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N-1A
AMERICAN BEACON FUNDS
Investment Objectives
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">objectives are to seek income and, secondarily, absolute returns</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. More information is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from your financial professional and in “Choosing Your Share Class” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">27</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus.</span></div>
Shareholder Fees (fees paid directly from your investment)
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:73%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Y</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>R5</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Investor</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge imposed on purchases (as a percentage of offering price)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (as a percentage of the lower of original offering price or redemption proceeds)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div>
</td>
</tr>
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0
0
0
0
0
0
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
0.0129
0.0129
0.0129
0
0
0
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0.0087
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0.0001
0.0001
0.0001
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0.0182
0.0212
The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund’s Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
November
3, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">hold or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redeem all of your shares at the end of those periods. The Example also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the Example reflects the fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">waiver/expense reimbursement arrangement for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">each share class through November 3</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, 2027. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these assumptions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">whether you redeem or hold your shares, your</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> costs would be:</span></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$192 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$708 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,251 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,735 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$185 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$685 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,211 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,655 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$215 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$796 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,403 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,043 </span></div>
</td>
</tr>
</table></div>
192
708
1251
2735
185
685
1211
2655
215
796
1403
3043
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">236%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div>
2.36
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks primarily to implement its strategy by investing in convertible securities, including convertible preferred securities, and establishing short </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">positions, or hedges, in the common stock or American Depositary Receipt (“ADR”) of the issuers of the convertible securities. The short positions are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intended to reduce the Fund’s exposure to decreases in the price of the related common stock. The Fund seeks to hedge its long positions in this way on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security-by-security basis. The Fund may also use other instruments to establish hedges, including exchange-traded funds (“ETFs”), options, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-deliverable options (“NDOs”), and foreign currency forward contracts, as appropriate, to reduce unwanted exposures.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The term “convertible security” refers to a bond or a preferred stock (including a trust preferred security) that can be converted into shares of a company’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">common stock. The Fund’s strategy is managed on a day-to-day basis by SSI Investment Management LLC, the sub-advisor to the Fund.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may also implement other investment strategies, depending on market conditions, including investing in convertible securities with attractive yields </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and relatively little equity price sensitivity, selling call options against the related equities and convertible bonds to receive the value of the option (also known </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as “covered-call writing”), and investing in non-convertible bonds and preferred stock that offer attractive yield and relative value as compared to other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment alternatives. The investment focus will shift through market cycles as opportunities change.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Pursuant to its strategy, the Fund seeks returns that exceed prevailing short-term interest rates, such as the return on 90-day U.S. Treasury bills, from three </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">primary sources: 1) interest and dividend income on convertible securities and other fixed-income instruments; 2) interest rebates on short positions; and 3) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">net capital gains from trading profits. In combining long positions in convertible securities with short positions in common stock of the issuers of those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, the Fund seeks to maintain a “hedged convertible” investment portfolio with income and returns which are generally less volatile than and have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">low correlation with the broader capital markets, short-term interest rates and capital markets indices (absolute returns).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund generally invests in convertible securities that are part of an issuance of at least $125 million in size and are issued by companies with market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">capitalizations between $500 million and $10 billion. The convertible securities are typically callable by the issuer and are not limited as to duration or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity. The issuers of the convertible securities in which the Fund will invest may include U.S. or non-U.S. companies, real estate investment trusts (“REITs”), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and emerging-market companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The instruments may be denominated in U.S. or foreign (non-U.S.) currencies, and may be traded on U.S. or foreign exchanges. Foreign currency exposures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are typically hedged back to the U.S. dollar using transactions in foreign currency futures and forward contracts. The Fund may also engage in foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency transactions on a spot (cash) basis at the rate prevailing in the currency exchange market.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may hold investment-grade, below investment-grade (i.e., “high yield” or “junk” bonds) and unrated securities that are deemed by the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to be of equivalent quality. A significant portion of the Fund’s holdings is expected to be unrated. The sub-advisor performs fundamental credit analysis to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">examine each issuer’s credit quality and relative value based on internally and externally generated research, nationally recognized credit rating agency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">research, if available, and company financial statements, among other sources. The Fund’s holdings may include variable and floating-rate coupon, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">zero-coupon instruments and restricted securities, such as those issued under Rule 144A of the Securities Act of 1933. To a lesser extent, the Fund may invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">long or short in ETFs to adjust or hedge exposures. The Fund’s holdings may include secured, partially secured, and unsecured obligations. The unsecured </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligations in which the Fund invests may also be referred to as debentures.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may also invest in long or short positions in derivative instruments, such as futures, forwards, swaps, options and warrants, to hedge exposures in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund. Futures contracts generally include those based on U.S. treasuries and foreign currencies, forward contracts are generally forward currency contracts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(including NDFs), swaps generally include interest rate and credit default swaps, options generally include call and put options (including NDOs), and warrants </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are generally similar to long-dated call options. On a short-term basis, the Fund may invest cash balances in other investment companies, including a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government money market fund advised by the Manager, with respect to which the Manager receives a management fee.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor seeks to identify convertible security investments by assessing, among other attributes, the quality, income, liquidity and “equity sensitivity” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of the security (i.e., the sensitivity of a convertible security’s price to changes in the price of the issuer’s common stock). The sub-advisor also considers the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">availability of the common stock that it intends to short. After acquiring a convertible security, the Fund establishes a short position in the common </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stock, ADR, call option or other equity-related instrument of the same issuer. The Fund may also establish short positions in ETFs. The size of each short </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">position is based on the sensitivity of the convertible security’s price to changes in the price of the issuer’s common stock. As a result, the Fund’s short </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">positions will generally be smaller on a dollar value basis than its long positions since a convertible security’s price is typically less sensitive than that of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">common stock. The Fund may also invest in non-convertible bonds and preferred stock. Such investments would typically not include a short position in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">related equity instrument.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When implementing its covered-call writing strategy, the Fund seeks to sell call options related to its equity and convertible bond holdings. In doing so, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund seeks to minimize its exposure to changes in the underlying equity price yet retain the proceeds received from selling the option (the “option premium”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Typically, higher volatility in equity prices leads to larger proceeds from selling options.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor considers selling a convertible security and closing the related short position when it identifies other more attractive investment opportunities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when it anticipates a potentially unfavorable change in the structure of a convertible security or the underlying company or to satisfy shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemptions, among other reasons.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objectives, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Allocation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund’s performance. There can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund’s allocations may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Callable Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. In the event of a call, the Fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Convertible Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of a convertible security</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including a convertible preferred security,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> typically increases or decreases with the price of the underlying common stock. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In general, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are common to convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below investment grade and are subject to the same risks as an investment in below investment grade debt securities (commonly known as “junk bonds”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economy is weak or is expected to become weak. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">convertible security‘s investment value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, to the extent the Fund invests in convertible securities issued by small- or mid-capitalization companies, it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">will be subject to the market risks of investing in such companies. The stocks of small- and mid-capitalization companies may fluctuate more widely in price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">than the market as a whole and there may also be less trading in small- or mid-capitalization stocks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Convertible securities are sensitive to movement in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction, may fail, or become less able or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditworthiness of an issuer, or a downgrade or default affecting any of the Fund’s securities, could affect the Fund’s performance. Generally, the longer the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debentures Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debentures are unsecured debt securities. The holder of a debenture is protected only by the general creditworthiness of the issuer. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">both corporate and government debentures. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Derivatives Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potential material and prolonged deviations between the theoretical value and realizable value of a derivative. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some derivatives have the potential for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unlimited loss, regardless of the size of the Fund’s initial investment. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The use of derivatives may also increase any adverse effects resulting from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underperformance of strategies, asset classes and market exposures to which the Fund has allocated its assets. Derivatives may at times be highly illiquid, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives may be difficult to value, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation may be more difficult in times of market turmoil. Derivatives may also be more volatile than other types of investments. Derivative investments can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and credit risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. As a result, the Fund may not recover its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require a counterparty to post collateral, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which may expose the Fund to greater losses in the event of a default by a counterparty. Derivatives transactions requiring the Fund to post collateral may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expose the Fund to greater losses in the event of a default by a counterparty. There may be imperfect correlation between the behavior of a derivative and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that of the reference instrument underlying the derivative. An abrupt change in the price of a reference instrument could render a derivative worthless. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference instrument. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">buy or sell derivatives not traded on an exchange, which may be subject to heightened counterparty, liquidity and valuation risks. Suitable derivatives may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other risks when that might have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been beneficial. Ongoing changes to the regulation of derivatives and changes in the regulation of funds using derivative instruments could limit the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise adversely affect their liquidity, value or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Forward Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Forward contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of securities or other underlying assets at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the contract. Not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all forward contracts, including NDFs, require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Forward contracts involving currency include the risks associated with fluctuations in currency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The use of forward contracts may expose the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it invested directly in the securities or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currencies underlying the forward contract. There are no limitations on daily price movements of forward contracts. There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed.</span>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Foreign Currency Forward Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign currency forward contracts, including non-deliverable forwards (“NDFs”), are derivative instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursuant to a contract where the parties agree to a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency at a future date at a price set at the time of the contract and include the risks associated with fluctuations in currency. There are no limitations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on daily price movements of forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. The use of foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency forward contracts may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">if it invested directly in the securities or currencies underlying the foreign currency forward contract. There are no limitations on daily price movements of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">forward contracts. There can be no assurance that any strategy used will succeed.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Futures Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as liquidity risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). The Fund may invest in the following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of futures contracts:</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Foreign Currency Futures Contracts Risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Foreign currency futures contracts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are derivative instruments pursuant to a contract where the parties agree to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pay a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific currency at a future date at a price set at the time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of the contract</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Foreign currency futures contracts are similar to foreign currency forward contracts, except that they are traded on exchanges (and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have margin requirements) and are standardized as to contract size and delivery date. The Fund may use foreign currency futures contracts for the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purposes as foreign currency forward contracts, subject to Commodity Futures Trading Commission (“CFTC”) regulations.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The use of foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">futures contracts may expose the Fund to additional risks, such as liquidity risk and counterparty risk, that it would not be subject to if it invested directly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the currencies underlying the foreign currency futures contract. Foreign currency futures transactions and currency futures contracts include risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">associated with fluctuations in currency, and other risks inherent in trading derivatives. There can be no assurance that a liquid secondary market will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">available to the Fund for the appropriate type of contract at any particular time. Consequently, the Fund may experience losses if it is unable to timely exit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">its position due to an illiquid secondary market.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Treasury</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i> Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Treasury futures contracts</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> expose the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price fluctuations resulting from changes in interest rates and to potential </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses if interest rates do not move as expected.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Options Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">seller (writer) of the option the asset underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nine months).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may use non-deliverable options (“NDOs”) in particular situations when physical delivery of the underlying asset is not required or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not possible.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> There can be no guarantee that the use of options will increase the Fund’s return or income. In addition, there may be an imperfect correlation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between the movement in prices of options and the assets underlying them, and there may at times not be a liquid secondary market for options. If an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">option that the Fund has purchased expires unexercised, the Fund will experience a loss in the amount of the premium it paid. In order for a call option to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be profitable, the market price of the underlying asset must rise sufficiently above the call option exercise price to cover the premium and any transaction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs. These costs will reduce any profit that might otherwise have been realized had the Fund bought the underlying asset instead of the call option. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">order for a put option to be profitable, the market price of the underlying asset must decline sufficiently below the put option’s exercise price to cover the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">premium and any transaction costs. By using put options in this manner, the Fund will reduce any profit it might otherwise have realized from having </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shorted the declining underlying asset by the premium paid for the put option and by transaction costs.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Swap Agreements Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Swap agreements or “swaps” are transactions in which the Fund and a counterparty agree to pay or receive payments at specified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dates based upon or calculated by reference to changes in specified prices or rates or the performance of specified securities, indices or other assets based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on a specified amount (the “notional” amount). Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include a certain amount of embedded leverage and as such are subject to leverage risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> If swaps are used as a hedging strategy, the Fund is subject to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the hedging strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, the occurrence of unexpected price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">movements or the non-occurrence of expected price movements. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Swaps also may be difficult to value. Swaps may be subject to liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, and swaps that are traded over-the-counter are not subject to standardized clearing requirements and may involve greater liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may invest in the following types of swaps:</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Credit Default</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i> Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Credit default</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> swaps may also be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">credit risk and the risks associated with the purchase and sale of credit protection</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Interest Rate Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Interest rate swaps may also be subject to interest rate and market risks. </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Warrants Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Warrants are derivative securities that give the holder the right to purchase a specified amount of securities at a specified price. Warrants </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be more speculative than certain other types of investments because warrants do not carry with them dividend or voting rights with respect to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying securities, or any rights in the assets of the issuer. In addition, the value of a warrant does not necessarily change with the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying securities, and a warrant ceases to have value if it is not exercised prior to its expiration date. The market for warrants may be very limited and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">there may at times not be a liquid secondary market for warrants.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Dividend Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An issuer of stock held by the Fund may choose not to declare a dividend or the dividend rate might not remain at current levels or increase over time. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Dividend paying stocks might not experience the same level of earnings growth or capital appreciation as non-dividend paying stocks. Securities that pay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dividends may be sensitive to changes in interest rates and, as interest rates rise or fall, the prices of such securities may fall.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Emerging Markets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">following equity securities, which may expose the Fund to the following additional risks:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Depositary Receipts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">and/or U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Depositary receipts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and U.S. dollar-denominated foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks traded on U.S. exchanges </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are subject to certain of the risks associated with investing directly in foreign securities, including, but not limited to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> or foreign stock</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, less liquidity, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">more volatility, less government regulation and supervision and delays in transaction settlement.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Real Estate Investment Trusts (“REITs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in REITs are subject to the risks associated with investing in the real estate industry, including, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among other risks: adverse developments affecting the real estate industry; declines in real property values; changes in interest rates; defaults by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgagors or other borrowers and tenants; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic downturns; casualty or condemnation losses; regulatory limitations on rents and operating expenses; and other governmental actions, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes to tax laws, zoning regulations or environmental regulations. REITs also are dependent upon the skills of their managers and are subject to heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cash flow dependency or self-liquidation. Regardless of where a REIT is organized or traded, its performance may be affected significantly by events in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">region where its properties are located. REITs may not be diversified geographically or by property or tenant type. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Domestic REITs could be adversely affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">by failure to qualify for tax-free “pass-through” of distributed net income and net realized gains under the Internal Revenue Code of 1986, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“Internal Revenue Code”), or to maintain their exemption from registration under the Investment Company Act of 1940, as amended (“Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Company Act”).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> REITs typically incur fees that are separate from those incurred by the Fund. Accordingly, the Fund’s investment in REITs will result in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of REIT common stock may decline when interest rates rise. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Publicly traded REITs may typically trade in wider spreads depending on market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> REITs tend to be small- to mid-capitalization securities and, as such, are subject to the risks of investing in small- to mid-capitalization securities. </span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks may include, but are not limited to: (1) currency exchange rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing, recordkeeping and financial reporting standards, (5) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays or failures in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction payment and settlement in some foreign markets. Additionally, trading in foreign markets generally involves higher transaction costs than trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in U.S. markets. The Fund’s investment in a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with that country, including tariffs, trade disputes and sanctions. Global economic and financial markets have become increasingly interconnected and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may adversely impact issuers in a different country, region or financial market.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Hedging Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If the Fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, or create a loss. In addition, hedges, even when successful in mitigating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, may not prevent the Fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been available had the Fund not used the hedging instruments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Portfolio Turnover </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Portfolio turnover is a measure of the Fund’s trading activity over a one-year period. A portfolio turnover rate of 100% would indicate that the Fund sold and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">replaced the entire value of its securities holdings during the period. The Fund may engage in active and frequent trading and may have a high portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">turnover rate, which could increase the Fund’s transaction costs, have a negative impact on performance, and generate higher capital gain distributions to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shareholders than if the Fund had a lower portfolio turnover rate.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High-Yield Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks than an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction as movements in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rise, which could cause the value of the Fund’s investments to decline. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Additionally, the value of income-oriented equity securities that pay dividends may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline when interest rates rise, as rising interest rates can reduce companies’ profitability and their ability to pay dividends.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Interest rate increases, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant or rapid increases, may result in a decline in the value of investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> held by the Fund, make issuers less willing or able to make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">principal and interest payments on fixed-income investments when due, lead to heightened volatility in the fixed-income markets and adversely affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidity of certain fixed-income investments, any of which may result in substantial losses to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When interest rates decline, issuers may prepay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">higher-yielding securities held by the Fund, resulting in the Fund reinvesting in securities with lower yields, which may cause a decline in its income. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rate changes may have a more pronounced effect on the market value of fixed-rate instruments than on floating-rate instruments. The value of floating rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and variable securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The prices of fixed-income securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are also affected by their durations. Fixed-income securities or derivatives with longer durations generally have greater sensitivity to changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates than those with shorter durations. Rising interest rates may cause the value of the Fund’s investments with longer durations and terms to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity to decline, which may adversely affect the value of the Fund. For example, if a bond has a duration of eight years, a 1% increase in interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could be expected to result in an 8% decrease in the value of the bond. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fluctuations in interest rates may also affect the liquidity of fixed-income securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and instruments held by the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Large-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Unexpected redemptions may force the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sell certain investments at unfavorable prices to meet redemption requests or other cash needs.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Judgment plays a greater role in pricing illiquid investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">than in investments with more active markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations. During a general downturn in the securities markets, multiple asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes may decline in value simultaneously. Even when certain securities prices have generally increased over time, there have been periods of price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in losses for investors, which are likely to occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established by the U.S. government and/or Federal Reserve and economic and political circumstances within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in government leadership, a government’s inability to agree on a budget, high public debt, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may negatively affect investor and consumer confidence and may negatively impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon public and proprietary data and systems. Data or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund. </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. The economies of all nations, including the U.S., are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve and certain foreign central banks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may raise or</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> lower interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in response to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> economic or other factors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including inflation</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. It is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">difficult to accurately predict the various economic and political factors that influence </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate changes, including the direction, pace,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> timing, frequency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or magnitude of any such changes in interest rates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Changes in interest rates could lead to an economic slowdown in the U.S. and abroad, significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market volatility and reduced liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among the United States, Israel and Iran, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between Russia and Ukraine, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> duration of ongoing hostilities and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">related sanctions and the repercussions of such events</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have presented and could continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">present material uncertainty and risk with respect to markets globally</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen. The impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences that may not be foreseen, may negatively impact certain issuers, industries and regions.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Direction Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Since the Fund will typically hold both long and short positions, an investment in the Fund will involve market risks associated with different types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment decisions than those made for a typical “long only” fund. The Fund’s results could suffer both when there is a general market advance and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund holds significant “short” positions, and when there is a general market decline and the Fund holds significant “long” positions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund’s investments, which requires the Fund, in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differentials that may be reflected in the net asset value (“NAV”) of the Fund’s shares. Frequent trading by Fund shareholders poses risks to other shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the ability to execute efficient </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment
Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To
the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and
expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment
companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies
that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities,
fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the
underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held
by the investment company or the index fluctuations to which the investment company is subject.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">
The Fund may invest in securities of an investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company
advised by the Manager and/or a sub-advisor, with respect to which the Manager and/or sub-advisor also receives a management or
advisory fee. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The
Manager and/or sub-advisor has a financial incentive to invest in an affiliated rather than unaffiliated investment company and thus
has a potential </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conflict
between its own financial interest and the Fund’s interest.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">
The Fund will be subject to the risks associated with investments in those companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including
but not limited to the following:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Because ETFs are listed on an exchange, they may be subject to trading halts, may trade at a premium or discount to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their net asset value (“NAV”) and may not be liquid. An ETF that tracks an index may not precisely replicate the returns of that index, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">actively-managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Future legislative or regulatory changes, including changes in taxation, could impact the operation of ETFs. </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Preferred Stock Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Preferred stocks are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bond holders. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">generally more sensitive to actual or perceived changes in the issuer’s financial condition or prospects than are the prices of debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other market developments may cause investors to move out of fixed-income securities on a large scale.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Reliance on Corporate Management and Financial Reporting Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor may select investments for the Fund in part on the basis of information and data made directly available to the sub-advisor by the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or through sources other than the issuers such as collateral pool servicers. The sub-advisor has no ability to independently verify such information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and data and is therefore dependent upon the integrity of the management of these issuers and of such servicers and the financial and collateral performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reporting processes in general. Information and data provided regarding a particular issuer may not necessarily contain information that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">normally considers when evaluating the investment prospects of a company.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Restricted Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities not registered in the U.S. under the Securities Act of 1933, as amended (the “Securities Act”), or in non-U.S. markets pursuant to similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulations, including “Section 4(a)(2)” securities and “Rule 144A” securities, are restricted as to their resale. Such securities may not be listed on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange and may have no active trading market. The prices of these securities may be more difficult to determine than publicly traded securities and these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities may involve heightened risk as compared to investments in securities of publicly traded companies. They may be more difficult to purchase or sell at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an advantageous time or price because such securities may not be readily marketable in broad public markets or may have to be held for a certain time period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">before they can be resold. The Fund may not be able to sell a restricted security when the sub-advisor considers it desirable to do so and/or may have to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the security at a lower price than the Fund believes is its fair market value. In addition, transaction costs may be higher for restricted securities and the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may receive only limited information regarding the issuer of a restricted security. The Fund may have to bear the expense of registering restricted securities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resale and the risk of substantial delays in effecting the registration.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Secured, Partially Secured and Unsecured Obligation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debt obligations may be secured, partially secured or unsecured. Interests in secured and partially-secured obligations have the benefit of collateral and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. However, there is no assurance that the liquidation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral from a secured or partially-secured obligation would satisfy the borrower’s obligation, or that the collateral can be liquidated. Furthermore, there is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the value of any collateral securing an obligation in which the Fund has an interest may decline and that the collateral may not be sufficient to cover </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the amount owed on the obligation. In the event the borrower defaults, the Fund’s access to the collateral may be limited or delayed by bankruptcy or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">insolvency laws. Unsecured debt, including senior unsecured and subordinated debt, will not be secured by any collateral and will be effectively subordinated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to a borrower’s secured indebtedness (to the extent of the collateral securing such indebtedness). With respect to unsecured obligations, the Fund lacks any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral on which to foreclose to satisfy its claim in whole or in part. Such instruments generally have greater price volatility than that of fully secured </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and may be less liquid.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Short Position Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund will incur a loss as a result of a short position if the price of the instrument sold short increases in value between the date of the short sale and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reliance on the sub-advisor’s ability to accurately anticipate the future value of a security or instrument. As there is potentially no limit on the amount that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security that the Fund is required to purchase may have appreciated, the Fund’s losses are potentially unlimited in a short position transaction, particularly in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cases where the Fund is unable to close out its short position. The Fund may invest the proceeds of a short sale and, therefore, be subject to the effect of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">leverage, in that short selling may amplify changes in the Fund’s NAV since it may increase the exposure of the Fund to certain markets and may increase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses and the volatility of returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Trust Preferred Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Trust preferred securities are subject to market risk, interest rate risk and credit risk. Holders of the trust preferred securities have limited voting rights to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">control the activities of the trust and no voting rights with respect to the parent company. Trust preferred securities prices fluctuate for several reasons, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including changes in the financial condition of an issuer, investors’ perception of the financial condition of an issuer, or the general economic condition of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market for trust preferred securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Unrated Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may purchase securities that are not rated by any rating organization, the sub-advisor, after assessing their credit quality, may internally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assign ratings to certain of those securities in categories similar to those of rating organizations. Unrated securities are subject to the risk that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may not accurately evaluate the security’s comparative credit rating. Some unrated securities may not have an active trading market or may be difficult to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, which means the Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price volatility.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Variable and Floating Rate Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The coupons on variable and floating-rate securities are not fixed and may fluctuate based upon changes in market rates. A variable rate security has a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">coupon that is adjusted at pre-designated periods in response to changes in the market rate of interest on which the coupon is based. The coupon on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating rate security is generally based on an interest rate, such as a money-market index, Secured Overnight Financing Rate (“SOFR”), or a Treasury bill rate. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on variable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and floating-rate securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have limits on the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increases in the coupon rates. The value of variable and floating-rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of variable and floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rate instruments may be subject to greater liquidity risk than other debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Zero Coupon Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Zero coupon securities are debt securities that do not make periodic interest payments prior to maturity or a specified redemption date (or cash payment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date). Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and will be subject to greater fluctuations in market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value in response to changing interest rates than debt obligations of comparable maturities that make current distribution of interest in cash. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payments are not made on such securities, the Fund accrues income with respect to these securities for federal income tax and accounting purposes. Longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">term zero-coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.</span></div>
Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional index that reflects short-term Treasury bill performance for the periods indicated.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund acquired the assets and liabilities of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Palmer Square SSI Alternative Income Fund, a series of Investment Managers Series Trust, in a reorganization that closed on May 17, 2019. In connection with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that reorganization, the Y Class shares and Investor Class shares of the Fund have adopted the performance history and financial statements of the Class I </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares and Class A shares, respectively, of the Fund’s predecessor. The bar chart and table below show the performance of the Fund’s Y Class shares for all </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods. The table below also shows the performance of the Fund’s Investor Class shares for all periods. The performance of the Fund’s Investor Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differs from the performance of the Class A shares of the Fund’s predecessor to the extent that the performance of the Class A shares reflected the deduction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of applicable sales charges.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5 Class shares of the Fund began operations on May 20, 2019</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. In the table below, for the period prior to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">May 20, 2019</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class shares reflects the returns of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">predecessor Fund’s Class I shares. The R5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Class shares would have had similar annual returns to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I shares,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">because the shares of each class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are invested</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in the same portfolio securities. However, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> expenses of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">I </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s predecessor</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> differ from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Class shares, which would affect performance. To the extent that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">I shares of the Fund’s predecessor</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> had lower expenses than the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the performance of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">I shares of the Fund’s predecessor</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> would likely have been higher than the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">newer share class</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> would have realized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during the same period. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5 Class performance</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> shown in the table has not been adjusted for differences in operating expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of the R5 Class and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">predecessor Fund’s Class I shares</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may obtain updated performance information on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">necessarily an indication of how the Fund will perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index as well as an additional index that reflects short-term Treasury bill performance for the periods indicated.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for Y Class Shares. Year Ended 12/31
<div><img alt="image" src="pr2822img003.jpg" style="float:left; ;max-width:100%"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>7.06% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-6.41% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">1st Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2016 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The calendar year-to-date total return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">September 30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.21%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
Highest Quarterly Return:7.06% 2nd Quarter 202001/01/2016 through 12/31/2025
0.0706
2020-06-30
Lowest Quarterly Return:-6.41% 1st Quarter 202001/01/2016 through 12/31/2025
-0.0641
2020-03-31
The calendar year-to-date total return as of September 30, 2026 was 3.21%.
2026-09-30
0.0321
Average annual total returns for periods ended December 31, 2025
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Y Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>05/25/2012</b></span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.40%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.56%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.99%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.67%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.30%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.42%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.44%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.62%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.29%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">05/17/2019</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.40%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.62%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.04%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">05/25/2012</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.00%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.27%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.72%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg US Aggregate Bond Index</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.30%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.36%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.01%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ICE BofA US 3-Month Treasury Bill Index</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.18%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.17%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.18%</span></div>
</td>
</tr>
</table></div>
2012-05-25
0.074
0.0456
0.0499
0.0467
0.023
0.0342
0.0444
0.0262
0.0329
2019-05-17
0.074
0.0462
0.0504
2012-05-25
0.07
0.0427
0.0472
0.073
-0.0036
0.0201
0.0418
0.0317
0.0218
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Y</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Class shares of the Fund; after-tax returns for other share classes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for Y Class shares of the Fund; after-tax returns for other share classes will vary.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks long-term growth of capital.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page 17 of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">40</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div>
You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0
0.01
0
0
0
0
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
0.009
0.009
0.009
0.009
0.009
0.009
0.0025
0.01
0
0
0
0
0.0148
0.0226
0.012
0.0111
0.0112
0.0147
0.0135
0.0211
0.0109
0.01
0.01
0.0133
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span>
November 3, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through November 3, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2027</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. C Class shares automatically convert to A Class shares 8 years after purchase if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$705 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,004 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,325 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,231 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$314 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$692 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,196 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,584 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$111 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$370 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$649 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,445 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$342 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$601 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,342 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$102 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$344 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$605 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,352 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$135 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$451 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$789 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,745 </span></div>
</td>
</tr>
</table></div>
705
1004
1325
2231
314
692
1196
2584
111
370
649
1445
102
342
601
1342
102
344
605
1352
135
451
789
1745
Assuming no redemption of shares:
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$214 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$692 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,196 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,584 </span></div>
</td>
</tr>
</table></div>
214
692
1196
2584
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">47%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div>
0.47
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of companies that are relevant to the Fund’s investment theme of transformational innovation.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities include common stocks and other equity investments or ownership interests in domestic and foreign companies. The Fund defines </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“transformational innovation” as the introduction of a technologically enabled new product or service that potentially changes the way the world works</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies relevant to this theme are those that rely on or benefit from the development of new products or services, technological improvements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and advancements in scientific</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> research relating to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the areas of</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">: (i) genomics (the study of genes and their functions, and related techniques, such as genomic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sequencing) (“Genomic Revolution Companies”), (ii) innovation in automation and manufacturing (“Automation Transformation Companies”), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transportation,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">energy (“Energy Transformation Companies”), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">artificial intelligence (“Artificial Intelligence Companies”)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and materials</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">iii</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) shared technology, infrastructure </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and services (“Next Generation Internet Companies”), and (</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">iv</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) technologies that make financial services more efficient (“</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Blockchain & Fintech</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Innovation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Companies”), among others.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In selecting companies that the sub-advisor believes are relevant to the Fund’s investment theme, the sub-advisor uses internally-generated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and externally-sourced research and analysis to assemble a diverse array of information from which to identify transformational innovation companies, certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of which may be growth companies. The types of companies that the sub-advisor believes are Genomic Revolution Companies, Automation Transformation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Companies, Energy Transformation Companies, Artificial Intelligence Companies, Next Generation Internet Companies or Blockchain & Fintech Innovation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Companies are described generally below:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Genomic Revolution Companies.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies that the sub-advisor believes are substantially focused on and are expected to substantially benefit from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">extending and enhancing the quality of human and other life by incorporating technological and scientific developments, improvements and advancements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in genomics into their business, such as by offering new products or services that rely on genomic sequencing (techniques that allow researchers to read </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and decipher the genetic information found in the DNA (i.e.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> the exact sequence of bases A, C, G and T in a DNA molecule), including the DNA of bacteria, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">plants, animals and human beings), analysis, synthesis or instrumentation. These companies may include ones across multiple sectors, such as Health Care, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information Technology, Materials, Energy, and Consumer Discretionary. These companies may also develop, produce, manufacture or significantly rely on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or enable bionic devices, bio-inspired computing, bioinformatics (the science of collecting and analyzing complex biological data such as genetic codes), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">molecular medicine and agricultural biotechnology.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Automation Transformation Companies.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies that the sub-advisor believes are focused on man capitalizing on the productivity of machines, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">through the automation of functions, processes or activities previously performed by human labor, such as transportation through an emphasis on mobility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as a service, or the use of robotics to perform other functions, activities or processes.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Energy Transformation Companies.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies that the sub-advisor believes seek to capitalize on innovations or evolutions in: (i) ways that energy is stored </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or used; (ii) the discovery, collection and/or implementation of new sources of energy, including unconventional sources of oil or natural gas; and/or (iii) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">production or development of new materials for use in commercial applications of energy production, use or storage.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Artificial Intelligence Companies.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies that the sub-advisor considers to be Artificial Intelligence (“AI”) Companies include a company that: (i) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">designs, creates, integrates, or delivers robotics, autonomous technology, and/or AI in the form of products, software, or systems; (ii) develops the building </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">block components for robotics, autonomous technology, or AI, such as advanced machinery, semiconductors and databases used for machine learning; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">provides its own value-added services on top of such building block components, but are not core to the company’s product or service offering; and/or (iv) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">develops computer systems that are able to perform tasks that normally require human intelligence, such as visual perception, speech recognition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decision-making, and translation between languages.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Next Generation Internet Companies.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies that the sub-advisor believes are focused on and expected to benefit from shifting the bases of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">technology infrastructure from hardware and software to the cloud, enabling mobile and local services, such as companies that rely on or benefit from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increased use of shared technology, infrastructure and services. These companies may include mail order houses which generate the entirety of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">business through websites and which offer internet-based products and services, such as streaming media or cloud storage in addition to traditional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">physical goods. These companies may also include ones that develop, use or rely on innovative payment methodologies, big data, the “internet of things,” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">machine learning, and social distribution and media. The sub-advisor defines the “internet of things” as a system of interrelated computing devices, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mechanical and digital machines, or physical objects that are provided unique identifiers and the ability to transfer data over a network without requiring </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">human-to-human or human-to-computer interaction.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Blockchain & FinTech Innovation Companies. Companies</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> that the sub-advisor believes are focused on and expected to benefit from the shifting of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial sector and economic transactions to technology infrastructure platforms, and technological intermediaries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Blockchain & </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fintech Innovation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Companies may also develop, use or rely on innovative payment platforms and methodologies, point of sale providers, e-commerce, transactional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">innovations, business analytics, fraud reduction, frictionless funding platforms, peer-to-peer lending, blockchain technologies (blockchain refers to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">peer-to-peer distributed ledger that is secured using cryptography</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, and a distributed ledger is a shared electronic database where information is recorded </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and stored across multiple computers</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">), intermediary exchanges, asset allocation technology, digital assets, mobile payments, and risk pricing and pooling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregators.</span></div>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor’s process for identifying investments uses both ‘‘top down’’ (thematic research sizing the potential total available market, and surfacing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prime beneficiaries) and ‘‘bottom up’’ (valuation, fundamental and quantitative measures) approaches to identify investment opportunities. In both the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sub-advisor’s “top down” and “bottom up” approaches, the sub-advisor evaluates environmental, social, and governance (“ESG”) considerations. In its “top </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">down” approach, the sub-advisor uses the framework of the United Nations Sustainable Development Goals to integrate ESG considerations into its research </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and investment process. The sub-advisor, however, does not use ESG considerations to limit, restrict or otherwise exclude companies or sectors from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s investment universe. In its “bottom up” approach, the sub-advisor makes its investment decisions primarily based on its analysis of the potential of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">individual companies, while integrating ESG considerations into that process.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investments may include issuers of all capitalizations. The Fund’s investments in foreign equity securities will be in both developed and emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets. The Fund may invest in foreign securities listed on foreign exchanges as well as American Depositary Receipts (“ADRs”) and Global Depositary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Receipts (“GDRs”). The Fund may have significant exposure to the Information Technology sector. However, as sector and industry composition of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">portfolio changes over time, the Fund’s exposure to these sectors may be lower at a future date, and the Fund’s exposure to other market sectors may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">higher.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor may sell a security when it believes the issuer is no longer relevant to the investment theme, or the security is overvalued or ceases to be an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">attractive investment due to, among other reasons, unfavorable sector, industry or issuer-specific developments. The sub-advisor may also sell positions to (i) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">take advantage of opportunities created by short-term market actions or market sentiment, (ii) provide liquidity to invest in companies that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has relatively more confidence in, or (iii) invest in companies that the sub-advisor believes offer more market opportunity relative to their current price.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at times may invest in shares of other investment companies, including government money market funds, which may include a government money </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market fund advised by the Manager, with respect to which the Manager receives a management fee, and including securities of an investment company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advised by the sub-advisor. The Fund may</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of issuers.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of companies that are relevant to the Fund’s investment theme of transformational innovation.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Allocation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund’s performance. There can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund’s allocations may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Emerging Markets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Environmental, Social, and/or Governance Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of environmental, social, and/or governance (“ESG”) considerations by the sub-advisor may cause the Fund to make different investments than funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or help reduce risk in the Fund. The Fund may underperform funds that do not incorporate these considerations or incorporate different ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations. Although the sub-advisor has established its own process to oversee ESG integration in accordance with the Fund’s strategies, successful </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">integration of ESG factors will depend on the sub-advisor’s skill in researching, identifying, and applying these factors, as well as on the availability of relevant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data. The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may require the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change its investment process with respect to the integration of ESG factors.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">following equity securities, which may expose the Fund to the following additional risks:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Common Stock Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The value of a company’s common stock may fall as a result of factors affecting the company, companies in the same industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sector, or the financial markets overall. Common stock generally is subordinate to preferred stock upon the liquidation or bankruptcy of the issuing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Depositary Receipts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Depositary receipts are subject to certain of the risks associated with investing directly in foreign securities, including, but not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">limited to, currency exchange rate fluctuations, political and financial instability in the home country of a particular depositary receipt, less liquidity, more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, less government regulation and supervision and delays in transaction settlement.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks may include, but are not limited to: (1) currency exchange rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing, recordkeeping and financial reporting standards, (5) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays or failures in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction payment and settlement in some foreign markets. Additionally, trading in foreign markets generally involves higher transaction costs than trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in U.S. markets. The Fund’s investment in a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with that country, including tariffs, trade disputes and sanctions. Global economic and financial markets have become increasingly interconnected and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may adversely impact issuers in a different country, region or financial market.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Growth Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met or decrease, the prices of these stocks may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline, sometimes sharply, even if earnings showed an absolute increase. The Fund’s investments in growth companies may be more sensitive to company </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and more volatile than the market in general primarily because their stock prices are based heavily on future expectations. If an assessment of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prospects for a company’s growth is incorrect, then the price of the company’s stock may fall or not approach the value placed on it. Growth company stocks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may also lack the dividend yield that can cushion stock price declines in market downturns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Large-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The securities of large market capitalization companies may underperform other segments of the market because such companies may be less responsive to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competitive challenges and opportunities and, at times, such companies may be out of favor with investors. Many larger-capitalization companies also may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unable to attain the high growth rates of successful smaller companies, especially during periods of economic expansion.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unexpected redemptions may force the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sell certain investments at unfavorable prices to meet redemption requests or other cash needs.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Judgment plays a greater role in pricing illiquid investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">than in investments with more active markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. During a general downturn in the securities markets, multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may decline in value simultaneously. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Even when certain securities prices have generally increased over time, there have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> been periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> losses for investors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which are likely to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government and/or Federal Reserve and economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government leadership, a government’s inability</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to agree on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget, high public debt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">public</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems. Data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. The economies of all nations, including the U.S., are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve and certain foreign central banks may raise or lower interest rates in response to economic or other factors, including inflation. It is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">difficult to accurately predict the various economic and political factors that influence interest rate changes, including the direction, pace, timing, frequency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or magnitude of any such changes in interest rates. Changes in interest rates could lead to an economic slowdown in the U.S. and abroad, significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market volatility and reduced liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as among the United States, Israel and Iran, between Russia and Ukraine, otherwise in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and duration of ongoing hostilities and related sanctions and the repercussions of such events cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events have presented and could continue to present material uncertainty and risk with respect to markets globally, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen. The impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences that may not be foreseen, may negatively impact certain issuers, industries and regions.</span>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund’s investments, which requires the Fund, in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differentials that may be reflected in the net asset value (“NAV”) of the Fund’s shares. Frequent trading by Fund shareholders poses risks to other shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the ability to execute efficient </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mid-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of mid-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since mid-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity, and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Non-Diversification Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is non-diversified, which means it may focus its investments in the securities of a comparatively small number of issuers. Investments in securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a limited number of issuers exposes the Fund to greater market risk, price volatility and potential losses than if assets were diversified among the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a greater number of issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may have a focused portfolio of fewer companies than other funds, including both diversified and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-diversified funds, the increase or decrease of the value of a single investment may have a greater impact on the Fund’s net asset value (“NAV”) and total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">return when compared to other funds.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may invest in securities of an investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company advised by the Manager and/or a sub-advisor, with respect to which the Manager and/or sub-advisor also receives a management or advisory fee. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Manager and/or sub-advisor has a financial incentive to invest in an affiliated rather than unaffiliated investment company and thus has a potential </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conflict between its own financial interest and the Fund’s interest.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund will be subject to the risks associated with investments in those companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including but not limited to the following:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rate risk is the risk that rising interest rates could cause the value of such an investment to decline. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or insurer of an obligation, or the counterparty to a transaction, may fail or become less able or unwilling, to make timely payment of interest or principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or otherwise honor its obligations, or that it may default completely.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. During periods of heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">redemptions, the Fund may borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments and economic conditions that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significantly affect those sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Additionally, Individual sectors may be more volatile, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and may perform differently, than the broader market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may hold a limited number of securities, it may at times be substantially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">over-weighted in certain economic sectors and under-weighted in others. Accordingly, the Fund’s performance is likely to be disproportionately affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the factors influencing those sectors.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or lower.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Information Technology Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Information Technology sector includes companies engaged in software and services, technology hardware and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">storage peripherals, electronic equipment and components, and semiconductors and semiconductor equipment. Information technology companies face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have limited product lines, markets, financial resources or personnel. The products of information technology companies may face rapid product </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obsolescence due to technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">services of qualified personnel. Failure to introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their products could have a material adverse effect on a company’s business. Companies in the Information Technology sector also may be subject to </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increased government scrutiny or adverse government or regulatory action. Additionally, companies in the Information Technology sector are heavily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dependent on intellectual property and the loss of patent, copyright or trademark protections may adversely affect the profitability of these companies. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market prices of information technology-related securities tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Software Companies Risk</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Software companies can be significantly affected by intense competition, technological innovations, and product obsolescence. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Such companies are subject to significant competitive pressures, such as aggressive pricing, new market entrants, competition for market share, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ability to attract and retain skilled employees, short product cycles due to an accelerated rate of technological developments and the potential for limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of these companies and, as a result, the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. Also, protection of intellectual property is integral to the success of many software companies, and profitability can be affected materially by, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">many software companies have limited operating histories, and software company stocks may experience substantial fluctuations in market price, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">especially in the short term.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Lending Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent the Fund lends its securities, it may be subject to the following risks: (i) the securities in which the Fund reinvests cash collateral may decrease in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, causing the Fund to incur a loss, or may not perform sufficiently to cover the Fund’s payment to the borrower of a pre-negotiated fee or “rebate” for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the use of that cash collateral in connection with the loan; (ii) non-cash collateral may decline in value, resulting in the Fund becoming under-secured; (iii) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">delays may occur in the recovery of loaned securities from borrowers, which could result in the Fund being unable to vote proxies or settle transactions or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause the Fund to incur increased costs; and (iv) if the borrower becomes subject to insolvency or similar proceedings, the Fund could incur delays in its ability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to enforce its rights in its collateral.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small-Capitalization Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in the securities of small-capitalization companies involves greater risk and the possibility of greater price volatility, which at times can be rapid and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unpredictable, than investing in larger-capitalization and more established companies. Since small-capitalization companies may have narrower commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, and more limited operating history, product lines, and managerial and financial resources than larger, more established companies, the securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these companies may lack sufficient market liquidity and they can be particularly sensitive to changes in overall economic conditions, interest rates, borrowing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">costs and earnings.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Transformational Innovation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Companies that the sub-advisor believes are capitalizing on transformational innovation and developing technologies to displace older technologies or create </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">new markets may not in fact do so. Companies that initially develop a novel technology may not be able to capitalize on the technology. Companies that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">develop transformational technologies may face political or legal challenges from competitors, industry groups or local and national governments. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies may also be exposed to risks applicable to sectors other than the transformational innovation theme for which they are chosen, and the securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issued by these companies may underperform the securities of other companies that are also focused on a particular theme.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain of the Fund’s assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation of the Fund’s investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Volatility Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have investments that appreciate or decrease significantly in value over short periods of time. This may cause the Fund’s NAV to experience </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant increases or declines in value over short periods of time.</span></div>
Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the periods indicated.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> In the table below, the performance for the A Class and C Class shares for periods prior to January 2, 2019, and the performance for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the R6 Class shares for periods prior to October 28, 2020, reflects the returns of the Fund’s R5 Class shares. In each case, the newer share classes would have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">had similar annual returns to the Fund’s R5 Class, because the shares of each class represent investments in the same portfolio securities. However, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reflected in the table in the “Fees and Expenses of the Fund” section of this Fund Summary, the expenses of the R5 Class shares differ from those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">newer share classes, which would affect performance. To the extent that the R5 Class shares had lower expenses than a newer share class, the performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of the R5 Class shares would likely have been higher than the newer share class would have realized during the same period. The performance of the newer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">share classes shown in the table has not been adjusted for differences in operating expenses of the newer and older share classes, but the A Class shares and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C Class shares performance has been adjusted for the impact of the maximum applicable sales charge. You may obtain updated performance information on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not necessarily an indication of how the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index for the periods indicated.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for Investor Class Shares. Year Ended 12/31
<div><img alt="image" src="pr2817img003.jpg" style="float:left; ;max-width:100%"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>56.00% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2018 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-39.42% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2018 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The calendar year-to-date total return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">September 30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18.96%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
Highest Quarterly Return:56.00% 2nd Quarter 202001/01/2018 through 12/31/2025
0.56
2020-06-30
Lowest Quarterly Return:-39.42% 2nd Quarter 202201/01/2018 through 12/31/2025
-0.3942
2022-06-30
The calendar year-to-date total return as of September 30, 2026 was 18.96%.
2026-09-30
0.1896
Average annual total returns for periods ended December 31, 2025
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investor Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>01/27/2017</b></span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">35.66%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-8.55%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.63%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">35.66%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-10.19%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.91%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21.11%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.39%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.81%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>(01/27/2017)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/02/2019</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">27.86%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-9.66%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.93%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/02/2019</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">33.62%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-9.29%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.00%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/27/2017</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">35.94%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-8.33%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.91%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">10/28/2020</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">36.05%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-8.24%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.00%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/27/2017</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">36.11%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-8.25%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.02%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>(01/27/2017)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">S&P 500® Index TR</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.88%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.42%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.94%</span></div>
</td>
</tr>
</table></div>
2017-01-27
0.3566
-0.0855
0.1463
0.3566
-0.1019
0.1291
0.2111
-0.0639
0.1181
2019-01-02
0.2786
-0.0966
0.1393
2019-01-02
0.3362
-0.0929
0.14
2017-01-27
0.3594
-0.0833
0.1491
2020-10-28
0.3605
-0.0824
0.15
2017-01-27
0.3611
-0.0825
0.1502
0.1788
0.1442
0.1494
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary.
Investment Objectives
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objectives are to seek high current income and, secondarily, capital appreciation.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">54</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page 58 of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div>
You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis.
50000
Shareholder Fees (fees paid directly from your investment)
0.0375
0
0
0
0
0.01
0
0
0
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
0.0067
0.0067
0.0067
0.0067
0.0067
0.0025
0.01
0
0
0
0.002
0.0021
0.0023
0.0017
0.0058
0.0112
0.0188
0.009
0.0084
0.0125
0.01
0.0179
0.008
0.0072
0.0109
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $500,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(“CDSC”) of 1.00% on certain purchases of $500,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span>
November 3, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through November 3, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2027</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. C Class shares automatically convert to A Class shares 8 years after purchase if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
<div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;padding-bottom:2pt;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$473</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$706 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$958 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,677 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$282 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$582 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,008 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,194 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$82 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$277 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$489 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,099 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$74 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$256 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$454 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,026 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investor</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$111 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$381 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$671 </span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,497 </span></div>
</td>
</tr>
</table></div>
473
706
958
1677
282
582
1008
2194
82
277
489
1099
74
256
454
1026
111
381
671
1497
Assuming no redemption of shares:
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$182 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$582 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,008 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,194 </span></div>
</td>
</tr>
</table></div>
182
582
1008
2194
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">46%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div>
0.46
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests primarily in fixed-income securities and derivatives that provide exposure to fixed-income securities. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments may include fixed-income instruments of any maturity or duration. The instruments in which the Fund may invest may be denominated in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and non-U.S. currencies, and all non-U.S. currency exposure will typically be hedged back to the U.S. dollar using foreign currency forward contracts. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund may also have direct exposure to non-U.S. currencies for investment or hedging purposes.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The fixed-income securities in which the Fund invests primarily include obligations issued or guaranteed by the U.S. government and non-U.S. governments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and their agencies, instrumentalities or political subdivisions, obligations of supranational entities, sovereign and quasi-sovereign debt, emerging-markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">debt, inflation-indexed securities, corporate bonds, debentures, bank loans, trust preferred securities, convertible preferred securities, convertible and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-convertible debt, contingent convertible bonds (“CoCos”), variable and floating-rate securities, separately traded registered interest and principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities (“STRIPS”) and zero-coupon securities, “covenant-lite” obligations, collateralized loan obligations (“CLOs”), mortgage-backed and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset-backed securities, collateralized mortgage obligations (“CMOs”) and other mortgage-related products (including commercial and residential loans, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgage pass-through securities)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, some of which may provide exposure to subprime mortgages</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">acquire a loan interest by direct investment as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a lender, by obtaining an assignment of all or a portion of the interests in a particular loan that are held by an original lender or a prior assignee or by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">participation in a loan interest that is held by another party</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”) and government money market funds, which may include a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government money market fund advised by the Manager, with respect to which the Manager receives a management fee, shares of real estate investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trusts (“REITs”) and restricted securities. The Fund may have significant exposure to the Financials sector and to issuers located in, or with economic ties to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Europe and the United Kingdom. However, as the sector and geographic composition of the Fund’s portfolio changes over time, the Fund’s exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Financials sector, Europe and/or the United Kingdom may decline, and the Fund’s exposure to other market sectors or geographic areas may increase.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest a significant portion of its total assets in non-investment grade securities (also referred to as “high-yield” or “junk” bonds), and in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Treasury obligations. The Fund may also invest in unrated securities and may invest in equity securities, including preferred stocks of U.S. and foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may take long or short positions in fixed-income and equity securities and currencies. Short positions will generally be entered into for hedging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purposes or to attempt to reduce or adjust certain investment risks. The Fund may use derivative instruments to hedge against fluctuations in securities prices, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates or currency exchange rates, to enhance total return, to change the effective duration of its portfolio, to manage certain investment risks or to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">substitute for the purchase or sale of the underlying securities or currencies. The Fund will generally invest in forward contracts (including deliverable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-deliverable currency forwards). To a lesser extent, the Fund may also invest in futures (including bond index futures, interest rate futures and government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bond futures, such as U.S. treasury futures), swaps (including credit default, total return, interest rate and currency swaps), options (including non-deliverable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">options (“NDOs”), puts and calls), warrants (including sovereign warrants) and structured notes. The Fund’s use of derivatives may be extensive. Derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">positions may also require the Fund to segregate liquid assets to cover its obligations. </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In selecting investments, the Fund’s sub-advisor develops a top-down macroeconomic view of the global economic environment as indicated by factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as interest rates, equity markets, corporate profitability, international capital flows, government policy and other relevant inputs. The sub-advisor then </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performs a bottom-up analysis of individual issuers that focuses on an issuer’s creditworthiness and considers historical trends and patterns in an instrument’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price and relative valuation. The Fund’s portfolio investments will be screened in accordance with the sub-advisor’s view of appropriate Environmental, Social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and/or Governance (“ESG”) parameters as measured by the sub-advisor’s proprietary scoring model. The sub-advisor’s ESG parameters include: (1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">environmental parameters, such as emissions creation, resource use and use of renewable energy; (2) social parameters, such as workforce turnover and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">diversity, human rights, including child labor policies, community service and responsible products; and (3) governance parameters, such as management and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">board composition and independence, shareholder engagement and corporate social responsibility policies. The sub-advisor applies its proprietary scoring </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">model, which synthesizes data received from a third-party data provider and the sub-advisor’s independent assessment of a company’s ESG capabilities, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">calculate an issuer’s score. If issuers have a score below a minimum threshold they will generally not be considered for investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor also integrates the ESG considerations throughout the portfolio management process because the sub-advisor believes that ESG </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations can influence investment valuations, which drive the sub-advisor’s investment decisions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor examines the relative risk and return characteristics of each investment, which includes an investment’s ESG outlook, and seeks to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">opportunities to establish long positions in income-generating instruments that, at times, may have the potential for price appreciation. The sub-advisor also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">seeks to reduce or hedge positions in instruments that may decline in value, experience unwanted volatility, exhibit declining ESG trends or when better </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment opportunities are identified.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor receives ESG data from a third-party data provider which the sub-advisor utilizes in its assessment of an issuer and for comparison purposes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when it is available. However, the sub-advisor places significant emphasis on ensuring that its own experiences with and views of the issuer are reflected in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">final ESG assessment, and the sub-advisor’s assessment may differ materially from that of the third-party data provider. Additionally, many issuers held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund, such as those in the securitized sectors and those without publicly traded equity securities, may not be covered by the third-party data provider. For such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers, the sub-advisor’s ESG assessment is based exclusively on its own analysis. As a result, the Fund’s holdings may not be comparable to those of other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">funds with ESG investment mandates.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objectives, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Allocation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund’s performance. There can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund’s allocations may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Assets selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment objectives.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset-Backed Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities are influenced by factors affecting the assets underlying the securities, including the broader market sector and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">individual markets, such as the auto markets. These securities may be more sensitive to changes in interest rates than other types of debt securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities also are subject to risks of fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. These securities are also subject to the risk of default on the underlying assets, particularly during periods of market downturn, and an unexpectedly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">high rate of defaults on the underlying assets will adversely affect the security’s value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Callable Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. In the event of a call, the Fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Collateralized Loan Obligations (“CLOs”) Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The risks of an investment in a CLO depend largely on the type of underlying collateral and the class or seniority of CLO in which the Fund invests. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically will invest in CLOs collateralized by bank loans.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Therefore, the CLOs in which the Fund invests will be subject to loan interests risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> In addition, CLOs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CLOs may be characterized as illiquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. The Fund’s investments in CLOs and other similarly structured investments may expose the Fund to heightened credit risk, interest rate risk, liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, market risk, and prepayment and extension risk. In addition to these risks, CLOs may also carry additional risks including, but not limited to: (i) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the quality of the collateral may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in value or default; (iii) the risk that the Fund may invest in CLOs that are subordinate to other classes; (iv) the risk that the complex structure of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that the CLO’s manager may perform poorly. CLOs may charge management and other administrative fees, which are in addition to those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. CLOs may be difficult to value and may be highly leveraged, which could make them highly volatile.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Contingent Convertible Securities (“CoCos”) Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The prices of contingent convertible securities (“CoCos”) may be significantly more volatile during times of market turmoil. CoCos are subordinated debt, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund’s claims will generally be junior to the claims of other creditors if the issuer liquidates or dissolves. Interest payments on CoCos could be canceled by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the issuer or a regulator. If the issuer converts the CoCo to an equity security, the Fund would lose interest payments and potentially all income, and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s investment would be even further subordinated. The issuer could alternatively write down the principal due on the CoCos. The write-down of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security’s par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security’s par value, or even a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">complete loss on investment with no chance of recovery even if the issuer remains in existence. CoCos carry the general risks applicable to other fixed income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments, including interest rate risk, credit risk, market risk and liquidity risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Convertible Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of a convertible security</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including a convertible preferred security,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> typically increases or decreases with the price of the underlying common stock. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In general, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are common to convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below investment grade and are subject to the same risks as an investment in below investment grade debt securities (commonly known as “junk bonds”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economy is weak or is expected to become weak. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">convertible security‘s investment value. Convertible securities are sensitive to movement in interest rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>“Covenant-Lite” Obligations Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain investments, such as loans in which the Fund may invest directly or have exposure to through its investments in structured securities, may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“covenant-lite.” Covenant-lite obligations contain fewer maintenance covenants than other obligations, or no maintenance covenants at all, and may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include terms which allow the lender to monitor the financial performance of the borrower and declare a default if certain criteria are breached. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exposure to losses on such investments may be increased, especially during a downturn in the credit cycle.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction, may fail, or become less able or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditworthiness of an issuer, or a downgrade or default affecting any of the Fund’s securities, could affect the Fund’s performance. Generally, the longer the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debentures Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debentures are unsecured debt securities. The holder of a debenture is protected only by the general creditworthiness of the issuer. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">both corporate and government debentures. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Derivatives Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potential material and prolonged deviations between the theoretical value and realizable value of a derivative. The use of derivatives may also increase any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adverse effects resulting from the underperformance of strategies, asset classes and market exposures to which the Fund has allocated its assets. Derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be difficult to value, and valuation may be more difficult in times of market turmoil. Derivatives may also be more volatile than other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and credit risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. As a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result, the Fund may not recover its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. Derivatives transactions requiring </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund to post collateral may expose the Fund to greater losses in the event of a default by a counterparty. There may be imperfect correlation between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">behavior of a derivative and that of the reference instrument underlying the derivative. An abrupt change in the price of a reference instrument could render a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">derivative worthless. Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instrument. The Fund may buy or sell derivatives not traded on an exchange, which may be subject to heightened counterparty, liquidity and valuation risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks when that might have been beneficial. Ongoing changes to the regulation of derivatives and changes in the regulation of funds using derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments could limit the Fund’s ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adversely affect their liquidity, value or performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Forward Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Forward contracts</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including NDFs, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are derivative instruments pursuant to a contract where the parties agree to a fixed price for an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">agreed amount of securities or other underlying assets at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">contract. Not all forward contracts, including NDFs, require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">default by a counterparty. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Forward contracts involving currency include the risks associated with fluctuations in currency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The use of forward contracts may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it invested directly in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or currencies underlying the forward contract. There are no limitations on daily price movements of forward contracts. There can be no assurance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that any strategy used will succeed.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Foreign Currency Forward Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign currency forward contracts, including non-deliverable forwards (“NDFs”), are derivative instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursuant to a contract where the parties agree to a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency at a future date at a price set at the time of the contract and include the risks associated with fluctuations in currency. There are no limitations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on daily price movements of forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. The use of foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency forward contracts may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">if it invested directly in the securities or currencies underlying the foreign currency forward contract. There are no limitations on daily price movements of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">forward contracts. There can be no assurance that any strategy used will succeed.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Futures Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as liquidity risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). The Fund may invest in the following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of futures contracts:</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Government Bond Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Government bond futures contracts, such as treasury futures contracts, expose the Fund to price fluctuations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resulting from changes in interest rates and to potential losses if interest rates do not move as expected.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Index Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts on indices expose the Fund to volatility in an underlying index. </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Interest Rate Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Interest rate futures contracts expose the Fund to price fluctuations resulting from changes in interest rates. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could suffer a loss if interest rates rise after the Fund has purchased an interest rate futures contract or fall after the Fund has sold an interest rate futures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">contract.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Options Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">seller (writer) of the option the asset underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nine months).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may use non-deliverable options (“NDOs”), which are foreign exchange products designed to assist in reducing the foreign </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange risk, in particular situations when physical delivery of the underlying asset is not required or not possible.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> There can be no guarantee that the use </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of options will increase the Fund’s return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assets underlying them, and there may at times not be a liquid secondary market for options. If an option that the Fund has purchased expires unexercised, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund will experience a loss in the amount of the premium it paid. In order for a call option to be profitable, the market price of the underlying asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">must rise sufficiently above the call option exercise price to cover the premium and any transaction costs. These costs will reduce any profit that might </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise have been realized had the Fund bought the underlying asset instead of the call option. In order for a put option to be profitable, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price of the underlying asset must decline sufficiently below the put option’s exercise price to cover the premium and any transaction costs. By using put </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">options in this manner, the Fund will reduce any profit it might otherwise have realized from having shorted the declining underlying asset by the premium </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">paid for the put option and by transaction costs. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Options on currencies expose the Fund to the risks associated with investments in currencies.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Structured Notes Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Structured notes are derivative debt instruments with principal and/or interest payments linked to the value of a commodity, a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">foreign currency, an index of securities, an interest rate, or other financial indicators (“reference instruments”). The payments on a structured note may vary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on changes in one or more specified reference instruments, such as a floating interest rate compared to a fixed interest rate, the exchange rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between two currencies, one or more securities or a securities or commodities index. If the underlying investment or index does not perform as anticipated, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the structured note might pay less interest than the stated coupon payment or repay less principal upon maturity. The movement of such factors may cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant price fluctuations. A structured note may be positively or negatively indexed. Structured notes are subject to interest rate risk, market risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidity risk and counterparty risk. They are also subject to credit risk with respect both to the issuer and, if applicable, to the underlying security or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrower. Structured notes may have a limited trading market, making it difficult to value them or sell them at an acceptable price.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Swap Agreements Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Swap agreements or “swaps” are transactions in which the Fund and a counterparty agree to pay or receive payments at specified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dates based upon or calculated by reference to changes in specified prices or rates or the performance of specified securities, indices or other assets based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on a specified amount (the “notional” amount). Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include a certain amount of embedded leverage and as such are subject to leverage risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> If swaps are used as a hedging strategy, the Fund is subject to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the hedging strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, the occurrence of unexpected price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">movements or the non-occurrence of expected price movements. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Swaps also may be difficult to value. Swaps may be subject to liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, and swaps that are traded over-the-counter are not subject to standardized clearing requirements and may involve greater liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may invest in the following types of swaps:</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Credit Default Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Credit default swaps may also be subject to credit risk and the risks associated with the purchase and sale of credit protection.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Currency Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Currency swaps may also be subject to currency risk.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Interest Rate Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Interest rate swaps may also be subject to interest rate and market risks. </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Total Return Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Total return swaps may also be subject to market risk and, if the underlying securities are bonds or other debt obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate risk.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Warrants Risk, including Sovereign Warrants.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Warrants are derivative securities that give the holder the right to purchase a specified amount of securities at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a specified price. Warrants may be more speculative than certain other types of investments because warrants do not carry with them dividend or voting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rights with respect to the underlying securities, or any rights in the assets of the issuer. In addition, the value of a warrant does not necessarily change with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of the underlying securities, and a warrant ceases to have value if it is not exercised prior to its expiration date. The Fund may invest in warrants </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that represent the right to receive payments if an identified revenue, commodity price or economic measure within a country, including an emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">country, such as the price or volume of domestically produced oil or the growth of the country’s gross domestic product, equals or exceeds a specified level. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Such warrants may result from the restructuring of a sovereign debt obligation and may be more speculative than certain other types of sovereign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments. The market for warrants may be very limited and there may at times not be a liquid secondary market for warrants.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Emerging Markets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When investing in emerging markets, the risks of investing in foreign securities are heightened. Emerging markets are generally smaller, less developed, less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquid and more volatile than the securities markets of the U.S. and other developed markets. There are also risks of: greater political or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uncertainties; an economy’s dependence on revenues from particular commodities or on international aid or development assistance; currency transfer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restrictions; a limited number of potential buyers for such securities resulting in increased volatility and limited liquidity for emerging market securities; trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">suspensions and other restrictions on investment; delays and disruptions in securities clearing and settlement procedures; and significant limitations on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investor rights and recourse. The governments of emerging market countries may also be more unstable and more likely to impose capital controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, intervene in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial markets, and/or impose burdensome taxes that could adversely affect security prices. In addition, there may be less publicly available information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accounting, auditing, financial reporting and recordkeeping standards and requirements comparable to those to which U.S. companies are subject.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Environmental, Social, and/or Governance Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of environmental, social, and/or governance (“ESG”) considerations by the sub-advisor may cause the Fund to make different investments than funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or help reduce risk in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may choose not to, or may not be able to, take advantage of certain investment opportunities due to these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations, which may adversely affect investment performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may underperform funds that do not incorporate these considerations or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incorporate different ESG considerations. Although the sub-advisor has established its own process to oversee ESG integration in accordance with the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies, successful integration of ESG factors will depend on the sub-advisor’s skill in researching, identifying, and applying these factors, as well as on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">availability of relevant data. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and considering ESG risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">require the Fund to change its investment process with respect to the integration of ESG factors.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities represent ownership interests in companies and are subject to investment risk, issuer risk and market risk. In general, the values of stocks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other equity securities fluctuate, and sometimes widely fluctuate, in response to changes in a company’s financial condition as well as general market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and political conditions and other factors. The Fund may experience a significant or complete loss on its investment in an equity security. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition, stock prices may be particularly sensitive to rising interest rates, which increase borrowing costs and the costs of capital. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">following equity securities, which may expose the Fund to the following additional risks:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Real Estate Investment Trusts (“REITs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in REITs are subject to the risks associated with investing in the real estate industry, including, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among other risks: adverse developments affecting the real estate industry; declines in real property values; changes in interest rates; defaults by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgagors or other borrowers and tenants; lack of availability of mortgage funds or financing; extended vacancies of properties, especially during </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic downturns; casualty or condemnation losses; regulatory limitations on rents and operating expenses; and other governmental actions, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes to tax laws, zoning regulations or environmental regulations. REITs also are dependent upon the skills of their managers and are subject to heavy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cash flow dependency or self-liquidation. Regardless of where a REIT is organized or traded, its performance may be affected significantly by events in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">region where its properties are located. REITs may not be diversified geographically or by property or tenant type. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Domestic REITs could be adversely affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">by failure to qualify for tax-free “pass-through” of distributed net income and net realized gains under the Internal Revenue Code of 1986, as amended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“Internal Revenue Code”), or to maintain their exemption from registration under the Investment Company Act of 1940, as amended (“Investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Company Act”).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> REITs typically incur fees that are separate from those incurred by the Fund. Accordingly, the Fund’s investment in REITs will result in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">layering of expenses such that shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of REIT common stock may decline when interest rates rise. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Publicly traded REITs may typically trade in wider spreads depending on market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> REITs tend to be small- to mid-capitalization securities and, as such, are subject to the risks of investing in small- to mid-capitalization securities. </span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks may include, but are not limited to: (1) currency exchange rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing, recordkeeping and financial reporting standards, (5) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays or failures in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction payment and settlement in some foreign markets. Additionally, trading in foreign markets generally involves higher transaction costs than trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in U.S. markets. The Fund’s investment in a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with that country, including tariffs, trade disputes and sanctions. Global economic and financial markets have become increasingly interconnected and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may adversely impact issuers in a different country, region or financial market.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Geographic Concentration Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">From time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with significant economic ties to, a single country or geographic region, which could increase the risk that economic, market, political, business, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in such a manner could cause the Fund’s performance to be more volatile than the performance of more geographically diverse funds. A decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the economies or financial markets of one country or region may adversely affect the economies or financial markets of another.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">European Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund’s performance may be affected by political, social and economic conditions in Europe, such as growth of economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">output (the gross national product of the countries in the region), the rate of inflation, the rate at which capital is reinvested into European economies, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries, the monetary exchange rates between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">European countries, and conflict between European countries. The European financial markets have experienced and may continue to experience volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and adverse trends due to concerns relating to economic downturns; rising government debt levels and the possible default on government debt; national </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unemployment in several European countries; public health crises; political unrest; economic sanctions; inflation; energy crises; and war and military conflict, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as the Russian invasion of Ukraine. A default or debt restructuring by any European country could adversely impact holders of that country’s debt and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sellers of credit default swaps linked to that country’s creditworthiness, which may be located in other countries. Such a default or debt restructuring could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect exposures to European countries. In addition, issuers have faced difficulties obtaining credit or refinancing existing obligations, and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have experienced extreme volatility and declines in asset values and liquidity. These events have affected the exchange rate of the Euro and may continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significantly affect European countries.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Responses to financial problems by European governments, central banks, and others, including austerity measures and other reforms, may not produce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">desired results, may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. The Fund makes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in securities of issuers that are domiciled in member states of the European Union (the “EU”). The economies and markets of European </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">One or more countries may abandon the Euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could be significant and far-reaching. The United Kingdom’s withdrawal from the EU could be an indication that one or more other countries may withdraw </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from the EU and/or abandon the Euro. These events and actions have affected, and may in the future affect, the value and exchange rate of the Euro and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">EU member states.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The continuing effects on the economies of European countries of the Russia/Ukraine war and Russia’s response to sanctions imposed by the U.S., EU, UK </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and others, are impossible to predict, but have been and could continue to be significant. For example, exports in Eastern Europe have been disrupted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">certain key commodities, pushing commodity prices to record highs. Also, both wholesale energy prices and energy prices charged to consumers in Europe </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have increased significantly.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">United Kingdom Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund’s exposure to issuers located in, or with economic ties to, the United Kingdom, could expose the Fund to risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">associated with investments in the United Kingdom to a greater extent than more geographically diverse funds. Investments in United Kingdom issuers may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">subject the Fund to regulatory, political, currency, security, and economic risks specific to the United Kingdom. The United Kingdom has one of the largest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Kingdom economy may be impacted by changes to the economic condition of the United States and other European countries.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Increasing commodity prices and rising inflation levels caused or exacerbated by the war between Russia and Ukraine recently prompted the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Kingdom government to implement significant policy changes. It is difficult to predict what effects such policies (or the suggestion of such policies) may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have and the duration of those effects, which may last for extended periods. These effects may negatively impact broad segments of business and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">population and have a significant and rapid negative impact on the performance of the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Additionally, the transitional period following the United Kingdom’s departure from the European Union (commonly referred to as “Brexit”) ended on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2020 and European Union law ceased to have effect in the United Kingdom except to the extent retained by the United Kingdom by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unilateral act. The United Kingdom and the European Union then reached a trade agreement that was ratified by all applicable United Kingdom and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">European Union governmental bodies. The economic effects of Brexit, including certain negative impacts on the ability of the United Kingdom to trade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">seamlessly with the European Union, are becoming clearer but some political, regulatory and commercial uncertainty in relation to the longer term impacts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nevertheless remains to be resolved. Accordingly, there remains a risk that the aftermath of Brexit, including its ongoing effect on the United Kingdom’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relationships with other countries, including the United States, and with the European Union, may negatively impact the value of investments held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. Although the sub-advisor may hedge the Fund’s currency exposures back to the U.S. dollar, a depreciation of the British pound sterling and/or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Euro in relation to the U.S. dollar could adversely affect the Fund’s investments denominated in British pound sterling or Euros that are not fully hedged </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regardless of the performance of the underlying issuer.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Hedging Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If the Fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, or create a loss. In addition, hedges, even when successful in mitigating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, may not prevent the Fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been available had the Fund not used the hedging instruments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High-Yield Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks than an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inflation Index-Linked Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike a conventional bond, whose issuer makes regular fixed interest payments and repays the face value of the bond at maturity, an inflation index-linked </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security provides principal payments and interest payments that vary as the principal and/or interest are adjusted over time to reflect a rise or a drop in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reference inflation-related index. For inflation index-linked debt securities for which repayment of the original principal upon maturity (as adjusted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inflation) is not guaranteed, the adjusted principal value of the securities repaid at maturity may be less than the original principal value. The value of inflation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index-linked securities is expected to change in response to real interest rates, which are in turn tied to the relationship between nominal interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the rate of inflation. There can be no assurance that an inflation index that is used will accurately measure the real rate of inflation. The price of an inflation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index-linked security generally falls when real interest rates rise and rises when real interest rates fall. Interest payments on such securities are unpredictable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and will fluctuate as the principal and interest are adjusted to reflect movements in the inflation-related index. In periods of deflation, the Fund may have no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">income at all from such investments. The principal value of an investment in the Fund is not protected or otherwise guaranteed by the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in inflation index-linked securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction as movements in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rise, which could cause the value of the Fund’s investments to decline. Interest rate increases, including significant or rapid increases, may result in a decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> held by the Fund, make issuers less willing or able to make principal and interest payments on fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments when due, lead to heightened volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which may result in substantial losses to the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund reinvesting in securities with lower yields, which may cause a decline in its income. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rate changes may have a more pronounced effect on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market value of fixed-rate instruments than on floating-rate instruments. The value of floating rate and variable securities may decline if their interest rates do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The prices of fixed-income securities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are also affected by their durations. Fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates than those with shorter durations. Rising interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates may cause the value of the Fund’s investments with longer durations and terms to maturity to decline, which may adversely affect the value of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an 8% decrease in the value of the bond. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fluctuations in interest rates may also affect the liquidity of fixed-income securities and instruments held by the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Leverage Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s use of derivative instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and taking of short positions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may have the economic effect of financial leverage. Financial leverage magnifies the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s exposure to the movements in prices of an asset or class of assets underlying a derivative instrument and may result in increased volatility, which means </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that the Fund will have the potential for greater losses than if the Fund does not use the derivative instruments that have a leveraging effect. Leverage may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in losses that exceed the amount originally invested and may accelerate the rate of losses. Leverage tends to magnify, sometimes significantly, the effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of any increase or decrease in the Fund’s exposure to an asset or class of assets and may cause the Fund’s net asset value (“NAV”) per share to be volatile. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There can be no assurance that the Fund’s use of leverage will be successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund. Judgment plays a greater role in pricing illiquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments than in investments with more active markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Loan Interests Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In making investments in bank loans or senior loans, the Fund will depend primarily on the creditworthiness of the borrower for payment of principal and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest and will also rely on the financial institution to make principal and interest payments to the Fund once it receives payment on the underlying loan. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund will also rely on the financial institution to pursue appropriate remedies against a borrower in the event that the borrower defaults. As such, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be exposed to the credit risk of both the financial institution that made the loan and the underlying borrower.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike publicly traded common stocks, which trade on national exchanges, there is no central place or exchange for loans, including bank loans and senior </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">loans, to trade. There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sufficient to cover the amount owed on the loan. In the event that the borrower defaults, the Fund’s access to the collateral may be limited or delayed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bankruptcy or other insolvency laws. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions with a high volume of shareholder redemptions, present a risk to shareholders with respect to the Fund’s ability to pay redemption proceeds within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the allowable time periods stated in the Prospectus. The secondary market for loans also may be subject to irregular trading activity and wide bid/ask spreads. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The lack of an active trading market for certain loans may impair the ability of the Fund to sell its loan interests at a time when it may otherwise be desirable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to do so or may require the Fund to sell them at prices that are less than what the Fund regards as their fair market value and may make it difficult to value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such loans. Accordingly, loan interests may at times be illiquid. Interests in loans made to finance highly leveraged companies or transactions, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">corporate acquisitions, may be especially vulnerable to adverse changes in economic or market conditions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. During a general downturn in the securities markets, multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may decline in value simultaneously. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Even when certain securities prices have generally increased over time, there have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> been periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> losses for investors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which are likely to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government and/or Federal Reserve and economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government leadership, a government’s inability</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to agree on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget, high public debt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">public</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems. Data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. The economies of all nations, including the U.S., are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve and certain foreign central banks may raise or lower interest rates in response to economic or other factors, including inflation. It is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">difficult to accurately predict the various economic and political factors that influence interest rate changes, including the direction, pace, timing, frequency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or magnitude of any such changes in interest rates. Changes in interest rates could lead to an economic slowdown in the U.S. and abroad, significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market volatility and reduced liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as among the United States, Israel and Iran, between Russia and Ukraine, otherwise in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and duration of ongoing hostilities and related sanctions and the repercussions of such events cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events have presented and could continue to present material uncertainty and risk with respect to markets globally, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen. The impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences that may not be foreseen, may negatively impact certain issuers, industries and regions.</span>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Direction Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Since the Fund will typically hold both long and short positions, an investment in the Fund will involve market risks associated with different types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment decisions than those made for a typical “long only” fund. The Fund’s results could suffer both when there is a general market advance and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund holds significant “short” positions, and when there is a general market decline and the Fund holds significant “long” positions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund’s investments, which requires the Fund, in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differentials that may be reflected in the net asset value (“NAV”) of the Fund’s shares. Frequent trading by Fund shareholders poses risks to other shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the ability to execute efficient </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mortgage-Backed and Mortgage-Related Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in mortgage-backed and mortgage-related securities are influenced by the factors affecting the mortgages underlying the securities or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">housing market. These securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and mortgage-related securities also are subject to market risks for fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgage-backed and mortgage-related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could result in losses to the Fund. These securities are also subject to the risk of default on the underlying mortgages, particularly during periods of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security’s value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, certain mortgage-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and mortgage-related securities may include securities backed by pools of loans made to “subprime” borrowers or borrowers with blemished credit histories; </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the risk of defaults is generally higher in the case of mortgage pools that include such subprime mortgages.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Collateralized Mortgage Obligation (“CMOs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> CMOs may offer a higher yield than U.S. government securities, but they may also be subject to greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price fluctuation and credit risk. In addition, CMOs typically will be issued in a variety of classes or series, which have different maturities and are retired in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sequence. In the event of a default by an issuer of a CMO, there is no assurance that the collateral securing such CMO will be sufficient to pay principal and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest. It is possible that there will be limited opportunities for trading CMOs in the OTC market, the depth and liquidity of which will vary from time to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">time.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Commercial Mortgage-Backed Securities (“CMBS”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks reflect the effects of local and other economic conditions on real estate markets, the ability of borrowers to make loan payments, and the ability of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">property to attract and retain tenants. CMBS may not be backed by the full faith and credit of the U.S. Government and are subject to risk of default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying mortgages, particularly during periods of economic downturn. CMBS are subject to a greater degree of prepayment and extension risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">many other forms of fixed-income securities, and CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of CMBS.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Mortgage Pass-Through Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Mortgage pass-through securities provide for the “pass through” of the monthly payments made by individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrowers on their residential or commercial mortgage loans, net of any fees by the security issuer and guarantor, as applicable, to the holder of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security. Mortgage pass-through securities are sensitive to interest rate changes, and small movements in interest rates, both increases and decreases, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">quickly and significantly affect the value of certain mortgage pass-through securities. Mortgage pass-through securities involve interest rate risk, credit risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment risk and extension risk.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Residential Mortgage-Backed Securities (“RMBS”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> RMBS include securities that reflect an interest in pools of residential mortgage loans secured by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">residential real property. While subject to the risks generally associated with mortgage-backed securities, RMBS are particularly susceptible to prepayment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks. Homeowners frequently refinance high-rate mortgages when mortgage rates fall, which results in the prepayment of high-rate mortgages. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Conversely, when mortgage rates increase, prepayments from refinancing arrangements decline, extending the life of RMBS with lower yields. RMBS may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not be backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages. The rate of delinquencies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and defaults on RMBS and the amount of the resulting losses depend on a number of factors: many of the risks of investing in the real estate securing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying mortgage loans, including general economic conditions and local economic conditions in the geographic area where the mortgaged property is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">located, the terms of the mortgage loan, the borrower’s equity in the mortgaged property, and the financial circumstances of the borrower. RMBS issued by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-government entities may offer higher yields than those issued by government entities, but also may be subject to greater volatility than government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issues. RMBS backed by subprime loans may suffer significantly greater declines in value due to defaults or the increased risk of default. </span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment
Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To
the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and
expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment
companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies
that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities,
fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the
underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held
by the investment company or the index fluctuations to which the investment company is subject. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The
Fund may invest in securities of an investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company
advised by the Manager and/or a sub-advisor, with respect to which the Manager and/or sub-advisor also receives a management or
advisory fee. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The
Manager and/or sub-advisor has a financial incentive to invest in an affiliated rather than unaffiliated investment company and thus
has a potential </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conflict
between its own financial interest and the Fund’s interest.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">
The Fund will be subject to the risks associated with investments in those companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including
but not limited to the following:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Because ETFs are listed on an exchange, they may be subject to trading halts, may trade at a premium or discount to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their net asset value (“NAV”) and may not be liquid. An ETF that tracks an index may not precisely replicate the returns of that index, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">actively-managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Future legislative or regulatory changes, including changes in taxation, could impact the operation of ETFs. </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Preferred Stock Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Preferred stocks are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bond holders. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">generally more sensitive to actual or perceived changes in the issuer’s financial condition or prospects than are the prices of debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Prepayment and Extension Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Prepayment and extension risk is the risk that a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected. Due to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security, any of which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in a reduced yield to the Fund. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to shorten. Conversely, extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a security’s effective maturity, increase the risk of default or delayed payment, heighten interest rate risk and increase the potential for a decline in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment’s price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduced. Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">case could hurt the Fund’s performance.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other market developments may cause investors to move out of fixed-income securities on a large scale.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Reliance on Corporate Management and Financial Reporting Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor may select investments for the Fund in part on the basis of information and data made directly available to the sub-advisor by the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or through sources other than the issuers such as collateral pool servicers. The sub-advisor has no ability to independently verify such information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and data and is therefore dependent upon the integrity of the management of these issuers and of such servicers and the financial and collateral performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reporting processes in general. Information and data provided regarding a particular issuer may not necessarily contain information that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">normally considers when evaluating the investment prospects of a company.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Restricted Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities not registered in the U.S. under the Securities Act of 1933, as amended (the “Securities Act”), or in non-U.S. markets pursuant to similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulations, including “Section 4(a)(2)” securities and “Rule 144A” securities, are restricted as to their resale. Such securities may not be listed on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange and may have no active trading market. The prices of these securities may be more difficult to determine than publicly traded securities and these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities may involve heightened risk as compared to investments in securities of publicly traded companies. They may be more difficult to purchase or sell at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an advantageous time or price because such securities may not be readily marketable in broad public markets or may have to be held for a certain time period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">before they can be resold. The Fund may not be able to sell a restricted security when the sub-advisor considers it desirable to do so and/or may have to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the security at a lower price than the Fund believes is its fair market value. In addition, transaction costs may be higher for restricted securities and the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may receive only limited information regarding the issuer of a restricted security. The Fund may have to bear the expense of registering restricted securities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resale and the risk of substantial delays in effecting the registration.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Financials Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies in the Financials sector are subject to extensive governmental regulation and intervention, which may result in financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">penalties and limits on the scope of their activities, the amounts and types of loans and other financial commitments they can make, the interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees they can charge, the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact of recent or future regulation on the Financials sector, including more stringent capital requirements, cannot be predicted. In addition, fiscal, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulatory and monetary policies, economic conditions, interest rate changes, credit rating downgrades, and decreased liquidity in the credit markets may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, thereby affecting a wide range </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of companies in the Financials sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant losses to companies in this sector, which also may negatively impact the Fund.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Secured, Partially Secured and Unsecured Obligation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debt obligations may be secured, partially secured or unsecured. Interests in secured and partially-secured obligations have the benefit of collateral and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. However, there is no assurance that the liquidation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral from a secured or partially-secured obligation would satisfy the borrower’s obligation, or that the collateral can be liquidated. Furthermore, there is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the value of any collateral securing an obligation in which the Fund has an interest may decline and that the collateral may not be sufficient to cover </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the amount owed on the obligation. In the event the borrower defaults, the Fund’s access to the collateral may be limited or delayed by bankruptcy or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">insolvency laws. Unsecured debt, including senior unsecured and subordinated debt, will not be secured by any collateral and will be effectively subordinated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to a borrower’s secured indebtedness (to the extent of the collateral securing such indebtedness). With respect to unsecured obligations, the Fund lacks any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral on which to foreclose to satisfy its claim in whole or in part. Such instruments generally have greater price volatility than that of fully secured </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and may be less liquid.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Segregated Assets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In connection with certain transactions that may give rise to future payment obligations, the Fund may be required to maintain a segregated amount of, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise earmark, cash or liquid securities to cover the obligation. Segregated assets generally cannot be sold while the position they are covering is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">outstanding, unless they are replaced with other assets of equal value. The need to segregate cash or other liquid securities could limit the Fund’s ability to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursue other opportunities as they arise.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Short Position Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund will incur a loss as a result of a short position if the price of the instrument sold short increases in value between the date of the short sale and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date on which an offsetting position is purchased. Short positions may be considered speculative transactions and involve special risks, including greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reliance on the sub-advisor’s ability to accurately anticipate the future value of a security or instrument. As there is potentially no limit on the amount that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security that the Fund is required to purchase may have appreciated, the Fund’s losses are potentially unlimited in a short position transaction, particularly in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cases where the Fund is unable to close out its short position. The Fund may invest the proceeds of a short sale and, therefore, be subject to the effect of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">leverage, in that short selling may amplify changes in the Fund’s NAV since it may increase the exposure of the Fund to certain markets and may increase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses and the volatility of returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sovereign and Quasi-Sovereign Debt Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Sovereign or quasi-sovereign debt securities are subject to risk of payment delays or defaults due to, among other things: (1) country cash flow problems, (2) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">insufficient foreign currency reserves, (3) political considerations, (4) large debt positions relative to the country’s economy, (5) policies toward foreign lenders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or investors, (6) the failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwillingness to repay debts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">It may be particularly difficult to enforce the rights of debt holders in emerging markets.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> A governmental entity that defaults on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an obligation may request additional time in which to repay loans, may request further loans, or may seek to restructure its obligations to reduce interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or outstanding principal. There is no legal process for collecting sovereign and quasi-sovereign debt that a government does not pay, nor are there bankruptcy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">proceedings through which all or part of the sovereign debt that a governmental entity has not repaid may be collected. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Sovereign and quasi-sovereign debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk is increased for emerging markets issuers, which are among the largest debtors to commercial banks and foreign governments. At times, certain emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Supranational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be unable or unwilling to provide that support. Political changes in principal donor nations may also unexpectedly disrupt the finances of supranational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">entities. Obligations of a supranational entity that are denominated in non-U.S. currencies will also be subject to the risks associated with investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. currencies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Trust Preferred Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Trust preferred securities are subject to market risk, interest rate risk and credit risk. Holders of the trust preferred securities have limited voting rights to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">control the activities of the trust and no voting rights with respect to the parent company. Trust preferred securities prices fluctuate for several reasons, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including changes in the financial condition of an issuer, investors’ perception of the financial condition of an issuer, or the general economic condition of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market for trust preferred securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Unrated Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may purchase securities that are not rated by any rating organization, the sub-advisor, after assessing their credit quality, may internally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assign ratings to certain of those securities in categories similar to those of rating organizations. Unrated securities are subject to the risk that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may not accurately evaluate the security’s comparative credit rating. Some unrated securities may not have an active trading market or may be difficult to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, which means the Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price volatility.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Government Securities and Government-Sponsored Enterprises Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of coupons and the face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value at maturity, not its current market price. The market prices for such securities are not guaranteed and will fluctuate. Certain securities held by the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), Federal Home Loan Mortgage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Corporation (‘‘Freddie Mac’’), Federal Home Loan Bank (‘‘FHLB’’), and Federal Farm Credit Bank (“FFCB”), are not guaranteed by the U.S. Treasury and are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">backed by the full faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support if these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">organizations do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored enterprises are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">also subject to credit risk, interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities due to potentially higher costs for the U.S. government to obtain new financing. It is possible that the U.S. government and government-sponsored </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">enterprises will not have the funds to meet their payment obligations in the future.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Treasury Obligations Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The market value of U.S. Treasury obligations may vary due to fluctuations in interest rates. In addition, changes to the financial condition or credit rating of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the U.S. government may cause the value of the Fund’s investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. government and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may cause the value of U.S. Treasury obligations to decline.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain of the Fund’s assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation of the Fund’s investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Variable and Floating Rate Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The coupons on variable and floating-rate securities are not fixed and may fluctuate based upon changes in market rates. A variable rate security has a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">coupon that is adjusted at pre-designated periods in response to changes in the market rate of interest on which the coupon is based. The coupon on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating rate security is generally based on an interest rate, such as a money-market index, Secured Overnight Financing Rate (“SOFR”), or a Treasury bill rate. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on variable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and floating-rate securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have limits on the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increases in the coupon rates. The value of variable and floating-rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of variable and floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rate instruments may be subject to greater liquidity risk than other debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Zero Coupon Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Zero coupon securities are debt securities that do not make periodic interest payments prior to maturity or a specified redemption date (or cash payment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date). Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and will be subject to greater fluctuations in market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value in response to changing interest rates than debt obligations of comparable maturities that make current distribution of interest in cash. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payments are not made on such securities, the Fund accrues income with respect to these securities for federal income tax and accounting purposes. Longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">term zero-coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;">■</div>
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<td style="vertical-align:top;padding-bottom:0pt;padding-top:1pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">STRIPS Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The risks of STRIPS are similar to those of other U.S. government securities, although the market values of STRIPS may be more volatile than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that of U.S. Treasuries with comparable maturities. Since STRIPS do not entitle the holder to any periodic coupon payments prior to maturity, such securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">usually trade at a deep discount from their face or par value and will be subject to greater fluctuations in market value in response to changing interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates than debt obligations with comparable maturities that make periodic coupon payments in cash.</span></div>
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</table></div>
Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional index that reflects short-term inter-bank deposit rates, for the periods indicated.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> In the table below, for the period prior to October 29, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2018, the performance for the A Class and C Class shares reflects the returns of the Fund’s R5 Class shares. The A Class and C Class shares would have had </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">similar annual returns to the Fund’s R5 Class because the shares of each class represent investments in the same portfolio securities. However, as reflected in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the table in the “Fees and Expenses of the Fund” section of this Fund Summary, the expenses of the R5 Class shares differ from those of the newer share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes, which would affect performance. To the extent that the R5 Class shares had lower expenses than a newer share class, the performance of the R5 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class shares would likely have been higher than the newer share class would have realized during the same period. The A Class and C Class shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance shown in the table has not been adjusted for differences in operating expenses of the newer and older share classes, but the A Class and C Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares performance has been adjusted for the impact of the maximum applicable sales charge. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C Class shares automatically convert to A Class shares 8 years </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">after purchase, if the conversion is available through your financial intermediary. In the table below, the performance for C Class shares reflects the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance as though C Class shares were held for the full period since inception. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may obtain updated performance information on the Fund’s website </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index, as well as an additional index that reflects short-term inter-bank deposit rates, for the periods indicated.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for Investor Class Shares. Year Ended 12/31
<div><img alt="image" src="pr2819img003.jpg" style="float:left; ;max-width:100%"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>9.68% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd Quarter 2020</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2018 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-9.69% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2018 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The calendar year-to-date total return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">September 30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.50%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
Highest Quarterly Return:9.68% 2nd Quarter 202001/01/2018 through 12/31/2025
0.0968
2020-06-30
Lowest Quarterly Return:-9.69% 2nd Quarter 202201/01/2018 through 12/31/2025
-0.0969
2022-06-30
The calendar year-to-date total return as of September 30, 2026 was -0.50%.
2026-09-30
-0.005
Average annual total returns for periods ended December 31, 2025
<div>
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<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
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<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investor Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>04/03/2017</b></span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.98%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.92%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.41%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.09%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.14%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.06%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.10%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.93%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.31%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>(04/03/2017)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">10/29/2018</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.09%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.20%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.06%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">10/29/2018</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.15%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.18%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.85%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">04/03/2017</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.27%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.22%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.70%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R5</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">04/03/2017</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.34%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.27%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.77%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>(04/03/2017)</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg Global-Aggregate Total Return Index Value Hedged USD</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.86%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.34%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.23%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ICE BofA US Dollar 3-Month Deposit Offered Rate Constant Maturity Index</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.42%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.26%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.62%</span></div>
</td>
</tr>
</table></div>
2017-04-03
0.0698
0.0292
0.0441
0.0509
0.0014
0.0206
0.041
0.0093
0.0231
2018-10-29
0.0309
0.022
0.0406
2018-10-29
0.0515
0.0218
0.0385
2017-04-03
0.0727
0.0322
0.047
2017-04-03
0.0734
0.0327
0.0477
0.0486
0.0034
0.0223
0.0442
0.0326
0.0262
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for Investor Class shares of the Fund; after-tax returns for other share classes will vary.
Investment Objectives
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objectives are to seek a positive return based on a combination of income and, secondarily, capital growth.</span></div>
Fees and Expenses of the Fund
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>You may pay other fees, such as brokerage </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may qualify for sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discounts if you and your eligible family members invest, or agree to invest in the future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in all classes of the American Beacon Funds on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aggregated basis.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> More information about these and other discounts is available from your financial professional and in “Choosing Your Share Class” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">54</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of the Prospectus and “Additional Purchase and Sale Information for A Class Shares” on page 58 of the Statement of Additional Information (“SAI”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">With respect to purchases of shares through specific intermediaries, you may find additional information regarding sales charge discounts and waivers in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Appendix A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to the Fund’s Prospectus entitled “Intermediary Sales Charge Discounts, Waivers and Other Information.”</span></div>
You may qualify for sales discounts if you and your eligible family members invest, or agree to invest in the future, at least $50,000 in all classes of the American Beacon Funds on an aggregated basis.
50000
Shareholder Fees (fees paid directly from your investment)
0.025
0
0
0
0.01
0
0
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
0.0055
0.0055
0.0055
0.0055
0.0025
0.01
0
0
0.0258
0.0235
0.0243
0.024
0.0338
0.039
0.0298
0.0295
0.0087
0.0148
0.0057
0.0047
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $250,000 or more. However, the Fund assesses a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;;">(‘’CDSC’’) of 0.50% on certain purchases of $250,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.</span>
November 3, 2027
Example
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that the Example reflects the fee waiver/expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reimbursement arrangement for each share class through November 3, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2027</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. C Class shares automatically convert to A Class shares 8 years after purchase if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the conversion is available through your financial intermediary. This Example reflects your costs as though C Class shares were held for the full 10-year period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$337 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,034 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,754 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,660 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$251 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$967 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,801 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,969 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Y</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$58 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$693 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,354 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,127 </span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$48 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$677 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,333 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,093 </span></div>
</td>
</tr>
</table></div>
337
1034
1754
3660
251
967
1801
3969
58
693
1354
3127
48
677
1333
3093
Assuming no redemption of shares:
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>Share Class</b></span></span>
</div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>3 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="background-color:#0027BA;;vertical-align:bottom">
<div style="background-color:#0027BA;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#FFFFFF;;"><b>10 Years</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$151 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$967 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,801 </span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$3,969 </span></div>
</td>
</tr>
</table></div>
151
967
1801
3969
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund operating expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">68%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the average value of its portfolio.</span></div>
0.68
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities and derivatives that provide exposure to fixed-income securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund considers fixed-income securities to include various forms of debt obligations issued by issuers that agree to pay interest, which may be fixed-rate, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">variable or floating, and repay the principal amount at maturity. For purposes of the Fund’s 80% investment policy, derivatives that provide exposure to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fixed-income securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be used to substitute for investing directly in such securities or to decrease (i.e., hedge) or increase the Fund’s exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">principal risks that are associated with</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> fixed-income securities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, such as credit risk and interest rate risk. These derivatives include: (1) futures contracts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(including bond index futures, interest rate futures and government bond futures such as U.S. treasury futures), (2) swap agreements (including credit default </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">swaps, total return swaps and interest rate swaps), (3) options (including puts, calls and non-deliverable options (“NDOs”)), (4) warrants, and (5) structured </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">notes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund’s investments may be of any maturity or duration, although, under normal market conditions, the Fund’s dollar-weighted average maturity is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expected to be under three years. The Fund’s dollar-weighted average maturity may, at times, exceed three years under certain circumstances, including, for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">example, in response to adverse market conditions or shareholder redemption requests.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s fixed-income investments may include obligations issued or guaranteed by the U.S. government (such as U.S. Treasuries, among other instruments) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and non-U.S. governments (also known as sovereign debt) and obligations issued by their agencies, instrumentalities or political subdivisions. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments may also include obligations issued by quasi-sovereign and supranational entities, corporate debt obligations, debentures, trust preferred </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, convertible preferred securities, convertible and non-convertible debt, contingent convertible bonds (“CoCos”), collateralized loan obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CLOs”), mortgage-backed and other asset-backed securities, collateralized mortgage obligations (“CMOs”) and other mortgage-related products (including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commercial and residential loans and mortgage pass-through securities). The Fund may invest in other investment companies, including exchange-traded </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">funds (“ETFs”) and government money market funds, which may include government money market funds managed by the Manager, with respect to which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Manager also receives a management fee. The Fund’s investments may include </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inflation-indexed, separately traded registered interest and principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities (“STRIPS”) and zero-coupon securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s holdings may include restricted securities, such as Rule 144A securities, and the Fund may have significant exposure to the Financials sector and to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers located in, or with economic ties to, Europe and the United Kingdom. However, as the sector and geographic composition of the Fund’s portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes over time, the Fund’s exposure to the Financials sector, Europe and/or the United Kingdom may decline, and the Fund’s exposure to other market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sectors or geographic areas may increase. To a lesser extent, the Fund may also invest in equity securities, primarily including preferred stock of U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. companies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund will invest primarily in investment-grade instruments, although up to one-third of its total assets may be invested in non-investment grade securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(also referred to as “high-yield” or “junk” bonds). The Fund may also invest in unrated securities. The Fund’s holdings may be denominated in U.S. and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. currencies, and all non-U.S. currency exposure will typically be hedged back to the U.S. dollar using foreign currency forward contracts. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may also have direct exposure to non-U.S. currencies for investment or hedging purposes.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">uses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> derivative instruments primarily to hedge its exposure to investments denominated in foreign (non-U.S.) currencies; however, it may also use </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">derivatives selectively to reduce or adjust its exposure to credit spreads, interest rates, to enhance total return or to substitute for the purchase or sale of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying securities or currencies. The Fund will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">use</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> forward contracts (including deliverable and non-deliverable currency forwards)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">swaps for currency hedging purposes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. The Fund’s use of derivatives may be extensive. Derivative positions may also require the Fund to segregate liquid assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to cover its obligations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In selecting investments, the Fund’s sub-advisor develops a top-down macroeconomic view of the global economic environment as indicated by factors such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as interest rates, equity markets, corporate profitability, international capital flows, government policy and other relevant inputs. The sub-advisor then </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performs bottom-up analysis on individual issuers that focuses on the issuer’s creditworthiness and considers historical trends and patterns in an instrument’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price and relative valuation. The Fund’s portfolio investments will be screened in accordance with the sub-advisor’s view of appropriate Environmental, Social </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and/or Governance (“ESG”) parameters as measured by the sub-advisor’s proprietary ESG scoring model. The sub-advisor’s ESG parameters include: (1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">environmental parameters, such as emissions creation, resource use and use of renewable energy; (2) social parameters, such as workforce turnover and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">diversity, human rights, including child labor policies, community service and responsible products; and (3) governance parameters, such as management and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">board composition and independence, shareholder engagement and corporate social responsibility policies. The sub-advisor applies its proprietary scoring </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">model, which synthesizes data received from a third-party data provider and the sub-advisor’s independent assessment of a company’s ESG capabilities, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">calculate an issuer’s score. If issuers have a score below a minimum threshold they will generally not be considered for investment. The sub-advisor also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">integrates the ESG considerations throughout the portfolio management process because they believe that those considerations may influence investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuations, which drive the sub-advisor’s investment decisions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor examines the risk and return characteristics of each investment, which includes an investment’s ESG outlook, and seeks to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">opportunities to establish long positions in income-generating instruments that, at times, may have the potential for price appreciation. The sub-advisor also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">seeks to reduce or hedge positions in instruments that may decline in value, experience unwanted volatility, exhibit declining ESG trends, or when better </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment opportunities are identified.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor receives ESG data from a third-party data provider which the sub-advisor utilizes in its assessment of an issuer and for comparison purposes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when it is available; however, the sub-advisor places significant emphasis on ensuring that its own experiences with and views of the issuer are reflected in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">final ESG assessment, and the sub-advisor’s assessment may differ materially from that of the third-party data provider. Additionally, many issuers held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund, such as those in the securitized sectors and those without publicly traded equity, may not be covered by the third-party data provider. For such issuers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the sub-advisor’s ESG assessment is based exclusively on its own analysis. As a result, the Fund’s holdings may not be comparable to those of other funds with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ESG investment mandates.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities and derivatives that provide exposure to fixed-income securities.</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is no assurance that the Fund will achieve its investment objectives, and you could lose part or all of your investment in the Fund. </span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Allocation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The allocations among strategies, asset classes and market exposures may be less than optimal and may adversely affect the Fund’s performance. There can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">no assurance, particularly during periods of market disruption and stress, that judgments about allocations will be correct. The Fund’s allocations may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invested in strategies, asset classes and market exposures during a period when such strategies, asset classes and market exposures underperform.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Assets selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to other funds with similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment objectives.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Asset-Backed Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities are influenced by factors affecting the assets underlying the securities, including the broader market sector and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">individual markets, such as the auto markets. These securities may be more sensitive to changes in interest rates than other types of debt securities. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in asset-backed securities also are subject to risks of fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset-backed securities or instability in the markets for such securities may affect the value and liquidity of such securities, which could result in losses to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. These securities are also subject to the risk of default on the underlying assets, particularly during periods of market downturn, and an unexpectedly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">high rate of defaults on the underlying assets will adversely affect the security’s value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Callable Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in fixed-income securities with call features. A call feature allows the issuer of the security to redeem or call the security prior to its stated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity date. In periods of falling interest rates, issuers may be more likely to call in securities that are paying higher coupon rates than prevailing interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. In the event of a call, the Fund would lose the income that would have been earned to maturity on that security, and the proceeds received by the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be invested in securities paying lower coupon rates and may not benefit from any increase in value that might otherwise result from declining interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Collateralized Loan Obligations (“CLOs”) Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The risks of an investment in a CLO depend largely on the type of underlying collateral and the class or seniority of CLO in which the Fund invests. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically will invest in CLOs collateralized by bank loans.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Therefore, the CLOs in which the Fund invests will be subject to loan interests risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> In addition, CLOs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CLOs may be characterized as illiquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. The Fund’s investments in CLOs and other similarly structured investments may expose the Fund to heightened credit risk, interest rate risk, liquidity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, market risk, and prepayment and extension risk. In addition to these risks, CLOs may also carry additional risks including, but not limited to: (i) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the risk that the quality of the collateral may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in value or default; (iii) the risk that the Fund may invest in CLOs that are subordinate to other classes; (iv) the risk that the complex structure of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results; and (v) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that the CLO’s manager may perform poorly. CLOs may charge management and other administrative fees, which are in addition to those of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. CLOs may be difficult to value and may be highly leveraged, which could make them highly volatile.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Contingent Convertible Securities (“CoCos”) Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The prices of contingent convertible securities (“CoCos”) may be significantly more volatile during times of market turmoil. CoCos are subordinated debt, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund’s claims will generally be junior to the claims of other creditors if the issuer liquidates or dissolves. Interest payments on CoCos could be canceled by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the issuer or a regulator. If the issuer converts the CoCo to an equity security, the Fund would lose interest payments and potentially all income, and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s investment would be even further subordinated. The issuer could alternatively write down the principal due on the CoCos. The write-down of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security’s par value may occur automatically and would not entitle holders to institute bankruptcy proceedings against the issuer. In addition, an automatic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">write-down could result in a reduced income rate if the dividend or interest payment associated with the security is based on the security’s par value, or even a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">complete loss on investment with no chance of recovery even if the issuer remains in existence. CoCos carry the general risks applicable to other fixed income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments, including interest rate risk, credit risk, market risk and liquidity risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Convertible Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of a convertible security</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including a convertible preferred security,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> typically increases or decreases with the price of the underlying common stock. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In general, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are common to convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">below investment grade and are subject to the same risks as an investment in below investment grade debt securities (commonly known as “junk bonds”). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Lower-rated debt securities may fluctuate more widely in price and yield than investment grade debt securities and may fall in price during times when the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economy is weak or is expected to become weak. Convertible securities are subject to the risk that the credit standing of the issuer may have an effect on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">convertible security‘s investment value. Convertible securities are sensitive to movement in interest rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Counterparty Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that a party or participant to a transaction, such as a broker or a derivative counterparty, will be unwilling or unable to satisfy its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">obligation to make timely principal, interest or settlement payments or to otherwise honor its obligations to the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Credit Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the issuer, guarantor or insurer of an obligation, or the counterparty to a transaction, may fail, or become less able or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwilling, to make timely payment of interest or principal or otherwise honor its obligations or default completely. Changes in the actual or perceived </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">creditworthiness of an issuer, or a downgrade or default affecting any of the Fund’s securities, could affect the Fund’s performance. Generally, the longer the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">maturity and the lower the credit quality of a security, the more sensitive it is to credit risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Currency Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have exposure to foreign currencies. Foreign currencies may fluctuate significantly over short periods of time, may be affected unpredictably by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intervention, or the failure to intervene, of the U.S. or foreign governments or central banks, and may be affected by currency controls or political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. or abroad. Foreign currencies may also decline in value relative to the U.S. dollar and other currencies and thereby affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Cybersecurity and Operational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Operational risks arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents may negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact the Fund, its service providers and third-party fund distribution platforms, including the ability of shareholders to transact in the Fund’s shares, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in financial losses. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, shareholder data, or proprietary information, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or cause the Fund or its service providers, as well as securities trading venues and their service providers, to suffer data corruption or lose operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">functionality. Cybersecurity incidents can result from deliberate attacks or unintentional events. It is not possible for the Fund or its service providers to identify </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund cannot control the cybersecurity and operational plans and systems of its service providers, its counterparties or the issuers of securities in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund invests. The issuers of the Fund’s investments are likely to be dependent on computers for their operations and require ready access to their data and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">internet to conduct their business. Thus, cybersecurity incidents could also affect issuers of the Fund’s investments, leading to significant loss of value.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Debentures Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debentures are unsecured debt securities. The holder of a debenture is protected only by the general creditworthiness of the issuer. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">both corporate and government debentures. </span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Derivatives Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Derivatives may involve significant risk. The use of derivative instruments may expose the Fund to additional risks that it would not be subject to if it invested </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">directly in the securities or other instruments underlying those derivatives, including the high degree of leverage often embedded in such instruments, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potential material and prolonged deviations between the theoretical value and realizable value of a derivative. The use of derivatives may also increase any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adverse effects resulting from the underperformance of strategies, asset classes and market exposures to which the Fund has allocated its assets. Derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Certain derivatives </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be difficult to value, and valuation may be more difficult in times of market turmoil. Derivatives may also be more volatile than other types of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments. Derivative investments can increase portfolio turnover and transaction costs. Derivatives also are subject to counterparty risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and credit risk</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. As a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result, the Fund may not recover its investment or may only obtain a limited recovery, and any recovery may be delayed. Not all derivative transactions require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. Derivatives transactions requiring </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund to post collateral may expose the Fund to greater losses in the event of a default by a counterparty. There may be imperfect correlation between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">behavior of a derivative and that of the reference instrument underlying the derivative. An abrupt change in the price of a reference instrument could render a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">derivative worthless. Derivatives may involve risks different from, and possibly greater than, the risks associated with investing directly in the reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instrument. The Fund may buy or sell derivatives not traded on an exchange, which may be subject to heightened counterparty, liquidity and valuation risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Suitable derivatives may not be available in all circumstances, and there can be no assurance that the Fund will use derivatives to reduce exposure to other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks when that might have been beneficial. Ongoing changes to the regulation of derivatives and changes in the regulation of funds using derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments could limit the Fund’s ability to pursue its investment strategies. New regulation of derivatives may make them more costly, or may otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adversely affect their liquidity, value or performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Forward Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Forward contracts</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including NDFs, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are derivative instruments pursuant to a contract where the parties agree to a fixed price for an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">agreed amount of securities or other underlying assets at an agreed date or to buy or sell a specific currency at a future date at a price set at the time of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">contract. Not all forward contracts, including NDFs, require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">default by a counterparty. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Forward contracts involving currency include the risks associated with fluctuations in currency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The use of forward contracts may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to if it invested directly in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or currencies underlying the forward contract. There are no limitations on daily price movements of forward contracts. There can be no assurance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that any strategy used will succeed.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Foreign Currency Forward Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign currency forward contracts, including non-deliverable forwards (“NDFs”), are derivative instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursuant to a contract where the parties agree to a fixed price for an agreed amount of foreign currency at an agreed date or to buy or sell a specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency at a future date at a price set at the time of the contract and include the risks associated with fluctuations in currency. There are no limitations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on daily price movements of forward contracts. There can be no assurance that any strategy used will succeed. Not all forward contracts, including NDFs, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">require a counterparty to post collateral, which may expose the Fund to greater losses in the event of a default by a counterparty. The use of foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency forward contracts may expose the Fund to additional risks, such as credit risk, liquidity risk, and counterparty risk, that it would not be subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">if it invested directly in the securities or currencies underlying the foreign currency forward contract. There are no limitations on daily price movements of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">forward contracts. There can be no assurance that any strategy used will succeed.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Futures Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as liquidity risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and counterparty risk, that it would not be subject to if it invested directly in the securities underlying those derivatives. There can be no assurance that any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategy used will succeed. There may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying instruments or indexes. There also can be no assurance that, at all times, a liquid market will exist for offsetting a futures contract that the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">has previously bought or sold, and this may result in the inability to close a futures contract when desired. Futures contracts may experience potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dramatic price changes, which will increase the volatility of the Fund and may involve a small investment of cash (the amount of initial and variation margin) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relative to the magnitude of the risk assumed (the potential increase or decrease in the price of the futures contract). The Fund may invest in the following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">types of futures contracts:</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Government Bond Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Government bond futures contracts, such as treasury futures contracts, expose the Fund to price fluctuations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resulting from changes in interest rates and to potential losses if interest rates do not move as expected.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Index Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts on indices expose the Fund to volatility in an underlying index. </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Interest Rate Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Interest rate futures contracts expose the Fund to price fluctuations resulting from changes in interest rates. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could suffer a loss if interest rates rise after the Fund has purchased an interest rate futures contract or fall after the Fund has sold an interest rate futures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">contract.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Options Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">seller (writer) of the option the asset underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nine months).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may use non-deliverable options (“NDOs”), which are foreign exchange products designed to assist in reducing the foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange risk, in particular situations when physical delivery of the underlying asset is not required or not possible.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> There can be no guarantee that the use </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of options will increase the Fund’s return or income. In addition, there may be an imperfect correlation between the movement in prices of options and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assets underlying them, and there may at times not be a liquid secondary market for options. If an option that the Fund has purchased expires unexercised, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund will experience a loss in the amount of the premium it paid. In order for a call option to be profitable, the market price of the underlying asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">must rise sufficiently above the call option exercise price to cover the premium and any transaction costs. These costs will reduce any profit that might </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise have been realized had the Fund bought the underlying asset instead of the call option. In order for a put option to be profitable, the market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price of the underlying asset must decline sufficiently below the put option’s exercise price to cover the premium and any transaction costs. By using put </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">options in this manner, the Fund will reduce any profit it might otherwise have realized from having shorted the declining underlying asset by the premium </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">paid for the put option and by transaction costs. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Options on currencies expose the Fund to the risks associated with investments in currencies.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Structured Notes Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Structured notes are derivative debt instruments with principal and/or interest payments linked to the value of a commodity, a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">foreign currency, an index of securities, an interest rate, or other financial indicators (“reference instruments”). The payments on a structured note may vary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">based on changes in one or more specified reference instruments, such as a floating interest rate compared to a fixed interest rate, the exchange rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">between two currencies, one or more securities or a securities or commodities index. If the underlying investment or index does not perform as anticipated, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the structured note might pay less interest than the stated coupon payment or repay less principal upon maturity. The movement of such factors may cause </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant price fluctuations. A structured note may be positively or negatively indexed. Structured notes are subject to interest rate risk, market risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidity risk and counterparty risk. They are also subject to credit risk with respect both to the issuer and, if applicable, to the underlying security or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrower. Structured notes may have a limited trading market, making it difficult to value them or sell them at an acceptable price.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Swap Agreements Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Swap agreements or “swaps” are transactions in which the Fund and a counterparty agree to pay or receive payments at specified </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dates based upon or calculated by reference to changes in specified prices or rates or the performance of specified securities, indices or other assets based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on a specified amount (the “notional” amount). Swaps can involve greater risks than a direct investment in an underlying asset, because swaps typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include a certain amount of embedded leverage and as such are subject to leverage risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> If swaps are used as a hedging strategy, the Fund is subject to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the hedging strategy may not eliminate the risk that it is intended to offset, due to, among other reasons, the occurrence of unexpected price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">movements or the non-occurrence of expected price movements. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Swaps also may be difficult to value. Swaps may be subject to liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risk, and swaps that are traded over-the-counter are not subject to standardized clearing requirements and may involve greater liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">counterparty risks. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may invest in the following types of swaps:</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Credit Default Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Credit default swaps may also be subject to credit risk and the risks associated with the purchase and sale of credit protection.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Currency Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Currency swaps may also be subject to currency risk.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Interest Rate Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Interest rate swaps may also be subject to interest rate and market risks. </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;"><i>Total Return Swaps Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Total return swaps may also be subject to market risk and, if the underlying securities are bonds or other debt obligations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate risk.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Warrants Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Warrants are derivative securities that give the holder the right to purchase a specified amount of securities at a specified price. Warrants </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be more speculative than certain other types of investments because warrants do not carry with them dividend or voting rights with respect to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying securities, or any rights in the assets of the issuer. In addition, the value of a warrant does not necessarily change with the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying securities, and a warrant ceases to have value if it is not exercised prior to its expiration date. The market for warrants may be very limited and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">there may at times not be a liquid secondary market for warrants.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Environmental, Social, and/or Governance Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The use of environmental, social, and/or governance (“ESG”) considerations by the sub-advisor may cause the Fund to make different investments than funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that have a similar investment style but do not incorporate such considerations in their strategy. As with the use of any investment considerations involved in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment decisions, there is no guarantee that the use of any ESG investment considerations will result in the selection of issuers that will outperform other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or help reduce risk in the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may choose not to, or may not be able to, take advantage of certain investment opportunities due to these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">considerations, which may adversely affect investment performance.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund may underperform funds that do not incorporate these considerations or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incorporate different ESG considerations. Although the sub-advisor has established its own process to oversee ESG integration in accordance with the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies, successful integration of ESG factors will depend on the sub-advisor’s skill in researching, identifying, and applying these factors, as well as on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">availability of relevant data. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and considering ESG risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The regulatory landscape with respect to ESG investing in the United States is evolving and any future rules or regulations may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">require the Fund to change its investment process with respect to the integration of ESG factors.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Non-U.S. investments carry potential risks not associated with U.S. investments. Such risks may include, but are not limited to: (1) currency exchange rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuations, (2) political and financial instability, (3) less liquidity, (4) lack of uniform accounting, auditing, recordkeeping and financial reporting standards, (5) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">greater volatility, (6) different government regulation and supervision of foreign stock exchanges, brokers and listed companies, and (7) delays or failures in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">transaction payment and settlement in some foreign markets. Additionally, trading in foreign markets generally involves higher transaction costs than trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in U.S. markets. The Fund’s investment in a foreign issuer may subject the Fund to regulatory, political, currency, security, economic and other risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with that country, including tariffs, trade disputes and sanctions. Global economic and financial markets have become increasingly interconnected and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions (including recent volatility, terrorism, war and political instability) and events (including natural disasters) in one country, region or financial market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may adversely impact issuers in a different country, region or financial market.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Geographic Concentration Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">From time to time, based on market or economic conditions, the Fund may invest a significant portion of its assets in the securities of issuers located in, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with significant economic ties to, a single country or geographic region, which could increase the risk that economic, market, political, business, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">diplomatic, social and environmental conditions in that particular country or geographic region may have a significant impact on the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investing in such a manner could cause the Fund’s performance to be more volatile than the performance of more geographically diverse funds. A decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the economies or financial markets of one country or region may adversely affect the economies or financial markets of another.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">European Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund’s performance may be affected by political, social and economic conditions in Europe, such as growth of economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">output (the gross national product of the countries in the region), the rate of inflation, the rate at which capital is reinvested into European economies, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries, the monetary exchange rates between </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">European countries, and conflict between European countries. The European financial markets have experienced and may continue to experience volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and adverse trends due to concerns relating to economic downturns; rising government debt levels and the possible default on government debt; national </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unemployment in several European countries; public health crises; political unrest; economic sanctions; inflation; energy crises; and war and military conflict, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as the Russian invasion of Ukraine. A default or debt restructuring by any European country could adversely impact holders of that country’s debt and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sellers of credit default swaps linked to that country’s creditworthiness, which may be located in other countries. Such a default or debt restructuring could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect exposures to European countries. In addition, issuers have faced difficulties obtaining credit or refinancing existing obligations, and financial markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have experienced extreme volatility and declines in asset values and liquidity. These events have affected the exchange rate of the Euro and may continue to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significantly affect European countries.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Responses to financial problems by European governments, central banks, and others, including austerity measures and other reforms, may not produce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">desired results, may result in social unrest and may limit future growth and economic recovery or may have unintended consequences. The Fund makes </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in securities of issuers that are domiciled in member states of the European Union (the “EU”). The economies and markets of European </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">One or more countries may abandon the Euro and/or withdraw from the EU. The impact of these actions, especially if they occur in a disorderly fashion, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could be significant and far-reaching. The United Kingdom’s withdrawal from the EU could be an indication that one or more other countries may withdraw </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">from the EU and/or abandon the Euro. These events and actions have affected, and may in the future affect, the value and exchange rate of the Euro and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">EU member states.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The continuing effects on the economies of European countries of the Russia/Ukraine war and Russia’s response to sanctions imposed by the U.S., EU, UK </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and others, are impossible to predict, but have been and could continue to be significant. For example, exports in Eastern Europe have been disrupted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">certain key commodities, pushing commodity prices to record highs. Also, both wholesale energy prices and energy prices charged to consumers in Europe </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have increased significantly.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">United Kingdom Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund’s exposure to issuers located in, or with economic ties to, the United Kingdom, could expose the Fund to risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">associated with investments in the United Kingdom to a greater extent than more geographically diverse funds. Investments in United Kingdom issuers may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">subject the Fund to regulatory, political, currency, security, and economic risks specific to the United Kingdom. The United Kingdom has one of the largest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Kingdom economy may be impacted by changes to the economic condition of the United States and other European countries.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Increasing commodity prices and rising inflation levels caused or exacerbated by the war between Russia and Ukraine recently prompted the United </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Kingdom government to implement significant policy changes. It is difficult to predict what effects such policies (or the suggestion of such policies) may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have and the duration of those effects, which may last for extended periods. These effects may negatively impact broad segments of business and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">population and have a significant and rapid negative impact on the performance of the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Additionally, the transitional period following the United Kingdom’s departure from the European Union (commonly referred to as “Brexit”) ended on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">December 31, 2020 and European Union law ceased to have effect in the United Kingdom except to the extent retained by the United Kingdom by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unilateral act. The United Kingdom and the European Union then reached a trade agreement that was ratified by all applicable United Kingdom and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">European Union governmental bodies. The economic effects of Brexit, including certain negative impacts on the ability of the United Kingdom to trade </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">seamlessly with the European Union, are becoming clearer but some political, regulatory and commercial uncertainty in relation to the longer term impacts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">nevertheless remains to be resolved. Accordingly, there remains a risk that the aftermath of Brexit, including its ongoing effect on the United Kingdom’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">relationships with other countries, including the United States, and with the European Union, may negatively impact the value of investments held by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund. Although the sub-advisor may hedge the Fund’s currency exposures back to the U.S. dollar, a depreciation of the British pound sterling and/or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Euro in relation to the U.S. dollar could adversely affect the Fund’s investments denominated in British pound sterling or Euros that are not fully hedged </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regardless of the performance of the underlying issuer.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Hedging Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If the Fund uses a hedging instrument at the wrong time or judges the market conditions incorrectly, or the hedged instrument does not correlate to the risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sought to be hedged, the hedge might be unsuccessful, reduce the Fund’s return, or create a loss. In addition, hedges, even when successful in mitigating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk, may not prevent the Fund from experiencing losses on its investments. Hedging instruments may also reduce or eliminate gains that may otherwise have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been available had the Fund not used the hedging instruments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High-Yield Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to high-yield, below investment-grade securities (commonly referred to as “junk bonds”) generally involves significantly greater risks than an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in investment grade securities. High-yield debt securities may fluctuate more widely in price and yield and may fall in price when the economy is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">weak or expected to become weak. These securities also may be difficult to sell at the time and price the Fund desires. High-yield securities are considered to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be speculative with respect to an issuer’s ability to pay interest and principal and carry a greater risk that the issuers of lower-rated securities will default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">timely payment of principal and interest. High-yield securities may experience greater price volatility and less liquidity than investment grade securities. Issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of securities that are in default or have defaulted may fail to resume principal or interest payments, in which case the Fund may lose its entire investment.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Inflation Index-Linked Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike a conventional bond, whose issuer makes regular fixed interest payments and repays the face value of the bond at maturity, an inflation index-linked </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security provides principal payments and interest payments that vary as the principal and/or interest are adjusted over time to reflect a rise or a drop in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reference inflation-related index. For inflation index-linked debt securities for which repayment of the original principal upon maturity (as adjusted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inflation) is not guaranteed, the adjusted principal value of the securities repaid at maturity may be less than the original principal value. The value of inflation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index-linked securities is expected to change in response to real interest rates, which are in turn tied to the relationship between nominal interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the rate of inflation. There can be no assurance that an inflation index that is used will accurately measure the real rate of inflation. The price of an inflation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">index-linked security generally falls when real interest rates rise and rises when real interest rates fall. Interest payments on such securities are unpredictable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and will fluctuate as the principal and interest are adjusted to reflect movements in the inflation-related index. In periods of deflation, the Fund may have no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">income at all from such investments. The principal value of an investment in the Fund is not protected or otherwise guaranteed by the value of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in inflation index-linked securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Interest Rate Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Generally, the value of investments with interest rate risk, such as fixed-income securities or derivatives, will move in the opposite direction as movements in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rates. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rise, which could cause the value of the Fund’s investments to decline. Interest rate increases, including significant or rapid increases, may result in a decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> held by the Fund, make issuers less willing or able to make principal and interest payments on fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments when due, lead to heightened volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which may result in substantial losses to the Fund.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund reinvesting in securities with lower yields, which may cause a decline in its income. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Interest rate changes may have a more pronounced effect on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market value of fixed-rate instruments than on floating-rate instruments. The value of floating rate and variable securities may decline if their interest rates do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not rise as quickly, or as much, as general interest rates.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The prices of fixed-income securities</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> are also affected by their durations. Fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates than those with shorter durations. Rising interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates may cause the value of the Fund’s investments with longer durations and terms to maturity to decline, which may adversely affect the value of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">For example, if a bond has a duration of three years, a 1% increase in interest rates could be expected to result in a 3% decrease in the value of the bond. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fluctuations in interest rates may also affect the liquidity of fixed-income securities and instruments held by the Fund.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Investment Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> When you sell your shares of the Fund, they could be worth less than what you paid for them. Therefore, you may lose money by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investing in the Fund.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government agency.</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Issuer Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The value of, and/or the return generated by, a security may decline for a number of reasons that directly relate to the issuer, such as management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of its assets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Leverage Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s use of derivative instruments may have the economic effect of financial leverage. Financial leverage magnifies the Fund’s exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">movements in prices of an asset or class of assets underlying a derivative instrument and may result in increased volatility, which means that the Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have the potential for greater losses than if the Fund does not use the derivative instruments that have a leveraging effect. Leverage may result in losses that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exceed the amount originally invested and may accelerate the rate of losses. Leverage tends to magnify, sometimes significantly, the effect of any increase or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decrease in the Fund’s exposure to an asset or class of assets and may cause the Fund’s net asset value (“NAV”) per share to be volatile. There can be no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assurance that the Fund’s use of leverage will be successful.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Liquidity Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is susceptible to the risk that certain investments held by the Fund may have limited marketability, be subject to restrictions on sale, be difficult or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impossible to purchase or sell at favorable times or prices or become less liquid in response to market developments or adverse credit events that may affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers or guarantors of a security. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">advantage of other investment opportunities. Market prices for such instruments may be volatile. During periods of substantial market volatility, an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment or even an entire market segment may become illiquid, sometimes abruptly, which can adversely affect the Fund’s ability to limit losses. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could lose money if it is unable to dispose of an investment at a time that is most beneficial to the Fund. The Fund may be required to dispose of investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at unfavorable times or prices to satisfy obligations, which may result in losses or may be costly to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unexpected redemptions may force the Fund to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sell certain investments at unfavorable prices to meet redemption requests or other cash needs.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Judgment plays a greater role in pricing illiquid investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">than in investments with more active markets.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Loan Interests Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In making investments in bank loans or senior loans, the Fund will depend primarily on the creditworthiness of the borrower for payment of principal and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest and will also rely on the financial institution to make principal and interest payments to the Fund once it receives payment on the underlying loan. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund will also rely on the financial institution to pursue appropriate remedies against a borrower in the event that the borrower defaults. As such, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be exposed to the credit risk of both the financial institution that made the loan and the underlying borrower.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Unlike publicly traded common stocks, which trade on national exchanges, there is no central place or exchange for loans, including bank loans and senior </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">loans, to trade. There is a risk that the value of any collateral securing a loan in which the Fund has an interest may decline and that the collateral may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sufficient to cover the amount owed on the loan. In the event that the borrower defaults, the Fund’s access to the collateral may be limited or delayed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bankruptcy or other insolvency laws. Loans trade in an over-the-counter market, and confirmation and settlement, which are effected through standardized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions with a high volume of shareholder redemptions, present a risk to shareholders with respect to the Fund’s ability to pay redemption proceeds within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the allowable time periods stated in the Prospectus. The secondary market for loans also may be subject to irregular trading activity and wide bid/ask spreads. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The lack of an active trading market for certain loans may impair the ability of the Fund to sell its loan interests at a time when it may otherwise be desirable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to do so or may require the Fund to sell them at prices that are less than what the Fund regards as their fair market value and may make it difficult to value </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such loans. Accordingly, loan interests may at times be illiquid. Interests in loans made to finance highly leveraged companies or transactions, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">corporate acquisitions, may be especially vulnerable to adverse changes in economic or market conditions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk that the securities markets will move down, sometimes rapidly and unpredictably, based on overall economic conditions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other factors, which may negatively affect the Fund’s performance. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The financial markets generally move in cycles, with periods of rising prices followed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">periods of declining prices. The value of your investment may reflect these fluctuations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. During a general downturn in the securities markets, multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">classes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> may decline in value simultaneously. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Even when certain securities prices have generally increased over time, there have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> been periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">during those times, resulting in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> losses for investors</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, which are likely to</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> occur again in the future.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Geopolitical and other events, including war, terrorism, trade disputes, pandemics, public health crises, natural disasters, and cybersecurity incidents, have led, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and in the future may continue to lead, to general instability in world economies and markets and reduced liquidity in securities, which may negatively affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the value of your investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policies established</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> by the</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. government and/or Federal Reserve and economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">circumstances</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as inflation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">changes in interest rates, recessions, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">government leadership, a government’s inability</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to agree on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget, high public debt</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the threat or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the federal government’s debt limit, which could result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a default on the government’s obligations, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">negatively</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> impact financial markets and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">broader economy, perhaps suddenly and to a significant degree.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Markets and market participants are increasingly reliant upon </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">public</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and proprietary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems. Data </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or technology malfunctions and inaccuracies may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disrupt markets and lead to negative consequences for market participants like the Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, during periods of significant volatility, the risks discussed herein associated with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment in the Fund may be increased. National economies are substantially interconnected, as are global financial markets, which creates the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that conditions in one country or region might adversely impact issuers in a different country or region. However, the interconnectedness of economies and/</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Some countries, including the U.S., have adopted more protectionist trade policies, including trade tariffs and other trade barriers, which is a trend that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appears to be continuing globally. The economies of all nations, including the U.S., are subject to the risks of slowing global economic growth, protectionist </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trade policies, inflationary pressures, limits imposed by international trade and security agreements, political or economic dysfunction, poor consumer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sentiment, and reduced demand for goods due to fluctuating commodity prices and currency values, and these risks may create significant market volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in ways that cannot be foreseen at the present time. These economic risks could have a negative impact on the Fund’s investments.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The U.S. Federal Reserve and certain foreign central banks may raise or lower interest rates in response to economic or other factors, including inflation. It is </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">difficult to accurately predict the various economic and political factors that influence interest rate changes, including the direction, pace, timing, frequency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or magnitude of any such changes in interest rates. Changes in interest rates could lead to an economic slowdown in the U.S. and abroad, significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market volatility and reduced liquidity in certain sectors of the market.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Tensions, war, or open conflict between nations, such as among the United States, Israel and Iran, between Russia and Ukraine, otherwise in the Middle </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">East or in eastern Asia could affect the economies of many nations, including the United States and may contribute to increased volatility and uncertainty in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the financial markets. The extent and duration of ongoing hostilities and related sanctions and the repercussions of such events cannot be predicted. Those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events have presented and could continue to present material uncertainty and risk with respect to markets globally, including in the oil and gas markets and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">potentially other industries and sectors, and the performance of the Fund and its investments or operations could be negatively impacted. </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advancements in technology, including advanced development and increased regulation of artificial intelligence, may adversely impact market movements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and liquidity. As artificial intelligence is used more widely, which can occur relatively rapidly, the profitability and growth of certain issuers and industries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be negatively impacted in ways that cannot be foreseen and could adversely impact issuer and market performance. As a consequence, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and its overall performance could be negatively impacted.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Global climate change may affect property and security values. Certain issuers, industries and regions may be adversely affected by the impacts of climate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">change in ways that cannot be foreseen. The impacts of legislation, regulation and international accords related to climate change, as well as any indirect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">consequences that may not be foreseen, may negatively impact certain issuers, industries and regions.</span>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Market Timing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund is subject to the risk of market timing activities by investors due to the nature of the Fund’s investments, which requires the Fund, in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instances, to fair value certain of its investments. Some investors may engage in frequent short-term trading in the Fund to take advantage of any price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">differentials that may be reflected in the net asset value (“NAV”) of the Fund’s shares. Frequent trading by Fund shareholders poses risks to other shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the Fund, including (i) the dilution of the Fund’s NAV, (ii) an increase in the Fund’s expenses, and (iii) interference with the ability to execute efficient </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Mortgage-Backed and Mortgage-Related Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in mortgage-backed and mortgage-related securities are influenced by the factors affecting the mortgages underlying the securities or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">housing market. These securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and mortgage-related securities also are subject to market risks for fixed-income securities, which include, but are not limited to, credit risk, interest rate risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment and extension risk, callable securities risk, valuation risk, liquidity risk, and restricted securities risk. A decline in the credit quality of the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">mortgage-backed and mortgage-related securities or instability in the markets for such securities may affect the value and liquidity of such securities, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">could result in losses to the Fund. These securities are also subject to the risk of default on the underlying mortgages, particularly during periods of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">downturn, and an unexpectedly high rate of defaults on the underlying assets will adversely affect the security’s value.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Collateralized Mortgage Obligation (“CMOs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> CMOs may offer a higher yield than U.S. government securities, but they may also be subject to greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price fluctuation and credit risk. In addition, CMOs typically will be issued in a variety of classes or series, which have different maturities and are retired in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sequence. In the event of a default by an issuer of a CMO, there is no assurance that the collateral securing such CMO will be sufficient to pay principal and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest. It is possible that there will be limited opportunities for trading CMOs in the OTC market, the depth and liquidity of which will vary from time to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">time.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Commercial Mortgage-Backed Securities (“CMBS”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> CMBS reflect the risks of investing in the real estate securing the underlying mortgage loans. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks reflect the effects of local and other economic conditions on real estate markets, the ability of borrowers to make loan payments, and the ability of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">property to attract and retain tenants. CMBS may not be backed by the full faith and credit of the U.S. Government and are subject to risk of default on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying mortgages, particularly during periods of economic downturn. CMBS are subject to a greater degree of prepayment and extension risk than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">many other forms of fixed-income securities, and CMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of CMBS.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Mortgage Pass-Through Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Mortgage pass-through securities provide for the “pass through” of the monthly payments made by individual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrowers on their residential or commercial mortgage loans, net of any fees by the security issuer and guarantor, as applicable, to the holder of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">security. Mortgage pass-through securities are sensitive to interest rate changes, and small movements in interest rates, both increases and decreases, may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">quickly and significantly affect the value of certain mortgage pass-through securities. Mortgage pass-through securities involve interest rate risk, credit risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">prepayment risk and extension risk.</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Residential Mortgage-Backed Securities (“RMBS”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> RMBS include securities that reflect an interest in pools of residential mortgage loans secured by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">residential real property. While subject to the risks generally associated with mortgage-backed securities, RMBS are particularly susceptible to prepayment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risks. Homeowners frequently refinance high-rate mortgages when mortgage rates fall, which results in the prepayment of high-rate mortgages. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Conversely, when mortgage rates increase, prepayments from refinancing arrangements decline, extending the life of RMBS with lower yields. RMBS may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not be backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages. The rate of delinquencies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and defaults on RMBS and the amount of the resulting losses depend on a number of factors: many of the risks of investing in the real estate securing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">underlying mortgage loans, including general economic conditions and local economic conditions in the geographic area where the mortgaged property is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">located, the terms of the mortgage loan, the borrower’s equity in the mortgaged property, and the financial circumstances of the borrower. RMBS issued by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-government entities may offer higher yields than those issued by government entities, but also may be subject to greater volatility than government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issues.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment
Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To
the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and
expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment
companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies
that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities,
fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the
underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held
by the investment company or the index fluctuations to which the investment company is subject. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The
Fund may invest in securities of an investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">company
advised by the Manager and/or a sub-advisor, with respect to which the Manager and/or sub-advisor also receives a management or
advisory fee. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The
Manager and/or sub-advisor has a financial incentive to invest in an affiliated rather than unaffiliated investment company and thus
has a potential </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conflict
between its own financial interest and the Fund’s interest.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">
The Fund will be subject to the risks associated with investments in those companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including
but not limited to the following:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Exchange-Traded Funds (“ETFs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Because ETFs are listed on an exchange, they may be subject to trading halts, may trade at a premium or discount to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their net asset value (“NAV”) and may not be liquid. An ETF that tracks an index may not precisely replicate the returns of that index, and an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">actively-managed ETF’s performance will reflect its adviser’s ability to make investment decisions that are suited to achieving the ETF’s investment objectives. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Future legislative or regulatory changes, including changes in taxation, could impact the operation of ETFs. </span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Preferred Stock Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Preferred stocks are sensitive to movements in interest rates. Preferred stocks may be less liquid than common stocks and, unlike common stocks, participation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in the growth of an issuer may be limited. Distributions on preferred stocks generally are payable at the discretion of an issuer and after required payments to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">bond holders. In certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. The market prices of preferred stocks are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">generally more sensitive to actual or perceived changes in the issuer’s financial condition or prospects than are the prices of debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Prepayment and Extension Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Prepayment and extension risk is the risk that a bond or other fixed-income security or investment might, in the case of prepayment risk, be called or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, that the investment might not be prepaid as expected. Due to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline in interest rates or excess cash flow into the issuer, a debt security may be called or otherwise converted, prepaid or redeemed before maturity. If this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">occurs, no additional interest will be paid on the investment. The Fund may have to reinvest the proceeds in another investment at a lower rate, may not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">benefit from an increase in value that may result from declining interest rates, and may lose any premium it paid to acquire the security, any of which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in a reduced yield to the Fund. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to shorten. Conversely, extension risk is the risk that a decrease in prepayments may, as a result of higher interest rates or other factors, result in the extension </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of a security’s effective maturity, increase the risk of default or delayed payment, heighten interest rate risk and increase the potential for a decline in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment’s price. In addition, as a consequence of a decrease in prepayments, the amount of principal available to the Fund for investment would be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduced. Extensions of obligations could cause the Fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">case could hurt the Fund’s performance.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Redemption Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may experience periods of high levels of redemptions that could cause the Fund to sell assets at inopportune times or at a loss or depressed value. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Heavy redemptions could hurt the Fund’s performance. The sale of assets to meet redemption requests may create net capital gains, which could cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund to have to distribute substantial capital gains. Redemption risk is greater to the extent that one or more investors or intermediaries control a large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of investments in the Fund. In addition, redemption risk is heightened during periods of declining or illiquid markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A rise in interest rates or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other market developments may cause investors to move out of fixed-income securities on a large scale.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> During periods of heavy redemptions, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">borrow funds through the interfund credit facility or from a bank line of credit, which may increase costs.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Reliance on Corporate Management and Financial Reporting Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor may select investments for the Fund in part on the basis of information and data made directly available to the sub-advisor by the issuers of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or through sources other than the issuers such as collateral pool servicers. The sub-advisor has no ability to independently verify such information </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and data and is therefore dependent upon the integrity of the management of these issuers and of such servicers and the financial and collateral performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reporting processes in general. Information and data provided regarding a particular issuer may not necessarily contain information that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">normally considers when evaluating the investment prospects of a company.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Restricted Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities not registered in the U.S. under the Securities Act of 1933, as amended (the “Securities Act”), or in non-U.S. markets pursuant to similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulations, including “Section 4(a)(2)” securities and “Rule 144A” securities, are restricted as to their resale. Such securities may not be listed on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exchange and may have no active trading market. The prices of these securities may be more difficult to determine than publicly traded securities and these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities may involve heightened risk as compared to investments in securities of publicly traded companies. They may be more difficult to purchase or sell at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">an advantageous time or price because such securities may not be readily marketable in broad public markets or may have to be held for a certain time period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">before they can be resold. The Fund may not be able to sell a restricted security when the sub-advisor considers it desirable to do so and/or may have to sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the security at a lower price than the Fund believes is its fair market value. In addition, transaction costs may be higher for restricted securities and the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may receive only limited information regarding the issuer of a restricted security. The Fund may have to bear the expense of registering restricted securities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resale and the risk of substantial delays in effecting the registration.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sector Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">When the Fund focuses its investments in certain sectors of the economy, its performance could fluctuate more widely than if the Fund were invested more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evenly across sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unfavorable developments in that economic sector than funds that invest more broadly. Additionally, individual sectors may be more volatile, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">perform differently, than the broader market. As the Fund’s portfolio changes over time, the Fund’s exposure to a particular sector may become higher or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lower.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Financials Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies in the Financials sector are subject to extensive governmental regulation and intervention, which may result in financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">penalties and limits on the scope of their activities, the amounts and types of loans and other financial commitments they can make, the interest rates and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees they can charge, the scope of their activities, the prices they can charge, the amount of capital they must maintain and, potentially, their size. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact of recent or future regulation on the Financials sector, including more stringent capital requirements, cannot be predicted. In addition, fiscal, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">regulatory and monetary policies, economic conditions, interest rate changes, credit rating downgrades, and decreased liquidity in the credit markets may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets, thereby affecting a wide range </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of companies in the Financials sector. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant losses to companies in this sector, which also may negatively impact the Fund.</span></div>
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<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Secured, Partially Secured and Unsecured Obligation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Debt obligations may be secured, partially secured or unsecured. Interests in secured and partially-secured obligations have the benefit of collateral and, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically, of restrictive covenants limiting the ability of the borrower to further encumber its assets. However, there is no assurance that the liquidation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral from a secured or partially-secured obligation would satisfy the borrower’s obligation, or that the collateral can be liquidated. Furthermore, there is a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk that the value of any collateral securing an obligation in which the Fund has an interest may decline and that the collateral may not be sufficient to cover </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the amount owed on the obligation. In the event the borrower defaults, the Fund’s access to the collateral may be limited or delayed by bankruptcy or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">insolvency laws. Unsecured debt, including senior unsecured and subordinated debt, will not be secured by any collateral and will be effectively subordinated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to a borrower’s secured indebtedness (to the extent of the collateral securing such indebtedness). With respect to unsecured obligations, the Fund lacks any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">collateral on which to foreclose to satisfy its claim in whole or in part. Such instruments generally have greater price volatility than that of fully secured </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">holdings and may be less liquid.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Securities Selection Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Securities selected for the Fund may not perform to expectations. This could result in the Fund’s underperformance compared to its performance index(es), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds with similar investment objectives or strategies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Segregated Assets Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In connection with certain transactions that may give rise to future payment obligations, the Fund may be required to maintain a segregated amount of, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise earmark, cash or liquid securities to cover the obligation. Segregated assets generally cannot be sold while the position they are covering is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">outstanding, unless they are replaced with other assets of equal value. The need to segregate cash or other liquid securities could limit the Fund’s ability to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pursue other opportunities as they arise.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Small Fund Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Like other smaller funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. Investment positions may also have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disproportionate impact, negative or positive, on performance, and Fund performance may be more volatile than that of a larger fund. The Fund’s shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees and annual fund operating expenses also may be higher than those of a fund that has attracted sufficient assets to achieve investment and trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">efficiencies. Shareholders of the Fund may incur higher expenses if the Fund fails to attract sufficient assets to realize economies of scale. Investors in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">also bear the risk that, without sufficient assets, the Fund may not be successful in implementing its investment strategy or may not employ a successful </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategy.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Sovereign and Quasi-Sovereign Debt Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Sovereign or quasi-sovereign debt securities are subject to risk of payment delays or defaults due to, among other things: (1) country cash flow problems, (2) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">insufficient foreign currency reserves, (3) political considerations, (4) large debt positions relative to the country’s economy, (5) policies toward foreign lenders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or investors, (6) the failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">unwillingness to repay debts. A governmental entity that defaults on an obligation may request additional time in which to repay loans, may request further </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">loans, or may seek to restructure its obligations to reduce interest rates or outstanding principal. There is no legal process for collecting sovereign and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">quasi-sovereign debt that a government does not pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">governmental entity has not repaid may be collected.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Supranational Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Obligations of supranational entities are subject to the risk that the governments on whose support the entity depends for its financial backing or repayment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be unable or unwilling to provide that support. Political changes in principal donor nations may also unexpectedly disrupt the finances of supranational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">entities. Obligations of a supranational entity that are denominated in non-U.S. currencies will also be subject to the risks associated with investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">non-U.S. currencies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Trust Preferred Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Trust preferred securities are subject to market risk, interest rate risk and credit risk. Holders of the trust preferred securities have limited voting rights to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">control the activities of the trust and no voting rights with respect to the parent company. Trust preferred securities prices fluctuate for several reasons, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">including changes in the financial condition of an issuer, investors’ perception of the financial condition of an issuer, or the general economic condition of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market for trust preferred securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Unrated Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Because the Fund may purchase securities that are not rated by any rating organization, the sub-advisor, after assessing their credit quality, may internally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assign ratings to certain of those securities in categories similar to those of rating organizations. Unrated securities are subject to the risk that the sub-advisor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may not accurately evaluate the security’s comparative credit rating. Some unrated securities may not have an active trading market or may be difficult to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value, which means the Fund might have difficulty selling them promptly at an acceptable price. Unrated securities may be subject to greater liquidity risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price volatility.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Government Securities and Government-Sponsored Enterprises Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A security backed by the U.S. Treasury or the full faith and credit of the United States is guaranteed only as to the timely payment of coupons and the face </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value at maturity, not its current market price. The market prices for such securities are not guaranteed and will fluctuate. Certain securities held by the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that are issued by government-sponsored enterprises, such as the Federal National Mortgage Association (‘‘Fannie Mae’’), Federal Home Loan Mortgage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Corporation (‘‘Freddie Mac’’), Federal Home Loan Bank (‘‘FHLB’’), and Federal Farm Credit Bank (“FFCB”), are not guaranteed by the U.S. Treasury and are not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">backed by the full faith and credit of the U.S. government, and no assurance can be given that the U.S. government will provide financial support if these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">organizations do not have the funds to meet future payment obligations. U.S. government securities and securities of government-sponsored enterprises are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">also subject to credit risk, interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities due to potentially higher costs for the U.S. government to obtain new financing. It is possible that the U.S. government and government-sponsored </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">enterprises will not have the funds to meet their payment obligations in the future.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Treasury Obligations Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The market value of U.S. Treasury obligations may vary due to fluctuations in interest rates. In addition, changes to the financial condition or credit rating of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the U.S. government may cause the value of the Fund’s investments in obligations issued by the U.S. Treasury to decline. Certain political events in the U.S., </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as a prolonged government shutdown or potential default on the national debt, may also cause investors to lose confidence in the U.S. government and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may cause the value of U.S. Treasury obligations to decline.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Valuation Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Certain of the Fund’s assets may be valued at a price different from the price at which they can be sold. This risk may be especially pronounced for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments that are illiquid or may become illiquid, or securities that trade in relatively thin markets and/or markets that experience extreme volatility. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">valuation of the Fund’s investments in an accurate and timely manner may be impacted by technological issues and/or errors by third party service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as pricing services or accounting agents.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Variable and Floating Rate Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The coupons on variable and floating-rate securities are not fixed and may fluctuate based upon changes in market rates. A variable rate security has a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">coupon that is adjusted at pre-designated periods in response to changes in the market rate of interest on which the coupon is based. The coupon on a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating rate security is generally based on an interest rate, such as a money-market index, Secured Overnight Financing Rate (“SOFR”), or a Treasury bill rate. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Variable and floating rate securities are subject to interest rate risk and credit risk. As short-term interest rates decline, the coupons on variable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">floating-rate securities typically decrease. Alternatively, during periods of rising short-term interest rates, the coupons on variable and floating-rate securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">typically increase. Changes in the coupons of variable and floating-rate securities may lag behind changes in market rates or may have limits on the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increases in the coupon rates. The value of variable and floating-rate securities may decline if their coupons do not rise as much, or as quickly, as interest rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in general. Conversely, variable and floating rate securities will not generally increase in value if interest rates decline. Certain types of variable and floating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rate instruments may be subject to greater liquidity risk than other debt securities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Zero Coupon Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Zero coupon securities are debt securities that do not make periodic interest payments prior to maturity or a specified redemption date (or cash payment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">date). Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and will be subject to greater fluctuations in market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value in response to changing interest rates than debt obligations of comparable maturities that make current distribution of interest in cash. While interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">payments are not made on such securities, the Fund accrues income with respect to these securities for federal income tax and accounting purposes. Longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">term zero-coupon bonds are more exposed to interest rate risk than shorter term zero coupon bonds.</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">STRIPS Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The risks of STRIPS are similar to those of other U.S. government securities, although the market values of STRIPS may be more volatile than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that of U.S. Treasuries with comparable maturities. Since STRIPS do not entitle the holder to any periodic coupon payments prior to maturity, such securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">usually trade at a deep discount from their face or par value and will be subject to greater fluctuations in market value in response to changing interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rates than debt obligations with comparable maturities that make periodic coupon payments in cash.</span></div>
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Fund Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">well as an additional market index with characteristics that are similar to those of the Fund, for the periods indicated.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">You may obtain updated performance information on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Past performance (before and after taxes) is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">necessarily an indication of how the Fund will perform in the future.</span></div>
The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The bar chart shows how the Fund’s performance has varied from year to year. The table shows how the Fund’s average annual total returns compare to a broad-based securities market index as well as an additional market index with characteristics that are similar to those of the Fund, for the periods indicated.
www.americanbeaconfunds.com
Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Calendar year total returns for Y Class shares. Year Ended 12/31
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><img alt="image" src="pr2819img004.jpg" style="float:left; ;max-width:100%"/></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>3.01% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">4th Quarter 2023</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2021 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>-3.19% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">2nd Quarter 2022</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">01/01/2021 through 12/31/2025</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The calendar year-to-date total return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">September 30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div>
Highest Quarterly Return:3.01% 4th Quarter 202301/01/2021 through 12/31/2025
0.0301
2023-12-31
Lowest Quarterly Return:-3.19% 2nd Quarter 202201/01/2021 through 12/31/2025
-0.0319
2022-06-30
The calendar year-to-date total return as of September 30, 2026 was 0.28%.
2026-09-30
0.0028
Average annual total returns for periods ended December 31, 2025
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</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Y Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>02/18/2020</b></span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns Before Taxes</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.58%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.00%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.03%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.64%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.10%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.25%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Returns After Taxes on Distributions and Sales of Fund Shares</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.30%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.43%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.51%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception Date </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>of Class</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Share Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Before Taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">A</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/18/2020</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.82%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.14%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.25%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">C</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/18/2020</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.77%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.97%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.00%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">R6</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">02/18/2020</span>
</div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.82%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.46%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.60%</span></div>
</td>
</tr>
</table></div><div>
<table cellpadding="0" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:64%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
<td style="height:1px;width:9%"></td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>1 Year</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>5 Years</b></span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #0027BA;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:3pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Since </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#0027BA;;"><b>Inception</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Index</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (Reflects no deduction for fees, expenses or taxes)</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg Global-Aggregate Total Return Index Value Hedged USD</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.86%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.34%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.89%</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ICE BofA 1-3 Year US Corporate Index</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.89%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.49%</span></div>
</td>
<td colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #6E85DD;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.72%</span></div>
</td>
</tr>
</table></div>
2020-02-18
0.0558
0.03
0.0303
0.0464
0.011
0.0125
0.033
0.0143
0.0151
2020-02-18
0.0282
0.0214
0.0225
2020-02-18
0.0377
0.0197
0.02
2020-02-18
0.0582
0.0246
0.026
0.0486
0.0034
0.0089
0.0589
0.0249
0.0272
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The return after taxes on distributions and sale of Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the after-tax returns do not apply to your situation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">After-tax returns are shown only for Y Class shares of the Fund; after-tax returns for other share classes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local income taxes.
The return after taxes on distributions and sale of Fund shares may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.
If you are a tax-exempt entity or hold your Fund shares through a tax-deferred arrangement, such as an individual retirement account (“IRA”) or a 401(k) plan, the after-tax returns do not apply to your situation.
After-tax returns are shown only for Y Class shares of the Fund; after-tax returns for other share classes will vary.
1During the fiscal year ended June 30, 2026, the Fund paid amounts to American Beacon Advisors, Inc. (the “Manager”) that were previously waived and/or reimbursed by the Manager under a contractual fee waiver/expense reimbursement agreement for the Fund’s Y Class, R5 Class, and Investor Class shares in the amount of 0.03% for the Y Class, 0.03% for the R5 Class, and 0.01% for the Investor Class shares.
2The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets provided in the Fund’s Financial Highlights table, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
3The Manager has contractually agreed to
waive fees and/or reimburse expenses of the Fund’s Y Class, R5 Class and Investor Class shares, as applicable, through November
3, 2027to
the extent that Total Annual Fund Operating Expenses exceed 0.99% for the Y Class, 0.92% for the R5 Class, and 1.24% for
the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees,
expenses associated with securities sold short, litigation, and other extraordinary expenses). As part of this
arrangement, SSI Investment Management LLC (the “Sub-Advisor”) has contractually agreed to waive a portion of its
sub-advisory fees equal to 0.44% of the Fund’s average daily net assets up to $300 million and 0.34% of the
Fund’s average daily net assets over $300 million under the Sub-Advisor’s management through November 3,
2027. The contractual expense reimbursement and fee waiver by the Manager and the contractual fee waiver by the
Sub-Advisor can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of
Trustees. The Manager (but not the Sub-Advisor) can be reimbursed by the Fund for any contractual fee waivers or expense
reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s
waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the
contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.
1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $1,000,000 or more. However, the Fund assesses a contingent deferred sales charge (‘‘CDSC’’) of 0.50% on certain purchases of $1,000,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
2Other Expenses for each share class include 0.01% securities lending expenses. In addition, during the fiscal year ended June 30, 2026, the Fund paid amounts to American Beacon Advisors, Inc. (the “Manager”) that were previously waived and/or reimbursed by the Manager under a contractual fee waiver/expense reimbursement agreement for the Fund’s A Class shares in the amount of 0.01%.
3The Manager has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class, C Class, Y Class, R6 Class, R5 Class, and Investor Class shares, as applicable, through November 3, 2027 to the extent that Total Annual Fund Operating Expenses exceed 1.34% for the A Class, 2.10% for the C Class, 1.08% for the Y Class, 0.99% for the R6 Class, 0.99% for the R5 Class, and 1.32% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees (the “Board”). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.
1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $500,000 or more. However, the Fund assesses a contingent deferred sales charge (“CDSC”) of 1.00% on certain purchases of $500,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
2American Beacon Advisors, Inc. (the “Manager”) has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class, C Class, Y Class, R5 Class, and Investor Class shares, as applicable, through November 3, 2027, to the extent that Total Annual Fund Operating Expenses exceed 1.00% for the A Class, 1.79% for the C Class, 0.80% for the Y Class, 0.72% for the R5 Class, and 1.09% for the Investor Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees (the “Board”). The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.
1Currently, the Fund does not assess a front-end sales load on purchases of A Class shares of $250,000 or more. However, the Fund assesses a contingent deferred sales charge (‘’CDSC’’) of 0.50% on certain purchases of $250,000 or more of A Class shares that are redeemed in whole or part within 18 months of purchase.
2American Beacon Advisors, Inc. (the “Manager”) has contractually agreed to waive fees and/or reimburse expenses of the Fund’s A Class, C Class, Y Class, and R6 Class shares, as applicable, through November 3, 2027 to the extent that Total Annual Fund Operating Expenses exceed 0.87% for the A Class, 1.48% for the C Class, 0.57% for the Y Class, and 0.47% for the R6 Class (excluding taxes, interest, brokerage commissions, acquired fund fees and expenses, securities lending fees, expenses associated with securities sold short, litigation, and other extraordinary expenses). The contractual expense reimbursement can be changed or terminated only in the discretion and with the approval of a majority of the Fund’s Board of Trustees. The Manager will itself waive fees and/or reimburse expenses of the Fund to maintain the contractual expense ratio caps for each applicable class of shares or make arrangements with other service providers to do so. The Manager can be reimbursed by the Fund for any contractual fee waivers or expense reimbursements if reimbursement to the Manager (a) occurs within three years from the date of the Manager’s waiver/reimbursement and (b) does not cause the Total Annual Fund Operating Expenses of a class to exceed the lesser of the contractual percentage limit in effect at the time of the waiver/reimbursement or the time of the recoupment.