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style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The Fund’s investment objective is 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;;">.</span><span style="-sec-ix-redline:true;"></span></div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0095 0.0000 0.0000 0.0095 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 funds. The Example assumes that you invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$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 your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment has a 5% return each year and that the Fund’s operating expenses remain the same. 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, whether you redeem or hold your shares, your costs would be:</span><span style="-sec-ix-redline:true;"></span></div> 97 303 525 1166 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">Fund operating expenses or in the Example, affect the Fund’s performance. Portfolio turnover is based on the lesser of long-term purchases or sales divided by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the average long-term fair value during a period. The Fund did not invest in any long-term securities during the most recent fiscal year. As a result, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">portfolio turnover rate for the Fund’s most recent fiscal year is not provided.</span></div> Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks to achieve its investment objective by implementing a quantitative trading strategy and systematic investment process designed to capitalize </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on price trends (up and/or down) in a broad range of over 20 global markets including stock indices, bond indices, and currencies by utilizing derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments. As the owner of a “long” position in a derivative instrument, the Fund may benefit from an increase in the price of the underlying investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and, as the owner of a “short” position, the Fund may benefit from a decrease in the price of the underlying investment.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund invests primarily in derivatives, including futures contracts (including equity index futures, bond index futures, currency futures, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">government bond </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">futures, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and treasury</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">futures), and foreign currency forward contracts, including non-deliverable forwards (“NDFs”). Derivatives may be used for hedging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purposes or for exposure to a market. The Fund expects that, under normal market conditions, the notional value of its derivatives exposure generally will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exceed that of its net assets. In order to </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">meet collateral requirements in connection with the Fund’s use of derivatives</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, for liquidity purposes, or to earn </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">income, the  Fund may hold significant amounts of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">(1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. Treasury securities</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, (2)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> foreign developed market sovereign short-term bonds issued by countries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such as France, Germany, and Japan</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, (3)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> short-term investments</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, (4) cash, (5) cash equivalents, and (6)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> time deposits. The Fund’s investments in government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities may be zero coupon securities. The Fund will invest in</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. and non-U.S. currencies and instruments denominated in non-U.S. currencies. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments are generally made without restriction as to issuer, market capitalization, country, currency, or maturity. The Fund will have exposure to the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and foreign developed markets. The Fund may have significant exposure to issuers located in, or with economic ties to, Europe and Japan. However, as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">geographic composition of the Fund’s portfolio changes over time, the Fund’s exposure to Europe and Japan may decline, and the Fund’s exposure to other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">geographic areas may increase.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor’s strategy is designed to provide an excess return with a stable level of volatility regardless of market conditions. The sub-advisor seeks to do </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">this by using systematic algorithms (a mathematical model). An algorithm measures the degree of volatility in a particular market. If the market is turbulent, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and returns are volatile, the algorithm will reduce exposure. Conversely, it will increase exposure, subject to risk limits, if the market is calm and volatilities are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decreasing. This technique is called ‘volatility scaling’ and can be applied at various levels to achieve a balanced risk exposure through time, and across </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">different asset classes. Volatility scaling aims to achieve a certain target level of volatility which is stable through time. The Fund has set an annualized volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">target of 15% of its net asset value (“NAV”). Volatility is defined as the annualized standard deviation of returns. It is important to note that both the short </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and long term realized volatility of the Fund can and will differ from the targeted volatility and can be dependent on prevailing market conditions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund seeks to gain exposure to the commodity futures markets by investing up to 25% of its total assets in a wholly-owned subsidiary, which is organized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">under the laws of the Cayman Islands (the “Subsidiary”). Generally, the Subsidiary invests primarily in commodity futures, but it may also invest in financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">futures  and foreign currency forwards, including NDFs, fixed income securities, pooled investment vehicles, and other investments</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, certain of which may</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> serve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">as margin or collateral for the Subsidiary’s derivative positions. The Fund invests in the Subsidiary in order to gain exposure to the commodities markets within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the limitations of the federal tax law, rules and regulations that apply to “regulated investment companies.” Unlike the Fund, the Subsidiary may invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">without limitation in commodity-linked derivatives, however, the Subsidiary and the Fund, in the aggregate, will comply with applicable requirements for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">derivatives transactions set forth in Rule 18f-4 under the Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund and the Subsidiary comply with the same fundamental investment restrictions on an aggregate basis and the Subsidiary follows the same compliance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">policies and procedures as the Fund to the extent those restrictions, policies and procedures are applicable to the investment activities of the Subsidiary. Unlike </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund, the Subsidiary does not, and will not, seek to qualify as a “regulated investment company” under Subchapter  M of Chapter 1 of Subtitle A of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Internal Revenue Code of 1986, as amended (“Subchapter M”). The Fund is the sole shareholder of the Subsidiary and does not expect shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Subsidiary to be offered or sold to other investors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor employs computerized processes to identify investment opportunities across a wide range of markets around the world. Investment decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">are  executed via the sub-advisor’s proprietary execution strategy.  The investment decision  process is quantitative and primarily directional in nature, meaning </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">that investment decisions are driven by mathematical models based on market trends and other historical relationships. It is underpinned by risk controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ongoing research, and diversification guidelines. The Fund’s holdings may be frequently adjusted to reflect the sub-advisor’s assessment of changing risks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">which could result in high portfolio turnover.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The cornerstone of the sub-advisor’s investment philosophy is that the financial markets exhibit trends and other inefficiencies. Trends are a manifestation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">serial correlation in financial markets — the phenomenon whereby past price movements influence price behavior. Although price trends vary in their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">intensity, duration and frequency, they typically recur across sectors and markets. Trends are an attractive focus for active trading styles applied across a range </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of global markets. In implementing its investment program, the Fund may hold significant cash positions from time to time.  </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 is not limited to a percentage of assets that it may invest in any one issuer.</span></div> Principal Risks <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>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>Commodities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investments in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, commodity price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as changes in supply and demand, resource availability, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">speculation in the commodities markets, drought, floods, weather, livestock disease, pandemics, embargoes, tariffs, war, acts of terrorism and international </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic, political and regulatory developments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may invest significantly in a particular sector of the commodities market (such as oil, metal or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">agricultural products). As a result, the Fund may be more susceptible to risks associated with those sectors.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> No active trading market may exist for certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodities investments. The Fund’s investments in commodity-related instruments may lead to losses in excess of the Fund’s investment in such products, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">some commodity-linked derivatives can have the potential for unlimited losses. Such losses can significantly and adversely affect the net asset value (“NAV”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">per share of the Fund and, consequently, a shareholder’s interest in the Fund. Because the Fund’s performance is linked to the performance of potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatile commodities, investors should be willing to assume the risks of significant fluctuations in the value of the Fund’s shares.</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>Crowding/Convergence Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">There is significant competition among quantitatively-focused managers, and the ability of the sub-advisor to outperform other funds is dependent on its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ability to employ models that are simultaneously profitable and differentiated from those employed by other managers. To the extent that the sub-advisor is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not able to develop sufficiently differentiated models, the Fund’s investment objective may not be met, irrespective of whether the models are profitable in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">absolute sense.</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</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> its service providers </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and third-party fund distribution platforms, including</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">plans and systems of its service providers, its counterparties or the issuers of securities in which the </span></div><div><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>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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Some derivatives have the potential for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;"> </span><span style="-sec-ix-redline:true;"></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. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  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.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Derivatives transactions requiring the Fund to post collateral may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">expose the Fund to greater losses in the event of a default by a counterparty.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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 </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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">derivatives </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">In addition, the Fund’s investments in derivatives are subject to the following risks:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">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 on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">it invested directly in the securities or currencies underlying the foreign currency forward contract.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> There are no limitations on daily price movements of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">forward contracts. There can be no assurance that any strategy used will succeed.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Futures Contracts Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Futures contracts are derivative instruments pursuant to a contract where the parties agree to a fixed price for an agreed amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities or other underlying assets at an agreed date. The use of such derivative instruments may expose the Fund to additional risks, such as </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">liquidity risk</span><span style="-sec-ix-redline:true;"></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;;">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). </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Fund</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">may invest in the following </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">types of futures contracts:</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;-sec-ix-redline:true;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;-sec-ix-redline:true;"><i>Foreign Currency Futures Contracts  Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> Foreign currency futures contracts expose the Fund to risks associated with fluctuations in the value of foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">currencies. Foreign currency futures contracts are similar to foreign currency forward contracts, except that they are traded on exchanges (and may have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">purposes as foreign currency forward contracts, subject to Commodity Futures Trading Commission (“CFTC”) regulations.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;-sec-ix-redline:true;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;-sec-ix-redline:true;"><i>Government Bond Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> 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;;-sec-ix-redline:true;">resulting from changes in interest rates and to potential losses if interest rates do not move as expected.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;-sec-ix-redline:true;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;-sec-ix-redline:true;"><i>Index Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> Futures contracts on indices expose the Fund to volatility in an underlying index.   </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:2%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;-sec-ix-redline:true;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:96%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;margin-left:16pt;margin-left:0pt;-sec-ix-redline:true;"><i>Treasury Futures Contracts Risk.</i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> Treasury futures contracts expose the  Fund to price fluctuations resulting from changes in interest rates and to potential </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">losses if interest rates do not move as expected.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Exchange-Traded Funds (“ETFs”) Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">As an ETF, the Fund is subject to the following risks:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Authorized Participants Concentration Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund has a limited number of financial institutions that may act as authorized participants (i.e., large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">institutions that have entered into agreements with the distributor of the Fund’s shares and are authorized to transact in Creation Units (described below) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with the Fund) (“Authorized Participants”). Only an Authorized Participant may transact in Creation Units directly with the Fund, and none of those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent they exit the business or are otherwise unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem shares, then </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares of the Fund may be more likely to trade at a premium or discount to net asset value (“NAV”) and possibly face trading halts or delisting. Authorized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Participant concentration risk may be heightened for ETFs that invest in securities or instruments that have lower trading volumes.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Cash Transactions Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Like other ETFs, the Fund sells and redeems its shares primarily in large blocks called “Creation Units” and only to Authorized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Participants. Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">or fully</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> for cash, rather than in-kind </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments to obtain the cash needed to distribute redemption proceeds at an inopportune time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Premium/Discount Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> There may be times when the market price of the Fund’s shares is more than its NAV (at a premium) or less than its NAV (at a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be executed at prices well below NAV.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Secondary Market Trading Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. In addition, such investors may incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:18pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trading volume, market liquidity and market volatility. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Due to the Fund’s active trading strategy, it may be more difficult for market participants making a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">market in the Fund’s shares to hedge their exposure to Fund shares, which may lead to wider bid-ask spreads.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Trading in Fund shares may be halted by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exchange (as defined below) because of market conditions or other reasons. If a trading halt occurs, a shareholder may temporarily be unable to purchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or sell shares of the Fund. In addition, although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares will develop or be maintained or that the Fund’s shares will continue to be listed.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Flexible Strategy Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund uses a variety of investment strategies to achieve its investment objective. The sub-advisor does not attempt to keep the portfolio structure or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s performance consistent with any designated stock, bond or market index, and during times of market rallies, the Fund may not perform as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds that seek to outperform an index. Over time, the investment performance of flexible strategies is typically substantially independent of longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">term movements in the stock and bond market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Foreign Exposure Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Exposure to  non-U.S. issuers carries potential risks not associated with exposure to</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> U.S. issuers. Such risks may include, but are not limited to: (1) </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">political and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">financial instability, (</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">2</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) less liquidity, (</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">3)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> greater volatility, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">4</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">) different government regulation </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s exposure to a foreign issuer may subject the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to regulatory, political, currency, security, economic and other risks associated with that country</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, including tariffs, trade disputes and sanctions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and financial markets have become increasingly interconnected and conditions (including recent volatility, terrorism, war and political instability) and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">events (including natural disasters) in one country, region or financial market may adversely impact issuers in a different country, region or financial market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>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> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-EU member states.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">have increased significantly.</span><span style="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Japan Investment Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Japanese economy may be subject to economic, political and social instability, which could have an adverse effect on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Japanese securities held by the Fund. The Japanese economy, which is heavily dependent upon international trade, may be adversely affected by global </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">competition, trade tariffs, other government interventions and protectionist measures, excessive regulation, changes in international trade agreements, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic conditions of its trading partners, the performance of the global economy, and regional and global conflicts. Political tensions between Japan and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">its trading partners could adversely affect the economy, especially the export sector, and destabilize the region as a whole. The domestic Japanese economy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">faces several concerns, including large government deficits, a declining domestic population and low birth rate, workforce shortages, and inflation. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Japanese government’s fiscal and monetary policies may have negative impacts on the Japanese economy. Japan is also heavily dependent on oil and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. Currency fluctuations, which have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">been significant at times, can have a considerable impact on exports and the overall Japanese economy. The Japanese yen may be affected by currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility elsewhere in Asia, especially Southeast Asia. Japanese intervention in the currency markets could cause the value of the yen to fluctuate sharply </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and unpredictably and could cause losses to investors. Natural disasters such as earthquakes, volcanic eruptions, typhoons or tsunamis, could occur in Japan </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and surrounding areas and may have a significant impact on the business operations of Japanese companies in the affected regions and Japan’s economy. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">These and other factors could have a negative impact on the Fund’s performance and increase the volatility of an investment in the Fund.</span></div> </td> </tr> </table></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. The Fund may engage in active and frequent trading, which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase the Fund’s transaction costs, have a negative impact on performance, and generate higher capital gain distributions to shareholders than if the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">had lower portfolio turnover.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>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 bonds </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, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">make issuers less willing or able to make principal and interest payments on fixed-income investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">when due, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">lead to heightened volatility in the fixed-income markets and adversely affect the liquidity of certain fixed-income investments, any of which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">result in substantial losses to the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">When interest rates decline, issuers may prepay higher-yielding securities held by the Fund, resulting in the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;">The prices of fixed-income securities </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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">their  durations. Fixed-income securities or derivatives with longer durations generally have greater sensitivity to changes in interest rates than those with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shorter durations. Rising interest rates may cause the value of the Fund’s investments with longer durations and terms to maturity to decline, which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adversely affect the value of the Fund. For example, if a bond has a duration of eight years, a 1% increase in interest rates could be expected to result in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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>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;;-sec-ix-redline:true;">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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">For example, liquidity risk may be magnified in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">rising interest rate environments in the event of higher than normal redemption rates.</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 sell certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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 than in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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. Equity securities generally have greater price volatility than fixed-income securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, multiple assets may decline in value simultaneously. Prices in many financial markets have increased significantly over the last </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">10-15 years</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, but there </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future. The value of a security may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, such as changes in interest or inflation rates, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">whole. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">cybersecurity incidents,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">volatility and instability in domestic and foreign markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Changes in value may be temporary or may last for extended periods.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policy changes by the U.S. government and/or Federal Reserve and </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">economic and political changes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">inflation, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">interest rates, recessions, changes in</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;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. presidential administration and Congress, the U.S. government’s inability at times to agree on a long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget and deficit reduction plan, the threat or occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">federal government’s debt limit, which could result in a default on the government’s obligations, may affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adversely impact financial markets and the 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 both publicly available and proprietary information data systems. Data imprecision, software or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.</span></div><div><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 periods of declining prices. The value of your investment may reflect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these fluctuations.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">during periods of significant volatility, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> 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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">appears to be continuing globally. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">international trade agreements, risks associated with trade agreements between countries and regions, including the  U.S. and other foreign nations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in consumer sentiment and commodity and </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;-sec-ix-redline:true;">currency prices could affect the economies and markets of many nations, including the U.S., in ways that cannot necessarily be foreseen at the present time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and may create significant market volatility. In addition, these policies, including the impact on the U.S. dollar, may decrease foreign demand for U.S. assets, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">which could have a negative impact on certain issuers and/or industries.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">Although interest rates were unusually low in </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. and abroad</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> for a period of time</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, in 2022, the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">U.S. Federal Reserve (the “Federal Reserve”)</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;;">certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The Federal Reserve and certain foreign central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Reserve stopping or reversing these changes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">It is difficult to accurately predict the pace at which interest rates might </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">change</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the timing, frequency or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">magnitude of any such changes in interest rates, or when such changes might stop or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">again </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reverse course. Additionally, various economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">factors could cause the Federal Reserve or </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">foreign central </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">banks</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to change their approach in the future and such actions may result in an economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">slowdown in the U.S. and abroad. Unexpected changes in interest rates could lead to significant market volatility or reduce liquidity in certain sectors of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets or decrease confidence in the markets.</span><span style="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. There is no assurance that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">U.S. Congress will act to raise the nation’s debt ceiling; a failure to do so could cause market turmoil and substantial investment risks that cannot be fully </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">adversely impact financial markets and the broader economy.</span><span style="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and its investments or operations could be negatively impacted.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">Regulators in the</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. have </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of various newly</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> adopted regulations is not currently known. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Due to the scope of regulations being adopted, certain of these changes to regulations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">limit the Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact performance.</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  Additionally, it is possible that recently adopted regulations could be further revised or rescinded, which creates material uncertainty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">regarding their impact to the Fund.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers, industries and regions may be adversely affected by the impacts of climate change</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> in ways that cannot be foreseen</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including on the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">climate change, as well as any indirect consequences of regulation or business trends driven by climate change.</span></div> </td> </tr> </table></div> <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>Model and Data/Programming Error Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the sub-advisor’s investment strategy depends largely on the effectiveness of its quantitative research models and investment programs. Models </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(including quantitative models), data, and investment programs are used to screen potential investments for the Fund. When models or data prove to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks and programs may not react as expected to market events, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resulting in losses for the Fund. Some of the models used by the sub-advisor are predictive in nature. The use of predictive models has inherent risks. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">accuracy and reliability of the supplied historical data. There is no assurance that the models are complete or accurate, or representative of future market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cycles, nor will they always be beneficial to the Fund if they are accurate. Additionally, programs may become outdated or experience malfunctions which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not be identified by the sub-advisor and therefore may also result in losses to the Fund. These models and programs may negatively affect Fund performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">for various other reasons, including human judgment, inaccuracy of historical data and non-quantitative factors (such as market or trading system </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">dysfunctions, investor fear or overreaction).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">exacerbate the aforementioned risks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Models and data are known to have errors, omissions, imperfections and malfunctions (collectively, “System Events”). The sub-advisor seeks to reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">incidence and impact of System Events, to the extent feasible, through a combination of internal testing, simulation, real-time monitoring, and use of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">independent safeguards in the overall portfolio management process and often in the software code itself. Despite such testing, monitoring and independent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">safeguards, System Events will result in, among other things, the execution of unanticipated trades, the failure to execute anticipated trades, delays in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">execution of anticipated trades, the failure to properly allocate trades, the failure to properly gather and organize available data, the failure to take certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">hedging or risk reducing actions and/or the taking of actions which increase certain risk(s) - all of which may have materially adverse effects on the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">System Events in third-party provided data are generally entirely outside the control of the sub-advisor.</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></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Obsolescence Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor is unlikely to be successful in the deployment of its quantitative, systematic, investment strategies unless the assumptions underlying the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">models are realistic and either remain realistic and relevant in the future or are adjusted to account for changes in the overall market environment. If such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumptions are inaccurate or become inaccurate and are not promptly adjusted, it is likely that the models will not generate profitable trading signals. If and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to the extent that the models do not reflect certain relevant factors, and the sub-advisor does not successfully address such omission through its testing and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">evaluation by modifying the models accordingly, major losses may result — all of which will be borne by the Fund. There can be no assurance as to the effects </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(positive or negative) of any changes including additions, modifications and removal of the models or investment strategies on the Fund’s performance.  </span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Quantitative Strategy Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The success of the Fund’s investment strategy may depend in part on the effectiveness of the  sub-advisor’s quantitative tools for screening securities. These </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">strategies may incorporate factors that are not predictive of a security’s value. The quantitative tools may not react as expected to market events, resulting in </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">losses for the Fund. Additionally, a previously successful strategy may become outdated or inaccurate, which may not be identified by the</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> sub-advisor and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">therefore may also result in losses.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> The use of artificial intelligence or other evolving or emerging technologies presents significant risks and may exacerbate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">the aforementioned risks.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Recently-Organized Fund Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">As a recently-organized fund, the Fund’s current performance and expenses may not represent how the Fund is expected to, or may, perform in the long term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">if and when it becomes larger and has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">positive) on the Fund’s performance. The Fund’s shareholder fees and annual fund operating expenses may be higher than after it has fully implemented its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment strategies and attracted sufficient assets to achieve investment and trading efficiencies. The Fund may also require a period of time before it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">achieves a representative portfolio composition. Fund performance may be lower or higher during this “ramp-up” period, and may also be more volatile, than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">would be the case after the Fund is fully invested. Similarly, the Fund’s investment strategies may require a longer period of time to show returns that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">representative of the strategies.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Risk Management</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Risk is an essential part of investing. No risk management program can eliminate the Fund’s exposure to adverse events; at best, it can only reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">possibility that the Fund will be affected by such events, and especially those risks that are not intrinsic to the Fund’s investment program. Measures taken </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with the intention of decreasing exposure to identified risks might have the unintended effect of increasing exposure to other risks.</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 Debt Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Sovereign debt securities are subject to risk of payment delays or defaults due to, among other things: (1) country cash flow problems, (2) insufficient foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">currency reserves, (3) political considerations, (4) large debt positions relative to the country’s economy, (5) policies toward foreign lenders or investors, (6) the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">failure to implement economic reforms required by the International Monetary Fund or other multilateral agencies, or (7) an inability or unwillingness to repay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">debts. A governmental entity that defaults on an obligation may request additional time in which to repay loans, may request further loans, or may seek to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">restructure its obligations to reduce interest rates or outstanding principal. There is no legal process for collecting sovereign debt that a government does not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">pay, nor are there bankruptcy proceedings through which all or part of the sovereign debt that a 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>Subsidiary Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments if held directly by the Fund. The principal risks of the Subsidiary are listed in this section of the Prospectus as principal risks of the Fund. There can </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">be no assurance that the investment objective of the Subsidiary will be achieved or that, as a result, the investment objective of the Fund will be achieved. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Investment Company Act. In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Subsidiary to operate as described in this Prospectus and the SAI and could adversely affect the Fund’s performance.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Tax Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To qualify as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“RIC”), the Fund must, among other requirements, derive at least 90% of its gross income for each taxable year from “qualifying income,” which is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">described in more detail in the “Tax Information” section of the SAI. Income from certain commodity-linked derivative instruments in which the Fund invests is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">not considered qualifying income. The Fund will therefore restrict its income from direct investments in those instruments, such as commodity-linked swaps, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to a maximum of 10% of its gross income for each taxable year. The Fund’s investment in the Subsidiary is expected to provide the Fund with exposure to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodities markets within the limitations of the federal tax requirements of Subchapter M. Treasury regulations provide that income inclusions of a RIC from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a controlled foreign corporation (“CFC”), such as the Subsidiary, in which the RIC invests as part of its business of investing in stocks or securities, are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">qualifying income for the RIC whether or not the CFC makes distributions to the RIC out of its associated earnings and profits for the applicable taxable year. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">See “Tax Information” in the SAI for further information regarding RIC’s federal income tax treatment of income from CFCs and commodity-linked </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">instruments. The federal income tax treatment of the Fund’s commodity-linked investments and income from the Subsidiary may be materially adversely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">affected by future legislation, other Treasury regulations, and/or guidance issued by the IRS that could affect whether income from such investments is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">qualifying income under Subchapter M or otherwise materially affect the character, timing or recognition, and/or amount of the Fund’s taxable income and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">net capital gains and, therefore, the distributions the Fund makes.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Trading System and Execution of Orders Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The sub-advisor relies extensively on computer programs, systems, technology, data and models to implement its execution strategies and algorithms. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">sub-advisor’s investment strategies, trading strategies and algorithms depend on its ability to establish and maintain an overall market position in a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">combination of financial instruments selected by the sub-advisor. There is a risk that the sub-advisor’s proprietary algorithmic trading systems may not be able </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to adequately react to a market event without serious disruption. Further, trading strategies and algorithms may malfunction, causing severe losses. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">successful operation of the computer programs, systems, technology, data and models depends in part on the sub-advisor’s ability to ensure those systems </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">remain operational and that appropriate disaster recovery procedures are in place. While the sub-advisor has employed tools to allow for human intervention </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to respond to significant system malfunctions, it cannot be guaranteed that losses will not occur in such circumstances as unforeseen market events, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">disruptions and execution system issues.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>U.S. Government Securities 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 interest and principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">when held to maturity. The market prices for such securities are not guaranteed and will fluctuate. U.S. government securities are also subject to credit risk, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">interest rate risk and market risk. The rising U.S. national debt may lead to adverse impacts on the value of U.S. government securities due to potentially </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">higher costs for the U.S. government to obtain new financing.</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>Zero Coupon Securities Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Zero</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> 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</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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;;-sec-ix-redline:true;">The bar chart and table below provide an indication of risk by showing changes in the Fund’s performance over time. The table shows how the Fund’s average </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">annual total returns compare to a broad-based securities market index for the periods indicated.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Past performance (before and after taxes) is not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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 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. Year Ended 12/31 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Highest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>9.61% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">1st Quarter 2024</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2024 through 12/31/2024</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Lowest Quarterly Return:</b></span><br/><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;"><b>-6.11% </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">3rd Quarter 2024</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">01/01/2024 through 12/31/2024</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The calendar year-to-date total return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">March 31, 2025</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;-sec-ix-redline:true;">-0.43%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">.</span></div> Highest Quarterly Return:9.61% 1st Quarter 202401/01/2024 through 12/31/2024 0.0961 2024-03-31 Lowest Quarterly Return:-6.11% 3rd Quarter 202401/01/2024 through 12/31/2024 -0.0611 2024-09-30 The calendar year-to-date total return as of March 31, 2025 was -0.43%. 2025-03-31 -0.0043 Average annual total returns for periods ended December 31, 2024 2023-08-30 0.0614 0.0127 0.0614 -0.0074 0.0363 0.0026 0.2502 0.2395 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">taxes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> 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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">If </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">the after-tax returns do not apply to your situation.  </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.   Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s investment objective is long-term 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;;">.</span><span style="-sec-ix-redline:true;"></span></div> Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0000 0.0000 0.0075 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 funds. The Example assumes that you invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">$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 your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment has a 5% return each year and that the Fund’s operating expenses remain the same. 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, whether you redeem or hold your shares, your costs would be:</span><span style="-sec-ix-redline:true;"></span></div> 77 240 417 930 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 </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">“</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">turns over</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">”</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> 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. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">For the period from the Fund’s commencement of operations on February 5, 2024 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">through the fiscal year ended January 31, 2025, the Fund’s portfolio turnover rate was </span><span style="-sec-ix-redline:true;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">135%</span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">of the average value of its portfolio</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">.</span></div> 1.35 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">of companies primarily engaged in natural resources and natural resources-related businesses.</span></div><div><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund considers companies primarily engaged in natural resources and natural resources-related businesses to be those with a majority of assets, revenues </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or earnings, directly or indirectly through subsidiaries, from owning, producing, refining, processing, transporting, distributing, mining, exploring, storing, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">otherwise handling natural resources, or from activities that directly rely on or support natural resources, such as producing food, delivering utilities, selling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">machines for natural resources uses, and deriving materials such as fertilizer, glass, paper and plastic. The Fund considers natural resources to generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">include, but not be limited to, metals, agricultural products, timber, water, energy (including fossil fuel and renewable sources), and chemicals. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invests more than 25% of its net assets, in aggregate, in companies primarily engaged in natural resources and natural resources-related industries. The Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in equity securities may include common stocks, American depositary receipts (“ADRs”), European depositary receipts (“EDRs”), global depositary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">receipts (“GDRs”), non-voting depositary receipts (“NVDRs”), U.S. dollar-denominated foreign stocks traded on U.S. exchanges, and master limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">partnerships.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Using a combination of top-down and bottom-up analysis, the Fund’s sub-advisor, GLG LLC, an indirect wholly owned subsidiary of Man Group plc, invests in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies with historical track records of capital appreciation. The sub-advisor may also invest in companies based upon a belief that they are poised to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">increase in value following an anticipated event, such as a merger or acquisition. The Fund typically sells a security when the reasons for buying it no longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">apply in the sub-advisor’s view, when the company begins to show deteriorating fundamentals or poor relative performance, or when the sub-advisor believes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a security has reached its full market value. The Fund may also sell a security to secure gains, limit losses or redeploy assets into more promising opportunities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund may have a focused portfolio ranging from 30 to 60 securities. The Fund may have significant exposure to the Energy and Materials sectors. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">However, as the sector composition of the Fund’s portfolio changes over time, the Fund’s exposure to these sectors may be lower at a future date, and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s exposure to other market sectors may be higher. The Fund principally invests in large and mid-capitalization companies, and to a lesser extent in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">small-capitalization companies. The Fund may invest in growth and value stocks. The Fund may invest without limitation in the United States and foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developed and emerging market securities, </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and may have</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> significant exposure to companies located in, or with economic ties to, Australia, Canada, Europe </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and the United Kingdom. However, as the geographic concentration of the Fund’s portfolio changes over time, the Fund’s exposure to Australia, Canada, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Europe and the United Kingdom may decline, and the Fund’s exposure to other geographic areas may increase. The Fund’s investments in equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be denominated in foreign currencies, and the Fund may invest directly in foreign currencies. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">engage in active and frequent trading of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">portfolio securities to achieve its principal investment strategies. The Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">invest cash balances in a government money market fund advised by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Manager, with respect to which the Manager receives a management fee.</span></div> Principal Risks <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>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</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> its service providers </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and third-party fund distribution platforms, including</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and operational </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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>Equity Investments Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Equity securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">represent ownership interests in companies and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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="-sec-ix-redline:true;"></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;;-sec-ix-redline:true;">The Fund may invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">following equity securities, which may expose the Fund to the following additional risks:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">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> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">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> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Master Limited Partnerships (“MLPs”) Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investing in MLPs involves certain risks related to investing in the underlying assets of the MLPs and risks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">associated with pooled investment vehicles. Investments held by MLPs may be relatively illiquid, limiting the MLPs’ ability to change their portfolios promptly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volume, they may be difficult to value, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">companies. Holders of units in MLPs have more limited rights to vote on matters affecting the partnership and may be required to sell their common units </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">at an undesirable time or price. The Fund’s investments in MLPs will be limited to no more than 25% of its assets in order for the Fund to meet the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">requirements necessary to qualify as a “regulated investment company” under the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”).</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">U.S. Dollar-Denominated Foreign Stocks Traded on U.S. Exchanges Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Foreign (non-U.S.) companies that list their stocks on U.S. exchanges may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">exempt from certain accounting and corporate governance standards that apply to U.S. companies that list on the same exchange. Performance of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">stocks can be impacted by political and financial instability in the home country of a particular foreign company, and delisting of these stocks could impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the  Fund‘s ability to transact in such securities and could significantly impact their liquidity and market price.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Event-Driven Investing Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund’s use of event-driven strategies requires the sub-advisor to make predictions about the likelihood that an event will occur and the impact such event </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">will have on the value of a company’s securities. If the event fails to occur or it does not have the effect foreseen, the Fund can experience losses.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Exchange-Traded Funds (“ETFs”) Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  </span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">As an ETF, the Fund is subject to the following risks:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Authorized Participants Concentration Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Fund has a limited number of financial institutions that may act as authorized participants (i.e., large </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">institutions that have entered into agreements with the distributor of the Fund’s shares and are authorized to transact in Creation Units (described below) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">with the Fund) (“Authorized Participants”). Only an Authorized Participant may transact in Creation Units directly with the Fund, and none of those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Authorized Participants is obligated to engage in creation and/or redemption transactions. To the extent they exit the business or are otherwise unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem shares, then </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">shares of the Fund may be more likely to trade at a premium or discount to net asset value (“NAV”) and possibly face trading halts or delisting. Authorized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Participant concentration risk may be heightened for ETFs that invest in securities or instruments that have lower trading volumes.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Cash Transactions Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Like other ETFs, the Fund sells and redeems its shares primarily in large blocks called “Creation Units” and only to Authorized </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Participants. Unlike many other ETFs, however, the Fund expects to effect its creations and redemptions at least partially for cash, rather than in-kind </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities. Thus, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have avoided by making redemptions in-kind. As a result, the Fund may pay out higher capital gains distributions than ETFs that redeem in-kind. Further, </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:18pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments to obtain the cash needed to distribute redemption proceeds at an inopportune time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Premium/Discount Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> There may be times when the market price of the Fund’s shares is more than its NAV (at a premium) or less than its NAV (at a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may be executed at prices well below NAV.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Secondary Market Trading Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. In addition, such investors may incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the cost of the “spread” also known as the bid-ask spread, which is the difference between what investors are willing to pay for Fund shares (the “bid” </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price) and the price at which they are willing to sell Fund shares (the “ask” price). The bid-ask spread varies over time based on, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">trading volume, market liquidity and market volatility. Trading in Fund shares may be halted by the Exchange (as defined below) because of market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">conditions or other reasons. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. In addition, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s shares will continue to be listed.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Flexible Strategy Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund uses a variety of investment strategies to achieve its investment objective. The sub-advisor does not attempt to keep the portfolio structure or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund’s performance consistent with any designated stock, bond or market index, and during times of market rallies, the Fund may not perform as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other funds that seek to outperform an index. Over time, the investment performance of flexible strategies is typically substantially independent of longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">term movements in the stock and bond market.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Focused Holdings Risk</b></span><br/><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 diversified funds, the increase or decrease of the value of a single investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">may have a greater impact on the Fund’s net asset value (“NAV”) and total return when compared to other diversified funds.</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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, recordkeeping</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> 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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">in U.S. markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">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</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, including tariffs, trade disputes and sanctions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. 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> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Australian Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in Australian issuers will subject the Fund to legal, regulatory, political, currency, security, and economic risks specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">to Australia. The Australian economy is heavily dependent on exports from the energy, agricultural and mining sectors. This makes the Australian economy </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">susceptible to fluctuations in the commodity markets. Australia is also dependent on trading with key trading partners, so interruption or termination of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">such trading relationships may have a negative effect on the companies in which the Fund invests.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Canadian Securities Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The United States is Canada’s largest trading and investment partner, and the Canadian economy is significantly affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">developments in the U.S. economy. The Canadian economy is also dependent upon external trade with other key trading partners, including Mexico, China </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and the United Kingdom. Trade policy changes by any of these countries or regions that reduce Canada’s ability to trade with such regions could have a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">significant impact on the Canadian economy. In addition, Canada is a large supplier of natural resources (e.g., oil, natural gas and agricultural products). As </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">a result, the Canadian economy is sensitive to fluctuations in certain commodity prices.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-EU member states.</span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">have increased significantly.</span><span style="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">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></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">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></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">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. A depreciation of the British pound sterling and/or the Euro in relation to the U.S. dollar could adversely affect the Fund’s investments denominated in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">British pound sterling or Euros  regardless of the performance of the underlying issuer.</span></div> </td> </tr> </table></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;;-sec-ix-redline:true;"><b>High Portfolio Turnover </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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>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>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. Equity securities generally have greater price volatility than fixed-income securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">although under certain market conditions fixed-income securities may have comparable or greater price volatility. During a general downturn in the securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets, multiple assets may decline in value simultaneously. Prices in many financial markets have increased significantly over the last </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">10-15 years</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, but there </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">have also been periods of adverse market and financial developments and cyclical change during that timeframe, which have resulted in unusually high levels </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of volatility in domestic and foreign financial markets that has caused losses for investors and may occur again in the future. The value of a security may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">decline due to adverse issuer-specific conditions, general market conditions unrelated to a particular issuer, such as changes in interest or inflation rates, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">factors that affect a particular industry or industries. Changes in the financial condition of a single issuer or market segment also can impact the market as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">whole. Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, pandemics, public health crises, natural disasters</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">cybersecurity incidents,</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> and related events have led, and in the future may continue to lead, to instability in world economies and markets generally and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">reduced liquidity in equity, credit and fixed-income markets, which may disrupt economies and markets and adversely affect the value of your investment. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">imposition by the U.S. of tariffs on goods imported from foreign countries and reciprocal tariffs levied on U.S. goods by those countries also may lead to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">volatility and instability in domestic and foreign markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Changes in value may be temporary or may last for extended periods.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Policy changes by the U.S. government and/or Federal Reserve and </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">economic and political changes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> within the U.S. and abroad, such as </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">inflation, changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">interest rates, recessions, changes in</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;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. presidential administration and Congress, the U.S. government’s inability at times to agree on a long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">budget and deficit reduction plan, the threat or occurrence of a federal government shutdown and threats or the occurrence of a failure to increase the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">federal government’s debt limit, which could result in a default on the government’s obligations, may affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adversely impact financial markets and the 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 both publicly available and proprietary information data systems. Data imprecision, software or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">other technology malfunctions, programming inaccuracies, unauthorized use or access, and similar circumstances may impair the performance of these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">systems and may have an adverse impact upon a single issuer, a group of issuers, or the market at large.</span></div><div><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 periods of declining prices. The value of your investment may reflect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">these fluctuations.</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Recent Market Events Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Both U.S. and international markets have experienced significant volatility in recent months and years. As a result of such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">volatility, investment returns may fluctuate significantly. Moreover, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">during periods of significant volatility, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the risks discussed herein associated with an </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="color:#999999;;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:18pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">investment in the Fund may be increased.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> 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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">or markets may be changing, which may impact such economies and markets in ways that cannot be foreseen at this time.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">appears to be continuing globally. Slowing global economic growth, the rise in protectionist trade policies, inflationary pressures, changes to some major </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">international trade agreements, risks associated with trade agreements between countries and regions, including the  U.S. and other foreign nations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">political or economic dysfunction within some countries or regions, including the U.S., and dramatic changes in consumer sentiment and commodity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">currency prices could affect the economies and markets of many nations, including the U.S., in ways that cannot necessarily be foreseen at the present time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">and may create significant market volatility. In addition, these policies, including the impact on the U.S. dollar, may decrease foreign demand for U.S. assets, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">which could have a negative impact on certain issuers and/or industries.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">Although interest rates were unusually low in </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">the</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. and abroad</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> for a period of time</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, in 2022, the </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">U.S. Federal Reserve (the “Federal Reserve”)</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;;">certain foreign central banks began to raise interest rates as part of their efforts to address rising inflation. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">The Federal Reserve and certain foreign central </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">banks subsequently started to lower interest rates in September 2024, though economic or other factors, such as inflation, could lead to the Federal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Reserve stopping or reversing these changes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">It is difficult to accurately predict the pace at which interest rates </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">might change</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, the timing, frequency or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">magnitude of any such </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">changes in interest rates</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, or when such </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">changes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> might stop</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> or again reverse course</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">. Additionally, various economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">factors could cause the Federal Reserve or </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">foreign central </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">banks</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> to change their approach in the future and such actions may result in an economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">slowdown in the U.S. and abroad. Unexpected </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">changes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> in interest rates could lead to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market volatility or reduce liquidity in certain sectors of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">market. Deteriorating economic fundamentals may, in turn, increase the risk of default or insolvency of particular issuers, negatively impact market value, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cause credit spreads to widen, and reduce bank balance sheets. Any of these could cause an increase in market volatility, reduce liquidity across various </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">markets or decrease confidence in the markets.</span><span style="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">High public debt in the U.S. and other countries creates ongoing systemic and market risks and policymaking uncertainty. There is no assurance that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">U.S. Congress will act to raise the nation’s debt ceiling; a failure to do so could cause market turmoil and substantial investment risks that cannot be fully </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">predicted. Unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">adversely impact financial markets and the broader economy.</span><span style="-sec-ix-redline:true;"></span> </div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">Tensions, war, or open conflict between nations, such as between Russia and Ukraine, in the Middle East or in eastern Asia could affect the economies of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">many nations, including the United States. The duration of ongoing hostilities in the Middle East and between Russia and Ukraine, and any sanctions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">related events cannot be predicted. Those events present material uncertainty and risk with respect to markets globally and the performance of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and its investments or operations could be negatively impacted.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">Regulators in the</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">U.S. have </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">adopted a number of changes to regulations involving the markets and issuers, some of which apply to the Fund. The full effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of various newly</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> adopted regulations is not currently known. </span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Due to the scope of regulations being adopted, certain of these changes to regulations</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">limit the Fund’s ability to pursue its investment strategies or make certain investments, or may make it more costly for the Fund to operate, which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">impact performance.</span><span style="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">  Additionally, it is possible that recently adopted regulations could be further revised or rescinded, which creates material uncertainty </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">regarding their impact to the Fund.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:0%;" width="100%"> <tr> <td style="padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;align:left;valign:top;"> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:0pt;text-align:left;align:left;vertical-align:top;"> <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;;">Economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">issuers, industries and regions may be adversely affected by the impacts of climate change</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"> in ways that cannot be foreseen</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">, including on the demand for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">and the development of goods and services and related production costs, and the impacts of legislation, regulation and international accords related to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">climate change, as well as any indirect consequences of regulation or business trends driven by climate change.</span></div> </td> </tr> </table></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>Natural Resources Concentration Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Fund concentrates its investments in natural resources and natural resources-related industries and has greater exposure than other funds to market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">economic and other factors affecting those industries. The Fund’s investments in equity securities of companies in natural resources and natural </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resources-related businesses are more vulnerable to price movements of natural resources and other factors that particularly affect those types of businesses. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in natural resources-related securities may be affected by numerous factors, including changes in supply of, or demand for, various natural </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">resources, changes in energy prices, international political and economic developments, economic conditions in large importation countries, import controls, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">civil conflict, natural or man-made disasters, actions to address climate change or other environmental factors, energy conservation, the success of exploration </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">projects, fluctuation and changes in commodity or other raw material prices, production spending, increased competition, technological developments, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">tax and other government regulation and intervention. These factors could adversely affect the performance of companies in natural resources-related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">industries, and the Fund’s performance is likely to be disproportionately affected by these factors compared to a more broadly diversified fund.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Other Investment Companies Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">To the extent that the Fund invests in shares of other registered investment companies, the Fund will indirectly bear the fees and expenses charged by those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investment companies in addition to the Fund’s direct fees and expenses. To the extent the Fund invests in other investment companies that invest in equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">securities, fixed-income securities and/or foreign securities, or that track an index, the Fund is subject to the risks associated with the underlying investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">held by the investment company or the index fluctuations to which the investment company is subject. The Fund will be subject to the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">investments in those companies, including but not limited to the following:</span></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Government Money Market Funds Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Investments in government money market funds are subject to interest rate risk, credit risk, and market risk. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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="-sec-ix-redline:true;"></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Credit risk is the risk that the issuer, guarantor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">or otherwise honor its obligations, or that it may default completely.</span></div> </td> </tr> </table></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>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></div><div><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> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;"> <div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0027BA;;">Energy Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> The Energy sector is cyclical and is highly dependent on commodity prices, and prices and supplies of energy may fluctuate significantly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">over short and long periods of time. Companies operating in the Energy sector are subject to risks including, but not limited to: price volatility and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fluctuation caused by real and perceived inflationary trends and availability of oil and other resources; political developments such as the enactment or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cessation of trade sanctions or import controls; political instability, war or other geopolitical conflicts in the regions that the companies operate; the cost </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">assumed in complying with environmental and other safety regulations, including costs related to the transition to low carbon alternatives or clean energy; </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">supply of and demand for energy fuels; depletion of resources; energy conservation efforts; capital expenditures on and the success of exploration and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">production projects; increased competition and technological advances; and policies of, and relations between, the Organization of the Petroleum Exporting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Countries (OPEC) and oil importing nations. In addition, companies in the Energy sector are at risk of liability from accidents resulting in pollution, injury, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">loss of life or property, mishandling of materials, or other environmental damage claims and at risk of loss from terrorism, cyber incidents, natural disasters, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fires and explosions. Significant oil and gas deposits are located in emerging markets countries where corruption and security may raise significant risks, in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">addition to the other risks of investing in emerging markets. Entities operating in the Energy sector are subject to significant regulation of nearly every </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">aspect of their operations by federal, state and local governmental agencies, which can change rapidly or over time in both scope and intensity. There is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">growing political pressure to reduce the use of fossil fuels, which could begin to impact the securities of companies in that industry and the prices of related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">commodities.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:2pt;margin-left:0%;" width="100%"> <tr> <td style="color:#0027BA;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3.5pt;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;;">Materials Sector Risk.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> Companies in the Materials sector may be adversely affected by world events, social and political unrest, war, energy conservation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">environmental policies, commodity over-production, commodity price volatility, consumer preferences, interest rates, exchange rates, product and economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">cycles, marketing, import controls, technological progress, labor relations, government regulations, and increased competition and resource depletion, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">among other factors.</span></div> </td> </tr> </table></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>Value Stocks Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Value stocks are subject to the risk that their intrinsic or full value may never be realized by the market, that a stock judged to be undervalued may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">appropriately priced, or that their prices may decline. Although value stocks tend to be inexpensive relative to their earnings, they can continue to be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">inexpensive for long periods of time. The Fund’s investments in value stocks seek to limit potential downside price risk over time; however, value stock prices </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">still may decline substantially. In addition, the Fund may produce more modest gains as a trade-off for this potentially lower risk. The Fund’s investment in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">value stocks could cause the Fund to underperform funds that use a growth or non-value approach to investing or have a broader investment style.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;"><b>Volatility Risk</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">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;;-sec-ix-redline:true;">Performance information for the Fund is not provided because the Fund has not been in operation for a full calendar year. Performance information will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">available in the Prospectus after the Fund has been in operation for one full calendar year. Performance for the Fund can be accessed on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">www.americanbeaconfunds.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;-sec-ix-redline:true;">Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.</span></div> www.americanbeaconfunds.com Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. 1Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. 1Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.