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sans-serif;font-size:10.02pt;;"><b>other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Information—Exchange Privilege”) as of the date of the transaction, amounts to  </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> More information about this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">combined purchase discount and other discounts is available from your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">24 of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Prospectus in the section entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares” and in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Appendix A attached to the Prospectus.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Exchange Privilege”) as of the date of the transaction, amounts to  $50,000  or more. 50000 Shareholder Fees  (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months after purchase, except for certain specific circumstances. See </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.31%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.13%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.03%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.56%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.78%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.63%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.005 0.005 0.005 0.005 0.005 0 0.0025 0.0075 0.01 0 0.0025 0.0028 0.0031 0.0028 0.0013 0.0075 0.0103 0.0156 0.0178 0.0063 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and that the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">expenses remain the same.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund. The example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Prospectus entitled “Shareholder Information—Conversion Features” for more information.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  Although your actual costs may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$77</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$240 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$417</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$930</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$625 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$836</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,064 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,718</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$159</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$493</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$850</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,856 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$281</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$560</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$964</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,897</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$64</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$202</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$351</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$786</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 77 240 417 930 625 836 1064 1718 159 493 850 1856 281 560 964 1897 64 202 351 786 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$77</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$240 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$417</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$930</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$625 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$836</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,064 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,718</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$159</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$493</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$850</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,856 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$181</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$560</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$964</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,897</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$64</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$202</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$351</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$786</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 77 240 417 930 625 836 1064 1718 159 493 850 1856 181 560 964 1897 64 202 351 786 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">88%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  of the average value of its portfolio.</span></div> 0.88 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Under normal circumstances, the Adviser seeks to achieve the Fund’s investment objective by investing primarily in established and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">emerging companies, with capitalizations within the range of companies included in the Russell Midcap® Growth Index, which as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">December 31, 2025, ranged between $1.6 billion and $101.9 billion.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Adviser emphasizes a bottom-up stock selection process, seeking attractive investments on an individual company basis. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Adviser typically invests in unique companies it believes have sustainable competitive advantages with above average business </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">visibility, the ability to deploy capital at high rates of return, strong balance sheets and an attractive risk/reward. The Adviser typically </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">focuses a significant portion of the Fund’s investments in a limited number of issuers, which may be in the same industry, sector or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">geographic region.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Adviser actively integrates sustainability into the investment process by using environmental, social and governance (“ESG”) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors as a lens for additional fundamental research, which can contribute to investment decision-making. The Adviser seeks to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">understand how environmental and social initiatives within companies can create value by strengthening durable competitive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">advantages, creating growth opportunities, driving profitability and/or aligning with secular growth trends. The Adviser generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">engages with company management teams to discuss their ESG practices, with the aim of identifying how sustainability themes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">present opportunities and risks that can be material to the value of the security over the long-term. Other aspects of the investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">process include a proprietary, systematic evaluation of governance policies, specifically focusing on compensation alignment on long-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">term value creation. Although consideration of ESG factors is incorporated into the investment process, it is only one of many tools </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Adviser utilizes to make investment decisions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest in equity securities. The Fund may also invest in privately placed and restricted securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest up to 25% of its total assets in securities of foreign issuers, including issuers located in emerging market or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">developing countries. The securities in which the Fund may invest may be denominated in U.S. dollars or in currencies other than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. dollars.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in the past and it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly or widely, in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">response to activities specific to the issuer of the security as well as factors unrelated to the fundamental condition of the issuer, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including general market, economic, political and public health conditions.  During periods when equity securities experience </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened volatility, such as during periods of market, economic or financial uncertainty or distress, the Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:9pt;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:10.02pt;;">The value of equity securities and related instruments decline in response to perceived or actual adverse changes in the economy, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and commodity price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; unexpected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">trading activity among retail investors; and other factors. Market conditions affect certain types of equity securities to a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extent than other types of equity securities. If the stock market declines, the value of the Fund’s equity securities will also likely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decline, which will result in a decrease in the value of your investment in the Fund. Although prices can rebound, there is no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Mid Cap Companies.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in mid cap companies may involve greater risks than investments in larger, more established </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies. The securities issued by mid cap companies may be less liquid and such companies may have more limited markets, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial resources and product lines and may lack the depth of management of larger companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in foreign markets entail special risks, such as currency, political (including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also may be greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and custody costs and risks, decreased market liquidity and less government and exchange regulation associated with investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">more volatile and subject to increased risk due to developments and changing conditions in such markets. Moreover, the growing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interconnectivity of global economies and financial markets has increased the probability that adverse developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions in one country or region will affect the stability of economies and financial markets in other countries or regions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">developments (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">governmental interventions or other actions, such as the imposition of capital controls, nationalization of companies or industries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">expropriation of assets or the imposition of punitive taxes. The governments of certain countries may prohibit or impose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">substantial restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the  U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">dollar value and/or liquidity of investments denominated in that currency. Certain foreign investments may become less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and decline in value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund, particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in foreign developed countries. Certain emerging market countries may be subject to less stringent requirements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investment may not be available or reliable. Certain emerging market or developing countries are among the largest debtors to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial banks and foreign governments. The issuer or governmental authority that controls the repayment of sovereign debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may not be willing or able to repay the principal and/or pay interest when due in accordance with the terms of such obligations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Economic sanctions or other similar measures may be, and have been, imposed against certain countries, organizations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies, entities and/or individuals. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, there is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">limited in its ability to exercise its legal rights or enforce a  counterparty’s legal obligations in certain jurisdictions outside of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign issuers may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments will fluctuate with U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">dollar exchange rates.  Economic sanctions or other similar measures may be, and have been, imposed against certain countries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">organizations, companies, entities and/or individuals. Economic sanctions and other similar measures could, among other things, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">effectively restrict or eliminate the Fund’s ability to purchase or sell securities (in the sanctioned country and other markets), </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:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:10.02pt;;">negatively impact the value or liquidity of  the Fund’s investments, significantly delay or prevent the settlement of the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities transactions, force the Fund to sell or otherwise dispose of investments at inopportune times or prices, or impair the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s ability to meet its investment objective or invest in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by the use of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract amounts and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will change as a consequence of market movements in the value of those securities between the date on which the contract is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">entered into and the date it matures. There is additional risk that such transactions may reduce or preclude the opportunity for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">gain if the value of the currency should move in the direction opposite to the position taken and that foreign currency forward </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exchange contracts create exposure to currencies in which the Fund’s securities are not denominated. The use of foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">forward exchange contracts involves the risks associated with derivatives and the risk of loss from the insolvency or bankruptcy of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the  counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign Currency.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund’s investments in foreign securities may be denominated in foreign currencies. The value of foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-denominated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency exchange rates can increase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate significantly over short periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">time for a number of reasons, including changes in interest rates and the overall economic health of the issuer. Devaluation of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currency by a country’s government or banking authority also will have a significant impact on the value of any investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">denominated in that currency. The Adviser may use derivatives to seek to reduce this risk. The Adviser may in its discretion </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">choose not to hedge against currency risk. In addition, certain market conditions may make it impossible or uneconomical to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hedge against currency risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other types of securities. These investments may be more difficult to value or sell, particularly in times of market turmoil, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">there may be little trading in the secondary market available for particular securities. If the Fund is forced to sell an illiquid or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">restricted security to fund redemptions or for other cash needs, it may be forced to sell the security at a loss or for less than its fair </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Focused Investing.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Although the Fund is a diversified investment company under the Investment Company Act of 1940 (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">“1940 Act”), the Fund typically invests a significant portion of its portfolio in a limited number of issuers, which may be in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">same industry, sector or geographic region. As a result, the Fund will be more susceptible to risks associated with, and negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">events affecting those issuers, industries, sectors or geographic regions, and a decline in the value of a particular instrument may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cause the Fund’s overall value to be more volatile and decline to a greater degree than if the Fund were invested more widely.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Private Placements and Restricted Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund’s investments may include privately placed and restricted securities, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are generally subject to resale or transfer restrictions or prohibitions. Private placements and restricted securities may not be listed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">on an exchange and may have no active trading market. The Fund may be unable to dispose of privately placed and restricted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities promptly or may be able to sell privately placed and restricted securities only at disadvantageous times or prices, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">There is no assurance that a liquid market will exist for privately placed and restricted securities and these securities could have the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">effect of increasing the level of Fund illiquidity. In addition, the market for certain investments deemed liquid at the time of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">purchase may become illiquid under adverse market or economic conditions. Restricted securities, including privately placed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, may be difficult to value and may experience significant price volatility, and there is typically less information available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">about issuers of private placements and restricted securities and there is no assurance that the information obtained by the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">is reliable. Private placements and restricted securities may involve a high degree of business and financial risk and may result in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">substantial losses to the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Information Technology Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund invests a substantial portion of its assets in the information technology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sector, the value of Fund shares may be particularly impacted by events that adversely affect the information technology sector, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">such as rapid changes in technology product cycles, product obsolescence, government regulation, and competition, and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fluctuate more than that of a fund that does not invest significantly in companies in the technology sector.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, </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:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:10.02pt;;">recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">broad segments of businesses and populations and have a significant and rapid negative impact on the performance or value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s investments, adversely affect and increase the volatility of the Fund’s share price and exacerbate pre-existing risks to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or insured by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">I  shares’ performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">year-to-year and by showing how the Fund’s average annual returns for the past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">one, five and 10 year </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">periods and since inception compare with those of a broad measure of market performance and one or more additional indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">believes is representative of the Fund’s investment universe. The Fund’s primary benchmark index was changed from the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Russell  Midcap® Growth Index to the Russell 3000® Index effective May 1, 2024 to comply with the regulation that requires the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s primary benchmark to represent the overall applicable market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The performance of the other classes, which is shown in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">table below, will differ because the classes have different ongoing fees.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s returns in the table include the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">noted).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I  shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted).   The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17088img003.jpg"/></div> High Quarter 2020-06-30 0.6978 Low Quarter 2022-06-30 -0.4172 Average Annual Total Returns(for the calendar periods ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since Inception</b></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 3/30/90)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.42%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.48%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.55%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.96%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.32%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-3.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.63%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.88%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 1/31/97)</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.73%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.43%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.50%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.43%</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since Inception</b></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/14/12)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.14%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.89%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.51%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.57%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/31/17)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.86%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-6.12%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">N/A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.41%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">  (commenced operations on 9/13/13)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-5.04%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.32%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell 3000® Index (reflects no deduction for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.29%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.92%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁴</span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Russell Midcap® Growth Index (reflects no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁵</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.66%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.65%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.49%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.83%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁴</span></span></div> </td> </tr> </table></div> 0.1405 -0.0515 0.1342 0.1248 0.1405 -0.0663 0.0955 0.0996 0.0832 -0.0393 0.0963 0.0988 0.0773 -0.0643 0.125 0.1043 0.1314 -0.0589 0.1251 0.1157 0.1186 -0.0612 0.1341 0.142 -0.0504 0.1353 0.1132 0.1715 0.1315 0.1429 0.1092 0.0866 0.0665 0.1249 0.1083 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">during the period shown and do not reflect the impact of state and local taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns for the Fund’s other classes will vary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class I shares’ returns.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">individual retirement accounts (“IRAs”).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Corporate Bond Portfolio  (the “Fund”) seeks above-average total return over a market cycle of three to five years.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below 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:10.02pt;;"><b>You may pay fees </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Information—Exchange Privilege”) as of the date of the transaction, amounts to </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$100,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> or more.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">More information about this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">combined purchase discount and other discounts is available from your authorized financial intermediary, on page  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">41 of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Prospectus in the section entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares” and in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Appendix A attached to the Prospectus.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Exchange Privilege”) as of the date of the transaction, amounts to $100,000 or more.   100000 Shareholder Fees  (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:41.91957291243544%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on purchases (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a percentage based </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">on the lesser of the offering price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span></span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0325 0 0 0 0.0075 0 0.01 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 0.75% that will be imposed if you sell your shares within 12 months except for certain specific circumstances. See “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:35.93036750483559%"></td> <td style="height:1px;width:15.388781431334623%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:15.969052224371373%"></td> <td style="height:1px;width:0.7736943907156673%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.50%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.56%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.53%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.71%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.93%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.15%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.67%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.08%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.28%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.33%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.65%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.47%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.75%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0038 0.0038 0.0038 0.0038 0 0.0025 0.005 0.01 0.0056 0.0053 0.008 0.0071 0.0093 0.0115 0.0167 0.0208 0.0028 0.0015 0.002 0.0033 0.0065 0.01 0.0147 0.0175 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and that the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">entitled “Shareholder Information—Conversion Features” for more information.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$66</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$268</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$487</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,117</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$424</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$664</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$923</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,664</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$150</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$507</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$889</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,959</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$278</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$620</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,088</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,145</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 66 268 487 1117 424 664 923 1664 150 507 889 1959 278 620 1088 2145 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$66</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$268</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$487</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,117</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$424</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$664</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$923</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,664</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$150</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$507</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$889</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,959</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$178</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$620</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,088</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,145</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 66 268 487 1117 424 664 923 1664 150 507 889 1959 178 620 1088 2145 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">117%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  of the average value of its portfolio.</span></div> 1.17 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Under normal circumstances, at least 80% of the Fund’s assets will be invested in corporate bonds. This policy may be changed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">without shareholder approval; however, you would be notified upon 60 days’ notice in writing of any changes. Corporate bonds are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income securities and other debt obligations issued by corporations and other non-governmental issuers. The Fund invests </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">primarily in a diversified mix of  U.S. dollar-denominated corporate bonds. The Fund invests primarily in U.S. corporate bonds that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">carry an investment grade rating (i.e., generally rated Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”), BBB- or higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">by S&amp;P Global Ratings Group, a division of S&amp;P Global Inc. (“S&amp;P”), BBB- or higher by Fitch Ratings, Inc. (“Fitch”)) or, if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">unrated, considered by the Adviser to be of equivalent quality. The Fund may also invest in securities denominated in currencies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other than U.S. dollars.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Adviser employs a value approach toward fixed-income investing and evaluates the relative attractiveness of corporate bonds. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Adviser relies upon value measures to guide its decisions regarding sector and security selection, such as the relative attractiveness </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of the extra yield offered by securities other than those issued by the U.S. Treasury. The Adviser also measures various types of risk by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">monitoring interest rates, inflation, the shape of the yield curve, credit risk and prepayment risk.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s investment process incorporates information about environmental, social and governance issues (also referred to as ESG) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">via an integrated approach within the investment team’s fundamental investment analysis framework. The Adviser may engage with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">management of certain issuers regarding corporate governance practices as well as what the Adviser deems to be materially important </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">environmental and/or social issues facing a company. When deemed by the Adviser to be relevant to its evaluation of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">creditworthiness and when applicable information is available, the Adviser considers ESG, which may impact the prospects of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">made or will remain in the Fund’s portfolio.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest in restricted and illiquid securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio management or to earn income. The Fund’s use of derivatives may involve the purchase and sale of derivative instruments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">such as futures, options, swaps and other related instruments and techniques. Derivative instruments used by the Fund will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">counted towards the Fund’s 80% policy discussed above to the extent they have economic characteristics similar to the securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">included within that policy.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund. The Fund may invest in variable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">floating rate loans and other variable and floating rate securities. Although the value of these instruments are generally less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate loans and other securities may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market volatility increased  redemptions, shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk).</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. A changing interest rate environment increases certain risks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including the potential for periods of volatility, increased redemptions, shortened durations (i.e., prepayment risk) and extended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations (i.e., extension risk). The Fund is not limited as to the maturities (when a debt security provides its final payment) or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations  (measure of interest rate sensitivity) of the securities in which it may invest.  Securities with longer durations are likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">as scheduled. The Fund may be subject to certain liquidity risks that may result from the lack of an active market and the reduced </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Corporate Debt Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Corporate debt obligations are fixed-income securities issued by corporations. The investment return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of corporate debt obligations reflects interest earnings and changes in the market value of the security. The market value of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligation may be expected to rise and fall inversely with interest rates generally. There also exists the risk that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument. Debtholders, as creditors, have a prior legal claim over common and preferred stockholders of the corporation as to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">both income and assets for the principal and interest due to the bondholder.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>High Yield Securities (“Junk Bonds”).</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund’s investments in high yield securities expose it to increased risks, including a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">substantial degree of credit and default risks. High yield securities may be issued by companies that are restructuring, are smaller </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and less  creditworthy or are more highly leveraged or indebted than other companies or are financially distressed, and therefore </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">High yield securities are subject to greater risk of loss (including substantial or total loss) of income and principal than higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rated securities and are considered speculative because of increased credit risk relative to higher rated fixed income investments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">High yield securities are also subject to greater price volatility, including sudden and substantial decreases in price, and less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity than higher rated securities. High yield securities are particularly sensitive to adverse economic, market, industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer-specific developments, which may result in an increased incidence of default. In the event of a default, the Fund may incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">additional expenses to seek recovery or to negotiate new terms with a defaulting issuer.</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:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in foreign markets entail special risks, such as currency, political (including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also may be greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and custody costs and risks, decreased market liquidity and less government and exchange regulation associated with investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">more volatile and subject to increased risk due to developments and changing conditions in such markets. Moreover, the growing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interconnectivity of global economies and financial markets has increased the probability that adverse developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions in one country or region will affect the stability of economies and financial markets in other countries or regions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">developments (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">governmental interventions or other actions, such as the imposition of capital controls, nationalization of companies or industries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">expropriation of assets or the imposition of punitive taxes. The governments of certain countries may prohibit or impose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">substantial restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the  U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">dollar value and/or liquidity of investments denominated in that currency. Certain foreign investments may become less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and decline in value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund, particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in foreign developed countries. Certain emerging market countries may be subject to less stringent requirements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investment may not be available or reliable. In addition, the Fund is limited in its ability to exercise its legal rights or enforce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">a  counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">In addition, the Fund’s investments in foreign issuers may be denominated in foreign currencies and therefore, to the extent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">unhedged, the value of those investments will fluctuate with U.S. dollar exchange rates.  Economic sanctions or other similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">measures may be, and have been, imposed against certain countries, organizations, companies, entities and/or individuals. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Economic sanctions and other similar measures could, among other things, effectively restrict or eliminate the Fund’s ability to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">purchase or sell securities (in the sanctioned country and other markets), negatively impact the value or liquidity of  the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments, significantly delay or prevent the settlement of the Fund’s securities transactions, force the Fund to sell or otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment objective or invest in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by the use of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract amounts and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will change as a consequence of market movements in the value of those securities between the date on which the contract is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">entered into and the date it matures. There is additional risk that such transactions may reduce or preclude the opportunity for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">gain if the value of the currency should move in the direction opposite to the position taken and that foreign currency forward </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exchange contracts create exposure to currencies in which the Fund’s securities are not denominated. The use of foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">forward exchange contracts involves the risks associated with derivatives and the risk of loss from the insolvency or bankruptcy of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the  counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign Currency.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund’s investments in foreign securities may be denominated in foreign currencies. The value of foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currencies may fluctuate relative to the value of the U.S. dollar. Since the Fund may invest in such non-U.S. dollar-denominated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, and therefore may convert the value of such securities into U.S. dollars, changes in currency exchange rates can increase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or decrease the U.S. dollar value of the Fund’s assets. Currency exchange rates may fluctuate significantly over short periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">time for a number of reasons, including changes in interest rates and the overall economic health of the issuer. Devaluation of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currency by a country’s government or banking authority also will have a significant impact on the value of any investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">denominated in that currency. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Adviser may use derivatives to seek to reduce this risk. The  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Adviser may in its discretion </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">choose not to hedge against currency risk. In addition, certain market conditions may make it impossible or uneconomical to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">hedge against currency risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other types of securities. These investments may be more difficult to value or sell, particularly in times of market turmoil, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">there may be little trading in the secondary market available for particular securities. Liquidity risk may be magnified in a market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">where credit spread and interest rate volatility is rising and where investor redemptions from fixed-income mutual funds may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">higher than normal. If the Fund is forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be forced to sell the security at a loss or for less than its fair value and may be unable to sell the security at all.</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:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Derivatives</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect correlation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">requirements, risks arising from mispricing or valuation complexity and operational and legal risks. Certain derivative transactions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Investments in currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">derivatives may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currencies do not perform as the Adviser expects. Foreign currency forward exchange contracts and currency futures and options </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">contracts create exposure to currencies in which the Fund’s securities are not denominated.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Financial Services Industry Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund is more susceptible to any economic, business, political, regulatory or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">developments that adversely affect issuers in the financial services industry than a fund that does not invest significantly in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial services industry. The profitability of many types of financial services companies may be adversely affected in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market cycles, including periods of rising interest rates, which may restrict the availability and increase the cost of capital, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Financial services </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies are also subject to extensive government regulation, including policy and legislative changes in the United States and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other countries that are changing many aspects of financial regulation. Because the Fund’s investments will be concentrated in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial services industry, factors that have an adverse impact on this industry may have a disproportionate impact on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Industrials Sector Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent that the Fund invests significantly in the industrials sector, the Fund will be particularly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">susceptible to the risks associated with companies operating in this sector. For example, the value of securities issued by companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the industrials sector may be adversely affected by changes in government regulations, domestic and world events and economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions. In addition, companies in the industrials sector may be adversely affected by, among other developments, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">environmental damages, product liability claims, commodity prices and exchange rates as well as changes in the supply of and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">demand for both their specific products or services and for industrials sector products in general.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>When-Issued Securities, Delayed Delivery Securities, TBAs and Forward Commitments.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  The Fund may purchase or sell securities that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">it is entitled to receive on a when-issued, delayed delivery or through a forward commitment basis. For example, the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invest in TBAs, which settle on a delayed delivery basis. These investments may result in a form of leverage and may increase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatility in the Fund’s share price. In a TBA transaction, the seller agrees to deliver the MBS for an agreed upon price on an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">agreed upon future date, but makes no guarantee as to which or how many securities are to be delivered. Accordingly, the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in TBAs are subject to risks such as failure of the counterparty to perform its obligation to deliver the security, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">characteristics of a security delivered to the Fund may be less favorable than expected and the security the Fund buys will lose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value prior to its delivery. The Fund’s purchase of other securities on a when-issued, delayed delivery or through a forward </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commitment basis are subject to similar risks. When the Fund has sold a security on a when-issued, delayed delivery, or forward </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commitment basis, the Fund does not benefit if the value of the security appreciates above the sale price during the commitment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">period and the Fund is subject to failure of the counterparty to pay for the securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">broad segments of businesses and populations and have a significant and rapid negative impact on the performance or value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s investments, adversely affect and increase the volatility of the Fund’s share price and exacerbate pre-existing risks to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Portfolio Turnover.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Consistent with its investment policies, the Fund will purchase and sell securities without regard to the effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</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:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>ESG Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent that potentially financially material environmental, social and/or governance (“ESG”) issues </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are considered as an integrated component of the investment decision-making process, investment performance of the Fund may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be impacted and may differ from similar strategies that do not consider such issues. The Adviser’s ESG analysis may be subjective, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may rely on limited data, and may change over time.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or insured by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">I  shares’ performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">year-to-year and by showing how the Fund’s average annual returns for the past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">one, five and 10 year </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">periods and since inception compare with those of a broad measure of market performance and one or more additional indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">believes is representative of the Fund’s investment universe. The Fund’s primary benchmark index was changed from the  Bloomberg </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. Corporate Index to the Bloomberg U.S. Universal Index effective May 1, 2024 to comply with the regulation that requires the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s primary benchmark to represent the overall applicable market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The performance of the other classes, which is shown in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">table below, will differ because the classes have different ongoing fees.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s returns in the table include the maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">noted).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I  shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted).   The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years1 <div><img alt="image" src="pr17092img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14393939393939%"></td> <td style="height:1px;width:33.71212121212121%"></td> <td style="height:1px;width:33.14393939393939%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.05%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/22</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-8.09%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.1005 Low Quarter 2022-06-30 -0.0809 Average Annual Total Returns1(for the calendar periods ended    December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since Inception</b></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 8/31/90)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.01%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.61%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.74%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.70%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.59%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.57%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.55%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.69%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.61%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.57%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/20/02)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.91%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.95%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.55%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.70%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 6/16/08)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.85%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.76%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.46%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.62%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/15)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.51%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-1.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.67%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg U.S. Universal Index (reflects no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁴</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.58%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.06%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.44%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.32%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁵</span></span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg U.S. Corporate Index (reflects no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁶</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.77%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.09%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.27%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.92%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁵</span></span></div> </td> </tr> </table></div> 0.0775 -0.0001 0.042 0.0561 0.0574 -0.017 0.0259 0.0357 0.0455 -0.0069 0.0261 0.0357 0.0391 -0.0095 0.0355 0.037 0.0685 -0.0076 0.0346 0.0362 0.0551 -0.0111 0.0323 0.0267 0.0758 0.0006 0.0244 0.0532 0.0777 -0.0009 0.0327 0.0592 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">during the period shown and do not reflect the impact of state and local taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns for the Fund’s other classes will vary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from Class I shares’ returns. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">individual retirement accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Ultra-Short Income Portfolio (the “Fund”) seeks current income with capital preservation while maintaining liquidity.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below 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:10.02pt;;"><b>You may pay fees </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below. The Fund does not charge any sales loads or other </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>fees when you purchase or redeem shares.</b></span></div> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:56.39180641791911%"></td> <td style="height:1px;width:13.891951488423372%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:14.472233505483663%"></td> <td style="height:1px;width:0.7737093560803884%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Institutional Class</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Shareholder Service or 12b-1 Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.10%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.30%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.55%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.15%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating    Expenses After Fee Waiver and/ or Expense </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.30%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.40%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.002 0.002 0.002 0 0.0005 0.0025 0.001 0.001 0.001 0.003 0.0035 0.0055 0.0005 0.0005 0.0015 0.0025 0.003 0.004 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and that the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the first year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$26 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$91</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$164</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$376</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Institutional Class</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$31</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$107 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$191</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$438 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$41</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$161</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$292 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$675</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 26 91 164 376 31 107 191 438 41 161 292 675 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class IR</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$26 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$91</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$164</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$376</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Institutional Class</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$31</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$107 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$191</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$438 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$41</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$161</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$292 </span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$675</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 26 91 164 376 31 107 191 438 41 161 292 675 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">During the reporting period, the Fund did not hold any long-term investments and accordingly portfolio turnover is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not applicable.</span></div> <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund invests primarily in liquid, high quality U.S. dollar-denominated money market instruments of U.S. and foreign financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers and non-financial issuers. The Fund also invests in obligations issued or guaranteed by the U.S. Government and its agencies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and instrumentalities. The Fund’s money market investments may include commercial paper, corporate debt obligations, debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">obligations (including certificates of deposit and promissory notes) of U.S. banks or foreign banks, or of U.S. branches or subsidiaries </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of foreign banks, or foreign branches of U.S. banks (such as Yankee obligations), certificates of deposit of savings banks and savings </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and loan organizations, asset-backed securities, repurchase agreements and municipal obligations.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Pursuant to a fundamental policy adopted by the Fund, the Fund invests, under normal circumstances, at least 25% of its total assets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in securities issued by companies in the financial services industry, including banks, broker-dealers and insurance companies. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund may, however, invest less than 25% of its total assets in this industry as a temporary defensive measure.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Securities purchased by the Fund (or the issuers of such securities) will carry a rating in the highest two rating categories, A-2, P-2 or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">F2 or better by S&amp;P Global Ratings Group, a division of S&amp;P Global Inc. (“S&amp;P”), Moody’s Investors Service, Inc. (“Moody’s”), or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fitch Ratings, Inc. (“Fitch”), respectively, or the equivalent by another nationally recognized statistical rating organization </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(“NRSRO”), or if unrated, considered by the Adviser to be of equivalent quality.  The Fund may invest up to 5% of its assets, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">determined at the time of investment, in securities (or the issuers of such securities) rated A-2, P-2 or F2 by S&amp;P, Moody’s or Fitch, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">respectively, and no more than 1% of its assets will be invested in an individual security or issuer with such rating. In the case of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">security that is rated differently by these three rating agencies, where two rating agencies rate the security in the highest rating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">category and the third rating agency rates the security in the second highest rating category, the security will be treated as rated in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">highest rating category. In the case of a security that is differently rated by only two of these rating agencies, the security will be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">treated as rated in the lower rating category.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Under normal circumstances, the Fund intends to maintain a maximum weighted average maturity of 90 days and a maximum </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">weighted average life of 180 days.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund is not a money market fund and does not seek to maintain a stable net asset value per share (“NAV”).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Adviser follows a multi-pronged investment process with respect to credit risk, interest rate risk and liquidity. Securities are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reviewed on an ongoing basis to maintain or improve creditworthiness taking into consideration factors such as cash flow, asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality, debt service coverage ratios and economic developments. Additionally, exposure to guarantors and liquidity providers is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">monitored separately as are the various diversification requirements. The Adviser manages the Fund’s assets in an attempt to reduce </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit and interest rate risks.</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation. The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. A changing interest rate environment increases certain risks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including the potential for periods of volatility, increased redemptions, shortened durations (i.e., prepayment risk) and extended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations (i.e., extension risk). The Fund is not limited as to the maturities (when a debt security provides its final payment) or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations (measure of interest rate sensitivity) of the securities in which it may invest but, under normal circumstances, the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">intends  to maintain a maximum weighted average maturity of 90 days and a maximum weighted average life of 180 days. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Securities with longer  durations are likely to be more sensitive to changes in interest rates, generally making them more volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">than securities with shorter durations. The Fund may be subject to certain liquidity risks that may result from the lack of an active </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market and the reduced number and capacity of traditional market participants to make a market in fixed-income securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Financial Services Industry Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund is more susceptible to any economic, business, political, regulatory or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">developments that adversely affect issuers in the financial services industry than a fund that does not invest significantly in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial services industry. The profitability of many types of financial services companies may be adversely affected in certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market cycles, including periods of rising interest rates, which may restrict the availability and increase the cost of capital, 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="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:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:10.02pt;;">declining economic conditions, which may cause credit losses due to financial difficulties of borrowers. Financial services </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies are also subject to extensive government regulation, including policy and legislative changes in the United States and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other countries that are changing many aspects of financial regulation. Because the Fund’s investments will be concentrated in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">financial services industry, factors that have an adverse impact on this industry may have a disproportionate impact on the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund. The Fund may invest in variable and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">floating rate loans and other variable and floating rate securities. Although the value of these instruments are generally less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate loans and other securities may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market volatility, increased redemptions, shortened durations (i.e., prepayment risk) and extended durations (i.e., extension risk).</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Corporate Debt Obligations.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Corporate debt obligations are fixed-income securities issued by corporations. The investment return </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of corporate debt obligations reflects interest earnings and changes in the market value of the security. The market value of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">corporate debt obligation may be expected to rise and fall inversely with interest rates generally. There also exists the risk that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instrument. Debtholders, as creditors, have a prior legal claim over common and preferred stockholders of the corporation as to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">both income and assets for the principal and interest due to the bondholder.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Asset-Backed Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Asset-backed securities are subject to credit (such as a borrower’s default on its mortgage obligation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the default or failure of a guarantee underlying the asset-backed security), interest rate and certain additional risks, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk that various federal and state consumer laws and other legal and economic factors may result in the collateral backing the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities being insufficient to support payment on the securities. Some asset-backed securities also entail prepayment risk and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extension risk, which may vary depending on the type of asset. Due to these risks, asset-backed securities may become more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile in certain interest rate environments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Repurchase Agreements.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Repurchase agreements are subject to risks associated with the possibility of default by the seller at a time </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">when the collateral has declined in value, or insolvency of the seller, which may affect the Fund’s right to control the collateral and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">result in certain costs and delays. Repurchase agreements may involve a greater degree of credit risk than investments in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government securities.  </span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Money Market Instrument Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Money market instruments may be adversely affected by market and economic events, such as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees many </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">money market instruments; adverse economic, political or other developments affecting issuers of money market instruments; </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in the credit quality of issuers; and default by a counterparty.</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:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign Money Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investing in money market securities of foreign issuers involves some additional risks, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the possibility of adverse political, economic or other developments affecting the issuers of these securities.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may invest in U.S. dollar-denominated securities issued by foreign governmental or corporate issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investing in securities of foreign issuers involves some additional risks than securities of U.S. issuers. While these securities are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">subject to the same type of risks that pertain to domestic issuers, namely credit risk and interest rate risk, they are also subject to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other additional risks. Foreign issuers generally are subject to different accounting, auditing and financial reporting standards than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">U.S. issuers. There may be less information available to the public about foreign issuers. In some foreign countries, there is also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the risk of government expropriation, excessive taxation, political or social instability, economic sanctions or other similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">governmental activity or diplomatic developments that could affect an investment. There also can be difficulty obtaining and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">enforcing judgments against issuers in foreign countries. Governmental actions can have a significant effect on the economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions in foreign countries, which also may adversely affect the Fund’s investments in foreign issuers.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Municipals.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Because the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may invest in municipal securities (also referred to as municipal obligations), the Fund may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal securities, such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">state and local governments and their agencies. To the extent that the Fund invests in municipal securities of issuers in the same </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">economic sector, it could be more sensitive to economic, business or political developments that affect such sector. Municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities and their issuers may be more susceptible to downgrade, loss of revenue, default and bankruptcy during recent periods </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of economic stress. Municipal securities also involve the risk that an issuer may call the securities for redemption, which could </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">force the Fund to reinvest the proceeds at a lower rate of interest.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other types of securities. These investments may be more difficult to value or sell, particularly in times of market turmoil, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">there may be little trading in the secondary market available for particular securities. Liquidity risk may be magnified in a market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">where credit spread and interest rate volatility is rising and where investor redemptions from fixed-income mutual funds may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">higher than normal. If the Fund is forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be forced to sell the security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Commercial Paper.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Commercial paper is subject to interest rate risk and is susceptible to changes in the issuer’s financial condition </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or credit quality. Commercial paper is typically repaid with the proceeds from the issuance of new commercial paper. Thus, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in commercial paper are subject to the risk (commonly referred to as rollover risk) that the issuer will be unable to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issue sufficient new commercial paper to meet the repayment obligations under its outstanding commercial paper. Because </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial paper is typically unsecured, investments in commercial paper are subject to increased credit risk.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Non-Money Market Fund Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund is not a money market fund (or equivalent to a money market fund), does not attempt to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">maintain a stable net asset value, and is not subject to the rules that govern the quality, maturity, liquidity, and other features of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities that money market funds may purchase. Under normal conditions, the Fund’s investments may be more susceptible </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">than a money market fund’s investments to interest rate risk, valuation risk, credit risk, and other risks relevant to the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments. Unlike certain money market funds, the Fund’s net asset value per share will fluctuate and these fluctuations may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">significant on certain days and for certain periods. There can be no guarantee that the Fund will generate higher returns than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">money market funds. Because the Fund is not a money market fund, it does not qualify for special tax treatment or tax accounting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">methods accorded to money market funds under federal tax law.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other protectionist or retaliatory measures)  adversely interrupt or otherwise affect the global economy and financial markets. It is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">broad segments of businesses and populations and have a significant and rapid negative impact on the performance or value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s investments, adversely affect and increase the volatility of the Fund’s share price and exacerbate pre-existing risks to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Large Transactions Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may experience adverse effects when certain large shareholders, or a number of shareholders </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">collectively, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. Such larger than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">normal shareholder redemptions may negatively impact the Fund’s liquidity. In some circumstances, the Fund may hold a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">relatively large proportion of its assets in cash in anticipation of large redemptions. These large redemptions may also force the </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:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:10.02pt;;">Fund to sell portfolio securities or other assets when it might not otherwise do so, which may increase the Fund’s transaction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">costs. In addition, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. Large shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transactions may also result in taxable income and/or gains for the Fund, which may increase taxable distributions to shareholders, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and may also increase transaction costs.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser has considerable leeway in deciding which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the Adviser, in its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">discretion, may determine to use some permitted trading strategies while not using others. The success or failure of such decisions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or insured by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Institutional Class  shares’ performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">year-to-year and by showing how the Fund’s average annual returns for the past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">one and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">five year periods and since inception compare with those of a broad measure of market performance and one or more additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Adviser believes is representative of the Fund’s investment universe. The Fund’s primary benchmark index was changed from the ICE </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">BofA 3-Month U.S. Treasury Bill Index to the Bloomberg U.S. Universal Index effective May 1, 2024 to comply with the regulation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">that requires the Fund’s primary benchmark to represent the overall applicable market.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The performance of the other classes, which is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shown in the table below, will differ because the classes have different ongoing fees.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past performance, before and after </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated performance information is available </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Institutional Class  shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one and five year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17095img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14393939393939%"></td> <td style="height:1px;width:33.71212121212121%"></td> <td style="height:1px;width:33.14393939393939%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">09/30/24</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.56%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-0.17%</span></div> </td> </tr> </table></div> High Quarter 2024-09-30 0.0156 Low Quarter 2020-03-31 -0.0017 Average Annual Total Returns (for the calendar periods ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since Inception</b></span></div> </td> </tr> <tr> <td colspan="4" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Institutional Class</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/28/2016)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.46%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.43%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.46%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.03%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.44%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.62%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.02%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.44%</span></div> </td> </tr> <tr> <td colspan="4" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/28/2016)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.33%</span></div> </td> </tr> <tr> <td colspan="4" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class IR</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/28/2016)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.51%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.48%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.52%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Bloomberg U.S. Universal Index (reflects no deductions for fees, expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.58%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.06%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.14%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span></span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:50.800317417307%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.443764878936268%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since Inception</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">ICE BofA 3-Month U.S. Treasury Bill Index (reflects no deductions for fees, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁴</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.18%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.17%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.24%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span></span></div> </td> </tr> </table></div> 0.0446 0.0343 0.0246 0.0262 0.0203 0.0144 0.0262 0.0202 0.0144 0.0436 0.0336 0.0233 0.0451 0.0348 0.0252 0.0758 0.0006 0.0214 0.0418 0.0317 0.0224 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">during the period shown and do not reflect the impact of state and local taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns for the Fund’s other classes will vary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Institutional Class shares’ returns.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Actual after-tax returns depend on an investor’s tax situation and may differ from those </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">401(k) plans or individual retirement accounts (“IRAs”).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns may be higher than before-tax returns due to foreign tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">relevant periods, as applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Institutional Class shares’ returns. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. Investment Objective <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Global Strategist Portfolio (the “Fund”) seeks above-average total return over a market cycle of three to five years.</span></div> Fees and Expenses <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The table below 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:10.02pt;;"><b>You may pay fees </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>other than the fees and expenses of the Fund, such as brokerage commissions and other fees charged by financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>intermediaries, which are not reflected in the tables and examples below.</b></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Information—Exchange Privilege”) as of the date of the transaction, amounts to  </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  or more.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> More information about this </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">combined purchase discount and other discounts is available from your authorized financial intermediary, on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">32 of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Prospectus in the section entitled “Shareholder Information—Sales Charges Applicable to Purchases of Class A Shares” and in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Appendix A attached to the Prospectus.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class I shares may be available on brokerage platforms of firms that have agreements with the Fund’s principal underwriter </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">permitting such firms to (i) offer Class I shares solely when acting as an agent for the investor and (ii) impose on an investor </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transacting in Class I shares through such platforms a commission and/or other forms of compensation to the broker. Shares of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund are available in other share classes that have different fees and expenses.</span></div> For purchases of Class A shares, you may qualify for a sales charge discount if the cumulative net asset value per share (“NAV”) of Class A shares of the Fund being purchased in a single transaction, together with the NAV of any shares of the Fund and/or certain other Morgan Stanley Funds already held in Related Accounts (as defined in the section of the Prospectus entitled “Shareholder Information—Exchange Privilege”) as of the date of the transaction, amounts to  $50,000  or more. 50000 Shareholder Fees  (fees paid directly from your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:31.95850349352585%"></td> <td style="height:1px;width:13.002496758085435%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.58313817330211%"></td> <td style="height:1px;width:13.970232450113228%"></td> <td style="height:1px;width:0.32128824975322745%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum sales charge (load) imposed on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">purchases (as a percentage of offering price)</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Maximum deferred sales charge (load) (as a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">percentage based on the lesser of the offering </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">price or NAV at redemption)</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span></span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0 0.0525 0 0 0 0 0.01 0 0.01 0 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months after purchase, except for certain specific circumstances. See </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">“Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">How To Redeem Fund Shares” for a complete discussion of the CDSC.</span> Annual Fund Operating Expenses  (expenses that you pay each year as a percentage of the value of your investment) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.9546131960439%"></td> <td style="height:1px;width:12.4025006290282%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:12.983142044244877%"></td> <td style="height:1px;width:13.370236321055994%"></td> <td style="height:1px;width:0.32322372113728304%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Advisory Fee</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.45%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Distribution and/or Shareholder Service (12b-1) Fee</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">None</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Other Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.35%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.38%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.23%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.83%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.05%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.58%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.68%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fee Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.09%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Total Annual Fund Operating Expenses After Fee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Waiver and/or Expense Reimbursement</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.74%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.05%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.58%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.84%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.68%</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> 0.0045 0.0045 0.0045 0.0045 0.0045 0 0.0025 0.0075 0.01 0 0.0038 0.0035 0.0038 0.0075 0.0023 0.0083 0.0105 0.0158 0.022 0.0068 0.0009 0 0 0.0036 0 0.0074 0.0105 0.0158 0.0184 0.0068 Example <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example below is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The example assumes that you invest $10,000 in the Fund, your investment has a 5% return each year and that the Fund’s operating </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">expenses remain the same (except that the example incorporates the fee waiver and/or expense reimbursement arrangement for only </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the first year). </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After eight years, Class C shares of the Fund generally will convert automatically to Class A shares of the Fund. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">example for Class C shares reflects the conversion to Class A shares after eight years. Please refer to the section of the Prospectus </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">entitled “Shareholder Information—Conversion Features” for more information.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  Although your actual costs may be higher or lower, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">based on these assumptions your costs would be:</span></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>If You SOLD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$76</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$256</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$452</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,017</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$626 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$842</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,074 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,740 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$161</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$499 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$860</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,878</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$287</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$654</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,147</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,213</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$69</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$218</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$379</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$847</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You SOLD Your Shares 76 256 452 1017 626 842 1074 1740 161 499 860 1878 287 654 1147 2213 69 218 379 847 <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.33401678981779%"></td> <td style="height:1px;width:15.787844790901001%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:16.368138032419047%"></td> <td style="height:1px;width:0.7737243220240628%"></td> </tr> <tr> <td colspan="5" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>If You HELD Your Shares</b></span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>3 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>5 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>10 Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class I</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$76</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$256</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$452</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,017</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class A</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$626 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$842</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,074 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,740 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class L</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$161</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$499 </span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$860</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,878</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class C</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$187</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$654</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$1,147</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$2,213</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Class R6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$69</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$218</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$379</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$847</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div> </td> </tr> </table></div> If You HELD Your Shares 76 256 452 1017 626 842 1074 1740 161 499 860 1878 187 654 1147 2213 69 218 379 847 Portfolio Turnover <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">account. These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">92%</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  of the average value of its portfolio.</span></div> 0.92 Principal Investment Strategies <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Adviser and/or the Fund’s “Sub-Adviser,” Morgan Stanley Investment Management Limited, seek to achieve the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investment objective by investing primarily in a blend of equity and fixed-income securities of U.S. and non-U.S. issuers. Equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may include common and preferred stocks, depositary receipts, convertible securities, equity-linked securities, real estate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investment trusts (“REITs”), rights and warrants to purchase equity securities and limited partnership interests. Fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities may include mortgage-related or mortgage-backed securities, floating rate securities, inflation-linked fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities, securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, securities issued or guaranteed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">non-U.S. governments, their agencies or instrumentalities, corporate bonds and notes issued by U.S. and non-U.S. entities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Adviser and/or Sub-Adviser will utilize a top-down investment approach that focuses on asset class, sector, region, country and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currency and thematic allocations. The Fund’s allocations will be based upon the Adviser’s and/or Sub-Adviser’s evaluations and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">analyses, taking into account results of its fundamental market research and recommendations generated by the Adviser’s and/or Sub-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Adviser’s quantitative models. The Adviser’s and/or Sub-Adviser’s research process focuses on the following factors across asset classes: </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1) valuation (both relative and absolute), 2) dynamics, including earnings revisions, interest rate policy and inflation expectations and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">3) technicals, such as investor flows and sentiment. The Fund may invest in any country, including developing or emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">countries. The Fund’s investments may be U.S. and non-U.S. dollar denominated. In determining whether to sell a security, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Adviser and/or Sub-Adviser consider a number of factors, including changes in capital appreciation potential, or the overall </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">assessment of asset class, sector, region, country, and currency and thematic allocation shifts.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may invest a portion of its assets in below investment grade fixed-income securities (commonly referred to as “junk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">bonds”). The Fund may also invest in restricted and illiquid securities. The mortgage-backed securities in which the Fund may invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">include mortgage pass-through securities that represent a participation interest in a pool of mortgage loans originated by U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">governmental or private lenders such as banks.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may also invest up to 10% of its total assets in other investment companies, including exchange-traded funds (“ETFs”).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may, but it is not required to, use derivatives and similar instruments for a variety of purposes, including hedging, risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">management, Fund management or to earn income. The Fund’s use of derivatives may involve the purchase and sale of derivative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instruments such as futures, options, swaps and structured investments (including commodity-linked notes), and other similar </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exposure to the types of securities listed above to the extent they have economic characteristics similar to such securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund may, consistent with its principal investment strategies, invest up to 25% of its total assets in a wholly-owned subsidiary of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Subsidiary may invest, directly or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">indirectly through the use of derivatives, in securities, commodities, commodity-related instruments and other investments, primarily </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">futures, swaps and notes. The Subsidiary is advised by the Adviser.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investments in the Subsidiary are intended to provide the Fund with exposure to commodities markets within the limitations of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">federal tax requirements that apply to the Fund. The Subsidiary primarily obtains its commodity exposure by investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commodity-linked derivative instruments, which may include, but are not limited to, total return swaps, commodity (U.S. or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">foreign) futures and commodity-linked notes. The Subsidiary may also invest in other instruments, including fixed-income securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">either as investments or to serve as margin or collateral for its swap positions and foreign currency transactions (including forward </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">contracts).</span></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">There is no assurance that the Fund will achieve its investment objective, and you can lose money investing in this Fund.</span> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Equity Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In general, prices of equity securities are more volatile than those of fixed-income securities. U.S. and foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">stock markets, and equity securities of individual issuers, have experienced periods of substantial price volatility in the past and it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">is possible that they will do so again in the future. The prices of equity securities fluctuate, sometimes rapidly or widely, in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">response to activities specific to the issuer of the security as well as factors unrelated to the fundamental condition of the issuer, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including general market, economic, political and public health conditions.  During periods when equity securities experience </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened volatility, such as during periods of market, economic or financial uncertainty or distress, the Fund’s investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">equity securities are subject to heightened risks.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:9pt;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:10.02pt;;">The value of equity securities and related instruments decline in response to perceived or actual adverse changes in the economy, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">economic outlook or financial markets; deterioration in investor sentiment; inflation, interest rate, currency, and commodity price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fluctuations; adverse geopolitical, social or environmental developments; issuer- and sector-specific considerations; unexpected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">trading activity among retail investors; and other factors. Market conditions affect certain types of equity securities to a greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extent than other types of equity securities. If the stock market declines, the value of the Fund’s equity securities will also likely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">decline, which will result in a decrease in the value of your investment in the Fund. Although prices can rebound, there is no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">assurance that prices of the Fund’s equity securities will return to previous levels.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Fixed-Income Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Fixed-income securities are subject to the risk of the issuer’s inability to meet principal and interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">payments on its obligations (i.e., credit risk) and are subject to price volatility resulting from, among other things, interest rate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sensitivity (i.e., interest rate risk), market perception of the creditworthiness of the issuer and general market liquidity (i.e., market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk). For example, a type of fixed-income securities in which the Fund may invest are corporate debt obligations. In addition to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate, credit and other risks, corporate debt obligations are also subject to factors directly related to the issuer, such as the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">credit rating of the corporation, the corporation’s performance and perceptions of the corporation in the marketplace, and by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors not directly related to the issuer, such as general market liquidity, economic conditions and inflation. The Fund may face a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">heightened level of interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Board adjusts a quantitative easing program and/or changes rates. A changing interest rate environment increases certain risks, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">including the potential for periods of volatility, increased  redemptions, shortened durations (i.e., prepayment risk) and extended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations (i.e., extension risk). The Fund is not limited as to the maturities (when a debt security provides its final payment) or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">durations (measure of interest rate sensitivity) of the securities in which it may invest. Securities with longer durations are likely to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates, generally making them more volatile than securities with shorter durations. Lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rated fixed-income securities have greater volatility because there is less certainty that principal and interest payments will be made </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">as scheduled. Investing in emerging markets intensifies this risk, because lower quality fixed-income securities are more volatile in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">price.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Credit and Interest Rate Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Credit risk refers to the possibility that the issuer or guarantor of a security, or counterparty to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">transaction, will be unable or unwilling or perceived to be unable or unwilling to make interest payments and/or repay the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">principal on its debt or otherwise honor its obligations, including the risk of default. In such instances, the value of the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could decline and the Fund could lose money. If an issuer’s, guarantor’s or counterparty’s financial condition worsens, the credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quality of the issuer, guarantor or counterparty may deteriorate. Credit ratings may not be an accurate assessment of financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">condition, liquidity or credit risk. Although credit ratings may not accurately reflect the true credit risk of an instrument, a change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in the credit rating of an instrument or an issuer, guarantor or counterparty, or the market’s perception of the creditworthiness of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">an instrument or issuer, guarantor or counterparty can have a rapid, adverse effect on the instrument’s value and liquidity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">make it more difficult for the Fund to sell at an advantageous price or time. Interest rate risk refers to the decline in the value of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fixed-income security resulting from changes in the general level of interest rates. A wide variety of market and economic factors </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:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:10.02pt;;">can cause interest rates to rise or fall, including central bank monetary policy, rising inflation, disinflation or deflation, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">changes in general economic conditions. When the general level of interest rates goes up, the prices of most fixed-income </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities go down. When the general level of interest rates goes down, the prices of most fixed-income securities go up but the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">yield or income from new issuances of fixed-income securities generally decreases. Securities with longer durations will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be more sensitive to changes in interest rates than securities with shorter durations. Fluctuations in interest rates may also affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the liquidity of and income generated by fixed-income instruments held by the Fund. The Fund may face a heightened level of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rate risk in times of monetary policy change and/or uncertainty, such as when the Federal Reserve Board adjusts a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">quantitative easing program and/or changes rates. Changing interest rates may have unpredictable effects on the markets and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">detract from Fund performance. A changing interest rate environment increases certain risks, including the potential for periods of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market volatility and increased redemptions.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Convertible Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> A convertible security is a bond, debenture, note, preferred stock, right, warrant or other security that may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be converted into or exchanged for a prescribed amount of common stock or other security of the same or a different issuer or into </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">cash within a particular period of time at a specified price or formula. To the extent that the Fund invests in convertible securities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and the convertible security’s investment value is greater than its conversion value, its price will be likely to increase when interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates fall and decrease when interest rates rise. If the conversion value exceeds the investment value, the price of the convertible </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">security will tend to fluctuate directly with the price of the underlying security.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>High Yield Securities (“Junk Bonds”).</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund’s investments in high yield securities expose it to increased risks, including a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">substantial degree of credit and default risks. High yield securities may be issued by companies that are restructuring, are smaller </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and less  creditworthy or are more highly leveraged or indebted than other companies or are financially distressed, and therefore </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">they typically have more difficulty making scheduled payments of principal and interest than issuers of higher rated investments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">High yield securities are subject to greater risk of loss (including substantial or total loss) of income and principal than higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rated securities and are considered speculative because of increased credit risk relative to higher rated fixed income investments. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">High yield securities are also subject to greater price volatility, including sudden and substantial decreases in price, and less </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity than higher rated securities. High yield securities are particularly sensitive to adverse economic, market, industry or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">issuer-specific developments, which may result in an increased incidence of default. In the event of a default, the Fund may incur </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">additional expenses to seek recovery or to negotiate new terms with a defaulting issuer.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Mortgage-Backed Securities. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Mortgage-backed securities entail prepayment risk, which generally increases during a period of falling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interest rates. Rising interest rates tend to discourage refinancings, with the result that the average life and volatility of mortgage-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">backed securities will increase and market price will decrease. Rates of prepayment, faster or slower than expected by the Adviser, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">could reduce the Fund’s yield, increase the volatility of the Fund and/or cause a decline in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">NAV per share. Mortgage-backed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities are also subject to extension risk, which is the risk that rising interest rates could cause mortgages or other obligations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">underlying the securities to be prepaid more slowly than expected, thereby lengthening the duration of such securities, increasing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">their sensitivity to interest rate changes and causing their prices to decline. Certain mortgage-backed securities may be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">volatile and less liquid than other traditional types of debt securities. In addition, mortgage-backed securities are subject to credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk. The Fund may invest in non-agency mortgage-backed securities offered by non-governmental issuers, such as commercial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Non-agency mortgage-backed securities are not subject to the same underwriting requirements for the underlying mortgages that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are applicable to those mortgage-backed securities that have a government or government-sponsored entity guarantee. As a result, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the mortgage loans underlying non-agency mortgage-backed securities may, and frequently do, have less favorable collateral, credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk or other underwriting characteristics than government or government-sponsored mortgage-backed securities and have wider </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">variances in a number of terms including interest rate, term, size, purpose and borrower characteristics. To the extent the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invests in non-agency mortgage-backed securities offered by non-governmental issuers, the Fund will be exposed to additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risks because, among other things, there are no direct or indirect government or agency guarantees of payments in pools </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">underlying the securities. An unexpectedly high rate of defaults on the mortgages held by a mortgage pool may adversely affect the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of a mortgage-backed security and could result in losses to the Fund. The risk of such defaults is generally higher in the case </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">of mortgage pools that include subprime mortgages. Furthermore, mortgage-backed securities may be subject to risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with the assets underlying those securities, such as a decline in value. Investments in mortgage-backed securities may give rise to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">form of leverage (indebtedness) and may cause the Fund’s portfolio turnover rate to appear higher. Leverage may cause the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to be more volatile than if the Fund had not been leveraged. The risks associated with mortgage-backed securities typically become </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">elevated during periods of distressed economic, market, health and labor conditions. In particular, increased levels of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">unemployment, delays and delinquencies in payments of mortgage and rent obligations, and uncertainty regarding the effects and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">extent of government intervention with respect to mortgage payments and other economic matters may adversely affect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in mortgage-backed securities. In addition, commercial mortgage-backed securities are also subject to risks associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">with reduced demand for commercial and office space, tightening lending standards and increased interest and lending rates, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other developments adverse to the commercial real estate market.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>REITs.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investing in REITs exposes investors to the risks of owning real estate directly and investing in companies in the real estate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">industry, as well as to risks that relate specifically to the way in which REITs are organized and operated. For example, the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">these securities may decline when interest rates rise and will also be affected by the real estate market and by the management or </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:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:10.02pt;;">development of the underlying properties, which may also be subject to mortgage loans and the underlying mortgage loans may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">subject to the risks of default. Operating REITs requires specialized management skills and the Fund indirectly bears management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">expenses along with the direct expenses of the Fund. REITs are also subject to certain provisions under federal tax law and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">failure of a company to qualify as a REIT could have adverse consequences for the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign and Emerging Market Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in foreign markets entail special risks, such as currency, political (including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">geopolitical), economic and market risks and heightened risks, that may result in losses to the Fund. There also may be greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market volatility, less reliable financial information, less stringent investor protections and disclosure standards, higher transaction </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and custody costs and risks, decreased market liquidity and less government and exchange regulation associated with investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in foreign markets. In addition, investments in certain foreign markets that have historically been considered stable may become </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">more volatile and subject to increased risk due to developments and changing conditions in such markets. Moreover, the growing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">interconnectivity of global economies and financial markets has increased the probability that adverse developments and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions in one country or region will affect the stability of economies and financial markets in other countries or regions. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Certain foreign markets may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">developments (including regional and global, military or other conflicts), the imposition of economic sanctions against a particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">country or countries, organizations, companies, entities and/or individuals, changes in international trading patterns, trade barriers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(including tariffs) and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">governmental interventions or other actions, such as the imposition of capital controls, nationalization of companies or industries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">expropriation of assets or the imposition of punitive taxes. The governments of certain countries may prohibit or impose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">substantial restrictions on foreign investing in their capital markets or in certain sectors or industries. In addition, a foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government may limit or cause delay in the convertibility or repatriation of its currency which would adversely affect the U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">dollar value and/or liquidity of investments denominated in that currency. Certain foreign investments may become less liquid </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and decline in value in response to market developments or adverse investor perceptions, or become illiquid after purchase by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund, particularly during periods of market, economic, political and social turmoil. When the Fund holds illiquid investments, its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">portfolio may be harder to value. The risks of investing in emerging market countries are greater than the risks associated with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in foreign developed countries. Certain emerging market countries may be subject to less stringent requirements </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investment may not be available or reliable. Certain emerging market or developing countries are among the largest debtors to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">commercial banks and foreign governments. The issuer or governmental authority that controls the repayment of sovereign debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may not be willing or able to repay the principal and/or pay interest when due in accordance with the terms of such obligations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Economic sanctions or other similar measures may be, and have been, imposed against certain countries, organizations, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies, entities and/or individuals. In addition, foreign governments may default on their debt securities, which may require </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">holders of such securities to participate in debt rescheduling or additional lending to defaulting governments. Moreover, there is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">no bankruptcy proceeding by which defaulted sovereign debt may be collected in whole or in part. In addition, the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">United States, in particular, in emerging market countries. In addition, the Fund’s investments in foreign issuers may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">denominated in foreign currencies and therefore, to the extent unhedged, the value of those investments will fluctuate with U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">dollar exchange rates. Economic sanctions and other similar measures could, among other things, effectively restrict or eliminate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund’s ability to purchase or sell securities (in the sanctioned country and other markets), negatively impact the value or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity of the Fund’s investments, significantly delay or prevent the settlement of the Fund’s securities transactions, force the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund to sell or otherwise dispose of investments at inopportune times or prices, or impair the Fund’s ability to meet its investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">objective or invest in accordance with its investment strategies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Foreign Currency Forward Exchange Contracts.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> To the extent the Fund seeks to hedge its foreign currency exposure by the use of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">foreign currency forward exchange contracts, the precise matching of the foreign currency forward exchange contract amounts and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will change as a consequence of market movements in the value of those securities between the date on which the contract is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">entered into and the date it matures. There is additional risk that such transactions may reduce or preclude the opportunity for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">gain if the value of the currency should move in the direction opposite to the position taken and that foreign currency forward </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">exchange contracts create exposure to currencies in which the Fund’s securities are not denominated. The use of foreign currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">forward exchange contracts involves the risks associated with derivatives and the risk of loss from the insolvency or bankruptcy of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the  counterparty to the contract or the failure of the counterparty to make payments or otherwise comply with the terms of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">contract.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>U.S. Government Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  Different types of U.S. government securities are subject to different levels of credit risk, including the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risk of default, depending on the nature of the particular government support for that security. For example, a U.S. government-</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sponsored entity, such as Federal National Mortgage Association or Federal Home Loan Mortgage Corporation, although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">chartered or sponsored by an Act of Congress, may issue securities that are neither insured nor guaranteed by the U.S. Treasury </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and, therefore, are not backed by the full faith and credit of the United States. With respect to U.S. government securities that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">not backed by the full faith and credit of the United States, there is the risk that the U.S. government will not provide financial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">support to such U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. </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:12pt;font-family:Arial, Helvetica, sans-serif;"></div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:10.02pt;;">government securities are also subject to interest rate risks and can exhibit price fluctuations resulting from increases or decreases </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in interest rates.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Sovereign Debt Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investing in sovereign debt securities will expose the Fund to the direct or indirect consequences of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">political, social or economic changes in the countries that issue the securities. The issuer or governmental authority that controls </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the repayment of sovereign debt may not be willing or able to repay the principal and/or pay interest when it becomes due, due to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">factors such as debt service burden, political constraints, cash flow problems and other national economic factors. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">foreign governments may default on their debt securities, which may require holders of such securities to participate in debt </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rescheduling or additional lending to defaulting governments. Moreover, there is no bankruptcy proceeding by which defaulted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">sovereign debt may be collected in whole or in part.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Liquidity.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may make investments that are less liquid, illiquid or restricted or that may become illiquid or less liquid in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">response to overall economic conditions or adverse investor perceptions, and which may entail greater risk than investments in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other types of securities. These investments may be more difficult to value or sell, particularly in times of market turmoil, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">there may be little trading in the secondary market available for particular securities. Liquidity risk may be magnified in a market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">where credit spread and interest rate volatility is rising and where investor redemptions from fixed-income mutual funds may be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">higher than normal. If the Fund is forced to sell an illiquid or restricted security to fund redemptions or for other cash needs, it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may be forced to sell the security at a loss or for less than its fair value and may be unable to sell the security at all.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Commodity-Related Investments Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of commodity-related investments will generally be affected by overall market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">movements and a variety of factors, including domestic and foreign political and economic events and policies, war, acts of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">inflation rates, investment and trading activities of mutual funds, hedge funds and commodities funds and factors specific to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">particular industry or commodity, which may include weather, embargoes, tariffs, supply and demand fluctuations and health, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">political, environmental, international and regulatory (including environmental) developments. Economic and other events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(whether real or perceived) can impact the demand for commodities, which may impact market prices and cause the value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s commodity-related investments to experience volatility and decline. The frequency and magnitude of such changes are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">unpredictable. Commodity-related investments may involve substantial risks and subject the Fund to greater volatility than </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">investments in traditional securities, and prices of such investments may fluctuate quickly and dramatically. No active trading </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">market may exist for certain commodity-related investments, which may impair the ability of the Fund to sell or to realize the full </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of such investments in the event of the need or decision to liquidate such investments. In addition, adverse market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions may impair the liquidity of commodity-related investments and subject the Fund’s commodity-related investments to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">liquidity risk. Commodity-linked notes may be structured such that their performance deviates significantly from the underlying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">index or instrument.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:9pt;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:10.02pt;;">As noted above, the Fund expects to invest in the Subsidiary, which invests in commodity-related investments, as well as other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">permitted instruments. The Subsidiary is subject to the laws of the Cayman Islands and is not subject to  U.S. laws, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities laws and their protections and provisions of the Internal Revenue Code of 1986, as amended (the “Code”). The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Subsidiary is not registered under U.S. federal securities laws and may not be able to negotiate terms with its counterparties that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">are equivalent to those of a registered fund. As a result, the Subsidiary may be subject to greater counterparty risk than a registered </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">fund. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Subsidiary to operate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">as described, and could adversely affect the Fund’s investment approach. In addition, commodity-related investments generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">generate income that is not qualifying income for purposes of meeting source of income tests applicable to mutual funds under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Code. Applicable Treasury regulations would generally treat the Fund’s income inclusion with respect to the Subsidiary as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">“qualifying income” either if (i) there is a current-year distribution out of the earnings and profits of the Subsidiary that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">attributable to such income inclusion or (ii) such inclusion is derived with respect to the Fund’s business of investing in stock, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities or currencies. The Fund intends to treat its income from the Subsidiary as qualifying income. The tax treatment of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s income from the Subsidiary may be adversely affected by future legislation, court decisions, Treasury Regulations and/or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">guidance issued by the IRS that could affect whether income derived from such investments is “qualifying income” under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Subchapter M of the Code, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">distributions made by the Fund.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Derivatives</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. Derivatives and other similar instruments that create synthetic exposure often are subject to risks similar to those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the underlying asset or instrument, including market risk, and may be subject to additional risks, including imperfect correlation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">between the value of the derivative and the underlying asset, risks of default by the counterparty to certain transactions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">magnification of losses incurred due to changes in the market value of the securities, instruments, indices or interest rates to which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the derivative instrument relates, risks that the transactions may not be liquid, risks arising from margin and payment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">requirements, risks arising from mispricing or valuation complexity and operational and legal risks. Certain derivative transactions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may give rise to a form of leverage. Leverage magnifies the potential for gain and the risk of loss. Investments in currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">derivatives may substantially change the Fund’s exposure to currency exchange rates and could result in losses to the Fund if </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currencies do not perform as the Adviser expects. Foreign currency forward exchange contracts and currency futures and options </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">contracts create exposure to currencies in which the Fund’s securities are not denominated.</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:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Inflation-Linked Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The values of inflation-linked securities change in response to actual or anticipated changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">specific inflation rates. Inflation-linked securities are also subject to the effects of changes in market interest rates caused by factors </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other than inflation (real interest rates). Real interest rates change over time as a result of many factors, such as currency exchange </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">rates, central bank monetary policies and general economic conditions. Such changes may be unanticipated by the Adviser. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">addition, inflation-linked securities are subject to the risks associated with fixed-income securities. When inflation is low, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">declining, or negative, the inflation-linked securities in which the Fund invests could underperform more conventional bonds. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Interest payments on inflation-linked investments may vary widely and will fluctuate as the principal and interest are adjusted for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">inflation.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Investment Company Securities.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Subject to the limitations set forth in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investment Company Act of 1940, as amended (the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">“1940 Act”), or as otherwise permitted by the SEC, the Fund may acquire shares in other investment companies, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">foreign investment companies, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ETFs and money market funds, which may be managed by the Adviser or its affiliates. The market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of the shares of other investment companies may differ from the NAV of the Fund. The shares of closed-end investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies frequently trade at a discount to their NAV. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">As a shareholder in an investment company, the Fund would bear its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">ratable share of that entity’s expenses, including its investment advisory and administration fees, and be subject to the associated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">risks.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  At the same time, the Fund would continue to pay its own advisory and administration fees and other expenses. As a result, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Fund and its shareholders, in effect, will also be absorbing fees with respect to investments in other investment companies.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Subsidiary Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Subsidiary is not registered under the  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1940 Act and is not subject to all the investor protections of the 1940 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Subsidiary to operate as described herein and could adversely affect the Fund. By investing in the Subsidiary, the Fund is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">indirectly exposed to the risks associated with the Subsidiary’s investments.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Tax Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The Fund may seek to gain exposure to the commodity markets through investments in the Subsidiary. Historically, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Internal Revenue Service (“IRS”) has issued private letter rulings in which the IRS specifically concluded that income and gains </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from investments in commodity index-linked structured notes (the “Notes Rulings”) or a wholly-owned foreign subsidiary that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">invests in commodity-linked instruments are “qualifying income” for purposes of compliance with Subchapter M of the Internal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Revenue Code of 1986, as amended (the “Code”). The Fund has not received such a private letter ruling, and is not able to rely </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">on private letter rulings issued to other taxpayers. The IRS issued a revenue procedure, which states that the IRS will not in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">future issue private letter rulings that would require a determination of whether an asset (such as a commodity index-linked note) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">is a “security” under the 1940 Act. In connection with issuing such revenue procedure, the IRS has revoked the Notes Rulings. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The IRS also issued final regulations that would generally treat the Fund’s income inclusion with respect to the Subsidiary as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">qualifying income either if (A) there is a current distribution out of the earnings and profits of the Subsidiary that are attributable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to such income inclusion or (B) such inclusion is derived with respect to the Fund’s business of investing in stock, securities, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">currencies. The Fund intends to treat its income from the Subsidiary as qualifying income. No assurances can be provided that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">IRS would not be able to successfully assert that the Fund’s income from such investments was not qualifying income, in which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">case the Fund would fail to qualify as a regulated investment company under Subchapter  M of the Code if over 10% of its gross </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">income was derived from these investments. If the Fund failed to qualify as a regulated investment company, it would be subject </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">to federal and state income tax on all of its taxable income at regular corporate tax rates with no deduction for any distributions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">paid to shareholders, which would significantly adversely affect the returns to, and could cause substantial losses for, Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">shareholders. The Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Islands taxes, Fund shareholders would likely suffer decreased investment returns.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>China Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Investments in securities of Chinese issuers involve risks associated with investments in foreign markets as well as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">special considerations not typically associated with investments in the  U.S. markets or other foreign (including emerging) markets. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">For example, the Chinese government has historically exercised substantial control over virtually every sector of the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">economy through administrative regulation, state ownership and/or other involvement. Actions of the Chinese central and local </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government authorities continue to have a substantial effect on economic conditions in China and operations of particular </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Chinese companies. In addition, the Chinese government has actively intervened in Chinese companies’ operations and structures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and taken (and may continue to take) actions that influenced the prices at which certain goods may be sold, encouraged </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies to invest or concentrate in particular industries, induced mergers between companies in certain industries and induced </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">private companies to publicly offer their securities. Investments in China involve risk of a total loss due to government action or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">inaction or other adverse circumstances.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:9pt;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:10.02pt;;">Additionally, the Chinese economy is export-driven and highly reliant on trade. Adverse changes to the economic conditions, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">trading policies and taxation of imports of its primary trading partners, such as the United States, Japan and South Korea, would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">adversely impact the Chinese economy and the Fund’s investments. Moreover, a slowdown in other significant economies of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">world, such as the United States, the European Union and certain Asian countries, may adversely affect economic growth or the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">value of investments in China. An economic downturn in China would adversely impact the Fund’s investments. In addition, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">certain securities are, or may in the future, become restricted and/or sanctioned by the  U.S. government or other governments 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:10.02pt;;">the Fund may be forced to sell or unable to sell such securities and incur a loss as a result and the Fund may be unable to purchase </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">securities of Chinese issuers from time to time.  </span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:9pt;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:10.02pt;;">U.S. relations with China are strained, because of, among other things, a series of trade, international treaty, tax, and sanctions </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">actions taken by the United States and China against each other, including the designation of China as a “foreign adversary” of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the U.S., as well as countersanctions or countermeasures from the Chinese government that have been triggered or are expected to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">be triggered. Moreover, recent developments in relations between the U.S., other trading partners and China have heightened </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">concerns (and the realization) of increased tariffs and restrictions on trade between the two countries, such as the potential for an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">escalation in trade tensions or a trade war. Increases in tariffs or trade restrictions (and threats thereof) could lead to a significant </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">reduction in international trade, which could have a negative impact on China’s export industry, Chinese issuers, the liquidity or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">price of the Fund’s direct or indirect investments in China and, therefore, the Fund’s investments.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="padding-top:9pt;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:10.02pt;;">These and other developments, including government actions or  inactions, would likely result in significant illiquidity risk or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">losses or forced disposition for Chinese investments. The Chinese securities markets are emerging markets characterized by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">relatively small number of equity issues and relatively low trading volume, resulting in decreased liquidity, greater price volatility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">(caused by, among other things, military, diplomatic, or trade conflicts and government intervention in economic and securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">markets), and potentially fewer investment opportunities for the Fund. The Fund’s investments in Chinese securities are also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">subject to additional risks associated with differing regulatory and audit requirements in the Chinese securities market as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">compared to the U.S. securities market, including a lack of reliable audits and other financial information regarding many Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">companies and heightened risk of market manipulation and fraud, which may be increased through actions taken by the Chinese </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">government. In addition, the relationship between China and Taiwan is particularly sensitive, and hostilities between China and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Taiwan, including continued threats by China to invade and control Taiwan, present a significant risk to the Fund’s investments </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">in China. Ongoing political tension between the People’s Republic of China and the Hong Kong Special Administrative Region </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may have impacts on the economy of Hong Kong, and these impacts remain uncertain.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Market and Geopolitical Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The value of your investment in the Fund is based on the values of the Fund’s investments, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">change due to economic, geopolitical and other events that affect the U.S. and global markets generally, as well as those that affect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">or are perceived or expected to affect particular regions, countries, industries, companies, issuers, sectors, asset classes or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">governments. These types of events may be sudden and unexpected, and could adversely affect the value (or income generated by) </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and liquidity of the Fund’s investments, which may in turn impact the Fund’s ability to sell securities and/or its ability to meet </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">redemptions. The risks associated with these developments may be magnified if certain social, political, economic and other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">conditions and events (such as war, natural disasters or events, epidemics and pandemics, terrorism, conflicts, social unrest, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">recessions, inflation, interest rate changes, supply chain disruptions and the threat or actual imposition of tariffs, trade barriers and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">other protectionist or retaliatory measures) adversely interrupt or otherwise affect the global economy and financial markets. It is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">difficult to predict when events affecting the U.S. or global financial markets or economies may occur, the effects that such events </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">may have and the duration of those effects (which may last for extended periods). These types of events may negatively impact </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">broad segments of businesses and populations and have a significant and rapid negative impact on the performance or value of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund’s investments, adversely affect and increase the volatility of the Fund’s share price and exacerbate pre-existing risks to the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Fund. The frequency and magnitude of resulting changes in the value of the Fund’s investments cannot be predicted.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Portfolio Turnover.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Consistent with its investment policies, the Fund will purchase and sell securities without regard to the effect </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">on portfolio turnover. Higher portfolio turnover will cause the Fund to incur additional transaction costs.</span></div> </td> </tr> </table></div> <div> <table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%"> <tr> <td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;"> <div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div> </td> <td style="vertical-align:top;padding-bottom:0pt;padding-top:3pt;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:8.52pt;;"><b>Active Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> In pursuing the Fund’s investment objective, the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and/or Sub-Adviser has considerable leeway in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">deciding which investments to buy, hold or sell on a day-to-day basis, and which trading strategies to use. For example, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">and/or Sub-Adviser,  in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">its  discretion, may determine to use some permitted trading strategies while not using others. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">success or failure of such decisions will affect the Fund’s performance.</span></div> </td> </tr> </table></div> <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Shares of the Fund are not bank deposits and are not guaranteed or insured by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">the Federal Deposit Insurance Corporation or any other government agency.</span> Performance Information <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">I  shares’ performance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">year-to-year and by showing how the Fund’s average annual returns for the past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">one, five and 10 year </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">periods and since inception compare with those of a broad measure of market performance and one or more additional indexes.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">additional index(es) in the table provide a means to compare the Fund’s average annual returns to a benchmark that the Adviser </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">believes is representative of the Fund’s investment universe.  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The performance of the other classes, which is shown in the table below, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">will differ because the classes have different ongoing fees.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s returns in the table include the maximum applicable sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The Fund’s past </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> Updated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">performance information is available online at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">www.morganstanley.com/im</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"> or by calling toll-free </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">1-800-869-6397</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">.</span></div> The bar chart and table below provide some indication of the risks of investing in the Fund by showing changes in the Fund’s Class I  shares’ performance from year-to-year and by showing how the Fund’s average annual returns for the past one, five and 10 year periods and since inception compare with those of a broad measure of market performance and one or more additional indexes. The Fund’s returns in the table include the maximum applicable sales charge for Class A and Class C and assume you sold your shares at the end of each period (unless otherwise noted).   The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. www.morganstanley.com/im 1-800-869-6397 Annual Total Returns—Calendar Years <div><img alt="image" src="pr17086img003.jpg"/></div> <div> <table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;"> <tr style="height:1px;"> <td style="height:1px;width:33.14393939393939%"></td> <td style="height:1px;width:33.71212121212121%"></td> <td style="height:1px;width:33.14393939393939%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>High Quarter</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">06/30/20</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.92%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Low Quarter</b></span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">03/31/20</span> </div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">-17.50%</span></div> </td> </tr> </table></div> High Quarter 2020-06-30 0.1392 Low Quarter 2020-03-31 -0.175 Average Annual Total Returns (for the calendar periods ended  December 31, 2025) <div> <table cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #000000;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:34.42235856542861%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.377958851878375%"></td> <td style="height:1px;width:16.445700350320323%"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>One Year</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Five Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Past</b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Ten Years</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Since Inception</b></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class I</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 12/31/92)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.52%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.14%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">¹</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">14.75%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.20%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.81%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.46%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return After Taxes on Distributions and Sale of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Fund Shares</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.77%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.26%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.21%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class A</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 11/1/96)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.07%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.21%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.04%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class L</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/27/12)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.60%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.65%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.24%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.69%</span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class C</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 4/30/15)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.36%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.11%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.87%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">²</span></span></div> </td> </tr> <tr> <td colspan="5" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:2pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"><b>Class R6</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;"> (commenced operations on 5/29/15)</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Return Before Taxes</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">17.70%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.56%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.15%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.03%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">MSCI All Country World Index (reflects no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">³</span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.34%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.19%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.72%</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #000000;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">8.58%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁴</span></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Customized MSIM Global Allocation Index </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">(reflects no deduction for fees, expenses or taxes)</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁵</span> </div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16.60%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.79%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">7.57%</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.72%<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:6pt;;">⁴</span></span></div> </td> </tr> </table></div> 0.1765 0.0552 0.0711 0.0714 0.1475 0.042 0.0581 0.0546 0.106 0.0377 0.0526 0.0521 0.1111 0.0407 0.0621 0.0604 0.166 0.0465 0.0624 0.0569 0.1536 0.0436 0.0611 0.0487 0.177 0.0556 0.0715 0.0603 0.2234 0.1119 0.1172 0.0858 0.166 0.0579 0.0757 0.0672 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">during the period shown and do not reflect the impact of state and local taxes</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns for the Fund’s other classes will vary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Class I shares’ returns.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">individual retirement accounts (“IRAs”).</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">  </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">applicable.</span></div> The after-tax returns shown in the table above are calculated using the historical highest individual federal marginal income tax rates during the period shown and do not reflect the impact of state and local taxes. After-tax returns for the Fund’s other classes will vary from Class I shares’ returns. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns may be higher than before-tax returns due to foreign tax credits and/or an assumed benefit from capital losses that would have been realized had Fund shares been sold at the end of the relevant periods, as applicable. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months after purchase, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1“Advisory Fee” includes the management fee of a wholly-owned subsidiary of the Fund organized as a company under the laws of the Cayman Islands (the “Subsidiary”). The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive or credit all or a portion of its advisory fee and/or reimburse the Fund in an amount equal to the management fee paid to the Adviser by the Subsidiary. 2“Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2Class C shares will generally convert to Class A shares approximately eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. 3The Russell 3000® Index measures the performance of the largest 3,000 US companies designed to represent approximately 98% of the investable US equity market. The Russell 3000® Index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are included. It is not possible to invest directly in an index. 5The Russell Midcap® Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Index is a subset of the Russell 1000® Index and includes approximately 800 of the smallest securities in the Russell 1000® Index, which in turn consists of approximately 1,000 of the largest U.S. securities based on a combination of market capitalization and current index membership. It is not possible to invest directly in an index. 4Since Inception reflects the inception date of Class I. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 0.75% that will be imposed if you sell your shares within 12 months except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 2The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.65% for Class I, 1.00% for Class A, 1.47% for Class  L and 1.75%  for Class C. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Trust’s Board of Trustees acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Distributor,” Morgan Stanley Distribution, Inc., has agreed to waive the 12b-1 fee on Class A shares of the Fund to the extent it exceeds 0.15% of the average daily net assets of such shares on an annualized basis. This waiver will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Fund Trust (the “Trust”) acts to discontinue all or a portion of such waiver when it deems such action is appropriate. 1During 2016 and 2017, the Fund received proceeds related to certain non-recurring litigation settlements. Had these settlements not occurred, the 2016 and 2017 returns and 10 year and since inception (where applicable) returns before and after taxes for such periods would have been lower. 2These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 3Class C shares will generally convert to Class A shares approximately eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. 4The Bloomberg U.S. Universal Index represents the union of the US Aggregate Index, US Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, US Emerging Markets Index, and the non-Employee Retirement Income Security Act of 1974 (non-ERISA) eligible portion of the CMBS Index. The index covers U.S. dollar-denominated, taxable bonds that are rated either investment grade or high-yield. It is not possible to invest directly in an index. 6The Bloomberg  U.S. Corporate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed rate, taxable corporate bond market. It includes USD-denominated securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers that meet specified maturity, liquidity and quality requirements. It is not possible to invest directly in an index. 5Since Inception reflects the inception date of Class I. 2The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.25% for Class IR, 0.30% for Institutional Class and 0.40% for Class A. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of the Trust acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1The Fund’s “Distributor,” Morgan Stanley Distribution, Inc., has agreed to waive the 12b-1 fee on Class A shares of the Fund to the extent it exceeds 0.15% of the average daily net assets of such shares on an annualized basis. This waiver will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Fund Trust (the “Trust”) acts to discontinue all or a portion of such waiver when it deems such action is appropriate. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2The Bloomberg U.S. Universal Index represents the union of the US Aggregate Index, US Corporate High Yield Index, Investment Grade 144A Index, Eurodollar Index, US Emerging Markets Index, and the non-Employee Retirement Income Security Act of 1974 (non-ERISA) eligible portion of the CMBS Index. The index covers U.S. dollar-denominated, taxable bonds that are rated either investment grade or high-yield. It is not possible to invest directly in an index. 4The ICE BofA (Intercontinental Exchange Bank of America) 3-Month U.S. Treasury Bill Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months. It is not possible to invest directly in an index. 3Since Inception reflects the inception date of the Fund. 1Investments in Class A shares that are not subject to any sales charges at the time of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1.00% that will be imposed if you sell your shares within 12 months after purchase, except for certain specific circumstances. See “Shareholder Information—How To Redeem Fund Shares” for further information about the CDSC waiver categories. 2The Class C CDSC is only applicable if you sell your shares within one year after the last day of the month of purchase. See “Shareholder Information—How To Redeem Fund Shares” for a complete discussion of the CDSC. 1“Advisory Fee” includes the management fee of the Subsidiary (as defined below). The Fund’s “Adviser” and “Administrator,” Morgan Stanley Investment Management Inc., has agreed to waive or credit all or a portion of its advisory fee and/or reimburse the Fund in an amount equal to the management fee paid to the Adviser by the Subsidiary. 2“Other Expenses” include expenses of the Fund’s and Subsidiary’s most recent fiscal year. 3The Fund’s Adviser has agreed to waive all or a portion of its advisory fee and/or reimburse the Fund so that Total Annual Fund Operating Expenses, excluding acquired fund fees and expenses (as applicable), certain investment related expenses, taxes, interest and other extraordinary expenses (including litigation), will not exceed 0.74% for Class I, 1.09% for Class A, 1.59% for Class L, 1.84% for Class C and 0.71% for Class R6. The fee waivers and/or expense reimbursements will continue for at least one year from the date of this Prospectus or until such time as the Board of Trustees of Morgan Stanley Institutional Fund Trust (the “Trust”) acts to discontinue all or a portion of such waivers and/or reimbursements when it deems such action is appropriate. 1These returns do not reflect any tax consequences from a sale of your shares at the end of each period. 2Class C shares will generally convert to Class A shares approximately eight years after the end of the calendar month in which the shares were purchased. Performance for periods greater than eight years reflects this conversion. 3The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of developed and emerging markets. The term “free float” represents the portion of shares outstanding that are deemed to be available for purchase in the public equity markets by investors. The performance of the index is listed in U.S. dollars and assumes reinvestment of net dividends. Net total return indices reinvest dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Returns, including periods prior to January 1, 2001, are calculated using the return data of the MSCI All Country World Index (gross dividends) through December 31, 2000 and the return data of the MSCI All Country World Index (net dividends) after December 31, 2000. It is not possible to invest directly in an index. 5The Customized MSIM Global Allocation Index is a performance linked benchmark comprised of 60% MSCI All Country World Index and 40% Bloomberg  Global Aggregate Index for periods after May 31, 2017. Prior to May 31, 2017, the Customized MSIM Global Allocation Index consisted of 60% MSCI All Country World Index (benchmark that measures the equity market performance of developed and emerging markets), 30% Bloomberg  Global Aggregate Index (benchmark that provides a broad based measure of the global investment grade fixed-rate debt markets), 5% S&P GSCI Light Energy Index (benchmark for investment performance in the energy commodity market) and 5% ICE BofA U.S. Dollar 1-Month LIBID Average Index (benchmark that tracks the performance of a basket of synthetic assets paying LIBID to a stated maturity). The Customized MSIM Global Allocation Index was added as the Fund benchmark on October 2, 2013 and is provided for comparative purposes only. It is not possible to invest directly in an index. 4Since Inception reflects the inception date of Class I.