250.5pt"><div><div style="font-size:12pt;line-height:10pt;position:var(--position);top:3.83pt;width:250.5pt"><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:43.08pt;position:var(--position);text-decoration:none;white-space:pre">Year-to-Date</span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:99.13pt;position:var(--position);white-space:pre"> as of </span><span style="font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:bold;left:123.85pt;position:var(--position);text-decoration:none;white-space:pre">September 30, 2026</span></div></div></div></td></tr><tr style="height:15pt"><td colspan="2" style="font-size:0;text-align:left;vertical-align:top"><div style="position:var(--position);top:44.25pt;width:250.5pt"><div><div style="line-height:10pt;position:var(--position);top:4.42pt;width:250.5pt"><span style="color:#000000;font-family:'Times New Roman', serif;font-size:10pt;font-style:normal;font-weight:normal;left:113.27pt;position:var(--position);text-decoration:none;white-space:pre">8.11%</span></div></div></div></td></tr></tbody></table></div></div> Best Quarter Worst Quarter 2020-12-31 0.1485 2020-03-31 -0.2013 Year-to-Date 2026-09-30 0.0811 Average Annual Total Returns for the periods ended December 31, 2025 1986-12-31 Return Before Taxes 0.0718 0.0814 0.0854 0.0810 Return After Taxes on Distributions 0.0437 0.0609 0.0700 0.0760 Return After Taxes on Distributions and Sale of Fund Shares 0.0619 0.0623 0.0670 0.0725 S&P 500® Index 0.1788 0.1442 0.1482 0.1129 Bloomberg U.S. Aggregate Bond Index 0.0730 -0.0036 0.0201 0.0531 Lipper Balanced Funds Index 0.1340 0.0677 0.0818 0.0798 <span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.4pt">After tax returns are calculated using the historical highest individual federal marginal income tax</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.15pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:542.9pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:268.52pt">rates, and do not reflect the impact of state and local taxes.</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:347.27pt;position:var(--position);text-decoration:none;white-space:pre;width:185.94pt">  Actual after-tax returns depend on your</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.21pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:556.1pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:200.25pt">situation and may differ from those shown.  </span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:279pt;position:var(--position);text-decoration:none;white-space:pre;width:254.2pt">Furthermore, the after-tax returns shown are not relevant</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.2pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><div style="font-size:12pt;line-height:11pt;position:var(--position);text-align:justify;text-align-last:var(--justify);top:569.3pt;width:612pt"><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:454.37pt">to those who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual</span><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:533.12pt;position:var(--position);text-decoration:none;white-space:pre;width:2.75pt"> </span></div><span style="font-family:'Times New Roman', serif;font-size:11pt;font-style:normal;font-weight:normal;left:78.75pt;position:var(--position);text-decoration:none;white-space:pre;width:132.17pt">retirement accounts (“IRAs”).</span> 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. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). 2026-09-30 Lawson Kroeker Investment Management, Inc. (the “Adviser”) has contractually agreed to waive its management fees and pay Fund expenses, in order to ensure that Total Annual Fund Operating Expenses (excluding front-end or contingent deferred loads, taxes, leverage/borrowing interest, interest expense, dividends paid on short sales, brokerage commissions, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation) do not exceed 1.00% of the Fund’s average daily net assets.  Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the month during which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in effect at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite in term and cannot be terminated through at least October 28, 2027. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser.